Document:

Exhibit 10.21

 

CONTINUING GUARANTY AGREEMENT

 

THIS CONTINUING GUARANTY
AGREEMENT ("Guaranty") is made as of the 11th day of March, 2022, by APPLIED BLOCKCHAIN, INC., a Nevada corporation
(the "Guarantor"), for the benefit of VANTAGE BANK TEXAS, a Texas state bank (the "Lender").

 

WITNESSETH:

 

WHEREAS, Lender has or in
the future may extend credit to APLD Hosting, LLC, a Nevada limited liability company (the "Borrower"), said loans and
other extensions of credit to be on such terms as may be acceptable to Borrower and Lender;

 

WHEREAS, Lender is only willing
to make these loans and other extensions of credit to Borrower, if Guarantor agrees to execute and deliver this Guaranty; and

 

WHEREAS, Guarantor will benefit,
directly or indirectly, from the loans and extensions of credit Lender has or will make to Borrower in the future.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, and as a material inducement to Lender
to make the loan or loans described herein to Borrower, Guarantor hereby guarantees to Lender the prompt and full payment and performance
of the Guaranteed Indebtedness when due or declared to be due and at all times thereafter.

 

		1.	The term "Guaranteed Indebtedness" shall mean:
                                                                                                                 (a) all indebtedness, obligations and liabilities of Borrower to Lender of any kind or character, now existing or hereafter
                                                                                                                 arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several or joint and
                                                                                                                 several, and regardless of whether such indebtedness, obligations and liabilities may, prior to their acquisitions by Lender, be or
                                                                                                                 have been payable to or in favor of a third party and subsequently acquired by Lender (it being contemplated that Lender may make
                                                                                                                 such acquisitions from third parties), including without limitation all principal indebtedness owing by Borrower to Lender now
                                                                                                                 existing or hereafter arising under or evidenced by that one certain Promissory Note dated March 11, 2022, in the original
                                                                                                                 principal amount of Seven Million Five Hundred Thousand and No/100ths Dollars ($7,500,000.00), executed by Borrower and payable to
                                                                                                                 the order of Lender and all indebtedness, obligations and liabilities of Borrower to Lender now existing or hereafter arising by
                                                                                                                 note, draft, acceptance, guaranty, endorsement, letter of credit, assignment, purchase, overdraft, discount, indemnity agreement or
                                                                                                                 otherwise; (b) all accrued but unpaid interest on any of the indebtedness described in Section 1(a) above;
                                                                                                                 (c) all obligations of Borrower to Lender under any documents evidencing, securing, governing and/or pertaining to all or any
                                                                                                                 part of the indebtedness described in Sections 1(a) and (b) above (collectively, the "Loan Documents"); (d) all
                                                                                                                 costs and expenses incurred by Lender in connection with the collection and administration of all or any part of the indebtedness
                                                                                                                 and obligations described in Sections 1(a),  (b) and (c) above or the protection or preservation of, or realization upon, the
                                                                                                                 collateral securing all or any part of such indebtedness and obligations, including without limitation all reasonable attorneys'
                                                                                                                 fees; and (e) all renewals, extensions, modifications and rearrangements of the indebtedness and obligations described in Sections
                                                                                                                 1(a), (b), (c), and (d) above.

 

     

     

    

 

 

		2.	Continuing Guaranty. This is a "Continuing
                                            Guaranty" under which Guarantor agrees to guarantee the full and punctual payment, performance
                                            and satisfaction of all indebtedness Borrower now or hereafter owes to Lender, on a continuing
                                            basis. Accordingly, any payments made on the Guaranteed Indebtedness will not discharge or
                                            diminish Guarantor's obligations and liability under this Guaranty for any remaining and
                                            succeeding indebtedness, even if all or part of the Guaranteed Indebtedness may have a zero
                                            balance from time to time.

 

		3.	Duration of the Guaranty. This Guaranty
                                            will take effect when received by Lender without the necessity of any acceptance by Lender,
                                            or any notice to Guarantor or to Borrower, and will continue in full force until all the
                                            Guaranteed Indebtedness has been repaid and Lender shall have released Guarantor in writing
                                            from any further liability under this Guaranty. Notwithstanding the above, Guarantor can
                                            revoke this Guaranty at any time as to any future indebtedness. If Guarantor elects to revoke
                                            this Guaranty, Guarantor may only do so in writing. Guarantor's written notice of revocation
                                            must be mailed to Lender, by certified mail, at Lender's address listed herein, or such other
                                            place as Lender may designate in writing. Written revocation of this Guaranty will apply
                                            only to new Indebtedness created after actual receipt by Lender of Guarantor's written revocation.

 

		4.	Character of Obligations.

 

		(a)	This is an absolute, continuing and unconditional guaranty of
payment and not of collection and if at any time or from time to time there is no outstanding Guaranteed Indebtedness, the obligations
of Guarantor with respect to any and all Guaranteed Indebtedness incurred thereafter shall not be affected. This Guaranty and the Guarantor's
obligations hereunder are irrevocable and, in the event of Guarantor's death, shall be binding upon Guarantor's estate. All of the Guaranteed
Indebtedness shall be conclusively presumed to have been made or acquired in acceptance hereof. Guarantor shall be liable, jointly and
severally, with Borrower and any other guarantor of all or any part of the Guaranteed Indebtedness.

 

		(b)	Lender may, at its sole discretion and without impairing its rights hereunder: (i) apply any payments
on the Guaranteed Indebtedness that Lender receives from Borrower or any other source other than Guarantor to that portion of the Guaranteed
Indebtedness, if any, not guaranteed hereunder; and (ii) apply any proceeds it receives as a result of the foreclosure or other realization
on any collateral for the Guaranteed Indebtedness to that portion, if any, of the Guaranteed Indebtedness not guaranteed hereunder or
to any other indebtedness secured by such collateral.

