Document:

EX-10.26

 Exhibit 10.26 
  

 
 December 10, 2009 

Charles Squires 
 15547 Hidden Valley Dr. 

Poway, CA 92064 
 Dear Chuck: 

On behalf of Pfēnex, I am pleased to offer you the position of Head of Discovery & External Alliances at our San Diego site effective
January 1, 2010. You will report directly to me. This offer letter and your employment are subject to the terms and conditions of this letter. 
 The
following outlines the specific terms of our offer: 
  

			
	Salary:	  	In this position, you will earn a starting monthly salary of $13,334, which is equivalent to $160,008 on an annualized basis, subject to applicable tax withholding. Your salary will be payable pursuant to the Company’s
regular payroll policy.
		
	Benefits:	  	 •   Medical Plan

		
		  	 •   Dental Plan

		
		  	 •   Vision Plan

		
		  	 •   Vacation – 20 days

		
		  	 •   Holidays – 10 holidays set by the Company

		
		  	 •   Life and AD&D insurance in the amount of one time your annual salary

		
		  	 •   Voluntary Life and AD&D

		
		  	 •   Short and long-term disability coverage

		
		  	 •   401(k) Plan including employer matching contribution

 This offer and your employment are contingent upon the following: 

 

	 	•	 	Your execution and delivery of the Pfēnex Employment, Non-Disclosure and Proprietary Information and Inventions Agreement. 

 

	 	•	 	Your provision of documentary evidence of your identity and eligibility for employment in the United States in accordance with federal I-9 requirements. Such documentation must be furnished to the Company within three
(3) business days of your start date or your employment may be terminated 

  

	 	•	 	Your adherence to the Company’s standards of professionalism, loyalty, integrity, honesty, reliability and respect for all, and all other applicable policies of the Company. Please note that the Company is an equal
opportunity employer. The Company does not permit, and will not tolerate, the unlawful discrimination or harassment of any employees, consultants, or related third parties on the basis of sex, race, color, religion, age, national origin or ancestry,
marital status, veteran status, mental or physical disability or medical condition, or any other status protected by applicable law. 

Pfēnex — 5501 Oberlin Drive
— San Diego, CA 92121 — (858) 352-4400 — Fax: (858) 352-4602 

 Charles Squires 

 Page
 2
 
 December 10, 2009 
  

	 	•	 	Your acceptance of employment with the Company on an “at will” basis, meaning that either you or the Company may terminate your employment at any time with or without cause and without further obligation or
liability notwithstanding any information contained herein. You also acknowledge that the Company reserves the right to modify or amend the terms of your employment at any time for any reason. Your at-will employment status shall remain in effect
for the duration of your employment and may only be modified in an express written agreement signed by the President of the Company. 

  

	 	•	 	Your successful completion of a background and reference check and/or a pre-employment drug screen (if so requested by the Company). 

This letter, together with the agreements referenced in it, constitutes the entire agreement with respect to your employment with the Company and supersedes
any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by the President. 

To indicate your acceptance of the offer and the terms and conditions set forth in this letter, please sign and date each of the two enclosed copies of this
letter, and return one copy to me in the enclosed envelope marked confidential, saving the other copy for your records. 
 I am delighted to make
this offer to you and look forward to your joining us here at Pfēnex. 
 Sincerely, 

/s/ Bertrand C. Liang 
 Bertrand C. Liang 

Chief Executive Officer 
 Foregoing terms and conditions hereby
accepted: 
  

			
	 Signed
	 	 /s/ Charles Squires

		
	 Date
	 	12/10/09

 PFENEX, INC. 

