Document:

EX-10.1

  Exhibit 10.1

   

   

  AMENDMENT LETTER

   

  To:       Global Loan Agency Services Limited as Agent under the RCF Agreement (as defined below) (the “Agent”)

    

  From:   Soho House Bond Limited(the “Company”) and the other Obligors under the RCF Agreement

    

    

  11 February 2022

    

    

  Dear all,

    

  Revolving facility agreement originally dated 5 December 2019 and made between, amongst others, Soho House & Co Limited as Parent, Soho House Bond Limited as the Company, HSBC UK Bank PLC as Arranger, Global Loan Agency Services Limited as Agent and GLAS Trust Corporation Limited as Collateral Agent (as amended and/or amended and restated from time to time, the “RCF Agreement”)

   

  Reference is made to the RCF Agreement. Terms defined in the RCF Agreement shall have the same meaning when used in this letter.

    

  1.RCF AGREEMENT AMENDMENT AND CONSENT

  (a)We request, and the Agent (acting on the instructions of all the Lenders) agrees, with effect from the time at which the Agent countersigns this letter (acting on the instructions of all the Lenders) (the “Effective Time”), to amend the definition of “Termination Date” in Clause 1.1 (Definitions) of the RCF Agreement as follows (the “Amendment”):

   

  “Termination Date” means:

  a.in relation to the Original Revolving Facility and the 2020 Additional Facility, 25 January 2024; and

  b.in relation to any Additional Facility (excluding, for this purpose, the 2020 Additional Facility), the date specified in the applicable Additional Facility Notice.

  (b)In consideration for the Lenders agreeing to the Amendment, we agree to pay to the Agent for the account of the Lenders in equal parts between them a consent fee of GBP £468,750 (the “Consent Fee”). The Consent Fee shall be due and payable on the date falling 5 Business Days after the Effective Time.

    

  2.REPRESENTATIONS AND WARRANTIES

  Each Obligor, by its signature hereto, hereby makes the Repeating Representations on the Effective Time by reference to the facts and circumstances then existing on such date.

    

  3.SECURITY AND GUARANTEE CONFIRMATION

  (a)Each Obligor confirms that, with effect from the Effective Time, the guarantees and indemnities set out in Clause 21 (Guarantee and Indemnity) of the RCF Agreement shall:

  i.continue to apply in full force and effect in respect of its obligations under the Finance Documents (as amended, restated and/or supplemented by this letter and notwithstanding any amended, additional or more onerous obligations); and

  ii.extend to all of its new obligations under the Finance Documents arising from the Amendment, subject only to the limitations set out in Clauses 21.11 (Other Limitations) to 21.15 (Guarantee Limitation - Germany) of the RCF Agreement (the “Guarantee Limitations”) and notwithstanding any amended, additional or more onerous obligations.

  

  (b)Each Obligor confirms that, from the Effective Time, subject to the Guarantee Limitations:

  i.its liabilities and obligations arising under the RCF Agreement and the other Finance Documents as amended, restated and/or supplemented by this letter already are included in the “Secured Obligations” as defined in the Intercreditor Agreement;

  ii.any Security created by it under the Transaction Security Documents continues to secure and extends to its liabilities and obligations under the Finance Documents (including the RCF Agreement as amended, restated and/or supplemented by this letter and notwithstanding any amended, additional or more onerous obligations); and

  iii.the Security created under each Transaction Security Document to which it is a party continues in full force and effect under the terms of the relevant Transaction Security Document and notwithstanding any amended, additional or more onerous obligations.

  (c)Each of the parties to this letter confirms that the Amendment pursuant to this letter shall not constitute a novation of the RCF Agreement.

    

  4.RESERVATION OF RIGHTS

  The Amendment contemplated in this letter is given strictly on the basis of the terms of this letter and without prejudice to the rights of the Finance Parties. Save as expressly set out in this letter, nothing in this letter shall constitute, be construed or be deemed to constitute a waiver or compromise of any other term or condition of the Finance Documents or any of the Finance Parties’ rights in relation to them which, for the avoidance of doubt, shall continue to apply in full force and effect.

    

  5.COSTS AND EXPENSES

  Any costs and expenses incurred by the Finance Parties in connection with this letter and the Amendment shall be paid in accordance with clause 20 (Costs and Expenses) of the RCF Agreement.