 

    2

     

    

  

		(c)	Guarantor agrees that its obligations hereunder shall not be released, diminished, impaired, reduced or
affected by the existence of any other guaranty or the payment by any other guarantor of all or any part of the Guaranteed Indebtedness.

 

		(d)	Guarantor's obligations hereunder shall not be released, diminished, impaired, reduced or affected by,
nor shall any provision contained herein be deemed to be a limitation upon, the amount of credit which Lender may extend to Borrower,
the number of transactions between Lender and Borrower, payments by Borrower to Lender or Lender's allocation of payments by Borrower.

 

		(e)	Without further authorization from or notice to Guarantor, Lender may compromise, accelerate or otherwise
alter the time or manner for the payment of the Guaranteed Indebtedness, increase or reduce the rate of interest thereon, or release or
add any one or more guarantors or endorsers or allow substitution of or withdrawal of collateral or other security and release collateral
and other security or subordinate the same.

 

		5.	Representations and Warranties. Guarantor
                                            hereby represents and warrants the following to Lender:

 

		(a)	This Guaranty may reasonably be expected to benefit, directly or indirectly, Guarantor, and: (i) if Guarantor is a corporation,
the Board of Directors of Guarantor has determined that this Guaranty may reasonably be expected to benefit, directly or indirectly, Guarantor;
(ii) if Guarantor is a partnership, the requisite number of its partners have determined that this Guaranty may reasonably be expected
to benefit, directly or indirectly, Guarantor; or (iii) if Guarantor is a limited liability company, the requisite number of its
members/managers have determined that this Guaranty may reasonably be expected to benefit, directly or indirectly, Guarantor; and

 

		(b)	Guarantor is familiar with, and has independently reviewed the books and records regarding, the financial condition of Borrower and
is familiar with the value of any and all collateral intended to be security for the payment of all or any part of the Guaranteed Indebtedness;
provided, however, Guarantor is not relying on such financial condition or collateral as an inducement to enter into this Guaranty; and

 

		(c)	Guarantor has adequate means to obtain from Borrower on a continuing basis information concerning the
financial condition of Borrower and Guarantor is not relying on Lender to provide such information to Guarantor either now or in the future;
and

 

    3

     

    

  

	 	(d)  	Guarantor has the power and authority to execute, deliver and perform this Guaranty and any other agreements executed by Guarantor contemporaneously
herewith, and the execution, delivery and performance of this Guaranty and any other agreements executed by Guarantor contemporaneously
herewith do not and will not violate: (i) any agreement or instrument to which Guarantor is a party; (ii) any law, rule, regulation
or order of any governmental authority to which Guarantor is subject; or (iii) its articles or certificate of incorporation or bylaws,
if Guarantor is a corporation, its certificate of formation or company agreement, if Guarantor is a limited liability company, or its
partnership agreement, if Guarantor is a partnership; and

  

		(e)	Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to
execute this Guaranty; and

 

		(f)	The financial statements and other financial information regarding Guarantor heretofore and hereafter
delivered to Lender are and shall be true and correct in all material respects and fairly present the financial position of Guarantor
as of the dates thereof, and no material adverse change has occurred in the financial condition of Guarantor reflected in the financial
statements and other financial information regarding Guarantor heretofore delivered to Lender since the date of the last statement thereof;
and

 

		(g)	As of the date hereof, and after giving effect to this Guaranty and the obligations evidenced hereby:
(i) Guarantor is and will be solvent; (ii) the fair saleable value of Guarantor's assets exceeds and will continue to exceed
its liabilities (both fixed and contingent); (iii) Guarantor is and will continue to be able to pay its debts as they mature; and
(iv) if Guarantor is not an individual, Guarantor has and will continue to have sufficient capital to carry on its business and all
businesses in which it is about to engage.

 

6.            Covenants.
Guarantor hereby covenants and agrees with Lender as follows:

 

		(a)	Guarantor shall not, so long as Guarantor's obligations under
this Guaranty continue, sell, lease, transfer, encumber, pledge or otherwise dispose of any material portion of Guarantor's assets or
any interest therein, otherwise than in the ordinary course of business or on terms materially less favorable than would be obtained
in an arms-length transaction, without Lender's prior written consent; and

 

		(b)	Guarantor shall promptly furnish to Lender at any time and from time to time such financial statements
and other financial information of Guarantor as the Lender may reasonably require, in form and substance satisfactory to Lender; and

 

		(c)	Guarantor shall comply with all terms and provisions of the Loan Documents that apply to Guarantor; and

 

		(d)	Guarantor shall promptly inform Lender of: (i) any litigation
or governmental investigation against Guarantor or affecting any security for all or any part of the Guaranteed Indebtedness or this
Guaranty which, if determined adversely, might have a material adverse effect upon the financial condition of Guarantor or upon such
security or might cause a default under any of the Loan Documents; (ii) any claim or controversy which might become the subject
of such litigation or governmental investigation; and (iii) any material adverse change in the financial condition of Guarantor.

 

    4

     

    

  

7.            Consent
and Waiver.

 

		(a)	Guarantor waives: (i) promptness, diligence and notice of acceptance of this Guaranty and notice
of the incurring of any obligation, indebtedness or liability to which this Guaranty applies or may apply and waives presentment for payment,
notice of nonpayment, protest, demand, notice of protest, notice of intent to accelerate, notice of acceleration, notice of dishonor,
diligence in enforcement and indulgences of every kind; and (ii) the taking of any other action by Lender, including without limitation
giving any notice of default or any other notice to, or making any demand on, Borrower, any other guarantor of all or any part of the
Guaranteed Indebtedness or any other party.

