Document:

Exhibit 10.8

 

	November
    12, 2018	 
	 	 
	Mr.
        Daniel Cohen

        Chief Executive Officer

        FinTech Acquisition Corp. III

        3 Columbus Circle, 24th Floor

        New
        York, NYC 10019
	 

 

Dear
Mr. Cohen:

 

This
Agreement (this “Agreement”) will confirm the basis upon which FinTech Acquisition Corp. III (the “Company”)
has engaged Deutsche Bank Securities Inc. (“Deutsche Bank”) to provide capital markets advisory and related services
in connection with the Company’s initial public offering of units (“IPO”) and any potential business combination
(“Business Combination”) as contemplated by the registration statement in connection with the IPO (the “Engagement”).

 

Section
1. Services to be Rendered.

 

(a)
The capital markets advisory services to be rendered by Deutsche Bank pursuant to the Engagement in connection with the IPO shall
include, but not be limited to:

 

		(1)	advising
                                         on timing, sizing and structuring considerations;

 

		(2)	using
                                         its institutional knowledge to advise on investor target lists prepared by the underwriter(s)
                                         for the Company;

 

		(3)	advising
                                         senior management of the Company on presentations to be used in meetings with potential
                                         investors in connection with the IPO and assisting the Company on Company positioning
                                         considerations;

 

		(4)	advising
                                         on book-building matters; and

 

		(5)	providing
                                         such other capital markets advisory services as the Company and Deutsche Bank may from
                                         time to time agree upon.

 

(b)
The capital markets advisory and related services to be rendered by Deutsche Bank pursuant to the Engagement in connection with
a potential Business Combination shall include, but not be limited to:

 

		(1)	advising
                                         on potential sources and targets for a Business Combination;

 

		(2)	advising
                                         on transaction structuring considerations;

 

     

     

    

 

FinTech Acquisition Corp. III

November 12, 2018

Page 2

 

		(3)	using
its institutional knowledge to assist with benchmarking and valuation analyses;

 

		(4)	using
                                         its institutional knowledge to advise on potential new shareholders in connection with
                                         a potential Business Combination;

 

		(5)	arranging
meetings with and managing communications with existing shareholders and potential new shareholders in connection with a potential
Business Combination;

 

		(6)	advising
                                         and assisting senior management of the Company on presentations to be used in roadshow
                                         and other meetings with existing and potential new shareholders and assisting the Company
                                         on shareholder positioning considerations; and

 

		(7)	providing
such other capital markets advisory and related services as the Company and Deutsche Bank may from time to time agree upon.

 

The
capital markets advisory and related services described in this Section 1(b) are not intended to and shall not include services
customarily performed or provided pursuant to separate agreements for the provision of merger and acquisition advisory services
(“M&A Advisory Services”). Any such M&A Advisory Services are beyond the scope of the Engagement and shall be
subject to a separate engagement and additional compensation as agreed by the parties hereto.

 

For
the avoidance of doubt, the above services to be provided in connection with the IPO shall not include activities involving the
solicitation or distribution of any offering of any securities, such as participation in
the preparation of the offering or other documents, participation in the distribution of any offering on an underwritten, non-underwritten,
or any other basis, or the furnishing of customer and/or broker lists for solicitation. In no event shall Deutsche Bank
be obligated to purchase any securities of the Company for its own account or for the account of its customers and neither Deutsche
Bank nor any of its affiliates shall be deemed to be an underwriter for any securities of the Company. Deutsche Bank shall have
no liability for any disclosures or other information or representations provided by the Company to investors or to any other
person.

 

The
Company will furnish, and, if the Company enters into negotiations with a potential target in connection with a potential Business
Combination (a “Business Combination Target”), will request such Business Combination Target to furnish, to Deutsche
Bank such information as Deutsche Bank reasonably requests in connection with the performance of its services hereunder (all such
information so furnished is referred to herein as the “Information”).

