Document:

Form of Stock Appreciation Right Award Agreement

 Exhibit 10.19 
 THE SHARES ISSUABLE PURSUANT TO THIS AGREEMENT ARE SUBJECT TO THE PROVISIONS OF THE COMPANY’S 2008 STOCK OPTION AND STOCK APPRECIATION RIGHT PLAN AND THIS AGREEMENT IS ENTERED INTO PURSUANT THERETO. 
 PHOSPHATE HOLDINGS, INC. 
 2008 STOCK
OPTION AND STOCK APPRECIATION RIGHT PLAN 
 STOCK APPRECIATION RIGHT AWARD AGREEMENT 
 SAR Grant No. __________ Date of Grant: _________ Grant Price: $______ 
 Expiration Date: ________________ Number of Shares: ________________ 
 THIS STOCK APPRECIATION RIGHT
AWARD AGREEMENT (the “Agreement”) is made as of [date] between Phosphate Holdings, Inc., a Delaware corporation (the “Company”), and _______________ (the “Participant”)
pursuant to the terms and conditions of the Phosphate Holdings, Inc. 2008 Stock Option and Stock Appreciation Right Plan (the “Plan”). A copy of the Plan is being furnished to the Participant concurrently with the execution
of this Agreement which shall be deemed a part of this Agreement as if fully set forth herein. By the execution of this Agreement, the Participant acknowledges receipt of a copy of the Plan. Unless the context otherwise requires, all terms defined
in the Plan shall have the same meaning when used herein. 
 WHEREAS, the Board of Directors of the Company has adopted the Plan to
encourage and enable certain directors of the Company to acquire Awards the value of which is tied to the performance of the common stock, $0.01 par value per share, (“Stock”) of the Company, thus providing them with a more
direct concern in the welfare of the Company and assuring a closer identification of their interests with those of the Company; and 
 WHEREAS, the Participant is one of such eligible participants in the Plan. 
 NOW THEREFORE, the parties agree as
follows: 
 1. Stock Appreciation Right Award. Subject to the conditions set forth below and adjustment pursuant to
Section 6, the Company hereby grants to the Participant (the “Award”), effective as of [date] (the “Date of Grant”), in accordance with the terms and conditions set forth herein and in the Plan,
stock appreciation rights related to __________ shares of Stock (the “Stock Appreciation Rights” or “SARs”). The Stock Appreciation Rights shall provide to the Participant the right to receive a cash
payment in an amount equal to the product of (i) the excess of (A) the Fair Market Value of one share of Stock on the date of settlement over (B) the Fair Market Value of one share of Stock on the Date of Grant (the “Grant
Price”), multiplied by (ii) the number of shares as to which this Award has been settled. The Award is specifically made subject to execution by the Participant of this Agreement. 
 2. Vesting of Stock Appreciation Rights. Subject to the earlier expiration of this Award as herein provided, this Award may be
settled in accordance with the provisions of this Agreement, but, except as otherwise provided below, this Award shall not be settled for more 

 
than a percentage of the aggregate number of Stock Appreciation Rights offered by this Award determined by the number of full years from the Date of Grant
hereof to the date of such settlement, in accordance with the following schedule: 
  

			
	 Number of Full Years
	  	Percentage of Rights
That May Be Settled
	 One
	  	33 1/3%
	 Two
	  	33 1/3%
	 Three
	  	33 1/3%

 Stock Appreciation Rights that may be settled pursuant to the schedule above are
“Vested Rights.” Stock Appreciation Rights that may not be settled pursuant to the schedule above are “Unvested Rights.” 
 (a) Termination of Service. In the event the Participant’s service with the Company is terminated for any reason, including
death, disability, failure to be slated or re-elected, or resignation, all Unvested Rights shall immediately become fully Vested Rights. 
 (b) Term of Award. This Award may not be settled in any event after the expiration of five years from the date of grant hereof. 
 3. Settlement of Stock Appreciation Rights. Settlement. The Committee shall establish the rules and procedures of settlement applicable to all Vested Rights in accordance with the
provisions for SAR settlement in the Plan. Subject to Section 6(c) below, the Vested Rights shall be settled by the Company through a cash payment to the Participant in an amount equal to the product of (i) the excess of (A) the Fair
Market Value of one share of Stock on the date of settlement over (B) the Grant Price, multiplied by (ii) the number of Vested Rights being settled. 
 (b) Fractional Rights. In the event that each of the Vested Rights have been exercised but for a fractional share, such fractional
share shall automatically and without notice or further action of the Company or the Participant, terminate and become null and void. 
 (c) Settlement Procedures. Notwithstanding anything to the contrary in Section 3(a) above, settlement of Vested Rights shall be subject to and pursuant to rules and procedures established by the Committee
from time to time, provided that such rules and procedures are in accordance with the Plan. 
 4. Settlement Following a
Registration Filing. Notwithstanding any of the provisions in this Agreement to the contrary, including but not limited to Section 3 above, in the event that the Company files a Form S-8 in accordance with the Securities Act, or any
other appropriate registration form (either, a “Registration Form”), that shall cover the shares of Stock reserved and available for issuance in connection with Awards under the Plan, each of the Stock Appreciation Rights
granted to Participant under Section 1 shall immediately, and without further action of either the Company or the Participant, convert to Options in the manner provided below: 
  