 

		(b)	Lender may at any time, without the consent of or notice to Guarantor, without incurring responsibility
to Guarantor and without impairing, releasing, reducing or affecting the obligations of Guarantor hereunder: (i) change the manner,
place or terms of payment of all or any part of the Guaranteed Indebtedness, or renew, extend, modify, rearrange or alter all or any part
of the Guaranteed Indebtedness; (ii) change the interest rate accruing on any of the Guaranteed Indebtedness (including, without
limitation, any periodic change in such interest rate that occurs because such Guaranteed Indebtedness accrues interest at a variable
rate which may fluctuate from time to time); (iii) sell, exchange, release, surrender, subordinate, realize upon or otherwise deal
with in any manner and in any order any collateral for all or any part of the Guaranteed Indebtedness or this Guaranty or setoff against
all or any part of the Guaranteed Indebtedness; (iv) neglect, delay, omit, fail or refuse to take or prosecute any action for the
collection of all or any part of the Guaranteed Indebtedness or this Guaranty or to take or prosecute any action in connection with any
of the Loan Documents; (v) exercise or refrain from exercising any rights against Borrower or others, or otherwise act or refrain
from acting; (vi) settle or compromise all or any part of the Guaranteed Indebtedness and subordinate the payment of all or any part
of the Guaranteed Indebtedness to the payment of any obligations, indebtedness or liabilities which may be due or become due to Lender
or others; (vii) apply any deposit balance, fund, payment, collections through process of law or otherwise or other collateral of
Borrower to the satisfaction and liquidation of the indebtedness or obligations of Borrower to Lender not guaranteed under this Guaranty;
and (viii) apply any sums paid to Lender by Guarantor, Borrower or others to the Guaranteed Indebtedness in such order and manner
as Lender, in its sole discretion, may determine.

 

    5

     

    

  

	 	(c)	Should Lender seek to enforce the obligations of Guarantor hereunder by action in any court or otherwise, Guarantor
waives any requirement, substantive or procedural, that: (i) Lender first enforce any rights or remedies against Borrower or any
other person or entity liable to Lender for all or any part of the Guaranteed Indebtedness, including without limitation that a judgment
first be rendered against Borrower or any other person or entity, or that Borrower or any other person or entity should be joined in
such cause; or (ii) Lender first enforce rights against any collateral which shall ever have been given to secure all or any part
of the Guaranteed Indebtedness or this Guaranty. Such waiver shall be without prejudice to Lender's right, at its option, to proceed
against Borrower or any other person or entity, whether by separate action or by joinder.

  

		(d)	In addition to any other waivers, agreements and covenants of Guarantor set forth herein, Guarantor hereby
further waives and releases all claims, causes of action, defenses and offsets for any act or omission of Lender, its directors, officers,
employees, representatives or agents in connection with Lender's administration of the Guaranteed Indebtedness, except for Lender's willful
misconduct and gross negligence.

 

		(e)	Guarantor grants to Lender a contractual security interest in, and hereby assigns, conveys, delivers,
pledges and transfers to Lender all Guarantor's right, title and interest in and to Guarantor's accounts with Lender (whether checking,
savings or some other account), including without limitation all accounts held jointly with someone else and all accounts Guarantor may
open in the future, excluding however all IRA and Keogh accounts, and all trust accounts for which the grant of a security interest would
be prohibited by law. Guarantor authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the
Guaranteed Indebtedness against any and all such accounts.

 

		(f)	To the extent not prohibited by applicable law, Guarantor waives: (i) each of Guarantor's rights
or defenses, regardless of whether they arise under: (A) Rule 31 of the Texas Rules of Civil Procedure; (B) Section 17.001
of the Texas Civil Practice and Remedies Code; or (C) any other statute or law, common law, in equity, under contract or otherwise,
or under any amendments, recodifications, supplements or any successor statute or law of or to any such statute or law; and (ii) any
and all rights under Sections 51.003, 51.004 and 51.005 of the Texas Property Code, and under any amendments, recodifications, supplements
or any successor statute or law of or to any such statute or law. The parties intend that Guarantor shall not be considered a "debtor"
as defined in Section 9.102 of the Texas Business and Commerce Code (and any successor statute thereto).

 

    6

     

    

  

8.            Obligations
Not Impaired.

 

		(a)	Guarantor agrees that its obligations hereunder shall not be
released, diminished, impaired, reduced or affected by the occurrence of any one or more of the following events: (i) the death,
disability or lack of corporate power of Borrower, Guarantor (except as provided in Section 10 herein) or any other guarantor
of all or any part of the Guaranteed Indebtedness; (ii) any receivership, insolvency, bankruptcy or other proceedings affecting
Borrower, Guarantor or any other guarantor of all or any part of the Guaranteed Indebtedness, or any of their respective property; (iii) the
partial or total release or discharge of Borrower or any other guarantor of all or any part of the Guaranteed Indebtedness, or any other
person or entity from the performance of any obligation contained in any instrument or agreement evidencing, governing or securing all
or any part of the Guaranteed Indebtedness, whether occurring by reason of law or otherwise; (iv) the taking or accepting of any
collateral for all or any part of the Guaranteed Indebtedness or this Guaranty; (v) the taking or accepting of any other guaranty
for all or any part of the Guaranteed Indebtedness; (vi) any failure by Lender to acquire, perfect or continue any lien or security
interest on collateral securing all or any part of the Guaranteed Indebtedness or this Guaranty; (vii) the impairment of any collateral
securing all or any part of the Guaranteed Indebtedness or this Guaranty; (viii) any failure by Lender to sell any collateral securing
all or any part of the Guaranteed Indebtedness or this Guaranty in a commercially reasonable manner or as otherwise required by law;
(ix) any invalidity or unenforceability of or defect or deficiency in any of the Loan Documents; or (x) any other circumstance
which might otherwise constitute a defense available to, or discharge of, Borrower or any other guarantor of all or any part of the Guaranteed
Indebtedness.

