Document:

Exhibit 10.4

 

WIZARD
WORLD, INC.  

NON-QUALIFIED
STOCK OPTION AGREEMENT

 

DIRECTOR

 

THIS
NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) entered into as of the [___] day of [___________], by
and between Wizard World, Inc. (the “Company”) and [___________] (the “Optionee”).

 

WHEREAS,
pursuant to the authority of the Board of Directors (the “Board”), the Company has granted the Optionee the
right to purchase common stock, $0.0001 par value per share (“Common Stock”) of the Company pursuant to stock
options granted under an equity incentive plan approved by the Board;

 

WHEREAS,
the Company and Optionee are entering into that certain Director Agreement of even date herewith (the “Director Agreement”)
whereby, among other things, the Optionee shall serve as member of the Board.

 

NOW
THEREFORE, in consideration of the mutual covenants and promises hereafter set forth and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1. Grant
of Non-Qualified Options. The Company hereby irrevocably grants to the Optionee, as a matter of separate agreement and
not in lieu of salary or other compensation for services, the right and option to purchase all or any part of an aggregate of
[_________] shares of authorized but unissued or treasury common stock of the Company (the “Options”)
on the terms and conditions herein set forth. The Common Stock shall be unregistered under the Securities Act of 1933, as
amended (the “Securities Act”), unless the Company voluntarily files a registration statement covering
such shares Common Stock with the Securities and Exchange Commission. The Options are not intended to be Incentive Stock
Options as defined by Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”).

 

2.
Price. The exercise price of the shares of Common Stock subject to the Options granted hereunder shall be $[_______].

 

3.
Vesting.

 

(a)
The Options shall vest quarterly over a three (3) year period, subject to the Optionee continuing to perform services for
the Company in the capacity in which the grant was received on each applicable vesting date. In lieu of fractional vesting,
the number of Options shall be rounded up each time until fractional Options are eliminated.

 

(b)
Subject to Sections 3(c) and 4 of this Agreement, Options may be exercised by providing to the Company the Notice of Option Exercise
in the form attached hereto as Exhibit A after vesting and remain exercisable until 5:30 p.m. New York time on the date
that is the fifth (5th) year anniversary of the date of this Agreement.

 

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(c)
However, notwithstanding any other provision of this Agreement, at the option of the Board in its sole and absolute discretion,
all Options shall be immediately forfeited in the event any of the following events occur:

 

(i)
The termination of the Optionee’s employment with the Company for Cause or without Good Reason, as such terms are
defined in the employment agreement of such Optionee, or if such term or terms is not defined in the employment agreement or
there is not an employment agreement, as defined by the Second Amended and Restated 2011 Incentive Stock and Award Plan of
the Company (the “2011 Plan”);

 

(ii)
The Optionee purchases or sells securities of the Company without written authorization in accordance with the Company’s
insider trading policy then in effect, if any;

 

(iii)
The Optionee (A) discloses, publishes or authorizes anyone else to use, disclose or publish, without the prior written consent
of the Company, any proprietary or confidential information of the Company, including, without limitation, any information relating
to existing or potential customers, business methods, financial information, trade or industry practices, sales and marketing
strategies, employee information, vendor lists, business strategies, intellectual property, trade secrets or any other proprietary
or confidential information or (B) directly or indirectly uses any such proprietary or confidential information for the individual
benefit of the Optionee or the benefit of a third party;

 

(iv)
During the term of employment and for a period of two (2) years thereafter, the Optionee disrupts or damages, impairs or
interferes with the business of the Company or its Affiliates by recruiting, soliciting or otherwise inducing any of their
respective employees to enter into employment or other relationship with any other business entity, or terminate or
materially diminish their relationship with the Company or its Affiliates, as applicable; 

 

(v)
During the term of employment and for a period of one (1) year thereafter, the Optionee solicits or directs business of any person
or entity who is (A) a customer of the Company or its Affiliates at any time or (B) solicited to be a “prospective customer”
of the Company or its Affiliates, in any case either for such Optionee or for any other person or entity. For purposes of this
clause (v), “prospective customer” means a person or entity who contacted, or is contacted by, the Company
or its Affiliates regarding the provision of services to or on behalf of such person or entity; provided that the Optionee
has actual knowledge of such prospective customer;

 

(vi)
The Optionee fails to reasonably cooperate to effect a smooth transition of the Optionee’s duties and to ensure that
the Company is apprised of the status of all matters the Optionee is handling or is unavailable for consultation after
termination of employment of the Optionee if such availability is a condition of any agreement to which the Company and the
Optionee are parties;

 

