Document:

ASSIGNMENT
AND ASSUMPTION AND AMENDMENT OF CONTRACT 

 

THIS
ASSIGNMENT AND ASSUMPTION AND AMENDMENT OF CONTRACT AGREEMENT (this “Agreement”) is made and as of [                      ],
2019 (the “Effective Date”), by and between TARONIS TECHNOLOGIES, INC., a Delaware corporation (“Assignor”),
and TARONIS FUELS, INC., a Delaware corporation (“Assignee”) and [                      ] (“                      ”).

 

RECITALS:

 

WHEREAS,
Assignor and
[                      ]
are parties to that certain
[                      ]
Agreement effective as of
[                      ],
2019 (“Contract”). The original Contract is attached hereto as Exhibit A.

 

WHEREAS,
Assignor has agreed to assign its interest, rights, responsibilities and obligations under the Contract to the Assignee and Assignee
has agreed to assume and perform all of the obligations under the Contract and employ the [                      ] on the terms and conditions set
forth in the Contract or as otherwise amended by this Agreement, on the Effective Date hereof.

 

WHEREAS,
the [                      ] has consented to the assignment in accordance with provisions set forth in the Contract and by his signature below agrees
to the Contract amendments set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound, the parties hereby agree as follows:

 

1.
Assignor hereby assigns to Assignee all of Assignor’s right, title and interest in, to and under the Contract. Assignee
hereby accepts such assignment and assumes all of the Assignor’s obligations under the Contract arising prior to, on or
after the Effective Date (“Assigned Contract”). [                      ] agrees that Assignor shall be released from the obligations
under the Assigned Contract first arising after the Effective Date. In no event will Assignor be released from any Contract obligations
or liability under the Contract that arose or accrued on or before the Effective Date.

 

2.
Assignee agrees to indemnify Assignor and hold Assignor harmless from and against any and all claims, liens, damages, demands,
causes of action, liabilities, lawsuits, judgments, losses, costs and expenses (including, but not limited to, reasonable attorneys’
fees and expenses) asserted against or incurred by Assignor by reason of or arising out of any failure by Assignee to perform
or observe the obligations, covenants, terms and conditions under the Contract from and after the Effective Date.

 

3.
Assignor agrees to indemnify Assignee and hold Assignee harmless from and against any and all claims, liens, damages, demands,
causes of action, liabilities, lawsuits, judgments, losses, costs and expenses (including, but not limited to, reasonable attorneys’
fees and expenses) asserted against or incurred by Assignee by reason of or arising out of any failure by Assignor to perform
or observe the obligations, covenants, terms and conditions under the Contract prior to the Effective Date.

 

4.
Assignor hereby represents, warrants and agrees that to the knowledge of Assignor, there exists no breach, default or event of
default by [                      ] under the Contract, as amended hereby, or any event or condition which, with notice or passage of time or both,
would constitute a breach, default or event of default by [                      ] under the Contract.

 

5.
[                      ] represents to his actual knowledge as of the Effective Date that there exists no breach, default or event of default by Assignor
under the Contract, as amended hereby, or any event or condition which, with notice or passage of time or both, would constitute
a breach, default or event of default by Assignor under the Contract.

 

    	 	 	 

    	 

    

 

6.
Amendments to Contract. The Contract is hereby amended as follows:

 

6.1.
[INSERT]

 

7.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
This Agreement shall be governed by and construed in accordance with the laws of the State of [                      ]. This Agreement may be executed
in any number of counterparts and by each party on separate counterparts, and all such counterparts shall constitute one and the
same instrument. The above recitals are true and correct and constitute part of this Agreement.