AMENDMENT TO CHARLES SQUIRES OFFER LETTER 

This amendment (the “Amendment”) is made by and between Charles Squires (the
“Employee”) and Pfenex, Inc., a Delaware corporation (the “Company” and together with the Employee hereinafter collectively referred to as the “Parties”) on January 7,
2010.  
 W I T N E S S E T H: 

WHEREAS, the Parties entered into an offer of employment, dated December 10, 2009 (the “Agreement”); 

WHEREAS, the Company and Employee desire to amend certain provisions of the Agreement in order to provide Employee with certain
benefits payable if his employment with the Company is terminated. 
 NOW, THEREFORE, for good and valuable consideration, Employee
and the Company agree as follows: 
 1. Termination Benefits. The Agreement is hereby amended and a new provision is added to the
Agreement as follows: 
  

			
	“Termination Benefits:	  	If the Company (or any parent or subsidiary or successor of the Company) terminates your employment with the Company as a result of death or Disability (as defined below), then, provided you (or in the case of your death or mental
capacity, your authorized representative) sign and do not revoke a general release of claims agreement in a form reasonably acceptable to the Company (the “Release”) and subject to the restrictions under the “Release
Requirements” in Appendix A, you will be entitled to receive continuing payments of severance pay at a rate equal to your salary as then in effect, for three (3) months from the date of such termination, which will be paid in accordance with
the Company’s regular payroll procedures;
		
		  	If prior to a Change of Control (as defined below) or after the twelve (12) month period following a Change of Control, the Company (or any parent or subsidiary or successor of the Company) terminates your employment with the
Company other than for Cause, death or Disability or you terminate your employment with the Company for Good Reason, then, provided you sign and do not revoke the Release and subject to the restrictions under the “Release Requirements” in
Appendix A, you will be entitled to receive continuing payments of severance pay at a rate equal to your salary as then in effect, for six (6) months from the date of such termination, which will be paid in accordance with the Company’s regular
payroll procedures.

			
		  	If, within the twelve (12) month period following a Change of Control, the Company (or any parent or subsidiary or successor of the Company) terminates your employment with the Company other than for Cause, death or Disability or
you terminate your employment with the Company for Good Reason, then, provided you sign and do not revoke the Release and subject to the restrictions under the “Release Requirements” in Appendix A, you will be entitled to receive (i)
continuing payments of severance pay at a rate equal to your salary as then in effect, for six (6) months from the date of such termination, which will be paid in accordance with the Company’s regular payroll procedures and (ii) if you elect
continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for you and/or your eligible dependents within the time period prescribed pursuant to COBRA, monthly reimbursements for the
COBRA premiums, less the portion of the premium that a similarly situated active employee would be required to pay, for such coverage (at the coverage levels in effect immediately prior to your termination) until the earlier of (A) a period of six
(6) months from your last date of employment with the Company, or (B) the date upon which you and/or your eligible dependents become covered under similar plans, or (C) the date upon which you and/or your eligible dependents are no longer eligible
to receive continuation coverage pursuant to COBRA. COBRA reimbursements shall be made by the Company to you consistent with the Company’s normal expense reimbursement policy.”

 2. Cause Definition. The Agreement is hereby amended and a new provision is added to the Agreement as
follows: 
  

			
		
	“Cause:	  	For purposes of this letter, “Cause” shall mean: (i) your failure to perform your assigned duties or responsibilities as a service provider (other than a failure resulting from your disability) after notice thereof
from the Company describing your failure to perform such duties or responsibilities; (ii) your engaging in any act of dishonesty, fraud or misrepresentation; (iii) your violation of any federal or state law or regulation applicable to the
business of the Company or its affiliates; (iv) your breach of any confidentiality agreement or invention assignment agreement between you and the Company (or any affiliate of the Company); or (v) you being convicted of, or entering a plea
of nolo contendere to, any crime or committing any act of moral turpitude.”

 3. Disability Definition. The Agreement is hereby amended and a new provision is added to the Agreement
as follows: 
  

			
		
	“Disability:	  	For purposes of this letter, “Disability” shall occur upon rendering of a written termination notice by the board of directors of the Company

  
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		  	after you have been unable to perform the essential functions of your job for ninety (90) or more consecutive days, or more than one hundred (180) days in any consecutive twelve (12) month period, with or without reasonable
accommodation, by reason of any physical or mental illness or injury. For purposes of this definition, you agree to make yourself available and to cooperate in any reasonable examination by a reputable independent physician retained by the
Company.”