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(vii)
The Optionee fails to assign all of such Optionee’s rights, title and interest in and to any and all ideas, inventions,
formulas, source codes, techniques, processes, concepts, systems, programs, software, computer data bases, trademarks,
service marks, brand names, trade names, compilations, documents, data, notes, designs, drawings, technical data and/or
training materials, including improvements thereto or derivatives therefrom, whether or not patentable or subject to
copyright or trademark or trade secret protection, developed and produced by the Optionee used or intended for use by or on
behalf of the Company or the Company’s clients;

 

(viii)
The Optionee acts in a disloyal manner to the Company, such as making comments, whether oral or in writing, that tend to
disparage or injure (i) the reputation or business of the Company or its Affiliates, or is likely to result in discredit to,
or loss of business, reputation or goodwill of, the Company or its Affiliates or (ii) its directors, officers or
stockholders; or

 

(ix)
A finding by the Board that the Optionee has acted against the interests of the Company or in a manner that has or may have a
detrimental effect on the Company.

 

(d)
For purposes of this Agreement, “Affiliate” means with respect to a person or entity, any other person or
entity controlled by, in control of or under common control with such person or entity, and
“controlled,”“controlled by,” and “under common control with” shall mean direct or
indirect possession of the power to direct or cause the direction of management or policies (whether through ownership of
voting securities, by contract or otherwise) of a person or entity.

 

4.
Termination of Relationship.

 

(a)
If for any reason, except death or disability as provided below, the Optionee ceases to perform the services for which the Options
were granted, all unvested options shall be automatically and irrefutably forfeited effective three months from the date the Optionee
ceases to perform such services, except as otherwise provided herein.

 

(b)
If the Optionee shall die while performing services for the Company, such Optionee’s estate or any Transferee (as defined
hereinafter) shall have the right within twelve (12) months from the date of death to exercise the Optionee’s vested Options,
subject to Section 3(c) hereof. For the purpose of this Agreement, “Transferee” shall mean an individual to
whom such Optionee’s vested Options are transferred by will or by the laws of descent and distribution.

 

(c)
If the Optionee shall become disabled while performing services for the Company within the meaning of Section 22(e)(3) of the
Code, the three-month period referred to in Section 4(a) of this Agreement shall be extended to one year.

 

5.
Profits on the Sale of Certain Shares; Redemption. If any of the events specified in Section 3(c) of this Agreement occur
within one (1) year from the last date the Optionee performed services for which the Options were granted (the “Termination
Date”), all profits earned from the sale of the Company’s securities, including the sale of shares of Common Stock
underlying the Options, during the two (2) year period commencing one (1) year prior to the Termination Date shall be forfeited
and forthwith paid by the Optionee to the Company within ten (10) days after the Optionee receives written demand from the Company
for such payment and a copy of the documentation of the sale, including, without limitation, the purchase price therefor. Further,
in such event, the Company may at its option redeem shares of Common Stock acquired upon exercise of the Options by payment of
the exercise price to the Optionee. The Company’s rights under this Section 5 do not lapse one year from the Termination
Date, but are a contract right subject to any appropriate statutory limitation period.

 

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6.
Transfer. No transfer of the Options by the Optionee by will or by the laws of descent and distribution shall be effective
to bind the Company unless the Company shall have been furnished with written notice thereof and a copy of the letters testamentary
or such other evidence as the Board may deem necessary to establish the authority of the estate and the acceptance by the Transferee
or Transferees of the terms and conditions of the Options.

 

7.
Method of Exercise. The Options shall be exercisable by a written notice in the manner and form identified on Exhibit A
hereto which information shall include:

 

(a)
state the election to exercise the Options, the number of shares to be exercised, the natural person in whose name the stock certificate
or certificates for such shares of Common Stock is to be registered and such person’s address and social security number
(or if more than one, the names, addresses and social security numbers of such persons);

 

(b)
contain such representations and agreements as to the holder’s investment intent with respect to such shares of Common Stock
as set forth in Section 11 hereof;

 

(c)
be signed by the person or persons entitled to exercise the Options and, if the Options are being exercised by any person or persons
other than the Optionee, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons
to exercise the Options; and

 

(d)
be accompanied by full payment of the purchase or exercise price in United States dollars in cash or by bank or cashier’s
check, certified check or money order or in the form of shares pursuant to the 2011 Plan.

 

The
certificate or certificates for shares of Common Stock as to which the Options shall be exercised shall be registered in the name
of the person or persons exercising the Options.

 

8.
Sale of Shares Acquired Upon Exercise of Options. If the Optionee is an officer (as defined by Section 16(b) of the Securities
Exchange Act of 1934, as amended (“Section 16(b)”), any shares of the Company’s Common Stock acquired
pursuant to Options granted hereunder cannot be sold by the Optionee, subject to Rule 144 promulgated under the Securities Act,
until at least six (6) months elapse from the date of grant of the Options, except in the case of death or disability or if the
grant was exempt from the short-swing profit provisions of Section 16(b).

