Document:

Exhibit 10.1

 

FIFTH AMENDMENT OF AMENDED AND RESTATED CREDIT
AGREEMENT AND LIMITED WAIVER

 

This
FIFTH AMENDMENT OF AMENDED AND RESTATED CREDIT Agreement AND LIMITED WAIVER (this “Instrument”) dated
as of May 17, 2016, is by and between NYTIS EXPLORATION COMPANY LLC, a Delaware limited liability company ("Borrower"),
and BOKF, NA, a national banking association, dba Bank of Oklahoma ("BOK").

 

RECITALS

 

A. Reference is made to the Amended
and Restated Credit Agreement dated as of May 31, 2010, as heretofore amended (as so amended, the “Credit Agreement”),
between Borrower, as borrower, and BOK, as lender. Capitalized terms used herein but not defined herein shall have the meanings
assigned to them in the Credit Agreement.

 

B. Prior to April 29, 2016, Borrower
has made multiple advances and extensions of credit to or for the benefit of Carbon Natural Gas Company (the "Prior Advances").
BOK has asserted that the Prior Advances are in violation of Section 6.2(e) of the Credit Agreement and constitute Events of Default
under the Credit Agreement.

 

C. Borrower has disputed BOK's
characterization of the Prior Advances as constituting Events of Default under the Credit Agreement but is willing to agree to
such characterization upon the condition that BOK shall grant to Borrower a limited waiver covering the Events of Default arising
from the Prior Advances.

 

D. BOK has agreed to grant such
limited waiver to Borrower upon the conditions that: (1) certain modifications shall be made to the Credit Agreement, and
(2) Borrower shall agree to certain additional undertakings in connection with the Credit Agreement.

 

E. In order to resolve the above-described
dispute, Borrower and BOK desire to make the agreements described below with respect to the Credit Agreement.

 

AGREEMENT

 

Now, therefore, in consideration
of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Borrower and BOK hereby agree as follows:

 

1.           Amendment of Credit Agreement.
The Credit Agreement shall be, and is hereby, amended as follows:

 

(a) By substituting "January 2,
2017" for "May 31, 2017" in line 2 of the definition of "Maturity Date (Hedging)" in Section 1.1
on page 9 of the Credit Agreement and in line 2 of the definition of "Maturity Date (Revolving)" in Section 1.1 on page
9 of the Credit Agreement.

 

    

    

    

 

(b) By substituting "$5,500,000"
for "$20,000,000" in line 1 of the definition of "Maximum Loan Amount" in Section 1.1 on page 10 of the Credit
Agreement.

 

2.           Limited Waiver. BOK
hereby grants a limited waiver to Borrower with respect to the Events of Default previously arising under the Credit Agreement
as a result of the Prior Advances; provided that, during the Loan Repayment Period (as defined below), Borrower shall comply with
all of its obligations under Section 3 below, including without limitation those described in Section 3(a)(3). Neither this Instrument
nor any actions taken in accordance with this Instrument or the Loan Documents shall be construed as a waiver of or consent to
any other existing or future Defaults under the Credit Agreement, as to which BOK's rights shall remain reserved.

 

3.           Undertakings by Borrower.
In consideration of the limited waiver granted by BOK as described in Section 2 above, Borrower has agreed and does hereby agree
that, from the date hereof until the Loans and any and all other amounts payable in connection therewith have been repaid in full
to BOK and the Credit Agreement has been terminated (the "Loan Repayment Period"), all of the following shall apply:

 

(a) Borrower will comply
with all of its representations, warranties, affirmative covenants, negative covenants and other obligations, whether contained
in the Credit Agreement or any other Loan Document, including without limitation its obligations to: (1) pay on or before the date
due all principal, interest, fees, cost and expense reimbursements and other amounts from time to time due and payable under the
terms of the Credit Agreement or any other Loan Document, (2) comply with all of Borrower's financial covenants contained
in Section 6.2(a) of the Credit Agreement, and (3) refrain from making any additional loans, advances, extensions of credit
or Distributions to Carbon Natural Gas Company, Nytis Exploration (USA) Inc. or any other Affiliate of Borrower.

