Document:

ex10_1.htm

  
    Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

     

    AGREEMENT, made and entered
into as of the 9th day of December, 2008 (the “Effective Date”) by
and between Footstar, Inc., a Delaware corporation (the “Company”), and
Jonathan M. Couchman (the “Executive”).

     

     

    WITNESSETH:

     

    WHEREAS, Executive currently
serves as the Chairman of the Board of Directors of the Company (the “Board”);
and

     

    WHEREAS, the Company is
winding up its affairs and plans to liquidate in the 2009 calendar year;
and

     

    WHEREAS, the Company desires
to employ Executive to manage the wind down process pursuant to this Employment
Agreement effective as of the Effective Date and to the extent determined by the
Company to serve as Chief Executive Officer and President of the Company as of
January 1, 2009 (or such other date as the Company may specify and as Executive
may agree (such date, the “CEO Appointment Date”)) and Executive desires to
accept such employment, subject to the terms and provisions of this
Agreement.

     

    NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually
acknowledged, the Company and Executive (individually a “Party” and together
the “Parties”)
agree as follows:

     

    
      	
              1.  

            	
                     
          Term of
Employment.

            

    

     

    The term
of Executive’s employment under this Agreement shall commence on the Effective
Date and end on the one-year anniversary thereof (the “Term”) or, if sooner,
the date Executive’s employment is terminated pursuant to Section 7 hereof;
provided, that, the parties
hereto may mutually decide to extend the Term.  Unless extended,
Executive’s employment shall terminate upon expiration of the Term.

     

    
      	
              2.  

            	
                    
           Position, Duties and
      Responsibilities.

            

    

     

    (a)    
 Generally.  In
addition to his position as Chairman of the Board, for which he will be provided
no additional compensation, during the period commencing on the Effective Date
and ending on the CEO Appointment Date, Executive shall serve as the Company’s
Chief Wind Down Officer and shall be responsible for managing the wind down of
the Company including, without limitation, the disposition of the Company’s
assets and any other administrative matters required in furtherance of the final
dissolution of the Company.  Effective as of the CEO Appointment Date
and for the remainder of the Term, Executive shall cease to serve as the
Company’s Chief Wind Down Officer and shall replace Mr. Jeffrey A. Shepard as
the Company’s Chief Executive Officer and President and shall have and perform
such duties, responsibilities, and authorities as shall be specified by the
Company from time to time and as are customary for a Chief Executive Officer and
President of a publicly held corporation of the size, type, and nature of the
Company as they may exist from time to time and as are consistent with such
position and status.  During the Term, Executive shall devote
substantially all of his business time and attention (except for periods of
vacation or absence due to illness), and his best efforts, abilities,
experience, and talent to his position and the businesses of the
Company.  For avoidance of doubt, the determination of whether and
when to appoint the Executive to the position of Chief Executive Officer and
President shall be made by the Company.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (b)    
 Other
Activities.  Anything herein to the contrary notwithstanding,
nothing in this Agreement shall preclude Executive from (i) engaging in
charitable activities and community affairs and (ii) managing his personal
investments and affairs; provided, that, such activities
do not materially interfere with the proper performance of his duties and
responsibilities under this Agreement.

     

    
      	
              3.  

            	
                    
           Base
Salary.

            

    

     

    During
the Term, Executive shall be paid a base salary of $41,667 per month (pro rated
for partial months) payable in accordance with the regular payroll practices of
the Company, subject to periodic review for increase or decrease at the
discretion of the Compensation Committee of the Board (“Base
Salary”).

     

    
      	
              4.  

            	
                     
          Restricted Stock
Award.

            

    

     

    On the
Effective Date or as soon as administratively practicable thereafter, the
Company shall grant Executive 169,492 restricted shares (the “Restricted Shares”)
of the Company’s common stock and to the extent determined by the Company, under
and subject to the terms of the 1996 Incentive Compensation Plan (the “Plan”), which
restrictions shall lapse in accordance with the following schedule:

     

    
      
        
          
            	
                    Percentage
      of Restricted Shares

                  	
                    Vesting
      Date

                  
	
                    50%

                  	
                    February
      28, 2009

                  
	
                    25%

                  	
                    May
      31, 2009

                  
	
                    15%

                  	
                    August
      30, 2009

                  
	
                    10%

                  	
                    November
      30, 2009

                  

          

        

      

    

    

     

    Notwithstanding
the foregoing, if Executive voluntarily terminates his employment hereunder
prior to the expiration of the Term, he shall forfeit any unvested portion of
the Restricted Shares.  The award contemplated under this Section 4
award shall be evidenced by a restricted stock award agreement with terms that
are consistent with this Agreement and to the extent issued under the Plan
consistent with the terms of the Plan.