 

     

     

    

 

FinTech
Acquisition Corp. III

November 12, 2018

Page 3

 

The
Company understands and agrees that Deutsche Bank, in performing its services hereunder, will use and rely upon the Information
as well as publicly available information regarding the Company and any Business Combination Target and that Deutsche Bank does
not assume responsibility for independent verification of any information, whether publicly available or otherwise furnished to
it, concerning the Company or any Business Combination Target, including, without limitation, any financial information, forecasts
or projections, considered by Deutsche Bank in connection with the rendering of its services. Accordingly, Deutsche Bank shall
be entitled to assume and rely upon the accuracy and completeness of all such information and is not required to conduct a physical
inspection of any of the properties or assets, or to prepare or obtain any independent evaluation or appraisal of any of the assets
or liabilities, of any Business Combination Target. With respect to any financial forecasts and projections made available to
Deutsche Bank by the Company or any Business Combination Target and used by Deutsche Bank in its analysis, Deutsche Bank shall
be entitled to assume that such forecasts and projections have been reasonably prepared on bases reflecting the best currently
available estimates and judgments of the management of the Company or any Business Combination Target, as the case may be, as
to the matters covered thereby.

 

Section
2.  Fees.  The Company shall be obligated to pay or cause to be paid to Deutsche Bank a fee for advisory
services rendered in connection with the Engagement in an amount equal to the sum of (a) Two Million dollars ($2,000,000) plus
(b) 50% of the Deferred Compensation (together, the “Advisory Fee”). For the purposes of this Agreement, “Deferred
Compensation” means the 4.0% gross spread payable to the underwriter(s) of the IPO at the closing of a Business Combination
on the gross proceeds received by the Company in the IPO.

 

The
Advisory Fee shall be earned by Deutsche Bank upon execution of an underwriting agreement in connection with the IPO and shall
be payable in two installments as follows:

 

		●	Two
                                         Million dollars ($2,000,000) of the Advisory Fee (the “First Installment”)
                                         shall be due and payable immediately upon the closing of the IPO (such closing date the
                                         “First Installment Date”); and

 

		●	The
                                         remainder of the Advisory Fee (the “Second Installment”), which shall be
                                         equal to 50% of the Deferred Compensation, shall be due and payable immediately upon
                                         the consummation of any Business Combination (the “Second Installment Date”).

 

The
Company shall cause the underwriter(s) of the IPO to pay each installment of the Advisory Fee to Deutsche Bank on behalf of the
Company as a reimbursed expense to be credited by the underwriter(s) against the portion of the gross spread payable to such underwriter(s)
at the applicable installment date.  If the Company is unable to cause such payment to be made to Deutsche Bank from the
underwriter(s) on either the First Installment Date or Second Installment Date, as applicable, the Company will remain fully responsible
for prompt payment to Deutsche Bank of the applicable installment of the Advisory Fee.  

 

If
the IPO does not close, no Advisory Fee will be payable to Deutsche Bank. If the IPO closes, Deutsche Bank shall be entitled to
the First Installment of the Advisory Fee, but if a Business Combination is not consummated, Deutsche Bank shall not be entitled
to the Second Installment of the Advisory Fee.

 

     

     

    

 

FinTech
Acquisition Corp. III

November 12, 2018

Page 4

 

The
fees described in this Section 2 are compensation for the Engagement.  Any work outside of the scope of the Engagement shall
be subject to additional compensation as separately agreed by the parties hereto.

 

All
fees payable hereunder are net of all applicable withholding and similar taxes and are payable in United States dollars.

 

Section
3. Expenses. In addition to any fees that may be payable to Deutsche Bank hereunder and regardless of whether any IPO
or Business Combination is proposed or consummated, the Company hereby agrees, from time to time upon request, to reimburse Deutsche
Bank for all reasonable fees and disbursements of Deutsche Bank’s counsel and all of Deutsche Bank’s reasonable travel
and other out-of-pocket expenses incurred during the Engagement in connection with any actual or proposed transaction or otherwise
arising out of the Engagement, up to a maximum of $20,000; provided, however, that all expenses in excess of $5,000 in the aggregate
shall require the Company’s prior written approval, which shall not be unreasonably withheld.

