Document:

Exhibit 10.4 

 

Execution Version

 

PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT

  

This PRIVATE PLACEMENT UNITS
PURCHASE AGREEMENT (this “Agreement”) is made as of the February 23, 2022, by and between Clean Earth Acquisitions
Corp., a Delaware corporation (the “Company”), and Clean Earth Acquisitions Sponsor LLC, a Delaware limited liability
company (the “Subscriber”).

 

WHEREAS, the Company desires
to sell to the Subscriber on a private placement basis (the “Offering”) an aggregate of 800,000 units (or up
to 890,000 depending on the extent to which the underwriters’ over-allotment option is exercised) (the “Units”)
of the Company, each Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”) and one-half of one warrant, each whole warrant exercisable to purchase one share of Common Stock (“Warrant”),
for a purchase price of $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the “Warrant
Shares”. The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the
 “Placement Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement Warrants.”
The Units, Placement Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the “Securities.”
Each whole Placement Warrant is exercisable to purchase one share of Common Stock at an exercise price of $11.50 during the period commencing
30 days following the consummation of the Company’s initial business combination (the “Business Combination”),
as such term is defined in the registration statement in connection with the IPO, as amended at the time it becomes effective (the “Registration
Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber wishes
to purchase 800,000 Units (or up to 890,000 depending on the extent to which the underwriters’ over-allotment option is exercised),
and the Company wishes to accept such subscription from Subscriber.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:

 

	 	1.	Agreement
    to Subscribe

 

	 	1.1.	Purchase
    and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase
    from the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date (as defined below) the Units in consideration
    of the payment of the Purchase Price (as defined below). On the Closing Date, the Company shall, at its option, deliver to the Subscriber
    the certificates representing the Securities purchased or effect such delivery in book-entry form.

 

	 	1.2.	Purchase Price.
    As payment in full for the Units being purchased under this Agreement, the Subscriber shall pay $8,000,000 (or up to $8,900,000 depending
    on the extent to which the underwriters’ over-allotment option is exercised) (the “Purchase Price”) by wire
    transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the trust account
    (the “Trust Account”) at a financial institution to be chosen by the Company, maintained by American Stock
    Transfer & Trust Company, acting as trustee (“American”), one (1) day prior to the date of effectiveness
    of the Registration Statement.

 

1.3. Closing. The closing
of the purchase and sale of the Units shall take place simultaneously with the closing of the IPO (the “Closing Date”).
The closing of the purchase and sale of the Units shall take place at the offices of Proskauer Rose LLP, 2029 Century Park East, Suite 2400,
Los Angeles, CA 90067-3010, or such other place as may be agreed upon by the parties hereto.

 

1.4 Termination. This Agreement
and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not occur prior to February 15,
2022, unless terminated earlier by written agreement of the parties.

 

     

     

    

 

	 	2.	Representations
    and Warranties of Subscriber

 

Subscriber represents and warrants to the Company
that:

 

2.1. No Government Recommendation
or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the
Company or the Offering of the Securities.

 

2.2. Accredited Investor.
Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated
hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the
Securities Act and similar exemptions under state law.

 

2.3. Intent. Subscriber is
purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account or benefit of its
members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”) to be entered into
with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration Statement), and not
with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to or through any person or
entity except as may be permitted under the Insider Letter. Subscriber shall not engage in hedging transactions with regard to the Securities
unless in compliance with the Securities Act.

 

2.4. Restrictions on
Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering in
the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act and, if
in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered,
resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities
Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or
(C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in
accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber
acknowledges and understands the Securities are subject to transfer restrictions as described in Section 7 hereof. Subscriber
agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such
transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to
such transfer. Absent registration or another available exemption from registration, Subscriber agrees it will not resell the
Securities (unless otherwise permitted pursuant to the Insider Letter, as described in the Registration Statement). Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to Subscriber for the resale of
the Securities until the one year anniversary following consummation of the initial Business Combination of the Company, despite
technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.5. Sophisticated Investor.

 

	 	(i)	Subscriber is sophisticated
    in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

	 	(ii)	Subscriber is aware that
    an investment in the Securities is highly speculative and subject to substantial risks because, among other things, the Securities
    are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot be sold unless subsequently
    registered under the Securities Act or an exemption from such registration is available. Subscriber is able to bear the economic
    risk of its investment in the Securities for an indefinite period of time.

