Document:

Exhibit 4.4

 

FORM OF

THIRD AMENDMENT

TO

AGREEMENT OF LIMITED PARTNERSHIP

OF

HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.

 

Dated as of [•], 2019

 

THIS THIRD AMENDMENT TO AGREEMENT OF LIMITED
PARTNERSHIP OF HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P. (this “Amendment”), dated as of [•], 2019,
is entered into by HEALTHCARE TRUST, INC., a Maryland corporation, as general partner (the “General Partner”)
of HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Partnership”), for itself
and on behalf of any limited partners of the Partnership.

 

WHEREAS, the Agreement of Limited
Partnership of the Partnership was entered into on February 14, 2013 (as now or hereafter amended, restated, modified, supplemented
or replaced, the “Partnership Agreement”);

 

WHEREAS, Section 4.3 of the Partnership
Agreement authorizes the General Partner to cause the Partnership to issue additional Partnership Interests (or options therefore)
in the form of Partnership Units or other Partnership Interests in one or more series or classes, or in one or more series of any
such class senior, on a parity with, or junior to the Partnership Units to any Persons at any time or from time to time, on such
terms and conditions, as the General Partner shall establish in each case in its sole and absolute discretion subject to Delaware
law;

 

WHEREAS, the General Partner has
authorized the issuance and sale of up to [•] shares of its [•]% Series A Cumulative Redeemable Preferred Stock, par
value $0.01 per share (the “Series A Preferred Stock”), at a gross offering price of $[•] per share of
Series A Preferred Stock and, in connection therewith, the General Partner, pursuant to Section 4.3 of the Partnership Agreement,
is contributing the net proceeds of such issuance and sale to the Partnership in exchange for, and is causing the Partnership to
issue to the General Partner, the Series A Preferred Units (as hereinafter defined); and

 

WHEREAS, pursuant to the authority
granted to the General Partner pursuant to Sections 4.3 and 14.1 of the Partnership Agreement, and as authorized by the unanimous
written consent, dated as of [•], 2019, of the offering committee of the Board of Directors of the General Partner, which
has been delegated certain power and authority of the Board of Directors of the General Partner, the General Partner desires to
amend the Partnership Agreement (i) to set forth the designations, rights, powers, preferences and duties and other terms of the
Series A Preferred Units and (ii) to issue the Series A Preferred Units to the General Partner.

 

NOW, THEREFORE, in consideration
of good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends
the Partnership Agreement as follows:

 

1.                  
The Partnership Agreement is hereby amended by the addition of a new annex thereto, entitled “Annex A,” in the
form attached hereto as Annex A, which sets forth the designations, allocations, preferences, conversion or other
special rights, powers and duties of the Series A Preferred Units which exhibit shall be attached to and made a part of, and shall
be an exhibit to, the Partnership Agreement.

 

     

     

    

 

2.                  
Pursuant to Sections 4.3 of the Partnership Agreement, effective as of the applicable issuance date of any issuance of
shares of Series A Preferred Stock by the General Partner, the Partnership will issue Series A Preferred Units to the General
Partner in an amount that will be reflected on Schedule A to the Partnership Agreement, as such Schedule A may be amended or restated
by the General Partner in its sole discretion from time to time to the extent necessary to reflect such issuances, but in no event
shall the number of Series A Preferred Units issued pursuant to this Amendment exceed [•] or such greater number of shares
of Series A Preferred Stock as may be hereafter authorized for issuance by the General Partner. The Series A Preferred Units
have been created and are being issued in conjunction with the General Partner’s issuance and sale of the Series A Preferred
Stock, and as such, the Series A Preferred Units are intended to have designations, preferences and other rights and terms that
are substantially the same as those of the Series A Preferred Stock, all such that the economic interests of the Series A Preferred
Units and the Series A Preferred Stock are substantially similar, and the provisions, terms and conditions of this Amendment,
including without limitation the attached Annex A, shall be interpreted in a fashion consistent with this intent. In return
for the issuance to the General Partner of the Series A Preferred Units, the General Partner has contributed to the Partnership
the net proceeds from its issuance and sale of the Series A Preferred Stock (the General Partner’s capital contribution
shall be deemed to equal the amount of the gross proceeds of that share issuance (i.e., the net proceeds actually contributed,
plus any underwriter’s discount or other expenses incurred, with any such discount or expense deemed to have been incurred
by the General Partner on behalf of the Partnership)).

 

3.                  
The foregoing recitals are incorporated in and are made a part of this Amendment.

 

4.                  
Except as specifically defined herein, all capitalized terms shall have the definitions provided in the Partnership Agreement. This
Amendment has been authorized by the General Partner pursuant to Section 14.1 of the Partnership Agreement and does not require
execution by any Limited Partner or any other Person.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has executed this Amendment as of the date first set forth above.