     

    
      	
              5.  

            	
                      
         No Participation in Benefit
Plans.

            

    

     

    Except as
otherwise provided in this Agreement, Executive shall not be entitled to
participate in the Company’s supplemental executive retirement plan, retention
bonus programs or long-term incentive plans which are generally provided to
employees of the Company.  Executive also shall not be entitled to
participate in any pension and welfare benefit plans or programs of the Company
which are generally provided to employees of the Company, including, without
limitation, health, medical, dental, long-term disability, travel accident and
life insurance plans, participation in executive health, tax preparation and
financial planning programs.  By executing this Agreement, Executive
expressly waives his right to participate in any such plans or
programs.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              6.  

            	
                   
            Reimbursement of Business and Other
      Expenses.

            

    

     

    Executive
is authorized to incur reasonable expenses in carrying out his duties and
responsibilities under this Agreement, and the Company shall promptly reimburse
him for all such expenses, subject to documentation in accordance with the
Company’s policy.  Notwithstanding anything herein to the contrary or
otherwise, except to the extent any expense, reimbursement or in-kind benefit
provided pursuant to this Section 6 does not constitute a “deferral of
compensation” within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”): (i) the
amount of expenses eligible for reimbursement or in-kind benefits provided to
Executive during any calendar year will not affect the amount of expenses
eligible for reimbursement or in-kind benefits provided to Executive in any
other calendar year, (ii) the reimbursements for expenses for which Executive is
entitled to be reimbursed shall be made on or before the last day of the
calendar year following the calendar year in which the applicable expense is
incurred and (iii) the right to payment or reimbursement or in-kind benefits
hereunder may not be liquidated or exchanged for any other benefit.

     

    
      	
              7.  

            	
                     
          Termination of
Employment.

            

    

     

    (a)    
 Involuntary Termination by
the Company, Death or Disability.  In the event Executive’s
employment with the Company is terminated due to his death, due to a termination
by the Company without Cause (as defined below) or by the Company as a result of
Disability (as defined in Section 22(e) of the Code), he (or his executor,
estate or beneficiaries, as the case may be), shall be entitled to and their
sole remedies under this Agreement shall be:

     

    (i)   Base
Salary through the date of termination which shall be paid in a single lump sum
not later than 15 days following Executive’s termination date; and

     

    (ii)   lapse of
all restrictions on any unvested portion of the Restricted Stock Award
contemplated by Section 4 of this Agreement.

     

    The
Company shall provide Executive with no less than 30 days’ prior written notice
of its intention to terminate Executive’s employment hereunder due to Disability
or a termination without Cause.

     

    (b)    
 Termination by the Company
for Cause, Expiration of the Term or Executive’s Voluntary Termination of his
Employment.  In the event the Company terminates Executive’s
employment for Cause, the Executive voluntarily terminates his employment or
upon expiration of the Term, he shall be entitled to and his sole remedies under
this Agreement shall be:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (i)   Base
Salary through the date of the termination, which shall be paid in a single lump
sum not later than 15 days following Executive’s termination of employment;
and

     

    (ii)           Retention
of the Restricted Stock Award which have, or will, have vested as of the
termination date.

     

    For
purposes of this Agreement, “Cause” shall mean:

     

    (ii)   Executive’s
willful and material breach of Section 2 of this Agreement;

     

    (iii)   Executive
is convicted of a felony; or

     

    (iv)   Executive
engages in conduct that constitutes willful gross neglect or willful gross
misconduct in carrying out his duties under this Agreement, resulting, in either
case, in material harm to the financial condition or reputation of the
Company.

     

    For
purposes of this Agreement, an act or failure to act on Executive’s part shall
be considered “willful” if it was done or omitted to be done by him not in good
faith, and shall not include any act or failure to act resulting from any
incapacity of Executive.

     

    (c)    
 No Additional Severance
Payments. Upon termination of Executive’s employment during the Term, he
shall not be entitled to any severance payments or severance benefits from the
Company or any payments by the Company on account of any claim by him of
wrongful termination, including claims under any federal, state or local human
and civil rights or labor laws, other than the payments and benefits provided in
this Section 7.

     

    (d)    
 Resignation as Officer or
Director. Executive shall be deemed to resign as an officer of the
Company effective as of the date of any employment termination, without any
further action on his part.  Executive agrees to execute any documents
requested by the Company confirming such resignation.