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 (a) Unvested Rights. Each of the Stock Appreciation Rights that remain Unvested
Rights on the date that the Company files a Registration Form shall be converted to unvested Options (the “Unvested Options”). These Unvested Options will be required to satisfy the vesting schedule in Section 2 above as
if the Unvested Options were granted to the Participant on the Date of Grant. 
 (b) Vested Rights. Each of the Stock
Appreciation Rights that have become Vested Rights as of the date that the Company files a Registration Form shall be converted to fully vested and immediately exercisable Options (the “Vested Options”). 
 The Options shall have an exercise price per Option of the Grant Price. The Committee, in accordance with the authority provided to it in
Section 3(c) above, shall establish the rules and procedures of settlement applicable to all Vested Options in accordance with the provisions for Option settlement in the Plan. The Options shall be identical to the Stock Appreciation Rights in
all other respects and remain subject to each applicable provision of this Agreement. 
 5. Transferability. Subject to
Section 22 below, this Agreement and the Vested Rights granted hereunder will be transferable by the Participant only to the extent approved by the Committee in conformance with Section 9(b) of the Plan. 
 6. Recapitalization or Reorganization. 
 (a) Existence of Plan and Award. The existence of the Plan and the Award shall not affect in any way the right or power of the Board of Directors or the stockholders of the Company to make or authorize any
adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights
thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. 
 (b) Subdivision or Consolidation of Shares. The terms of this Award and the shall be subject to adjustment from time to time, in
accordance with the following provisions: 
 (i) If at any time, or from time to time, the Company shall subdivide as a whole
(by reclassification, by a stock split, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock, then the number of shares of Stock Appreciation Rights specified in Section 1 above shall be
increased proportionately and the Grant Price shall be reduced proportionately, without changing the aggregate value as to which the Award remains settleable. 
 (ii) If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, reverse stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, the number of shares of Stock Appreciation Rights specified in Section 1 above shall be decreased proportionately and the Grant Price shall be
increased proportionately, without changing the aggregate value as to which the Award remains settleable. 
  

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 (iii) Whenever the number of shares of Stock subject to outstanding Awards are required
to be adjusted as provided in this Section 6(b), the Committee shall promptly prepare and deliver to the Participant a notice setting forth, in reasonable detail, the event requiring adjustment, the amount of the adjustment, the method by which
such adjustment was calculated, the change in the number of shares of Stock Appreciation Rights specified in Section 1 above, and the change in the Grant Price after giving effect to the adjustments. The Committee shall promptly give the
Participant such a notice. 
 (iv) Adjustments under Sections 6(b)(i) and (ii) shall be made by the Committee, and its
determination as to what adjustments shall be made and the extent thereof shall be final, binding, and conclusive. 
 (c)
Change in Control. Subject to Section 22 below, immediately prior to a Change in Control (as such term is defined in the Plan), all Unvested Rights shall become Vested Rights and the Committee, acting in its sole discretion without the
consent or approval of any holder, may determine that all Vested Rights must be exercised in full for a limited period of time on or before a specified date (before or after such Change in Control) fixed by the Committee, after which specified date
all Vested Rights and all rights of holders thereunder shall terminate. 
 7. No Multiple Payments. Settlement of any
portion of this Award shall not occur under more than one provision of this Agreement. Upon settlement of all or a portion of this Award under either Section 3 or Section 6(c), no additional payments will be made with respect to the
settled portion of the Award. 
 8. No Right to Continued Directorship. This Agreement shall not be construed to confer
upon the Participant any right to continue as a director of the Company or any Subsidiary of the Company, as applicable. 
 9.
Administration. This Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall have sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of a
majority of the Committee with respect thereto and this Agreement shall be final and binding upon the Participant and the Company or any Subsidiary of the Company. In the event of any conflict between the terms and conditions of this Agreement and
the Plan, the provisions of the Plan shall control. 
 10. Not an Employee Benefit Plan. This Agreement and the Plan
constitute an equity-based compensation arrangement and, as such, does not constitute an arrangement subject to the Employee Retirement Income Security Act of 1974, as amended. This Agreement and the Plan shall not give a Participant any security or
other interest in any assets of the Company; rather the Recipient’s right to the Award is that of a general unsecured creditor of the Company. 
 11. No Liability for Good Faith Determinations. The Company, the Committee and the members of the Board shall not be liable for any act, omission or determination taken or made in good faith with respect to this
Agreement or any Award granted hereunder. 
 12. No Guarantee of Interests. The Company, the Committee and the members
of the Board do not guarantee the Stock from loss or depreciation. 
  

