Document:

Exhibit 10.15

 

ESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT
AGREEMENT (this “Agreement”) dated as of this 26th day of May 2016, by and among LILIS ENERGY, INC.,
a Nevada corporation (the “Company”), having an address at 216 16th Street, Suite 1350,
Denver, CO 80202, T.R. WINSTON & COMPANY, LLC, a Delaware limited liability company (“Placement Agent”),
having its principal address at 2049 Century Park East, Suite 320, Los Angeles, CA 90067, and SIGNATURE BANK (the “Escrow
Agent”), a New York State chartered bank, having an office at 261 Madison Avenue, New York, New York 10016. All capitalized
terms not herein defined shall have the meaning ascribed to them in that certain Securities Purchase Agreement, dated on or about
the date hereof, including all attachments, schedules and exhibits thereto (the “Subscription Agreement”).

 

W I T N E
S S E T H:

 

WHEREAS, pursuant
to the terms of the Subscription Agreement the Company desires to sell (the “Offering”) up to Twenty
Million Dollars ($20,000,000) of Series B 6% Convertible Preferred Stock (the "Shares"), and warrants to
purchase Common Stock (the “Warrants”) ; and

 

WHEREAS, the
Offering will terminate on the earlier of the sale of all of the Shares offered pursuant to the Subscription Agreement or July
1, 2016 (the “Termination Date”), or by August 1, 2016 (the “Final Termination Date”),
if the Termination Date has been extended by Company and the Placement Agent; and

 

WHEREAS, the
Company and Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and Placement Agent
shall instruct subscribers, who subscribed to the Offering pursuant to the terms of the Subscription Agreement (the “Subscribers”),
to deposit checks and other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent
for Lilis Energy, Inc.” and Escrow Agent is willing to accept said checks and other instruments for the payment of money
in accordance with the terms hereinafter set forth; and

 

WHEREAS, the
Company, as issuer, and Placement Agent, as an introducing broker-dealer, each, individually represent and warrant to the Escrow
Agent that, solely with respect to such party individually, they will comply with all of their separate respective obligations
under applicable state and federal securities laws and regulations with respect to sale of the Offering; and

 

WHEREAS, the
Company and Placement Agent each, individually represent and warrant to the Escrow Agent that, solely with respect to such party
individually, they have not stated to any individual or entity that the Escrow Agent’s duties will include anything other
than those duties stated in this Agreement; and

 

WHEREAS, the
Company and Placement Agent each, individually represent and warrant to the Escrow Agent that, solely with respect to such
party individually, a copy of each document that has been delivered to Subscribers and third parties that include Escrow Agent’s
name and duties is attached hereto as Schedule I.

 

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NOW, THEREFORE,
IT IS AGREED as follows:

 

1.          Delivery of Escrow Funds.

 

(a)          The Placement
Agent and the Company shall instruct Subscribers to deliver to Escrow Agent checks made payable to the order of “Signature
Bank, as Escrow Agent for Lilis Energy, Inc.,” or wire transfer to Signature Bank, 261 Madison Avenue, New York, New York
10016, ABA No. **** for credit to Signature Bank, as Escrow Agent for Lilis Energy, Inc., Account No. *****, in each case, with
the name and address of the individual or entity making payment. In the event any Subscriber’s address is not provided to
Escrow Agent by the Subscriber, then the Company, upon notification by Escrow Agent, agrees to promptly provide Escrow Agent with
such information in writing. The checks or wire transfers shall be deposited into a non interest-bearing account at Signature Bank
entitled “Lilis Energy, Inc., Signature Bank, as Escrow Agent” (the “Escrow Account”).

 

(b)          The collected
funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)          The Escrow Agent
shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account.
If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of
the Escrow Agent shall be to return the check to the Subscriber and advise the Company and Placement Agent promptly thereof.

 

2.          Release of Escrow Funds. The
Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)          In the event
that the Company and Placement Agent advise the Escrow Agent in writing that the Offering has been terminated (the “Termination
Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest
or offset.

