Document:

Exhibit

10.7

 

INDEMNITY

AGREEMENT

 

THIS

INDEMNITY AGREEMENT (this “Agreement”) is made as of December 14, 2021.

 

Between:

 

	(1)	Pearl

                                            Holdings Acquisition Corp,

                                            an exempted company incorporated under the laws of the Cayman Islands with registered office

                                            at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”);

                                            and

 

	(2)	Terry Duddy (“Indemnitee”).

 

Whereas:

 

	(A)	Highly

                                            competent persons have become more reluctant to serve publicly-held companies as directors,

                                            officers or in other capacities unless they are provided with adequate protection through

                                            insurance or adequate indemnification against inordinate risks of claims and actions against

                                            them arising out of their service to and activities on behalf of such companies;

 

	(B)	The

                                            board of directors of the Company (the “Board”) has determined that, in

                                            order to attract and retain qualified individuals, the Company will attempt to maintain on

                                            an ongoing basis, at its sole expense, liability insurance to protect persons serving the

                                            Company and any of its subsidiaries from certain liabilities. Although the furnishing of

                                            such insurance has been a customary and widespread practice among publicly traded companies

                                            and other business enterprises, the Company believes that, given current market conditions

                                            and trends, such insurance may be available to it in the future only at higher premiums and

                                            with more exclusions. At the same time, directors, officers and other persons in service

                                            to companies or business enterprises are being increasingly subjected to expensive and time-consuming

                                            litigation relating to, among other things, matters that traditionally would have been brought

                                            only against the Company or business enterprise itself. The amended and restated memorandum

                                            and articles of association of the Company (the “Articles”) provide for

                                            the indemnification of the officers and directors of the Company. The Articles expressly

                                            provide that the indemnification provisions set forth therein are not exclusive, and thereby

                                            contemplate that contracts may be entered into between the Company and members of the board

                                            of directors, officers and other persons with respect to indemnification, hold harmless,

                                            exoneration, advancement and reimbursement rights;

 

	(C)	The

                                            uncertainties relating to such insurance and to indemnification have increased the difficulty

                                            of attracting and retaining such persons;

 

	(D)	The

                                            Board has determined that the increased difficulty in attracting and retaining such persons

                                            is detrimental to the best interests of the Company’s shareholders and that the Company

                                            should act to assure such persons that there will be increased certainty of such protection

                                            in the future;

 

     

     

    

 

	(E)	It

                                            is reasonable, prudent and necessary for the Company contractually to obligate itself to

                                            indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to

                                            the fullest extent permitted by applicable law and the Articles so that they will serve or

                                            continue to serve the Company free from undue concern that they will not be so protected

                                            against liabilities;

 

	(F)	This

                                            Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted

                                            pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate

                                            any rights of Indemnitee thereunder;

 

	(G)	Indemnitee

                                            may not be willing to serve as an officer or director, advisor or in another capacity without

                                            adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee

                                            is willing to serve, continue to serve and to take on additional service for or on behalf

                                            of the Company on the condition that Indemnitee be so indemnified; and

 

NOW,

THEREFORE, in consideration of the promises and the covenants contained herein and subject to the provisions of the Letter Agreement

dated as of December 13, 2021 among the Company, Indemnitee and other parties thereto pursuant to the Underwriting Agreement dated as

of December 13, 2021 between the Company and the representative of the several Underwriters named therein in connection with the Company’s

initial public offering, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS

AND CONDITIONS

 

	1	SERVICES

                                            TO THE COMPANY

 

In

consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director,

advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed or

retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing notwithstanding, this

Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee

or in any other capacity of the Company, as provided in Section ‎17. This Agreement, however, shall not impose any obligation on

Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other

agreements or commitments of the parties, if any.

 

	2	DEFINITIONS

 

As

used in this Agreement:

 

	2.1	References

                                            to “agent” shall mean any person who is or was a director, officer or

                                            employee of the Company or a subsidiary of the Company or other person authorized by the

                                            Company to act for the Company, to include such person serving in such capacity as a director,

                                            officer, employee, advisor, fiduciary or other official of another company, corporation,

                                            partnership, limited liability company, joint venture, trust or other enterprise at the request

                                            of, for the convenience of, or to represent the interests of the Company or a subsidiary

                                            of the Company.

 

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	2.2	The

                                            terms “Beneficial Owner” and “Beneficial Ownership”

                                            shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined

                                            below) as in effect on the date hereof.

 

	2.3	A

                                            “Change in Control” shall be deemed to occur upon the earliest to occur

                                            after the date of this Agreement of any of the following events:

 

		(a)	Acquisition

                                            of Shares by Third Party. Other than an affiliate of Pearl Holdings Sponsor LLC, a Cayman

                                            Islands limited liability company (the “Sponsor”), any Person (as defined

                                            below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company

                                            representing fifteen percent (15%) or more of the combined voting power of the Company’s

                                            then outstanding securities entitled to vote generally in the election of directors, unless

                                            (1) the change in the relative Beneficial Ownership of the Company’s securities by

                                            any Person results solely from a reduction in the aggregate number of outstanding shares

                                            entitled to vote generally in the election of directors, or (2) such acquisition was approved

                                            in advance by the Continuing Directors (as defined below) and such acquisition would not

                                            constitute a Change in Control under part (c) of this definition;

 

		(b)	Change

                                            in Board of Directors. Individuals who, as of the date hereof, constitute the Board,

                                            and any new director whose election by the Board or nomination for election by the Company’s

                                            shareholders was approved by a vote of at least two-thirds of the directors then still in

                                            office who were directors on the date hereof or whose election or nomination for election

                                            was previously so approved (collectively, the “Continuing Directors”),

                                            cease for any reason to constitute at least a majority of the members of the Board;

 

		(c)	Corporate

                                            Transactions. The effective date of a merger, share exchange, asset acquisition, share

                                            purchase, reorganization or similar business combination, involving the Company and one or

                                            more businesses (a “Business Combination”), in each case, unless, following

                                            such Business Combination: (1) all or substantially all of the individuals and entities

                                            who were the Beneficial Owners of securities entitled to vote generally in the election of

                                            directors immediately prior to such Business Combination beneficially own, directly or indirectly,

                                            more than fifty-one percent (51%) of the combined voting power of the then outstanding securities

                                            of the Company entitled to vote generally in the election of directors resulting from such

                                            Business Combination (including, without limitation, a company or corporation which as a

                                            result of such transaction owns the Company or all or substantially all of the Company’s

                                            assets either directly or through one or more Subsidiaries) in substantially the same proportions

                                            as their ownership immediately prior to such Business Combination, of the securities entitled

                                            to vote generally in the election of directors; (2) other than an affiliate of the Sponsor,

                                            no Person (excluding any company or corporation resulting from such Business Combination)

                                            is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the

                                            combined voting power of the then outstanding securities entitled to vote generally in the

                                            election of directors of the surviving company or corporation except to the extent that such

                                            ownership existed prior to the Business Combination; and (3) at least a majority of the Board

                                            of Directors of the company or corporation resulting from such Business Combination were

                                            Continuing Directors at the time of the execution of the initial agreement, or of the action

                                            of the Board of Directors, providing for such Business Combination;

 

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		(d)	Liquidation.

                                            The approval by the shareholders of the Company of a complete liquidation of the Company

                                            or an agreement or series of agreements for the sale or disposition by the Company of all

                                            or substantially all of the Company’s assets, other than factoring the Company’s

                                            current receivables or escrows due (or, if such approval is not required, the decision by

                                            the Board to proceed with such a liquidation, sale, or disposition in one transaction or

                                            a series of related transactions); or

 

		(e)	Other

                                            Events. There occurs any other event of a nature that would be required to be reported

                                            in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar

                                            item on any similar schedule or form) promulgated under the Exchange Act, whether or not

                                            the Company is then subject to such reporting requirement.

 

	2.4	“Corporate

                                            Status” describes the status of a person who is or was a director, officer, trustee,

                                            general partner, manager, managing member, fiduciary, employee or agent of the Company or

                                            of any other Enterprise (as defined below) which such person is or was serving at the request

                                            of the Company.

 

	2.5	“Delaware

                                            Court” shall mean the Court of Chancery of the State of Delaware.

 

	2.6	“Disinterested

                                            Director” shall mean a director of the Company who is not and was not a party to

                                            the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

 

	2.7	“Enterprise”

                                            shall mean the Company and any other company, corporation, constituent corporation (including

                                            any constituent of a constituent) absorbed in a merger or consolidation to which the Company

                                            (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership,

                                            joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or

                                            was serving at the request of the Company as a director, officer, trustee, general partner,

                                            manager, managing member, fiduciary, employee or agent.

 

	2.8	“Exchange

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

 

	2.9	“Expenses”

                                            shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,

                                            including, without limitation, all attorneys’ fees and costs, retainers, court costs,

                                            transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators

                                            and professional advisors, duplicating costs, printing and binding costs, telephone charges,

                                            postage, delivery service fees, fax transmission charges, secretarial services and all other

                                            disbursements, obligations or expenses in connection with prosecuting, defending, preparing

                                            to prosecute or defend, investigating, being or preparing to be a witness in, settlement

                                            or appeal of, or otherwise participating in, a Proceeding, including reasonable compensation

                                            for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company

                                            or any third party. Expenses also shall include Expenses incurred in connection with any

                                            appeal resulting from any Proceeding, including, without limitation, the principal, premium,

                                            security for, and other costs relating to any cost bond, supersedeas bond, or other appeal

                                            bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by

                                            Indemnitee or the amount of judgments or fines against Indemnitee.