     

    
      	
              8.  

            	
                       
        Assignability; Binding
Nature.

            

    

     

    This
Agreement shall be binding upon and inure to the benefit of the Parties and
their respective successors, heirs (in the case of Executive) and permitted
assigns. No rights or obligations of the Company under this Agreement may be
assigned or transferred by the Company except that such rights or obligations
may be assigned or transferred in connection with the sale or transfer of all or
substantially all of the assets of the Company.  No rights or
obligations of Executive under this Agreement may be assigned or transferred by
Executive other than his rights to compensation and benefits, which may be
transferred only by will or operation of law.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              9.  

            	
                       
        Representation.

            

    

     

    The
Parties represent and warrant that each are fully authorized and empowered to
enter into this Agreement and that the performance of their respective
obligations under this Agreement will not violate any agreement between such
Party and any other person, firm or organization.

     

    
      	
              10.  

            	
                      
         Entire Agreement.

            

    

     

    This
Agreement contains the entire understanding and agreement between the Parties
concerning the subject matter hereof and supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or
oral, between the Parties with respect thereto.

     

    
      	
              11.  

            	
                        
       Amendment or Waiver.

            

    

     

    No
provision in this Agreement may be amended unless such amendment is agreed to in
writing and signed by Executive and an authorized officer of the Company. No
waiver by either Party of any breach by the other Party of any condition or
provision contained in this Agreement to be performed by such other Party shall
be deemed a waiver of a similar or dissimilar condition or provision at the same
or any prior or subsequent time. Any waiver must be in writing and signed by
Executive or an authorized officer of the Company (other than Executive), as the
case may be.

     

    
      	
              12.  

            	
                        
       Severability.

            

    

     

    The
provisions of this Agreement are severable and the invalidity of any one or more
provisions shall not affect the validity of any other provision.  In
the event that a court of competent jurisdiction shall determine that any
provision of this Agreement or the application thereof is unenforceable in whole
or in part because of the duration or scope thereof, the parties hereto agree
that said court in making such determination shall have the power to reduce the
duration and scope of such provision to the extent necessary to make it
enforceable, and that the Agreement in its reduced form shall be valid and
enforceable to the full extent permitted by law.

     

    
      	
              13.  

            	
                       
        Survivorship.

            

    

     

    The
respective rights and obligations of the Parties hereunder shall survive any
termination of Executive’s employment to the extent necessary to the intended
preservation of such rights and obligations.

     

    
      	
              14.  

            	
                        
       Beneficiaries/References.

            

    

     

    Executive
shall be entitled, to the extent permitted under any applicable law, to select
and change a beneficiary or beneficiaries to receive any compensation or benefit
payable hereunder following Executive’s death by giving the Company written
notice thereof. In the event of Executive’s death or a judicial determination of
his incompetence, reference in this Agreement to Executive shall be deemed,
where appropriate, to refer to his beneficiary, estate or other legal
representative.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              15.  

            	
                         
      Governing Law/Jurisdiction.

            

    

     

    This
Agreement shall be governed by and construed and interpreted in accordance with
the laws of New Jersey without reference to principles of conflict of laws,
except insofar as the Delaware General Corporation Law, federal laws and
regulations may be applicable.  The Company and Executive hereby
consent to the jurisdiction of any or all of the following courts for purposes
of resolving any dispute under this Agreement: (i) the United States District
Court for New Jersey, (ii) any of the courts of the State of New Jersey, or
(iii) any other court having jurisdiction. The Company and Executive further
agree that any service of process or notice requirements in any such proceeding
shall be satisfied if the rules of such court relating thereto have been
substantially satisfied. The Company and Executive hereby waive, to the fullest
extent permitted by applicable law, any objection which it or he may now or
hereafter have to such jurisdiction and any defense of inconvenient forum and to
a trial by jury.

     

    
      	
              16.  

            	
                       
        Notices.

            

    

     

    Any
notice given to a Party shall be in writing and shall be deemed to have been
given when delivered personally or sent by certified or registered mail, postage
prepaid, return receipt requested, duly addressed to the Party concerned at the
address indicated below or to such changed address as such Party may
subsequently give such notice of:

     

    If to the
Company:

    

    Footstar,
Inc.

    933
MacArthur Boulevard

    Mahwah,
New Jersey  07430

    Attention:  General
Counsel

    

    If to
Executive:

    

    Jonathan
Couchman

    Footstar,
Inc.