 4. Good Reason Definition. The Agreement is hereby amended and a new provision is added to the
Agreement as follows: 
  

			
		
	“Good Reason:	  	For purposes of this letter, “Good Reason” means your resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of the following,
without your written consent: (i) the assignment to you of any duties, or the reduction of your duties, either of which results in a material diminution of your position or responsibilities with the Company in effect immediately prior to such
assignment, or the removal of you from such position and responsibilities; provided, however, that a reduction in position or responsibilities solely by virtue of a Change of Control shall not constitute “Good Reason”; (ii) a
reduction of more than ten percent (10%) of your salary in any one year, other than in connection with a reduction which similarly impacts similarly situated employees of the Company; (iii) the relocation of you to a facility that is more than fifty
(50) miles from your current location; (iv) the failure of the Company to obtain assumption of this letter by any successor; and (v) the willful breach by the Company of a material provision of this letter or any agreement between the Company and
you. You will not resign for Good Reason without first providing the Company with written notice within sixty (60) days of the event that you believe constitutes “Good Reason” specifically identifying the acts or omissions constituting the
grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date of such notice.”

 5. Change of Control Definition. The Agreement is hereby amended and a new provision is added to the
Agreement as follows: 
  

			
		
	“Change of Control:	  	For purposes of this letter, a “Change of Control” means either: (i) a transaction or series of transactions in which more than fifty percent (50%) of the voting power of the Company is transferred to a single person or
group of affiliated persons (other than an equity financing transaction approved by the stockholder of the Company pursuant to the Company’s amended and restated certificate of incorporation); (ii) a merger or consolidation (or series of
mergers or consolidations) with or into any entity, which results in the holders of the voting securities

  
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		  	of the Company outstanding immediately prior thereto holding immediately thereafter less than a majority of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding
immediately after such merger or consolidation; or (iii) a sale, exclusive license, transfer or other conveyance (or series of sales, exclusive licenses, transfers or other conveyances) of all or substantially all of the assets of the Company to a
third party.”

 6. Section 409A and Release Requirement. The Agreement is hereby amended and the following new
Appendix A is hereby added to the Agreement as follows: 
 Appendix A 

To the extent any severance payments will be made under your offer letter, such severance payments will be delayed as necessary pursuant to
(i) the Release Requirements and (ii) the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the final regulations and any guidance promulgated thereunder (“Section 409A”),
each as outlined below. 
 Release Requirement 

The receipt of any severance pursuant to your offer letter is subject to you signing and not revoking the Release; provided that such Release
is effective within sixty (60) days following your termination of employment or such shorter period specified in the Release (the “Release Deadline”). No severance will be paid or provided until the Release becomes effective. If
the Release is not effective by the Release Deadline, you forfeit your right to any severance or similar payment under your offer letter subject to you executing and not revoking a Release. In the event your termination of employment occurs at a
time during the calendar year where it would be possible for the Release to become effective in the calendar year following the calendar year in which your termination of employment occurs, then any severance that would be considered Deferred
Payments (as defined below) will be paid on the first payroll date to occur during the calendar year following the calendar year in which such termination of employment occurs, or such later time as required by (i) the payment schedule
applicable to each payment or benefit, (ii) the date the Release becomes effective, or (iii) clause (i) of Section 409A of this Appendix A. 

Section 409A 
 (i)
Notwithstanding anything to the contrary in your offer letter, no severance pay or benefits to be paid or provided to you, if any, pursuant to your offer letter that, when considered together with any other severance payments or separation benefits,
are considered deferred compensation under Code Section 409A, and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until
you have a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to you, if any, pursuant to your offer letter that otherwise would be exempt from Section 409A pursuant to Treasury
Regulation Section 1.409A-1(b)(9) will be payable until you have a “separation from service” within the meaning of Section 409A. 