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 13. Company Records. Records of the Company or any Subsidiary of the Company
regarding the Participant’s period of service, departure from the Board and the reason therefor, and other matters shall be conclusive for all purposes hereunder, unless determined by the Company to be incorrect. 
 14. Company Action. Any action required of the Company shall be by resolution of its Board or by a person authorized to act by
resolution of the Board. 
 15. Severability. If any provision of this Agreement is held to be illegal or invalid for
any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included
herein. 
 16. Notices. For purposes of this Agreement, notices and all other communications provided for herein shall
be in writing and shall be deemed to have been duly given when personally delivered, telecopied or sent by electronic mail and confirmed, or when mailed by certified mail, return receipt requested, or nationally recognized overnight delivery service
with proof of receipt maintained, at the following addresses (or any other address that any party may designate by written notice to the other party, in accordance herewith, except that such notice shall be effective only upon receipt): 

 

			
	 If to the Company to:
	  	[Name and Address]
		  	_________________________  

		  	_________________________  

		  	_________________________  

	 With a copy to:
	  	[Name and Address]
		  	_________________________  

		  	_________________________  

		  	_________________________  

	 If to the Individual to:
	  	[Name and Address]
		  	_________________________  

		  	_________________________  

		  	_________________________  

 Any such notice shall, if delivered personally, be deemed received upon delivery; if delivered by
telecopy or by electronic mail, be deemed received upon confirmation; if delivered 

  

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by nationally recognized overnight delivery service, be deemed received the first (1st) business day after being sent; and if delivered by mail, be
deemed received upon the earlier of actual receipt thereof or five (5) business days after the date of deposit in the United States mail. 
 17. Waiver of Notice. Any person entitled to notice hereunder may waive such notice. 
 18.
Successors. This Agreement shall be binding upon the Participant, the Participant’s legal representatives, heirs, legatees and distributees, and upon the Company, its successors and assigns. 
 19. Headings. The titles and headings of Sections are included for convenience of reference only and are not to be considered in
construction of the provisions hereof. 
 20. Governing Law. All questions arising with respect to the provisions of
this Agreement shall be determined by application of the laws of the State of Mississippi without regard to choice of law provisions thereunder, except to the extent Mississippi law is preempted by federal law. 
 21. Word Usage. Words used in the masculine shall apply to the feminine where applicable, and wherever the context of this Agreement
dictates, the plural shall be read as the singular and the singular as the plural. 
 22. No Assignment. Except as
provided in Section 5 above, the Participant may not assign this Agreement or any of the Participant’s rights under this Agreement without the Company’s prior written consent, and any purported or attempted assignment without such
prior written consent shall be void. 
 23. Furnish Information. Participant agrees to furnish to the Company all
reasonable information requested by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any applicable statute or regulation. 
 24. Amendment. This Agreement may be amended by the Committee or the Board; provided, however, that no amendment may decrease
Participant’s rights inherent in this Agreement prior to such amendment without Participant’s express written consent. Notwithstanding the provisions of this Section 24, this Agreement may be amended by the Committee to the extent
necessary to comply with applicable laws and regulations and to conform the provisions of this Agreement to any changes thereto. 
 25. Stockholder Rights. Unless and until a certificate or certificates representing shares of Stock have been issued by the Company to the Participant, the Participant (or the person permitted to exercise this Award in
the event of the Participant’s death or disability) shall not be or have the rights or privileges of a stockholder of the Company with respect to the shares acquirable upon exercise of this Award. 
 26. Execution of Receipts and Releases. Any payment of cash or any issuance or transfer of shares of Stock or other property to the
Participant, or to the Participant’s legal representative, heir, legatee or distributee, shall, to the extent thereof, be in full satisfaction of all 

  

