Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO REGISTRATION RIGHTS AGREEMENTS 

This Second Amendment (this “Second Amendment”), dated as of October 18, 2019, is made to those certain
Registration Rights Agreements (the “Registration Rights Agreements”), dated as of July 11, 2019 (effective as of July 15, 2019), and August 15, 2019, and as amended on September 30, 2019, between Delcath
Systems, Inc. (the “Company”) and the purchasers signatories thereto. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Registration Rights Agreements. 

WHEREAS, pursuant to Section 2(d)(iii) of the Registration Rights Agreements, the Company will incur certain penalties if
“prior to the effective date of a Registration Statement, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in respect of such
Registration Statement within ten (10) Trading Days after the receipt of comments by or notice from the Commission that such amendment is required in order for such Registration Statement to be declared effective;” and 

WHEREAS, on August 21, 2019, the Company filed the Initial Registration Statement with the Commission; and 

WHEREAS, on September 25, 2019, in response to a comment letter received by the Commission, the Company filed an amendment to the
Initial Registration Statement with the Commission; and 
 WHEREAS, on October 7, 2019, the Company received an oral comment
from the Commission requiring that the Company file a second amendment to the Initial Registration Statement by October 18, 2019, pursuant to Section 2(d)(iii) of the Registration Rights Agreements in order to avoid incurring penalties;
and 
 WHEREAS, prior to the filing of a second amendment to the Initial Registration Statement and the Effective Date of the
Registration Statement, the Company intends to effect a reverse stock split on the OTC QB, the timing of which transaction is subject to ongoing FINRA review; and 

WHEREAS, pursuant to Section 6(f) of the Registration Rights Agreements, the Registration Rights Agreements may be amended by the
written consent of the Company and Holders of at least a majority in interest of the Registrable Securities; and 
 WHEREAS, the
Company and Holders of at least a majority in interest of the Registrable Securities desire to eliminate the requirement set forth in Section 2(d)(iii). 

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree to eliminate the requirement set forth in Section 2(d)(iii). 
 This
Second Amendment to the Registration Rights Agreements set forth herein shall take effect upon receipt of fully executed copies of this Second Amendment by Holders representing a majority in interest of the then outstanding Registrable Securities.

 Except as expressly set forth above, all of the terms and conditions of the Registration Rights Agreements
shall continue in full force and effect after the execution of this agreement and shall not be in any way changed, modified or superseded by the terms set forth herein. 

This Second Amendment may be executed in two or more counterparts and by facsimile or “.pdf” signature or otherwise, and each of such counterparts
shall be deemed an original and all of such counterparts together shall constitute one and the same agreement. 
 [signature pages
follows] 

  
 2 

 This Amendment is effective as of the date hereof. 

 

			
	DELCATH SYSTEMS, INC.
		
	By:	 	 /s/ Jennifer K. Simpson

	Name:	 	Jennifer K. Simpson
	Title:	 	President & CEO

 [Holder signature pages follow] 

  
 3 

 
			
	HOLDER: Bigger Capital Fund L.P.
		
	By:	 	 /s/ Michael Bigger

	Name:	 	Michael Bigger
	Title:	 	Managing Member of GP
	
	HOLDER: District 2 Capital Fund L.P.
		
	By:	 	 /s/ Michael Bigger

	Name:	 	Michael Bigger
	Title:	 	Managing Member of GP

  
 [Signature Page to
DCTH Second Amendment] 
  
 4 

 
			
	HOLDER: Rosalind Master Fund LP (“RMF”)
		
	By:	 	 /s/ Steven Salamon

	Name:	 	Steven Salamon
	Title:	 	President, Rosalind Advisors, Inc. (advisor to RMF)

  
 [Signature Page to
DCTH Second Amendment] 
  
 5 

 
			
	HOLDER: Rosalind Opportunities Fund I LP (“ROFI”)
		
	By:	 	 /s/ Steven Salamon

	Name:	 	Steven Salamon
	Title:	 	President, Rosalind Advisors, Inc. (advisor to ROFI)

  
 [Signature Page to
DCTH Amendment] 
  
 6EdgarFiling

Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT, made and executed
this ____ day of __________ 20__, by and between Northern Technologies International Corporation, a Delaware corporation (the “Company”),
and __________, an individual resident of the State of ___________________ (the “Indemnitee”).