 

2.6. Independent Investigation.
Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the Company and has not relied
upon any information or representations made by any third parties or upon any oral or written representations or assurances from the
Company, its officers, directors or employees or any other representatives or agents of the Company, other than as set forth in this
Agreement. Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity to
ask questions of, and receive answers from the Company’s officers and directors concerning the Company and the terms and conditions
of the offering of the Units and has had full access to such other information concerning the Company as Subscriber has requested. Subscriber
confirms that all documents that it has requested have been made available and that Subscriber has been supplied with all of the additional
information concerning this investment which Subscriber has requested.

 

    2 

     

    

 

2.7 Organization and Authority.
Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware and it possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8. Authority. This Agreement
has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in accordance with
its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’
rights generally.

 

2.9. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby do not violate,
conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any agreement or instrument to which Subscriber
is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement, order, judgment
or decree to which Subscriber is subject.

 

2.10. No Legal Advice from
Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement
and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and investment and tax advisors.
Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between the
parties hereto, Subscriber is relying solely on such counsel and advisors and not on any statements or representations of the Company
or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated
by this Agreement or the securities laws of any jurisdiction.

 

2.11. Reliance on Representations
and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions from the registration
requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is
relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of Subscriber
set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12. No General Solicitation.
Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising, including
but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or
broadcast over television or radio, or presented at any seminar or meeting or in a registration statement with respect to the IPO filed
with the Securities and Exchange Commission (“SEC”).

 

2.13. Legend. Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

	 	3.	Representations,
    Warranties and Covenants of the Company

 

The Company represents and
warrants to, and agrees with, Subscriber that:

 

3.1. Valid Issuance of Capital
Stock. The total number of shares of all classes of capital stock which the Company has authority to issue is 100,000,000 shares of Class A
Common Stock, 10,000,000 shares of Class B Common Stock, $0.0001 par value per share (the “Class B Common Stock”),
and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred Stock”). As of the date hereof, the
Company has issued and outstanding 5,750,000 shares of Class B Common Stock (of which up to 750,000 shares are subject to forfeiture
as described in the Registration Statement), no shares of Class A Common Stock and no shares of Preferred Stock. All of the issued
shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

 

    3 

     

    

 

3.2 Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain private warrant agreement to be entered
into between the Company and American, as warrant agent (the “Warrant Agreement”), as the case may be, each of
the Units, Placement Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid and non-assessable.
On the date of issuance of the Units and Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and
payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, Subscriber will have or receive good title to
the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than
(i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under federal and
state securities laws.

  

3.3. Organization and Qualification.
The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has
the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization; Enforcement.
(i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and
to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the
Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action,
and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and (iii) this Agreement
constitutes valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws
relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application
and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of
public policy.

 

3.5. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not (i) result
in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or constitute a default under
any agreement or instrument to which the Company is a party or (iii) any law statute, rule or regulation to which the Company
is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state securities filings
which may be required to be made by the Company subsequent to the Closing, and any registration statement which may be filed pursuant
thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform
any of its obligations under this Agreement or issue the Units, Placement Shares, Placement Warrants or Warrant Shares in accordance
with the terms hereof.

 

	 	4.	Legends

 

4.1. Legend. The Company
will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by the Subscriber in the
name of the Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, CLEAN EARTH ACQUISITIONS CORP.
AND CLEAN EARTH ACQUISITIONS SPONSOR LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM
OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

 

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4.2. Subscriber’s Compliance.
Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply with all applicable securities
laws upon resale of the Securities.

 

4.3. Company’s Refusal
to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole judgment
of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities
Act, or pursuant to an available exemption from the registration requirements of the Securities Act and (ii) in compliance herewith
and with the Insider Letter.

 

4.4 Registration Rights.
The Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into between, among others, the Subscriber and the Company, on or prior to the effective date
of the Registration Statement.

