Document:

Exhibit 10.2

 

 

 

ENVIVA INC.

ANNUAL INCENTIVE COMPENSATION PLAN

(Adopted December 31, 2021)

 

Enviva
Inc., a Delaware corporation (the “Company”), hereby establishes the Enviva Inc. Annual Incentive Compensation
Plan (the “Plan”). The Plan was originally effective as of April 1, 2015 as a plan sponsored and maintained
by Enviva Management Company, LLC, a Delaware limited liability company, and an Affiliate of the Predecessor (defined below). In connection
with the Conversion (defined below), the Plan has been amended and restated to reflect the transactions involved within the Conversion
and the Company’s new corporate structure. The Plan provides for discretionary
annual cash incentive awards to certain Employees based upon the level of the achievement of Performance Goals and Individual Performance.
The Plan shall remain in effect, as amended, until terminated as herein provided.

 

Article I

PLAN PURPOSE

 

The Plan is intended to provide
a method of attracting, motivating, and retaining individuals of outstanding competence and ability, and to motivate and encourage those
individuals to devote their best efforts to the development and growth of the Company and its Affiliates by providing discretionary annual
cash incentive awards to certain Employees.

 

Article II

DEFINITIONS

 

The
terms defined in this Article II shall, for all purposes of the Plan, have the meanings herein specified, unless the
context expressly, or by necessary implication, requires otherwise:

 

2.1             
“Actual Award” shall mean, with respect to a Participant and a Performance Period, the actual dollar
amount paid to such Participant out of the Actual Award Pool for such Performance Period under the Plan.

 

2.2             
“Actual Award Pool” shall mean, with respect to a Performance Period, the aggregate annual incentive
pool available to the Administrator for making Actual Awards as determined pursuant to Section 6.1 for such Performance Period.

 

2.3             
“Administrator” shall mean the Committee for the general administration of the Plan, including the establishment
and determinations with respect to Performance Goals and all determinations regarding Actual Awards to Executive Officers. The Chief Executive
Officer of the Company or his designee shall be the Administrator with respect to Actual Awards to Participants who are not Executive
Officers.

 

2.4             
“Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules under the
Exchange Act.

 

2.5             
“Board” shall mean the Board of Directors of Enviva Inc.

 

2.6             
“Code” shall mean the Internal Revenue Code of 1986, as amended. References in the Plan to any section
of the Code shall be deemed to include any amendment or successor provisions to such section and any regulations under such section.

 

2.7             
“Committee” shall mean the Compensation Committee of the Board; provided, however, that the Board
may appoint itself or another committee to manage the general administration of the Plan

 

2.8             
“Conversion” means each transaction, in the aggregate, relating to the conversion of the Predecessor
from a Delaware limited partnership to a Delaware corporation, effective as of December 31, 2021.

 

2.9             
“EBITDA” shall mean earnings before or after interest, taxes, depreciation, and/or amortization.

 

    

    

    

 

2.10         
“Employee” shall mean a regular full-time exempt or non-exempt employee of the Company or any of its
Affiliates; provided, however, that an Employee shall not include any individual (a) whose terms of employment are
governed by a collective bargaining agreement or (b) characterized as a “leased employee” within the meaning of Code
Section 414. Notwithstanding the foregoing, if an individual is engaged in a non-employee status (including, but not limited to,
as an independent contractor or an individual being paid through an employee leasing company or other third party agency) and is subsequently
reclassified by the Company, the Internal Revenue Service, or a court as an employee for payroll purposes, then such individual, for purposes
of the Plan, shall be deemed an Employee from the actual (and not the effective) date of such reclassification, unless expressly provided
otherwise by the Company or any of its Affiliates.

 

2.11         
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

2.12         
“Executive Officers” shall mean the executive officers (as defined in Rule 3b-7 of the Exchange
Act and as determined by the Board in its sole discretion) of the Company or any Affiliate of the Company.

 

2.13         
“Individual Performance” shall mean, with respect to a Participant, such Participant’s work performance
during the Performance Period, which may be assessed by the Administrator based on one or more criteria designated by the Administrator,
which criteria may include, but shall not be limited to: personal or team performance and measures such as teamwork, interpersonal skills,
communication skills, employee development, project management skills, and leadership, or individual or team business objectives such
as performance versus budget, achievement of sales and development targets, and attainment of safety, operational incident, and environmental
standards.

 

2.14         
“Participant” shall mean, with respect to a Performance Period, an Employee who meets the eligibility
requirements of Section 4.1 and is designated by the Administrator to participate in the Plan for such Performance Period.