 

[Signature
Page Follows]

 

[The
Remainder of This Page is Intentionally Blank]

 

    	 	 	 

    	 

    

 

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

 

	 	ASSIGNOR:
	 	 
	 	TARONIS
    TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Authorized Signatory 
	 	 	 
	 	ASSIGNEE:
	 	 
	 	TARONIS
    FUELS, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Authorized Signatory 
	 	 	 
	 	[                      ]:
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Authorized
Signatory	

 

[Signature
Page to Assignment and Assumption and Amendment of Contract Agreement]

 

    	 	 	 

    	 

    

 

Exhibit
A

ContractINDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) dated as of ________, 2019, is made by and between
TARONIS FUELS, INC., a Delaware corporation (the “Company”), and __________(“Indemnitee”).

 

RECITALS

 

A.
The Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and
agents.

 

B.
The Company’s bylaws (the “Bylaws”) require that the Company indemnify its directors and officers,
and empowers the Company to indemnify its employees and agents, as authorized by the Delaware General Corporation Law, as amended
(the “Code”), under which the Company is organized and such Bylaws expressly provide that the indemnification
provided therein is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers
and other persons to set forth specific indemnification provisions.

 

C.
Indemnitee does not regard the protection currently provided by applicable law, the Bylaws, the Company’s other governing
documents, and available insurance as adequate under the present circumstances, and the Company has determined that Indemnitee
and other directors, officers, employees and agents of the Company may not be willing to serve or continue to serve in such capacities
without additional protection.

 

D.
The Company desires and has requested Indemnitee to serve or continue to serve as a director, officer, employee or agent of
the Company, as the case may be, and has proffered this Agreement to Indemnitee as an additional inducement to serve in such capacity.

 

E.
Indemnitee is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company, as the
case may be, if Indemnitee is furnished the indemnity provided for herein by the Company.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

1.
Agreement to Serve. Indemnitee will serve, or continue to serve, as the case may be, as an Agent, faithfully and to the best
of his or her or its ability, at the will of such entity designated by the Company and at the request of the Company (or under
separate agreement, if such agreement exists), in the capacity Indemnitee currently serves such entity, so long as Indemnitee
is duly appointed or elected and qualified in accordance with the applicable provisions of the governance documents of such entity,
or until such time as Indemnitee tenders his or her or its resignation in writing; provided, however, that nothing contained in
this Agreement is intended as an employment agreement between Indemnitee and the Company or any of its subsidiaries or to create
any right to continued employment of Indemnitee with the Company or any of its subsidiaries in any capacity.

 

    	 

    	 

    

 

The
Company acknowledges that it has entered into this Agreement and assumes the obligations imposed on it hereby, in addition to
and separate from its obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as an Agent,
and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an Agent.

 

2.
Indemnification.

 

(a)
Indemnification in Third Party Proceedings. Subject to Section 11 below, the Company shall indemnify and hold harmless Indemnitee
(including Indemnitee’s spouse or Spousal Equivalent) to the fullest extent permitted by the Code, as the same may be amended
from time to time (but, to the fullest extent of the law, only to the extent that such amendment permits Indemnitee to broader
indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened
to be made a party to or otherwise involved in any proceeding, other than a proceeding by or in the right of the Company to procure
a judgment in its favor, for any and all Expenses and Liabilities (including all interest, assessments and other charges paid
or payable in connection with or in respect of such Expenses and Liabilities) incurred by Indemnitee in connection with the investigation,
defense, settlement or appeal of such proceeding, 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. The parties hereto intend that this Agreement shall provide to the fullest
extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any
indemnification provided by the Amended and Restated Certificate of Incorporation of the Company, the Bylaws, vote of its stockholders
or disinterested directors, or applicable law.

 

(b)
Indemnification in Derivative Actions and Direct Actions by the Company. Subject to Section 11 below, the Company shall indemnify
Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, fullest extent permitted
by applicable law, only to the extent that such amendment permits Indemnitee to broader indemnification rights than the Code permitted
prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in
any proceeding by or in the right of the Company to procure a judgment in its favor, against any and all Expenses actually and
reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings, 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 for Expenses shall be made under this Section 2(b) in respect of any claim, issue or matter as
to which Indemnitee shall have been finally adjudged by a court competent jurisdiction to be liable to the Company, unless and
only to the extent that the Chancery Court of the State of Delaware or any court in which the proceeding was brought 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.