    933
MacArthur Boulevard

    Mahwah,
New Jersey  07430

    

    
      	
              17.  

            	
                         
      Headings.

            

    

     

    The
headings of the sections contained in this Agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any
provision of this Agreement.

     

    
      	
              18.  

            	
                         
      Counterparts.

            

    

     

    This
Agreement may be executed in one or more counterparts. Once executed this
Agreement shall be in full force and effect without further corporate
action.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            FOOTSTAR,
      INC.

                          	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
                            By:

                          	
                            /s/
      Maureen Richards

                          	 
	 
      	 
      	
                            Name:

                          	
                            Maureen
      Richards

                          	 
	 
      	 
      	
                            Title:

                          	
                            Senior
      Vice President and

                          	 
	 
      	 
      	 
      	
                            General
      Counsel

                          	 
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                            EXECUTIVE

                          	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
                            /s/
      Jonathan Couchman

                          	 
	 
      	
                            Jonathan
      Couchman

                          	 

                  

                

              

            

          

        

      

    

     

     

     

     

     

    7ex10_1.htm

    

    
      
        
          GREENTREE FINANCIAL GROUP,
INC.

          “Catch
the Vision........”

        

        
          ã

        

        
          
            

          

      

      

      August 4,
2008

      

      PERSONAL AND
CONFIDENTIAL

      

      Link
Scaffold Products N.A., Inc.

      2102 102
Avenue

      Edmonton,
ALB T6P 1Q3, Canada

      Attn.
Porfirio Simones, President

      

      Dear Mr.
Simones:

       

      This
letter agreement ("Agreement") confirms the terms and conditions of the
engagement of Greentree Financial Group, Inc. ("Greentree") by Link Scaffold
Products N.A., Inc. (the "Company") to render professional services to the
Company in connection with the Company’s proposed registration
statement.

      

      1.           Services.  Greentree
agrees to perform the following services:

      

      
        	
                (a)  

              	
                Assist
      with the preparation of Form 10, including answering comments from the
      Securities and Exchange Commission, if
any;

              

      

      

      
        	
                (b)  

              	
                Assist
      with EDGARizing the aforementioned document as required by the Securities
      and Exchange Commission, including any applicable
    amendments;

              

      

      

      
        	
                (c)  

              	
                Advise
      and assist the Company as to the capital structure of a publicly traded
      company;

              

      

      

      
        	
                (d)  

              	
                Perform
      such other services as the Company and Greentree shall mutually agree to
      in writing;

              

      

      

      2.           Fees.  The
Company agrees to pay Greentree for its services a professional service fee
("Advisory Fee") of $20,000 in cash, plus 500,000 restricted shares of the
Company, “(Service Fee”) during the Term, payable as follows. (Note: Auditing
and quarterly auditor review fees are not included in this agreement and should
be paid directly by the Company to their independent auditors.)

      

      The
Company agrees to pay the Greentree Service Fee as per the following payment
terms. Such terms relate only to the timing of payment, and not to the existence
of the Company’s obligation to pay, which is set forth above:

      

      
        	
                (1)  

              	
                A
      payment of $10,000 shall be made upon signing this
    Agreement;

              

      

      

      
        	
                (2)  

              	
                A
      payment of $5,000 shall be made immediately before filing of the Form
      10;

              

      

      

      
        	
                (3)  

              	
                A
      payment of $5,000 shall be made when the Form 10 is clear of all SEC
      comments;

              

      

      

      
        	
                (4)  

              	
                The
      500,000 shares of the Company, shall be issued to Greentree Financial
      Group, Inc. before the initial filing of the Form 10 with the Securities
      and Exchange Commission.

              

      

      

      In
addition to any fees that may be payable to Greentree under this letter, the
Company agrees to reimburse Greentree (up to $1,000), upon request made from
time to time, for its reasonable out-of-pocket expenses incurred in connection
with Greentree’s activities under this letter, including the reasonable fees and
disbursements of its legal counsel.

      

      3.           Term.  The
term of this Agreement shall commence on August 5, 2008, and end when the Form
10 clears SEC comments (the “Term”). This Agreement may be renewed upon mutual
written agreement of the parties hereto. This agreement may be terminated by the
Company prior to its expiration or services being rendered with 45 days prior
written notice to Greentree. Any obligation pursuant to this Paragraph 3, and
pursuant to Paragraphs 2 (fees), 4 (indemnification), 5 (matters relating to
engagement), 6 (governing law) and 9 (miscellaneous) hereof, shall survive the
termination of expiration of this Agreement.