 

	 	GENERAL PARTNER:
	 	 
	 	HEALTHCARE TRUST, INC.
	 	 
	 	 
	 	By:	                     
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: Chief Executive Officer and President

 

[Signature Page to Third Amendment to Agreement of Limited Partnership]

 

     

     

    

 

ANNEX A 

 

DESIGNATION OF THE SERIES A PREFERRED
UNITS 

OF 

HEALTHCARE TRUST OPERATING PARTNERSHIP,
L.P. 

 

1.      
Designation and Number. A series of Preferred Units (as defined below) of Healthcare Trust Operating Partnership,
L.P., a Delaware limited partnership (the “Partnership”), designated the “[•]% Series A Cumulative
Redeemable Perpetual Preferred Units” (the “Series A Preferred Units”), is hereby established. The
number of authorized Series A Preferred Units shall be [•].

 

2.      
Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms
in the Agreement of Limited Partnership of Healthcare Trust Operating Partnership, L.P. (as now or hereafter amended, restated,
modified, supplemented or replaced, the “Partnership Agreement”). The following defined terms used herein shall
have the meanings specified below:

 

“Articles Supplementary” means the Articles
Supplementary of the General Partner filed with the State Department of Assessments and Taxation of the State of Maryland on [•],
2019, designating the terms, rights and preferences of the Series A Preferred Stock.

 

“Base Liquidation Preference” shall have
the meaning provided in Section 6(a).

 

“Capital Gains Amount” shall have the meaning
provided in Section 5(g).

 

“Change of Control” shall have the meaning
provided in the Articles Supplementary.

 

“Common Stock” shall have the meaning provided
in the Articles Supplementary.

 

“Delisting Event” shall have the meaning
provided in the Articles Supplementary.

 

“Distribution Record Date” shall have the
meaning provided in Section 5(a).

 

“Junior Preferred Units” shall have the meaning
provided in Section 4.

 

“Liquidating Distribution” shall have the
meaning provided in Section 6(a).

 

“Parity Preferred Units” shall have the meaning
provided in Section 4.

 

“Partnership Agreement” shall have the meaning
provided in Section 1.

 

“Redemption Date” shall have the meaning
provided in Section 7(a).

 

“Preferred Units” means all Partnership Units
designated as preferred units by the General Partner from time to time in accordance with Section 4.3 of the Partnership Agreement.

 

“Senior Preferred Units” shall have the meaning
provided in Section 4.

 

“Series A Preferred Return” shall have the
meaning provided in Section 5(a).

 

“Series A Preferred Stock” shall have the
meaning provided in the Articles Supplementary.

 

“Series A Preferred Unit Distribution Payment Date”
shall have the meaning provided in Section 5(a).

 

“Series A Preferred Units” shall have the
meaning provided in Section 1.

 

“Total Distributions” shall have the meaning
provided in Section 5(g).

 

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3.      
Maturity. The Series A Preferred Units have no stated maturity and will not be subject to any sinking fund or
mandatory redemption.

 

4.      
Rank. In respect of rights to the payment of distributions and the distribution of assets in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the Series A Preferred Units
shall rank (a) senior to all classes or series of Common Units and any class or series of Preferred Units issued by the Partnership,
the terms of which expressly provide that such units rank junior to the Series A Preferred Units with respect to distribution rights
and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the Partnership (the “Junior Preferred
Units”); (b) on parity with any class or series of Preferred Units issued by the Partnership, the terms of which expressly
provide that such units rank on parity with the Series A Preferred Units with respect to distribution rights and rights upon the
voluntary or involuntary liquidation, dissolution or winding up of the Partnership (the “Parity Preferred Units”);
and (c) junior to any class or series of Preferred Units issued by the Partnership, the terms of which expressly provide that
such units rank senior to the Series A Preferred Units with respect to distribution rights and rights upon the voluntary or involuntary
liquidation, dissolution or winding up of the Partnership (the “Senior Preferred Units”).  The term
 “Preferred Units” does not include convertible or exchangeable debt securities of the Partnership, including convertible
or exchangeable debt securities which will rank senior to the Series A Preferred Units prior to the conversion or exchange. The
Series A Preferred Units will also rank junior in right or payment to the Partnership’s existing and future indebtedness.
All of the Series A Preferred Units shall rank equally with one another and shall be identical in all respects.