  
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 (ii) Any severance payments or benefits under your offer letter that would be considered
Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following your separation from service, or, if later, such time as
required by section (iii) below. Except as required by section (iii) below, any installment payments that would have been made to you during the sixty (60) day period immediately following your separation from service but for the
preceding sentence will be paid to you on the sixtieth (60th) day following your separation from service and the remaining payments shall be made as provided in your offer letter. 

(iii) Notwithstanding anything to the contrary in your offer letter or this Appendix A, if you are a “specified employee” within
the meaning of Section 409A at the time of your termination (other than due to death), then the Deferred Payments that are payable within the first six (6) months following your separation from service, will become payable on the first
payroll date that occurs on or after the date six (6) months and one (1) day following the date of your separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if you die following your separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance
with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of our death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each
payment and benefit payable under your offer letter is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

(iv) Any amount paid under your offer letter that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 
 (v)
Any amount paid under your offer letter that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit
(as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 
 (vi) The foregoing provisions are
intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be
interpreted to so comply. The Company and you agree to work together in good faith to consider amendments to your offer letter and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to you under Section 409A. 
 7. Full Force and Effect. To the extent not
expressly amended hereby, the Agreement shall remain in full force and effect. 
 8. Entire Agreement. This Amendment and the
Agreement constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof 

  
 -5- 

 9. Successors and Assigns. This Amendment and the rights and obligations of the parties
hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns, and legal representatives. 
 10.
Governing Law. This Amendment will be governed by the laws of the State of California (with the exception of its conflict of laws provisions). 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, each of the Parties has executed this Amendment, in the case of the
Company by its duly authorized officer, as of the day and year set forth above. 
  

					
	COMPANY	 	PFENEX, INC.
		
		 	 /s/ Bertrand C. Liang

		 	By:	 	 Bertrand C. Liang

		 	Title:	 	 CEO

		
	EMPLOYEE	 	CHARLES SQUIRES
		
		 	 /s/ Charles Squires

  
 -7-EX-10.1

 Exhibit 10.1 

MAD CATZ INTERACTIVE, INC. 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (“Agreement”) is effective as of [•] by and between Mad Catz Interactive, Inc., a
corporation organized under the Canada Business Corporation Act (the “Company”), and [•] (“Indemnitee”). 

RECITALS 
 A. The Company
recognizes the difficulty in obtaining liability insurance for its directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates, the significant cost of such insurance and the general limitations in the coverage
of such insurance. 
 B. The Company further recognizes the substantial increase in corporate litigation in general, subjecting directors,
officers, employees, controlling persons, fiduciaries and other agents and affiliates to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited. 

C. The current protection available to directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the
Company may not be adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates of the Company (or persons who may be alleged or deemed to be the same), including the
Indemnitee, may not be willing to serve or continue to serve or be associated with the Company in such capacities without additional protection. 

D. The Company (a) desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to serve and be
associated with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by law. 

E. In view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced expenses by the
Company as set forth herein. 
 AGREEMENT 

In consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Certain Definitions. 

(a) “Claim” shall mean with respect to a Covered Event (as defined below): any threatened, asserted, pending or
completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute
resolution mechanism, whether civil, criminal, administrative, investigative or other. 
 (b) References to the “Company”
shall include, in addition to Mad Catz Interactive, Inc., any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which Mad Catz Interactive, Inc. (or any of its wholly owned subsidiaries) is
a party, which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent or fiduciary of
such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other
enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had
continued. 
 (c) “Covered Event” shall mean any event or occurrence related to the fact that Indemnitee is or was a
director, officer, employee, agent or fiduciary of the Company, or any subsidiary of the Company, direct or indirect, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity. 

 (d) “Expense Advance” shall mean a payment to Indemnitee for Expenses pursuant
to Section 3 hereof, in advance of the settlement of or final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation, which constitutes a Claim. 