 

WHEREAS, the Company is aware that, in order
to induce highly competent persons to serve the Company as directors or officers or in other capacities, the Company must provide
such persons with adequate protection through insurance and indemnification against inordinate risks of claims and actions against
them arising out of their service to and activities on behalf of the Company;

 

WHEREAS, the Company recognizes that the increasing
difficulty in obtaining directors’ and officers’ liability insurance, the increases in the cost of such insurance and
the general reductions in the coverage of such insurance have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Company’s Restated Certificate
of Incorporation (as amended and in effect from time to time, the “Charter”) and the Company’s Amended and Restated
Bylaws (as amended an in effect from time to time, the “Bylaws”) require indemnification of officers and directors
of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of
Delaware (as may be amended from time to time, the “DGCL”);

 

WHEREAS, the Board of Directors of the Company
has determined that it is essential to the best interests of the Company’s stockholders that the Company act to assure such
persons that there will be increased certainty of such protection in the future;

 

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

 

WHEREAS, the Indemnitee is willing to serve,
continue to serve, and take on additional service for or on behalf of the Company or any of its direct or indirect subsidiaries
on the condition that he/she be so indemnified.

 

NOW, THEREFORE, in consideration of the premises
and the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Indemnitee do hereby agree as follows:

 

1.                 
Service by the Indemnitee. The Indemnitee agrees to serve and/or continue to serve as a director, officer, employee
or other agent of the Company faithfully and will discharge his/her duties and responsibilities to the best of his/her ability
so long as the Indemnitee is duly elected or qualified in accordance with the provisions of the Charter, Bylaws, and the DGCL,
or until his/her earlier death, resignation or removal. The Indemnitee may at any time and for any reason resign from such position
(subject to any other contractual obligation or other obligation imposed by operation by law), in which event the Company shall
have no obligation under this Agreement to continue to retain the Indemnitee in any such position. Nothing in this Agreement shall
confer upon the Indemnitee the right to continue in the employ of the Company or as a director of the Company or affect the right
of the Company to terminate the Indemnitee’s employment or service at any time in the sole discretion of the Company, with
or without cause, subject to any contract rights of the Indemnitee created or existing otherwise than under this Agreement.

 

     

    

    

 

2.                 
Indemnification. The Company shall indemnify the Indemnitee against all Expenses (as defined below), judgments, fines,
penalties and amounts paid in settlement actually and reasonably incurred by the Indemnitee as provided in this Agreement to the
fullest extent permitted by the Charter, Bylaws and DGCL or other applicable law in effect on the date of this Agreement and to
any greater extent that applicable law may in the future from time to time permit. Without diminishing the scope of the indemnification
provided by this Section 2, the rights of indemnification of the Indemnitee provided hereunder shall include, but shall not
be limited to, those rights hereinafter set forth, except that no indemnification shall be paid to the Indemnitee:

 

(a)              
on account of any Proceeding in which judgment is rendered against the Indemnitee for disgorgement of profits made from
the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of any federal, state or local statutory
law;

 

(b)              
on account of conduct of the Indemnitee which is finally adjudged by a court of competent jurisdiction to have been knowingly
fraudulent or to constitute willful misconduct;

 

(c)              
in any circumstance where such indemnification is expressly prohibited by applicable law;

 

(d)              
with respect to liability for which payment is actually made to the Indemnitee under a valid and collectible insurance policy
of the Company or under a valid and enforceable indemnity clause, Bylaw or agreement (other than this Agreement) of the Company,
except in respect of any liability in excess of payment under such insurance, clause, Bylaw or agreement;

 

(e)              
if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful
(and, in this respect, both the Company and the Indemnitee have been advised that it is the position of the Securities and Exchange
Commission that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore,
unenforceable, and that claims for indemnification should be submitted to the appropriate court for adjudication); or

 

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(f)               
in connection with any Proceeding by the Indemnitee against the Company or any of its direct or indirect subsidiaries or
the directors, officers, employees or other Indemnitees of the Company or any of its direct or indirect subsidiaries, (i) unless
such indemnification is expressly required to be made by law, (ii) unless the Proceeding was authorized by the Board of Directors
of the Company, (iii) unless such indemnification is provided by the Company, in its sole discretion, pursuant to the powers
vested in the Company under applicable law, or (iv) except as provided in Sections 11 and 13 hereof.

