Document:

Exhibit 10.12

 

Executive
Initial: ____

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into as of the ___ day of _______________ 2021 (the “Effective Date”), by and between FGI Industries
Ltd. (“FGI” or the “Company”) and San Lung “Perry” Lin (“Executive”).

 

The Company desires to employ Executive, and
Executive desires to be employed by the Company, on the terms and conditions set forth in this Agreement, and the separate Confidentiality,
Non-Competition and Non-Solicitation Agreement, which is a condition of the Company agreeing to employ Executive. This Agreement is intended
to supersede any and all prior understandings and agreements between Executive, the Company and the Company’s parents, subsidiaries
and affiliates relating to the provision of services by Executive, with respect to the subject matter herein.

 

In
consideration of the mutual promises and covenants set forth below, and in the separate Confidentiality, Non-Competition and Non-Solicitation
Agreement, and other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, the Company and Executive
agree as follows:

 

		1.0	POSITION, DUTIES AND RESPONSIBLITIES.
                                            Executive will be employed as the Chief Financial Officer of the Company and will have such
                                            duties and responsibilities as are consistent with such position and as may be assigned to
                                            Executive from time to time by the Company or the Company’s Board of Directors or functional
                                            equivalent (the “Board”).

 

		1.1	Executive shall perform all duties and
                                            exercise all authority in accordance with and otherwise comply with all Company policies,
                                            procedures, practices, and directions.

 

		1.2	Executive shall refrain from any act or
                                            omission adverse to the Company’s best interests, including but not limited to any
                                            act or omission that could harm the Company’s existing or potential relationships with
                                            any existing or potential client, customer, supplier, employee, executive, contractor or
                                            other business partner or affiliate.

 

		1.3	Executive shall devote all of his business
                                            time and best efforts to successfully perform his duties and advance Company’s interests.
                                            During his employment, Executive shall not render services of any nature whatsoever (including
                                            board memberships) for which he receives compensation without the Company’s prior written
                                            consent; provided, however this provision does not prohibit him from personally owning and
                                            trading in stocks, bonds, securities, real estate, commodities or other investment properties
                                            for his own benefit which do not create actual or potential conflicts of interest with Company,
                                            nor does this provision prohibit Executive from serving as a director of any educational
                                            institution attended by one of his children, or of the church or religious organization of
                                            his choice.

 

		1.4	Executive represents that he is free to
                                            accept employment with the Company, and that Executive has no prior or other commitments,
                                            restrictions, covenants or obligations of any kind to anyone else or any entity that would
                                            hinder, preclude or interfere with Executive’s acceptance of his obligations under
                                            this Agreement or the exercise of Executive’s best efforts in the performance of his
                                            duties and responsibilities hereunder.

 

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Executive Initial: ____

 

		2.0	COMPENSATION. In consideration for
                                            the agreements made by Executive herein and the performance by Executive of his obligations
                                            hereunder and in the separately executed Confidentiality, Non-Competition and Non-Solicitation
                                            Agreement, the Company agrees to pay Executive,

 

		2.1	A base salary equivalent to $160,000 per
                                            annum (“Base Salary.”) The Base Salary shall be subject to annual review, although
                                            any determination to decrease or increase the Base Salary shall be within the Company’s
                                            sole discretion.

 

		2.2	In addition to the Base Salary, Executive
                                            may receive a discretionary performance bonus; however, the payment of any such bonus shall
                                            be subject to Executive’s employment with the Company at the time such bonus is scheduled
                                            to be paid by the Company. Executive will participate in any Company Bonus and Incentive
                                            Program at the Executive’s title level; provided, however, that Executive’s participation
                                            is subject to the applicable terms, conditions and eligibility requirements of the program,
                                            as they may exist from time to time.  The Executive may be eligible to receive a discretionary
                                            cash bonus based on meeting performance metrics. In addition, Executive may be eligible to
                                            receive stock options in accordance with the terms of the Company’s Employee Stock
                                            Purchase Plan (“ESOP”) as well as certain equity awards in accordance with the
                                            terms of the Company’s Equity Incentive Plan (“EIP”).