(e) “Expenses” shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses and liabilities,
joint or several (including reasonable attorneys’ fees and all other costs, expenses and obligations reasonably incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to
defend, to be a witness in or to participate in, any action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved
in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred, in respect of any Claim and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement. 
 (f) “Independent Legal Counsel” shall mean an attorney or firm of
attorneys, selected in accordance with the provisions of Section 2(d) hereof, who shall not have otherwise performed services for the Company or Indemnitee within the last three (3) years (other than with respect to matters concerning the
rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). 
 (g) References to “other
enterprises” shall include employee benefit plans; references to “ fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “ serving at the request of
the Company ” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee
benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be
deemed to have acted in a manner “ not opposed to the best interests of the Company ” as referred to in this Agreement. 

(h) “Reviewing Party” shall mean, subject to the provisions of Section 2(d), any person or body appointed by the Board
of Directors in accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which may include a member or members of the Company’s Board of Directors, Independent Legal Counsel or any other person
or body not a party to the particular Claim for which Indemnitee is seeking indemnification, exoneration or hold harmless rights. 
 (i)
“Section” refers to a section of this Agreement unless otherwise indicated. 
 2. Indemnification. 

(a) Indemnification of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify, exonerate or
hold harmless Indemnitee for Expenses to the fullest extent permitted by law if Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, any Claim
(whether by reason of or arising in part out of a Covered Event), including all interest, assessments and other charges incurred in connection with or in respect of such Expenses. 

(b) Review of Indemnification Obligations. Notwithstanding the foregoing, in the event any Reviewing Party shall have determined (in a
written opinion, in any case in which Independent Legal Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified, exonerated or held harmless hereunder under applicable law, (i) the Company shall have no further obligation
under Section 2(a) to make any payments to Indemnitee not made prior to such determination by such Reviewing Party and (ii) the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all Expenses
theretofore paid in indemnifying, exonerating or holding harmless Indemnitee (within thirty (30) days after such determination); provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of
competent jurisdiction to secure a determination that Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder under applicable law, any determination made by any Reviewing Party that Indemnitee is not entitled to be
indemnified hereunder under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or 

  
 2 

 
lapsed). Indemnitee’s obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be charged thereon. If the Reviewing Party shall not have made a
determination whether the Indemnitee is entitled to indemnification within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made
and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time,
not to exceed an additional fifteen (15) days, if the Reviewing Party in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto and provided further that the pendency
of any judicial determination referred to in subsection (ii) shall not be deemed to toll the thirty-day determination period referred to herein. 

(c) Indemnitee Rights on Unfavorable Determination; Binding Effect. If any Reviewing Party determines that Indemnitee
substantively is not entitled to be indemnified, exonerated or held harmless hereunder in whole or in part under applicable law, Indemnitee shall have the right to commence litigation seeking an initial determination by the court or challenging any
such determination by such Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 15 hereof, the Company hereby consents to service of process and to appear in any such
proceeding. Absent such litigation, any determination by any Reviewing Party shall be conclusive and binding on the Company and Indemnitee. 

(d) Selection of Reviewing Party. The Reviewing Party with respect to all matters arising concerning Indemnitee’s
indemnification, exoneration or hold harmless rights for Expenses under this Agreement or any other agreement or under the Company’s Certificate of Incorporation or bylaws as now or hereafter in effect, or under any other applicable law, if
requested by Indemnitee, shall be Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). If not so requested by Indemnitee, the Reviewing Party with respect to such matters
shall be selected by the Board of Directors. Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee would be entitled to be indemnified, exonerated or held
harmless hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to fully indemnify, exonerate and hold harmless such
counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the
Company shall not be required to pay Expenses of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such Independent Legal Counsel shall be the Independent Legal Counsel for any or all other
Indemnitees unless (i) the Company otherwise determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent Legal Counsel representing other Indemnitees. 