 

5.      
Distributions.

 

a.       
Subject to the preferential rights of holders of any class or series of Senior Preferred Units of the Partnership, the holders
of Series A Preferred Units shall be entitled to receive, when, as and if authorized by the General Partner and declared by the
Partnership, out of assets of the Partnership legally available for payment of distributions, cumulative cash distributions in
the amount of $[·] per unit per year, which is equivalent to the rate of [·]%
of the Base Liquidation Preference (as defined below) per unit per year (the “Series A Preferred Return”). The
Series A Preferred Return shall accrue and be cumulative from and including the date of original issue of any Series A Preferred
Units and shall be payable quarterly in arrears, on or about the 15th day of each January, April, July and October of each year
(or, if not a Business Day, the next succeeding business day, each a “Series A Preferred Unit Distribution Payment Date”)
for the period ending on such Series A Preferred Unit Distribution Payment Date, commencing on January 15, 2020.  The amount
of any distribution payable on the Series A Preferred Units for any partial distribution period will be prorated and computed,
and for any full distribution period will be computed, on the basis of twelve 30-day months and a 360-day year. Distributions
will be payable in arrears to holders of record of the Series A Preferred Units as they appear on the records of the Partnership
at the close of business on the applicable record date, which shall be the Series A Record Date (as defined in the Articles Supplementary),
which is the close of business on the date set by the Board of Directors as the record date for the payment of dividends on Series
A Preferred Stock (each, a “Distribution Record Date”).

 

b.      
No distributions on the Series A Preferred Units shall be authorized by the General Partner or declared and or set apart
for payment by the Partnership at such time as the terms and conditions of any agreement of the General Partner or the Partnership,
including any agreement relating to the indebtedness of any of them, prohibits such authorization, payment or setting apart for
payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default
thereunder, or if such authorization, payment or setting apart for payment shall be restricted or prohibited by law.

 

c.       
Notwithstanding anything to the contrary contained herein, the Series A Preferred Return will accrue whether or not distributions
are authorized by the General Partner or declared by the Partnership. No interest or additional distributions shall be payable
in respect of any accrued and unpaid Series A Preferred Return.

 

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d.       Except
provided in Section 5(e) below, no distributions shall be declared and paid or set apart for payment, and no
other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to any
Common Units, Parity Preferred Units or Junior Preferred Units of the Partnership (other than a distribution paid in units
of, or options, warrants or rights to subscribe for or purchase units of, Common Units or Junior Preferred Units) for any
period, nor shall units of any class or series of Common Units, Parity Preferred Units or Junior Preferred Units be redeemed
(or assets be paid to our made available for a sinking fund for the redemption of any such units of the Partnership),
purchased or otherwise acquired (except (i) by conversion into or exchange for Common Units or Junior Preferred Units, (ii)
for the acquisition of units corresponding with the acquisition of shares pursuant to the provisions of Section 5.7 of
Article V of the Charter, and (iii) for purchases or exchanges pursuant to a purchase or exchange offer made on the same
terms to all holders of Series A Preferred Units and all holders of Parity Preferred Units), unless full cumulative
distributions on the Series A Preferred Units for all past distribution periods shall have been or contemporaneously are
declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment.

 

e.       
When cumulative distributions are not paid in full (or declared and a sum sufficient for such full payment is not set apart)
on the Series A Preferred Units and any Parity Preferred Units, all distributions (other than (i) any acquisition of units corresponding
with the acquisition of shares pursuant to the provisions of Section 5.7 of Article V of the Charter or (ii) a purchase or exchange
pursuant to a purchase or exchange offer made on the same terms to all holders of Series A Preferred Units and all holders of Parity
Preferred Units) declared on the Series A Preferred Units and any Parity Preferred Units shall be declared pro rata so that
the amount of distributions declared per Series A Preferred Unit and such Parity Preferred Units shall in all cases bear to each
other the same ratio that accrued distributions per Series A Preferred Unit and such Parity Preferred Units (which shall not include
any accrual in respect of unpaid distributions on any Parity Preferred Units for prior distribution periods if such Parity Preferred
Units do not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be
payable in respect of any distribution payment or payments on Series A Preferred Units which may be in arrears.

 

f.       
Holders of Series A Preferred Units shall not be entitled to any distribution, whether payable in cash, property or units
of the Partnership, in excess of the Series A Preferred Return on the Series A Preferred Units as provided above. Any distribution
made on the Series A Preferred Units shall first be credited against the earliest accrued but unpaid Series A Preferred Return
which remains payable.