 

	 	5.	Waiver of
    Liquidation Distributions.

 

In connection with the
Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any kind in
or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with the
exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer
conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of Common Stock
sold in the Company’s IPO upon the Company’s failure to timely complete the Business Combination or (iv) in
connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation
(A) to modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s public shares if
the Company does not timely complete the Business Combination or (B) with respect to any other provision relating to
stockholders’ rights or pre-Business Combination activity. In the event a Subscriber purchases shares of Common Stock in the
IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive the redemption value of such shares of
Common Stock upon the same terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails to
consummate the Business Combination.

 

	 	6.	Terms of
    Placement Warrants. Each Placement Warrant shall have the terms set forth in the Warrant Agreement.

 

	 	7.	Terms of
    the Units and Placement Warrants

 

7.1 The Units and their component
parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts will be subject
to transfer restrictions described in the Insider Letter, (ii) the Placement Warrants will be non-redeemable so long as they are
held by the initial holder thereof (or any of its permitted transferees), and may be exercisable on a “cashless” basis if
held by a Subscriber or its permitted transferees, as further described in the Warrant Agreement and (iii) the Units and component
parts are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable
only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights
Agreement to be signed on or before the date of the Prospectus or an exemption from registration is available.

 

7.2 Subscriber agrees to
vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration Statement.

 

	 	8.	Governing
    Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such state.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

	 	9.	Assignment;
    Entire Agreement; Amendment

 

9.1. Assignment. Neither
this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to a person agreeing
to be bound by the terms hereof.

 

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9.2. Entire Agreement. This
Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes
all prior discussions, agreements and understandings of any and every nature among them.

 

9.3. Amendment. Except as
expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other
than by a written instrument signed by all of the parties hereto.

 

9.4. Binding upon Successors.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and permitted assigns.

 

	 	10.	Notices

 

10.1 Notices. Unless otherwise
provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and personally delivered
or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for
all purposes of this Agreement shall include Federal Express or other recognized overnight courier) or mailed to said party by certified
mail, return receipt requested, at its address provided for herein or such other address as either may designate for itself in such notice
to the other. Communications shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent
by next day or 2nd-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail, then
three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by
electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (b) if by
a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (1) such
posting and (2) the giving of such separate notice; and (c) if by any other form of electronic transmission, when directed
to the stockholder.

 

	 	11.	Counterparts

 

This Agreement may be executed
in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

	 	12.	Survival;
    Severability

 

12.1. Survival. The representations,
warranties, covenants and agreements of the parties hereto shall survive the Closing Date.

 

12.2. Severability. In the
event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective
if it materially changes the economic benefit of this Agreement to any party.

 

	 	13.	Headings.

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement to be effective as of the date first set forth above.

  

	 	COMPANY:
	 	 
	 	CLEAN EARTH ACQUISITIONS CORP. 

	 	 	 
	 	By:	/s/
    Aaron Ratner
	 	 	Name: 	Aaron Ratner 
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	

    SUBSCRIBER:

	 	 
	 	CLEAN EARTH ACQUISITIONS SPONSOR LLC 

	 	 	 
	 	By:	/s/
    Alex Greystoke
	 	 	Name:  	Alex Greystoke
	 	 	Title:	Authorized Signatory

 

[Signature Page to Private Placement Units
Purchase Agreement with Sponsor]Exhibit 10.5

 

INDEMNIFICATION AGREEMENT

 

This Agreement, made and entered
into effective as of the ___ day of _____, 2022 (“Agreement”), by and between Clean Earth Acquisitions Corp., a Delaware corporation
(“Company”), and ____________ (“Indemnitee”).

 

WHEREAS, the adoption of the
Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for liability of
officers and directors; and

 

WHEREAS, the Board of Directors
of the Company (“Board”) has determined that the ability to attract and retain such persons is in the best interests of the
Company’s shareholders; and

 

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

 

WHEREAS, this Agreement is
a supplement to and in furtherance of Article VII of the Bylaws of the Company, and Article Eight of the Second Amended and
Restated Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto and shall neither be deemed to be a
substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee is
willing to serve on behalf of the Company on the condition that he be indemnified according to the terms of this Agreement;

 

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

 

	1.	Definitions. For purposes of this Agreement:

 