 

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	2.10	“Independent

                                            Counsel” shall mean a law firm or a member of a law firm with significant experience

                                            in matters of corporate law and neither presently is, nor in the past five years has been,

                                            retained to represent: (i) the Company or Indemnitee in any matter material to either such

                                            party (other than with respect to matters concerning Indemnitee under this Agreement, or

                                            of other indemnitees under similar indemnification agreements); or (ii) any other party to

                                            the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the

                                            foregoing, the term “Independent Counsel” shall not include any person

                                            who, under the applicable standards of professional conduct then prevailing, would have a

                                            conflict of interest in representing either the Company or Indemnitee in an action to determine

                                            Indemnitee’s rights under this Agreement.

 

	2.11	References

                                            to “fines” shall include any excise tax assessed on Indemnitee with respect

                                            to any employee benefit plan; references to “serving at the request of the Company”

                                            shall include any service as a director, officer, employee, agent or fiduciary of the Company

                                            which imposes duties on, or involves services by, such director, officer, employee, agent

                                            or fiduciary with respect to an employee benefit plan, its participants or beneficiaries;

                                            and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be

                                            in the best interests of the participants and beneficiaries of an employee benefit plan,

                                            Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests

                                            of the Company” as referred to in this Agreement.

 

	2.12	The

                                            term “Person” shall have the meaning as set forth in Sections 13(d) and

                                            14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person”

                                            shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company;

                                            (iii) any employment benefit plan of the Company or of a Subsidiary of the Company or

                                            of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially

                                            the same proportions as their ownership of shares of the Company; and (iv) any trustee

                                            or other fiduciary holding securities under an employee benefit plan of the Company or of

                                            a Subsidiary of the Company or of a company or corporation owned directly or indirectly by

                                            the shareholders of the Company in substantially the same proportions as their ownership

                                            of shares of the Company.

 

	2.13	The

                                            term “Proceeding” shall include any threatened, pending or completed action,

                                            suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry,

                                            administrative hearing or any other actual, threatened or completed proceeding, whether brought

                                            in the right of the Company or otherwise and whether of a civil (including intentional or

                                            unintentional tort claims), criminal, administrative, or investigative or related nature,

                                            in which Indemnitee was, is, will or might be involved as a party or otherwise by reason

                                            of the fact that Indemnitee is or was a director or officer of the Company, by reason of

                                            any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on

                                            Indemnitee’s part while acting as a director or officer of the Company, or by reason

                                            of the fact that Indemnitee is or was serving at the request of the Company as a director,

                                            officer, trustee, general partner, manager, managing member, fiduciary, employee or agent

                                            of any other Enterprise, in each case whether or not serving in such capacity at the time

                                            any liability or expense is incurred for which indemnification, reimbursement, or advancement

                                            of expenses can be provided under this Agreement.

 

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	2.14	The

                                            term “Subsidiary,” with respect to any Person, shall mean any company,

                                            corporation, limited liability company, partnership, joint venture, trust or other entity

                                            of which a majority of the voting power of the voting equity securities or equity interest

                                            is owned, directly or indirectly, by that Person.

 

	3	INDEMNITY

                                            IN THIRD-PARTY PROCEEDINGS

 

To

the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee

in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as

a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment

in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless

and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,

assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts

paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding

or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not

opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s

conduct was unlawful.

 

	4	INDEMNITY

                                            IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

To

the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee

in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as

a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of

Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against

all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any

claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed

to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section

4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company,

unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application

that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled

to indemnification, to be held harmless or to exoneration.

 

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	5	INDEMNIFICATION

                                            FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding

any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s

Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of

any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the

Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection

therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more

but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law

and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee

or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful

in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless

and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue,

or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue

or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue

or matter.

 

	6	INDEMNIFICATION

                                            FOR EXPENSES OF A WITNESS

 

Notwithstanding

any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate

Status, a witness or deponent in any Proceeding to which Indemnitee is not a party or threatened to be made a party, Indemnitee shall,

to the fullest extent permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses

actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

	7	ADDITIONAL

                                            INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

	7.1	Notwithstanding

                                            any limitation in Section 3, 4, or 5, except for Section 27, the Company shall, to the fullest

                                            extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate

                                            Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding

                                            (including a Proceeding by or in the right of the Company to procure a judgment in its favor)

                                            against all Expenses, judgments, fines, penalties and amounts paid in settlement (including

                                            all interest, assessments and other charges paid or payable in connection with or in respect

                                            of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and

                                            reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification,

                                            hold harmless or exoneration rights shall be available under this Section 7.1 on account

                                            of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duties to

                                            the Company or its shareholders or is an act or omission not in good faith or which involves

                                            intentional misconduct or a knowing violation of applicable law.

 

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	7.2	Notwithstanding

                                            any limitation in Section 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the

                                            fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and

                                            exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any

                                            Proceeding (including a Proceeding by or in the right of the Company to procure a judgment

                                            in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement

                                            (including all interest, assessments and other charges paid or payable in connection with

                                            or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)

                                            actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

	8	CONTRIBUTION

                                            IN THE EVENT OF JOINT LIABILITY

 

	8.1	To

                                            the fullest extent permissible under applicable law and the Articles, if the indemnification,

                                            hold harmless and/or exoneration rights provided for in this Agreement are unavailable to

                                            Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,

                                            holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire

                                            amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts

                                            paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without

                                            requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes

                                            any right of contribution it may have at any time against Indemnitee.

 

	8.2	The

                                            Company shall not enter into any settlement of any Proceeding in which the Company is jointly

                                            liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement

                                            provides for a full and final release of all claims asserted against Indemnitee.

 

	8.3	The

                                            Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any

                                            claims for contribution which may be brought by officers, directors or employees of the Company

                                            other than Indemnitee who may be jointly liable with Indemnitee.

 

	9	EXCLUSIONS

 

The

Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment

in connection with any claim made against Indemnitee:

 

		(a)	for

                                            which payment has actually been received by or on behalf of Indemnitee under any insurance

                                            policy or other indemnity or advancement provision and which payment has not subsequently

                                            been returned, except with respect to any excess beyond the amount actually received under

                                            any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

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		(b)	for

                                            an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee

                                            of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or

                                            any successor rule) or similar provisions of state statutory law or common law; or

 

		(c)	prior

                                            to a Change in Control, other than as provided in Sections 14.5 and 14.6 hereof, in connection

                                            with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any

                                            Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or

                                            its directors, officers, employees or other indemnitees, unless (i) the Board authorized

                                            the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company

                                            provides the indemnification, hold harmless or exoneration payment, in its sole discretion,

                                            pursuant to the powers vested in the Company under applicable law.

 

	10	ADVANCES

                                            OF EXPENSES; DEFENSE OF CLAIM

 

	10.1	Notwithstanding

                                            any provision of this Agreement to the contrary except for Section 27, and to the fullest

                                            extent not prohibited by applicable law or the Articles, the Company shall pay the Expenses

                                            incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee

                                            within three months) in connection with any Proceeding within ten (10) days after the receipt

                                            by the Company of a statement or statements requesting such advances from time to time, prior

                                            to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted

                                            by law, be unsecured and interest free. Advances shall be made without regard to Indemnitee’s

                                            ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement

                                            to be indemnified, held harmless or exonerated under the other provisions of this Agreement.

                                            Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to

                                            enforce this right of advancement, including Expenses incurred preparing and forwarding statements

                                            to the Company to support the advances claimed. To the fullest extent required by applicable

                                            law, such payments of Expenses in advance of the final disposition of the Proceeding shall

                                            be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,

                                            to repay the advance to the extent that it is ultimately determined that Indemnitee is not

                                            entitled to be indemnified by the Company under the provisions of this Agreement, the Articles,

                                            applicable law or otherwise. This Section 10.1 shall not apply to any claim made by Indemnitee

                                            for which an indemnification, hold harmless or exoneration payment is excluded pursuant to

                                            Section 9.

 

	10.2	The

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

 

	10.3	The

                                            Company shall not settle any action, claim or Proceeding (in whole or in part) which would

                                            impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s

                                            prior written consent.

 

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	11	PROCEDURE

                                            FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

	11.1	Indemnitee

                                            agrees to notify promptly the Company in writing upon being served with any summons, citation,

                                            subpoena, complaint, indictment, information or other document relating to any Proceeding

                                            or matter which may be subject to indemnification, hold harmless or exoneration rights, or

                                            advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company

                                            shall not relieve the Company of any obligation which it may have to Indemnitee under this

                                            Agreement, or otherwise.

 

	11.2	Indemnitee

                                            may deliver to the Company a written application to indemnify, hold harmless or exonerate

                                            Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time

                                            to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.

                                            Following such a written application for indemnification by Indemnitee, Indemnitee’s

                                            entitlement to indemnification shall be determined according to Section 12.1 of this Agreement.

 

	12	PROCEDURE

                                            UPON APPLICATION FOR INDEMNIFICATION

 

	12.1	A

                                            determination, if required by applicable law, with respect to Indemnitee’s entitlement

                                            to indemnification shall be made in the specific case by one of the following methods, which

                                            shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors,

                                            even though less than a quorum of the Board (ii) by Independent Counsel in a written opinion

                                            to the Board, a copy of which shall be delivered to Indemnitee; or (iii) by vote of the shareholders

                                            by ordinary resolution. The Company will promptly advise Indemnitee in writing with respect

                                            to any determination that Indemnitee is or is not entitled to indemnification, including

                                            a description of any reason or basis for which indemnification has been denied. If it is

                                            so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall

                                            be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate

                                            with the person, persons or entity making such determination with respect to Indemnitee’s

                                            entitlement to indemnification, including providing to such person, persons or entity upon

                                            reasonable advance request any documentation or information which is not privileged or otherwise

                                            protected from disclosure and which is reasonably available to Indemnitee and reasonably

                                            necessary to such determination. Any costs or Expenses (including attorneys’ fees and

                                            disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity

                                            making such determination shall be borne by the Company (irrespective of the determination

                                            as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to

                                            indemnify and to hold Indemnitee harmless therefrom.