 

3.
Indemnification of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, in circumstances where
indemnification is not available under Section 2(a) or 2(b), as the case may be, to the fullest extent permitted by law and to
the extent that Indemnitee is a party to (or a participant in) any proceeding and has been successful on the merits or otherwise
in defense of any proceeding or in defense of any claim, issue or matter therein, in whole or part, including the dismissal of
any action without prejudice, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred and
Liabilities in connection with the investigation, defense or appeal of such proceeding. If Indemnitee is not wholly successful
in such proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred and Liabilities
incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue
or matter to the fullest extent permitted by law. For these purposes, Indemnitee will be deemed to have been “successful
on the merits” in circumstances including but not limited to the termination of any Proceeding or of any claim, issue or
matter therein, by the winning of a motion to dismiss (with or without prejudice), motion for summary judgment, settlement (with
or without court approval, but provided the Indemnitee complies with Section 11(c)), or upon a plea of nolo contendere or its
equivalent.

 

    	 

    	 

    

 

4.
Partial Indemnification; Witness Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of any Expenses and Liabilities incurred by Indemnitee in the investigation, defense, settlement
or appeal of a proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification for the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that
Indemnitee is, by reason of Indemnitee’s acting as an Agent, a witness or otherwise asked to participate in any proceeding
to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

5.
Primacy of Indemnification. The Company hereby acknowledges that the Indemnitee may have certain rights to indemnification,
advancement of expenses and/or insurance provided by one or more third parties (collectively, the “Secondary Indemnitors”).
The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any
obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee
and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent
legally permitted and as required by the Amended and Restated Certificate of Incorporation or Bylaws of the Company (or any agreement
between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors, and,
(iii) that it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall affect the foregoing and the Secondary Indemnitors shall have a right of contribution
and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the
Company. The Company and the Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms
hereof.

 

6.
No Presumptions/Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement
(whether with or without court approval, but provided Indemnitee complies with Section 11(c)) or conviction, or upon a plea of
nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard
of conduct or did not have any particular belief or that a court has determined that indemnification is not permitted by applicable
law. In addition, neither the failure of the adjudicating body (“Reviewing Party”) to have made a determination
as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination
by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement
of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law,
shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of
conduct or did not have any particular belief. In connection with any determination by the Reviewing Party or otherwise as to
whether Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish by clear
and convincing evidence that Indemnitee is not so entitled.

 

    	 

    	 

    

 

7.
Advancement of Expenses. The Company shall advance the Expenses actually and reasonably incurred by Indemnitee in connection
with any proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Company of a statement
or statements requesting such advances (which shall include invoices received by Indemnitee in connection with such Expenses but,
in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that
would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice. Advances shall
be unsecured, interest free and without regard to Indemnitee’s ability to repay the Expenses. Indemnitee’s right to
such advancement is not subject to the satisfaction of any standard of conduct. Advances shall include any and all Expenses actually
and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification under this Agreement
or otherwise and this right of advancement, including expenses incurred preparing and forwarding statements to the Company to
support the advances claimed. Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking
providing that Indemnitee shall, to the fullest extent required by law, repay up to 50% of the actual amount advanced (without
interest) if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not
subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. No other undertaking shall be required. The
right to advances under this Section 7 shall continue until final disposition of any proceeding, including any appeal therein.
Without limiting the generality or effect of the foregoing, within thirty (30) days after any request by Indemnitee, the Company
shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to
Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. The Company shall
not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the Indemnitee’s
rights to receive advancement of expenses under this Agreement.

 

8.
Notice and Other Indemnification Procedures.

 

(a)
Notification of Proceeding. Indemnitee will notify the Company in writing promptly 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
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 and any delay in so notifying the Company
shall not constitute a waiver by Indemnitee of any rights under this Agreement.