  

		(b)	This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any
payment of all or any part of the Guaranteed Indebtedness is rescinded or must otherwise be returned by Lender upon the insolvency, bankruptcy
or reorganization of Borrower, Guarantor, any other guarantor of all or any part of the Guaranteed Indebtedness or otherwise, all as though
such payment had not been made.

 

		(c)	In the event Borrower is a limited liability company, corporation, joint stock association or partnership,
or is hereafter any such entity, none of the following shall affect Guarantor's liability hereunder: (i) the unenforceability of
all or any part of the Guaranteed Indebtedness against Borrower by reason of the fact that the Guaranteed Indebtedness exceeds the amount
permitted by law; (ii) the act of creating all or any part of the Guaranteed Indebtedness is ultra vires; or (iii) the
officers or partners creating all or any part of the Guaranteed Indebtedness acted in excess of their authority. Guarantor hereby acknowledges
that withdrawal from, or termination of, any ownership interest in Borrower now or hereafter owned or held by Guarantor shall not alter,
affect or in any way limit the obligations of Guarantor hereunder.

 

		9.	Actions Against Guarantor.
                                            In the event of a default in the payment or performance of all or any part of the Guaranteed
                                            Indebtedness when such Guaranteed Indebtedness becomes due, whether by its terms, by acceleration
                                            or otherwise, Guarantor shall, without notice or demand, promptly pay the amount due thereon
                                            to Lender, in lawful money of the United States, at Lender's address set forth herein. One
                                            or more successive or concurrent actions may be brought against Guarantor, either in the
                                            same action in which Borrower is sued or in separate actions, as often as Lender deems advisable.
                                            The exercise by Lender of any right or remedy under this Guaranty or under any other agreement
                                            or instrument, at law, in equity or otherwise, shall not preclude concurrent or subsequent
                                            exercise of any other right or remedy. The books and records of Lender shall be admissible
                                            as evidence in any action or proceeding involving this Guaranty and shall be prima facie
                                            evidence of the payments made on, and the outstanding balance of, the Guaranteed Indebtedness.

  

    7

     

    

  

		10.	Notice of Sale. In the event that
                                            Guarantor is entitled to receive any notice of the sale or other disposition of any collateral
                                            securing all or any part of the Guaranteed Indebtedness or this Guaranty, reasonable notice
                                            shall be deemed given when such notice is deposited in the United States mail, postage prepaid,
                                            at the address for Guarantor set forth herein, ten (10) days prior to the date any public
                                            sale, or after which any private sale, of any such collateral is to be held; provided, however,
                                            that notice given in any other reasonable manner or at any other reasonable time shall be
                                            sufficient.

 

		11.	Waiver by Lender. No delay on the
                                            part of Lender in exercising any right hereunder or failure to exercise the same shall operate
                                            as a waiver of such right. In no event shall any waiver of the provisions of this Guaranty
                                            be effective unless the same be in writing and signed by an officer of Lender, and then only
                                            in the specific instance and for the purpose given.

 

		12.	Successors and Assigns. This Guaranty
                                            is for the benefit of Lender, its successors and assigns. This Guaranty is binding upon Guarantor
                                            and Guarantor's successors, including without limitation any person or entity obligated by
                                            operation of law upon the reorganization, merger, consolidation or other change in the organizational
                                            structure of Guarantor.

 

		13.	Costs and Expenses. Guarantor shall
                                            pay on demand by Lender all actual out-of-pocket costs and expenses, including without limitation
                                            all reasonable attorneys' fees, incurred by Lender in connection with the preparation, administration,
                                            enforcement and/or collection of this Guaranty. This covenant shall survive the payment of
                                            the Guaranteed Indebtedness.

 

		14.	Severability. If any provision of
                                            this Guaranty is held by a court of competent jurisdiction to be illegal, invalid or unenforceable
                                            under present or future laws, such provision shall be fully severable, shall not impair or
                                            invalidate the remainder of this Guaranty and the effect thereof shall be confined to the
                                            provision held to be illegal, invalid or unenforceable.

 

		15.	No Obligation. Nothing contained herein
                                            shall be construed as an obligation on the part of Lender to extend or continue to extend
                                            credit to Borrower.

 

		16.	Amendment. No modification or amendment
                                            of any provision of this Guaranty, nor consent to any departure by Guarantor therefrom, shall
                                            be effective unless the same shall be in writing and signed by an officer of Lender, and
                                            then shall be effective only in the specific instance and for the purpose for which given.

 

    8

     

    

  

		17.	Cumulative Rights. All rights
                                            and remedies of Lender hereunder are cumulative of each other and of every other right or
                                            remedy which Lender may otherwise have at law or in equity or under any instrument or agreement,
                                            and the exercise of one or more of such rights or remedies shall not prejudice or impair
                                            the concurrent or subsequent exercise of any other rights or remedies. This Guaranty, whether
                                            general, specific and/or limited, shall be in addition to and cumulative of, and not in substitution,
                                            novation or discharge of, any and all prior or contemporaneous guaranty agreements by Guarantor
                                            in favor of Lender or assigned to Lender by others.