      

      4.           Indemnification.  In
addition to the payment of fees and reimbursement of fees and expenses provided
for above, the Company agrees to indemnify Greentree and its affiliates with
regard to the matters contemplated herein, as set forth in Exhibit A, attached
hereto, which is incorporated by reference as if fully set forth
herein.

      

      5.           Matters Relating to
Engagement.   The Company acknowledges that Greentree has
been retained solely to provide the services set forth in this
Agreement.  In rendering such services, Greentree shall act as an
independent contractor, and any duties of Greentree arising out of its
engagement hereunder shall be owed solely to the Company.  The Company
further acknowledges that Greentree may perform certain of the services
described herein through one or more of its affiliates.

      

      The
Company acknowledges that Greentree is a consulting firm that is engaged in
providing financial advisory services.  The Company acknowledges and
agrees that in connection with the performance of Greentree's services hereunder
(or any other services) that neither Greentree nor any of its employees will be
providing the Company with legal, tax or accounting advice or guidance (and no
advice or guidance provided by Greentree or its employees to the Company should
be construed as such) and that neither Greentree nor its employees hold itself
or themselves out to be advisors as to legal, tax, accounting or regulatory
matters in any jurisdiction. Greentree may retain attorneys and accountants that
are for Greentree’s benefit, and Greentree may recommend a particular law firm
or accounting firm to be engaged by the Company and may pay legal expenses or
non-audit accounting expenses associated with that referral on behalf of the
Company, after full disclosure to the Company and the Company’s consent that
Greentree make such payment on its behalf. However, Greentree makes no
recommendation as to the outcome of such referrals. The Company shall consult
with its own legal, tax, accounting and other advisors concerning all matters
and advice rendered by Greentree to the Company, and the Company shall be
responsible for making its own independent investigation and appraisal of the
risks, benefits and suitability of the advice and guidance given by Greentree to
the Company. Neither Greentree nor its employees shall have any responsibility
or liability whatsoever to the Company or its affiliates with respect
thereto.

      

      The
Company recognizes and confirms that in performing its duties pursuant to this
Agreement, Greentree will be using and relying on data, material, and other
information (the "Information") furnished by the Company, a Strategic Partner or
their respective employees and representatives. The Company will cooperate with
Greentree and will furnish Greentree with all Information concerning the Company
and any Transaction, Alternate Transaction or Financing which Greentree deems
appropriate and will provide Greentree with access to the Company's officers,
directors, employees, independent accountants and legal counsel for the purpose
of performing Greentree's obligations pursuant to this Agreement.  The
Company hereby agrees and represents that all Information furnished to Greentree
pursuant to this Agreement shall be accurate and complete in all material
respects at the time provided, and that, if the Information becomes materially
inaccurate, incomplete or misleading during the term of Greentree's engagement
hereunder, the Company shall promptly advise Greentree in
writing.  Accordingly, Greentree assumes no responsibility for the
accuracy and completeness of the Information.  In rendering its
services, Greentree will be using and relying upon the Information without
independent verification evaluation thereof.

      

      6.           Governing Law and Consent to
Jurisdiction.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida without regard to
the conflict of laws provisions thereof. All disputes arising out of or in
connection with this agreement, or in respect of any legal relationship
associated with or derived from this agreement, shall only be heard in any
competent court residing in Broward County Florida. The Company agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or any manner provided
by law. The Company further waives any objection to venue in any such action or
proceeding on the basis of inconvenient forum. The Company agrees that any
action on or proceeding brought against Greentree shall only be brought in such
courts.

      

      7.           No
Brokers.  The Company represents and warrants to Greentree that
there are no brokers, representatives or other persons which have an interest in
compensation due to Greentree from any services contemplated
herein.

      

      

      8.     Authorization.  The
Company and Greentree represent and warrant that each has all requisite power
and authority, and all necessary authorizations, to enter into and carry out the
terms and provisions of this Agreement and the execution, delivery and
performance of this Agreement does not breach or conflict with any agreement,
document or instrument (including contracts, wills, agreements, records and wire
receipts, etc.) to which it is a party or bound.