 

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	12.2	In

                                            the event the determination of entitlement to indemnification is to be made by Independent

                                            Counsel pursuant to Section 12.1 hereof, the Independent Counsel shall be selected as provided

                                            in this Section 12.2. The Independent Counsel shall be selected by Indemnitee (unless Indemnitee

                                            shall request that such selection be made by the Board), and Indemnitee shall give written

                                            notice to the Company advising it of the identity of the Independent Counsel so selected

                                            and certifying that the Independent Counsel so selected meets the requirements of “Independent

                                            Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected

                                            by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of

                                            the identity of the Independent Counsel so selected and certifying that the Independent Counsel

                                            so selected meets the requirements of “Independent Counsel” as defined in Section

                                            2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may,

                                            within ten (10) days after such written notice of selection shall have been received, deliver

                                            to the Company or to Indemnitee, as the case may be, a written objection to such selection;

                                            provided, however, that such objection may be asserted only on the ground that

                                            the Independent Counsel so selected does not meet the requirements of “Independent

                                            Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth

                                            with particularity the factual basis of such assertion. Absent a proper and timely objection,

                                            the person so selected shall act as Independent Counsel. If such written objection is so

                                            made and substantiated, the Independent Counsel so selected may not serve as Independent

                                            Counsel unless and until such objection is withdrawn or a court of competent jurisdiction

                                            has determined that such objection is without merit. If, within twenty (20) days after submission

                                            by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no

                                            Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee

                                            may petition the Delaware Court for resolution of any objection which shall have been made

                                            by the Company or Indemnitee to the other’s selection of Independent Counsel and/or

                                            for the appointment as Independent Counsel of a person selected by the Delaware Court, and

                                            the person with respect to whom all objections are so resolved or the person so appointed

                                            shall act as Independent Counsel under Section 12.1 hereof. Upon the due commencement of

                                            any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent

                                            Counsel shall be discharged and relieved of any further responsibility in such capacity (subject

                                            to the applicable standards of professional conduct then prevailing).

 

	12.3	The

                                            Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully

                                            indemnify and hold harmless such Independent Counsel against any and all Expenses, claims,

                                            liabilities and damages arising out of or relating to this Agreement or its engagement pursuant

                                            hereto.

 

	13	PRESUMPTIONS

                                            AND EFFECT OF CERTAIN PROCEEDINGS

 

	13.1	In

                                            making a determination with respect to entitlement to indemnification hereunder, the person,

                                            persons or entity making such determination shall presume that Indemnitee is entitled to

                                            indemnification under this Agreement if Indemnitee has submitted a request for indemnification

                                            in accordance with Section 11.2 of this Agreement, and the Company shall have the burden

                                            of proof to overcome that presumption in connection with the making by any person, persons

                                            or entity of any determination contrary to that presumption. Neither the failure of the Company

                                            (including by its directors or Independent Counsel) to have made a determination prior to

                                            the commencement of any action pursuant to this Agreement that indemnification is proper

                                            in the circumstances because Indemnitee has met the applicable standard of conduct, nor an

                                            actual determination by the Company (including by its directors or Independent Counsel) that

                                            Indemnitee has not met such applicable standard of conduct, shall be a defense to the action

                                            or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

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	13.2	If

                                            the person, persons or entity empowered or selected under Section 12 of this Agreement to

                                            determine whether Indemnitee is entitled to indemnification shall not have made a determination

                                            within thirty (30) days after receipt by the Company of the request therefor, the requisite

                                            determination of entitlement to indemnification shall be deemed to have been made and Indemnitee

                                            shall, to the fullest extent permitted by applicable law and the Articles, be entitled to

                                            such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission

                                            of a material fact necessary to make Indemnitee’s statement not materially misleading,

                                            in connection with the request for indemnification, or (ii) a final judicial determination

                                            that any or all such indemnification is expressly prohibited under applicable law; provided,

                                            however, that such 30-day period may be extended for a reasonable time, not to exceed

                                            an additional fifteen (15) days, if the person, persons or entity making the determination

                                            with respect to entitlement to indemnification in good faith requires such additional time

                                            for the obtaining or evaluating of documentation and/or information relating thereto.

 

	13.3	The

                                            termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,

                                            settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not

                                            (except as otherwise expressly provided in this Agreement) of itself adversely affect the

                                            right of Indemnitee to indemnification or create a presumption that Indemnitee did not act

                                            in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed

                                            to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee

                                            had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

	13.4	For

                                            purposes of any determination of good faith, Indemnitee shall be deemed to have acted in

                                            good faith if Indemnitee’s action is based on the records or books of account of the

                                            Enterprise, including financial statements, or on information supplied to Indemnitee by the

                                            directors, managers, managing members, or officers of the Enterprise in the course of their

                                            duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of

                                            the Board or any director, trustee, general partner, manager or managing member or on information

                                            or records given or reports made to the Enterprise, its Board, any committee of the Board

                                            or any director, trustee, general partner, manager or managing member by an independent certified

                                            public accountant or by an appraiser or other expert selected by the Enterprise, its Board,

                                            any committee of the Board or any director, trustee, general partner, manager or managing

                                            member. The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit

                                            in any way the other circumstances in which Indemnitee may be deemed or found to have met

                                            the applicable standard of conduct set forth in this Agreement.

 

	13.5	The

                                            knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner,

                                            manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed

                                            to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

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		14	REMEDIES

                                            OF INDEMNITEE

 

		14.1	In

                                            the event that (i) a determination is made pursuant to Section 12 of this Agreement that

                                            Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses,

                                            to the fullest extent permitted by applicable law and the Articles, is not timely made pursuant

                                            to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification

                                            shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after

                                            receipt by the Company of the request for indemnification, (iv) payment of indemnification

                                            is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement

                                            within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution

                                            payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment

                                            of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10)

                                            days after a determination has been made that Indemnitee is entitled to indemnification,

                                            or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under

                                            this Agreement or otherwise is not made within ten (10) days after receipt by the Company

                                            of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware

                                            Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.

                                            Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration

                                            to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and Mediation

                                            Procedures of the American Arbitration Association. Except as set forth herein, the provisions

                                            of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration.

                                            The Company shall not oppose Indemnitee’s right to seek any such adjudication or award

                                            in arbitration.

 

		14.2	In

                                            the event that a determination shall have been made pursuant to Section 12.1 of this Agreement

                                            that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration

                                            commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial,

                                            or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse

                                            determination. In any judicial proceeding or arbitration commenced pursuant to this Section

                                            14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated

                                            and to receive advances of Expenses under this Agreement and the Company shall have the burden

                                            of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to

                                            receive advances of Expenses, as the case may be, and the Company may not refer to or introduce

                                            into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee

                                            for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to

                                            this Section 14, Indemnitee shall not be required to reimburse the Company for any advances

                                            pursuant to Section 10 until a final determination is made with respect to Indemnitee’s

                                            entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

		14.3	If

                                            a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee

                                            is entitled to indemnification, the Company shall be bound by such determination in any judicial

                                            proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement

                                            by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s

                                            statement not materially misleading, in connection with the request for indemnification,

                                            or (ii) a prohibition of such indemnification under applicable law.

 

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		14.4	The

                                            Company shall be precluded from asserting in any judicial proceeding or arbitration commenced

                                            pursuant to this Section 14 that the procedures and presumptions of this Agreement are not

                                            valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator

                                            that the Company is bound by all the provisions of this Agreement.

 

		14.5	The

                                            Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable

                                            law and the Articles against all Expenses and, if requested by Indemnitee, shall (within

                                            ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,

                                            to the fullest extent permitted by applicable law and the Articles, such Expenses which are

                                            incurred by Indemnitee in connection with any judicial proceeding or arbitration brought

                                            by Indemnitee (i) to enforce Indemnitee’s rights under, or to recover damages for breach

                                            of, this Agreement or any other indemnification, hold harmless, exoneration, advancement

                                            or contribution agreement or provision of the Articles now or hereafter in effect; or (ii)

                                            for recovery or advances under any insurance policy maintained by any person for the benefit

                                            of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined

                                            to be entitled to such indemnification, hold harmless or exoneration right, advancement,

                                            contribution or insurance recovery, as the case may be (unless such judicial proceeding or

                                            arbitration was not brought by Indemnitee in good faith).

 

		14.6	Interest

                                            shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and

                                            Indemnitee for amounts which the Company indemnifies, holds harmless or exonerates, or is

                                            obliged to indemnify, hold harmless or exonerate for the period commencing with the date

                                            on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution,

                                            reimbursement or advancement of any Expenses and ending with the date on which such payment

                                            is made to Indemnitee by the Company.

 

		15	SECURITY

 

Notwithstanding

anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may

at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable

bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released

without the prior written consent of Indemnitee.