 

Section
4. Termination of Engagement. Deutsche Bank’s engagement hereunder may be terminated by either the Company or
Deutsche Bank at any time, with or without cause, upon written advice to that effect to the other party; provided, however,
that

 

		(a)	Deutsche
                                         Bank will be entitled to any fees payable at the time of such termination pursuant to
                                         Section 2 hereof; and

 

		(b)	the
                                         provisions of the last paragraph of Section 1, of this Section 4 and of Sections 3, 6,
                                         7, 8, 9, 12 and 13 hereof shall survive such termination.

 

Section
5. Reliance on Others. The Company confirms that it will rely on its own counsel, accountants and other similar expert
advisors for legal, accounting, tax and other similar advice.

 

Section
6. Scope of Responsibility. Neither Deutsche Bank nor any of its affiliates (nor any of their respective control persons,
directors, officers, employees or agents) shall be liable to the Company or to any other person claiming through the Company for
any claim, loss, damage, liability, cost or expense suffered by the Company or any such other person arising out of or related
to the Engagement except to the extent a claim, loss or expense arises out of or is based upon any action or failure to act by
Deutsche Bank, other than an action or failure to act undertaken at the request or with the consent of the Company, that is found
in a final judicial determination (or a settlement tantamount thereto) to constitute bad faith, willful misconduct or gross negligence
on the part of Deutsche Bank.

 

     

     

    

 

FinTech
Acquisition Corp. III

November 12, 2018

Page 5

 

Section
7. Indemnity and Contribution. The Company agrees to indemnify and hold harmless Deutsche Bank and its affiliates (and
their respective control persons, directors, officers, employees and agents) (collectively, the “Indemnified Persons”)
to the full extent lawful against any and all claims, losses, damages, liabilities, costs and expenses as incurred (including
all reasonable fees and disbursements of counsel and all reasonable travel and other out-of-pocket expenses incurred in connection
with investigation of, preparation for and defense of any pending or threatened claim and any litigation or other proceeding arising
therefrom, whether or not in connection with pending or threatened litigation in which Deutsche Bank or any other Indemnified
Person is a party) (collectively, a “Claim”) arising out of or related to any actions taken or omitted to be taken
by the Company or by an Indemnified Person on the Company’s behalf or with the Company’s consent in connection with
the Engagement; provided, however, there shall be excluded from such indemnification any Claims to the extent it is found
in a final judicial determination (or a settlement tantamount thereto) that they arise out of or are based upon the bad faith,
willful misconduct or gross negligence on the part of an Indemnified Person . In the event that the foregoing indemnity is unavailable
or insufficient to hold any Indemnified Person harmless, then the Company shall contribute to amounts paid or payable by Deutsche
Bank and other indemnified parties in respect of such Claims in such proportion as appropriately reflects the relative benefits
received by, and, if applicable law does not permit allocation solely on the basis of benefits, fault of, the Company and the
Indemnified Person in connection with the matters as to which such Claims relate and other equitable considerations, subject to
the limitation that in any event Deutsche Bank’s aggregate contributions in respect of such claims, losses, damages, liabilities,
costs and expenses will not exceed the amount of fees actually received by Deutsche Bank pursuant to this Agreement. For purposes
hereof, relative benefits to the Company and Deutsche Bank of any transaction contemplated hereby shall be deemed to be in the
same proportion that the total value paid or contemplated to be paid by the Company and/or its security holders in connection
with such transaction bears to the fees paid to Deutsche Bank pursuant to its engagement in respect of such transaction.

 

The
Company will not, without the prior written consent of Deutsche Bank, settle, compromise or consent to the entry of judgement
in any pending or threatened Claim relating to Deutsche Bank’s engagement hereunder unless such settlement, compromise or
consent includes an express, complete and unconditional release of each Indemnified Person with respect to all liability arising
out of such Claims; such release to be set forth in an instrument signed by all parties to such settlement.