      

      9.           Miscellaneous.  This
Agreement constitutes the entire understanding and agreement between the Company
and Greentree with respect to the subject matter hereof and supersedes all prior
understanding or agreements between the parties with respect thereto, whether
oral or written, express or implied.  Any amendments or modifications
must be executed in writing by both parties.  This Agreement and all
rights, liabilities and obligations hereunder shall be binding upon and insure
to the benefit of each party’s successors but may not be assigned without the
prior written approval of the other party.  If any provision of this
Agreement shall be held or made invalid by a statute, rule, regulation, decision
of a tribunal or otherwise, the remainder of this Agreement shall not be
affected thereby and, to this extent, the provisions of this Agreement shall be
deemed to be severable.  This Agreement may be executed in any number
of counterparts, each of which, shall be deemed to be an original, but such
counterparts shall, together, constitute only one instrument.  The
descriptive headings of the Paragraphs of this Agreement are inserted for
convenience only, do not constitute a part of this Agreement and shall not
affect in anyway the meaning or interpretation of this Agreement.

      

      Please
confirm that the foregoing correctly sets forth our agreement by signing below
in the space provided and returning this Agreement to Greentree for execution,
which shall constitute a binding agreement as of the date first above
written.

      

      Thank
you.  We look forward to a mutually rewarding
relationship.

      

      GREENTREE
FINANCIAL GROUP, INC.

      

      

      By: /s/ R. Chris
Cottone

      
      

      Name: R.
Chris Cottone

      Title:
Vice President

      

      AGREED TO
AND ACCEPTED

      AS OF
AUGUST 4, 2008

      

      LINK
SCAFFOLD PRODUCTS N.A., INC.

      

      

      

      By:
/s/ Porfirio Simones

      Name:
Porfirio Simones

      Title:
President

       

      EXHIBIT A:
INDEMNIFICATION

      

      The
Company agrees to indemnify Greentree, its employees, directors, officers,
agents, affiliates, and each person, if any, who controls it within the meaning
of either Section 20 of the Securities Exchange Act of 1934 or Section 15 of the
Securities Act of 1933 (each such person, including Greentree is referred to as
"Indemnified Party") from and against any losses, claims, damages and
liabilities, joint or several (including all legal or other expenses reasonably
incurred by an Indemnified Party in connection with the preparation for or
defense of any threatened or pending claim, action or proceeding, whether or not
resulting in any liability) ("Damages"), to which such Indemnified Party, in
connection with providing its services or arising out of its engagement
hereunder, may become subject under any applicable Federal or state law or
otherwise, including but not limited to liability or loss (i) caused by or
arising out of an untrue statement or an alleged untrue statement of a material
fact or omission or alleged omission to state a material fact necessary in order
to make a statement not misleading in light of the circumstances under which it
was made, (ii) caused by or arising out of any act or failure to act, or (iii)
arising out of Greentree's engagement or the rendering by any Indemnified Party
of its services under this Agreement; provided, however, that the Company will
not be liable to the Indemnified Party hereunder to the extent that any Damages
are found in a final non-appealable judgment by a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of
the Indemnified Party seeking indemnification hereunder.

      

      These
indemnification provisions shall be in addition to any liability which the
Company may otherwise have to any Indemnified Party.

      

      If for
any reason, other than a final non-appealable judgment finding an Indemnified
Party liable for Damages for its gross negligence or willful misconduct the
foregoing indemnity is unavailable to an Indemnified Party or insufficient to
hold an Indemnified Party harmless, then the Company shall contribute to the
amount paid or payable by an Indemnified Party as a result of such Damages in
such proportion as is appropriate to reflect not only the relative benefits
received by the Company and its shareholders on the one hand and the Indemnified
Party on the other, but also the relative fault of the Company and the
Indemnified Party as well as any relevant equitable considerations.

      

      Promptly
after receipt by the Indemnified Party of notice of any claim or of the
commencement of any action in respect of which indemnity may be sought, the
Indemnified Party will notify the Company in writing of the receipt or
commencement thereof and the Company shall have the right to assume the defense
of such claim or action (including the employment of counsel reasonably
satisfactory to the Indemnified Party and the payment of fees and expenses of
such counsel), provided that the Indemnified Party shall have the right to
control its defense if, in the opinion of its counsel, the Indemnified Party's
defense is unique or separate to it as the case may be, as opposed to a defense
pertaining to the Company.  In any event, the Indemnified Party shall
have the right to retain counsel reasonably satisfactory to the Company, at the
Company's sole expense, to represent it in any claim or action in respect of
which indemnity may be sought and agrees to cooperate with the Company and the
Company's counsel in the defense of such claim or action.  In the
event that the Company does not promptly assume the defense of a claim or
action, the Indemnified Party shall have the right to employ counsel to defend
such claim or action. Any obligation pursuant to this Annex shall survive the
termination or expiration of the Agreement.

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