 

(b) Not later than 30
days after the date of this Instrument, Borrower will execute and deliver to BOK, in form and substance satisfactory to BOK, updated
borrowing/guaranty resolutions and incumbency certificates of Borrower and each Guarantor, confirming the capacity and authority
of the person executing this Instrument on behalf of Borrower and each Guarantor.

 

(c) At all times during
the Loan Repayment Period, Borrower shall reserve availability under the Revolving Loan in an amount at least equal to: (1) $500,000,
minus (2) the aggregate amount of interest payments previously made by Borrower to BOK on the Revolving Loan during the Loan Repayment
Period.

 

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(d) Borrower has freely
and voluntarily entered into this Instrument after having the opportunity to consult with and receive advice from legal counsel
of its choosing.

 

(e) Borrower represents,
warrants and covenants that: (1) the execution, delivery and performance of this Instrument are within the limited liability
company power of Borrower and have been duly authorized by all necessary limited liability company action on behalf of Borrower,
(2) this Instrument, the Credit Agreement and the other Loan Documents are legal, valid, binding and enforceable against Borrower
and each Guarantor that is a party thereto in accordance with their terms, except to the extent that the enforceability thereof
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought in equity or at law), (3) the terms of the
Credit Agreement and the other Loan Documents remain unchanged except to the extent expressly modified by this Instrument, (4) except
as heretofore disclosed by Borrower to BOK in writing, Borrower has no accounts payable that are more than 60 days past due as
of the date of this Instrument, and (5) any and all future requests for Advances or the issuance of Letters of Credit shall
be made by submission of the appropriate forms described in Section 2.1(b) of the Credit Agreement, accompanied in each case by
a description of Borrower's intended use of such Advance or Letter of Credit, which shall be for a bona fide business purpose of
Borrower and not for the support or benefit of any Guarantor or other Affiliate of Borrower.

 

4.           Loan Documents. All references in
any document to the Credit Agreement shall be deemed to refer to the Credit Agreement, as amended pursuant to this Instrument.

 

5.           Certification by Borrower. Borrower
hereby certifies to BOK that, as of the date of this Instrument and after giving effect to this Instrument, except as previously
disclosed by Borrower to BOK in writing: (a) all of Borrower's representations and warranties contained in the Credit Agreement
are true, accurate and complete in all material respects, (b) Borrower has performed and complied with all agreements and conditions
required to be performed or complied with by Borrower under the Credit Agreement and/or any Loan Document on or prior to the date
hereof, and (c) no unwaived Default or Event of Default has occurred under the Credit Agreement.

 

6.           Continuation of the Credit Agreement.
Except as specified in this Instrument, the provisions of the Credit Agreement shall remain in full force and effect.

 

7.           Expenses. Borrower shall pay all expenses
incurred in connection with the transactions contemplated by this Instrument, including without limitation all fees and expenses
of the attorney for BOK and any and all filing and recording expenses.

 

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8.           Release
of Claims and Waiver of Defenses; BOK Conduct. In further consideration of BOK's execution of this Instrument, each of Borrower
and Guarantors, on behalf of itself and its successors, assigns, affiliates, officers, directors, employees and agents hereby
forever, fully, unconditionally and irrevocably waives and releases BOK and its successors, assigns, parents, subsidiaries, affiliates,
officers, directors, employees and agents (collectively, the “Releasees”)
from any and all claims, liabilities, obligations, debts, causes of action (whether at law or in equity or otherwise), defenses,
counterclaims, setoffs, of any kind, whether known or unknown, whether liquidated or unliquidated, matured or unmatured, fixed
or contingent, directly or indirectly arising out of, connected with, resulting from or related to any act or omission by BOK
or any other Releasee on or before the date of this Instrument with respect to the Credit Agreement, any of the other Loan Documents
or any collateral under the Security Documents. Borrower agrees that, as of the date hereof, BOK has fully and timely performed
all of its obligations and duties in compliance with the Credit Agreement and the other Loan Documents and applicable law, and
has acted reasonably, in good faith and appropriately under the circumstances.