 

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		16	NON-EXCLUSIVITY;

                                            SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

 

		16.1	The

                                            rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other

                                            rights to which Indemnitee may at any time be entitled under applicable law, the Articles,

                                            any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment,

                                            alteration or repeal of this Agreement or of any provision hereof shall limit or restrict

                                            any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of

                                            when such Proceeding is first threatened, commenced or completed) arising out of, or related

                                            to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status

                                            prior to such amendment, alteration or repeal. To the extent that a change in applicable

                                            law, whether by statute or judicial decision, permits greater indemnification, hold harmless

                                            or exoneration rights or advancement of Expenses than would be afforded currently under the

                                            Articles or this Agreement, then this Agreement (without any further action by the parties

                                            hereto) shall automatically be deemed to be amended to require that the Company indemnify

                                            Indemnitee to the fullest extent permitted by law. No right or remedy herein conferred is

                                            intended to be exclusive of any other right or remedy, and every other right and remedy shall

                                            be cumulative and in addition to every other right and remedy given hereunder or now or hereafter

                                            existing at law or in equity or otherwise. The assertion or employment of any right or remedy

                                            hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any

                                            other right or remedy.

 

		16.2	The

                                            Articles permit the Company to purchase and maintain insurance or furnish similar protection

                                            or make other arrangements including, but not limited to, providing a trust fund, letter

                                            of credit, or surety bond (“Indemnification Arrangements”) on behalf of

                                            Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf

                                            of Indemnitee or in such capacity as a director, officer, employee or agent of the Company,

                                            or arising out of Indemnitee’s status as such, whether or not the Company would have

                                            the power to indemnify Indemnitee against such liability under the provisions of this Agreement,

                                            as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification

                                            Arrangement shall not in any way limit or affect the rights and obligations of the Company

                                            or of Indemnitee under this Agreement except as expressly provided herein, and the execution

                                            and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or

                                            affect the rights and obligations of the Company or the other party or parties thereto under

                                            any such Indemnification Arrangement.

 

		16.3	To

                                            the extent that the Company maintains an insurance policy or policies providing liability

                                            insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries,

                                            employees or agents of the Company or of any other Enterprise which such person serves at

                                            the request of the Company, Indemnitee shall be covered by such policy or policies in accordance

                                            with its or their terms to the maximum extent of the coverage available for any such director,

                                            officer, trustee, partner, manager, managing member, fiduciary, employee or agent under such

                                            policy or policies. If, at the time the Company receives notice from any source of a Proceeding

                                            as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise),

                                            the Company has director and officer liability insurance in effect, the Company shall give

                                            prompt notice of such Proceeding to the insurers in accordance with the procedures set forth

                                            in the respective policies. The Company shall thereafter take all necessary or desirable

                                            action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result

                                            of such Proceeding in accordance with the terms of such policies.

 

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		16.4	In

                                            the event of any payment under this Agreement, the Company shall be subrogated to the extent

                                            of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers

                                            required and take all action necessary to secure such rights, including execution of such

                                            documents as are necessary to enable the Company to bring suit to enforce such rights.

 

		16.5	The

                                            Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder

                                            to Indemnitee who is or was serving at the request of the Company as a director, officer,

                                            trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise

                                            shall be reduced by any amount Indemnitee has actually received as indemnification, hold

                                            harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding

                                            any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee

                                            shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification,

                                            hold harmless, exoneration, advancement, contribution or insurance coverage among multiple

                                            parties possessing such duties to Indemnitee prior to the Company’s satisfaction and

                                            performance of all its obligations under this Agreement, and (ii) the Company shall perform

                                            fully its obligations under this Agreement without regard to whether Indemnitee holds, may

                                            pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution

                                            or insurance coverage rights against any person or entity other than the Company.

 

		17	DURATION

                                            OF AGREEMENT

 

All

agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer

of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other company,

corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the

Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal

thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate

Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification

or advancement can be provided under this Agreement.

 

		18	SEVERABILITY

 

If

any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the

validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any

Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is

not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the

fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable

law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this

Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision

held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give

effect to the intent manifested thereby.

 

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                                                                                19
	ENFORCEMENT

                                            AND BINDING EFFECT

 

		19.1	The

                                            Company expressly confirms and agrees that it has entered into this Agreement and assumed

                                            the obligations imposed on it hereby in order to induce Indemnitee to serve as a director,

                                            officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying

                                            upon this Agreement in serving as a director, officer or key employee of the Company.

 

		19.2	Without

                                            limiting any of the rights of Indemnitee under the Articles as they may be amended from time

                                            to time, this Agreement constitutes the entire agreement between the parties hereto with

                                            respect to the subject matter hereof and supersedes all prior agreements and understandings,

                                            oral, written and implied, between the parties hereto with respect to the subject matter

                                            hereof.

 

		19.3	The

                                            indemnification, hold harmless, exoneration and advancement of expenses rights provided by

                                            or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties

                                            hereto and their respective successors and assigns (including any direct or indirect successor

                                            by purchase, merger, consolidation or otherwise to all or substantially all of the business

                                            and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a

                                            director, officer, employee or agent of the Company or a director, officer, trustee, general

                                            partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at

                                            the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s

                                            spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

		19.4	The

                                            Company shall require and cause any successor (whether direct or indirect by purchase, merger,

                                            consolidation or otherwise) to all, substantially all or a substantial part, of the business

                                            and/or assets of the Company, by written agreement in form and substance satisfactory to

                                            Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and

                                            to the same extent that the Company would be required to perform if no such succession had

                                            taken place.

 

		19.5	The

                                            Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement,

                                            at some later date, may be inadequate, impracticable and difficult of proof, and further

                                            agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto

                                            agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive

                                            relief and/or specific performance hereof, without any necessity of showing actual damage

                                            or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee

                                            shall not be precluded from seeking or obtaining any other relief to which Indemnitee may

                                            be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to

                                            such specific performance and injunctive relief, including temporary restraining orders,

                                            preliminary injunctions and permanent injunctions, without the necessity of posting bonds

                                            or other undertaking in connection therewith. The Company acknowledges that in the absence

                                            of a waiver, a bond or undertaking may be required of Indemnitee by a Court of competent

                                            jurisdiction and the Company hereby waives any such requirement of such a bond or undertaking.

 

		20	MODIFICATION

                                            AND WAIVER

 

No

supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No

waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement

nor shall any waiver constitute a continuing waiver.

 

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		21	NOTICES

 

All

notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given

(i) if delivered by hand and received for by the party to whom said notice or other communication shall have been directed, on such delivery,

or (ii) if mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is

so mailed:

 

		(a)	If

                                            to Indemnitee, at the address indicated on the signature page of this Agreement or such other

                                            address as Indemnitee shall provide in writing to the Company.

 

		(b)	If

                                            to the Company, to:

 

Pearl

Holdings Acquisition Corp

767

Third Avenue, 11th Floor

New

York, NY 10017

Attn:

Chief Financial Officer

 

With

copies, which shall not constitute notice, to:

 

Skadden,

Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attn: Michelle Gasaway, Esq.

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

 

		22	APPLICABLE

                                            LAW AND CONSENT TO JURISDICTION

 

This

Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of

the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant

to Section 14.1 of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding

arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal

court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware

Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying

of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any

such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole

or in part) to a jury trial.

 

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		23	IDENTICAL

                                            COUNTERPARTS

 

This

Agreement may be executed in 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

needs to be produced to evidence the existence of this Agreement.

 

		24	MISCELLANEOUS

 

Use

of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of

this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction

thereof.

 

		25	PERIOD

                                            OF LIMITATIONS

 

No

legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s

spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such

cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely

filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise

applicable to any such cause of action such shorter period shall govern.

 

		26	ADDITIONAL

                                            ACTS

 

If

for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company

undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company

to fulfill its obligations under this Agreement.

 

		27	WAIVER

                                            OF CLAIMS TO TRUST ACCOUNT

 

Indemnitee

hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any

monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company

and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of,

any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

 

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		28	INTERPRETATION

 

In

this Agreement:

 

		(a)	“written”

                                            and “in writing” include all modes of representing or reproducing words in visible

                                            form, including in the form of an Electronic Record;

 

		(b)	“shall”

                                            shall be construed as imperative and “may” shall be construed as permissive;

 

		(c)	references

                                            to provisions of any law or regulation shall be construed as references to those provisions

                                            as amended, modified, re-enacted or replaced;

 

		(d)	any

                                            phrase introduced by the terms “including”, “include”, “in

                                            particular” or any similar expression shall be construed as illustrative and shall

                                            not limit the sense of the words preceding those terms;

 

the

term “and/or” is used herein to mean both “and” as well as “or. “ The use of “and/or”

in certain contexts in no respects qualifies or modifies the use of the terms “and” or “or” in others. The term

“or” shall not be interpreted to be exclusive and the term “and” shall not be interpreted to require the conjunctive

(in each case, unless the context otherwise requires);

 

[Signature

Page Follows]

 

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IN

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

 

	 	By:	/s/ Terry Duddy
	 	 	Name:	Terry Duddy
	 	 	Address: 	c/o Pearl

  Holdings Acquisition Corp
	 	 	 	767 Third

  Avenue, 11th Floor
	 	 	 	New York, NY 10017

 

	 	PEARL

  HOLDINGS ACQUISITION CORP
	 	 	 
	 	By:	/s/

  Craig E. Barnett
	 	 	Name:	Craig E. Barnett
	 	 	Title:	Chief Executive Officer

 

[Signature

Page to Indemnity Agreement]

 

    21Exhibit

10.8

 

INDEMNITY

AGREEMENT

 

THIS

INDEMNITY AGREEMENT (this “Agreement”) is made as of December 14, 2021.

 

Between:

 

	(1)	Pearl

                                            Holdings Acquisition Corp,

                                            an exempted company incorporated under the laws of the Cayman Islands with registered office

                                            at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”);

                                            and

 

	(2)	Martin F. Lewis (“Indemnitee”).

