Document:

Exhibit 10.7

 

FORM OF
INDEMNITY AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) is made on [     ], 2020.

 

Between:

 

		(1)	Sports
    Ventures Acquisition Corp., an exempted company incorporated under the laws of the Cayman Islands with registered
    office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”);
    and

 

		(2)	_____________________
    (“Indemnitee”).

 

Whereas:

 

		(A)	Highly
    competent persons have become more reluctant to serve publicly-held companies or corporations as directors, officers or in
    other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate
    risks of claims and actions against them arising out of their service to and activities on behalf of such companies or corporations;

 

		(B)	The
    board of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
    individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect
    persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance
    has been a customary and widespread practice among publicly traded companies or 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 companies, 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 amended and restated articles of association of the Company (the “Articles”) provide
    for the indemnification of the officers and directors of the Company. The Articles expressly provide that the indemnification
    provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company
    and members of the board of directors, officers and other persons with respect to indemnification, hold harmless, exoneration,
    advancement and reimbursement rights;

 

		(C)	The
    uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
    such persons;

 

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

 

		(E)	It
    is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate
    and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law and the Articles so that
    they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;

 

		(F)	This
    Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted pursuant thereto, and shall not
    be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

		(G)	Indemnitee
    may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the
    Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take
    on additional service for or on behalf of the Company on the condition that he be so indemnified; and

 

     

     

    

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein and subject to the provisions of the letter agreement
dated as of [    ], 2020 among the Company, Indemnitee and the other parties thereto pursuant to the Underwriting
Agreement between the Company and the Underwriters in connection with the Company’s initial public offering, the Company
and Indemnitee do hereby covenant and agree as follows:

 

TERMS
AND CONDITIONS

 

		1	SERVICES
    TO THE COMPANY

 

Indemnitee
will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable,
for so long as Indemnitee is duly elected, appointed or retained or until Indemnitee tenders his resignation or until Indemnitee
is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased
to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This
Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the
Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

		2	DEFINITIONS

 

As
used in this Agreement:

 

		2.1	References
    to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary
    of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity
    as a director, officer, employee, advisor, fiduciary or other official of another company, a corporation, partnership, limited
    liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the
    interests of the Company or a subsidiary of the Company.

 

		2.2	The
    terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
    in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

		2.3	A
    “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
    of any of the following events:

 

	 	(a)	Acquisition
    of Shares by Third Party. Other than an affiliate of AKICV LLC, any Person (as defined below) is or becomes the
    Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined
    voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless
    (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from
    a reduction in the aggregate number of outstanding shares entitled to vote generally in the election of directors, or (2) such
    acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute
    a Change in Control under part (c) of this definition;

 

	 	(b)	Change
    in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose
    election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two
    thirds of the directors then still in office who were directors on the date hereof or whose election for nomination for election
    was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute
    at least a majority of the members of the Board;

 

    2

     

    

 

	 	(c)	Corporate
    Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization
    or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
    in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities
    who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to
    such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then
    outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business
    Combination (including, without limitation, a company or corporation which as a result of such transaction owns the Company
    or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) in substantially
    the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote
    generally in the election of directors; (2) other than an affiliate of AKICV LLC, no Person (excluding any company or
    corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the
    combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving
    company or corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at
    least a majority of the Board of Directors of the company or corporation resulting from such Business Combination were Continuing
    Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for
    such Business Combination;

  

	 	(d)	Liquidation.
    The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
    for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring
    the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to
    proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

	 	(e)	Other
    Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
    Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange
    Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

		2.4	“Corporate
    Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
    member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or
    was serving at the request of the Company.

 

		2.5	“Cayman
    Court” shall mean the Courts of the Cayman Islands.

 

		2.6	“Disinterested
    Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below)
    in respect of which indemnification is sought by Indemnitee.

 

		2.7	“Enterprise”
    shall mean the Company and any other company, a corporation, constituent corporation (including any constituent of a constituent)
    absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability
    company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving
    at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee
    or agent.

 

		2.8	“Exchange
    Act” shall mean the Securities Exchange Act of 1934, as amended.

 

		2.9	“Expenses”
    shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation,
    all attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
    fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
    postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or
    expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to
    be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable
    compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party.
    Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below),
    including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas
    bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee
    or the amount of judgments or fines against Indemnitee.

 

    3

     

    

 

		2.10	“Indemnity
    Obligations” shall mean all obligations of the Company to Indemnitee under this Agreement, including, without limitation,
    the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

 

		2.11	“Independent
    Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law
    and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in
    any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or
    of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined
    below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
    Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
    would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
    rights under this Agreement.