 

Promptly
upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to
which indemnification is being sought hereunder, Deutsche Bank shall notify the Company in writing of such complaint or of such
assertion or institution but failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder,
except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the
Company so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including the
employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel.
In the event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present
such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person
and the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available
to it or other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person
may employ its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable
fees and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently
to defend, contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation,
to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall
be fully indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel
and all amounts paid as a result of such Claim or the compromise or settlement thereof.

 

     

     

    

 

FinTech
Acquisition Corp. III

November 12, 2018

Page 6 

 

In
addition, with respect to any Claim in which the Company assumes the defense, the Indemnified Person shall have the right to participate
in such Claim and to retain his, her or its own counsel therefor at his, her or its own expense.

 

Section
8. Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to the conflicts of laws provisions thereof. Any right to trial by jury with respect to any claim,
action, suit or proceeding arising out of this Agreement or any of the matters contemplated hereby is waived. The Company and
Deutsche Bank hereby irrevocably submit to the exclusive jurisdiction of the courts of New York, New York in any proceeding arising
out of or relating to this Agreement, and to the federal district courts located in such City, agree not to commence any suit,
action or proceeding relating thereto except in such courts, and waive, to the fullest extent permitted by law, the right to move
to dismiss or transfer any action brought in such court on the basis of any objection to personal jurisdiction or venue.

 

Section
9. Trust Waiver. Deutsche Bank hereby acknowledges and agrees that neither it nor any Indemnified Person seeking indemnity
under this Agreement has any right of set-off or any right, title, interest or claim of any kind (“Trust Account Claim”)
to, or to any monies or other assets in, the trust account holding the net proceeds of the IPO and any private placement proceeds
(the “Trust Account”), and hereby irrevocably waives any Trust Account Claim to, or to any monies or other assets in,
the Trust Account that it or any Indemnified Person may have now or in the future.  In the event Deutsche Bank has any Trust
Account Claim against the Company under this Agreement or otherwise, Deutsche Bank shall pursue such Trust Account Claim solely
against the Company and its assets outside the Trust Account and not against the Trust Account or any monies or other assets in
the Trust Account. 

 

Section
10. No Rights in Shareholders, etc. The Company recognizes that Deutsche Bank has been engaged only by the Company,
and that the Company’s engagement of Deutsche Bank is not deemed to be on behalf of and is not intended to confer rights
upon any shareholder, partner or other owner of the Company or any other person not a party hereto as against Deutsche Bank or
any of its affiliates or any of their respective directors, officers, agents, employees or representatives.

 

     

     

    

 

FinTech
Acquisition Corp. III

November 12, 2018

Page 7

 

Section
11. Disclosure. The Company acknowledges that Deutsche Bank and its affiliates may have and may continue to have investment
banking, financial advisory and other relationships with parties other than the Company pursuant to which Deutsche Bank may acquire
information of interest to the Company. Deutsche Bank shall have no obligation to disclose such information to the Company.

 

Deutsche
Bank and its affiliates are engaged in securities trading and brokerage activities as well as investment banking and financial
advisory services. In the ordinary course of their trading and brokerage activities, Deutsche Bank and its affiliates may hold
positions, for their own account or the account of customers, in equity or other securities of the Company or any other company
that may be involved in any transaction contemplated hereby.

 

Section
12. Non-Exclusivity. Nothing herein shall be deemed to restrict or prohibit the engagement by the Company of other consultants
providing the same or similar services or the payment by the Company of fees to such other consultants.

