Document:

Exhibit 10.6

 

FORM OF INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the        day of April, 2020, by and between
TriplePoint Global Venture Credit, LLC, a Maryland corporation (the “Company”) and a business development company
under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and (“Indemnitee”).

 

WHEREAS, at the request of the Company, Indemnitee
currently serves as [a director] [and] [an officer] of the Company and may, therefore, be subjected to claims, suits or proceedings
arising as a result of such service;

 

WHEREAS, as an inducement to Indemnitee
to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs
incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

 

WHEREAS, the parties by this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.            
Definitions. For purposes of this Agreement:

 

(a)        “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar
schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether
or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in
Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power
of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior
approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining
such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other
reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of
which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority
of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals
(A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election
by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office
who were directors as of the Effective Date or whose election or nomination for election was previously so approved.

 

    

     

    

 

(b)        
 “Corporate Status” means the status of a person as a present or former director, officer, employee or agent of the
Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign
or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
that such person is or was serving in such capacity at the request of the Company.  As a clarification and without limiting
the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be
at the request of the Company:  (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust
or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly
by the Company or (2) the management of which is controlled directly or indirectly by the Company and (ii) if, as a result
of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties by, or required
to perform services for, an employee benefit plan or its participants or beneficiaries, including as deemed fiduciary thereof.

 

(c)         
 “Disabling Conduct” means, as to a director or officer of the Company, willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of the director’s or officer’s office as set forth in Section 17(h) the
Investment Company Act.

 

(d)        
 “Disinterested Director” means a director of the Company who is not an “interested person” of the Company
as defined in the Investment Company Act and was not a party to the Proceeding in respect of which indemnification and/or advance
of Expenses is sought by Indemnitee.

 

(e)         
 “Effective Date” means the date set forth in the first paragraph of this Agreement.

 

(f)          
 “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in or otherwise participating in a Proceeding.  Expenses shall also include Expenses incurred in connection with any appeal
resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond,
supersedes bond or other appeal bond or its equivalent.

 

    

     

    

 

(g)         
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law
and neither 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 or participant or witness in the Proceeding giving rise
to a claim for indemnification or advance of Expenses 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.

 

(h)        
 “Proceeding” means 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 of a civil (including intentional or unintentional tort claims), criminal, administrative
or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the
Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.  If Indemnitee reasonably believes
that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

 

Section 2.             Services
by Indemnitee.  Indemnitee will serve in the capacity or capacities set forth in the first WHEREAS clause above.
However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue
Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the
Company (or any other entity) and Indemnitee.

 

Section 3.             
General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement
and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time
to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee
hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3
shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification
permitted by Section 2-418 of the Maryland General Corporation Law (the “MGCL”).

 

Section 4.             
Standard for Indemnification.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened
to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts
paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with any such Proceeding unless it is established that (a) the act or omission of Indemnitee was material to the matter giving
rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty
or Disabling Conduct, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in
the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

    

     

    

 

Section 5.             
Certain Limits on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee
shall not be entitled to:

 

(a)        
indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication
of the Proceeding not subject to further appeal, to be liable to the Company;

 

(b)        
indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to
be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee,
whether or not involving action in the Indemnitee’s Corporate Status; or

 

(c)         
indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was
brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12
of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally
in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company
is a party expressly provide otherwise.

 

Section 6.            
Court-Ordered Indemnification.  Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction,
upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company
in the following circumstances:

 

(a)        
if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court
shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement;
or

 

(b)        
if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has
been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order
such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated
by Section 2-418(d)(2)(ii) of the MGCL.

 

    

     

    

 

Section 7.            
Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful.  Notwithstanding any other provision
of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s
Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise,
in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by
Indemnitee or on Indemnitee’s 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 under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate
basis.  For purposes of this Section 7 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.