 

g.      
If, for any taxable year, the General Partner elects to designate as “capital gain dividends” (as defined in
Section 857 of the Code) any portion (the “Capital Gains Amount”) of the total distributions not in excess of
the General Partner’s earnings and profits (as determined for U.S. federal income tax purposes) paid or made available for
such taxable year to holders of all classes and series of the General Partner’s stock (the “Total Distributions”),
then the portion of the Capital Gains Amount that shall be allocable to holders of Series A Preferred Units shall be in the same
proportion that the Total Distributions paid or made available to the holders of Series A Preferred Units for such taxable year
bears to the Total Distributions for such taxable year made with respect to all classes or series of Partnership Units outstanding.

 

6.      
Liquidation Preference.

 

a.      
Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, after payment
of or provision for the Partnership’s debts and liabilities and any other class or series of equity securities of the Partnership
ranking, with respect to rights upon the Partnership’s voluntary or involuntary liquidation, dissolution or winding up, senior
to the Series A Preferred Units and before any distribution or payment shall be made to the holders of any Common Units or Junior
Preferred Units, the holders of the Series A Preferred Units then outstanding shall be entitled to be paid out of the assets of
the Partnership legally available for distribution to its Partners a liquidation preference in cash of $25.00 per Series A Preferred
Unit (the “Base Liquidation Preference”), plus an amount equal to any accrued and unpaid Series A Preferred
Return to, but not including, the date of payment (together with the Base Liquidation Preference, the “Liquidating Distribution”).

 

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b.       If
upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the available assets of the
Partnership are insufficient to pay the full amount of the Liquidating Distributions on all outstanding Series A
Preferred Units and the corresponding amounts payable on all outstanding Parity Preferred Units, then the holders of Series A
Preferred Units and Parity Preferred Units shall share ratably in any such distribution of assets in proportion to the full
Liquidating Distributions to which they would otherwise be respectively entitled.

 

c.       
After payment of the full amount of the Liquidating Distributions to which they are entitled, holders of Series A Preferred
Units will have no right or claim to any of the remaining assets of the Partnership.

 

d.      
For the avoidance of doubt, the consolidation, merger or conversion of the Partnership with or into another entity, the
merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer
or conveyance of all or substantially all of the assets or business of the Partnership shall not be considered a liquidation, dissolution
or winding up of the affairs of the Partnership.

 

7.      
Optional Redemption.

 

a.       
The Series A Preferred Units are not redeemable prior to [·], 2024, except
as otherwise provided in this Section 7.  On and after [·], 2024, the Partnership,
at its option, upon not fewer than 30 nor more than 60 days’ written notice, may redeem the Series A Preferred Units, in
whole or in part, at any time or from time to time, for cash, at a redemption price equal to $25.00 per Series A Preferred Unit,
plus any accrued and unpaid distributions thereon (whether or not authorized or declared) to, but not including, the date fixed
for redemption (the “Redemption Date”). Such notice shall be deemed to have been given to the General Partner,
in its capacity as holder of the Series A Preferred Units, upon the giving of any notice by the General Partner to holders of shares
of Series A Preferred Stock with respect to the redemption of such shares. If fewer than all of the outstanding Series A Preferred
Units are to be redeemed, the Series A Preferred Units to be redeemed may be selected pro rata (as nearly as practicable
without creating fractional units) or by lot.

 

b.      
Unless full cumulative distributions on all Series A Preferred Units shall have been or contemporaneously are declared
and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, (i)
no Series A Preferred Units shall be redeemed unless all outstanding Series A Preferred Units are simultaneously redeemed, and
(ii) the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies
be paid to or be made available for a sinking fund for the redemption of, any Series A Preferred Units (except by conversion into
or exchange for Common Units or Junior Preferred Units of the Partnership); provided, however, that the foregoing shall
not prevent the redemption or purchase of Series A Preferred Units by the Partnership in connection with a redemption or purchase
by the General Partner of Series A Preferred Stock pursuant to Article V of the Charter or otherwise in order to ensure that the
General Partner remains qualified as a REIT for federal income tax purposes or pursuant to the terms of the Articles Supplementary,
or the purchase or acquisition of Series A Preferred Units pursuant to a purchase or exchange offer made on the same terms to
holders of all outstanding Series A Preferred Units and any other Parity Preferred Units.

 

c.       
If a Redemption Date falls after a Distribution Record Date and on or prior to the corresponding Series A Preferred Unit
Distribution Payment Date, each holder of Series A Preferred Units on such Distribution Record Date shall be entitled to the distribution
payable on such units on the corresponding Series A Preferred Unit Distribution Payment Date (including any accrued and unpaid
distributions for prior distribution periods) notwithstanding the redemption of such units on or prior to such Series A Preferred
Unit Distribution Payment Date.  Except as provided above, the Partnership will make no payment or allowance for unpaid distributions,
whether or not in arrears, on Series A Preferred Units for which a notice of redemption has been given.