 

Whereas:

 

	(A)	Highly

                                            competent persons have become more reluctant to serve publicly-held companies as directors,

                                            officers or in other capacities unless they are provided with adequate protection through

                                            insurance or adequate indemnification against inordinate risks of claims and actions against

                                            them arising out of their service to and activities on behalf of such companies;

 

	(B)	The

                                            board of directors of the Company (the “Board”) has determined that, in

                                            order to attract and retain qualified individuals, the Company will attempt to maintain on

                                            an ongoing basis, at its sole expense, liability insurance to protect persons serving the

                                            Company and any of its subsidiaries from certain liabilities. Although the furnishing of

                                            such insurance has been a customary and widespread practice among publicly traded companies

                                            and other business enterprises, the Company believes that, given current market conditions

                                            and trends, such insurance may be available to it in the future only at higher premiums and

                                            with more exclusions. At the same time, directors, officers and other persons in service

                                            to companies or business enterprises are being increasingly subjected to expensive and time-consuming

                                            litigation relating to, among other things, matters that traditionally would have been brought

                                            only against the Company or business enterprise itself. The amended and restated memorandum

                                            and articles of association of the Company (the “Articles”) provide for

                                            the indemnification of the officers and directors of the Company. The Articles expressly

                                            provide that the indemnification provisions set forth therein are not exclusive, and thereby

                                            contemplate that contracts may be entered into between the Company and members of the board

                                            of directors, officers and other persons with respect to indemnification, hold harmless,

                                            exoneration, advancement and reimbursement rights;

 

	(C)	The

                                            uncertainties relating to such insurance and to indemnification have increased the difficulty

                                            of attracting and retaining such persons;

 

	(D)	The

                                            Board has determined that the increased difficulty in attracting and retaining such persons

                                            is detrimental to the best interests of the Company’s shareholders and that the Company

                                            should act to assure such persons that there will be increased certainty of such protection

                                            in the future;

 

     

     

    

 

	(E)	It

                                            is reasonable, prudent and necessary for the Company contractually to obligate itself to

                                            indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to

                                            the fullest extent permitted by applicable law and the Articles so that they will serve or

                                            continue to serve the Company free from undue concern that they will not be so protected

                                            against liabilities;

 

	(F)	This

                                            Agreement is a supplement to and in furtherance of the Articles and any resolutions adopted

                                            pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate

                                            any rights of Indemnitee thereunder;

 

	(G)	Indemnitee

                                            may not be willing to serve as an officer or director, advisor or in another capacity without

                                            adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee

                                            is willing to serve, continue to serve and to take on additional service for or on behalf

                                            of the Company on the condition that Indemnitee be so indemnified; and

 

NOW,

THEREFORE, in consideration of the promises and the covenants contained herein and subject to the provisions of the Letter Agreement

dated as of December 13, 2021 among the Company, Indemnitee and other parties thereto pursuant to the Underwriting Agreement dated as

of December 13, 2021 between the Company and the representative of the several Underwriters named therein in connection with the Company’s

initial public offering, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS

AND CONDITIONS

 

	1	SERVICES

                                            TO THE COMPANY

 

In

consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director,

advisor, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed or

retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing notwithstanding, this

Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee

or in any other capacity of the Company, as provided in Section ‎17. This Agreement, however, shall not impose any obligation on

Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other

agreements or commitments of the parties, if any.

 

	2	DEFINITIONS

 

As

used in this Agreement:

 

	2.1	References

                                            to “agent” shall mean any person who is or was a director, officer or

                                            employee of the Company or a subsidiary of the Company or other person authorized by the

                                            Company to act for the Company, to include such person serving in such capacity as a director,

                                            officer, employee, advisor, fiduciary or other official of another company, corporation,

                                            partnership, limited liability company, joint venture, trust or other enterprise at the request

                                            of, for the convenience of, or to represent the interests of the Company or a subsidiary

                                            of the Company.

 

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	2.2	The

                                            terms “Beneficial Owner” and “Beneficial Ownership”

                                            shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined

                                            below) as in effect on the date hereof.

 

	2.3	A

                                            “Change in Control” shall be deemed to occur upon the earliest to occur

                                            after the date of this Agreement of any of the following events:

 

		(a)	Acquisition

                                            of Shares by Third Party. Other than an affiliate of Pearl Holdings Sponsor LLC, a Cayman

                                            Islands limited liability company (the “Sponsor”), any Person (as defined

                                            below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company

                                            representing fifteen percent (15%) or more of the combined voting power of the Company’s

                                            then outstanding securities entitled to vote generally in the election of directors, unless

                                            (1) the change in the relative Beneficial Ownership of the Company’s securities by

                                            any Person results solely from a reduction in the aggregate number of outstanding shares

                                            entitled to vote generally in the election of directors, or (2) such acquisition was approved

                                            in advance by the Continuing Directors (as defined below) and such acquisition would not

                                            constitute a Change in Control under part (c) of this definition;

 

		(b)	Change

                                            in Board of Directors. Individuals who, as of the date hereof, constitute the Board,

                                            and any new director whose election by the Board or nomination for election by the Company’s

                                            shareholders was approved by a vote of at least two-thirds of the directors then still in

                                            office who were directors on the date hereof or whose election or nomination for election

                                            was previously so approved (collectively, the “Continuing Directors”),

                                            cease for any reason to constitute at least a majority of the members of the Board;

 

		(c)	Corporate

                                            Transactions. The effective date of a merger, share exchange, asset acquisition, share

                                            purchase, reorganization or similar business combination, involving the Company and one or

                                            more businesses (a “Business Combination”), in each case, unless, following

                                            such Business Combination: (1) all or substantially all of the individuals and entities

                                            who were the Beneficial Owners of securities entitled to vote generally in the election of

                                            directors immediately prior to such Business Combination beneficially own, directly or indirectly,

                                            more than fifty-one percent (51%) of the combined voting power of the then outstanding securities

                                            of the Company entitled to vote generally in the election of directors resulting from such

                                            Business Combination (including, without limitation, a company or corporation which as a

                                            result of such transaction owns the Company or all or substantially all of the Company’s

                                            assets either directly or through one or more Subsidiaries) in substantially the same proportions

                                            as their ownership immediately prior to such Business Combination, of the securities entitled

                                            to vote generally in the election of directors; (2) other than an affiliate of the Sponsor,

                                            no Person (excluding any company or corporation resulting from such Business Combination)

                                            is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the

                                            combined voting power of the then outstanding securities entitled to vote generally in the

                                            election of directors of the surviving company or corporation except to the extent that such

                                            ownership existed prior to the Business Combination; and (3) at least a majority of the Board

                                            of Directors of the company or corporation resulting from such Business Combination were

                                            Continuing Directors at the time of the execution of the initial agreement, or of the action

                                            of the Board of Directors, providing for such Business Combination;

 

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		(d)	Liquidation.

                                            The approval by the shareholders of the Company of a complete liquidation of the Company

                                            or an agreement or series of agreements for the sale or disposition by the Company of all

                                            or substantially all of the Company’s assets, other than factoring the Company’s

                                            current receivables or escrows due (or, if such approval is not required, the decision by

                                            the Board to proceed with such a liquidation, sale, or disposition in one transaction or

                                            a series of related transactions); or

 

		(e)	Other

                                            Events. There occurs any other event of a nature that would be required to be reported

                                            in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar

                                            item on any similar schedule or form) promulgated under the Exchange Act, whether or not

                                            the Company is then subject to such reporting requirement.

 

	2.4	“Corporate

                                            Status” describes the status of a person who is or was a director, officer, trustee,

                                            general partner, manager, managing member, fiduciary, employee or agent of the Company or

                                            of any other Enterprise (as defined below) which such person is or was serving at the request

                                            of the Company.

 

	2.5	“Delaware

                                            Court” shall mean the Court of Chancery of the State of Delaware.

 

	2.6	“Disinterested

                                            Director” shall mean a director of the Company who is not and was not a party to

                                            the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

 

	2.7	“Enterprise”

                                            shall mean the Company and any other company, corporation, constituent corporation (including

                                            any constituent of a constituent) absorbed in a merger or consolidation to which the Company

                                            (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership,

                                            joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or

                                            was serving at the request of the Company as a director, officer, trustee, general partner,

                                            manager, managing member, fiduciary, employee or agent.

 

	2.8	“Exchange

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

 

	2.9	“Expenses”

                                            shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,

                                            including, without limitation, all attorneys’ fees and costs, retainers, court costs,

                                            transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators

                                            and professional advisors, duplicating costs, printing and binding costs, telephone charges,

                                            postage, delivery service fees, fax transmission charges, secretarial services and all other

                                            disbursements, obligations or expenses in connection with prosecuting, defending, preparing

                                            to prosecute or defend, investigating, being or preparing to be a witness in, settlement

                                            or appeal of, or otherwise participating in, a Proceeding, including reasonable compensation

                                            for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company

                                            or any third party. Expenses also shall include Expenses incurred in connection with any

                                            appeal resulting from any Proceeding, including, without limitation, the principal, premium,

                                            security for, and other costs relating to any cost bond, supersedeas bond, or other appeal

                                            bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by

                                            Indemnitee or the amount of judgments or fines against Indemnitee.

 

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	2.10	“Independent

                                            Counsel” shall mean a law firm or a member of a law firm with significant experience

                                            in matters of corporate law and neither presently is, nor in the past five years has been,

                                            retained to represent: (i) the Company or Indemnitee in any matter material to either such

                                            party (other than with respect to matters concerning Indemnitee under this Agreement, or

                                            of other indemnitees under similar indemnification agreements); or (ii) any other party to

                                            the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the

                                            foregoing, the term “Independent Counsel” shall not include any person

                                            who, under the applicable standards of professional conduct then prevailing, would have a

                                            conflict of interest in representing either the Company or Indemnitee in an action to determine

                                            Indemnitee’s rights under this Agreement.