(e) Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 10 hereof, to the
extent that Indemnitee has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, in defense of any Claim, Indemnitee shall be indemnified, exonerated and held harmless against all
Expenses incurred by Indemnitee in connection therewith. 
 (f) Contribution. If the indemnification, exoneration or hold harmless
rights provided for in this Agreement is for any reason held by a court of competent jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless Indemnitee thereunder, the Company shall contribute
to the amount paid or payable by Indemnitee as a result of such Expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and Indemnitee or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and Indemnitee in connection with the action or inaction which
resulted in such Expenses, as well as any other relevant equitable considerations. In connection with the registration of the Company’s securities, the relative benefits received by the Company and Indemnitee shall be deemed to be in the same
respective proportions that the net proceeds from the offering (before deducting expenses) received by the Company and Indemnitee, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public
offering price of the securities so offered. The relative fault of the Company 

  
 3 

 
and Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 2(f) were determined by
pro rata or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. In connection with the registration of the Company’s securities, in no event
shall Indemnitee be required to contribute any amount under this Section 2(f) in excess of the net proceeds received by Indemnitee from its sale of securities under such registration statement. No person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(1) of the Securities Act) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 

3. Expense Advances. 

(a) Obligation to Make Expense Advances. The Company shall make Expense Advances to Indemnitee upon receipt of a written
undertaking by or on behalf of the Indemnitee to repay such amounts if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified, exonerated or held harmless therefor by the Company. 

(b) Form of Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall be unsecured
and no interest shall be charged thereon. 
  
 4. Procedures for
Indemnification and Expense Advances. 
 (a) Timing of Payments. All payments of Expenses (including without limitation
Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no event later
than forty-five (45) days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than twenty (20) days after such written demand by Indemnitee is presented
to the Company. 
 (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right
to be indemnified, exonerated or held harmless or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon as practicable of any Claim made against Indemnitee for which indemnification,
exoneration or hold harmless right will or could be sought under this Agreement. Notice to the Company shall be directed to the President and the Secretary of the Company at the address shown on the signature page of this Agreement (or such
other address as the Company shall designate in writing to Indemnitee). In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

(c) No Presumptions; Burden of Proof. 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, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that
a court has determined that indemnification, exoneration or hold harmless right is not permitted by this Agreement or applicable law. In addition, neither the failure of any Reviewing Party to have made a determination as to whether Indemnitee
has met any particular standard of conduct or had any particular belief, nor an actual determination by any Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal
proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified, exonerated or held harmless under this Agreement or applicable law, shall be a defense to Indemnitee’s claim or create a presumption that
Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any determination by any Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified, exonerated or
held harmless hereunder, the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 

  
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 (d) Notice to Insurers. If, at the time of the receipt by the Company of a notice of
a Claim pursuant to Section 4(b) hereof, the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set
forth in the respective policies. The Company shall thereafter take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Claim in accordance with the
terms of such policies. 
 (e) Selection of Counsel. In the event the Company shall be obligated hereunder to provide
indemnification, exoneration or hold harmless rights for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved by Indemnitee
(which approval shall not be unreasonably withheld) upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to the same Claim; provided, however, that
(i) Indemnitee shall have the right to employ Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously authorized by the
Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (C) the Company shall not continue to retain such counsel to defend
such Claim, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances hereunder. The Company shall have the right
to conduct such defense as it sees fit in its sole discretion, including the right to settle any claim, action or proceeding against Indemnitee without the consent of Indemnitee, provided that the terms of such settlement include either: (i) a
full release of Indemnitee by the claimant from all liabilities or potential liabilities under such claim; or (ii) in the event such full release is not obtained, the terms of such settlement do not limit any indemnification, exoneration or
hold harmless rights Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s Articles of Incorporation, bylaws, any agreement, any vote of stockholders or disinterested directors, the Canada Business Corporations
Act (the “CBCA”) or otherwise. 
  