 

(b)          If prior to
3:00 P.M. Eastern time on the Termination Date, the Escrow Agent receives written notice, in the form of Exhibit A, attached
hereto and made a part hereof, and signed by the Company and Placement Agent, stating that the Termination Date has been extended
to the Final Termination Date (the “Extension Notice”), then the Termination Date shall be so extended.
          

 

(c)          Provided that
the Escrow Agent does not receive the Termination Notice in accordance with Section 2(a) and Escrow Funds have been deposited into
the Escrow Account on or prior to the later of the Termination Date or the date stated in the Extension Notice, if any, received
by the Escrow Agent in accordance with Section 2(b) above, the Escrow Agent shall, upon receipt of written instructions, in the
form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent,
received from the Company and the Placement Agent, from time to time pay the Escrow Funds in accordance with such written instructions,
which instructions shall be limited to the payment of the Placement Agent’s commission and non-accountable expense allowance
and other offering expenses and the payment of the balance to the Company. Such payment or payments shall be made by wire transfer
within one (1) Business Day of receipt of such written instructions, which must be received by the Escrow Agent no later than 3:00
PM Eastern Time on a Business Day for the Escrow Agent to process such instructions that Business Day. The Company further agrees
that there shall be a limit of three (3) closings (each a “Closing”) under this Agreement with each Closing
limited to three (3) wires. Any subsequent wires or Closing may be subject to additional fees of Twenty Five Dollars ($25.00) per
wire.

 

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(d)          By 3:00 P.M.
Eastern time on the date that is ten (10) Business Days from the later of the Termination Date or the date stated in the Extension
Notice, if any, that the Escrow Agent has received in accordance with paragraph 2(a) above, the Company and the Placement Agent
shall provide the Escrow Agent with final written instructions in accordance with paragraph 2(c) regarding the disbursement of
any funds remaining in the Escrow Account (e). The Escrow Agent shall not be required to pay any uncollected funds or any funds
that are not available for withdrawal. Should the Company and Placement Agent fail to provide such final written instructions contemplated
under this paragraph by the deadline, the Escrow Agent shall promptly return the Escrow Funds to the Subscribers without interest
and offset.

 

(e)          If the Termination
Date, Final Termination Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions
or for the Escrow Agent to take action is not a Business Day, then such date shall be the Business Day that immediately precedes
that date. A “Business Day” is any day other than a Saturday, Sunday or a Bank holiday.

 

3.          Acceptance by Escrow Agent.
The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a)          The Escrow Agent
may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated by
Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements in connection with the
provisions hereof has been duly authorized to do so. The Escrow Agent shall have no duty to make inquiry as to the genuineness,
accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names and true signatures
of each individual authorized to act singly on behalf of the Company and Placement Agent are stated in Schedule II, which
is attached hereto and made a part hereof. The Company and Placement Agent may each remove or add one or more of its authorized
signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice
shall include the true signature for any new authorized signatories.

 

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(b)          The Escrow Agent
may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow Agent shall
not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its
willful misconduct or gross negligence.

 

(c)          The Placement
Agent and the Company agree to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses, costs,
liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed
against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by
the Escrow Agent’s gross negligence or willful misconduct

 

(d)           In the event
that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain
from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent
jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)          The Escrow Agent
shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s
obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow
Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by
applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent
for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse
or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected
and are available for withdrawal.

 

4.          Escrow Account Statements and
Information. The Escrow Agent agrees to send to the Company and/or the Placement Agent, at no cost to the Company and/or
Placement Agent, a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular
practices for providing account statements to its non-escrow clients and to also provide the Company and/or Placement Agent, or
their designee, upon request other deposit account information, including Escrow Account balances, by telephone or by computer
communication, to the extent practicable. The Company and Placement Agent agree to complete and sign all forms or agreements required
by the Escrow Agent for that purpose. The Company and Placement Agent each consents to the Escrow Agent’s release of such
Escrow Account information to any of the individuals designated by Company or Placement Agent, which designation has been signed
in accordance with paragraph 3(a) by any of the persons in Schedule II. Further, the Company and Placement Agent have an option
to receive e-mail notification of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently
approved by the Escrow Agent, the Company and/or Placement Agent agrees to provide a valid e-mail address and other information
necessary to set-up this service and sign all forms and agreements required for such service. The Company and Placement Agent each
consents to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es). The Escrow Agent’s
liability for failure to comply with this section shall not exceed the cost of providing such information.