 

		2.3	Executive may participate in all medical,
                                            dental, disability insurance, 401(k) pension, vacation and other executive benefit plans
                                            and programs which may be made available from time to time to Company employees at Executive’s
                                            level; provided, however, that Executive participation is subject to the applicable terms,
                                            conditions and eligibility requirements of these plans and programs, some of which are within
                                            the plan administrator’s discretion, as they may exist from time to time. The Company
                                            will pay 100% of the cost of the applicable premiums for Medical, Dental, Vision, Short-Term
                                            Disability, Long-Term Disability and Life Insurance coverage during Executive’s employment.

 

During Executive’s employment,
the Company shall maintain a life insurance policy in an amount no less than $100,000 for Executive subject to applicable terms, conditions
and eligibility requirements of such policy.

 

Executive shall be entitled to four (4) weeks
of paid vacation in accordance with Company policies and procedures and flexible Paid Time Off, as needed.

 

		2.4	The Company shall reimburse Executive
                                            for all reasonable travel and other business expenses incurred by him in the performance
                                            of his duties to the Company in accordance with the Company’s applicable expense reimbursement
                                            policies and procedures.

 

		2.5	The Company will pay for the reasonable
                                            costs of relocation of the Executive if relocation for continued employment is mandated by
                                            the Company.

 

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Executive Initial: ____ 

 

		2.6	Nothing in this Agreement shall require
                                            Company to create, continue or refrain from amending, modifying, revising or revoking any
                                            of the plans, programs or benefits set forth in Sections 2.2 and 2.3. Executive acknowledges
                                            that Company, in its sole discretion, may amend, modify, revise, or revoke any such plans,
                                            programs, benefits. Any amendments, modifications, revisions, and revocations of these plans,
                                            programs, and benefits shall apply to Executive. Nothing in the Agreement shall afford Executive
                                            any greater rights or benefits with regard to these plans, programs and benefits than are
                                            afforded to him under their applicable terms, conditions and eligibility requirements, some
                                            of which are within the plan administrator’s discretion, as they may exist from time
                                            to time.

 

		3.0	TERM OF EMPLOYMENT. Executive’s
                                            employment under this Agreement shall commence on the Effective and continue “at-will”
                                            until terminated pursuant to Section 3 of this Agreement.

 

		3.1	Either party may terminate the employment
                                            relationship without Cause at any time upon giving the other party ninety (90) days of written
                                            notice.

 

		3.2	The Company may terminate Executive’s
                                            employment immediately without notice at any time for any of the following reasons, which
                                            shall constitute “Cause”: (i) any act or omission of Executive, including,
                                            but not limited to misconduct, negligence, unlawfulness, dishonesty, inattention to the business,
                                            conflict of interest or competitive business activities, which, as determined by the Company
                                            or the Board, in its sole discretion, may be detrimental to the Company’s interests;
                                            (ii) Executive’s failure to comply with Company policies, procedures, practices
                                            or directions, as determined by the Company or the Board in its sole discretion; (iii) any
                                            other reason recognized as “Cause” under applicable law; (iv) Executive’s
                                            commission of fraud, embezzlement, theft or misappropriation of any monies, assets or properties
                                            of the Company or any of its parents, subsidiaries, affiliates or employees; (v) conviction
                                            of, or plea of nolo contendere to, any felony; or (vi) Executive’s breach of this
                                            Agreement.

 

		3.3	Executive understands that the separately
                                            executed Confidentiality, Non-Competition and Non-Solicitation Agreement shall survive the
                                            termination of Executive’s employment and/or termination of this Agreement regardless
                                            of the reasons for such termination.

 

		4.0	COMPENSATION UPON TERMINATION, CHANGE OF
                                            CONTROL THROUGH ACQUISITION, MERGER OR SALE OF THE COMPANY

 

		4.1	If the Company terminates Executive’s
                                            employment for “Cause,” the employment relationship shall terminate immediately,
                                            and the Company shall owe no further compensation to Executive under this Agreement except
                                            for any Base Salary earned by Executive through the date of termination, any unreimbursed
                                            business expenses that are submitted to the Company within 10 days after the date of termination,
                                            and benefits, if any, due to Executive, as determined in accordance with the applicable benefit
                                            plans of the Company.