 

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9.
Adjustments. Upon the occurrence of any of the following events, the Optionee’s rights with respect to Options granted
to such Optionee hereunder shall be adjusted as hereinafter provided unless otherwise specifically provided in a written agreement
between the Optionee and the Company relating to such Options:

 

(a)
If the shares of Common Stock shall be subdivided or combined into a greater or smaller number of shares, respectively, or if
the Company shall issue any shares of its Common Stock as a stock dividend on its outstanding shares of Common Stock, the number
of shares of Common Stock deliverable upon the exercise of the Options shall be appropriately increased or decreased proportionately,
and appropriate adjustments shall be made in the exercise price per share to reflect such subdivision, combination or stock dividend,
as applicable;

 

(b)
If the Company is to be consolidated with or acquired by another entity pursuant to an acquisition, the board of directors of
any entity assuming the obligations of the Company hereunder (the “Successor Board”) shall either (i) make
appropriate provision for the continuation of such Options by substituting on an equitable basis for the shares then subject to
such Options the consideration payable with respect to the outstanding shares of Common Stock of the Company in connection with
such acquisition or (ii) terminate all Options in exchange for a cash payment equal to the excess of the fair market value of
the shares of Common Stock subject to such Options over the exercise price thereof;

 

(c)
In the event of a recapitalization or reorganization of the Company (other than a transaction described in Section 9(b) above)
pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common
Stock, the Optionee upon exercising the Options shall be entitled to receive for the purchase price paid upon such exercise, the
securities such Optionee would have received if such Optionee had exercised such Optionee’s Options prior to such recapitalization
or reorganization;

 

(d)
Except as expressly provided herein, no issuance by the Company of shares of Common Stock of any class or securities convertible
into shares of Common Stock of any class shall affect, and no adjustment by reason thereof shall be made with respect to, the
number or exercise price of shares subject to Options. No adjustments shall be made for dividends or other distributions paid
in cash or in property other than securities of the Company;

 

(e)
No fractional shares shall be issued and the Optionee shall receive from the Company cash based on the fair market value of the
shares of Common Stock in lieu of such fractional shares; or

 

(f)
The Board or the Successor Board shall determine the specific adjustments to be made under this Section 9, and its determination
shall be conclusive. If the Optionee receives securities or cash in connection with a corporate transaction described in Section
9(a), (b) or (c) above as a result of owning such restricted Common Stock, such securities or cash shall be subject to all of
the conditions and restrictions applicable to the restricted Common Stock with respect to which such securities or cash were issued,
unless otherwise determined by the Board or the Successor Board.

 

10.
Necessity to Become Holder of Record. Neither the Optionee, the Optionee’s estate, nor the Transferee have any rights
as a shareholder with respect to any shares of Common Stock covered by the Options until such Optionee, estate or Transferee,
as applicable, shall have become the holder of record of such shares of Common Stock. No adjustment shall be made for cash dividends
or cash distributions, ordinary or extraordinary, in respect of such shares of Common Stock for which the record date is prior
to the date on which such Optionee, estate or Transferee, as applicable, shall become the holder of record thereof.

 

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11.
Conditions to Exercise of Options.

 

(a)
In order to enable the Company to comply with the Securities Act and relevant state law, the Company may require the Optionee,
the Optionee’s estate or any Transferee, as a condition of the exercising of the Options granted hereunder, to give written
assurance satisfactory to the Company that the shares of Common Stock subject to the Options are being acquired for such Optionee’s,
estate’s or Transferee’s, as applicable, own account, for investment only, with no view to the distribution of same,
and that any subsequent resale of any such shares of Common Stock either shall be made pursuant to a registration statement under
the Securities Act and applicable state law which has become effective and is current with regard to the shares of Common Stock
being sold, or shall be pursuant to an exemption from registration under the Securities Act and applicable state law.

 

(b)
The Options are subject to the requirement that, if at any time the Board shall determine, in its sole and absolute discretion,
that the listing, registration or qualification of the shares of Common Stock subject to the Options upon any securities exchange
or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition
of, or in connection with the issue or purchase of such shares of Common Stock under the Options, the Options may not be exercised
in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected.

 

12.
Duties of Company. The Company will at all times during the term of the Options:

 

(a)
Reserve and keep available for issue such number of shares of its authorized and unissued shares of Common Stock as will be sufficient
to satisfy the requirements of this Agreement;

 

(b)
Pay all original issue taxes with respect to the issue of shares of Common Stock pursuant hereto and all other fees and expenses
necessarily incurred by the Company in connection therewith; and

 

(c)
Use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable
thereto.