1.1 “Change in Control”
means a change in control of the Company occurring after the date hereof 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 (“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 date hereof (i) any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Act), other than a person who is an officer or
director of the Company on the date hereof (and any of such person’s affiliates), is or becomes “beneficial owner” (as
defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50% or more of the combined
voting power of the then outstanding securities of the Company without the prior approval of at least two-thirds of the members of the
Board in office immediately prior to such person attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
sale of assets or other reorganization, or a proxy contest, as a consequence of which (A) members of the Board in office immediately
prior to such transaction or event constitute less than a majority of the Board thereafter or (B) the voting securities of the Company
outstanding immediately prior to such transaction do not continue to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity
outstanding immediately after such transaction with the power to elect at least a majority of the board of directors or other governing
body of such surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period
constituted the Board (including for this purpose any new director whose election or nomination for election by the Company’s shareholders
was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period
or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the
Board.

 

1.2 “Corporate Status”
means 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 which such person is or was serving at the request of the
Company. In addition, service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to
be serving or to have served at the request of the Company as a director, officer, employee, agent or fiduciary of any other enterprise
if Indemnitee is or was serving as a director, officer, employee, agent or fiduciary of such enterprise and (A) such enterprise is
or at the time of such service was an affiliate of the Company, (B) such enterprise is or at the time of such service was an employee
benefit plan (or related trust) sponsored or maintained by the Company or an affiliate of the Company or (C) the Company or an affiliate
of the Company directly or indirectly caused Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected
to serve in such capacity.

 

     

     

    

 

1.3 “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.

 

1.4 “Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), 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 as a result of the actual or deemed receipt of any payments under this Agreement, and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, appealing,
preparing to appeal, investigating, or being or preparing to be a witness in a Proceeding.

 

1.5 “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 other matter material to either such party, or (ii) any
other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” does 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.
Except as provided in the first sentence of Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested
Directors or (b) a committee of the Board consisting of two or more Disinterested Directors or if (a) and (b) above are
not possible, then by a majority of the full Board.

 

1.6
 “Proceeding” means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative
hearing or any other proceeding, whether conducted by or on behalf of the Company or any other party, whether civil, criminal,
administrative or investigative, except one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his
rights under this Agreement.

 

	2.	Services by Indemnitee.

 

Indemnitee agrees to serve
as a director, officer or employee of the Company. Indemnitee may at any time and for any reason resign from such position (subject to
any other contractual obligation or any obligation imposed by operation of law).

 

	3.	Indemnification - General.

 

The Company shall indemnify,
and, subject to Section 26 hereof, advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted
by applicable law in effect on the date hereof and to such greater extent as any amendment to or interpretation of applicable law may
thereafter from time to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited
to, the rights set forth in the other Sections of this Agreement.

 

	4.	Proceedings Other Than Proceedings by or in the Right of the Company.

 

Indemnitee shall be entitled
to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he is, was or is threatened to be made,
a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this
Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue
or matter therein, if he acted in good faith and in a manner he 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 his conduct was unlawful.

 

    2 

     

    

 

	5.	Proceedings by or in the Right of the Company.

 

Indemnitee shall be entitled
to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he was or is threatened to be made,
a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Agreement, subject to Section 26 hereof, Indemnitee shall be indemnified against amounts paid in settlement
and Expenses actually and reasonably incurred by him or on his behalf in connection with the defense or settlement of any such Proceeding
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding
the foregoing, no indemnification under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is
settled or otherwise disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable
to the Company, unless and only to the extent that the court in which such Proceeding shall have been brought, was brought or is pending,
shall determine, upon application, that Indemnitee is fairly and reasonably entitled to indemnity for such portion of the settlement amount
and Expenses as the court deems proper.

 

	6.	Indemnification for Expenses of Party Who is Wholly or Partly Successful.

 

Notwithstanding any other
provision of this Agreement except for Section 26 hereof, 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 against all Expenses (and, when eligible
hereunder, amounts paid in settlement) 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 (and, when eligible hereunder, amount
paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Agreement, the term “successful, on the merits or otherwise,” includes, but is not limited
to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the Indemnitee without any
express finding of liability or guilt against him, and (ii) the expiration of 90 days after the making of any claim or threat of
a Proceeding without the institution of the same and without any promise or payment made to induce a settlement.

 

	7.	Indemnification for Expenses as a Witness.

 

Notwithstanding any other
provision of this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a
witness in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.