 

9.           Ratification and Affirmation. Each
of Borrower and each Guarantor hereby acknowledges the terms of this Instrument and ratifies and affirms its respective obligations
under, and acknowledges, renews and extends its respective continued liability under, each Loan Document to which it is a party
and agrees that each Loan Document to which it is a party remains in full force and effect.

 

10.         Miscellaneous.

 

(a) Any notices with
respect to this Instrument shall be given in the manner provided for in the Credit Agreement.

 

(b) This Instrument,
the Credit Agreement and the other Loan Documents embody the entire understanding between the parties hereto and supersede all
prior agreements and understandings (whether written or oral) relating to the subject matter hereof and thereof. The terms of this
Instrument may not be waived, modified, altered or amended except by agreement in writing signed by all the parties hereto. This
Instrument shall not be construed against the drafter hereof.

 

(c) If any term or provision
of this Instrument is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other term or provision of this Instrument or invalidate or render unenforceable such term or provision in any other
jurisdiction.

 

(d) The Credit Agreement
and the other Loan Documents shall remain unchanged and in full force and effect and shall continue to govern and control the relationship
between the parties hereto, except to the extent they are inconsistent with, superseded or expressly modified hereby. To the extent
of any inconsistency, amendment or superseding provision, this Instrument shall govern and control.

 

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(e) This Instrument and
any claim or dispute arising out of or in connection herewith shall be governed by and construed in accordance with the laws of
the State of Colorado.

 

(f) No failure to exercise
and no delay in exercising, on the part of BOK, any right, remedy, power or privilege hereunder or under the Credit Agreement or
any of the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. Further, BOK's acceptance of payment on account of the Loans or other performance by Borrower after the occurrence of
an Event of Default shall not be construed as a waiver of such Event of Default, any other Event of Default or any of BOK’s
rights or remedies. Nothing in this Instrument shall constitute any obligation by BOK to grant any future waivers, consents, amendments
or forbearances with respect thereto.

 

(g) The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

(h) The section headings
in this Instrument are for reference only and shall not affect the interpretation of this Instrument.

 

(i) This Instrument may
be executed in any number of counterparts, each of which shall be an original, and all of which together shall constitute one and
the same instrument. Delivery of an executed counterpart of the signature page of this Instrument by facsimile or in electronic
(i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this
Instrument.

 

(SIGNATURE PAGE FOLLOWS)

 

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EXECUTED as of the date
first above written.

 

	 	BOKF, NA dba BANK OF OKLAHOMA
	 	 
	 	By:	/s/ Benjamin H. Adler
	 	 	Vice- President

 

	 	NYTIS EXPLORATION COMPANY LLC
	 	 	 
	 	By:	/s/ Kevin D. Struzeski,
	 	 	Treasurer of Nytis Exploration (USA) Inc., Manager

 

EACH OF THE UNDERSIGNED, AS A GUARANTOR

UNDER THE CREDIT AGREEMENT, HEREBY

CONSENTS AND AGREES TO THE PROVISIONS

OF THIS FIFTH AMENDMENT OF AMENDED AND

RESTATED CREDIT AGREEMENT AND LIMITED

WAIVER:

 

	NYTIS EXPLORATION (USA) INC.	 
	 	 	 
	By:	/s/ Kevin D. Struzeski	 
	 	Treasurer	 
	 	 	 
	CARBON NATURAL GAS COMPANY	 
	 	 	 
	By:	 /s/ Kevin D. Struzeski	 
	 	Treasurer	 

 

 

-6-EXHIBIT 10.1

 

INDEMNIFICATION AGREEMENT

 

This Agreement is made
as of the __ day of ___ 201_, by and between Abeona Therapeutics Inc., a Delaware corporation (the “Corporation), and __________
(the “Indemnitee”), a director or officer of the Corporation.