 

13.
Severability. In the event any parts of this Agreement are found to be void, the remaining provisions of this Agreement
shall nevertheless be binding with the same effect as though the void parts were deleted.

 

14.
Arbitration. Any controversy, dispute or claim arising out of or relating to this Agreement, or its interpretation, application,
implementation, breach or enforcement which the parties hereto are unable to resolve by mutual agreement, shall be settled by
submission by either party of the controversy, claim or dispute to binding arbitration in New York County, New York (unless the
parties agree in writing to a different location), before a single arbitrator in accordance with the rules of the American Arbitration
Association then in effect. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties
hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.

 

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15.
Benefit. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their legal representatives,
successors and assigns.

 

16.
Notices and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be
in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery,
or by facsimile delivery as follows:

 

	 	The
    Optionee:	 	[___________]
	 	 	 	[___________]
	 	 	 	[___________]
	 	 	 	Telephone: [___________]
	 	 	 	 
	 	The Company:	 	Wizard World, Inc.
	 	 	 	1350 Avenue of the Americas, 2nd
    Floor
	 	 	 	New York, NY10019
	 	 	 	Facsimile: (212) 707-8180

 

or
to such other address as either of them, by notice to the other, may designate from time to time. The transmission confirmation
receipt from the sender’s facsimile machine shall be evidence of successful facsimile delivery. Time shall be counted to,
or from, as the case may be, the delivery in person or by mailing.

 

17.
Attorney’s Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement,
or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of
this Agreement, the prevailing party shall be entitled from the non-prevailing party to its reasonable attorneys’ fee, costs
and expenses.

 

18.
Governing Law. This Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder
whether relating to its execution, its validity, the obligations provided herein or performance, shall be governed or interpreted
according to the laws of the State of New York without regard to choice of law considerations.

 

19.
Oral Evidence. This Agreement, along with the 2011 Plan and the Director Agreement, constitute the entire agreement between
the parties hereto and supersedes all prior oral and written agreements between the parties hereto with respect to the subject
matter hereof. Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated except by a statement
in writing signed by the party or parties against which enforcement or the change, waiver discharge or termination is sought.

 

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20.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The execution of this Agreement may be made by facsimile signature,
which shall be deemed to be an original.

 

21.
Section Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise
affect, in any matter, or be deemed to interpret in whole or in part, any of the terms or provisions of this Agreement.

 

[-signature
page follows-]

 

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IN
WITNESS WHEREOF the parties hereto have set their hand the day and year first above written.

 

	 	WIZARD WORLD, INC.
	 	 	 
	 	By: 	/s/ John
    Macaluso
	 	Name: 	John Macaluso
	 	Title: 	Chief Executive
    Officer
	 	 	 
	 	OPTIONEE
	 	 	 
	 	By:	 
	 	Name:	[___________]

 

[Signature
page to Non-qualified Stock Option Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF NOTICE OF OPTION EXERCISE

 

To:
 Wizard World, Inc. (the “Company”)

 

(1)
The undersigned hereby elects to purchase __________ shares of Common Stock of the Company (the “Shares”) pursuant
to the terms of the Option Agreement by and between the Company and the undersigned dated as of __________ ___, 20__, and tenders
herewith payment of the exercise price in full as set forth below.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States in the form of a check made payable by the undersigned to the Company; or

 

[  ]
in lawful money of the United States in the form of a wire transfer to the account specified by the Company;

 

[  ]
in the form of shares of Common Stock pursuant to Section 5(d) of the Plan.

 

(3)
Please issue a certificate or certificates representing the Shares in the name of the undersigned or in such other name as is
specified below:

 

	 	____________________________________

 

The
Shares shall be delivered via overnight courier (with tracking information to be provided to the undersigned) to the following
address:

 

	 	 	_____________________________
	 	 	_____________________________
	 	 	_____________________________
	 	 	Attn: ________________________
	 	 	Tel: _________________________

 

	 	OPTIONEE
	 	 
	 	

 

[Exhibit
A to Non-qualified Stock Option Agreement]Unassociated Document

 

YAPPN CORP.

 

DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT

 

This Director and Officer Indemnification Agreement, dated as of ___________ ___, 2013 (this “Agreement”), is made by and between Yappn Corp., a Delaware corporation (the “Company”), and ____________ (the “Indemnitee”).

 

RECITALS:

 

A. Section 141 of the Delaware General Corporation Law provides that the business and affairs of a corporation shall be managed by or under the direction of its board of directors.