 

2.15         
“Performance Goals” shall mean the goals established by the Administrator based on one or more safety,
operational, sustainability, financial, or other criteria, including, but not limited to, the following: total incident rate, measured
risk reduction, reportable injuries, tonnage produced, cost of production, lost time, decarbonization, Track & Trace ® and sustainability
certification compliance, adjusted EBITDA, EBITDA, stock price, earnings per share, net earnings, operating earnings, total capital spending,
maintenance capital spending, return on assets, total stockholder return, return on equity, growth in assets, cash flow, market share,
distribution growth, distributable cash flow, free cash flow, or strategic business criteria, including, but not limited to, meeting specified
revenue goals, business expansion goals including execution of contracts for the engineering, procurement, and construction of new production
or terminal facilities, cost targets, or goals relating to acquisitions or divestitures. The criteria may be absolute, relative to one
or more peer companies, relative to one or more indices, or measured by reference to the Company or any of its Affiliates alone, one or
more business units of the Company or any of its Affiliates alone, or the Company together with one or more of its Affiliates or any of
their respective business units.

 

2.16         
“Performance Period” shall mean the Plan Year or any other period designated by the Administrator with
respect to which performance of the Company (or its Affiliates), Participants, or both, is measured.

 

2.17         
“Plan” shall mean the Enviva Inc. Annual Incentive Compensation Plan, as amended or supplemented from
time to time.

 

2.18         
“Plan Year” shall mean the calendar year.

 

2.19         
“Predecessor” shall mean Enviva Partners, LP, a Delaware limited partnership.

 

2.20         
“Target Award Level” shall mean the target incentive amount for each Participant as determined by the
Administrator in its sole discretion.

 

2.21         
“Target Award Pool” shall mean the Target Award Pool established by the Administrator pursuant to Section 5.3.

 

    2

    

    

 

Article III

CONSTRUCTION

 

3.1             
Gender and Number. The masculine pronoun whenever used in the Plan shall include the feminine, and the feminine pronoun
whenever used in the Plan shall include the masculine, in each case as the context or facts may require. Whenever any words are used herein
in the singular, they shall be construed as if they were also used in the plural in all cases where the context so applies.

 

3.2             
Captions. The captions to the articles and sections of the Plan are for convenience only and shall not control or affect
the meaning or construction of any of its provisions. If there is any conflict between such captions and the text of the Plan, the text
shall control.

 

3.3             
Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included.

 

3.4             
Controlling Law. The Plan and all related documents shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflict of law principles of any state. Any persons or companies who now are or shall subsequently
become parties to the Plan shall be deemed to consent to this provision.

 

3.5             
No Right to Employment. The Plan does not confer nor shall it be construed as creating an express or implied contract of
employment between any Employee and the Company or any Affiliate of the Company or other party. Nothing in the Plan shall interfere with
or limit in any way the right of the Company or any Affiliate of the Company to terminate any Employee’s employment at any time
or confer upon any Employee any right to continue in the employment of the Company or any Affiliate of the Company.

 

Article IV

ELIGIBILITY AND PARTICIPATION

 

4.1             
Eligibility. Except to the extent determined otherwise in accordance with Section 4.3, in order to be eligible
to participate in the Plan for a Performance Period, an individual must be (a) an Employee; (b) hired by the Company or one
of its Affiliates before the commencement of the last quarter of the Performance Period; (c) employed by the Company or one of its
Affiliates on the last day of the Plan Year; (d) employed by the Company or one of its Affiliates on the date an Actual Award is
paid as set forth herein; and (e) selected as a Participant in the Plan by the Administrator for such Performance Period.

 

4.2             
No Right to Participation. No Employee shall have a right to participate in the Plan, regardless of prior participation
in the Plan.

 

4.3             
Status Change During Performance Period. Unless otherwise determined by the Administrator in its sole discretion, an Employee
shall be ineligible to receive an Actual Award for a Performance Period if the Employee is not employed on the date an Actual Award is
paid pursuant to Section 7.1.

 

4.4             
Leave of Absence. Unless the Administrator determines otherwise, except when leave is taken under the Family and Medical
Leave Act of 1993, as amended, the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, or the reasonable accommodation
provisions of the Americans with Disabilities Act of 1990, as amended (or equivalent state or local laws), or as otherwise required by
applicable law, an Employee on paid or unpaid leave for more than 90 days during any Performance Period shall be ineligible for an Actual
Award for such Performance Period.

 

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Article V

ESTABLISHMENT OF PERFORMANCE GOALS

AND SETTING TARGET AWARD LEVELS

 

5.1             
Establishment of Performance Goals. For each Performance Period, the Committee, in its sole discretion, shall establish
one or more Performance Goals applicable for such Performance Period. The Committee may adjust the Performance Goals for any reason, including
to take into account such unanticipated circumstances or significant events as the Committee determines, including but not limited to,
a corporate transaction, such as the Conversion, an acquisition, divestiture, merger, consolidation, separation, reorganization, or partial
or complete liquidation, or to equitably reflect the occurrence of any other extraordinary or unusual event in the marketplace, any change
in applicable accounting rules or principles, any change in the aggregate production capacity of the Company or any of its Affiliates,
any change in applicable law, litigation, any change due to any merger, consolidation, acquisition, reorganization, distribution, or other
changes in the structure of the Company or any of its Affiliates, or any other change of a similar nature.