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claims of such persons hereunder. The Company may require the Participant or the Participant’s legal representative, heir, legatee or distributee, as a
condition precedent to such payment or issuance, to execute a release and receipt therefore in such form as it shall determine. 
 27.
Remedies. The Company shall be entitled to recover from the Participant reasonable attorneys’ fees incurred in connection with the enforcement of the terms and provisions of this Agreement whether by an action to enforce specific
performance or for damages for its breach or otherwise. 
 28. Conditions to Delivery of Stock. Nothing in this
Agreement shall require the Company to issue any shares upon exercise of all or a portion the Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act or any similar or superseding statute
or statutes, any other applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as then in effect. At the time of any exercise of any Award, the Company may, as a condition precedent to the
exercise of such Award, require from the Participant (or in the event of his death, his legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the
retention or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to
ensure that any disposition by that holder (or in the event of the holder’s death, his legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act or any similar or superseding statute or
statutes, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. 
 29. Nonqualified Deferred Compensation Rules. In the event this Award fails to meet the limitations or requirements of section 409A of the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder (the “Nonqualified Deferred Compensation Rules”), then this Award shall be modified by the Committee, in its sole discretion, to the limited extent necessary to satisfy the Nonqualified
Deferred Compensation Rules, which modifications shall include, but not be limited to, the provisions of Section 6 of this Agreement regarding accelerated settlement of the Award and the definition of Change in Control thereunder. 

30. Arbitration. If any dispute arises out Agreement, the “complaining party” shall give the “other party”
written notice of such dispute. The other party shall have 10 business days to resolve the dispute to the complaining party’s satisfaction. If the dispute is not resolved by the end of such period, the complaining party may by written notice
(the “Arbitration Notice”) demand arbitration of the dispute as set out below, and each party hereto expressly agrees to submit to, and be bound by, such arbitration, in lieu of a jury trial. 
 (a) Each party will, within 10 business days of the Arbitration Notice, nominate an arbitrator, who shall be a non-neutral arbitrator.
Each nominated arbitrator must be someone experienced in dispute resolution and of good character without moral turpitude and not within the employ or direct or indirect influence of the nominating party. The two nominated arbitrators will, within
10 business days of nomination, agree upon a third arbitrator, who shall be neutral. If the two appointed arbitrators cannot agree on a third arbitrator within such period, 

  

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the parties may seek such an appointment through any permitted court proceeding or by the American Arbitration Association (“AAA”).
The three arbitrators will set the rules and timing of the arbitration, but will generally follow the rules of the AAA and this Agreement where same are applicable and shall provide for a reasoned opinion. 
 (b) The arbitration hearing will in no event take place more than 90 days after the appointment of the third arbitrator. 
 (c) The arbitration will take place in Madison, Mississippi, unless otherwise unanimously agreed to by the parties. 
 (d) The results of the arbitration and the decision of the arbitrators will be final and binding on the parties and each party agrees and
acknowledges that these results shall be enforceable in a court of law. 
 (e) The arbitrator shall determine whether the
prevailing party in any proceeding may recover costs and expenses, including attorneys’ fees, which arise as a result of the arbitration. 
 [The remainder of this page intentionally left blank.] 
  

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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer effective as of _____________. 
 PHOSPHATE HOLDINGS, INC. 
 Name:  __________________________________ 
 Title:  ___________________________________ 
 PARTICIPANT 
 _________________________________________ 
 Name:  ___________________________________ 
  

 9Form of Indemnification Agreement

 Exhibit 10.20 
 INDEMNIFICATION AGREEMENT 
 This INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered
into as of this              day of             , 20    , by and between Phosphate
Holdings, Inc., a Delaware corporation (the “Company”), and              (“Indemnitee”). 
 RECITALS: 
 A. 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 he be indemnified to the fullest extent permitted by law. 
 B. The
Certificate of Incorporation of the Company requires the Company to indemnify its directors and officers to the fullest extent permitted by law. 
 C. Indemnitee is serving as a director and/or officer of the Company. 
 AGREEMENTS: 
 NOW, THEREFORE, in consideration of the foregoing premises, Indemnitee’s agreement to serve the Company, directly or, at its request, another
enterprise, and the covenants contained in this Agreement, the Company and Indemnitee hereby covenant and agree as follows: 
 1. Certain
Definitions 
 (a) “Acquiring Person” shall mean any Person other than (i) the Company,
(ii) any of the Company’s Subsidiaries, (iii) any employee benefit plan of the Company or of a Subsidiary of the Company or of 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, (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 corporation owned directly or indirectly by
the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, or (v) any Person who as of the date of this Agreement is a “beneficial owner” (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934 (the “Exchange Act”)), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the outstanding Voting Securities of the Company until such time as the
Board of Directors of the Company reasonably believes that such Person has acquired beneficial ownership of any additional such securities. 
 (b) A “Change of Control” shall be deemed to have occurred if: 
 (i) an
Acquiring Person is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the then outstanding
Voting Securities of the Company; or 