 

B. By virtue of the managerial prerogatives vested in the directors and officers of a Delaware corporation, directors and officers act as fiduciaries of the corporation and its stockholders.

 

C. Thus, it is critically important to the Company and its stockholders that the Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Company.

 

D. In recognition of the need for corporations to be able to induce capable and responsible persons to accept positions in corporate management, Delaware law authorizes (and in some instances requires) corporations to indemnify their directors and officers, and further authorizes corporations to purchase and maintain insurance for the benefit of their directors and officers.

 

E. The Delaware courts have recognized that indemnification by a corporation serves the dual policies of (1) allowing corporate officials to resist unjustified lawsuits, secure in the knowledge that, if vindicated, the corporation will bear the expense of litigation, and (2) encouraging capable women and men to serve as corporate directors and officers, secure in the knowledge that the corporation will absorb the costs of defending their honesty and integrity.

 

F. The number of lawsuits challenging the judgment and actions of directors and officers of Delaware corporations, the costs of defending those lawsuits and the threat to personal assets have all materially increased over the past several years, chilling the willingness of capable women and men to undertake the responsibilities imposed on corporate directors and officers.

 

G. Recent federal legislation and rules adopted by the Securities and Exchange Commission and the national securities exchanges have exposed such directors and officers to new and substantially broadened civil liabilities.

 

H. Under Delaware law, a director’s or officer’s right to be reimbursed for the costs of defense of criminal actions, whether such claims are asserted under state or federal law, does not depend upon the merits of the claims asserted against the director or officer and is separate and distinct from any right to indemnification the director may be able to establish.

 

I. Indemnitee is, or will be, a director and/or officer of the Company and his or her willingness to serve in such capacity is predicated, in substantial part, upon the Company’s willingness to indemnify him or her in accordance with the principles reflected above, to the fullest extent permitted by the laws of the State of Delaware, and upon the other undertakings set forth in this Agreement.

 

J. Therefore, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s continued service as a director and/or officer of the Company and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Company’s Board of Directors (the “Board”) or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification and advancement of Expenses to Indemnitee on the terms, and subject to the conditions, set forth in this Agreement.

 

  

1

  

 

K. In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to Indemnitee hereunder.

 

AGREEMENT:

 

NOW, THEREFORE, the parties hereby agree as follows:

 

1.                  Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:

 

“Change in Control” shall have occurred at such time, if any, as Incumbent Directors cease for any reason to constitute a majority of Directors. For purposes of this Section 1(a), “Incumbent Directors” means the individuals who, as of the date hereof, are Directors of the Company and any individual becoming a Director subsequent to the date hereof whose election, nomination for election by the Company’s stockholders, or appointment, was approved by a vote of at least a majority of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Securities Exchange Act of 1934, as amended) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

 

“Claim” means (i) any threatened, asserted, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; and (ii) any inquiry or investigation, whether made, instituted or conducted by the Company or any other Person, including, without limitation, any federal, state or other governmental entity, that Indemnitee reasonably determines might lead to the institution of any such claim, demand, action, suit or proceeding. For the avoidance of doubt, the Company intends indemnity to be provided hereunder in respect of acts or failure to act prior to, on or after the date hereof.

 

“Controlled Affiliate” means any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company. For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise; provided that direct or indirect beneficial ownership of capital stock or other interests in an entity or enterprise entitling the holder to cast 15% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing comparable functions) of such entity or enterprise shall be deemed to constitute control for purposes of this definition.

 

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

 

“Expenses” means attorneys’ and experts’ fees and expenses and all other costs and expenses paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in (including on appeal), any Claim.

 

  

2

  

 

“Indemnifiable Claim” means any Claim based upon, arising out of or resulting from (i) any actual, alleged or suspected act or failure to act by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, as to which Indemnitee is or was serving at the request of the Company, (ii) any actual, alleged or suspected act or failure to act by Indemnitee in respect of any business, transaction, communication, filing, disclosure or other activity of the Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s status as a current or former director, officer, employee or agent of the Company or as a current or former director, officer, employee, member, manager, trustee or agent of the Company or any other entity or enterprise referred to in clause (i) of this sentence or any actual, alleged or suspected act or failure to act by Indemnitee in connection with any obligation or restriction imposed upon Indemnitee by reason of such status. In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, agent, trustee or other fiduciary of such entity or enterprise and (i) such entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such entity or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a Controlled Affiliate (by action of the Board, any committee thereof or the Company’s Chief Executive Officer (“CEO”) (other than as the CEO him or herself)) caused or authorized Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.