 

3.                 
Proceedings Other Than an Action by or in the Right of the Company. The Indemnitee shall be entitled to the indemnification
rights provided in this Section 3 if the Indemnitee was or is a party or witness or is threatened to be a party or witness
to any Proceeding, other than an action by or in the right of the Company, by reason of the fact that the Indemnitee is or was
a director, officer, employee, agent or fiduciary of the Company, or any of its direct or indirect subsidiaries, or is or was serving
at the request of the Company, or any of its direct or indirect subsidiaries, as a director, officer, employee, agent or fiduciary
of any other entity, including, but not limited to, another corporation, partnership, limited liability company, employee benefit
plan, joint venture, trust or other enterprise, or by reason of any act or omission by him/her in such capacity. Pursuant to this
Section 3, the Indemnitee shall be indemnified against all Expenses, judgments, penalties (including excise and similar taxes),
fines and amounts paid in settlement which were actually and reasonably incurred by the Indemnitee in connection with such Proceeding
(including, but not limited to, the investigation, defense or appeal thereof), if the Indemnitee acted in good faith and in a manner
the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his/her conduct was unlawful.

 

4.                 
Proceedings by or in the Right of the Company. The Indemnitee shall be entitled to the indemnification rights provided
in this Section 4 if the Indemnitee was or is a party or witness or is threatened to be made a party or witness to any Proceeding
brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was
a director, officer, employee, agent or fiduciary of the Company, or any of its direct or indirect subsidiaries, or is or was serving
at the request of the Company, or any of its direct or indirect subsidiaries, as a director, officer, employee, agent or fiduciary
of another entity, including, but not limited to, another corporation, partnership, limited liability company, employee benefit
plan, joint venture, trust or other enterprise, or by reason of any act or omission by him/her in any such capacity. Pursuant to
this Section 4, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him/her in connection
with the defense or settlement of such Proceeding (including, but not limited to the investigation, defense or appeal thereof),
if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company; provided however, that no such indemnification shall be made in respect of any claim, issue, or matter as to which
the Indemnitee shall have been adjudged to be liable to the Company, unless and only to the extent that the Court of Chancery of
the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to be indemnified
against such Expenses actually and reasonably incurred by him/her which such court shall deem proper.

 

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5.                 
Good Faith Definition. For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith
and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect
to any criminal action or proceeding to have had no reasonable cause to believe the Indemnitee’s conduct was unlawful, if
such action was based on (i) the records or books of the account of the Company or other enterprise, including financial statements;
(ii) information supplied to the Indemnitee by the officers of the Company or other enterprise in the course of their duties;
(iii) the advice of legal counsel for the Company or other enterprise; or (iv) information or records given in reports
made to the Company or other enterprise by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Company or other enterprise.

 

6.                 
Indemnification for Expenses of Successful Party. Notwithstanding the other provisions of this Agreement, to the
extent that the Indemnitee has served on behalf of the Company, or any of its direct or indirect subsidiaries, as a witness or
other participant in any Proceeding, or has been successful, on the merits or otherwise, in defense of any Proceeding referred
to in Section 3 and 4 hereof, or in defense of any claim, issue or matter therein, including, but not limited to, the dismissal
of any action without prejudice, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the
Indemnitee in connection therewith, regardless of whether or not the Indemnitee has met the applicable standards of Section 3
or 4 and without any determination pursuant to Section 8.

 

7.                 
Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by
the Company for some or a portion of the Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred
by the Indemnitee in connection with the investigation, defense, appeal or settlement of such Proceeding described in Section 3
or 4 hereof, but is not entitled to indemnification for the total amount thereof, the Company shall nevertheless indemnify the
Indemnitee for the portion of such Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably
incurred by the Indemnitee to which the Indemnitee is entitled.

 

8.                 
Procedure for Determination of Entitlement to Indemnification.

 

(a)              
To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including
documentation and information which is reasonably available to the Indemnitee and is reasonably necessary to determine whether
and to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of
a request for indemnification, advise the Board of Directors in writing that the Indemnitee has requested indemnification. Any
Expenses incurred by the Indemnitee in connection with the Indemnitee’s request for indemnification hereunder shall be borne
by the Company. The Company hereby indemnifies and agrees to hold the Indemnitee harmless for any Expenses incurred by the Indemnitee
under the immediately preceding sentence irrespective of the outcome of the determination of the Indemnitee’s entitlement
to indemnification.