 

		2.12	References
    to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan;
    references to “serving at the request of the Company” shall include any service as a director, officer,
    employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee,
    agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in
    good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries
    of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests
    of the Company” as referred to in this Agreement.

 

		2.13	The
    term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
    Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company;
    (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of
    a Subsidiary (as defined below) of the Company or of any company or corporation owned, directly or indirectly, by the shareholders
    of the Company in substantially the same proportions as their ownership of shares of the Company; and (iv) any trustee
    or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below)
    of the Company or of a company or corporation owned directly or indirectly by the shareholders of the Company in substantially
    the same proportions as their ownership of shares of the Company.

 

		2.14	The
    term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
    alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or
    completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional
    or unintentional tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was, is,
    will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of
    the Company, by reason of any action (or failure to act) taken by him or of any action (or failure to act) on his part while
    acting as a director or officer 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, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise,
    in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification,
    reimbursement, or advancement of expenses can be provided under this Agreement.

 

		2.15	The
    term “Subsidiary,” with respect to any Person, shall mean any company, corporation, limited liability company,
    partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities
    or equity interest is owned, directly or indirectly, by that Person.

 

    4

     

    

 

		3	INDEMNITY
    IN THIRD-PARTY PROCEEDINGS

 

To
the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee
in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant
(as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure
a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee
shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of
such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on
his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee 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, in the case of a criminal Proceeding,
had no reasonable cause to believe that his conduct was unlawful.

  

		4	INDEMNITY
    IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

To
the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee
in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant
(as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by
reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held
harmless and exonerated against all Expenses actually and reasonably incurred by him or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses
shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally
adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought
or the Cayman Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

	5	INDEMNIFICATION
    FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding
any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s
Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense
of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law
and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him
in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted
by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is
not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the Articles,
indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or
matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section 5 and
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

		6	INDEMNIFICATION
    FOR EXPENSES OF A WITNESS

 

Notwithstanding
any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of his Corporate
Status, a witness or deponent in any Proceeding to which Indemnitee is not a party or threatened to be made a party, he shall,
to the fullest extent permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

 

    5

     

    

 

		7	ADDITIONAL
    INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

		7.1	Notwithstanding
    any limitation in Sections 3, 4, or 5, except for Section 27, the Company shall, to the fullest extent permitted by applicable
    law and the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made
    a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
    all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges
    paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
    actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless
    or exoneration rights shall be available under this Section 7.1 on account of Indemnitee’s conduct which constitutes
    a breach of Indemnitee’s duty of loyalty to the Company or its shareholders or is an act or omission not in good faith
    or which involves intentional misconduct or a knowing violation of the law.

  

		7.2	Notwithstanding
    any limitation in Sections 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the fullest extent permitted
    by applicable law and the Articles, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened
    to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its
    favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments
    and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts
    paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

		8	CONTRIBUTION
    IN THE EVENT OF JOINT LIABILITY

 

		8.1	To
    the fullest extent permissible under applicable law and the Articles, if the indemnification, hold harmless and/or exoneration
    rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company,
    in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred
    by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses,
    in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives
    and relinquishes any right of contribution it may have at any time against Indemnitee.

 

		8.2	The
    Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
    be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against
    Indemnitee.

 

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

 

		9	EXCLUSIONS

 

Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance
expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

	 	(a)	for
    which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
    provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement,
    other indemnity or advancement provision or otherwise;

 

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

 

	 	(c)	except
    as otherwise provided in Sections 14.5 and 14.6 hereof, prior to a Change in Control, in connection with any Proceeding
    (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated
    by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
    the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification,
    hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable
    law and the Articles. Indemnitee shall seek payments or advances from the Company only to the extent that such payments or
    advances are unavailable from any insurance policy of the Company covering Indemnitee.

 

    6

     

    

 

		10	ADVANCES
    OF EXPENSES; DEFENSE OF CLAIM

 

		10.1	Notwithstanding
    any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable
    law or the Articles, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be
    incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt
    by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of
    any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall
    be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate
    entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall
    include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses
    incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required
    by applicable law and the Articles, such payments of Expenses in advance of the final disposition of the Proceeding shall
    be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advance to the
    extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under the provisions
    of this Agreement, the Articles, applicable law or otherwise. This Section 10.1 shall not apply to any claim made
    by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

		10.2	The
    Company will be entitled to participate in the Proceeding at its own expense.

 

		10.3	The
    Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
    penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

		11	PROCEDURE
    FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

		11.1	Indemnitee
    agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
    information or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless
    or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company
    shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

		11.2	Indemnitee
    may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this
    Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems
    appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s
    entitlement to indemnification shall be determined according to Section 12.1 of this Agreement.