 

d.      
Upon the occurrence of a Delisting Event or Change of Control, if and when the General Partner exercises its option to redeem
shares of Series A Preferred Stock as provided in Section 6 of the Articles Supplementary, the General Partner shall cause the
Partnership to concurrently redeem an equal number of Series A Preferred Units if and when such shares of Series A Preferred Stock
are so redeemed, at a redemption price per Series A Preferred Unit payable in cash and equal to the same price per share paid by
the General Partner to redeem the shares of Series A Preferred Stock (i.e., a redemption price of $25.00 per share of Series A
Preferred Stock, plus an amount equal to any accrued and unpaid dividends thereon). No interest shall accrue for the benefit of
the Series A Preferred Units to be redeemed on any cash set aside by the Partnership.

 

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e.       
Notwithstanding anything to the contrary contained herein, the Partnership may redeem one Series A Preferred Unit for each
share of Series A Preferred Stock purchased in the open market, through tender or by private agreement by the General Partner.

 

f.       
All Series A Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired
and reclassified as authorized but unissued Preferred Units, without designation as to class or series, and may thereafter be reissued
as any class or series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement.

 

g.      
Notwithstanding anything to the contrary contained herein, the Partnership may redeem Series A Preferred Units at any time
in connection with any redemption by the General Partner of the Series A Preferred Stock.

 

h.      In addition, upon the occurrence of a Delisting Event, the distributions rate specified in Section 5(a) hereof shall be
increased on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of [·]%
of the Base Liquidation Preference per unit per year (equivalent to $[·] per unit
per year) from and after the date of the Delisting Event. Following the cure of such Delisting Event, the distribution rate shall
revert to the rate specified in Section 5(a) hereof.

 

8.      
Voting Rights. Holders of the Series A Preferred Units will not have any voting rights.

 

9.      
Conversion. The Series A Preferred Units are not convertible or exchangeable for any other property or securities,
except as provided herein.

 

a.       
In the event that a holder of shares of Series A Preferred Stock exercises its right to convert such shares of Series A
Preferred Stock into Common Stock in accordance with the terms of the Articles Supplementary, then, concurrently with any conversion
that actually occurs pursuant to such exercise (i.e. such shares are not redeemed for cash prior thereto in accordance with the
terms of the Articles Supplementary), an equivalent number of Series A Preferred Units of the Partnership held by the General Partner
shall be automatically converted into a number of OP Units of the Partnership equal to the number of shares of Common Stock issued
upon conversion of such Series A Preferred Stock; provided, however, that if a holder of Series A Preferred Stock receives
cash or other consideration in addition to or in lieu of Common Stock in connection with such conversion, then the General Partner,
as the holder of the Series A Preferred Units, shall be entitled to receive cash or such other consideration equal (in amount and
form) to the cash or other consideration to be paid by the General Partner to such holder of the Series A Preferred Stock. Any
such conversion will be effective at the same time the conversion of Series A Preferred Stock into Common Stock is effective.

 

b.      
No fractional units will be issued in connection with the conversion of Series A Preferred Units into OP Units. In lieu
of fractional OP Units, the General Partner shall be entitled to receive a cash payment in respect of any fractional unit in an
amount equal to the fractional interest multiplied by the Common Stock Price (as defined in the Articles Supplementary) on the
date the shares of Series A Preferred Stock are surrendered for conversion by a holder thereof.

 

10.    Allocation
of Net Income and Net Loss. Subparagraphs 1(a) and (b) of Exhibit B of the Partnership Agreement are hereby deleted in
their entirety and replaced by Sections 1(a) and (b) below:

 

“(a)       
Allocations of Net Income
and Net Loss. Except as otherwise provided in this Agreement, after giving effect to the special allocations in subparagraph
1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of
the Partnership, without duplication, shall be allocated among the Partners as follows:

 

(i)       first,
if the Partnership has Net Income for any taxable year or portion thereof, such Net Income shall be allocated to the General
Partner in respect of the Series A Preferred Units until it has been allocated Net Income equal to the excess of (A) the
cumulative amount of distributions of Cash Available for Distribution the General Partner has received for all prior taxable
years or portions thereof with respect to the Series A Preferred Units, over (B) the cumulative Net Income allocated to the
General Partner, pursuant to this subparagraph 1(a)(i) for all prior taxable years or portions thereof;

 

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(ii)       thereafter,
to the General Partner and Limited Partners in accordance with their respective Percentage Interests.