 

(b)
Request for Indemnification Payments. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company
a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee
and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification under the terms
of this Agreement, and shall request payment thereof by the Company.

 

(c)
Determination of Right to Indemnification Payments. Upon written request by Indemnitee for indemnification pursuant to Section
8(b) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one
of the following four methods, which shall be at the election of the Board of Directors: (1) by a majority vote of the disinterested
directors, even though less than a quorum, (2) by a committee of disinterested directors designated by a majority vote of the
disinterested directors, even though less than a quorum, (3) if there are no disinterested directors or if the disinterested directors
so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee,
or (4) if so directed by the Board of Directors, by the stockholders of the Company; provided, however, that if there has
been a Change in Control, then such determination shall be made by Independent Counsel selected by Indemnitee and approved by
the Company (which approval shall not be unreasonably withheld). For purposes hereof, disinterested directors are those members
of the Board of Directors of the Company who are not parties to the action, suit or proceeding in respect of which indemnification
is sought by Indemnitee. Indemnification payments requested by Indemnitee under Section 2 hereof shall be made by the Company
no later than sixty (60) days after receipt of the written request of Indemnitee. Claims for advancement of Expenses shall be
made under the provisions of Section 7 herein.

 

    	 

    	 

    

 

(d)
Application for Enforcement. In the event the Company fails to make timely payments as set forth in Sections 7 or 8(b) above,
Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s
right to indemnification or advancement of Expenses pursuant to this Agreement. In such an enforcement hearing or proceeding,
the burden of proof shall be on the Company to prove that indemnification or advancement of Expenses to Indemnitee is not required
under this Agreement or permitted by applicable law. In any such proceeding to enforce any rights pursuant to this Agreement,
the Company shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement and is precluded
from making any assertion to the contrary. Any determination by the Company (including its Board of Directors, a committee thereof,
Independent Counsel) or stockholders of the Company, that Indemnitee is not entitled to indemnification hereunder, shall not be
a defense by the Company to the action nor create any presumption that Indemnitee is not entitled to indemnification or advancement
of Expenses hereunder.

 

(e)
Indemnification of Certain Expenses. The Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
in connection with any hearing or proceeding under this Section 8 unless the Company prevails in such hearing or proceeding on
the merits in all material respects.

 

9.
Assumption of Defense. In the event the Company shall be requested by Indemnitee to pay the Expenses of any proceeding, the
Company, if appropriate, shall be entitled to assume the defense of such proceeding, or to participate to the extent permissible
in such proceeding, with counsel reasonably acceptable to Indemnitee. Upon assumption of the defense by the Company and the retention
of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the same proceeding, provided that Indemnitee shall have the right to employ separate counsel
in such proceeding at Indemnitee’s sole cost and expense. Notwithstanding the foregoing, if Indemnitee’s counsel delivers
a written notice to the Company stating that such counsel has reasonably concluded that there may be a conflict of interest between
the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise
actively pursued the defense of such proceeding within a reasonable time, then in any such event the fees and Expenses of Indemnitee’s
counsel to defend such proceeding shall be subject to the indemnification and advancement of Expenses provisions of this Agreement.

 

10.
Insurance.

 

(a)
To the extent that the Company maintains an insurance policy or policies providing liability insurance for Agents (“D&O
Insurance”), Indemnitee shall be covered by such policy or policies in accordance with its or their terms in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s
independent directors, if Indemnitee is an independent director; or of the Company’s officers, if Indemnitee is not a director
of the Company but is an officer; or of the Company’s key employees, if Indemnitee is not an officer or director but is
a key employee. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has D&O Insurance
in effect or otherwise potentially available, the Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding
in accordance with the terms of such policies.