 

		18.	Governing Law. Venue. This Guaranty
                                            is intended to be performed in the State of Texas. Except to the extent that the laws of
                                            the United States may apply to the terms hereof, the substantive laws of the State of Texas
                                            shall govern the validity, construction, enforcement and interpretation of this Guaranty.
                                            In the event of a dispute involving this Guaranty or any other instruments executed in connection
                                            herewith, the undersigned irrevocably agrees that venue for such dispute shall lie in any
                                            court of competent jurisdiction in Tarrant County, Texas.

 

		19.	Compliance with Applicable Usury Laws. Notwithstanding any other
                                            provision of this Guaranty or of any instrument or agreement evidencing, governing or securing
                                            all or any part of the Guaranteed Indebtedness, Guarantor and Lender by its acceptance hereof
                                            agree that Guarantor shall never be required or obligated to pay interest in excess of the
                                            maximum non-usurious interest rate as may be authorized by applicable law for the written
                                            contracts which constitute the Guaranteed Indebtedness. It is the intention of Guarantor
                                            and Lender to conform strictly to the applicable laws which limit interest rates, and any
                                            of the aforesaid contracts for interest, if and to the extent payable by Guarantor, shall
                                            be held to be subject to reduction to the maximum non-usurious interest rate allowed under
                                            said law.

 

		20.	Subordination of
                                            Borrower's Debts to Guarantor. Guarantor agrees that the Guaranteed Indebtedness, whether
                                            now existing or hereafter created, shall be superior to any claim that Guarantor may now
                                            have or hereafter acquire against Borrower, whether or not Borrower becomes insolvent. Guarantor
                                            hereby expressly subordinates any claim Guarantor may have against Borrower, upon any account
                                            whatsoever, to any claim that Lender may now or hereafter have against Borrower. In the event
                                            of insolvency and consequent liquidation of the assets of Borrower, through bankruptcy, by
                                            an assignment for the benefit of creditors, by voluntary liquidation or otherwise, the assets
                                            of Borrower applicable to the payment of the claims of both Lender and Guarantor shall be
                                            paid to Lender and shall be first applied by Lender to the Guaranteed Indebtedness. Guarantor
                                            does hereby assign to Lender all claims which it may have or acquire against Borrower or
                                            against any assignee or trustee in bankruptcy of Borrower; provided however, that such assignment
                                            shall be effective only for the purpose of assuring to Lender full payment of the Guaranteed
                                            Indebtedness.

 

    9

     

    

  

		21.	Notices. All notices
                                            or other communications required or permitted to be given pursuant to this Guaranty shall
                                            be in writing and shall be considered as properly given if: (a) mailed by first class
                                            United States mail, postage prepaid, registered or certified with return receipt requested;
                                            (b) by delivering same in person to the intended addressee; (c) by delivery to
                                            a reputable independent third party commercial delivery service for same day or next day
                                            delivery and providing for evidence of receipt at the office of the intended addressee; or
                                            (d) by fax or email transmission to the intended addressee. A notice sent by mail shall
                                            be effective upon its deposit with the United States Postal Service or any successor thereto,
                                            notice sent by such a commercial delivery service shall be effective upon delivery to such
                                            commercial delivery service, notice given by personal delivery shall be effective only if
                                            and when received by the addressee and notice given by other means shall be effective only
                                            if and when received by the intended addressee. For purposes of notice, the addresses of
                                            the parties shall be as set forth below; provided, however, that either party shall have
                                            the right to change its address for notice hereunder to any other location within the continental
                                            United States by the giving of thirty (30) days' prior notice to the other party in the manner
                                            set forth herein.

  

	Guarantor:	Lender:
	 	 
	Applied Blockchain, Inc.	Vantage
Bank Texas
	3811 Turtle Creek Blvd., # 2100	4520
Camp Bowie Blvd.
	Dallas, Texas 75219	Fort
Worth, Texas 76107

   

		22.	Entire Agreement. THIS WRITTEN AGREEMENT REPRESENTS THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[Signature Page Follows]

 

    10

     

    

  

EXECUTED effective as of the date
first above written.

 

	 	GUARANTOR:
	 	 
	 	APPLIED
    BLOCKCHAIN, INC., a Nevada corporation
	 	 
	 	By:	/s/ Wesley Cummins
	 	 	Wesley Cummins, President

  

    11Exhibit 10.37

    

     

    

    INDEMNITY AGREEMENT

    

    

    THIS INDEMNITY AGREEMENT (this "Agreement") is made effective as of December 16 2021.

    

    

    Between:

    

    

    	(1)	
            WALDENCAST ACQUISITION CORP., an exempted company incorporated under the laws of the Cayman Islands with registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the "Company"); and

          

    

    

    	(2)	
            Aaron Chatterley ("Indemnitee").