 

WHEREAS, it is essential
to the Corporation to retain and attract as directors and officers the most capable persons available, and

 

WHEREAS, the substantial
increase in corporate litigation subjects directors and officers to expensive litigation risks at the same time that the availability
of directors’ and officers’ liability insurance has been severely limited, and

 

WHEREAS, it is now and
has always been the express policy of the Corporation to indemnify its directors and officers, and

 

WHEREAS, the Indemnitee
does not regard the protection available under the Corporation’s Certificate of Incorporation and insurance as adequate in
the present circumstances, and may not be willing to serve or continue to serve as a director or officer without adequate protection,
and

 

WHEREAS, the Corporation
desires the Indemnitee to serve, or continue to serve, as a director or officer of the Corporation.

 

NOW THEREFORE, the Corporation
and the Indemnitee do hereby agree as follows:

 

1.            Agreement
to Serve. The Indemnitee agrees to serve or continue to serve as a director or officer of the Corporation for so long as the
Indemnitee is duly elected or appointed or until such time as the Indemnitee tenders a resignation in writing.

 

2.            Definitions.
As used in this Agreement:

 

(a)            The term “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, alternative dispute resolution proceeding, administrative
hearing or other proceeding, whether brought by or in the right of the Corporation or otherwise and whether of a civil, criminal,
administrative or investigative nature, and any appeal therefrom.

 

(b)            The term “Corporate
Status” shall mean the status of a person who is or was, or has agreed to become, a director or officer of the Corporation,
or is or was serving, or has agreed to serve, at the request of the Corporation, as a director, officer, fiduciary, partner, trustee,
member, employee or agent of, or in a similar capacity with, another corporation, partnership, joint venture, trust, limited liability
company or other enterprise.

 

    	 	 

     

    

 

(c)            The term “Expenses”
shall include, without limitation, attorneys’ fees, retainers, court costs, transcript costs, fees and expenses of experts,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and other disbursements
or expenses of the types customarily incurred in connection with investigations, judicial or administrative proceedings or appeals,
but shall not include the amount of judgments, fines or penalties against Indemnitee or amounts paid in settlement in connection
with such matters.

 

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

 

3.            Indemnity
of Indemnitee. Subject to Sections 6, 7 and 9, the Corporation shall indemnify the Indemnitee in connection with any Proceeding
as to which the Indemnitee is, was or is threatened to be made a party (or is otherwise involved) by reason of the Indemnitee’s
Corporate Status, to the fullest extent permitted by law (as such may be amended from time to time). In furtherance of the foregoing
and without limiting the generality thereof:

 

(a)            Indemnification
in Third-Party Proceedings. The Corporation shall indemnify the Indemnitee in accordance with the provisions of this Section
3(a) if the Indemnitee was or is a party to or threatened to be made a party to or otherwise involved in any Proceeding (other
than a Proceeding by or in the right of the Corporation to procure a judgment in its favor or a Proceeding referred to in Section
6 below) by reason of the Indemnitee’s Corporate Status or by reason of any action alleged to have been taken or omitted
in connection therewith, against all Expenses, judgments, fines, penalties and amounts paid in settlement actually and reasonably
incurred by or on behalf of the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner
which the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation and, with respect to
any criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

 

(b)            Indemnification
in Proceedings by or in the Right of the Corporation. The Corporation shall indemnify the Indemnitee in accordance with the
provisions of this Section 3(b) if the Indemnitee was or is a party to or threatened to be made a party to or otherwise involved
in any Proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of the Indemnitee’s
Corporate Status or by reason of any action alleged to have been taken or omitted in connection therewith, against all Expenses
and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred by or on behalf of the Indemnitee
in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner which the Indemnitee reasonably believed
to be in, or not opposed to, the best interests of the Corporation, except that, if applicable law so provides, no indemnification
shall be made under this Section 3(b) in respect of any claim, issue, or matter as to which the Indemnitee shall have been adjudged
to be liable to the Corporation, unless, and only to the extent, that the Court of Chancery of Delaware or the court in which such
action or suit was brought shall determine upon application that, despite the adjudication of such liability but in view of all
the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Expenses as the Court of
Chancery or such other court shall deem proper.