 

    	 

    	 

    

 

(b)
In the event of a change of control or the Company’s becoming insolvent, the Company shall, to the extent reasonably
practicable, maintain in force any and all insurance policies then maintained by the Company in providing insurance—directors’
and officers’ liability, fiduciary, employment practices or otherwise—in respect of the individual directors and officers
of the Company, for a fixed period of six (6) years thereafter (a “Tail Policy”). Such coverage shall be non-cancellable
and shall be placed and serviced for the duration of its term by the Company’s incumbent insurance broker. Such broker shall
place the Tail policy with the incumbent insurance carriers using the policies that were in place at the time of the change of
control event (unless the incumbent carriers will not offer such policies, in which case the Tail Policy placed by the Company’s
insurance broker shall be substantially comparable in scope and amount as the expiring policies, and the insurance carriers for
the Tail Policy shall have an AM Best rating that is the same or better than the AM Best ratings of the expiring policies).

 

11.
Exceptions.

 

(a)
Certain Matters. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the
terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to: (i) remuneration paid to Indemnitee
if it is determined by final judgment not subject to further appeal that such remuneration was in violation of law; (ii) a final
judgment not subject to further appeal rendered against Indemnitee for an accounting, disgorgement or repayment of profits made
from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by
or on behalf of Indemnitee to the extent it is acknowledged by Indemnitee and the Company that such amount paid in settlement
resulted from Indemnitee’s conduct from which Indemnitee received monetary personal profit to which Indemnitee was not entitled,
pursuant to the provisions of Section 16(b) of the Exchange Act, or other provisions of any federal, state or local statute or
rules and regulations thereunder; or (iii) a final judgment not subject to further appeal that Indemnitee’s conduct was
in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such
specific determination); or (iv) on account of conduct that is established by a final judgment not subject to further appeal as
constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to
which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment may be reached solely in the
underlying proceeding.

 

(b)
Claims Initiated by Indemnitee. Notwithstanding any provision herein to the contrary, the Company shall not be obligated to
indemnify or advance Expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the
Company or its Agents and not by way of defense, except (i) with respect to proceedings brought to establish or enforce a right
to indemnification or advancement under this Agreement or under any other agreement, provision in the Bylaws or Amended and Restated
Certificate of Incorporation or applicable law, or (ii) with respect to any other proceeding initiated by Indemnitee that is either
approved by the Board of Directors or Indemnitee’s participation is required by applicable law. However, indemnification
or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors determines in good faith
it to be appropriate.

 

(c)
Settlements. Notwithstanding any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant
to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding
effected without the Company’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to
any proposed settlement. The Company shall not settle any action or claim in any manner which would impose any penalty or limitation
on the Indemnitee without Indemnitee’s written consent, which may be given or withheld in Indemnitee’s sole discretion.
The Company shall not, on its own behalf, settle any part of any Proceeding to which Indemnitee is party with respect to other
parties (including the Company) without the written consent of Indemnitee if any portion of such settlement is to be funded from
any corporate insurance policy under which Indemnitee is an insured and for which Indemnitees claims may be covered unless approved
by (1) the written consent of Indemnitee or (ii) a majority of the independent directors of the Board of Directors; provided,
however, that the right to constrain the Company’s use of corporate insurance as described in this Section 11 shall terminate
at the time the Company concludes (per the terms of this Agreement) that (i) Indemnitee is not entitled to indemnification pursuant
to this agreement, or (ii) such indemnification obligation to Indemnitee has been fully discharged by the Company.

 

    	 

    	 

    

 

(d)
Prior Payments. Notwithstanding any provision herein to the contrary, the Company shall not be obligated pursuant to the terms
of this Agreement to indemnify or advance Expenses to Indemnitee under this Agreement for which payment has actually been made
to or on behalf of Indemnitee under any insurance policy or other indemnity provision, expect with respect to any excess beyond
the amount paid under any insurance policy or indemnity policy; provided, however, that payment made to Indemnitee pursuant to
an insurance policy purchased and maintained by Indemnitee at his or her own expense of any amounts otherwise indemnifiable or
obligated to be made pursuant to this Agreement shall not reduce the Company’s obligations to Indemnitee pursuant to this
Agreement.