          

    

    

    Whereas:

    

    

    	(A)	
            Highly competent persons have become more reluctant to serve publicly-held companies as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against
              inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such companies;

          

    

    

    	(B)	
            The board of directors of the Company (the "Board") has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole
              expense, liability insurance to protect persons serving the Company and any of its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among publicly traded companies
              and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers
              and other persons in service to companies or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the
              Company or business enterprise itself. The amended and restated memorandum and articles of association of the Company (the "Articles") provide for the indemnification of the officers and directors of
              the Company. The Articles expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors,
              officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

          

    

    

    	(C)	
            The uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

          

    

    

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

          

    

    

    	(E)	
            It is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law and the
              Articles so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;

          

    

    

    	(F)	
            This Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

          

    

    

    	(G)	
            Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve
              and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified; and

          

    

    

    

    
      
        

    

    
     

      

    NOW, THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement dated as of December 16, 2021 between the Company, Indemnitee and
      other parties thereto, the Company and Indemnitee do hereby covenant and agree as follows: 

     

    

    TERMS AND CONDITIONS

    

    

    	1	
            SERVICES TO THE COMPANY

          

    

    

    In consideration of the Company's covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity of the
      Company, as applicable, for so long as Indemnitee is duly elected, appointed or retained or until Indemnitee tenders Indemnitee's resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force
      and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to
      continue Indemnitee's service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

    

    

    	2	
            DEFINITIONS

          

    

    

    As used in this Agreement:

    

    

    	2.1	
            References to "agent" shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in
              such capacity as a director, officer, employee, advisor, fiduciary or other official of another company, corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of,
              or to represent the interests of the Company or a subsidiary of the Company.

          

    

    

    	2.2	
            The terms "Beneficial Owner" and "Beneficial Ownership" shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below)
              as in effect on the date hereof.

          

    

    

    	2.3	
            A "Change in Control" shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

          

    

    

    	

          	(a)	
            Acquisition of Shares by Third Party. Other than an affiliate of Waldencast Long-Term Capital LLC, any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of
              securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company's then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative
              Beneficial Ownership of the Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares entitled to vote generally in the election of directors, or (2) such acquisition was approved in
              advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (c) of this definition;

          

    

    

    	

          	(b)	
            Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board 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 on the date hereof or whose election or nomination for election was previously so approved (collectively, the "Continuing Directors"), cease for any reason to constitute at least a majority of the members of the Board;

          

     

    

    
      2

      
        

    

    

    

    	

          	(c)	
            Corporate Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more
              businesses (a "Business Combination"), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of
              securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty-one percent (51%) of the combined voting power of the then outstanding
              securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a company or corporation which as a result of such transaction owns the Company or all
              or substantially all of the Company's assets either directly or through one or more Subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote
              generally in the election of directors; (2) other than an affiliate of Waldencast Long-Term Capital LLC, no Person (excluding any company or corporation resulting from such Business Combination) is the Beneficial Owner, directly or
              indirectly, of fifteen percent (15%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving company or corporation except to the extent that such
              ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the company or corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the
              initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

          

    

    

    	

          	(d)	
            Liquidation. The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or
              substantially all of the Company's assets, other than factoring the Company's current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one
              transaction or a series of related transactions); or

          

    

    

    	

          	(e)	
            Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any
              similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

          

    

    

    	2.4	
            "Corporate Status" describes the status of a person who is or was a director, director nominee, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the
              Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.

          

    

    

    	2.5	
            "Delaware Court" shall mean the Court of Chancery of the State of Delaware.

          

    

    

    	2.6	
            "Disinterested Director" shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

          

    

    

    	2.7	
            "Enterprise" shall mean the Company and any other company, corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company
              (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director,
              officer, trustee, general partner, manager, managing member, fiduciary, employee or agent.

          

     

    

    
      3

      
        

    

    

    

    	2.8	
            "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

          

    

    

    	2.9	
            "Expenses" shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all attorneys' fees and costs, retainers, court costs,
              transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission
              charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or
              otherwise participating in, a Proceeding, including reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in
              connection with any appeal resulting from any Proceeding, including, without limitation, the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses,
              however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

          

    

    

    	2.10	
            "Independent Counsel" shall mean a law firm or a member of a law firm with significant experience in matters of corporate law and neither presently is, nor in the past five years has been, retained
              to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii)
              any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct
              then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

          

    

    

    	2.11	
            References to "fines" shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to "serving at the request of the Company" shall include any service as a director, officer, employee, agent or
              fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith
              and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner "not opposed to the best interests of the
              Company" as referred to in this Agreement.

          

    

    

    	2.12	
            The term "Person" shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that "Person" shall exclude: (i) the Company;
              (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary of the Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in
              substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary of the Company or of a company or
              corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.

          

     

    

    
      4

      
        

    

    

    

    	2.13	
            The term "Proceeding" shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or
              completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was,
              is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act)
              on Indemnitee's part while acting as a director, director nominee or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, director nominee or officer, trustee, general
              partner, manager, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or
              advancement of expenses can be provided under this Agreement.

          

    

    

    	2.14	
            The term "Subsidiary," with respect to any Person, shall mean any company, corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting
              power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

          

    

    

    	3	
            INDEMNITY IN THIRD-PARTY PROCEEDINGS

          

    

    

    To the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if
      Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of
      Indemnitee's Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,
      assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with
      such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no
      reasonable cause to believe that Indemnitee's conduct was unlawful.

    

    

    	4	
            INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

          

    

    

    To the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if
      Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee's Corporate Status.
      Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter
      therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4
      in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall
      determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

     

    

    
      5

      
        

    

    

    

    	5	
            INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

          

    

    

    Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee's Corporate Status, a party to (or a participant in) and
      is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and
      exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee 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, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by
      Indemnitee or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the
      Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section 5
      and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

    

    

    	6	
            INDEMNIFICATION FOR EXPENSES OF A WITNESS

          

    

    

    Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a witness or deponent in any Proceeding to
      which Indemnitee is not a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred
      by Indemnitee or on Indemnitee's behalf in connection therewith.