 

Section
13. Miscellaneous. Nothing in this Agreement is intended to obligate or commit Deutsche Bank or any of its affiliates
to provide any services other than as set out above. This Agreement may be executed in two or more counterparts, all of which
together shall be considered a single instrument. In order to comply with the USA Patriot Act, Deutsche Bank must obtain, verify
and record information that identifies each entity (or individual) that enters into a business relationship with Deutsche Bank.
As a result, in addition to the Company’s corporate name and address, Deutsche Bank will obtain the Company’s corporate
tax identification number and certain other information. Deutsche Bank may also request relevant corporate resolutions and other
identifying documents. This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings
(both written and oral) of the parties hereto with respect to the subject matter hereof, and cannot be amended or otherwise modified
except in writing executed by the parties hereto. This Agreement may not be assigned by either party without the written consent
of the other. The provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the Company
and Deutsche Bank.

 

If
you are in agreement with the foregoing, please sign and return the attached copy of this Agreement, whereupon this Agreement
shall become effective as of the date hereof.

 

     

     

    

 

FinTech
Acquisition Corp. III

November 12, 2018

Page 8

 

	 	 	 	Sincerely,
	 	 	 	 	 
	 	 	 	DEUTSCHE BANK SECURITIES INC.
	 	 	 	 	 
	 	 	 	By	/s/ Ravi Raghunathan
	 	 	 	 	Name: Ravi
Raghunathan
	 	 	 	 	 
	 	 	 	By	/s/ Adam Raucher
	 	 	 	  	Name: Adam
    Raucher
	 	 	 	 	 
	AGREED TO:	 	 	 
	 	 	 	 	 
	FINTECH ACQUISITION CORP. III	 	 	 
	 	 	 	 	 
	By	/s/ Daniel Cohen	 	 	 
	Name: 	Daniel Cohen	 	 	 
	Title: 	Chief Executive Officerbreit-ex41_610.htm

Exhibit 4.1

DISTRIBUTION REINVESTMENT PLAN

This Distribution Reinvestment Plan (the “Plan”) is adopted by Blackstone Real Estate Income Trust, Inc. (the “Company”) pursuant to its Articles of Amendment and Restatement (as amended, restated or otherwise modified from time to time, the “Charter”). Unless otherwise defined herein, capitalized terms shall have the same meaning as set forth in the Charter.

1. Distribution Reinvestment. As agent for the stockholders (the “Stockholders”) of the Company who (i) purchase Class T shares, Class S shares, Class D shares or Class I shares of the Company’s common stock (collectively the “Shares”) pursuant to the Company’s continuous public offering (the “Offering”), or (ii) purchase Shares pursuant to any future offering of the Company (a “Future Offering”), and who do not opt out of participating in the Plan (or, in the case of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Nebraska, New Jersey, Ohio, Oregon, Vermont and Washington investors and clients of participating broker-dealers that do not permit automatic enrollment in the Plan, who opt to participate in the Plan) (the “Participants”), the Company will apply all dividends and other distributions declared and paid in respect of the Shares held by each Participant and attributable to the class of Shares purchased by such Participant (the “Distributions”), including Distributions paid with respect to any full or fractional Shares acquired under the Plan, to the purchase of additional Shares of the same class for such Participant.

2. Effective Date. The effective date of this Plan shall be the date that the minimum offering requirements are met in connection with the Offering and the escrowed subscription proceeds are released to the Company.

3. Procedure for Participation. Any Stockholder (unless such Stockholder is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Nebraska, New Jersey, Ohio, Oregon, Vermont or Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan) who has received a Prospectus, as contained in the Company’s registration statement filed with the Securities and Exchange Commission (the “SEC”), will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement. Any Stockholder who is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Nebraska, New Jersey, Ohio, Oregon, Vermont or Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan who has received a Prospectus, as contained in the Company’s registration statement filed with the SEC, will become a Participant if they elect to become a Participant by noting such election on their subscription agreement. If any Stockholder initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form or any appropriate authorization form as may be available from the Company, the Company’s transfer agent, the dealer manager for the Offering or any soliciting dealer participating in the distribution of Shares for the Offering. Participation in the Plan will begin with the next Distribution payable after acceptance of a Participant’s subscription, enrollment or authorization. Shares will be purchased under the Plan on the date that Distributions are paid by the Company.