 

	2.11	References

                                            to “fines” shall include any excise tax assessed on Indemnitee with respect

                                            to any employee benefit plan; references to “serving at the request of the Company”

                                            shall include any service as a director, officer, employee, agent or fiduciary of the Company

                                            which imposes duties on, or involves services by, such director, officer, employee, agent

                                            or fiduciary with respect to an employee benefit plan, its participants or beneficiaries;

                                            and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be

                                            in the best interests of the participants and beneficiaries of an employee benefit plan,

                                            Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests

                                            of the Company” as referred to in this Agreement.

 

	2.12	The

                                            term “Person” shall have the meaning as set forth in Sections 13(d) and

                                            14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person”

                                            shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company;

                                            (iii) any employment benefit plan of the Company or of a Subsidiary of the Company or

                                            of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially

                                            the same proportions as their ownership of shares of the Company; and (iv) any trustee

                                            or other fiduciary holding securities under an employee benefit plan of the Company or of

                                            a Subsidiary of the Company or of a company or corporation owned directly or indirectly by

                                            the shareholders of the Company in substantially the same proportions as their ownership

                                            of shares of the Company.

 

	2.13	The

                                            term “Proceeding” shall include any threatened, pending or completed action,

                                            suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry,

                                            administrative hearing or any other actual, threatened or completed proceeding, whether brought

                                            in the right of the Company or otherwise and whether of a civil (including intentional or

                                            unintentional tort claims), criminal, administrative, or investigative or related nature,

                                            in which Indemnitee was, is, will or might be involved as a party or otherwise by reason

                                            of the fact that Indemnitee is or was a director or officer of the Company, by reason of

                                            any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on

                                            Indemnitee’s part while acting as a director or officer of the Company, or by reason

                                            of the fact that Indemnitee is or was serving at the request of the Company as a director,

                                            officer, trustee, general partner, manager, managing member, fiduciary, employee or agent

                                            of any other Enterprise, in each case whether or not serving in such capacity at the time

                                            any liability or expense is incurred for which indemnification, reimbursement, or advancement

                                            of expenses can be provided under this Agreement.

 

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	2.14	The

                                            term “Subsidiary,” with respect to any Person, shall mean any company,

                                            corporation, limited liability company, partnership, joint venture, trust or other entity

                                            of which a majority of the voting power of the voting equity securities or equity interest

                                            is owned, directly or indirectly, by that Person.

 

	3	INDEMNITY

                                            IN THIRD-PARTY PROCEEDINGS

 

To

the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee

in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as

a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment

in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless

and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,

assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts

paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding

or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not

opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s

conduct was unlawful.

 

	4	INDEMNITY

                                            IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY

 

To

the fullest extent permitted by applicable law and the Articles, the Company shall indemnify, hold harmless and exonerate Indemnitee

in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as

a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of

Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against

all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any

claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed

to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Section

4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company,

unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application

that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled

to indemnification, to be held harmless or to exoneration.

 

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	5	INDEMNIFICATION

                                            FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding

any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s

Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of

any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law and the

Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection

therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more

but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law

and the Articles, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee

or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful

in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law and the Articles, indemnify, hold harmless

and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue,

or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue

or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue

or matter.

 

	6	INDEMNIFICATION

                                            FOR EXPENSES OF A WITNESS

 

Notwithstanding

any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate

Status, a witness or deponent in any Proceeding to which Indemnitee is not a party or threatened to be made a party, Indemnitee shall,

to the fullest extent permitted by applicable law and the Articles, be indemnified, held harmless and exonerated against all Expenses

actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

	7	ADDITIONAL

                                            INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS

 

	7.1	Notwithstanding

                                            any limitation in Section 3, 4, or 5, except for Section 27, the Company shall, to the fullest

                                            extent permitted by applicable law and the Articles, indemnify, hold harmless and exonerate

                                            Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding

                                            (including a Proceeding by or in the right of the Company to procure a judgment in its favor)

                                            against all Expenses, judgments, fines, penalties and amounts paid in settlement (including

                                            all interest, assessments and other charges paid or payable in connection with or in respect

                                            of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and

                                            reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification,

                                            hold harmless or exoneration rights shall be available under this Section 7.1 on account

                                            of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duties to

                                            the Company or its shareholders or is an act or omission not in good faith or which involves

                                            intentional misconduct or a knowing violation of applicable law.

 

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	7.2	Notwithstanding

                                            any limitation in Section 3, 4, 5 or 7.1, except for Section 27, the Company shall, to the

                                            fullest extent permitted by applicable law and the Articles, indemnify, hold harmless and

                                            exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any

                                            Proceeding (including a Proceeding by or in the right of the Company to procure a judgment

                                            in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement

                                            (including all interest, assessments and other charges paid or payable in connection with

                                            or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)

                                            actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

	8	CONTRIBUTION

                                            IN THE EVENT OF JOINT LIABILITY

 

	8.1	To

                                            the fullest extent permissible under applicable law and the Articles, if the indemnification,

                                            hold harmless and/or exoneration rights provided for in this Agreement are unavailable to

                                            Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,

                                            holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire

                                            amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts

                                            paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without

                                            requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes

                                            any right of contribution it may have at any time against Indemnitee.

 

	8.2	The

                                            Company shall not enter into any settlement of any Proceeding in which the Company is jointly

                                            liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement

                                            provides for a full and final release of all claims asserted against Indemnitee.

 

	8.3	The

                                            Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any

                                            claims for contribution which may be brought by officers, directors or employees of the Company

                                            other than Indemnitee who may be jointly liable with Indemnitee.

 

	9	EXCLUSIONS

 

The

Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment

in connection with any claim made against Indemnitee:

 

		(a)	for

                                            which payment has actually been received by or on behalf of Indemnitee under any insurance

                                            policy or other indemnity or advancement provision and which payment has not subsequently

                                            been returned, except with respect to any excess beyond the amount actually received under

                                            any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

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		(b)	for

                                            an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee

                                            of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or

                                            any successor rule) or similar provisions of state statutory law or common law; or

 

		(c)	prior

                                            to a Change in Control, other than as provided in Sections 14.5 and 14.6 hereof, in connection

                                            with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any

                                            Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or

                                            its directors, officers, employees or other indemnitees, unless (i) the Board authorized

                                            the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company

                                            provides the indemnification, hold harmless or exoneration payment, in its sole discretion,

                                            pursuant to the powers vested in the Company under applicable law.

 

	10	ADVANCES

                                            OF EXPENSES; DEFENSE OF CLAIM

 

	10.1	Notwithstanding

                                            any provision of this Agreement to the contrary except for Section 27, and to the fullest

                                            extent not prohibited by applicable law or the Articles, the Company shall pay the Expenses

                                            incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee

                                            within three months) in connection with any Proceeding within ten (10) days after the receipt

                                            by the Company of a statement or statements requesting such advances from time to time, prior

                                            to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted

                                            by law, be unsecured and interest free. Advances shall be made without regard to Indemnitee’s

                                            ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement

                                            to be indemnified, held harmless or exonerated under the other provisions of this Agreement.

                                            Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to

                                            enforce this right of advancement, including Expenses incurred preparing and forwarding statements

                                            to the Company to support the advances claimed. To the fullest extent required by applicable

                                            law, such payments of Expenses in advance of the final disposition of the Proceeding shall

                                            be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,

                                            to repay the advance to the extent that it is ultimately determined that Indemnitee is not

                                            entitled to be indemnified by the Company under the provisions of this Agreement, the Articles,

                                            applicable law or otherwise. This Section 10.1 shall not apply to any claim made by Indemnitee

                                            for which an indemnification, hold harmless or exoneration payment is excluded pursuant to

                                            Section 9.

 

	10.2	The

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

 

	10.3	The

                                            Company shall not settle any action, claim or Proceeding (in whole or in part) which would

                                            impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s

                                            prior written consent.

 

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	11	PROCEDURE

                                            FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION

 

	11.1	Indemnitee

                                            agrees to notify promptly the Company in writing upon being served with any summons, citation,

                                            subpoena, complaint, indictment, information or other document relating to any Proceeding

                                            or matter which may be subject to indemnification, hold harmless or exoneration rights, or

                                            advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company

                                            shall not relieve the Company of any obligation which it may have to Indemnitee under this

                                            Agreement, or otherwise.

 

	11.2	Indemnitee

                                            may deliver to the Company a written application to indemnify, hold harmless or exonerate

                                            Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time

                                            to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.

                                            Following such a written application for indemnification by Indemnitee, Indemnitee’s

                                            entitlement to indemnification shall be determined according to Section 12.1 of this Agreement.

 

	12	PROCEDURE

                                            UPON APPLICATION FOR INDEMNIFICATION

 

	12.1	A

                                            determination, if required by applicable law, with respect to Indemnitee’s entitlement

                                            to indemnification shall be made in the specific case by one of the following methods, which

                                            shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors,

                                            even though less than a quorum of the Board (ii) by Independent Counsel in a written opinion

                                            to the Board, a copy of which shall be delivered to Indemnitee; or (iii) by vote of the shareholders

                                            by ordinary resolution. The Company will promptly advise Indemnitee in writing with respect

                                            to any determination that Indemnitee is or is not entitled to indemnification, including

                                            a description of any reason or basis for which indemnification has been denied. If it is

                                            so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall

                                            be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate

                                            with the person, persons or entity making such determination with respect to Indemnitee’s

                                            entitlement to indemnification, including providing to such person, persons or entity upon

                                            reasonable advance request any documentation or information which is not privileged or otherwise

                                            protected from disclosure and which is reasonably available to Indemnitee and reasonably

                                            necessary to such determination. Any costs or Expenses (including attorneys’ fees and

                                            disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity

                                            making such determination shall be borne by the Company (irrespective of the determination

                                            as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to

                                            indemnify and to hold Indemnitee harmless therefrom.