 

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5.          Resignation and Termination of
the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written notice of such resignation
to Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except
to hold as depository the Escrow Funds that it receives until the end of such 30-day period. In such event, the Escrow Agent shall
not take any action, other than receiving and depositing Subscribers checks and wire transfers in accordance with this Agreement,
until the Company has designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such
written designation signed by Placement Agent and the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such
successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following
the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement
with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph,
the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to
the Escrow Funds.

 

6.          Termination. The Company and
the Placement Agent may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which
such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the event of such termination,
the Company and Placement Agent shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall,
upon receipt of written instructions signed by the Company and Placement Agent, turn over to such successor escrow agent all of
the Escrow Funds; provided, however, that if the Company and Placement Agent fail to appoint a successor escrow agent
within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all
of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder
and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all further obligations and released from
all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

7.          Investment. All funds received
by the Escrow Agent shall be held only in non-interest bearing bank accounts at Escrow Agent.

 

8.         Compensation. Escrow Agent
shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000, which fee shall be paid by the Company upon
the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all reasonable and customary
fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable
attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation
or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid,
or to be reimbursed or paid any reasonable and customary amount which has been incurred or becomes due, prior to the effective
date of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred
any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company
shall direct all such amounts to be paid directly at any such closing. Escrow Agent shall be entitled to a fee of $1,000 in the
event that this Agreement is amended for any reason in accordance with Section 10(d).

 

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9.          Notices. All notices, requests,
demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been
duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service
or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

 

	 	If to the Company:	Lilis Energy, Inc.
	 	 	216 16th Street, Suite 1350
	 	 	Denver, CO 80202
	 	 	Attention: Abraham Mirman, CEO
	 	 	Fax:
	 	 	 
	 	If to the Placement Agent:	T.R. Winston & Company, LLC
	 	 	2049 Century Park East, Suite 320
	 	 	Los Angeles, CA 90067
	 	 	Attention: Karen Kang, Vice President
	 	 	Fax: 310-424-1990
	 	 	 
	 	If to Escrow Agent:	Signature Bank
	 	 	261 Madison Avenue
	 	 	New York, NY 10016
	 	 	Attention: Cliff Broder, Group Director and Senior Vice President
	 	 	Fax: 646-822-1364
	 	 	 

10.          General.

 

(a)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(b)          This Agreement
sets forth the entire
agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements
and understandings relating thereto.

 

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(c)          All of the terms
and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto,
as well as their respective successors and assigns.

 

(d)          This Agreement
may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a written instrument
executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time
or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.
No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise,
in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach
or a waiver of any other condition or of the breach of any other term of this Agreement. No party may assign any rights, duties
or obligations hereunder unless all other parties have given their prior written consent.

 

(e)          If any provision
included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining provisions.

 

(f)          This Agreement
and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and all
of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11.          Form of Signature. The parties
hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures
to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces
a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her signature by fax,
a true and correct original copy of his or her signature in overnight mail to the address of the other party.

 

12.          No Third-Party Beneficiaries.
This Agreement is solely for the benefit of the parties and their respective successors and permitted assigns, and no other person
has any right, benefit, priority or interest under or because of the existence of this Agreement.

 

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IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the date first set forth above.

 

	 	LILIS ENERGY, INC.	 
	 	 	 	 