4. Suitability. Each Participant is requested to promptly notify the Company in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income, net worth and investment concentration standards imposed by such Participant’s state of residence and set forth in the Company’s most recent prospectus. For the avoidance of doubt, this request in no way shifts to the Participant the responsibility of the Company’s sponsor, or any other person selling shares on behalf of the Company to the Participant to make every reasonable effort to determine that the purchase of Shares is a suitable and appropriate investment based on information provided by such Participant.

5. Purchase of Shares.

A. Participants will acquire Shares from the Company (including Shares purchased by the Company for the Plan in a secondary market (if available) or on a stock exchange (if listed)) under the Plan (the “Plan Shares”) at a price equal to the NAV per Share applicable to the class of Shares purchased by the Participant on the date that the distribution is payable (calculated as of the most recent month end). No upfront selling commissions will be payable with respect to shares purchased pursuant to the Plan, but such shares will be subject to ongoing stockholder servicing fees. Participants in the Plan may purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will not be able to acquire Plan Shares and such Participant’s participation 

  

2

in the Plan will be terminated to the extent that a reinvestment of such Participant’s distributions in Shares would cause the percentage ownership or other limitations contained in the Charter to be violated.

B. Shares to be distributed by the Company in connection with the Plan may (but are not required to) be supplied from: (i) the Plan Shares which will be registered with the SEC in connection with the Offering or (ii) Shares to be registered with the SEC in a Future Offering for use in the Plan (a “Future Registration”).

6. Taxes. THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL TAX INCOME LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC FILINGS MADE BY THE COMPANY WITH THE SEC.

7. Share Certificates. The ownership of the Shares purchased through the Plan will be in book-entry form unless and until the Company issues certificates for its outstanding Shares.

8. Reports. On a quarterly basis, the Company shall provide each Participant a statement of account describing, as to such Participant: (i) the Distributions reinvested during the quarter; (ii) the number and class of Shares purchased pursuant to the Plan during the quarter; (iii) the per share purchase price for such Shares; and (iv) the total number of Shares purchased on behalf of the Participant under the Plan. On an annual basis, tax information with respect to income earned on Shares under the Plan for the calendar year will be provided to each applicable participant.

9. Termination by Participant. A Participant may terminate participation in the Plan at any time, without penalty, by delivering 10 days’ prior written notice to the Company. This notice must be received by the Company prior to the last day of a quarter in order for a Participant’s termination to be effective for such quarter (i.e., a timely termination notice will be effective as of the last day of a quarter in which it is timely received and will not affect participation in the Plan for any prior quarter). Any transfer of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred Shares. If a Participant requests that the Company repurchase all or any portion of the Participant’s Shares, the Participant’s participation in the Plan with respect to the Participant’s Shares for which repurchase was requested but that were not repurchased will be terminated. If a Participant terminates Plan participation, the Company may, at its option, ensure that the terminating Participant’s account will reflect the whole number of shares in such Participant’s account and provide a check for the cash value of any fractional share in such account. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Stockholder in cash.

10. Amendment, Suspension or Termination by the Company. The Board of Directors may by majority vote amend any aspect of the Plan; provided that the Plan cannot be amended to eliminate a Participant’s right to terminate participation in the Plan and that notice of any material amendment must be provided to Participants at least 10 days prior to the effective date of that amendment. The Board of Directors may by majority vote suspend or terminate the Plan for any reason upon ten days’ written notice to the Participants.

11. Liability of the Company. The Company shall not be liable for any act done in good faith, or for any good faith omission to act, including, without limitation, any claims or liability (i) arising out of failure to terminate a Participant’s account upon such Participant’s death prior to timely receipt of notice in writing of such death or (ii) with respect to the time and the prices at which Shares are purchased or sold for a Participant’s account. To the extent that indemnification may apply to liabilities arising under the Securities Act, or the securities laws of a particular state, the Company has been advised that, in the opinion of the SEC and certain state securities commissioners, such indemnification is contrary to public policy and, therefore, unenforceable.

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