 

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	12.2	In

                                            the event the determination of entitlement to indemnification is to be made by Independent

                                            Counsel pursuant to Section 12.1 hereof, the Independent Counsel shall be selected as provided

                                            in this Section 12.2. The Independent Counsel shall be selected by Indemnitee (unless Indemnitee

                                            shall request that such selection be made by the Board), and Indemnitee shall give written

                                            notice to the Company advising it of the identity of the Independent Counsel so selected

                                            and certifying that the Independent Counsel so selected meets the requirements of “Independent

                                            Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected

                                            by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of

                                            the identity of the Independent Counsel so selected and certifying that the Independent Counsel

                                            so selected meets the requirements of “Independent Counsel” as defined in Section

                                            2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may,

                                            within ten (10) days after such written notice of selection shall have been received, deliver

                                            to the Company or to Indemnitee, as the case may be, a written objection to such selection;

                                            provided, however, that such objection may be asserted only on the ground that

                                            the Independent Counsel so selected does not meet the requirements of “Independent

                                            Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth

                                            with particularity the factual basis of such assertion. Absent a proper and timely objection,

                                            the person so selected shall act as Independent Counsel. If such written objection is so

                                            made and substantiated, the Independent Counsel so selected may not serve as Independent

                                            Counsel unless and until such objection is withdrawn or a court of competent jurisdiction

                                            has determined that such objection is without merit. If, within twenty (20) days after submission

                                            by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no

                                            Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee

                                            may petition the Delaware Court for resolution of any objection which shall have been made

                                            by the Company or Indemnitee to the other’s selection of Independent Counsel and/or

                                            for the appointment as Independent Counsel of a person selected by the Delaware Court, and

                                            the person with respect to whom all objections are so resolved or the person so appointed

                                            shall act as Independent Counsel under Section 12.1 hereof. Upon the due commencement of

                                            any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent

                                            Counsel shall be discharged and relieved of any further responsibility in such capacity (subject

                                            to the applicable standards of professional conduct then prevailing).

 

	12.3	The

                                            Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully

                                            indemnify and hold harmless such Independent Counsel against any and all Expenses, claims,

                                            liabilities and damages arising out of or relating to this Agreement or its engagement pursuant

                                            hereto.

 

	13	PRESUMPTIONS

                                            AND EFFECT OF CERTAIN PROCEEDINGS

 

	13.1	In

                                            making a determination with respect to entitlement to indemnification hereunder, the person,

                                            persons or entity making such determination shall presume that Indemnitee is entitled to

                                            indemnification under this Agreement if Indemnitee has submitted a request for indemnification

                                            in accordance with Section 11.2 of this Agreement, and the Company shall have the burden

                                            of proof to overcome that presumption in connection with the making by any person, persons

                                            or entity of any determination contrary to that presumption. Neither the failure of the Company

                                            (including by its directors or Independent Counsel) to have made a determination prior to

                                            the commencement of any action pursuant to this Agreement that indemnification is proper

                                            in the circumstances because Indemnitee has met the applicable standard of conduct, nor an

                                            actual determination by the Company (including by its directors or Independent Counsel) that

                                            Indemnitee has not met such applicable standard of conduct, shall be a defense to the action

                                            or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

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	13.2	If

                                            the person, persons or entity empowered or selected under Section 12 of this Agreement to

                                            determine whether Indemnitee is entitled to indemnification shall not have made a determination

                                            within thirty (30) days after receipt by the Company of the request therefor, the requisite

                                            determination of entitlement to indemnification shall be deemed to have been made and Indemnitee

                                            shall, to the fullest extent permitted by applicable law and the Articles, be entitled to

                                            such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission

                                            of a material fact necessary to make Indemnitee’s statement not materially misleading,

                                            in connection with the request for indemnification, or (ii) a final judicial determination

                                            that any or all such indemnification is expressly prohibited under applicable law; provided,

                                            however, that such 30-day period may be extended for a reasonable time, not to exceed

                                            an additional fifteen (15) days, if the person, persons or entity making the determination

                                            with respect to entitlement to indemnification in good faith requires such additional time

                                            for the obtaining or evaluating of documentation and/or information relating thereto.

 

	13.3	The

                                            termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,

                                            settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not

                                            (except as otherwise expressly provided in this Agreement) of itself adversely affect the

                                            right of Indemnitee to indemnification or create a presumption that Indemnitee did not act

                                            in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed

                                            to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee

                                            had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

	13.4	For

                                            purposes of any determination of good faith, Indemnitee shall be deemed to have acted in

                                            good faith if Indemnitee’s action is based on the records or books of account of the

                                            Enterprise, including financial statements, or on information supplied to Indemnitee by the

                                            directors, managers, managing members, or officers of the Enterprise in the course of their

                                            duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of

                                            the Board or any director, trustee, general partner, manager or managing member or on information

                                            or records given or reports made to the Enterprise, its Board, any committee of the Board

                                            or any director, trustee, general partner, manager or managing member by an independent certified

                                            public accountant or by an appraiser or other expert selected by the Enterprise, its Board,

                                            any committee of the Board or any director, trustee, general partner, manager or managing

                                            member. The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit

                                            in any way the other circumstances in which Indemnitee may be deemed or found to have met

                                            the applicable standard of conduct set forth in this Agreement.

 

	13.5	The

                                            knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner,

                                            manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed

                                            to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

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		14	REMEDIES

                                            OF INDEMNITEE

 

		14.1	In

                                            the event that (i) a determination is made pursuant to Section 12 of this Agreement that

                                            Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses,

                                            to the fullest extent permitted by applicable law and the Articles, is not timely made pursuant

                                            to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification

                                            shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after

                                            receipt by the Company of the request for indemnification, (iv) payment of indemnification

                                            is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement

                                            within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution

                                            payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment

                                            of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10)

                                            days after a determination has been made that Indemnitee is entitled to indemnification,

                                            or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under

                                            this Agreement or otherwise is not made within ten (10) days after receipt by the Company

                                            of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware

                                            Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.

                                            Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration

                                            to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules and Mediation

                                            Procedures of the American Arbitration Association. Except as set forth herein, the provisions

                                            of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration.

                                            The Company shall not oppose Indemnitee’s right to seek any such adjudication or award

                                            in arbitration.

 

		14.2	In

                                            the event that a determination shall have been made pursuant to Section 12.1 of this Agreement

                                            that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration

                                            commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial,

                                            or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse

                                            determination. In any judicial proceeding or arbitration commenced pursuant to this Section

                                            14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated

                                            and to receive advances of Expenses under this Agreement and the Company shall have the burden

                                            of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to

                                            receive advances of Expenses, as the case may be, and the Company may not refer to or introduce

                                            into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee

                                            for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to

                                            this Section 14, Indemnitee shall not be required to reimburse the Company for any advances

                                            pursuant to Section 10 until a final determination is made with respect to Indemnitee’s

                                            entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

		14.3	If

                                            a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee

                                            is entitled to indemnification, the Company shall be bound by such determination in any judicial

                                            proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement

                                            by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s

                                            statement not materially misleading, in connection with the request for indemnification,

                                            or (ii) a prohibition of such indemnification under applicable law.

 

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		14.4	The

                                            Company shall be precluded from asserting in any judicial proceeding or arbitration commenced

                                            pursuant to this Section 14 that the procedures and presumptions of this Agreement are not

                                            valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator

                                            that the Company is bound by all the provisions of this Agreement.

 

		14.5	The

                                            Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by applicable

                                            law and the Articles against all Expenses and, if requested by Indemnitee, shall (within

                                            ten (10) days after the Company’s receipt of such written request) pay to Indemnitee,

                                            to the fullest extent permitted by applicable law and the Articles, such Expenses which are

                                            incurred by Indemnitee in connection with any judicial proceeding or arbitration brought

                                            by Indemnitee (i) to enforce Indemnitee’s rights under, or to recover damages for breach

                                            of, this Agreement or any other indemnification, hold harmless, exoneration, advancement

                                            or contribution agreement or provision of the Articles now or hereafter in effect; or (ii)

                                            for recovery or advances under any insurance policy maintained by any person for the benefit

                                            of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined

                                            to be entitled to such indemnification, hold harmless or exoneration right, advancement,

                                            contribution or insurance recovery, as the case may be (unless such judicial proceeding or

                                            arbitration was not brought by Indemnitee in good faith).

 

		14.6	Interest

                                            shall be paid by the Company to Indemnitee at a rate to be agreed between the Company and

                                            Indemnitee for amounts which the Company indemnifies, holds harmless or exonerates, or is

                                            obliged to indemnify, hold harmless or exonerate for the period commencing with the date

                                            on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution,

                                            reimbursement or advancement of any Expenses and ending with the date on which such payment

                                            is made to Indemnitee by the Company.

 

		15	SECURITY

 

Notwithstanding

anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may

at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable

bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released

without the prior written consent of Indemnitee.