 5. Additional
Indemnification Rights; Nonexclusivity. 
 (a) Scope. The Company hereby agrees to indemnify, exonerate and hold harmless
the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification, exoneration or hold harmless right is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of
Incorporation, the Company’s bylaws or by statute. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands the right of a corporation organized under the CBCA to indemnify, exonerate
or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of
any change in any applicable law, statute or rule which narrows the right of a corporation organized under the CBCA to indemnify, exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, such change,
to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder except as set forth in Section 10(a) hereof. 

(b) Spousal Indemnification. If a Claim for which Indemnitee is entitled to be indemnified hereunder asserts a claim against
(i) the lawful spouse or legally recognized domestic partner of Indemnitee or (ii) a property interest of such spouse or domestic partner, then indemnification shall be extended to such spouse or domestic partner to the extent that the
Claim does not arise from any actual or alleged act, error or omission of such spouse or domestic partner. 
 (c) Nonexclusivity. The
indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided by this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Company’s Certificate of Incorporation, its
bylaws, any other agreement, any vote of stockholders or disinterested directors, the CBCA, or otherwise. The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided under this Agreement shall continue as to
Indemnitee for any action taken 

  
 5 

 
or not taken while serving in an indemnified, exonerated or held harmless capacity even though subsequent thereto Indemnitee may have ceased to serve in such capacity. 

6. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any
Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, provision of the Company’s Certificate of Incorporation, bylaws or otherwise) of the amounts otherwise payable
hereunder. 
 7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification,
exoneration or hold harmless rights by the Company for some or a portion of Expenses incurred in connection with any Claim, but not, however, for the total amount thereof, the Company shall nevertheless indemnify, exonerate or hold harmless
Indemnitee for the portion of such Expenses to which Indemnitee is entitled. 
 8. Mutual Acknowledgment. Both the Company and
Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying, exonerating or holding harmless its directors, officers, employees, agents or fiduciaries under this Agreement or
otherwise. Indemnitee understands and acknowledges that the Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification, exoneration or hold harmless rights to a court
in certain circumstances for a determination of the Company’s right under public policy to indemnify, exonerate or hold harmless Indemnitee. 

9. Liability Insurance. The Company shall maintain directors and officers liability insurance providing coverage to Indemnitee
(a) during the period Indemnitee serves as a director, officer, employee, agent or fiduciary of the Company, or any subsidiary of the Company, or serves at the request of the Company as a director, officer, employee, agent or fiduciary of
another corporation, partnership, joint venture, trust or other enterprise, and (b) for a period of no less than six (6) years following the conclusion of such service. Indemnitee shall be covered by such policies 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 who are not employees of the Company, if Indemnitee is a director who is not employed by the Company; or of the
Company’s officers, if Indemnitee is a director of the Company and is also employed by the Company, or is not a director of the Company but is an officer; or in the Company’s sole discretion, if Indemnitee is not an officer or director but
is a key employee, agent or fiduciary. If, at the time the Company receives notice from any source of a Claim as to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has directors and officers liability insurance
in effect, the Company shall give prompt notice of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay,
on behalf of Indemnitee, all amounts payable as a result of such Claim in accordance with the terms of such policies. 
 10.
Exceptions. Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant to the terms of this Agreement: 

(a) Excluded Action or Omissions. To indemnify, exonerate or hold harmless Indemnitee for Expenses resulting from acts, omissions
or transactions for which Indemnitee is prohibited from receiving indemnification, exoneration or hold harmless rights under this Agreement or applicable law; provided, however, that notwithstanding any limitation set forth in this
Section 10(a) regarding the Company’s obligation to provide indemnification, exoneration or hold harmless rights to Indemnitee, Indemnitee shall be entitled under Section 3 to receive Expense Advances hereunder with respect to any
such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has engaged in acts, omissions or
transactions for which Indemnitee is prohibited from receiving indemnification under this Agreement or applicable law. 
 (b) Claims
Initiated by Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to Indemnitee with respect to Claims initiated or brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross claim, except (i)
with respect to actions or proceedings brought to establish or enforce an indemnification, exoneration or hold harmless right under this Agreement or any other agreement or insurance policy or under the Company’s Certificate of Incorporation or
bylaws now or hereafter in effect relating to Claims for Covered Events, (ii) in specific cases if the Board of Directors has approved the initiation or bringing of such 