    

    

    	7	
            ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

          

    

    

    	7.1	
            Notwithstanding any limitation in Section 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party
              to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including
              all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the
              Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7.1 on account of Indemnitee's conduct which constitutes a breach of Indemnitee's duties to the Company or its shareholders or is an act
              or omission not in good faith or which involves intentional misconduct or a knowing violation of applicable law.

          

    

    

    	7.2	
            Notwithstanding any limitation in Section 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a
              party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement
              (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection
              with the Proceeding.

          

     

    

    
      6

      
        

    

    

    

    	8	
            CONTRIBUTION IN THE EVENT OF JOINT LIABILITY

          

    

    

    	8.1	
            To the fullest extent permissible under applicable law and the Articles, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason
              whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to
              be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against
              Indemnitee.

          

    

    

    	8.2	
            The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims
              asserted against Indemnitee.

          

    

    

    	8.3	
            The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable
              with Indemnitee.

          

    

    

    	9	
            EXCLUSIONS

          

    

    

    The Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

    

    

    	

          	(a)	
            for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and which payment has not subsequently been returned, except with respect to any excess
              beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

          

    

    

    	

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

          

    

    

    	

          	(c)	
            prior to a Change in Control, other than as provided in Sections 14.5 and 14.6 hereof, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
              initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the
              indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

          

     

    

    
      7

      
        

    

    

    

    	10	
            ADVANCES OF EXPENSES; DEFENSE OF CLAIM

          

    

    

    	10.1	
            Notwithstanding any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable law or the Articles, the Company shall pay the Expenses incurred by Indemnitee (or reasonably
              expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to
              the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability to repay the Expenses and without regard to
              Indemnitee's ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of
              advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of
              the Proceeding shall be made only upon the Company's receipt of an undertaking, by or on behalf of Indemnitee, to repay the advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the
              Company under the provisions of this Agreement, the Articles, applicable law or otherwise. This Section 10.1 shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded
              pursuant to Section 9.

          

    

    

    	10.2	
            The Company will be entitled to participate in the Proceeding at its own expense.

          

    

    

    	10.3	
            The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee's prior written consent.

          

    

    

    	11	
            PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

          

    

    

    	11.1	
            Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to
              indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this
              Agreement, or otherwise.

          

    

    

    	11.2	
            Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee
              deems appropriate in Indemnitee's sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee's entitlement to indemnification shall be determined according to Section 12.1 of this Agreement.

          

    

    

    	12	
            PROCEDURE UPON APPLICATION FOR INDEMNIFICATION

          

    

    

    	12.1	
            A determination, if required by applicable law, with respect to Indemnitee's entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority
              vote of the Disinterested Directors, even though less than a quorum of the Board (ii) by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (iii) by vote of the shareholders by ordinary
              resolution. The Company will promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been
              denied. 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 reasonably 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 agrees to indemnify and to hold Indemnitee harmless
              therefrom.

          

     

    

    
      8

      
        

    

    

    

    	12.2	
            In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1 hereof, the Independent Counsel shall be selected as provided in this Section 12.2. The Independent Counsel
              shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and
              certifying that the Independent Counsel so selected meets the requirements of "Independent Counsel" as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to
              Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of "Independent Counsel" as defined in Section 2 of this Agreement. In either
              event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such
              selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
              of "Independent Counsel" as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
              Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has
              determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected and not
              objected to, either the Company or Indemnitee may petition the Delaware Court 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 the Delaware Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1 hereof. Upon the due
              commencement of any judicial proceeding or arbitration pursuant to Section 14.1 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).

          

    

    

    	12.3	
            The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to
              this Agreement or its engagement pursuant hereto.

          

    

    

    	13	
            PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

          

    

    

    	13.1	
            In making a determination with respect to entitlement to indemnification hereunder, the person, 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 11.2 of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any
              determination contrary to that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that
              indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such
              applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

          

     

    

    
      9

      
        

    

    

    

    	13.2	
            If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the
              Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall, to the fullest extent permitted by applicable law and the Articles, be entitled to such
              indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a
              final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may
              be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the
              obtaining or evaluating of documentation and/or information relating thereto.

          

    

    

    	13.3	
            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 Indemnitee 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 Indemnitee's conduct was unlawful.

          

    

    

    	13.4	
            For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Enterprise, including financial statements, or on information
              supplied to Indemnitee by the directors, managers, managing members, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director,
              trustee, general partner, manager or managing member or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member by an
              independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Section
              13.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

          

    

    

    	13.5	
            The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the
              right to indemnification under this Agreement.

          

     

    

    
      10

      
        

    

    

    

    	14	
            REMEDIES OF INDEMNITEE

          

    

    

    	14.1	
            In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law
              and the Articles, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after receipt by
              the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement within ten (10) days after receipt by the Company of a written
              request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a
              determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) days after receipt by
              the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at
              Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association. Except as set forth herein, the
              provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

          

    

    

    	14.2	
            In the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be
              conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14,
              Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified,
              held harmless, exonerated and to receive advances of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose.
              If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to
              Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

          

    

    

    	14.3	
            If a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced
              pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification,
              or (ii) a prohibition of such indemnification under applicable law.

          

    

    

    	14.4	
            The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
              in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

          

     

    

    
      11

      
        

    

    

    

    	14.5	
            The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable law and the Articles against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the Company's receipt of
              such written request) pay to Indemnitee, to the fullest extent permitted by applicable law and the Articles, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee (i) to
              enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Articles now or hereafter in effect; or
              (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless
              or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

          

    

    

    	14.6	
            Interest shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and Indemnitee for amounts which the Company indemnifies, holds harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate
              for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to
              Indemnitee by the Company.