 

(b)              
Upon written request by the Indemnitee for indemnification pursuant to Section 3 or 4 hereof, the entitlement of the
Indemnitee to indemnification pursuant to the terms of this Agreement shall be determined by the following person or persons, who
shall be empowered to make such determination: (i) if a Change in Control (as hereinafter defined) shall have occurred, by
Independent Counsel (as hereinafter defined) (unless the Indemnitee shall request in writing that such determination be made by
the Board of Directors (or a committee thereof) in the manner provided for in clause (ii) of this Section 8(b)) in a
written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (ii) if a Change in Control
shall not have occurred, (A)(1) by the Board of Directors of the Company, by a majority vote of Disinterested Directors (as hereinafter
defined) even though less than a quorum, or (2) by a committee of Disinterested Directors designated by majority vote of Disinterested
Directors, even though less than a quorum, or (B) if there are no such Disinterested Directors or, even if there are such
Disinterested Directors, if the Board of Directors, by the majority vote of Disinterested Directors, so directs, by Independent
Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent
Counsel shall be selected by the Board of Directors and approved by the Indemnitee. Upon failure of the Board of Directors to so
select, or upon failure of the Indemnitee to so approve, such Independent Counsel shall be selected by the Chancellor of the State
of Delaware or such other person as the Chancellor shall designate to make such selection. Such determination of entitlement to
indemnification shall be made not later than 45 days after receipt by the Company of a written request for indemnification.
If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not
all) of the application for indemnification, such person shall reasonably prorate such part of indemnification among such claims,
issues or matters. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be
made within ten days after such determination.

 

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9.                 
Presumptions and Effect of Certain Proceedings.

 

(a)              
In making a determination with respect to entitlement to indemnification, the Indemnitee shall be presumed to be entitled
to indemnification hereunder and the Company shall have the burden of proof in the making of any determination contrary to such
presumption.

 

(b)              
If the Board of Directors, or such other person or persons empowered pursuant to Section 8 to make the determination
of whether the Indemnitee is entitled to indemnification, shall have failed to make a determination as to entitlement to indemnification
within 45 days after receipt by the Company of such request, the requisite determination of entitlement to indemnification
shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual and material
fraud in the request for indemnification or a prohibition of indemnification under applicable law. The termination of any action,
suit, investigation or proceeding described in Section 3 or 4 hereof by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not, of itself: (i) create a presumption that the Indemnitee did
not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal action or proceeding, that the Indemnitee has reasonable cause to believe that the Indemnitee’s
conduct was unlawful; or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification, except as may be
provided herein.

 

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10.             
Advancement of Expenses. All reasonable Expenses actually incurred by the Indemnitee in connection with any Proceeding
shall be paid by the Company in advance of the final disposition of such Proceeding, if so requested by the Indemnitee, within
20 days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances.
The Indemnitee may submit such statements from time to time. The Indemnitee’s entitlement to such Expenses shall include
those incurred in connection with any Proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to
this Agreement. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee in connection therewith
and shall include or be accompanied by a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that
the Indemnitee has met the standard of conduct necessary for indemnification under this Agreement and an undertaking by or on behalf
of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified against
such Expenses by the Company pursuant to this Agreement or otherwise. Each written undertaking to pay amounts advanced must be
an unlimited general obligation but need not be secured, and shall be accepted without reference to financial ability to make repayment.

 

11.             
Remedies of the Indemnitee in Cases of Determination not to Indemnify or to Advance Expenses. In the event that a
determination is made that the Indemnitee is not entitled to indemnification hereunder or if the payment has not been timely made
following a determination of entitlement to indemnification pursuant to Sections 8 and 9, or if Expenses are not advanced pursuant
to Section 10, the Indemnitee shall be entitled to a final adjudication in the Delaware Court of Chancery of the Indemnitee’s
entitlement to such indemnification or advance. If a determination is made or deemed to have been made pursuant to the terms of
Section 8 or Section 9 hereof that the Indemnitee is entitled to indemnification, the Company shall be bound by such
determination and shall be precluded from asserting that such determination has not been made or that the procedure by which such
determination was made is not valid, binding and enforceable. If the Delaware Court of Chancery shall determine that the Indemnitee
is entitled to any indemnification hereunder, the Company shall pay all reasonable Expenses actually incurred by the Indemnitee
in connection with such adjudication (including, but not limited to, any appellate proceedings).