 

(b)        Allocations
of Net Property Gain and Net Property Loss. Except as otherwise provided in this Agreement, after giving effect to the
special allocations in subparagraphs 1(c) and paragraph 2, Net Property Gain, Net Property Loss and, to the extent necessary,
individual items of gain or loss comprising Net Property Gain and Net Property Loss of the Partnership, without duplication,
shall be allocated among the Partners as follows:

 

(i)       first,
if the Partnership has Net Property Gain for any taxable year or portion thereof, such Net Property Gain shall be allocated to
the General Partner in respect of the Series A Preferred Units until it has been allocated Net Property Gain equal to the excess
of (A) the cumulative amount of distributions of Net Sales Proceeds the General Partner has received for all prior taxable years
or portions thereof with respect to the Series A Preferred Units, over (B) the cumulative Net Property Gain allocated to the General
Partner, pursuant to this subparagraph 1(b)(i) for all prior taxable years or portions thereof;

 

(ii)       thereafter,
in a manner determined in the reasonable discretion of the General Partner that will, as nearly as possible cause the
Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (A) the amount of
distributions that would be made to such Partner pursuant to Section 5.1(b) if the Partnership were dissolved, its affairs
wound up and its assets sold for cash equal to their Gross Asset Value, taking into account any adjustments thereto for such
period, all Partnership liabilities were satisfied in full in cash according to their terms (limited with respect to each
nonrecourse liability to the Gross Asset Value of the assets securing such liability), and Net Sales Proceeds (after
satisfaction of such liabilities) were distributed in full in accordance with Section 5.1(b) to the Partners immediately
after making such allocations, minus (ii) the sum of such Partner’s share of Partnership Minimum Gain and Partner
Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to
contribute to the capital of the Partnership, all computed immediately prior to the hypothetical sale of assets Paragraph 1
of Exhibit B of the Partnership Agreement is hereby amended with the addition of Subparagraph 1(d), below:

 

“(d)       It is the intention of the
parties hereunder that the aggregate Capital Account balance of the General Partner in respect of the Series A Preferred Units
at any date shall not exceed the amount of the original Capital Contributions made in respect of the Series A Preferred Units plus
all accrued and unpaid distributions thereon, whether or not declared, to the extent not previously distributed. Notwithstanding
anything to the contrary contained herein, in connection with the liquidation of the Partnership or the interest of a holder of
Series A Preferred Units, and prior to making any other allocations of Net Income or Net Loss, items of income and gain or deduction
and loss shall first be allocated to the General Partner in respect of the Series A Preferred Units in such amounts as is required
to cause the General Partner’s adjusted Capital Account in respect of the Series A Preferred Units (taking
into account any amounts such Partner is obligated to contribute to the capital of the Partnership or is deemed obligated to contribute
pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)) to equal the amount the General Partner is entitled to receive pursuant
to the provisions of the Partnership Agreement in respect to the Series A Preferred Units.”

 

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11.    Additional Allocation Provisions. Article XIII,
Section 13.2(a)(iii)(D) of the Partnership Agreement is hereby deleted in its entirety and replaced by Section
13.2(a)(iii)(D), below:

 

“(D)       
the balance, if any, shall be distributed, subject to Section 5.07(b), first to the General Partner in respect of the Series
A Preferred Units until its Capital Account with respect to the Series A Preferred Units has been reduced to zero and then to
all Partners (including the Special Limited Partner) with positive Capital Accounts in accordance with their respective
positive Capital Accounts after giving effect to all allocations in Exhibit B and all prior distributions under Section
5.1.”

 

Exhibit B of the Partnership Agreement is hereby amended with
the addition of Paragraph 3, below:

 