          

    

    

    	15	
            SECURITY

          

    

    

    Notwithstanding anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide
      security to Indemnitee for the Company's obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written
      consent of Indemnitee.

    

    

    	16	
            NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

          

    

    

    	16.1	
            The rights of Indemnitee 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 Articles, any agreement, a vote of shareholders or a
              resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such
              Proceeding is first threatened, commenced or completed) arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
              in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Articles or this Agreement, then this
              Agreement (without any further action by the parties hereto) shall automatically be deemed to be amended to require that the Company indemnify Indemnitee to the fullest extent permitted by law. No right or remedy herein conferred is intended
              to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
              employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

          

    

    

    	16.2	
            The Articles permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond ("Indemnification Arrangements") on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, officer, employee or agent of the Company,
              or arising out of Indemnitee's status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement, as it may then be in effect. The purchase, establishment,
              and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery
              of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

          

     

    

    
      12

      
        

    

    

    

    	16.3	
            To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any
              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, trustee, partner, manager, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant
              (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective
              policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

          

    

    

    	16.4	
            In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
              such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

          

    

    

    	16.5	
            The Company's obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary,
              employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other
              provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or
              insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company's satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under
              this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

          

    

    

    	17	
            DURATION OF AGREEMENT

          

    

    

    All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner,
      manager, managing member, fiduciary, employee or agent of any other company, corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter
      so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee's Corporate Status, whether or not
      Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

    

    

    	18	
            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, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
      unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law
      and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
      containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

     

    

    
      13

      
        

    

    

    

    	19	
            ENFORCEMENT AND BINDING EFFECT

          

    

    

    	19.1	
            The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the
              Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

          

    

    

    	19.2	
            Without limiting any of the rights of Indemnitee under the Articles as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
              supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

          

    

    

    	19.3	
            The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns
              (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director,
              officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company's request, and shall inure to the benefit of Indemnitee
              and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

          

    

    

    	19.4	
            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.

          

    

    

    	19.5	
            The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable
              harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm
              and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee
              shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
              therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a Court of competent jurisdiction and the Company hereby waives any such requirement of such a bond or undertaking.

          

    

    

    	20	
            MODIFICATION AND WAIVER

          

    

    

    No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be
      deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

    

    

    
      14

      
        

    

    

    

    	21	
            NOTICES

          

    

    

    All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and received for by the party to
      whom said notice or other communication shall have been directed, on such delivery, or (ii) if mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

    

    

    	

          	(a)	
            If to Indemnitee, at the address indicated on the signature page of this Agreement or such other address as Indemnitee shall provide in writing to the Company.

          

    

    

    	

          	(b)	
            If to the Company, to:

          

    

    

    Waldencast Acquisition Corp.

    10 Bank Street, Suite 560

    White Plains, NY 10606

    Attn: Chief Executive Officer

    

    

    With copies, which shall not constitute notice, to:

    

    

    Skadden, Arps, Slate, Meagher & Flom LLP

    525 University Ave.

    Palo Alto, CA 94301

    Attn: Gregg A. Noel, Esq.

    

    

    or to any other address as may have been furnished to Indemnitee in writing by the Company.

    

    

    	22	
            APPLICABLE LAW AND CONSENT TO JURISDICTION

          

    

    

    This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. Except with respect to any arbitration
      commenced by Indemnitee pursuant to Section 14.1 of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only
      in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
      arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding
      brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial.

    

    

    	23	
            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.
      Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

     

    

    
      15

      
        

    

    

    

    	24	
            MISCELLANEOUS

          

    

    

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

    

    

    	25	
            PERIOD OF LIMITATIONS

          

    

    

    No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee's spouse, heirs, executors or personal or legal
      representatives 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 shall be extinguished and deemed released unless asserted by the timely filing of a legal action
      within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period
      shall govern.

    

    

    	26	
            ADDITIONAL ACTS

          

    

    

    If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other
      procedure to be affected or adopted in a manner that will enable the Company to fulfil its obligations under this Agreement.

    

    

    	27	
            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.

    

    

    	28	
            INTERPRETATION

          

    

    

    In this Agreement:

    

    

    	

          	(a)	
            "written" and "in writing" include all modes of representing or reproducing words in visible form, including in the form of an Electronic Record;

          

    

    

    	

          	(b)	
            "shall" shall be construed as imperative and "may" shall be construed as permissive;

          

    

    

    	

          	(c)	
            references to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced;

          

    

    

    	

          	(d)	
            any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

          

    

    

    the term "and/or" is used herein to mean both "and" as well as "or. " The use of "and/or" in certain contexts in no respects qualifies or modifies the use of the terms "and" or "or" in others. The term "or" shall not
      be interpreted to be exclusive and the term "and" shall not be interpreted to require the conjunctive (in each case, unless the context otherwise requires).

    

    

    [Signature Page Follows]

     

    

    
      16

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

    

    

    	 	
            By:

          	
            /s/ Aaron Chatterley

          
	 	
            Name:

          	
            Aaron Chatterley

          
	 	 	 
	 	
            Address: c/o Waldencast Acquisition Corp. 10 Bank Street, Suite 560 White Plains, NY 10606

          
	 	 	 
	 	
            WALDENCAST ACQUISITION CORP.

          
	 	 	 
	 	
            By:

          	
            /s/ Michel Brousset

          
	 	
            Name:

          	
            Michel Brousset

          
	 	
            Title:

          	
            Authorized Signatory

          

    

    

    

    

    [Signature Page to D&O's Indemnity Agreements]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]