 

12.             
Notification and Defense of Claim. Promptly after receipt by the Indemnitee of notice of the commencement of any
Proceeding, the Indemnitee will, if a claim in respect thereof is to be made against the Company under this Agreement, notify the
Company in writing of the commencement thereof; but the omission to so notify the Company will not relieve the Company from any
liability that it may have to the Indemnitee otherwise than under this Agreement or otherwise, except to the extent that the Company
may suffer material prejudice by reason of such failure. Notwithstanding any other provision of this Agreement, with respect to
any such Proceeding as to which the Indemnitee gives notice to the Company of the commencement thereof:

 

(a)              
The Company will be entitled to participate therein at its own expense.

 

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(b)              
Except as otherwise provided in this Section 12(b), to the extent that it may wish, the Company, jointly with any other
indemnifying party similarly notified, shall be entitled to assume the defense thereof with counsel reasonably satisfactory to
the Indemnitee. After notice from the Company to the Indemnitee of its election to so assume the defense thereof, the Company shall
not be liable to the Indemnitee under this Agreement for any legal or other Expenses subsequently incurred by the Indemnitee in
connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. The Indemnitee
shall have the right to employ the Indemnitee’s own counsel in such action or lawsuit, but the fees and Expenses of such
counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee
unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall
have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the
defense of such action and such determination by the Indemnitee shall be supported by an opinion of counsel, which opinion shall
be reasonably acceptable to the Company, or (iii) the Company shall not in fact have employed counsel to assume the defense
of the action, in each of which cases the fees and Expenses of counsel shall be at the expense of the Company. The Company shall
not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall
have reached the conclusion provided for in clause (ii) above.

 

(c)              
The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any
Proceeding effected without its written consent, which consent shall not be unreasonably withheld. The Company shall not be required
to obtain the consent of the Indemnitee to settle any Proceeding which the Company has undertaken to defend if the Company assumes
full and sole responsibility for such settlement and such settlement grants the Indemnitee a complete and unqualified release in
respect of any potential liability.

 

(d)              
If, at the time of the receipt of a notice of a claim pursuant to this Section 12, the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to
cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with
the terms of the policies.

 

13.             
Other Right to Indemnification. The indemnification and advancement of Expenses provided by this Agreement are cumulative,
and not exclusive, and are in addition to any other rights to which the Indemnitee may now or in the future be entitled under any
provision of the Bylaws or Charter of the Company, any vote of stockholders or Disinterested Directors, any provision of law or
otherwise. Except as required by applicable law, the Company shall not adopt any amendment to its Bylaws or Charter the effect
of which would be to deny, diminish or encumber the Indemnitee’s right to indemnification under this Agreement.

 

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14.             
Director and Officer Liability Insurance. The Company shall maintain directors’ and officers’ liability
insurance for so long as the Indemnitee’s services are covered hereunder, provided and to the extent that such insurance
is available on a commercially reasonable basis. In the event the Company maintains directors’ and officers’ liability
insurance, the Indemnitee shall be named as an insured in such manner as to provide the Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company’s officers or directors. However, the Company agrees that the
provisions hereof shall remain in effect regardless of whether liability or other insurance coverage is at any time obtained or
retained by the Company, except that any payments made to, or on behalf of, the Indemnitee under an insurance policy shall reduce
the obligations of the Company hereunder.

 

15.             
Spousal Indemnification. The Company will indemnify the Indemnitee’s spouse to whom the Indemnitee is legally
married at any time the Indemnitee is covered under the indemnification provided in this Agreement (even if the Indemnitee did
not remain married to him or her during the entire period of coverage) against any Proceeding for the same period, to the same
extent and subject to the same standards, limitations, obligations and conditions under which the Indemnitee is provided indemnification
herein, if the Indemnitee’s spouse (or former spouse) becomes involved in a Proceeding solely by reason of his or her status
as the Indemnitee’s spouse, including, without limitation, any pending or threatened action, suit, proceeding or investigation
that seeks damages recoverable from marital community property, jointly-owned property or property purported to have been transferred
from the Indemnitee to his/her spouse (or former spouse). The Indemnitee’s spouse or former spouse also may be entitled to
advancement of Expenses to the same extent that the Indemnitee is entitled to advancement of Expenses herein. The Company may maintain
insurance to cover its obligation hereunder with respect to the Indemnitee’s spouse (or former spouse) or set aside assets
in a trust or escrow fund for that purpose.