 

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Executive Initial: ____

 

		4.2	If the Company terminates Executive’s
                                            employment without “Cause,” the Company will pay Executive:

 

		(i)	An amount equal to fifty-two weeks of
                                            Executive’s Base Salary less applicable withholding for taxes and any other items as
                                            to which a withholding obligation may exist. If Executive has been employed by the Company
                                            for less than one year, the Company will pay a pro-rated portion of the Severance Proceeds
                                            (the payments set forth in this Section 4.2 are hereinafter referred to as the “Severance
                                            Proceeds”)). The Severance Proceeds will be paid in approximately equal installments
                                            on or about regular payroll dates over a period of time equal to the number of weeks of Executive’s
                                            Base Salary that make up the Severance Proceeds (the “Severance Period”);

 

		(ii)	No more than twelve (12) months of the
                                            Executive’s cost for exercising the COBRA option for extended health coverage for the
                                            plan in effect at the time of termination; and

 

		(iii)	A pro-rated portion of any annual bonus
                                            that Executive would have been entitled to receive with respect to the fiscal year of termination
                                            had his employment had not been terminated, based upon the percentage of the fiscal year
                                            that shall have elapsed through the date of Executive’s termination of employment.
                                            Such bonus shall be paid at the same time it would have been paid had the Executive's employment
                                            not been terminated.

 

		4.3	Company’s obligation to provide
                                            the Severance Proceeds under Section 4.2 is conditioned upon:

 

		(i)	Executive’s agreement to and compliance
                                            with all of the obligations set forth in the separately executed Confidentiality, Non-Competition
                                            and Non-Solicitation Agreement; and

 

		(ii)	Executive’s execution and non-revocation
                                            of a release of claims and covenant not to sue against the Company in the form provided by
                                            the Company (the “Release”) and the expiration of any revocation period provided
                                            for in the Release.

 

		(iii)	Notwithstanding anything in this Agreement
                                            to the contrary, if (i) Executive breaches any of the restrictions set forth in the
                                            Confidentiality, Non-Competition and Non-Solicitation Agreement or any similar restrictions
                                            set forth in any written agreement between Executive and the Company, or (ii) at any
                                            time following termination of Executive’s employment with the Company, the Company
                                            determines that Executive engaged in an act or omission that, if discovered during Executive’s
                                            employment, would have entitled the Company to terminate Executive’s employment hereunder
                                            for Cause, Executive will forfeit his entitlement to the Severance Proceeds, to the extent
                                            not yet paid. Following any such forfeiture, Executive will remain subject to the restrictions
                                            set forth in the Confidentiality, Non-Competition and Non-Solicitation Agreement.

 

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Executive Initial: ____

 

		(iv)	On termination of Executive’s employment
                                            for any reason, Executive will immediately resign from any and all other positions or committees
                                            that Executive holds or is a member of with any member of the Company, including as an officer
                                            or director.

 

		4.4	If there is a Change of Control (defined
                                            below) and subject to the terms of any Change of Control agreement, a termination resulting
                                            from a Change of Control will result in the Executive being treated as having been terminated
                                            without “Cause” and Company’s obligations to Executive shall be construed
                                            according to the terms of Sections 4.2 and 4.3 above.

 

“Change of Control” is defined
as (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date
hereof), of shares representing more than 25% of the aggregate ordinary voting power represented by the issued and outstanding capital
stock of the Company; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company
by Persons who were neither (i) nominated by the board of directors of the Company nor (ii) appointed by directors so nominated;
or (c) the acquisition of direct or indirect Control of the Company by any Person or group.

 

		4.5	If Executive accepts employment with another
                                            person or entity and becomes eligible for non-restrictive Medical Insurance during the period
                                            in which he is receiving COBRA reimbursement payments pursuant to Section 4.2, then
                                            the payments made by the Company for COBRA reimbursement pursuant to Section 4.2 will
                                            cease.

 

		4.6	Executive is not entitled to receive any
                                            compensation or benefits upon his termination except as is: (i) set forth in this Agreement;
                                            (ii) otherwise required by law; or (iii) otherwise required by an executive benefit
                                            plan in which he participates; provided, however that the terms and conditions afforded Executive
                                            under this Agreement are in lieu of any severance benefits to which he otherwise might be
                                            entitled pursuant to any severance plan, policy or practice.