	 	By: 	/s/ Abraham Mirman	 
	 	Name: 	Abraham Mirman	 
	 	Title: 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	T.R. WINSTON & COMPANY, LLC	 
	 	 	 	 
	 	By:	/s/ Karen Kang	 
	 	Name: 	Karen Kang	 
	 	Title: 	Vice President	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	SIGNATURE BANK	 
	 	 	 	 
	 	By: 	/s/ Steven Deneff	 
	 	Name:	Steven Deneff	 
	 	Title:	VP	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Arturo Mora 	 
	 	Name: 	Arturo Mora	 
	 	Title: 	Relationship Manager	 

 

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Schedule
I

 

OFFERING DOCUMENTS

 

*See Exhibits 10.2 and 10.3 to the Company’s
quarterly report on Form 10Q for the quarter ended June 30, 2016.

 

 

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Schedule
II

 

The Escrow Agent is
authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of
the Company and Placement Agent.

 

	 	LILIS ENERGY, INC.	 
	 	 	 	 
	 	Name	True
    Signature	 
	 	 	 	 
	 	Abraham Mirman	/s/ Abraham Mirman	 
	 	 	 	 
	 	 	 	 
	 	T.R. WINSTON & COMPANY, LLC	 
	 	 	 	 
	 	Name	True
    Signature	 
	 	 	 	 
	 	Karen Kang	/s/ Karen Kang	 
	 	 	 	 
	 	G. Tyler Runnels	/s/ G. Tyler Runnels	 
	 	 	 	 

 

 

    1 

     

    

Exhibit A

 

EXTENSION NOTICE

 

 

 

 

Date: __________________, 2016

 

Signature Bank

261 Madison Avenue

New York, NY 10016

Attention: Cliff Broder, Group Director
and Senior Vice President

 

Dear _________:

 

In accordance with
the terms of paragraph 2(a) of an Escrow Deposit Agreement dated _________, 2016, by and among Lilis Energy, Inc. (the “Company”),
T.R. Winston & Company, LLC (the “Placement Agent”) and Signature Bank (the “Escrow Agent”),
the Company hereby notifies the Escrow Agent that the Termination Date has been extended to ________________, the Final Termination
Date.

 

Very truly yours,

 

Lilis Energy, Inc.

By:_____________

Name: Abraham Mirman

Title: Chief Executive Officer

 

T.R. Winston & Company, LLC

By: _______________

Name: Karen Kang

Title: Vice President

 

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Exhibit B

 

FORM OF ESCROW RELEASE NOTICE

 

Date: _______________, 2016

 

Signature Bank

261 Madison Avenue

New York, NY 10016

Attention: Cliff Broder, Group Director
and Senior Vice President

 

Dear _________:

 

In accordance with the terms of paragraph
2(c) of an Escrow Deposit Agreement dated as of ________, 2016 (the "Escrow Agreement"), by and between
Lilis Energy, Inc. (the "Company"), T.R. Winston & Company, LLC (the “Placement Agent”)
and Signature Bank (the "Escrow Agent"), the Company and the Placement Agent hereby notify the Escrow Agent that the
________ closing will be held on ___________ for gross proceeds of $_________.

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER
AS FOLLOWS (wire instructions attached):

 

 

Lilis Energy, Inc.:             $ 

 

T.R. Winston & Company, LLC               $

 

Very truly yours,

 

Lilis Energy, Inc.

By:_____________

Name: Abraham Mirman

Title: Chief Executive Officer

 

 

T.R. Winston & Company, LLC

By: _______________

Name: Karen Kang

Title: Vice President

 

 

    1Exhibit 10.1 Indemification Agreement

EXHIBIT 10.1

INDEMNIFICATION

AGREEMENT

THIS AGREEMENT (the “Agreement”) is made and entered into as of August 22, 2016 between TRXADE GROUP, INC, a Delaware corporation (the “Company”), and Michael L. Peterson  (“Indemnitee”).