 

Section 8.           
Advance of Expenses for Indemnitee.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is
threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s
ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with
such Proceeding.  The Company shall make such advance within ten days after the receipt by the Company of a statement or statements
requesting such advance from time to time, whether prior to or after final disposition of such Proceeding and may be in the form
of, in the reasonable discretion of the Indemnitee (but without duplication) (a) payment of such Expenses directly to third
parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement
to Indemnitee for Indemnitee’s payment of such Expenses.  Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee  of
Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by
law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached
hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution
thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding
as to which it shall ultimately be established that the standard of conduct has not been met by Indemnitee and which have not been
successfully resolved as described in Section 7 of this Agreement.  Such advances shall be made within ten days (or 30
days if an opinion of Independent Counsel is required) after receipt by the Company of the Request if any one of the following
conditions shall have been met:  (1) the Indemnitee shall provide security for his undertaking; (2) the Company
shall be insured against losses arising by reason of any lawful advances; or (3) a majority of a quorum of Disinterested Directors
of the Company who are not party to the proceedings giving rise to the Request, or an Independent Counsel in a written opinion,
shall determine, based on review of the readily available facts (as opposed to a trial-type inquiry), that there is reason to believe
that the Indemnitee ultimately will be found entitled to indemnification.  If the Indemnitee seeks satisfaction of condition
(3), the Indemnitee may require the Company to have the determination as to the advances made by Independent Counsel to be selected
in the manner provided by Section 1(g) of this Agreement.  In such case, the Company and the Indemnitee shall cooperate
to cause the Independent Counsel to complete the determination within 30 days after the Company’s receipt of the Request. 
To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses
shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section 8 shall be an unlimited
general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability
to repay such advanced Expenses and, except as provided above, without any requirement to post security therefor. After an Indemnitee’s
eligibility for advances as to a Proceeding has been established, as above provided, additional advances shall be made, as expenses
are incurred by the Indemnitee, upon receipt by the Company of further Requests supported by the aforesaid written affirmation
of the Indemnitee, but without the need for a further determination of Indemnitee’s entitlement thereto by Directors (or
committee thereof) or an Independent Counsel with respect to the Proceeding.

 

    

     

    

 

Section 9.             
Indemnification and Advance of Expenses as a Witness or Other Participant.  Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or
otherwise asked to participate in any Proceeding, whether instituted by the Company or any other person, and to which Indemnitee
is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements
requesting any such advance or indemnification 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.  In connection with any such advance
of Expenses, the Company may require Indemnitee to provide an undertaking and affirmation substantially in the form attached hereto
as Exhibit A.

 

Section 10.          
Procedure for Determination of Entitlement to Indemnification.

 

(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.  Indemnitee may submit one or more such requests from
time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer
of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise
the Board of Directors in writing that Indemnitee has requested indemnification.

 

(b)          Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in
Control has occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered
to Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance
with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change
in Control has not occurred, (A) by a majority vote of the Disinterested Directors or, by the majority vote of a  group
of Disinterested Directors designated by the Disinterested Directors to make the determination, (B) if Independent Counsel
has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by the
Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board
of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board
of Directors, and to the extent permitted under Section 17(h) of the Investment Company Act, by the stockholders of the
Company, other than directors or officers who are parties to the Proceeding.  If it is so determined that Indemnitee is entitled
to indemnification, the Company shall make payment to Indemnitee within ten days after such determination.  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
or appropriate to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to
clause (ii)(B) of this Section 10(b).  Any Expenses 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 shall indemnify and hold Indemnitee harmless therefrom.

 

    

     

    

 

(c)        
The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

Section 11.          
Presumptions and Effect of Certain Proceedings.

 

(a)          In
making any 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 if Indemnitee has submitted a request
for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of overcoming
that presumption in connection with the making of any determination contrary to that presumption.

 

(b)         The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea
of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption
that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

(c)         The
knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director,
trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to
Indemnitee for purposes of determining any other right to indemnification under this Agreement.

 

(d)          If
Independent Counsel is engaged to make a determination regarding advance of expenses in accordance with Section 8, there shall
be a rebuttable presumption by Independent Counsel that the Indemnitee did not engage in Disabling Conduct if the Indemnitee shall
be a Disinterested Director, or such other person who may be entitled to such a rebuttable presumption under Section 17(h) of
the Investment Company Act and judicial interpretations thereof, or interpretations thereof by the Securities and Exchange Commission
or its Staff.

 

    

     

    

 

Section 12.           
Remedies of Indemnitee.