 

    	 	 

     

    

 

4.            Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee
has been successful, on the merits or otherwise, in defense of any Proceeding or in defense of any claim, issue or matter therein
(other than a Proceeding referred to in Section 6), the Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by or on behalf of the Indemnitee in connection therewith. Without limiting the foregoing, if any Proceeding or any claim,
issue or matter therein is disposed of, on the merits or otherwise (including a disposition without prejudice), without (i) the
disposition being adverse to the Indemnitee, (ii) an adjudication that the Indemnitee was liable to the Corporation, (iii) a
plea of guilty or nolo contendereby the Indemnitee, (iv) an adjudication that the Indemnitee did not act
in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation,
and (v) with respect to any criminal proceeding, an adjudication that the Indemnitee had reasonable cause to believe his
or her conduct was unlawful, the Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect
thereto.

 

5.            Indemnification
for Expenses of a Witness. To the extent that the Indemnitee is, by reason of the Indemnitee’s Corporate Status, a witness
in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by or on behalf of the Indemnitee in connection therewith.

 

6.            Exceptions
to Right of Indemnification.

 

(a)            Notwithstanding
anything to the contrary in this Agreement, except as set forth in Section 10, the Corporation shall not indemnify the Indemnitee
in connection with a Proceeding (or part thereof) initiated by the Indemnitee unless the initiation thereof was approved by the
Board of Directors of the Corporation.

 

(b)            The Company shall
not be liable under this Agreement to indemnify any Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw, or otherwise) of the amounts otherwise indemnifiable hereunder.
To the extent the Indemnitee has been indemnified by the Company hereunder and later receives payments under any insurance policy
covering the same Expenses so indemnified by the Company hereunder, the Indemnitee shall immediately reimburse the Company hereunder
for all such amounts received from the insurer. Notwithstanding anything contained herein to the contrary, the Indemnitee shall
not be entitled to recover amounts under this Agreement, which, when added to the amount of indemnification payments made to, or
on behalf of, the Indemnitee under the Certificate of Incorporation or By-laws of the Company, in the aggregate exceed the Expenses
actually and reasonably incurred by the Indemnitee (“Excess Amounts”). To the extent the Company has paid Excess
Amounts to the Indemnitee, the Indemnitee shall be obligated to reimburse the Company immediately for such Excess Amounts.

 

    	 	 

     

    

 

(c)            The Company and
Indemnitee acknowledge that in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying
its directors, officers, employees, controlling persons, agents, or fiduciaries under this Agreement or otherwise. Each Indemnitee
understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the Securities
and Exchange Commission to submit the question or indemnification to a court in certain circumstances for a determination of the
Company’s rights under public policy to indemnify Indemnitee. No such undertaking or submission to a court shall be a breach
of this Agreement.

 

(d)            Any other provision
herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(i)            Claims Initiated
by Indemnitee. To indemnify or advance Expenses to any Indemnitee with respect to Claims initiated or brought voluntarily by
Indemnitee and not by way of defense, except (i) with respect to successful actions or proceedings to establish or enforce a right
to indemnify under this Agreement or any other agreement or insurance policy or under the Company’s Certificate of Incorporation
or Bylaws now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in specific cases if the Board of Directors
has approved the initiation or bringing of such Claim, or (ii) as otherwise required under Section 145 of the Delaware General
Corporation Laws.