 

16.             
Intent. This Agreement is intended to be broader than any statutory indemnification rights applicable in the State
of Delaware and shall be in addition to any other rights the Indemnitee may have under the Charter, Bylaws, applicable law or otherwise.
To the extent that a change in applicable law (whether by statute or judicial decision) permits greater indemnification by agreement
than would be afforded currently under the Charter, Bylaws, applicable law or this Agreement, it is the intent of the parties that
the Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. In the event of any change in applicable
law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its Board of Directors or an officer,
employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this
Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder.

 

17.             
Attorney’s Fees and Other Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or
intervenes in any Proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or
award in arbitration to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement the Indemnitee,
if he/she prevails in whole or in part in such action, shall be entitled to recover from the Company and shall be indemnified by
the Company against any actual expenses for attorneys’ fees and disbursements reasonably incurred by the Indemnitee.

 

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18.             
Effective Date. The provisions of this Agreement shall cover claims, actions, suits or proceedings whether now pending
or hereafter commenced and shall be retroactive to cover acts or omissions or alleged acts or omissions which heretofore have taken
place. The Company shall be liable under this Agreement, pursuant to Sections 3 and 4 hereof, for all acts of the Indemnitee while
serving as a director and/or officer, notwithstanding the termination of the Indemnitee’s service, if such act was performed
or omitted to be performed during the term of the Indemnitee’s service to the Company.

 

19.             
Duration of Agreement. This Agreement shall survive and continue even though the Indemnitee may have terminated his/her
service as a director, officer, employee, agent or fiduciary of the Company or as a director, officer, employee, agent or fiduciary
of any other entity, including, but not limited to another corporation, partnership, limited liability company, employee benefit
plan, joint venture, trust or other enterprise or by reason of any act or omission by the Indemnitee in any such capacity. This
Agreement shall be binding upon the Company and its successors and assigns, including, without limitation, any corporation or other
entity which may have acquired all or substantially all of the Company’s assets or business or into which the Company may
be consolidated or merged, and shall inure to the benefit of the Indemnitee and his/her spouse, successors, assigns, heirs, devisees,
executors, administrators or other legal representations. The Company shall require any successor or assignee (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company,
by written agreement in form and substance reasonably satisfactory to the Company and the 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
or assignment had taken place.

 

20.             
Disclosure of Payments. Except as expressly required by any Federal or state securities laws or other Federal or
state law, neither party shall disclose any payments under this Agreement unless prior approval of the other party is obtained.

 

21.             
Severability. If any provision or provisions of this Agreement shall be held invalid, illegal or unenforceable for
any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
but not limited to, all portions of any Sections of this Agreement containing any such provision held to be invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions
of this Agreement (including, but not limited to, all portions of any paragraph of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so
as to give effect to the intent manifest by the provision held invalid, illegal or unenforceable.

 

22.             
Counterparts. This Agreement may be executed by one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed
by the party against whom enforceability is sought shall be required to be produced to evidence the existence of this Agreement.

 

    	9

    

    

 

23.             
Captions. The captions and headings used in this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction thereof.

 

24.             
Definitions. For purposes of this Agreement:

 

(a)              
“Change in Control” shall mean the occurrence of any one of the following:

 

(i)                
the sale, lease, exchange or other transfer, directly or indirectly, of substantially all of the assets of the Company (in
one transaction or in a series of related transactions) to a person or entity that is not controlled directly or indirectly by
the Company;

 

(ii)             
the approval by the stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company;

 

(iii)           
any person becomes after the effective date of this Agreement the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of (A) 20% or more, but not 50% or more, of the combined voting power of the Company’s
outstanding securities ordinarily having the right to vote at elections of directors, unless the transaction resulting in such
ownership has been approved in advance by the Continuity Directors, or (B) 50% or more of the combined voting power of the Company’s
outstanding securities ordinarily having the right to vote at elections of directors (regardless of any approval by the Continuity
Directors);

 