 

12.
Nonexclusivity and Survival of Rights. The provisions for indemnification and advancement of Expenses set forth in this Agreement
shall not be deemed exclusive of any other rights which Indemnitee may at any time be entitled under any provision of applicable
law, the Company’s Amended and Restated Certificate of Incorporation, Bylaws or other agreements, both as to action in Indemnitee’s
official capacity and Indemnitee’s action as an Agent, in any court in which a proceeding is brought, and Indemnitee’s
rights hereunder shall continue after Indemnitee has ceased acting as an Agent and shall inure to the benefit of the heirs, executors,
administrators and assigns of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be
binding on the Company and its successors and assigns until terminated in accordance with its terms. The Company shall require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to (i) 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, and (ii) agree to indemnify Indemnitee to the fullest extent permitted by law.

 

No
amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under
this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment,
alteration or repeal. To the extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification
or advancement of Expenses than would be afforded currently under the Company’s Amended and Restated Certificate of Incorporation,
Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, by Indemnitee
shall not prevent the concurrent assertion or employment of any other right or remedy by Indemnitee.

 

13.
Term. All the rights and privileges afforded by this agreement, including the right to indemnification and the advancement
of legal fees provided under this Agreement, shall continue as to Indemnitee for any action taken or not taken while serving in
an indemnified capacity pertaining to an indemnifiable event even though Indemnitee may have ceased to serve in such capacity
at the time of any Proceeding.

 

No
legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against an Indemnitee
or an Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of three (3)
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 five-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to such cause of action, such shorter period shall govern.

 

    	 

    	 

    

 

14.
Definitions and Construction of Certain Phrases.

 

(a)
Agent. For purposes of this Agreement, the term “Agent” of the Company means any person who: (i) is or was a director,
officer, employee, agent, or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or was serving at the
request of the Company or a subsidiary of the Company, as a director, officer, employee, agent, or other fiduciary of a foreign
or domestic corporation, partnership, joint venture, trust or other enterprise. References to “serving at the request of
the Company” shall include, but not be limited to, any service as a director, officer, employee or agent of the Company
or any other entity which imposes duties on, or involves services by, such director, officer, employee or agent with respect to
an employee benefit plan, its participants or beneficiaries, including as a deemed fiduciary thereto.

 

(b)
Change in Control. For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred
if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, (A) who is
or becomes the beneficial owner, directly or indirectly, of securities of the Company representing twenty percent (20%) or more
of the combined voting power of the Company’s then outstanding Voting Securities, increases his beneficial ownership of
such securities by five percent (5%) or more over the percentage so owned by such person, or (B) becomes the beneficial owner
(as defined in Rule 13d-3under said Exchange Act), directly or indirectly, of securities of the Company representing more than
thirty percent (30%) of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during
any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors of
the Company (the “Incumbent Board”) and any new director whose election by the Board of Directors or nomination
for election by the stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved,
cease for any reason to constitute a majority thereof (provided, however, that if the appointment or election (or nomination
for election) of any new member of the Board of Directors was approved or recommended by a majority vote of the members of the
Incumbent Board then still in office, such new member shall be considered as a member of the Incumbent Board), or (iii) the stockholders
of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation
which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least two-thirds (2/3) of the
total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement
for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially all of the
Company’s assets.

 

(c)
Exchange Act. For purposes of this Agreement, the term “Exchange Act” shall mean the Securities Exchange
Act of 1934, as amended.

 

(d)
Expenses. For purposes of this Agreement, the term “Expenses” shall be broadly construed and shall include,
without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’,
witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and
reasonably incurred by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing
a right to indemnification under this Agreement, the Code or otherwise. The term “Expenses” shall also include
reasonable compensation for time spent by Indemnitee for which he or she is not compensated by the Company or any subsidiary or
third party: (i) for any period during which Indemnitee is not an Agent, in the employment of, or providing services for compensation
to, the Company or any subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors
of the Company who are not parties to any action with respect to which Expenses are incurred, for Indemnitee while an Agent of,
employed by, or providing services for compensation to, the Company or any subsidiary.