 (ii) Incumbent Directors cease for any reason to constitute a majority of the Board of
Directors of the Company; or 
 (iii) the stockholders of the Company approve a merger or consolidation of the Company with
any other corporation or partnership (or, if no such approval is required, the consummation of such a merger or consolidation of the Company); or 
 (iv) 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 all or substantially all the Company’s assets (or, if no
such approval is required, the decision by the Board of Directors of the Company to proceed with such a liquidation, sale, or disposition in one transaction or series of related transactions). 
 (c) “Claim” shall mean any threatened, pending, or completed action, suit, or proceeding (including, without limitation,
securities laws actions, suits, and proceedings), or any inquiry or investigation (including discovery), whether conducted by the Company or any other party, that Indemnitee in good faith believes might lead to the institution of any action, suit,
or proceeding, whether civil, criminal, administrative, investigative, or other. 
 (d) “Expenses” shall mean
all costs, expenses (including attorneys’ and expert witnesses’ fees), and obligations paid or incurred in connection with investigating, defending (including affirmative defenses and counterclaims), being a witness in, or participating in
(including on appeal), or preparing to defend, be a witness in, or participate in, any Claim relating to any Indemnifiable Event. 
 (e) “Incumbent Directors” shall mean individuals who, as of the date hereof, constitute the Board of Directors of the Company and any other individual who becomes a director of the Company after that date and whose election
or appointment by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of a majority of the directors then still in office who either are directors as of the date hereof or whose election,
appointment, or nomination for election was previously so approved. 
 (f) “Indemnifiable Event” shall mean
an event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent, or fiduciary of the Company, or is or was serving at the request of the Company as a director, officer, employee, trustee, agent, or fiduciary
of another corporation, partnership, joint venture, employee benefit plan, trust, or other enterprise, or by reason of any thing done or not done by Indemnitee in any such capacity. For purposes of this Agreement, the Company agrees that
Indemnitee’s service on behalf of or with respect to any Subsidiary of the Company shall be deemed to be at the request of the Company. 
 (g) “Person” shall mean any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a corporation, a partnership, a trust or other entity. A Person,
together with that Person’s Affiliates and Associates (as those terms are defined in Rule 12b-2 under the Exchange Act), and any Persons acting as a partnership, limited partnership, joint venture, association, syndicate, or other group
(whether or not formally organized), or otherwise acting jointly or in concert or in a coordinated or consciously parallel 

  

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manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting, or disposing of securities of the Company with such
Person, shall be deemed a single “Person.” 
 (h) A “Potential Change of Control” shall be deemed
to have occurred if (i) the Company enters into an agreement, the consummation of which would result in the occurrence of a Change of Control, (ii) any Person (including the Company) publicly announces an intention to take or to consider
taking actions that, if consummated, would constitute a Change of Control, or (iii) the Board of Directors of the Company adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change of Control has occurred.

 (i) “Reviewing Party” shall mean (i) any appropriate person or body consisting of a member or members
of the Company’s Board of Directors or (ii) any other person or body appointed by the Board (including Special Counsel referred to in Section 3) who is not a party to the particular Claim for which Indemnitee is seeking
indemnification. 
 (j) “Special Counsel” shall mean special, independent counsel selected by Indemnitee and
approved by the Company (which approval shall not be unreasonably withheld), and who has not otherwise performed services for the Company or for Indemnitee within the last three years (other than as Special Counsel under this Agreement or similar
agreements). 
 (k) “Subsidiary” shall mean, with respect to any Person, any corporation 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. 
 (l) “Voting Securities” shall mean any securities that vote generally in the election of directors or in the selection of any other similar governing body.” 
 2. Basic Indemnification and Expense Reimbursement Arrangement 
 (a) In the event Indemnitee was, is, or becomes a party to or witness or other participant in, or is threatened to be made a party to or
witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee to the fullest extent permitted by law as soon as practicable but in any event no later than 30 days
after written demand is presented to the Company, against any and 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, or amounts paid in settlement) of or with respect to that Claim. Notwithstanding the foregoing, the obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing
Party shall not have determined (in a written unqualified opinion, in any case in which Special Counsel referred to in Section 3 hereof is involved) that Indemnitee would not be permitted to be indemnified under applicable law. Nothing
contained in this Agreement shall require any determination under this Section 2(a) to be made by the Reviewing Party prior to the disposition or conclusion of the Claim against the Indemnitee; provided, however, that Expense Advances shall
continue to be made by the Company pursuant to and to the extent required by the provisions of Section 2(b). 
  