 

		12	PROCEDURE
    UPON APPLICATION FOR INDEMNIFICATION

 

		12.1	A
    determination, if required by applicable law and the Articles, with respect to Indemnitee’s entitlement to indemnification
    shall be made in the specific case by one of the following methods: (i) if no Change in Control has occurred, (x) by a majority
    vote of the Disinterested Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors,
    even though less than a quorum of the Board, or (z) if there are no Disinterested Directors, or if such Disinterested Directors
    so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or
    (ii) if a Change in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall
    be delivered to Indemnitee. The Company will promptly advise Indemnitee in writing with respect to any determination
    that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification
    has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall
    be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons
    or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
    to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
    or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
    Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating
    with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination
    as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee
    harmless therefrom.

 

    7

     

    

 

		12.2	In
    the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1
    hereof, the Independent Counsel shall be selected as provided in this Section 12.2. The Independent Counsel shall
    be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall
    give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that
    the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2
    of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee
    advising him of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected
    meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either
    event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection
    shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
    provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not
    meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection
    shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
    so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent
    Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent
    jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee
    of a written request for indemnification pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected
    and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution of any objection which
    shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment
    as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom all objections are so
    resolved or the person so appointed shall act as Independent Counsel under Section 12.1 hereof. Upon the due commencement
    of any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent Counsel shall
    be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
    conduct then prevailing).

 

		12.3	The
    Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such
    Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement
    or its engagement pursuant hereto.

 

		13	PRESUMPTIONS
    AND EFFECT OF CERTAIN PROCEEDINGS

 

		13.1	In
    making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such
    determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted
    a request for indemnification in accordance with Section 11.2 of this Agreement, and the Company shall have the burden
    of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination
    contrary to that presumption. Neither the failure of the Company (including by its directors or Independent Counsel)
    to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper
    in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
    (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall
    be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

    8

     

    

 

		13.2	If
    the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
    is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of
    the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and
    Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or
    an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
    the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly
    prohibited under applicable law and the Articles; provided, however, that such 30-day period may be extended for a reasonable
    time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect
    to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation
    and/or information relating thereto.

  

		13.3	The
    termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
    a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
    adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith
    and in a manner which 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.

 

		13.4	For
    purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
    action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
    to Indemnitee by the directors, managers, managing members, or officers of the Enterprise in the course of their duties, or
    on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general
    partner, manager, or managing member or on information or records given or reports made to the Enterprise, its Board, any
    committee of the Board or any director, trustee, general partner, manager or managing member by an independent certified public
    accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director,
    trustee, general partner, manager or managing member. The provisions of this Section 13.4 shall not be deemed to
    be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable
    standard of conduct set forth in this Agreement.

 

		13.5	The
    knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
    agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
    under this Agreement.

 

		14	REMEDIES
    OF INDEMNITEE

 

		14.1	In
    the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled
    to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable
    law and the Articles, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement
    to indemnification shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after receipt
    by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 5,
    6, 7 or the last sentence of Section 12.1 of this Agreement within ten (10) days after receipt by the Company of
    a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this
    Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days
    after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant
    to any hold harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) days after receipt
    by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Cayman Court to
    such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee,
    at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration
    Rules of the American Arbitration Association. Except as set forth herein, the provisions of Cayman Islands law
    (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s
    right to seek any such adjudication or award in arbitration.

 

    9

     

    

 

		14.2	In
    the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not
    entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted
    in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
    adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee
    shall be presumed to be entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses under this
    Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated
    and to receive advances of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination
    pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial
    proceeding or arbitration pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company
    for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement
    to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

		14.3	If
    a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification,
    the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
    absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
    statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
    indemnification under applicable law or the Articles.

 

		14.4	The
    Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
    that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such
    court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

		14.5	The
    Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
    by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,
    to the fullest extent permitted by applicable law and the Articles, such Expenses which are incurred by Indemnitee in connection
    with any judicial proceeding or arbitration brought by Indemnitee (i) to enforce his rights under, or to recover damages
    for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement
    or provision of the Articles now or hereafter in effect; or (ii) for recovery or advances under any insurance policy
    maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined
    to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery,
    as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

		14.6	Interest
    shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and Indemnitee for amounts which the
    Company indemnifies, holds harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate for the period commencing
    with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or
    advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

		15	SECURITY

 

Notwithstanding
anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the
Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through
an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may
not be revoked or released without the prior written consent of Indemnitee.