  
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Claim, or (iii) as otherwise required under the CBCA, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, exoneration, hold harmless right,
Expense Advances or insurance recovery, as the case may be. 
 (c) Lack of Good Faith. To indemnify, exonerate or hold harmless
Indemnitee for any Expenses incurred by the Indemnitee with respect to any action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action determines as provided in Section 13
hereof that each of the material assertions made by the Indemnitee as a basis for such action was not made in good faith or was frivolous, or (ii) by or in the name of the Company to enforce or interpret this Agreement, if a court having
jurisdiction over such action determines as provided in Section 13 hereof that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was frivolous. 

(d) Claims Under Section 16(b). To indemnify, exonerate or hold harmless Indemnitee for expenses and the payment of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; provided, however, that notwithstanding any limitation set
forth in this Section 10(d) regarding the Company’s obligation to provide indemnification or exoneration or hold harmless, Indemnitee shall be entitled under Section 3 hereof to receive Expense Advances hereunder with respect to any
such Claim unless and until a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has violated said statute. 

11. Counterparts. This Agreement may be executed in counterparts and by facsimile or electronic transmission, each of which shall
constitute an original and all of which, together, shall constitute one instrument. 
 12. Binding Effect; Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, 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, 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 substance satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director,
officer, employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s request. 
 13.
Expenses Incurred in Action Relating to Enforcement or Interpretation. In the event that any action is instituted by Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to enforce or
interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred by Indemnitee with respect to such action (including without limitation attorneys’ fees), regardless of whether Indemnitee is
ultimately successful in such action, unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the
material assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 hereof
to receive payment of Expense Advances hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee
shall be entitled to be indemnified, exonerated or held harmless for all Expenses incurred by Indemnitee in defense of such action (including without limitation costs and expenses incurred with respect to Indemnitee’s counterclaims and
cross-claims made in such action), unless as a part of such action a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material
defenses asserted by Indemnitee in such action was made in bad faith or was frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled under Section 3 hereof to receive payment of
Expense Advances hereunder with respect to such action. 
 14. Notices. All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and signed for by the party addressed, on the date of 

  
 7 

 
such delivery, or (ii) if mailed by domestic certified or registered mail with postage prepaid, on the third business day after the date postmarked. Addresses for notice to either party are
as shown on the signature page of this Agreement or as subsequently modified by written notice. 
 15. Consent to
Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of California for all purposes in connection with any action or proceeding which arises out of or relates to this
Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the Court of Chancery of the State of California in and for San Diego County, which shall be the exclusive and only proper forum
for adjudicating such a claim. 
 16. Severability. The provisions of this Agreement shall be severable in the event that any of
the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the
fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision held to be invalid, void or otherwise
unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

17. Choice of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of the parties to this Agreement,
shall be governed by and construed in accordance with the laws of the State of California without regard to principles of conflicts of laws. 

18. Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless
it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver. 
 19. Integration and Entire Agreement. This Agreement sets forth the entire understanding
between the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 

20. No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right
to employment by the Company or any of its subsidiaries or affiliated entities. 
 21. Additional Acts. If for the validation of
any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the
Company to fulfill its obligations under this Agreement. 
 (The remainder of this page is intentionally left blank.) 

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

			
	MAD CATZ INTERACTIVE, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
	
	 Address:
 [•]

[•]
 [•]

		
		 	

 ACCEPTED AND AGREED: 

INDEMNITEE 
  

 
 [•] 

Address: 
 [•] 

[•] 
 [•] 

 

  
 9

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