 

		4.7	Nothing in this Agreement is intended
                                            to waive or supplant any death, disability, retirement, 401(k) or pension benefits in
                                            which Executive participates. In the event of Executive’s death or disability, the
                                            terms of Section 4.2 do not apply. For purpose of this Section 4, “disability”
                                            means that Executive has been unable to engage in any substantial gainful activity by reason
                                            of any medically determinable physical or mental impairment for 180 days in any one year
                                            period and has qualified to receive long-term disability payment under the Company’s
                                            long-term disability policy. Notwithstanding the foregoing, if as a result of absence because
                                            of mental or physical incapability the Executive incurs a “separation from service”
                                            within the meaning of such term under Section 409A, the Executive shall on such date
                                            automatically be terminated from employment as a disability termination.

 

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Executive Initial: ____

 

		5.0	SECTION 409A COMPLIANCE. This
                                            Agreement is intended to meet the requirements of Section 409A of the Internal Revenue
                                            Code of 1986, as amended, and the regulations and Treasury guidance promulgated thereunder,
                                            with respect to amounts subject thereto and will be interpreted and construed consistent
                                            with that intent. If any provision of this Agreement would subject Executive to any additional
                                            tax or interest under Section 409A, then the Company and Executive agree to negotiate
                                            in good faith and jointly execute an amendment to modify this Agreement to the extent necessary
                                            to comply with the requirements of Section 409A; provided that no such amendment will
                                            increase the total compensation expense of the Company under this Agreement.

 

5.1            (i) If,
at the time of termination of Executive’s employment hereunder Executive is deemed to be a “specified employee” of
the Company within the meaning of Section 409A, then (x) only to the extent necessary to comply with the requirements of Section 409A,
any payments to which Executive is entitled under this Agreement in connection with such termination that are subject to Section 409A
(and not otherwise exempt from its application) will be withheld until the first business day of the seventh month following the date
of such termination (the “Delayed Payment Date”), (y) on the Delayed Payment Date, Executive will receive a lump sum
payment in an amount equal to the aggregate amount of such payments that otherwise would have been made to Executive prior to the Delayed
Payment Date and (z) following the Delayed Payment Date, Executive will receive the payments otherwise due to Executive in accordance
with the payment terms and schedule set forth herein; (ii) with respect to a payment of “deferred compensation” (as
defined in Section 409A) triggered by a termination of employment, a termination of employment will be deemed not to have occurred
until such time as Executive insures a “separation of service” with the Company in accordance with Section 409A; (iii) for
purposes of Section 409A, each payment in a series of installment payments provided under this Agreement will be treated as a separate
payment; and (iv) no expenses eligible for reimbursement, or in-kind benefits provided, to Executive under this Agreement under
any calendar year will affect the amounts of eligible for reimbursement in any other calendar year, to the extent subject to the requirements
of Section 409A, and no such right to reimbursement or in-kind benefits will be subject to liquidation or exchange for any other
benefits.

 

		6.0	RETURN OF COMPANY PROPERTY. Upon the
                                            termination of his employment for any reason, Executive shall (i) deliver to Company
                                            all records, memoranda, data, documents and other property of any description which refer
                                            or relate in any way to the Company’s trade secrets or confidential information, including
                                            all copies thereof, which are in his possession, custody or control; (ii) deliver to
                                            the Company all Company property (including, but not limited to keys, credit cards, customer
                                            files, contracts, proposals, work in process, manuals, forms, computer stored work in process
                                            and other computer data, research materials, other items of business information concerning
                                            any Company clients, or business methods, including all copies thereof) which is in Executive’s
                                            possession, custody or control; (iii) being such records, files and other materials
                                            up to date before returning them; and (iv) fully cooperate with Company, in winding
                                            up Executive’s work and transferring that work to other individuals designated by Company.

 

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Executive Initial: ____

 