 

	8.	Advancement of Expenses and Other Amounts.

 

Subject to Section 26
hereof, the Company shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement,
incurred by or on behalf of Indemnitee in connection with any Proceeding 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, judgments, penalties, fines and amounts paid
in settlement, incurred by Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to
repay any Expenses, judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee
is not entitled to be indemnified against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement.
In connection with any request for advancement of Expenses, judgments, penalties, fines and amounts paid in settlement, Indemnitee
shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise
jeopardize attorney-client privilege. The Company’s obligation in respect of the advancement of Expenses, judgments, penalties,
fines and amounts paid in settlement in connection with a criminal Proceeding in which Indemnitee is a defendant shall terminate at such
time as Indemnitee pleads guilty or is convicted after trial and such conviction becomes final and no longer subject to appeal. Advances
shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without
regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.

 

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	9.	Procedure for Determination of Entitlement to Indemnification.

 

9.1 To obtain indemnification
under this Agreement in connection with any Proceeding, and for the duration thereof, 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 any such request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

9.2 Upon written request by
Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in such case: (i) if a Change in Control shall have occurred, by Independent Counsel (unless Indemnitee
shall request that such determination be made by the Board or the shareholders, in which case in the manner provided for in clauses (ii) or
(iii) of this Section 9.2) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; (ii) if
a Change of Control shall not have occurred, at the election of the Company, (A) by the Board by a majority vote of a quorum consisting
of Disinterested Directors, or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable, by a majority
of a committee of the Board consisting of two or more Disinterested Directors, or (C) by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee, or (D) by the shareholders of the Company, by a majority vote of
a quorum consisting of shareholders who are not parties to the proceeding, or if no such quorum is obtainable, by a majority vote of shareholders
who are not parties to such proceeding; or (iii) as provided in Section 10.2 of this Agreement. If it is so determined that
Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) 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 to such determination.
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.

 

9.3 If a Change of Control
shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be
made by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other party advising it of the
identity of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within seven days
after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection
to such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity
the factual basis of such assertion. If such written objection is made, Independent Counsel so selected may not serve as Independent
Counsel unless and until a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee
of a written request for indemnification pursuant to Section 9.1 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 Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom
an objection is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Company shall
pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions
pursuant to this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 9.3,
regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding
pursuant to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

	10.	Presumptions and Effects of Certain Proceedings.

 

10.1 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 if Indemnitee has submitted a request for indemnification in accordance
with Section 9.1 of this Agreement, and the Company shall have the burden of proof to overcome that presumption by clear and convincing
evidence in connection with the making by any person, persons or entity of any determination contrary to that presumption.

 

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10.2 If the person, persons
or entity empowered or selected under Section 9 of this Agreement 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) prohibition of such indemnification under applicable law;
provided, however, that such 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 the determination with respect to entitlement to indemnification in good faith require(s) such additional
time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, however, that the foregoing
provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to indemnification is to be made by
the shareholders pursuant to Section 9.2 of this Agreement and if (A) within 15 days after receipt by the Company of the request
for such determination the Board has resolved to submit such determination to the shareholders for their consideration at an annual meeting
thereof to be held within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of shareholders
is called within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
60 days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a shareholder
determination will be made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee.
The Company shall afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification
in any Company proxy statement relating to such shareholder determination. Subject to the fiduciary duties of its members under applicable
law, the Board will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal to indemnify
or reimburse the Indemnitee.

 

10.3 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.

 

10.4 Reliance as Safe
Harbor.

 

For purposes of this Agreement,
the Indemnitee shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe his conduct was unlawful,
if his action is based on (i) the records or books of account of the Company, or another enterprise, including financial statements,
(ii) information supplied to him by the officers of the Company or another enterprise in the course of their duties, (iii) the
advice of legal counsel for the Company or another enterprise, or of an independent certified public accountant or an appraiser or other
expert selected with reasonable care by the Company or another enterprise. The term “another enterprise” as used in this Section shall
mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise of which the Indemnitee
is or was serving at the request of the Company as a director, officer, partner, trustee, employee or agent. The provisions of this Section shall
not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth herein. Whether or not the foregoing provisions of this Section 10.4 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, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe Indemnitee’s
conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence.