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 (b) If so requested by Indemnitee, the Company shall pay any and all Expenses incurred by
Indemnitee (or, if applicable, reimburse Indemnitee for any and all Expenses incurred by Indemnitee and previously paid by Indemnitee) within ten business days after such request (an “Expense Advance”). The Company shall be obligated to
make or pay an Expense Advance in advance of the final disposition or conclusion of any Claim. In connection with any request for an Expense Advance, if requested by the Company, Indemnitee or Indemnitee’s counsel shall submit an affidavit
stating that the Expenses incurred were reasonable. Any dispute as to the reasonableness of any Expense shall not delay an Expense Advance by the Company, and the Company agrees that any such dispute shall be resolved only upon the disposition or
conclusion of the underlying Claim against the Indemnitee. If, when, and to the extent that the Reviewing Party determines that Indemnitee would not be permitted to be indemnified with respect to a Claim under applicable law, the Company shall be
entitled to be reimbursed by Indemnitee and Indemnitee hereby agrees to reimburse the Company without interest (which agreement shall be an unsecured obligation of Indemnitee) for all related Expense Advances theretofore made or paid by the Company;
provided, however, that if Indemnitee has commenced legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Board that
Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense Advance, and the Company shall be obligated to continue to make Expense
Advances, until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). If there has not been a Change of Control, the Reviewing Party shall be selected by the Board of
Directors of the Company. If there has been a Change of Control, the Reviewing Party shall be advised by or shall be Special Counsel referred to in Section 3 hereof, if and as Indemnitee so requests. If there has been no determination by the
Reviewing Party or if the Reviewing Party determines that Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation in any court in the states
of Delaware or Mississippi having subject matter jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, and the Company
hereby consents to service of process and to appear in any such proceeding. In the absence of any such litigation, any determination by the Reviewing Party shall be conclusive and binding on the Company and Indemnitee. 
 3. Change of Control. The Company agrees that, if there is a Change of Control and if Indemnitee requests in writing that Special Counsel advise
the Reviewing Party or be the Reviewing Party, then the Company shall not deny any indemnification payments (and Expense Advances shall continue to be paid by the Company pursuant to Section 2(b)) that Indemnitee requests or demands under this
Agreement or any other agreement or law now or hereafter in effect relating to Claims for Indemnifiable Events; provided, however, that the Reviewing Party shall not have determined (in a written unqualified opinion, in any case in which Special
Counsel is involved) that Indemnitee would not be permitted to be indemnified under applicable law. The Company further agrees not to request or seek reimbursement from Indemnitee of any related Expense Advances unless, with respect to a denied
indemnification payment, Special Counsel has rendered its written unqualified opinion to the Company and Indemnitee that the Company would not be permitted under applicable law to pay Indemnitee such indemnification payment. The Company agrees to
pay the reasonable fees of Special Counsel referred to in this Section 3 

  

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and to indemnify fully Special Counsel against any and all expenses (including attorneys’ fees), claims, liabilities, and damages arising out of or
relating to this Agreement or Special Counsel’s engagement pursuant hereto. 
 4. Establishment of Trust. The Company shall
create a trust for the benefit of Indemnitee (the “Trust”) (a) at any time after the date of this Agreement and prior to a Potential Change of Control pursuant to a resolution adopted by the Board of Directors of the Company and
(b) upon the written request of Indemnitee in the event of a Potential Change of Control (if not previously established pursuant to Section 4(a)). If the Trust is established pursuant to Section 4(a), prior to a Potential Change of
Control the amount or amounts to be deposited in the Trust shall be determined by, and may subsequently be increased or decreased by, the Board of Directors of the Company. If the Trust is established pursuant to Section 4(b), and following a
Potential Change of Control if the Trust was previously established pursuant to Section 4(a), the Company shall fund the Trust from time to time upon written request of Indemnitee in an amount sufficient to satisfy any and all Expenses
reasonably anticipated at the time of each such request to be incurred in connection with investigating, preparing for, and defending any Claim relating to an Indemnifiable Event, and any and all judgments, fines, penalties, and settlement amounts
(including all interest, assessments, and other charges paid or payable in connection with or in respect of such expenses, judgments, fines, penalties, and settlement amounts) of any and all Claims relating to an Indemnifiable Event from time to
time actually paid or claimed, reasonably anticipated, or proposed to be paid. The amount or amounts to be deposited in the Trust shall also include, at the option of the Board of Directors of the Company or if requested by the Indemnitee following
a Potential Change of Control, an amount determined by the Board of Directors of the Company sufficient to pay the premium for an insurance policy providing “tail coverage” for Indemnitee on terms and conditions no less favorable to
Indemnitee than the coverage provided under the Company’s existing directors’ and officers’ liability insurance policy. The amount or amounts to be deposited in the Trust following a Potential Change of Control pursuant to the
foregoing funding obligation shall be determined by the Reviewing Party in any situation in which Special Counsel is involved. The terms of the Trust shall provide that, (i) upon a Change of Control, (A) the Trust shall not be revoked or
the principal thereof invaded, without the written consent of Indemnitee; (B) the trustee of the Trust shall advance, within ten business days of a request by Indemnitee, any and all expenses to Indemnitee (and Indemnitee hereby agrees to
reimburse the trust under the circumstances in which Indemnitee would be required to reimburse the Company for Expense Advances under Section 2(b) of this Agreement); (C) the Trust shall continue to be funded by the Company in accordance
with the funding obligation set forth above; and (D) the trustee of the Trust shall promptly pay to Indemnitee all amounts for which Indemnitee shall be entitled to indemnification pursuant to this Agreement or otherwise; and (ii) all
unexpended funds in that Trust shall revert to the Company (A) upon the determination of the Board of Directors of the Company at any time prior to a Potential Change of Control and (B) following a Potential Change of Control, upon a final
determination by the Reviewing Party or a court of competent jurisdiction, as the case may be, that Indemnitee has been fully indemnified under the terms of this Agreement. The trustee of the Trust shall be chosen by Indemnitee and reasonably
satisfactory to the Company. Nothing in this Section 4 shall relieve the Company of any of its obligations under this Agreement. 
  