		7.0.	COOPERATION; ASSIGNMENT OF INVENTIONS.
                                            Following the termination of Executive’s employment, the Executive shall execute any
                                            and all documents reasonably requested by the Company to secure the Company’s right
                                            to any work product, copyrights, patents, trade secrets, or other intellectual property associated
                                            with any ideas, concepts, techniques, inventions, processes, works of authorship developed
                                            for or created by the Executive solely or jointly with others, during the course of performing
                                            work for or on behalf of the Company or any affiliate of the Company or that Executive conceived,
                                            developed, discovered or made in whole or in part during Executive’s employment by
                                            the Company that were made through the use of any trade secrets or other confidential information
                                            of the Company or that result from any work the Executive performed for the Company or any
                                            affiliate of the Company, and the Executive agrees to make himself available as reasonably
                                            requested by the Company with respect to, and to use reasonable efforts to cooperate in conjunction
                                            with, any litigation or investigation arising from events that occurred during the Executive’s
                                            employment with the Company. To the extent possible, all software, compilations and other
                                            original works of authorship that Executive conceived, developed, discovered or made in whole
                                            or in part during Executive’s employment by the Company that were made through the
                                            use of any trade secrets or other confidential information of the Company or that result
                                            from any work the Executive performed for the Company or any affiliate of the Company will
                                            be considered a “work made for hire” under Title 17 of the United States Code.
                                            Upon request of the Company at any during or after Executive’s employment, Executive
                                            will take such further actions, including execution and delivery of instruments of conveyance,
                                            as may be appropriate to evidence, perfect, record or otherwise give full and proper effect
                                            to any assignments of rights under or pursuant to this Agreement.

 

		8.0	ENTIRE AGREEMENT. This Agreement, and
                                            the separately executed Confidentiality, Non-Competition and Non-Solicitation Agreement,
                                            constitutes the entire agreement between the parties pertaining to the subject matter hereof
                                            and supersedes all prior and contemporaneous statements, term sheets, understandings, negotiations
                                            and discussions, whether oral or written, of the parties with respect to such subject matter.
                                            This Agreement may be amended or modified only by a written agreement signed by Executive
                                            and an expressly authorized representative of the Company.

 

		9.0	SEVERABILITY. If a court of competent
                                            jurisdiction holds that any provision or sub-part thereof contained in this Agreement is
                                            invalid, illegal, or unenforceable, that invalidity, illegality, or unenforceability shall
                                            not affect any other provision in this Agreement. Additionally, if any of the provisions,
                                            clauses or phrases in the Confidentiality, Non-Competition and Non-Solicitation Agreement
                                            are held unenforceable by a court of competent jurisdiction, then the parties desire that
                                            they be “blue-penciled” or rewritten by the court to the extent necessary to
                                            render them enforceable.

 

		10.0.	PARTIES BOUND. The terms, provisions,
                                            covenants and agreements contained in this Agreement shall apply to, be binding upon and
                                            inure to the benefit of the Company’s successors and assigns, and the Company at its
                                            discretion, may assign this Agreement. Executive may not assign this Agreement without Company’s
                                            prior written consent.

 

		11.0	REMEDIES. Executive acknowledges that
                                            his breach of this Agreement would cause Company, irreparable harm for which damages would
                                            be difficult, if not impossible, to ascertain and legal remedies would be inadequate. Therefore,
                                            in addition to any legal or other relief to which Company may be entitled by virtue of the
                                            Executive’s breach or threatened breach of this Agreement, Company may seek equitable
                                            relief, including but not limited to preliminary and injunctive relief, and such other available
                                            remedies.

 

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Executive Initial: ____

 

		12.0	GOVERNING
                                            LAW; VENUE. This Agreement, and the employment relationship established herein,
                                            shall be governed by and construed in accordance with the laws of the State of New Jersey,
                                            United States of America, without regard to conflicts of law principles. Any and all disputes
                                            arising from or relating to this Agreement or to the Executive’s employment with the
                                            Company shall be submitted to arbitration in New Jersey in accordance with the Comprehensive
                                            Arbitration Rules and Procedures of Judicial Arbitration and Mediation Services (JAMS)
                                            and the arbitration determination resulting from any such submission will be final and binding
                                            on the parties. Judgment upon the award rendered by the arbitrator may be entered in any
                                            court having jurisdiction thereof. Notwithstanding the foregoing, this Section shall
                                            not preclude either party from pursuing a court action for the sole purpose of obtaining
                                            a temporary restraining order or an injunction in circumstances in which such relief is appropriate;
                                            including the enforcement of post-termination restrictive covenants.

 

		13.0	NOTICES. Notices and all other communications
                                            provided for in this Agreement will be in writing and will be deemed to have been duly given
                                            when delivered or mailed by Unite States registered mail, return receipt requested,, addressed
                                            to the respective address set forth on the execution page of this Agreement or Executive’s
                                            current address on record at the Company.