 

    5 

     

    

 

	11.	Remedies of Indemnitee.

 

11.1 In the event that (i) a
determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination of indemnification
is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall not have been made and
delivered in a written opinion within sixty (60) days after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the Company of a
written request therefor, or (v) payment of indemnification is not made within thirty (30) 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 9 or 10 of this
Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of New York, or in any other court
of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses, judgments, penalties, fines or, when
eligible hereunder, amounts paid in settlement. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

11.2 In the event that a determination
shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be
prejudiced by reason of that adverse determination.

 

11.3 If a determination shall
have been made or deemed to have been made pursuant to Section 9 or 10 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, 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) prohibition of such indemnification under applicable law.

 

11.4 The Company shall be
precluded from asserting in any judicial proceeding commenced pursuant to this Section 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.

 

11.5 In the event that Indemnitee,
pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement or any
other agreement, including any other indemnification, contribution or advancement agreement, or any provision of the certificate of incorporation
or by-laws of the Company now or hereafter in effect, or for recovery under directors’ and officers’ liability insurance policies
maintained by the Company, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against,
any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred by him in such judicial adjudication,
but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee is entitled to receive less than
all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in connection with such judicial adjudication
shall be appropriately prorated. In addition, the Company shall, if so requested by Indemnitee, advance the foregoing expenses to Indemnitee,
subject to and in accordance with Section 8.

 

	12.	Procedure Regarding Indemnification.

 

With respect to any
Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the Company as to the
procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any settlement or compromise
of the Proceeding without the written consent of the Company (which consent may not be unreasonably withheld or delayed). The
Company shall be entitled to participate in defending, settling or compromising any Proceeding and to assume the defense of such
Proceeding with counsel of its choice and shall assume such defense if requested by the Indemnitee. Notwithstanding the election by,
or obligation of, the Company to assume the defense of a Proceeding, the Indemnitee shall have the right to participate in the
defense of such Proceeding and to employ counsel of Indemnitee’s choice, but the fees and expenses of such counsel shall be at
the expense of the Indemnitee unless (i) the employment of such counsel has been authorized in writing by the Company, or
(ii) the Indemnitee has reasonably concluded that there may be defenses available to him which are different from or additional
to those available to the Company (in which latter case the Company shall not have the right to direct the defense of such
Proceeding on behalf of the Indemnitee), in either of which events the fees and expenses of not more than one additional firm of
attorneys selected by the Indemnitee shall be borne by the Company. If the Company assumes the defense of a Proceeding, then counsel
for the Company and Indemnitee shall keep Indemnitee reasonably informed of the status of the Proceeding and promptly send to
Indemnitee copies of all documents filed or produced in the Proceeding, and the Company shall not compromise or settle any such
Proceeding without the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief
provided shall be other than monetary damages and shall promptly notify the Indemnitee of any settlement and the amount thereof.

 

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	13.	Non-Exclusivity; Survival of Rights; Insurance; Subrogation; Contribution.

 

13.1 The rights of indemnification
and to receive advancement 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 certificate of incorporation or by-laws of the Company, any agreement, a vote of
shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or any provision hereof
shall be effective as to any Indemnitee with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior to
such amendment, alteration or repeal.

 

13.2 To the extent that the
Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries
of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which 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 such director, officer, employee, agent or fiduciary under such policy or policies.

 

13.3 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 reasonably
necessary to enable the Company to bring suit to enforce such rights.

 

13.4 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.

 

13.5 If a determination is
made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor, under this Agreement, then
in respect of any threatened, pending or completed Proceeding in which the Company is jointly liability with the Indemnitee (or would
be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement
by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand
and the Indemnitee on the other hand from the transaction from which Proceeding arose, and (ii) the relative fault of the Company
on the one hand and of the Indemnitee on the other hand in connection with the events that resulted in such Expenses, judgments, fines
or amounts paid in settlement, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand
and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or amounts
paid in settlement. The Company agrees that it would not be just and equitable if contribution pursuant to this Section were determined
by pro rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations. The determination
as to the amount of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application of both
the Indemnitee and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court); (ii) the
Board by a majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not obtainable
for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

	14.	Duration of Agreement.

 

This Agreement shall continue
until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director
and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which Indemnitee is granted
rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement hereunder and or any proceeding
commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be binding upon the Company and its successors
and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs, executors, personal representatives and administrators.
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.