 

(ii)            Claims Under
Section 16(b). To indemnify Indemnitee for expenses and the payment of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 16(b) of the Exchange Act or any similar successor statute.

 

7.            Notification
and Defense of Claim. As a condition precedent to the Indemnitee’s right to be indemnified, the Indemnitee must notify
the Corporation in writing as soon as practicable of any Proceeding for which indemnity will or could be sought. With respect to
any Proceeding of which the Corporation is so notified, the Corporation will be entitled to participate therein at its own expense
and/or to assume the defense thereof at its own expense, with legal counsel reasonably acceptable to the Indemnitee. After notice
from the Corporation to the Indemnitee of its election so to assume such defense, the Corporation shall not be liable to the Indemnitee
for any legal or other expenses subsequently incurred by the Indemnitee in connection with such Proceeding, other than as provided
below in this Section 7. The Indemnitee shall have the right to employ his or her own counsel in connection with such Proceeding,
but the fees and expenses of such counsel incurred after notice from the Corporation 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 Corporation,
(ii) counsel to the Indemnitee shall have reasonably concluded that there may be a conflict of interest or position on any
significant issue between the Corporation and the Indemnitee in the conduct of the defense of such Proceeding or (iii) the
Corporation shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases the fees and
expenses of counsel for the Indemnitee shall be at the expense of the Corporation, except as otherwise expressly provided by this
Agreement, and provided that Indemnitee’s counsel shall cooperate reasonably with the Corporation’s counsel to minimize
the cost of defending claims against the Corporation and the Indemnitee. The Corporation shall not be entitled, without the consent
of the Indemnitee, to assume the defense of any claim brought by or in the right of the Corporation or as to which counsel for
the Indemnitee shall have reasonably made the conclusion provided for in clause (ii) above. The Corporation shall not be required
to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without its written
consent. The Corporation shall not settle any Proceeding in any manner that would impose any penalty or limitation on the Indemnitee
without the Indemnitee’s written consent unless, in the case of a monetary penalty, the Corporation agrees to pay such monetary
penalty. Neither the Corporation nor the Indemnitee will unreasonably withhold or delay their consent to any proposed settlement.

 

    	 	 

     

    

 

8.            Advancement
of Expenses. In the event that the Corporation does not assume the defense pursuant to Section 7 of any Proceeding of
which the Corporation receives notice under this Agreement, any Expenses actually and reasonably incurred by or on behalf of the
Indemnitee in defending such Proceeding shall be paid by the Corporation in advance of the final disposition of such Proceeding;
provided, however, that the payment of such Expenses incurred by or on behalf of the Indemnitee in advance of the
final disposition of such Proceeding shall be made only upon receipt of an undertaking by or on behalf of the Indemnitee to repay
all amounts so advanced in the event that it shall ultimately be determined that the Indemnitee is not entitled to be indemnified
by the Corporation as authorized in this Agreement. Such undertaking shall be accepted without reference to the financial ability
of the Indemnitee to make repayment. Any advances and undertakings to repay pursuant to this Section 8 shall be unsecured and interest-free.
Notwithstanding the foregoing, no advancement of Expenses shall be made if it is determined that (i) the Indemnitee did not act
in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Corporation, or (ii)
with respect to any criminal action or proceeding, the Indemnitee had reasonable cause to believe his conduct was unlawful.

 

9.            Procedures.

 