 

(a)         
If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within
60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant
to Sections 7 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment
of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten
days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an
adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or in an
arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association,
of Indemnitee’s entitlement to indemnification or advance of Expenses.  Indemnitee shall commence a proceeding seeking
an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence
such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding
brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement.  Except as set forth herein,
the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)           In
any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled
to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving
that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.  If Indemnitee commences a
judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company
for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s
entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).  The Company shall, to the
fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant
to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall
stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

 

    

     

    

 

(c)        If
a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent 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 that was not disclosed in connection with
the determination.

 

(d)         In
the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in
arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall
be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably
incurred by Indemnitee in such judicial adjudication or arbitration.  If it shall be determined in such judicial adjudication
or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the
Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)          Interest
shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period
(i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance
with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination
of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date
such payment is made to Indemnitee by the Company.

 

Section 13.           
Defense of the Underlying Proceeding.

 

(a)          
Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment,
request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses
hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying
the Proceeding.  The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in
any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s
ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby,
and then only to the extent the Company is thereby actually so prejudiced.

 

    

     

    

 

(b)         Subject
to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall
have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that
the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such
Proceeding under Section 13(a) above.  The Company shall not, without the prior written consent of Indemnitee, which
shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement
or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term
thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance
reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. 
This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

 

(c)          Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of
Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by
the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or
counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding,
(ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not
be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists
between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely
manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject
to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the
Company.  In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event
that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any
Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee
shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which
approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of
this Agreement), to represent Indemnitee in connection with any such matter.

 

Section 14.           
Non-Exclusivity; Survival of Rights; Subrogation.

 

(a)         The
rights of indemnification and advance of Expenses 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 charter or Bylaws of the Company, any agreement or a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. 
Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, 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 Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless
of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. 
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall
be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment
of any other right or remedy.

 

    

     

    

 

(b)         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, 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.

 

Section 15.           
Insurance.

 

(a)          The
Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed
appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by
reason of Indemnitee’s Corporate Status and covering the Company for any indemnification or advance of Expenses made by the
Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate Status.  In the event
of a Change in Control, the Company shall maintain in force any and all directors and officers liability insurance policies that
were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier
or carriers and through the insurance broker in place at the time of the Change in Control; provided, however, (i) if the
carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope
and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable
in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of
the existing insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate
in excess of 250% of the annual premium or premiums paid by the Company for directors and officers liability insurance in effect
on the date of the Change in Control.  In the event that 250% of the annual premium paid by the Company for such existing
directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase
such lesser coverage as may be obtained with such amount.

 

(b)         
Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment
by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the
amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection
with a Proceeding over the coverage of any insurance referred to in Section 15(a).  The purchase, establishment and
maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and
the Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. 
If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as
a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

 

    

     

    

 

(c)         The
Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

 

Section 16.           
Contribution.  If the indemnification provided in this Agreement is unavailable in whole or in part and may not be
paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due
to the provisions of Section 5, then, in respect to any Proceeding in which the Company is jointly liable with Indemnitee
(or would be joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying
and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses,
judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee
to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time
against Indemnitee.

 

Section 17.           
Reports to Stockholders.  To the extent required by the MGCL, the Company shall report in writing to its stockholders
the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out
of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following
the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.

 

Section 18.           
Duration of Agreement; Binding Effect.

 

(a)        
This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve
as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in
such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible
Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this
Agreement).

 

(b)        
The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

 

    

     

    

 

(c)         
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.

 

(d)        
The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties
hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without
any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  Indemnitee shall further
be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions
and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.  The Company
acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company
hereby waives any such requirement of such a bond or undertaking.

 

Section 19.          
Severability.  If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise
unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this
Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such
provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or
provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the
intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the
intent manifested thereby.

 

    

     

    

 

Section 20.           
Counterparts.  This Agreement may be executed in one or more counterparts, (delivery of which may be by facsimile,
or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original
and it will not be necessary in making proof of this agreement or the terms of this Agreement to produce or account for more than
one such counterpart.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient
to evidence the existence of this Agreement.

 

Section 21.           
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.

 

Section 22.           
Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute
a continuing waiver.

 

Section 23.           
Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed
to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication
shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid,
on the third business day after the date on which it is so mailed:

 

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

 

(b)        
If to the Company, to:

 

TriplePoint Global Venture Credit, LLC

c/o TriplePoint Capital LLC

2755 Sand Hill Road, Suite 150

Menlo Park, California 94025

 

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

 

Section 24.           
Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of Maryland, without regard to its conflicts of laws rules.