 

“Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable Claim; provided, however, that Indemnifiable Losses shall not include Losses incurred by Indemnitee in respect of any Indemnifiable Claim (or any matter or issue therein) as to which Indemnitee shall have been adjudged liable to the Company, unless and only to the extent that the Delaware Court of Chancery or the court in which such Indemnifiable Claim was brought shall have determined 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 for such Expenses as the court shall deem proper.

 

“Independent Counsel” means a nationally recognized law firm, or a member of a nationally recognized law firm, that is experienced in matters of Delaware corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company (or any subsidiary) or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements) or (ii) any other named (or, as to a threatened matter, reasonably likely to be named) party to the Indemnifiable Claim 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.

 

“Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other) and amounts paid or payable in settlement, including, without limitation, all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing.

 

“Person” means any individual, entity or group, within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended.

 

“Standard of Conduct” means the standard for conduct by Indemnitee that is a condition precedent to indemnification of Indemnitee hereunder against Indemnifiable Losses relating to, arising out of or resulting from an Indemnifiable Claim. The Standard of Conduct is (i) good faith and a reasonable belief by Indemnitee that his action was in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, that Indemnitee had no reasonable cause to believe that his conduct was unlawful, or (ii) any other applicable standard of conduct that may hereafter be substituted under Section 145(a) or (b) of the Delaware General Corporation Law or any successor to such provision(s).

 

  

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2.                  Indemnification Obligation. Subject only to Section 7 and to the proviso in this Section, the Company shall indemnify, defend and hold harmless Indemnitee, to the fullest extent permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Indemnifiable Claims and Indemnifiable Losses; provided, however, that, except as provided in Section 5, Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with (i) any Claim initiated by Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Claim, or (ii) the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended. The Company acknowledges that the foregoing obligation may be broader than that now provided by applicable law and the Company’s Constituent Documents and intends that it be interpreted consistently with this Section and the recitals to this Agreement.

 

3.                  Advancement of Expenses. Indemnitee shall have the right to advancement by the Company prior to the final disposition of any Indemnifiable Claim of any and all actual and reasonable Expenses relating to, arising out of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee. Without limiting the generality or effect of any other provision hereof, Indemnitee’s right to such advancement is not subject to the satisfaction of any Standard of Conduct. Without limiting the generality or effect of the foregoing, within five business days after any request by Indemnitee that is accompanied by supporting documentation for specific reasonable Expenses to be reimbursed or advanced, the Company shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses; provided that Indemnitee shall repay, without interest, any amounts actually advanced to Indemnitee that, at the final disposition of the Indemnifiable Claim to which the advance related, were in excess of amounts paid or payable by Indemnitee in respect of Expenses relating to, arising out of or resulting from such Indemnifiable Claim. In connection with any such payment, advancement or reimbursement, at the request of the Company, Indemnitee shall execute and deliver to the Company an undertaking, which need not be secured and shall be accepted without reference to Indemnitee’s ability to repay the Expenses, by or on behalf of the Indemnitee, to repay any amounts paid, advanced or reimbursed by the Company in respect of Expenses relating to, arising out of or resulting from any Indemnifiable Claim in respect of which it shall have been determined, following the final disposition of such Indemnifiable Claim and in accordance with Section 7, that Indemnitee is not entitled to indemnification hereunder.

 

4.                  Indemnification for Additional Expenses. Without limiting the generality or effect of the foregoing, the Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request accompanied by supporting documentation for specific Expenses to be reimbursed or advanced, any and all actual and reasonable Expenses paid or incurred by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company; provided, however, if it is ultimately determined that the Indemnitee is not entitled to such indemnification, reimbursement, advance or insurance recovery, as the case may be, then the Indemnitee shall be obligated to repay any such Expenses to the Company; provided further, that, regardless in each case of whether Indemnitee ultimately is determined to be entitled to such indemnification, reimbursement, advance or insurance recovery, as the case may be, Indemnitee shall return, without interest, any such advance of Expenses (or portion thereof) which remains unspent at the final disposition of the Claim to which the advance related.

 

5.                  Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Indemnifiable Loss but not for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

6.                  Procedure for Notification. To obtain indemnification under this Agreement in respect of an Indemnifiable Claim or Indemnifiable Loss, Indemnitee shall submit to the Company a written request therefore, including a brief description (based upon information then available to Indemnitee) of such Indemnifiable Claim or Indemnifiable Loss. If, at the time of the receipt of such request, the Company has directors’ and officers’ liability insurance in effect under which coverage for such Indemnifiable Claim or Indemnifiable Loss is potentially available, the Company shall give prompt written notice of such Indemnifiable Claim or Indemnifiable Loss to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all Indemnifiable Claims and Indemnifiable Losses in accordance with the terms of such policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, substantially concurrently with the delivery thereof by the Company. The failure by Indemnitee to timely notify the Company of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim or Indemnifiable Loss and to the extent that such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage.