WITNESSETH THAT:

WHEREAS, Indemnitee performs a valuable service for the Company; and

WHEREAS, the Board of Directors of the Company has adopted Bylaws (the “Bylaws”) providing for the indemnification of the officers and directors of the Company to the maximum extent authorized by Section 145 of the Delaware General Corporation Law, as amended (“Law”); and

WHEREAS, the Bylaws and the Law, by their nonexclusive nature, permit contracts between the Company and the officers or directors of the Company with respect to indemnification of such officers or directors; and

WHEREAS, in accordance with the authorization as provided by the Law, the Company may purchase and maintain a policy or policies of directors’ and officers’ liability insurance (“D & O Insurance”), covering certain liabilities which may be incurred by its officers or directors in the performance of their obligations to the Company; and

WHEREAS, in recognition of past services and in order to induce Indemnitee to continue to serve as an officer or director of the Company, the Company has determined and agreed to enter into this contract with Indemnitee;

NOW, THEREFORE, in consideration of Indemnitee’s service as an officer or director after the date hereof, the parties hereto agree as follows:

1.  Indemnity of Indemnitee.  The Company hereby agrees to hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the provisions of the Law, as such may be amended from time to time, and the Bylaws of the Company, as such may be amended. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

(a)  Proceedings Other Than Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), he is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful.

(b)  Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.

(c)  Indemnification for Expenses of a Party Who Is Wholly or Partly Successful.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 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.

2.  Additional Indemnity.  In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful under Delaware law.

3.  Contribution in the Event of Joint Liability.

(a)  Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

(b)  Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

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

4.  Indemnification for Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

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5.  Advancement of Expenses.  Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within ten (10) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this Section 5 shall be subject to the condition that, if, when and to the extent that the Company determines that Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences 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 Company 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 advance of Expenses until a final judicial determination is made with respect thereto (and as to which all rights of appeal therefrom have been exhausted or lapsed).

6.  Procedures and Presumptions for Determination of Entitlement to Indemnification.  It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the Law and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

(a)  To obtain indemnification (including, but not limited to, the advancement of Expenses and contribution by the Company) under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

(b)  Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at the election of Indemnitee: (1) by a majority vote of the disinterested directors, even though less than a quorum, (2) by independent legal counsel in a written opinion or (3) by the stockholders.

(c)  If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee requests that such selection be made by the Board of Directors). Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; 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 13 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 a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

(d)  In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

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(e)  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 officers of the Enterprise (as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

(f)  If the person, persons or entity empowered or selected under Section 6 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 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 prohibition of such indemnification 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 such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 6(g) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board of Directors or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

(g)  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board of Directors or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

(h)  The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

7.  Remedies of Indemnitee.

(a)  In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

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(b)  In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

(c)  If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent a prohibition of such indemnification under applicable law.

(d)  In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

(e) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement.

8.  Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

(a)  The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation of the Company, the Bylaws, any agreement, a vote of stockholders, 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 action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the Law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

(b)  The Company shall use reasonable best efforts to maintain an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, and 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 director, officer, employee, agent or fiduciary under such policy or policies.

(c)  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.

(d)  The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

9.  Exception to Right of Indemnification.  Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors of the Company or (b) such Proceeding is being brought by Indemnitee to assert, interpret or enforce his rights under this Agreement.

10.  Duration of Agreement.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (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), assigns, spouses, heirs, executors and personal and legal representatives.

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11.  Security.  To the extent requested by Indemnitee and approved by the Board of Directors of the Company, 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 the Indemnitee.

12.  Enforcement.

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

(b) 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.

13.  Definitions.  For purposes of this Agreement:

(a)  “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

(b)  “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

(c)  “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

(d)  “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding.

(e)  “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any 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. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

(f)  “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or of any inaction on his part while acting as an officer or director of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other Enterprise; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement.

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14.  Severability.  If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

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

16.  Notice by Indemnitee.  Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

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

(a)  If to Indemnitee, to the address set forth below Indemnitee signature hereto.

(b)  If to the Company, to:  1115 Gunn Hwy Suite 202 Odessa, FL 33556, Attn: CEO

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

18.  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. 

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

20.  Governing Law.  The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware without application of the conflict of laws principles thereof.

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

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

COMPANY

By:

/s/ Suren Ajjarapy, CEO

Name:Suren Ajjarapy, CEO

INDEMNITEE: 

Michael L. Peterson

/s/ Michael L. Peterson 

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