 

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	15.	Severability.

 

If any provision or provisions
of this Agreement shall be held to be invalid, illegal or 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 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 (b) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section 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 by the provision
held invalid, illegal or unenforceable.

 

	16.	Entire Agreement.

 

This Agreement
constitutes the entire agreement between the Company and the Indemnitee with respect to the subject matter hereof and supersedes all
prior agreements, understanding, negotiations and discussion, both written and oral, between the parties hereto with respect to such
subject matter (the “Prior Agreements”); provided, however, that if this Agreement shall ever be held void or
unenforceable for any reasons whatsoever, and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall
not be deemed to have superseded any Prior Agreements; (ii) all of such Prior Agreements shall be deemed to be in full force
and effect notwithstanding the execution of this Agreement; and (iii) the Indemnitee shall be entitled to maximum
indemnification benefits provided under any Prior Agreements, as well as those provided under applicable law, the certificate of
incorporation or by-laws of the Company, a vote of shareholders or resolution of directors.

 

	17.	Exception to Right of Indemnification or Advancement of Expenses.

 

17.1 Except as provided in
Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses, judgments, penalties, fines and
amounts paid in settlement under this Agreement with respect to any Proceeding, or any claim therein, brought or made by him against the
Company.

 

17.2 Indemnitee shall not
be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim therein, arising
from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or Company similar
successor statute.

 

	18.	Covenant Not to Sue; Limitation of Actions; Release of Claims.

 

No legal action shall be brought
and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee, his spouse,
heirs, executors, personal representatives or administrators after the expiration of two (2) years from the date of accrual of such
cause of action and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released
unless asserted by the filing of a legal action within such two (2) year period; provided, however, that if any shorter period of
limitation is otherwise applicable to any such cause of action, such shorter period shall govern.

 

	19.	Identical Counterparts.

 

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

 

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	20.	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.

 

	21.	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 shall such
waiver constitute a continuing waiver.

 

	22.	Notice by Indemnitee.

 

Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments, penalties, fines or amounts
paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not constitute a waiver of Indemnitee’s
rights under this Agreement, except to the extent that such failure or delay (i) causes the amounts paid or to be paid by the Company
to be greater than they otherwise would have been, (ii) adversely affects the Company’s ability to obtain for itself or Indemnitee
coverage or proceeds under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results in prejudice to
the Company.

 

	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 such notice or other communication shall have been directed, 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:

 

If to Indemnitee, to:

 

If to the Company, to:

 

Clean Earth Acquisitions
Corp.

12600 Hill Country Blvd,
Building R, Suite 275

Bee Cave, Texas 78738

 

or to such other address or such other person
as Indemnitee or the Company shall designate in writing in accordance with this Section, except that notices regarding changes in notices
shall be effective only upon receipt.

 

	24.	Governing Law.

 

The parties agree that this
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to contracts
made and performed in that state without giving effect to the principles of conflicts of laws. The Company and Indemnitee each hereby
irrevocably consents to the jurisdiction of the courts of the State of New York and the federal courts within the State for all purposes
in connection with any action or proceeding that arises out of or relates to this Agreement and agrees that any action instituted under
this Agreement shall be brought only in the United States District Court for the Southern District of New York and any New York State
court within that District.

 

	25.	Mutual Acknowledgment.

 

Both the Company and Indemnitee
acknowledge that, in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying its directors
and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required
in the future in certain circumstances to undertake with the Securities and Exchange Commission to submit the question of indemnification
to a court for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

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	26.	Waiver of Claims to Trust Account.

 

Indemnitee hereby agrees that
it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account
established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued
in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the
Company and will not seek recourse against such trust account for any reason whatsoever.

 

	27.	Miscellaneous.

 

Use of the masculine pronoun
shall be deemed to include usage of the feminine pronoun where appropriate.

 

[Signature Page Follows]

 

    10 

     

    

 

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

 

	 	CLEAN EARTH ACQUISITIONS CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE

 

[Signature Page to Indemnification Agreement]

 

    11

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