“3.       
Notwithstanding anything to the contrary in this Agreement, it is the intent of the Partners (including the Special Limited
Partner) that the allocation provisions of Exhibit B produce (a) a final Capital Account balance of the General Partner in
respect of the Series A Preferred Units equal to the aggregate Base Liquidation Preference, plus any accrued but unpaid
Series A Preferred Return for each Series A Preferred Unit and (b) final Capital Account balances of the Partners (including
the Special Limited Partner) equal to the amount such Partners would receive with respect to their GP Units, OP Units, Class
B Units, or the Special Limited Partner Interest pursuant to Section 5.1. To the extent the allocation provisions of Exhibit
B would fail to produce such final Capital Account balances, (y) such provisions shall be amended by the General Partner if
and to the extent necessary to produce such result and (z) Net Income, Net Loss, Net Property Gain, Net Property Loss and, to
the extent necessary, individual items of income, gain, loss and deduction, of the Partnership for prior open years shall be
reallocated by the General Partner, in its sole and absolute discretion, among the Partners to the extent it is not possible
to achieve such result with allocations of Net Income, Net Loss, Net Property Gain, Net Property Loss and, to the extent
necessary, individual items of income, gain, loss and deduction, of the Partnership for the current year and future years,
and if necessary, as a guaranteed payment as defined in Section 707(c) of the Code (unless the treatment of a portion of the
return on the Series A Preferred Return as a guaranteed payment would cause the entire Series A Preferred Return to be
a guaranteed payment, in which case none of such return shall be so treated). This Paragraph 3 shall control notwithstanding
any reallocation or adjustment of taxable Net Income, Net Loss, Net Property Gain, Net Property Loss and, to the extent
necessary, individual items of income, gain, loss and deduction, of the Partnership by the Service or any other taxing
authority. The General Partner shall have the authority to amend this Agreement without the consent of the Limited Partners
or the Special Limited Partner, as it reasonably considers advisable, to make the allocations and adjustments described in
this Paragraph 3.”

 

12.    Except as modified herein, all terms and conditions of the
Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner hereby ratifies and
confirms.

 

    A-7Exhibit 10.1

 

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of _____________, 20__ between F5 Finishes,
Inc., a Delaware corporation (the “Company”), and ______________ (“Indemnitee”).

 

WHEREAS,
highly competent persons have become more reluctant to serve corporations as directors or in other capacities unless they are
provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of
the Company permit or require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to
indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The DGCL expressly
provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be
entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Bylaws and Certificate of Incorporation of the Company and any resolutions
adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder; and

 

WHEREAS,
Indemnitee does not regard the protection available under the Company’s Bylaws and Certificate of Incorporation and insurance
as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection,
and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be so indemnified.

 

     

     

    

 

NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as a director from and 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 fullest extent permitted
by law, as such may be amended from time to time. 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), the Indemnitee 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 the Indemnitee acted in good faith and in a manner
the Indemnitee 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 the Indemnitee’s 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, the Indemnitee 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 the Indemnitee, or on the Indemnitee’s behalf, in
connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee 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, as such may be amended from time
to time, 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

     

    

 

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.

 

3.
Contribution.

 

(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, 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 or events 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 transaction or events
that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable
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.

 

    3

     

    

 

(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.

 

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

 

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, or is made (or asked) to respond to discovery requests, 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.

 

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
thirty (30) 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 a written 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 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). No other form of undertaking shall be required other than the execution of this Agreement.

 

    4

     

    

 

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 DGCL 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 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 in writing that Indemnitee has requested indemnification. Notwithstanding
the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion,
shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually
and materially prejudices the interests of the Company.

 

(b)
In the event the Company shall be obligated hereunder to provide indemnification, exoneration or hold harmless rights for or make
any advancement of Expenses with respect to the Expenses of any Proceeding, the Company, if appropriate, shall be entitled to
assume the defense of such Proceeding with counsel approved by Indemnitee (which approval shall not be unreasonably withheld)
upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval
of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under
this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to
the same Proceeding; provided, however, that (i) Indemnitee shall have the right to employ Indemnitee’s separate counsel
in any such Proceeding at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been
previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest
between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not continue to retain such counsel
to defend such Proceeding, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which Indemnitee
may receive indemnification, exoneration or hold harmless rights or advancement of Expenses hereunder. The Company shall have
the right to conduct such defense as it sees fit in its sole discretion, including the right to settle any Proceeding against
Indemnitee without the consent of Indemnitee, provided that the terms of such settlement include either: (i) a full release of
Indemnitee by the claimant from all liabilities or potential liabilities under such claim or (ii), in the event such full release
is not obtained, the terms of such settlement do not limit any indemnification, exoneration or hold harmless rights Indemnitee
may now, or hereafter, be entitled to under this Agreement, the Company’s Certificate of Incorporation, bylaws, any agreement,
any vote of stockholders or Disinterested Directors, the DGCL or otherwise.

 

(c)
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of the Board (1) by a majority vote of the Disinterested Directors, even though less than a quorum,
(2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a
written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the
stockholders of the Company.

 

    5

     

    

 

(d)
If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(c) hereof,
the Independent Counsel shall be selected as provided in this Section 6(d). The Independent Counsel shall be selected by
the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company
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 14
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 twenty (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 Indemnitee to the Company’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(c) 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(c) hereof, and the Company shall pay
all reasonable fees and expenses incident to the procedures of this Section 6(d), regardless of the manner in which such
Independent Counsel was selected or appointed.