 

  

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7.                  Determination of Right to Indemnification.

 

To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, including, without limitation, dismissal without prejudice, Indemnitee shall be indemnified against all Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable Claim in accordance with Section 2 and no Standard of Conduct Determination (as defined in Section 7(b)) shall be required.

 

To the extent that the provisions of Section 7(a) are inapplicable to an Indemnifiable Claim that shall have been finally disposed of, any determination of whether Indemnitee has satisfied the applicable Standard of Conduct (a “Standard of Conduct Determination”) shall be made as follows: (i) if a Change in Control shall not have occurred, or if a Change in Control shall have occurred but Indemnitee shall have requested that the Standard of Conduct Determination be made pursuant to this clause (i), (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) if such Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors designated by a majority vote of all Disinterested Directors, or (C) if there are no such Disinterested Directors, or if a majority of the Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and (ii) if a Change in Control shall have occurred and Indemnitee shall not have requested that the Standard of Conduct Determination be made pursuant to clause (i) above, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

 

If (i) Indemnitee shall be entitled to indemnification hereunder against any Indemnifiable Losses pursuant to Section 7(a), (ii) no determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law is a legally required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, or (iii) Indemnitee has been determined or deemed pursuant to Section 7(b) to have satisfied the applicable Standard of Conduct, then the Company shall pay to Indemnitee, within five business days after the later of (x) the Notification Date in respect of the Indemnifiable Claim or portion thereof to which such Indemnifiable Losses are related, out of which such Indemnifiable Losses arose or from which such Indemnifiable Losses resulted, and (y) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) above shall have been satisfied, an amount equal to the amount of such Indemnifiable Losses. Nothing herein is intended to mean or imply that the Company is intending to use Section 145(f) of the Delaware General Corporation Law to dispense with a requirement that Indemnitee meet the applicable Standard of Conduct where it is otherwise required by such statute.

 

If a Standard of Conduct Determination is required to be, but has not been, made by Independent Counsel pursuant to Section 7(b)(i), the Independent Counsel shall be selected by the Board or a committee of the Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is required to be, or to have been, made by Independent Counsel pursuant to Section 7(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five business days after receiving written notice of selection from the other, deliver to the other 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 satisfy the criteria set forth in the definition of “Independent Counsel” in Section 1(h), 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 properly and timely made and substantiated, (i) the Independent Counsel so 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 and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences and clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 7(d) to make the Standard of Conduct Determination shall have been selected within 30 calendar days after the Company gives its initial notice pursuant to the first sentence of this Section 7(d) or Indemnitee gives its initial notice pursuant to the second sentence of this Section 7(d), as the case may be, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware 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 or firm selected by the Court or by such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the actual and reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 7(b).

 

  

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8.                  Cooperation. Indemnitee shall cooperate with reasonable requests of the Company in connection with any Indemnifiable Claim and any individual or firm making such Standard of Conduct Determination, including providing to such Person documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to defend the Indemnifiable Claim or make any Standard of Conduct Determination without incurring any unreimbursed cost in connection therewith. The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request accompanied by supporting documentation for specific costs and expenses to be reimbursed or advanced, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) actually and reasonably incurred by Indemnitee in so cooperating with the Person defending the Indemnifiable Claim or making such Standard of Conduct Determination.

 

9.                  Presumption of Entitlement. Notwithstanding any other provision hereof, in making any Standard of Conduct Determination, the Person making such determination shall presume that Indemnitee has satisfied the applicable Standard of Conduct.

 

10.              No Other Presumption. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable Standard of Conduct or that indemnification hereunder is otherwise not permitted.

 

11.              Non-Exclusivity. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, or the substantive laws of the Company’s jurisdiction of incorporation, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will without further action be deemed to have such greater right hereunder, and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company may not, without the consent of Indemnitee, adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement.

 

12.              Liability Insurance and Funding. For the duration of Indemnitee’s service as a director and/or officer of the Company and for a reasonable period of time thereafter, which such period shall be determined by the Company in its sole discretion, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Company, and, if applicable, that is substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance. Upon reasonable request, the Company shall provide Indemnitee or his or her counsel with a copy of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials. In all policies of directors’ and officers’ liability insurance obtained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors and officers most favorably insured by such policy. Notwithstanding the foregoing, (i) the Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including, without limitation, a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement and (ii) in renewing or seeking to renew any insurance hereunder, the Company will not be required to expend more than 2.0 times the premium amount of the immediately preceding policy period (equitably adjusted if necessary to reflect differences in policy periods).