 

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		16	NON-EXCLUSIVITY;

                                            SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION

 

		16.1	The

                                            rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other

                                            rights to which Indemnitee may at any time be entitled under applicable law, the Articles,

                                            any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment,

                                            alteration or repeal of this Agreement or of any provision hereof shall limit or restrict

                                            any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of

                                            when such Proceeding is first threatened, commenced or completed) arising out of, or related

                                            to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status

                                            prior to such amendment, alteration or repeal. To the extent that a change in applicable

                                            law, whether by statute or judicial decision, permits greater indemnification, hold harmless

                                            or exoneration rights or advancement of Expenses than would be afforded currently under the

                                            Articles or this Agreement, then this Agreement (without any further action by the parties

                                            hereto) shall automatically be deemed to be amended to require that the Company indemnify

                                            Indemnitee to the fullest extent permitted by law. No right or remedy herein conferred is

                                            intended to be exclusive of any other right or remedy, and every other right and remedy shall

                                            be cumulative and in addition to every other right and remedy given hereunder or now or hereafter

                                            existing at law or in equity or otherwise. The assertion or employment of any right or remedy

                                            hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any

                                            other right or remedy.

 

		16.2	The

                                            Articles permit the Company to purchase and maintain insurance or furnish similar protection

                                            or make other arrangements including, but not limited to, providing a trust fund, letter

                                            of credit, or surety bond (“Indemnification Arrangements”) on behalf of

                                            Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf

                                            of Indemnitee or in such capacity as a director, officer, employee or agent of the Company,

                                            or arising out of Indemnitee’s status as such, whether or not the Company would have

                                            the power to indemnify Indemnitee against such liability under the provisions of this Agreement,

                                            as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification

                                            Arrangement shall not in any way limit or affect the rights and obligations of the Company

                                            or of Indemnitee under this Agreement except as expressly provided herein, and the execution

                                            and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or

                                            affect the rights and obligations of the Company or the other party or parties thereto under

                                            any such Indemnification Arrangement.

 

		16.3	To

                                            the extent that the Company maintains an insurance policy or policies providing liability

                                            insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries,

                                            employees or agents of the Company or of any other Enterprise which such person serves at

                                            the request of the Company, Indemnitee shall be covered by such policy or policies in accordance

                                            with its or their terms to the maximum extent of the coverage available for any such director,

                                            officer, trustee, partner, manager, managing member, fiduciary, employee or agent under such

                                            policy or policies. If, at the time the Company receives notice from any source of a Proceeding

                                            as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise),

                                            the Company has director and officer liability insurance in effect, the Company shall give

                                            prompt notice of such Proceeding to the insurers in accordance with the procedures set forth

                                            in the respective policies. The Company shall thereafter take all necessary or desirable

                                            action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result

                                            of such Proceeding in accordance with the terms of such policies.

 

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		16.4	In

                                            the event of any payment under this Agreement, the Company shall be subrogated to the extent

                                            of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers

                                            required and take all action necessary to secure such rights, including execution of such

                                            documents as are necessary to enable the Company to bring suit to enforce such rights.

 

		16.5	The

                                            Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder

                                            to Indemnitee who is or was serving at the request of the Company as a director, officer,

                                            trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise

                                            shall be reduced by any amount Indemnitee has actually received as indemnification, hold

                                            harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding

                                            any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee

                                            shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification,

                                            hold harmless, exoneration, advancement, contribution or insurance coverage among multiple

                                            parties possessing such duties to Indemnitee prior to the Company’s satisfaction and

                                            performance of all its obligations under this Agreement, and (ii) the Company shall perform

                                            fully its obligations under this Agreement without regard to whether Indemnitee holds, may

                                            pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution

                                            or insurance coverage rights against any person or entity other than the Company.

 

		17	DURATION

                                            OF AGREEMENT

 

All

agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer

of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other company,

corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the

Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal

thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate

Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification

or advancement can be provided under this Agreement.

 

		18	SEVERABILITY

 

If

any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the

validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any

Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is

not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the

fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable

law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this

Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision

held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give

effect to the intent manifested thereby.

 

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		19	ENFORCEMENT

                                            AND BINDING EFFECT

 

		19.1	The

                                            Company expressly confirms and agrees that it has entered into this Agreement and assumed

                                            the obligations imposed on it hereby in order to induce Indemnitee to serve as a director,

                                            officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying

                                            upon this Agreement in serving as a director, officer or key employee of the Company.

 

		19.2	Without

                                            limiting any of the rights of Indemnitee under the Articles as they may be amended from time

                                            to time, this Agreement constitutes the entire agreement between the parties hereto with

                                            respect to the subject matter hereof and supersedes all prior agreements and understandings,

                                            oral, written and implied, between the parties hereto with respect to the subject matter

                                            hereof.

 

		19.3	The

                                            indemnification, hold harmless, exoneration and advancement of expenses rights provided by

                                            or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties

                                            hereto and their respective successors and assigns (including any direct or indirect successor

                                            by purchase, merger, consolidation or otherwise to all or substantially all of the business

                                            and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a

                                            director, officer, employee or agent of the Company or a director, officer, trustee, general

                                            partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at

                                            the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s

                                            spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

		19.4	The

                                            Company shall require and cause any successor (whether direct or indirect by purchase, merger,

                                            consolidation or otherwise) to all, substantially all or a substantial part, of the business

                                            and/or assets of the Company, by written agreement in form and substance satisfactory to

                                            Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and

                                            to the same extent that the Company would be required to perform if no such succession had

                                            taken place.

 

		19.5	The

                                            Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement,

                                            at some later date, may be inadequate, impracticable and difficult of proof, and further

                                            agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto

                                            agree that Indemnitee may enforce this Agreement by seeking, among other things, injunctive

                                            relief and/or specific performance hereof, without any necessity of showing actual damage

                                            or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee

                                            shall not be precluded from seeking or obtaining any other relief to which Indemnitee may

                                            be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to

                                            such specific performance and injunctive relief, including temporary restraining orders,

                                            preliminary injunctions and permanent injunctions, without the necessity of posting bonds

                                            or other undertaking in connection therewith. The Company acknowledges that in the absence

                                            of a waiver, a bond or undertaking may be required of Indemnitee by a Court of competent

                                            jurisdiction and the Company hereby waives any such requirement of such a bond or undertaking.

 

		20	MODIFICATION

                                            AND WAIVER

 

No

supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No

waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement

nor shall any waiver constitute a continuing waiver.

 

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		21	NOTICES

 

All

notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given

(i) if delivered by hand and received for by the party to whom said notice or other communication shall have been directed, on such delivery,

or (ii) if mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is

so mailed:

 

		(a)	If

                                            to Indemnitee, at the address indicated on the signature page of this Agreement or such other

                                            address as Indemnitee shall provide in writing to the Company.

 

		(b)	If

                                            to the Company, to:

 

Pearl

Holdings Acquisition Corp

767

Third Avenue, 11th Floor

New

York, NY 10017

Attn:

Chief Financial Officer

 

With

copies, which shall not constitute notice, to:

 

Skadden,

Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, California 90071

Attn: Michelle Gasaway, Esq.

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

 

		22	APPLICABLE

                                            LAW AND CONSENT TO JURISDICTION

 

This

Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of

the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant

to Section 14.1 of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding

arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal

court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware

Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying

of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any

such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole

or in part) to a jury trial.

 

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		23	IDENTICAL

                                            COUNTERPARTS

 

This

Agreement may be executed in 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

needs to be produced to evidence the existence of this Agreement.

 

		24	MISCELLANEOUS

 

Use

of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of

this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction

thereof.

 

		25	PERIOD

                                            OF LIMITATIONS

 

No

legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s

spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such

cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely

filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise

applicable to any such cause of action such shorter period shall govern.

 

		26	ADDITIONAL

                                            ACTS

 

If

for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required, the Company

undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company

to fulfill its obligations under this Agreement.

 

		27	WAIVER

                                            OF CLAIMS TO TRUST ACCOUNT

 

Indemnitee

hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any

monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company

and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of,

any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

 

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		28	INTERPRETATION

 

In

this Agreement:

 

		(a)	“written”

                                            and “in writing” include all modes of representing or reproducing words in visible

                                            form, including in the form of an Electronic Record;

 

		(b)	“shall”

                                            shall be construed as imperative and “may” shall be construed as permissive;

 

		(c)	references

                                            to provisions of any law or regulation shall be construed as references to those provisions

                                            as amended, modified, re-enacted or replaced;

 

		(d)	any

                                            phrase introduced by the terms “including”, “include”, “in

                                            particular” or any similar expression shall be construed as illustrative and shall

                                            not limit the sense of the words preceding those terms;

 

the

term “and/or” is used herein to mean both “and” as well as “or. “ The use of “and/or”

in certain contexts in no respects qualifies or modifies the use of the terms “and” or “or” in others. The term

“or” shall not be interpreted to be exclusive and the term “and” shall not be interpreted to require the conjunctive

(in each case, unless the context otherwise requires);

 

[Signature

Page Follows]

 

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IN

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

 

	 	By:	/s/ Martin F. Lewis
	 	 	Name:	Martin F. Lewis
	 	 	Address: 	c/o Pearl

  Holdings Acquisition Corp
	 	 	 	767 Third

  Avenue, 11th Floor
	 	 	 	New York, NY 10017

 

	 	PEARL

  HOLDINGS ACQUISITION CORP
	 	 	 
	 	By:	/s/

  Craig E. Barnett
	 	 	Name:	Craig E. Barnett
	 	 	Title:	Chief Executive Officer

 

[Signature

Page to Indemnity Agreement]

 

    21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]