 

    10

     

    

 

		16	NON-EXCLUSIVITY;
    SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

  

		16.1	The
    rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
    at any time be entitled under applicable law, the Articles, any agreement, a vote of shareholders or a resolution of directors,
    or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict
    any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened,
    commenced or completed) arising out of, or related to, any action taken or omitted by such Indemnitee in his Corporate Status
    prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or
    judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would
    be afforded currently under the Articles or this Agreement, then this Agreement (without any further action by the parties
    hereto) shall automatically be deemed to be amended to require that the Company indemnify Indemnitee to the fullest extent
    permitted by law. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and
    every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
    hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
    otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

		16.2	The
    Articles permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including,
    but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
    on behalf of Indemnitee against any liability asserted against him or incurred by or on behalf of him or in such capacity
    as a director, officer, employee or agent of the Company, or arising out of his status as such, whether or not the Company
    would have the power to indemnify him against such liability under the provisions of this Agreement, as it may then be in
    effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit
    or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein,
    and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights
    and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

		16.3	To
    the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
    trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise
    which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
    with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner,
    manager, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives
    notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise),
    the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding
    to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
    take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
    of such Proceeding in accordance with the terms of such policies.

 

		16.4	In
    the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
    rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
    including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

		16.5	The
    Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was
    serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee
    or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold
    harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision
    of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset,
    allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage
    among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all
    its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without
    regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration,
    contribution or insurance coverage rights against any person or entity other than the Company.

 

    11

     

    

 

		16.6	The
    Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance
    provided by one or more Persons with whom or which Indemnitee may be associated. The Company hereby acknowledges and agrees
    that (i) the Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, liability or matter
    that is the subject of the Indemnity Obligations, (ii) the Company shall be primarily liable for all Indemnity Obligations
    and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, liability or matter that is the subject
    of Indemnity Obligations, whether created by law, organizational or constituent documents, contract (including, without limitation,
    this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be associated to
    indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding shall be secondary to the obligations
    of the Company hereunder, (iv) the Company shall be required to indemnify Indemnitee and advance Expenses to Indemnitee hereunder
    to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom
    or which Indemnitee may be associated or insurer of any such Person and (v) the Company irrevocably waives, relinquishes and
    releases any other Person with whom or which Indemnitee may be associated from any claim of contribution, subrogation or any
    other recovery of any kind in respect of amounts paid by the Company hereunder. In the event that any other Person with whom
    or which Indemnitee may be associated or their insurers advances or extinguishes any liability or loss which is the subject
    of any Indemnity Obligation owed by the Company or payable under any insurance policy provided under this Agreement, the payor
    shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise
    be payable by the Company or its insurer or insurers under this Agreement. In no event will payment of an Indemnity Obligation
    of the Company under this Agreement by any other Person with whom or which Indemnitee may be associated or their insurers,
    affect the obligations of the Company hereunder or shift primary liability for any Indemnity Obligation to any other Person
    with whom or which Indemnitee may be associated. Any indemnification and/or insurance or advancement of Expenses provided
    by any other Person with whom or which Indemnitee may be associated, with respect to any liability arising as a result of
    Indemnitee’s Corporate Status or capacity as an officer or director of any Person, is specifically in excess of any
    Indemnity Obligation of the Company or valid and any collectible insurance (including, without limitation, any malpractice
    insurance or professional errors and omissions insurance) provided by the Company under this Agreement, and any obligation
    to provide indemnification and/or insurance or advance Expenses provided by any other Person with whom or which Indemnitee
    may be associated shall be reduced by any amount that Indemnitee collects from the Company as an indemnification payment or
    advancement of Expenses pursuant to this Agreement.

 

		17	DURATION
    OF AGREEMENT

 

All
agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or
officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of
any other company, a corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee
serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding
(including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement)
by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred
for which indemnification or advancement can be provided under this Agreement.

 

		18	SEVERABILITY

 

If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law and the Articles and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion
of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    12

     

    

 

		19	ENFORCEMENT
    AND BINDING EFFECT

 

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

 

		19.2	Without
    limiting any of the rights of Indemnitee under the Articles as they may be amended from time to time, this Agreement constitutes
    the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements
    and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

		19.3	The
    indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
    shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any
    direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or
    assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of
    the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any
    other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his or her spouse, assigns,
    heirs, devisees, executors and administrators and other legal representatives.

 

		19.4	The
    Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
    to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form
    and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to
    the same extent that the Company would be required to perform if no such succession had taken place.