(a)            In order to obtain
indemnification or advancement of Expenses pursuant to this Agreement, the Indemnitee shall submit to the Corporation a written
request, including in such request such documentation and information as is reasonably available to the Indemnitee and is reasonably
necessary to determine whether and to what extent the Indemnitee is entitled to indemnification or advancement of Expenses. Any
such indemnification or advancement of Expenses shall be made promptly, and in any event within (i) in the case of indemnification
under Sections 4, 5, or 9(c) or advancement of Expenses, 30 days after receipt by the Corporation of the written request of the
Indemnitee, or (ii) in the case of all other indemnification, 60 days after receipt by the Corporation of the written request of
the Indemnitee, unless with respect to requests under this clause (ii) the Corporation determines, by clear and convincing evidence,
within the 60-day period referred to above that the Indemnitee did not meet the applicable standard of conduct. Such determination,
and any determination that advanced Expenses must be repaid to the Corporation, shall be made in each instance (a) by a majority
vote of the directors of the Corporation consisting of persons who are not at that time parties to the Proceeding (“disinterested
directors”), whether or not a quorum, (b) by a committee of disinterested directors designated by a majority vote of disinterested
directors, whether or not a quorum, (c) if there are no disinterested directors, or if the disinterested directors so direct, by
independent legal counsel (who may, to the extent permitted by applicable law, be regular legal counsel to the Corporation) in
a written opinion, or (d) by the stockholders of the Corporation.

 

    	 	 

     

    

 

(b)            The termination
of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Indemnitee did not act in good faith and in a manner that the Indemnitee reasonably believed
to be in, or not opposed to, the best interests of the Corporation, and, with respect to any criminal Proceeding, had reasonable
cause to believe that his or her conduct was unlawful.

 

(c)            The Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee
and reasonably necessary to such determination. Any Expenses actually and reasonably incurred by the Indemnitee in so cooperating
shall be borne by the Corporation (irrespective of the determination as to the Indemnitee’s entitlement to indemnification)
and the Corporation hereby indemnifies the Indemnitee therefrom.

 

10.          Remedies.
The right to indemnification or advancement of Expenses as provided by this Agreement shall be enforceable by the Indemnitee in
any court of competent jurisdiction if the Corporation denies such request, in whole or in part, or if no disposition thereof is
made within the applicable period referred to in Section 9. Unless otherwise required by law, the burden of proving that indemnification
or advancement of Expenses is not appropriate shall be on the Corporation. Neither the failure of the Corporation to have made
a determination prior to the commencement of such action that indemnification is proper in the circumstances because the Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Corporation that the Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable
standard of conduct. The Indemnitee’s Expenses actually and reasonably incurred in connection with successfully establishing
the Indemnitee’s right to indemnification, in whole or in part, in any such Proceeding shall also be indemnified by the Corporation.

 

11.          Partial Indemnification.
If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion
of the Expenses, judgments, fines, penalties or amounts paid in settlement actually and reasonably incurred by or on behalf of
the Indemnitee in connection with any Proceeding but not, however, for the total amount thereof, the Corporation shall nevertheless
indemnify the Indemnitee for the portion of such Expenses, judgments, fines, penalties or amounts paid in settlement to which the
Indemnitee is entitled.

 

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

 

    	 	 

     

    

 

13.          Term of Agreement.
This Agreement shall continue until and terminate upon the later of (a) six years after the date that the Indemnitee shall have
ceased to serve as a director or officer of the Corporation or, at the request of the Corporation, as a director, officer, partner,
trustee, member, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other
enterprise or (b) the final termination of all Proceedings pending on the date set forth in clause (a) in respect of which the
Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by the Indemnitee
pursuant to Section 10 of this Agreement relating thereto.

 

14.          Indemnification
Hereunder Not Exclusive. The indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive
of any other rights to which the Indemnitee may be entitled under the Certification of Incorporation, the By-Laws, any other agreement,
any vote of stockholders or disinterested directors, the General Corporation Law of Delaware, any other law (common or statutory),
or otherwise, both as to action in the Indemnitee’s official capacity and as to action in another capacity while holding
office for the Corporation. Nothing contained in this Agreement shall be deemed to prohibit the Corporation from purchasing and
maintaining insurance, at its expense, to protect itself or the Indemnitee against any expense, liability or loss incurred by it
or the Indemnitee in any such capacity, or arising out of the Indemnitee’s status as such, whether or not the Indemnitee
would be indemnified against such expense, liability or loss under this Agreement; provided that the Corporation shall not be liable
under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee
has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

15.          No Special
Rights. Nothing herein shall confer upon the Indemnitee any right to continue to serve as an officer or director of the Corporation
for any period of time or at any particular rate of compensation.