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 5. Notification and Defense of Claims. 
 (a) Notice. Promptly after receipt by Indemnitee of notice of the commencement of any Claim, Indemnitee shall, if a claim in
respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof; but the omission so to notify the Company will only relieve the Company of the obligations that it has to Indemnitee under this
Agreement (i) if, and to the extent that, the Company has been materially prejudiced by Indemnitee’s failure to so notify the Company, and (ii) as provided in Section 5(c). 
 (b) Defense. With respect to any Claim as to which Indemnitee notifies the Company of the commencement thereof, the Company will be
entitled to participate in the Claim at its own expense and except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company
to Indemnitee of its election to assume the defense of any Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by Indemnitee in connection with the defense of such Claim other
than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ legal counsel in such Claim, but all Expenses related thereto incurred after notice from the Company of its assumption of the defense
shall be at Indemnitee’s expense unless: (i) the employment of legal counsel by Indemnitee has been authorized by the Company; (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and
the Company in the defense of the Claim; (iii) after a Change of Control, the employment of counsel by Indemnitee has been approved by the Special Counsel; or (iv) the Company shall not in fact have employed counsel to assume the defense
of such Claim, in each of which cases all Expenses of the Claim shall be borne by the Company. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any Claim brought by or on behalf of the Company, or as to
which Indemnitee shall have made the determination provided for in (ii) above or under the circumstances provided for in (iii) and (iv) above. 
 (c) Settlement of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts
paid in settlement of any Claim effected without the Company’s written consent, such consent not to be unreasonably withheld; provided, however, that if a Change of Control has occurred, the Company shall be liable for indemnification of
Indemnitee for amounts paid in settlement if the Special Counsel has approved the settlement. The Company shall not settle any Claim in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent.

 6. Indemnification for Additional Expenses. The Company shall indemnify Indemnitee against any and all Expenses and, if requested
by Indemnitee, shall (within ten business days of that request) advance those costs and expenses to Indemnitee, that are incurred by Indemnitee in connection with any claims asserted against or action brought by Indemnitee for
(i) indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement or provision of the Company’s Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims for
Indemnifiable Events or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of 
  

 6 

 
whether Indemnitee ultimately is determined to be entitled to that indemnification, advance expense payment, or insurance recovery, as the case may be.

 7. Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or
a portion of the Expenses, judgments, fines, penalties, and amounts paid in settlement of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in
defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 
 8. Contribution. 
 (a) Contribution Payment. To the extent the indemnification
provided for under any provision of this Agreement is determined (in the manner hereinabove provided) not to be permitted under applicable law, then in the event Indemnitee was, is or becomes a party to or witness or other participant in, or is
threatened to be made a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount of any and all Expenses,
judgments, fines, or penalties assessed against or incurred or paid by Indemnitee on account of that Claim and any and all amounts paid in settlement of that Claim (including all interest, assessments, and other charges paid or payable in connection
with or in respect of such Expenses, judgments, fines, penalties, or amounts paid in settlement) incurred or paid by Indemnitee and for which such indemnification is not permitted (“Contribution Amounts”), in such proportion as is
appropriate to reflect the relative fault with respect to the Indemnifiable Event giving rise to the Contribution Amounts of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of the
Company other than Indemnitee) who may be at fault with respect to such Indemnifiable Event (collectively, including the Company, the “Third-Parties”) on the other hand, so that the Indemnitee is not responsible for an amount greater than
the Contribution Amounts times the proportion reflecting Indemnitee’s relative fault. 
 (b) Relative Fault. The
relative fault of the Third Parties and the Indemnitee shall be determined (i) by reference to the relative fault of Indemnitee as determined by the court or other governmental agency assessing the Contribution Amounts or (ii) to the
extent such court or other governmental agency does not apportion relative fault, by the Reviewing Party (which shall include Special Counsel) after giving effect to, among other things, the relative intent, knowledge, access to information, and
opportunity to prevent or correct the applicable Indemnifiable Event and other relevant equitable considerations of each party. The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 8
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 8(b). 
 9. Burden of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be
indemnified under any provision of this 
  