 

    	 

    	 

    

 

(e)
Independent Counsel. For purposes of this Agreement, the term “Independent Counsel” means a law firm, or
a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party, or (ii) any other party to the proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in
an action to determine Indemnitee’s rights under this Agreement. The Company will pay the reasonable fees and expenses of
the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(f)
Liabilities. For purposes of this Agreement, the term “Liabilities” shall be broadly construed and shall
include, without limitation, judgments, damages, deficiencies, liabilities, losses, penalties, excise taxes, fines, assessments
and amounts paid in settlement, including any interest and any federal, state, local or foreign taxes imposed as a result of the
actual or deemed receipt of any payment under this Agreement.

 

(g)
Proceedings. For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall
include, without limitation, any threatened, pending, or completed action, suit, claim, counterclaim, cross claim, 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, criminal, administrative
or investigative nature, and whether formal or informal in any case, in which Indemnitee was, is or will be involved as a party,
potential party, non-party witness, or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of
the Company; (ii) the fact of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or
failure to act) on Indemnitee’s part while acting as an Agent; or (iii) the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee
benefit plan, or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time
any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses may be provided under
this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of
a proceeding, this shall be considered a proceeding under this paragraph.

 

(h)
Spousal Equivalent. For purposes of this Agreement, the term “Spousal Equivalent” shall be a person who
meets the following conditions: (i) irrespective of whether or not the relevant person and the Spousal Equivalent are the same
sex, they are the sole spousal equivalent of the other for the last 12 months, (ii) they intend to remain so indefinitely, (iii)
neither are married to anyone else, (iv) both are at least 18 years of age and mentally competent to consent to contract, (v)
they are not related by blood to a degree of closeness that would prohibit legal marriage in the state in which they legally reside,
(vi) they are jointly responsible for each other’s common welfare and financial obligations, and (vii) they have resided
together in the same residence for the last 12 months and intend to do so indefinitely.

 

(i)
Subsidiary. For purposes of this Agreement, the term “subsidiary” means any corporation, limited liability
company, or other entity, of which more than 50% of the outstanding voting securities or equity interests are owned, directly
or indirectly, by the Company and one or more of its subsidiaries, and any other corporation, 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 an Agent.

 

    	 

    	 

    

 

(j)
Voting Securities. For purposes of this Agreement, “Voting Securities” shall mean any securities of the
Company that vote generally in the election of directors.

 

15.
Subrogation. In the event of 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, at the request and expense of the Company, shall execute all papers required
and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary
to enable the Company effectively to bring suit to enforce such rights.

 

16.
Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced
so as to provide indemnification and advancement of Expenses to Indemnitee to the fullest extent now or hereafter permitted by
law.

 

17.
Severability/No Imputation. If any provision 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 the Agreement (including without
limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the
fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable
and to give effect to Section 16 hereof. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee
of the Company or the Company itself shall not be imputed to Indemnitee for purposes of determining any rights under this Agreement.

 

18.
Amendment and Waiver. No supplement, modification, amendment, or cancellation of this Agreement shall be binding unless executed
in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

19.
Notice. Except as otherwise provided herein, any notice or demand which, by the provisions hereof, is required or which may
be given to or served upon the parties hereto shall be in writing and, if by electronic transmission, shall be deemed to have
been validly served, given or delivered when sent, if by overnight delivery, courier or personal delivery, shall be deemed to
have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served,
given or delivered three (3) business days after deposit in the United States mail, as registered or certified mail, with proper
postage prepaid and addressed to the party or parties to be notified at the addresses set forth on the signature page of this
Agreement (or such other address(es) as a party may designate for itself by like notice). If to the Company, notices and demands
shall be delivered to the attention of the Secretary of the Company. Notice shall be sent to both the addresses and electronic
email address set forth on the signature page of this Agreement or such other address as either party may specify in writing.
Either party to this Agreement may amend the address and electronic email address set forth on the signature page of this Agreement
using any of the notice methods set forth above.