 

16.          Savings Clause.
If this Agreement or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation
shall nevertheless indemnify the Indemnitee as to Expenses, judgments, fines, penalties and amounts paid in settlement with respect
to any Proceeding to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated
and to the fullest extent permitted by applicable law.

 

17.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall constitute the original.

 

18.          Successors
and Assigns. This Agreement shall be binding upon the Corporation and its successors and assigns and shall inure to the benefit
of the estate, heirs, executors, administrators and personal representatives of the Indemnitee.

 

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

 

    	 	 

     

    

 

20.          Modification
and Waiver. This Agreement may be amended from time to time to reflect changes in Delaware law or for other reasons. No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof nor shall
any such waiver constitute a continuing waiver.

 

21.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been given (i) when
delivered by hand or (ii) if mailed by certified or registered mail with postage prepaid, on the third day after the date
on which it is so mailed:

 

	 	(a)	if to the Indemnitee, to:	_________________
	 	 	 	_________________
	 	 	 	_________________
	 	 	 	 
	 	(b)	if to the Corporation, to:	Abeona Therapeutics Inc.
	 	 	 	3333 Lee Parkway
	 	 	 	Suite 600
	 	 	 	Dallas, TX 75219
	 	 	 	Attn: Executive Chairman

 

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

 

22.          Applicable
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware.
The Indemnitee may elect to have the right to indemnification or reimbursement or advancement of Expenses interpreted on the basis
of the applicable law in effect at the time of the occurrence of the event or events giving rise to the applicable Proceeding,
to the extent permitted by law, or on the basis of the applicable law in effect at the time such indemnification or reimbursement
or advancement of Expenses is sought. Such election shall be made, by a notice in writing to the Corporation, at the time indemnification
or reimbursement or advancement of Expenses is sought; provided, however, that if no such notice is given, and if
the General Corporation Law of Delaware is amended, or other Delaware law is enacted, to permit further indemnification of the
directors and officers, then the Indemnitee shall be indemnified to the fullest extent permitted under the General Corporation
Law, as so amended, or by such other Delaware law, as so enacted.

 

23.          Enforcement.
The Corporation expressly confirms and agrees that it has entered into this Agreement in order to induce the Indemnitee to continue
to serve as an officer or director of the Corporation, and acknowledges that the Indemnitee is relying upon this Agreement in continuing
in such capacity.

 

24.          Entire Agreement.
This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supercedes
all prior agreements, whether oral or written, by any officer, employee or representative of any party hereto in respect of the
subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject matter contained herein
is hereby terminated and cancelled. For avoidance of doubt, the parties confirm that the foregoing does not apply to or limit the
Indemnitee’s rights under Delaware law or the Corporation’s Certificate of Incorporation or By-Laws.

 

    	 	 

     

    

 

25.          Consent to
Suit. In the case of any dispute under or in connection with this Agreement, the Indemnitee may only bring suit against the
Corporation in the Court of Chancery of the State of Delaware. The Indemnitee hereby consents to the exclusive jurisdiction and
venue of the courts of the State of Delaware, and the Indemnitee hereby waives any claim the Indemnitee may have at any time as
to forum non conveniens with respect to such venue. The Corporation shall have the right to institute any legal action arising
out of or relating to this Agreement in any court of competent jurisdiction. Any judgment entered against either of the parties
in any proceeding hereunder may be entered and enforced by any court of competent jurisdiction.

 

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

 

	 	 	 	Abeona Therapeutics Inc.
	 	 	 	 	 
	Attest:	 	 	By:	 
	 	 	 	 	 
	By:	 	 	Name:	 
	 	 	 	 	 
	Name:	 	 	Title:	 
	 	 	 	 	 
	 	 	 	INDEMNITEE:

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