 

		14.0	WITHOLDING TAXES. The Company may
                                            withhold from any amounts payable under this Agreement such federal, state. Local and other
                                            taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

		15.0	COUNTERPARTS. This Agreement may be
                                            signed in counterparts, each of which will be original, with the same effect as if the signature
                                            thereof and hereto were on the same instrument.

 

		16.0	CONSTRUCTION; KNOWING AND VOLUNTARY.
                                            Executive acknowledges that he has had adequate time to consult with legal counsel of his
                                            choosing concerning the terms and conditions of this Agreement. Executive warrants that he
                                            has carefully read this Agreement, understands its terms and accepts them. No ambiguity in
                                            any provision shall be construed against either party on account of that party being considered
                                            the drafter of that provision of the Agreement. The headings of the sections of this Agreement
                                            are inserted for convenience only and shall not in any way affect the meaning or construction
                                            of this Agreement.

 

[This space intentionally left blank]

 

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Executive Initial: ____

 

IN
WITNESS WHEREOF, the parties have entered into this Agreement as of the day and year first above written.

 

	San Lung “Perry” Lin	 	Date
	 
	FGI INDUSTRIES LTD.	 
	 	 
	NAME:	 	Date
	TITLE:

 

    9Exhibit 10.13

 

FGI
INDUSTRIES LTD.

 

INDEMNIFICATION
AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(the “Agreement”) is made and entered into as of [             ],
20[_] between FGI Industries Ltd., a Cayman Islands exempted company (the “Company”), and [Director] (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS,
highly competent persons have become more reluctant to serve corporations as officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of the corporation;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice
among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and
trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. The Memorandum and Articles of Association of the Company (the “Articles”) provide for indemnification of the
officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable Cayman Islands law. The
Articles expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of
the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Articles and Certificate of Incorporation of the Company and any resolutions
adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;
and

 

WHEREAS, Indemnitee
does not regard the protection available under the Company’s Articles and Certificate of Incorporation and insurance as adequate
in the present circumstances, and may not be willing to serve as an officer without adequate protection, and the Company desires Indemnitee
to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the
Company on the condition that he be so indemnified.

 

     

     

    

 

NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer from and after the date hereof, the parties
hereto agree as follows:

 

1.            Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such
may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof.

 

(a)            Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in
this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company.
Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding
or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
the Indemnitee’s conduct was unlawful.

 

(b)            Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if,
by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought
by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided,
however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or
matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that a
court of competent jurisdiction shall determine that such indemnification may be made.

 

(c)            Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall
be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved
claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such
a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

2.            Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines
and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is,
or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including,
without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that
shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any
payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6
and 7 hereof) to be unlawful.

 

    2

     

    

 

3.            Contribution.

 

(a)            Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without
requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final
release of all claims asserted against Indemnitee.

 

(b)            Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute
to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee
in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on
the other hand, from the transaction or events from which such action, suit or proceeding arose; provided, however, that
the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference
to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable
with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable
considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees
of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and
the degree to which their conduct is active or passive.

 

(c)            The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)            To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for judgments, fines, penalties, excise taxes or amounts paid or to be paid in settlement and/or for Expenses, in connection with any
claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of
the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result
of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and
its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4.            Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his
Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party,
he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

    3

     

    

 

5.            Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt
by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or
after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee
and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6.            Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under applicable Cayman Islands Law. Accordingly, the parties agree that
the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification
under this Agreement:

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
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. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to
provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability
that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

 

(b)            Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which
shall be at the election of the Board (1) by a majority vote of the disinterested directors, even though less than a quorum, (2) by
a committee of disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum, (3) if
there are no disinterested directors or if the disinterested directors so direct, by independent legal counsel in a written opinion to
the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the shareholders of the Company.
For purposes hereof, disinterested directors are those members of the Board who are not parties to the action, suit or proceeding in respect
of which indemnification is sought by Indemnitee.

 

(c)            If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof,
the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the
Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company
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 meet the requirements of “Independent Counsel” as defined in Section 13 of
this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel 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. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof,
no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent
jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall
designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel
under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred
by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all
reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent
Counsel was selected or appointed.