 

		19.5	The
    Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
    impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly,
    the parties hereto agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or
    specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive
    relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
    he may be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance
    and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without
    the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence
    of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction and the Company hereby
    waives any such requirement of such a bond or undertaking.

 

		20	MODIFICATION
    AND WAIVER

 

No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing waiver.

 

		21	NOTICES

 

All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and 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 (3rd) business day after
the date on which it is so mailed:

 

    13

     

    

 

		(a)	If
to Indemnitee, at the address indicated on the signature page of this Agreement or such other address as Indemnitee shall
provide in writing to the Company.

 

		(b)	If
to the Company, to:

 

Sports
Ventures Acquisition Corp.

9705 Collins Ave 1901N

Bal
Harbour, FL 33154

Attn:
Daniel Strauss

 

With
a copy, which shall not constitute notice, to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn:
Stuart Neuhauser, Esq. 

 

or
to any other address as may have been furnished to Indemnitee in writing by the Company.

 

		22	APPLICABLE
    LAW AND CONSENT TO JURISDICTION

 

This
Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York, without regard to its conflict of laws rules. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 14.1 of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally:
(a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the
Cayman Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent
to submit to the exclusive jurisdiction of the Cayman Court for purposes of any action or proceeding arising out of or in connection
with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Cayman Court;
and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Cayman Court
has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. 

 

		23	IDENTICAL
    COUNTERPARTS

 

This
Agreement may be executed in two or more counterparts, each of which shall for all purposes be deemed to be an original but all
of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

		24	MISCELLANEOUS

 

Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

 

		25	PERIOD
    OF LIMITATIONS

 

No
legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such
cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by
the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations
is otherwise applicable to any such cause of action such shorter period shall govern.

 

    14

     

    

 

		26	ADDITIONAL
    ACTS

 

If
for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the
Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will
enable the Company to fulfil its obligations under this Agreement.

 

		27	WAIVER
    OF CLAIMS TO TRUST ACCOUNT

 

Indemnitee
hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or
to any monies in the trust account established in connection with the Company’s initial public offering for the benefit
of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result
of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason
whatsoever. 

 

		28.	MAINTENANCE
    OF INSURANCE

 

The
Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company
is obligated to indemnify Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies
to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s
performance of its indemnification obligations under this Agreement. Indemnitee shall be covered by such policy or policies in
accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such
policy or policies. In all such insurance policies, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee
with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

 

 

[SIGNATURE
PAGE FOLLOWS]

 

    15

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed on the day and year first above written.

 

	 	Sports
    Ventures Acquisition Corp.
	 	 
	 	By:	
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	Name:
	 	 	 
	 	 	Address:

 

 

[Signature
Page to Indemnity Agreement]

 

    16Exhibit 10.8

 

SPORTS VENTURES ACQUISITION CORP.

9705 Collins Ave 1901N

Bal Harbour, FL 33154

 

[______], 2020

 

AKICV LLC

9705 Collins Ave 1901N

Bal Harbour, FL 33154 

 

	 	Re:	Administrative Services Agreement

 

Gentlemen:

 

This letter agreement
by and between Sports Ventures Acquisition Corp., a Cayman Islands exempted company (the “Company”) and AKICV LLC (“Sponsor”),
dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed
on the Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus
filed with the Securities and Exchange Commission (the “Registration Statement”) and continuing until the earlier of
the consummation by the Company of an initial business combination or the Company’s liquidation (in each case as described
in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”):

 

(i) Sponsor or one
of its affiliates shall make available to the Company, at 9705 Collins Ave 1901N, Bal Harbour, FL 33154 (or any successor location
of Sponsor or its affiliates), certain office space, utilities, and shared personnel support services as may be reasonably requested
by the Company. In exchange therefor, the Company shall pay Sponsor the sum of $10,000 per month on the Listing Date and continuing
monthly thereafter until the Termination Date; and

 

(ii) Sponsor hereby
irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in
or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of
the public shareholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering
will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result
of, or arising out of, this letter agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account
or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction
of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may
assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval
of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee.

 

This letter agreement,
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute,
law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York,
without giving effect to its choice of laws principles.

 

 

[Signature pages follows]

 

     

     

    

 

	Very truly yours,	 
	 	 
	SPORTS VENTURES ACQUISITION CORP.	 
	 	 
	By:	 	 
	 	Name:	Alan Kestenbaum	 
	 	Title:	Chief Executive Officer	 

 

 

AGREED TO AND ACCEPTED BY:

 

AKICV LLC

 

	By:	 	 
	 	Name:	Alan Kestenbaum	 
	 	Title:	Managing Member	 

 

 

[Signature Page to Administrative Services
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]