(iv)            
a merger or consolidation to which the Company is a party if the stockholders of the Company immediately prior to effective
date of such merger or consolidation have “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act),
immediately following the effective date of such merger or consolidation, of securities of the surviving corporation representing
(A) more than 50%, but less than 80%, of the combined voting power of the surviving corporation’s then outstanding securities
ordinarily having the right to vote at elections of directors, unless such merger or consolidation has been approved in advance
by the Continuity Directors, or (B) 50% or less of the combined voting power of the surviving corporation’s then outstanding
securities ordinarily having the right to vote at elections of directors (regardless of any approval by the Continuity Directors);

 

(v)              
the Continuity Directors cease for any reason to constitute at least a majority of the Board; or

 

(vi)            
any other change in control of the Company of a nature that would be required to be reported pursuant to Section 13 or 15(d)
of the Exchange Act, whether or not the Company is then subject to such reporting requirement.

 

    	10

    

    

 

(b)              
“Continuity Directors” shall mean any individuals who are members of the Board on the effective date of this
Agreement and any individual who subsequently becomes a member of the Board whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the Continuity Directors (either by specific vote or by approval
of the Company’s proxy statement in which such individual is named as a nominee for director without objection to such nomination).

 

(c)              
“Disinterested Director” shall mean a director of the Company who is not or was not a party to the action, suit,
investigation or proceeding in respect of which indemnification is being sought by the Indemnitee.

 

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

 

(e)              
“Independent Counsel” shall mean a law firm or a member of a law firm that neither is presently nor in the past
five years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or
(ii) any other party to the action, suit, investigation or proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the
Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement.

 

(f)       “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether of a civil, criminal, administrative,
regulatory or investigative nature, and whether formal or informal, in which Indemnitee was, is or will be involved as a party
or otherwise; provided, however, that the term “Proceeding” shall not include any action, suit or arbitration, or part
thereof, initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement as provided for in Section 11 of this
Agreement.

 

25.             
Entire Agreement, Modification and Waiver. This Agreement constitutes the entire agreement and understanding of the
parties hereto regarding the subject matter hereof, and no supplement, modification or amendment of this Agreement shall be binding
unless executed in writing by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.
No supplement, modification or amendment of this Agreement shall limit or restrict any right of the Indemnitee under this Agreement
in respect of any act or omission of the Indemnitee prior to the effective date of such supplement, modification or amendment unless
expressly provided therein.

 

    	11

    

    

 

26.             
Notices. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed
to have been duly given if (a) delivered by hand with receipt acknowledged by the party to whom said notice or other communication
shall have been directed, (b) mailed by certified or registered mail, return receipt requested with postage prepaid, on the
date shown on the return receipt, (c) sent by a recognized next-day courier service on the first business day following the date
of dispatch or (d) delivered by facsimile transmission on the date shown on the facsimile machine report:

 

	 	(i)	If to the Indemnitee to:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	(ii)	If to the Company, to:	 
	 	 	 	 
	 	 	Northern Technologies International
Corporation	 
	 	 	4201 Woodland Road	 
	 	 	Circle Pines, Minnesota 55014	 
	 	 	Attn: Chief Executive Officer	 
	 	 	Fax: (763) 225-6645	 
	 	 	 	 
	 	with a copy to:	 
	 	 	 	 
	 	 	Fox Rothschild LLP	 
	 	 	Campbell Mithun Tower	 
	 	 	222 South Ninth Street, Suite 2000	 
	 	 	Minneapolis, Minnesota 55402	 
	 	 	Attn:  	Amy E. Culbert, Esq.	 
	 	 	Fax:	(612) 607-7000	 

 

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

 

    	12

    

    

 

27.             
Governing Law. The parties hereto agree that this Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, applied without giving effect to any conflicts-of-law principles. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America
or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes
of any action or proceeding arising out of or in connection with this Agreement, (iii) consent to service of process at the address
set forth in Section 26 of this Agreement with the same legal force and validity as if served upon such party personally within
the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of
Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware
Court of Chancery has been brought in an improper or inconvenient forum.

 

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

    	13

    

    

 

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

 

	 	 	NORTHERN TECHNOLOGIES 

INTERNATIONAL CORPORATION
	 	 	 
	 	 	By:  	 
	 	 	Name:  	 
	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	INDEMNITEE:
	 	 	 
	 	 	By:  	 
	 	 	Name:  	 

 

 

 

 

 

 

 

 

 

 

 

14

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