 

  

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13.              Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against other Persons (other than Indemnitee’s successors), including any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(f). Indemnitee shall execute all papers reasonably required to evidence such rights (all of Indemnitee’s reasonable Expenses, including attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company).

 

14.              No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Indemnifiable Losses to the extent Indemnitee has otherwise already actually received payment (net of Expenses incurred in connection therewith) under any insurance policy, the Constituent Documents and Other Indemnity Provisions or otherwise (including from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(f)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder.

 

15.              Defense of Claims. Subject to the provisions of applicable policies of directors’ and officers’ liability insurance, if any, the Company shall be entitled to participate in the defense of any Indemnifiable Claim or to assume or lead the defense thereof with counsel reasonably satisfactory to the Indemnitee; provided that if Indemnitee determines, after consultation with counsel selected by Indemnitee, that (a) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict, (b) the named parties in any such Indemnifiable Claim (including any impleaded parties) include both the Company and Indemnitee and Indemnitee shall conclude that there may be one or more legal defenses available to him or her that are different from or in addition to those available to the Company, (c) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, or (d) Indemnitee has interests in the claim or underlying subject matter that are different from or in addition to those of other Persons against whom the Claim has been made or might reasonably be expected to be made, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Indemnifiable Claim for all indemnitees in Indemnitee’s circumstances) at the Company’s expense. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Indemnifiable Claim effected without the Company’s prior written consent. The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any threatened or pending Indemnifiable Claim which the Indemnitee is or could have been a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee.

 

16.              Mutual Acknowledgment. Both the Company and the Indemnitee acknowledge that in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company may be required in the future to undertake to the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee and, in that event, the Indemnitee’s rights and the Company’s obligations hereunder shall be subject to that determination.

 

17.              Successors and Binding Agreement.

 

This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including, without limitation, any Person acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for purposes of this Agreement), but shall not otherwise be assignable or delegatable by the Company.

 

  

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This Agreement shall inure to the benefit of and be enforceable by the Indemnitee’s personal or legal representatives, executors, administrators, heirs, distributees, legatees and other successors.

 

This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 17(a) and 17(b). Without limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by the Indemnitee’s will or by the laws of descent and distribution, and, in the event of any attempted assignment or transfer contrary to this Section 17(c), the Company shall have no liability to pay any amount so attempted to be assigned or transferred.

 

18.              Notices. For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder must be in writing and shall be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or one business day after having been sent for next-day delivery by a nationally recognized overnight courier service, addressed to the Company (to the attention of the Secretary of the Company) and to Indemnitee at the applicable address shown on the signature page hereto, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

 

19.              Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such State. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the Chancery Court of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement, waive all procedural objections to suit in that jurisdiction, including, without limitation, objections as to venue or inconvenience, agree that service in any such action may be made by notice given in accordance with Section 18 and also agree that any action instituted under this Agreement shall be brought only in the Chancery Court of the State of Delaware.

 

20.              Validity. If any provision of this Agreement or the application of any provision hereof to any Person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other Person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal. In the event that any court or other adjudicative body shall decline to reform any provision of this Agreement held to be invalid, unenforceable or otherwise illegal as contemplated by the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or otherwise illegal with one or more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal.

 

21.              Miscellaneous. No provision of this Agreement may be waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.

 

  

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22.              Certain Interpretive Matters. Unless the context of this Agreement otherwise requires, (1) “it” or “its” or words of any gender include each other gender, (2) words using the singular or plural number also include the plural or singular number, respectively, (3) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (4) the terms “Article,” “Section,” “Annex” or “Exhibit” refer to the specified Article, Section, Annex or Exhibit of or to this Agreement, (5) the terms “include,” “includes” and “including” will be deemed to be followed by the words “without limitation” (whether or not so expressed), and (6) the word “or” is disjunctive but not exclusive. Whenever this Agreement refers to a number of days, such number will refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a non-business day, then such period or date will be extended until the immediately following business day. As used herein,“business day” means any day other than Saturday, Sunday or a United States federal holiday.

 

23.              Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties hereto with respect to the subject matter of this Agreement. Any prior agreements or understandings between the parties hereto with respect to indemnification are hereby terminated and of no further force or effect. This Agreement is not the exclusive means of securing indemnification rights of Indemnitee and is in addition to any rights Indemnitee may have under any Constituent Documents.

 

24.              Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

  

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IN WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized representative to execute this Agreement as of the date first above written.

 

YAPPN CORP.

 

 

By:______________________________________

Name:

Title:

 

 

INDEMNITEE:

 

 

__________________________________________

Name:

 

Address: __________________________________

 

__________________________________________

 

__________________________________________

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