    

  6.MISCELLANEOUS

  (a)This letter is designated as a Finance Document under the RCF Agreement. With effect from the Effective Time, this letter and the RCF Agreement shall be read and construed as one document.

  (b)If, at any time, any provision of this letter is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

  (c)This letter may be executed in any number of counterparts and all those counterparts taken together shall be deemed to constitute one and the same letter. Delivery of a counterpart of this letter by e-mail attachment or telecopy shall be an effective mode of delivery.

    

  7.GOVERNING LAW

  This letter and any non-contractual obligations arising out of or in relation to it shall be governed by and construed in accordance with English law, and the Company and each other Obligor submits to the jurisdiction of the English courts on the terms set out in Clause 45 (Enforcement) of the RCF Agreement.

   

   

  

  COMPANY

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE BOND LIMITED

   

   

   

   

   

  

   

  OBLIGORS

   

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE & CO LIMITED

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE BOND LIMITED

   

   

  		
	  
	/s/ Nick Jones

  BN MIDCO LIMITED

   

   

  		
	  
	/s/ Nick Jones

  BN ACQUIRECO LIMITED

   

   

  		
	  
	/s/ Nick Jones

  ABERTARFF LIMITED

   

   

  		
	  
	/s/ Nick Jones

  SHG ACQUISITION (UK) LIMITED

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE LIMITED

   

   

   

  

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE UK LIMITED 

   

   

  		
	  
	/s/ Nick Jones

  COWSHED PRODUCTS LIMITED

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE PROPERTIES LIMITED

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOME LIMITED

   

   

  		
	  
	/s/ Nick Jones

  SOHO U.S. CORP.

   

   

  		
	  
	/s/ Nick Jones

  US ACQUIRECO, INC.

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE NEW YORK LLC

   

   

   

  

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE WEST HOLLYWOOD LLC

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE, LLC

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE CHICAGO LLC

   

   

  		
	  
	/s/ Nick Jones

  LITTLE BEACH HOUSE MALIBU, LLC

   

   

  		
	  
	/s/ Nick Jones

  SOHO-DUMBO, LLC

   

   

  		
	  
	/s/ Nick Jones

  SOHO-LUDLOW TENANT, LLC

   

   

  		
	  
	/s/ Nick Jones

  SOHO-CECCONl'S (WATER STREET), LLC

   

   

   

  

   

   

  		
	  
	/s/ Nick Jones

  SOHO HOUSE BERLIN GMBH

   

  
 

    

   

  

   

   

  Accepted and agreed by

   

  		
	  
	/s/ Lee Morrell - Senior Transaction Manager

  GLOBAL LOAN AGENCY SERVICES LIMITED

   

  as Agent under the RCF Agreement (acting on behalf of all the Lenders under the RCF Agreement)Exhibit 10.18

    

     

    

    INDEMNITY AGREEMENT

    

    

    THIS INDEMNITY AGREEMENT (this “Agreement”) is made effective as of August 17, 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)	
            Tassilo Festetics (“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 [•],
      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

      
        

    

    

    

    	2.2	
            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;

          

    

    

    	

          	(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;

          

     

    

    
      3

      
        

    

    

    

    	

          	(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.

          

    

    

    	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.

          

     

    

    
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    	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.

          

    

    

    	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.

          

     

    

    
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    	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.

     

    

    
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    	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.

          

     

    

    
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    	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.

          

    

    

    	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;

          

     

    

    
      8

      
        

    

    

    

    	

          	(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.

          

    

    

    	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.

          

     

    

    
      9

      
        

    

    

    

    	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.

          

     

    

    
      10

      
        

    

    

    

    	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.

          

     

    

    
      11

      
        

    

    

    

    	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.

          

     

    

    
      12

      
        

    

    

    

    	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.

          

     

    

    
      13

      
        

    

    

    

    	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.

          

    

    

    	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.

     

    

    
      14

      
        

    

    

    

    	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.

          

    

    

    	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.

          

     

    

    
      15

      
        

    

    

    

    	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.

     

    

    
      16

      
        

    

    

    

    	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.

          

     

    

    
      17

      
        

    

    

    

    	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.

    

    

    	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.

     

    

    
      18

      
        

    

    

    

    	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.

    

    

    	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.

     

    

    
      19

      
        

    

    

    

    	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]

     

    

    
      20

      
        

    

    

    

    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/ Tassilo Festetics

          
	 	 	
            Name:

          	
            Tassilo Festetics

          
	 	 	
            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]

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