 

(e)
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. Neither the failure
of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any
action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has
not met the applicable standard of conduct.

 

    6

     

    

 

(f)
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 (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers
of the Enterprise 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.

 

(g)
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 sixty (60) 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 sixty (60) day period may be extended for a reasonable time,
not to exceed an additional thirty (30) 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(c) of this Agreement and if (A)
within fifteen (15) days after receipt by the Company of the request for such determination, the Board 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.

 

(h)
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 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.

 

    7

     

    

 

(i)
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.

 

(j)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

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(c) of this Agreement within ninety
(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 Indemnitee’s entitlement
to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (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.

 

(b)
In the event that a determination shall have been made pursuant to Section 6(c) 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(c).

 

(c)
If a determination shall have been made pursuant to Section 6(c) 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
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

    8

     

    

 

(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 14 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. The Company shall indemnify Indemnitee against any and all Expenses
and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance,
to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action
brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

8.
Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; 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, the By-laws, any agreement, a vote of stockholders,
a resolution of directors of the Company, 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 DGCL, whether
by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation,
By-laws 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)
To the extent that the Company maintains 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, 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. If, at the time of the receipt of a notice of a claim pursuant to the terms
hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies.

 

    9

     

    

 

(c)
Except as provided in Section 13 of this Agreement, in the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required
and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce
such rights.

 

(d)
Except as provided in Section 13 of this Agreement, 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.

 

(e)
Except as provided in Section 13 of this Agreement, the Company’s obligation to indemnify or advance Expenses hereunder
to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually
received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise.

 

9.
Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated
under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided that
the foregoing shall not affect the rights of Indemnitee or Secondary Indemnitors set forth in Section 13 of this Agreement;
or

 

(b)
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state
statutory law or common law; or

 

(c)
in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

    10

     

    

 

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.

 

11.
Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to
time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit,
funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior
written consent of 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.

 

(c)
The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting
the Indemnitee’s rights to receive advancement of expenses under this Agreement.

 

13.
Primary Responsibility.

 

The
Company acknowledges that Indemnitee has or may from time to time obtain certain rights to indemnification and advancement of
expenses provided by one or more third parties (collectively, the “Secondary Indemnitors”). The Company agrees
that, as between the Company and the Secondary Indemnitors, the Company is primarily responsible for amounts required to be indemnified
or advanced under the Company’s Certificate of Incorporation or Bylaws or this Agreement and any obligation of the Secondary
Indemnitors to provide indemnification or advancement for the same amounts is secondary to those Company obligations. To the extent
not in contravention of any insurance policy or policies providing liability or other insurance for the Company or any director,
trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other enterprise, the Company
waives any right of contribution or subrogation against the Secondary Indemnitors with respect to the liabilities for which the
Company is primarily responsible under this Section 13. In the event of any payment by the Secondary Indemnitors of amounts
otherwise required to be indemnified or advanced by the Company under the Company’s Certificate of Incorporation or Bylaws
or this Agreement, the Secondary Indemnitors shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee for indemnification or advancement of expenses under the Company’s Certificate of Incorporation or Bylaws
or this Agreement or, to the extent such subrogation is unavailable and contribution is found to be the applicable remedy, shall
have a right of contribution with respect to the amounts paid. The Secondary Indemnitors are express third-party beneficiaries
of the terms of this Section 13.

 

    11

     

    

 

14.
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, or responding
to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection
with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result
of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for,
and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(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.

 

    12

     

    

 

(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 his or her Corporate Status, by reason of any action taken by
him or of any inaction on his part while acting in his or her Corporate Status; 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.

 

(g)
“Secondary Indemnitors” is defined in Section 13 of this Agreement.

 

15.
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. 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.

 

16.
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.

 

17.
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.

 

18.
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or
facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day
after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.
All communications shall be sent:

 

(a)
To Indemnitee at the address set forth below Indemnitee signature hereto.

 

    13

     

    

 

(b)
To the Company at:

 

F5
Finishes, Inc.

6571 Las Positas Road

Livermore,
CA 94551

Attention: President and 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.

 

19.
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
and effective for all purposes.

 

20.
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.

 

21.
Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by,
and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in
connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to
submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) to the extent such party is not otherwise subject to service of process in the State of Delaware, agrees
to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, (iv) waive
any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum.

 

SIGNATURE
PAGE TO FOLLOW

 

    14

     

    

 

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

 

	 	F5 Finishes, Inc.
	 	 	 
	 	By:	 
	 	Name: 	Michael Patton
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 	 
	 	Name: 	____________________

 

	 	Address:	               	 
	 	 	 	 

 

 

15

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