 

20.
Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware,
as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware.

 

    	 

    	 

    

 

21.
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 but one and the same Agreement. Only one such counterpart need be produced
to evidence the existence of this Agreement.

 

22.
Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction hereof.

 

23.
Entire Agreement. Subject to Section 11 hereof, this Agreement constitutes the entire agreement between the parties with respect
to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the
parties with respect to the subject matter of this Agreement; provided, however, that this Agreement is a supplement to and in
furtherance of the Company’s Amended and Restated Certificate of Incorporation, Bylaws, the Code and any other applicable
law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder.

 

24.
Determination of Good Faith/Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be presumed to
have acted in good faith if Indemnitee’s action is based on the records or books of account of the Company, including financial
statements, or on information supplied to Indemnitee by the officers of the Company in the course of their duties, or on the advice
of legal counsel for the Company or the Board of Directors or counsel selected by any committee of the Board of Directors or on
information or records given or reports made to the Company by an independent certified public accountant or by an appraiser,
investment banker, compensation consultant, or other expert selected with reasonable care by the Company or the Board of Directors
or any committee of the Board of Directors. The provisions of this Section 24 shall not be deemed to be exclusive or to limit
in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct. Whether
or not the foregoing provisions of this Section 24 are satisfied, it shall in any event be presumed that Indemnitee has at all
times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.

 

25.
Monetary Damages Insufficient/Specific Performance. The Company and Indemnitee agree that a monetary remedy for breach of
this Agreement may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee
irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm (having agreed that actual
and irreparable harm will result in not forcing the Company to specifically perform its obligations pursuant to this Agreement)
and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which he 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 the Court, and the Company hereby waives any such requirement
of a bond or undertaking.

 

26.
Information Sharing. If Indemnitee is the subject of or is implicated in any way during an investigation, whether formal or
informal, the Company shall promptly notify the Indemnitee of such investigation. The Company shall further share with Indemnitee
any information it has turned over to any third parties concerning the investigation (“Shared Information”)
at the time such information is so furnished, unless such notice is prohibited by any law, rule, regulation or formal order from
a regulatory agency, would breach a confidentiality obligation owed to a third party or would waive the Company’s attorney-client
privilege. By executing this agreement, Indemnitee agrees that such Shared Information is material non-public information that
Indemnitee is obligated to hold in confidence and may not disclose publicly; provided, however, that Indemnitee
is permitted to use the Shared Information and to disclose such Shared information to Indemnitee’s legal counsel and third
parties solely in connection with defending Indemnitee from legal liability.

 

    	 

    	 

    

 

27.
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the
amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement
and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion
as is deemed fair and reasonable in light of all of the circumstances of such proceeding in order to reflect (i) the relative
benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such proceeding;
and/or (ii) the relative fault of the Company and Indemnitee in connection with such event(s) and/or transaction(s).

 

28.
Consent to Jurisdiction. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the
“Delaware Court”), and not in any other state or federal court in the United States of America or any court
in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or
proceeding arising out of or in connection with this Agreement, (iii) agree to appoint, to the extent such party is not otherwise
subject to service of process in the State of Delaware, an agent in the State of Delaware as such party’s agent for acceptance
of legal process in connection with any such action or proceeding against such party with the same legal force and validity as
if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such
action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

[Signature
Page Follows]

 

[The
Remainder of This Page is Intentionally Blank]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first above written.

 

	 	TARONIS
    FUELS, INC.
	 	 	 
	 	By:	 
	 	Name:
    	Scott Mahoney
	 	Title:	Chief Executive Officer

 

	 	INDEMNITEE
	 	 
	 	Signature
    of Indemnitee
	 	 
	 	Print
    or Type Name of Indemnitee

 

    	 

    	 

    

 

SIGNATURE
PAGE TO INDEMNIFICATION AGREEMENT

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