 7 

 
Agreement or to receive contribution pursuant to Section 8 of this Agreement, the burden of proof shall be on the Company to establish that Indemnitee
is not so entitled. 
 10. No Presumption. For purposes of this Agreement, the termination of any claim, action, suit, or proceeding,
by judgment, order, settlement (whether with or without court approval), 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 have any
particular belief or that a court has determined that indemnification is not permitted by applicable law. 
 11. Action of Others. The
knowledge and/or actions, or failure to act, of any director, officer, agent, or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. 
 12. Indemnitee’s Individual Capacity. The Company acknowledges that the Indemnitee is undertaking to act as an officer or director of the
Company at the request of the Company and solely in the Indemnitee’s individual capacity and not in any capacity as a director, officer, member, partner, employee, trustee, or other representative of any other corporation, partnership,
association, business trust, trust, or similar organization or entity. The Company covenants and agrees to indemnify any such organization or entity from and against any and all judgments, fines, or penalties assessed against or incurred or paid by
such organization or entity and any and all amounts paid in settlement (including all interest, attorneys’ and expert witnesses’ fees, and other charges paid or payable in connection with such judgments, fines, penalties, or amounts paid
in settlement) that relate to any action or inaction taken in the course of the Indemnitee’s duties as an officer or director of the Company. 
 13. Non-exclusivity. The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Company’s Bylaws or Certificate of Incorporation or the Delaware General Corporation Law or
otherwise. To the extent that a change in the Delaware General Corporation Law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s Bylaws or Certificate of
Incorporation and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by that change. 
 14. Liability Insurance. Except as otherwise agreed to by the Company and Indemnitee in a written agreement, to the extent the Company maintains an insurance policy or policies providing directors’ and
officers’ liability insurance, Indemnitee shall be covered by that policy or those policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer. 
 15. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any
affiliate of the Company against Indemnitee or Indemnitee’s spouse, heirs, executors, or personal or legal representatives after the expiration of three years from the date of accrual of that cause of action, and any claim or cause of action of
the Company or its affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal action within that three-year period; provided, however, 
  

 8 

 
that, if any shorter period of limitations is otherwise applicable to any such cause of action, the shorter period shall govern. 
 16. Amendments. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provision of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall that waiver constitute a continuing waiver. 
 17. Subrogation. In the event of payment under this Agreement, the Company shall, subject to the conflicting rights of an insurer pursuant to any
policy contemplated by Section 14 hereof, be subrogated to the extent of that payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure those rights,
including the execution of the documents necessary to enable the Company effectively to bring suit to enforce those rights. 
 18. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under an insurance policy,
provision of the Company’s Certificate of Incorporation or Bylaws or otherwise) of the amounts otherwise indemnifiable hereunder. 
 19.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation,
or otherwise to all or substantially all of the business or assets of the Company), spouses, heirs, and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer or
director of the Company or another enterprise at the Company’s request. 
 20. Severability. If any provision of this Agreement
is held to be illegal, invalid, or unenforceable under present or future laws effective during the term hereof, that provision shall be fully severable; this Agreement shall be construed and enforced as if that illegal, invalid, or unenforceable
provision had never comprised a part hereof; and the remaining provisions shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in
lieu of that illegal, invalid, or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to the illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and
enforceable. 
 21. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware applicable to contracts made and to be performed in that state without giving effect to the principles of conflicts of laws. 
 22. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 23. Notices. Whenever this Agreement requires or permits notice to be given by one party to the other, such notice must be in writing to be
effective and shall be deemed delivered 
  

 9 

 
and received by the party to whom it is sent upon actual receipt (by any means) of such notice. Receipt of a notice by any officer of the Company shall be
deemed receipt of such notice by the Company. 
 24. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but in making proof hereof it shall not be necessary to produce or account for more than one such counterpart. 
 [SIGNATURE PAGE FOLLOWS] 
  

 10 

 EXECUTED as of the date first written above. 
  

			
	Phosphate Holdings, Inc.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	Indemnitee	 	
	
	 

			
	Name:

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