 

[SIGNATURE PAGE FOLLOWS]

 

    

     

    

 

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

 

	 	TriplePoint Global Venture Credit, LLC
	 	 
	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 
	 	 
	 	 
	 	INDEMNITEE
	 	 
	 	 
	 	Name:
	 	Address:

 

    

     

    

 

EXHIBIT A

 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES
ADVANCED

 

To:  The Board of Directors of TriplePoint Global Venture
Credit, LLC

 

Re:  Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is
being provided pursuant to that certain Indemnification Agreement dated the
            day of April, 2020, by and between TriplePoint Global Venture
Credit, LLC, a Maryland limited liability company (the “Company”), and the undersigned Indemnitee (the
 “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description
of Proceeding] (the “Proceeding”).

 

Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I hereby affirm my good faith
belief that at all times, insofar as I was involved as [a director] [and] [an officer] of the Company, in any of the facts
or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, and did
not engage in Disabling Conduct, (2) did not receive any improper personal benefit in money, property or services and (3) in
the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of the advance by the Company
for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if,
in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise
to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or Disabling
Conduct or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of
any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse
the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings
have been established.

 

IN WITNESS WHEREOF, I have executed
this Affirmation and Undertaking on this        day of                                         ,
20        .

 

	 	Name:June 5, 2020

 

Alpha Capital Anstalt

Lettstrasse 32

 

9490 Vaduz, Liechtenstein

 

Dear Sirs:

Reference is made to that
certain Securities Purchase Agreement, dated as of December 27, 2018, by and between AgEagle Aerial Systems Inc., a Nevada corporation
(“AgEagle”) and Alpha Capital Anstalt (the “Alpha”), pursuant to which AgEagle issued and sold
2,000 shares of Series D 8% Preferred Stock (the “Series D Preferred Stock”) to Alpha (the “Purchase Agreement”).
On December 26, 2018, AgEagle filed a Certificate of Designation For Nevada Profit Corporations, which set forth the rights, preferences,
privileges and restrictions of the Series D Preferred Stock.

 

Alpha has requested, and AgEagle has agreed,
to amend the Series D Preferred Stock so that it shall be convertible, at the option of Alpha, into shares of AgEagle’s common
stock, par value $0.001 per share (the “Common Stock”) from time to time, and shall no longer continue to accrue
dividends. AgEagle and Alpha have agreed that (i) the conversion price of the Series D Preferred Stock shall be $0.54 (subject
to adjustment) (the “Conversion Price”), and (ii) all accrued, but unpaid dividends of that Series D Preferred
Stock in the amount of $233,333.33 shall be added to increase the Stated Value of the Series D Preferred Stock from $1,000 to $1,116.67.
AgEagle has received the approval of its Board of Directors to amend and restate the Certificate of Designation to amend the terms
of the Series D Preferred Stock (the “Amended and Restated Certificate of Designation”) as set forth above. Upon
the filing of the Amended and Restated Certificate of Designation with the Secretary of State of the State of Nevada, the Purchase
Agreement shall terminate and no longer be in full force and effect. AgEagle acknowledges and agrees that no additional consideration
has been given by Alpha for this amendment, and that Alpha’s holding period for the Series D Preferred Stock remains December 27,
2018, and that, subject to any changes to applicable law or regulation subsequent to the date of this letter, any shares of Common
Stock issuable upon any future conversion of any shares of the Series D Preferred Stock shall be issued without restrictive legend.

 

The foregoing sets forth all of the agreed upon
terms for the amendment to the Series D Preferred Stock. By signing below you acknowledge and agree that you are in agreement with
the terms of this letter agreement.

 

     

     

    

 

[Signature Page to AgEagle Series D Side Letter]

 

Sincerely,

 

	AGEAGLE AERIAL SYSTEMS INC.	 
	 	 
	By:	/s/ Nicole Fernandez – McGovern	 
	Name:	Nicole Fernandez – McGovern	 
	Title:	Chief Financial Officer	 
	 	 	 
	ACKNOWLEDGED AND AGREED:	 
	 	 
	ALPHA CAPITAL ANSTALT	 
	 	 
	By:	/s/ Nicola Feuerstein	 
	Name:	Nicole Feuerstein	 
	Title:	Secretary	 

 

2

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