 

    4

     

    

 

(d)            In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its
directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct,
shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)            Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in
the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to
the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.
In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions
of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)            If
the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within sixty (60) 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 prohibition of such indemnification under applicable law;
provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty
(30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided further,
that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification
is to be made by the shareholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days
after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve
to submit such determination to the shareholders for their consideration at an annual meeting thereof to be held within seventy five
(75) days after such receipt and such determination is made thereat, or (B) a special meeting of shareholders is called within fifteen
(15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days
after having been so called and such determination is made thereat.

 

    5

     

    

 

(g)            Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any Independent Counsel, member of the Board or shareholder of the Company shall act reasonably and in good faith in making a determination
regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be
borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby
indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)            The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense,
delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding 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 or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise
in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion
by clear and convincing evidence.

 

(i)            The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of
nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had
reasonable cause to believe that his conduct was unlawful.

 

7.            Remedies
of Indemnitee.

 

(a)            In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement,
(iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within
ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant
to this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification
is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination
is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication
in a other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such
proceeding seeking an adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to
commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any
such adjudication.

 

(b)            In
the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects
as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)            If
a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not
materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

 

    6

     

    

 

(d)            In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages
for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by
the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses
in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)            The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound
by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by
law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification
or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement
of Expenses or insurance recovery, as the case may be.

 

(f)            Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required
to be made prior to the final disposition of the Proceeding.

 

8.            Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)            The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any
time be entitled under applicable law, the Certificate of Incorporation, the Articles, any agreement, a vote of shareholders, a resolution
of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit
or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate
Status prior to such amendment, alteration or repeal. To the extent that a change in applicable Caymand Islands law, whether by statute
or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation, Articles
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy.

 

(b)            To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’
and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with
the terms of such policies.

 

    7

     

    

 

(c)            Intentionally
omitted.

 

(d)            In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee (other than against the Indemnitors), who shall execute all papers required and take all action necessary to secure such
rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)            The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent
that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(f)            The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.            Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement
to make any indemnity in connection with any claim made against Indemnitee:

 

(a)            for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with
respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall
not affect the rights of Indemnitee; or

 

(b)            for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; or

 

(c)            in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its
sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10.            Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer
or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding
(or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not he is acting or serving
in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement.
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
or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

    8

     

    

 

11.            Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to
Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12.            Enforcement.

 

(a)            The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order
to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an officer or director of the Company.

 

(b)            This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)            The
Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the
Indemnitee’s rights to receive advancement of Expenses under this Agreement.

 

13.            Definitions.
For purposes of this Agreement:

 

(a)            “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of
any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving
at the express written request of the Company.

 

(b)            “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(c)            “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee
is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d)            “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating,
or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding.
Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding 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, including
without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its
equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

 

(e)            “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements), or (ii) any other party to the Proceeding 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. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above
and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto.

 

    9

     

    

 

(f)            “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise
and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise,
by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his part while acting in his or her
Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding
one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement.

 

14.            Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Further, the invalidity or unenforceability of any provision hereof as to Indemnitee shall in no way affect the validity or enforceability
of any provision hereof as to the other. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee
indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable
law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.            Modification
and Waiver. No supplement, modification, termination 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 deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.            Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to
indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have
to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

17.            Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall
be sent:

 

(a)            To
Indemnitee, at the address set forth below Indemnitee’s signature hereto or as otherwise provided by Indemnitee to the Company.

 

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(b)          To
the Company, at:

 

906 Murray Road

East Hanover, NJ 07869

Attention: John Chen

Email: johnc@foremostgroups.com

 

with copy to (which shall not constitute notice):

 

Faegre Drinker Biddle & Reath LLP

2200 Wells Fargo Center

90 South Seventh Street

Minneapolis, Minnesota 55402

Attention: Jonathan Zimmerman

Email: jon.zimmerman@faegredrinker.com

 

or to such other address as
may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

19.            Headings.
The headings of the 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 thereof.

 

20.            Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state
or federal court in the United States of America or any court in any other country, (ii) 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, (iii) waive any
objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or
to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

SIGNATURE PAGE TO FOLLOW

 

    11

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Indemnification Agreement on and as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	FGI INDUSTRIES LTD.
	 	 
	 	By:	             
	 	Name:
	 	Title:
	 	 
	 	INDEMNITEE:
	 	 
	 	[Director]
	 	 
	 	 
	 	(Signature)

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