 

5.2             
Setting Target Award Levels. For each Performance Period, the Administrator shall establish a Target Award Level for each
Participant in its sole discretion, taking into account such Participant’s responsibility level or the position or positions held
by such Participant during such Performance Period. The Administrator shall determine the Target Award Level for each Participant at such
time or times as the Administrator determines.

 

5.3             
Setting the Target Award Pool. The Target Award Pool for a Performance Period shall, when first determined for a Performance
Period, equal the sum of the Target Award Levels for all Participants for such Performance Period, plus such additional amount as the
Committee shall determine, in its sole discretion, prior to, or contemporaneously with, the establishment of the Performance Goals for
such Performance Period. Following its initial determination for a Performance Period, the Target Award Pool shall thereafter be equitably
adjusted by the Committee in its sole discretion, including to reflect Employee turnover and other changes in the number and composition
of Participants, including changes to Target Award Levels for such Participants pursuant to promotions or otherwise.

 

Article VI

DETERMINATION OF ACTUAL AWARDS

 

6.1             
Calculation of the Actual Award Pool. The Actual Award Pool shall equal the Target Award Pool as adjusted (upward or downward)
by the Committee based upon the level of achievement of the Performance Goals for the Performance Period, as determined by the Committee
in its sole discretion.

 

6.2             
Calculation of Actual Awards. All Actual Awards shall be one hundred percent (100%) discretionary. The Administrator shall
determine the Actual Award payable to a Participant from the Actual Award Pool for a Performance Period based upon the level of attainment
of the Performance Goals established by the Committee for such Performance Period and taking into account the Participant’s Individual
Performance and the performance of the Participant’s reporting segment for such Performance Period, as determined by the Administrator.
Individual Performance shall be assessed by the Administrator in its sole discretion or an immediate supervisor or department head of
a Participant to whom the Administrator delegates such authority. The Administrator may determine, in its sole discretion, to pay (a) an
Actual Award to a Participant that is greater than, equal to, or less than such Participant’s Target Award Level and (b) Actual
Awards to Participants for a Performance Period that, in the aggregate, are equal to or less than the total amount of the Actual Award
Pool. Without limiting the foregoing in this Section 6.2, the adjustments and additions provided for pursuant to Section 5.3,
or other discretion available to the Administrator pursuant to the Plan, for illustrative purposes, the Actual Award for each Participant
is expected to ordinarily be calculated as follows:

 

AA = TAL * CPF * DPF
* IPF

 

where:

 

		AA:	Actual Award ($) for a Participant;

		TAL:	Target Award Level ($) of such Participant;

		CPF:	Company Performance Factor (%), or the overall level of achievement of the Performance Goals for the Performance
Period;

		DPF:	Departmental Performance Factor (%), or the applicable adjustment to the CPF based on the performance
of the Participant’s reporting segment for such Performance Period; and

		IPF:	Individual Performance Factor (%) of the Participant.

 

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6.3             
Award Adjustments. No Employee shall be entitled to an Actual Award under the Plan and an Employee shall not become a Participant
in the Plan for a Performance Period until designated by the Administrator to participate in the Plan for such Performance Period. The
Administrator shall have the sole discretion to determine or adjust the amount, if any, of any Actual Award payable under the Plan until
such Actual Award is paid.

 

6.4             
Discretionary Awards. Notwithstanding any provision of the Plan to the contrary, in addition to the Actual Award paid to
an Employee under the Plan, if any, the Administrator may pay to an Employee an additional amount, taking into account such factors as
it deems appropriate and determines in its sole and absolute discretion.

 

Article VII

PAYMENT OF ACTUAL AWARDS

 

7.1             
Timing and Form of Payment. Unless otherwise determined by the Administrator, in its sole discretion, a Participant’s
Actual Award for a Performance Period shall be paid in cash as soon as administratively practicable after the end of such Performance
Period. To the extent a Participant obtains a “legally binding right” (within the meaning of Code Section 409A) to his
Actual Award, such Actual Award shall be paid in cash as soon as practicable after, and no later than March 15 following, the end
of the calendar year in which the Actual Award is no longer subject to a “substantial risk of forfeiture” (within the meaning
of Code Section 409A). With respect to any Participant paid in foreign currency, the amount of any Actual Award paid to a Participant
shall be based on such exchange rate as the Administrator reasonably determines.

 

Article VIII

ADMINISTRATION

 

8.1             
Administrator Authority. The Plan shall be administered by the Administrator, which, in addition to the other powers set
forth herein, shall have the full power, subject to, and within the limits of the Plan and applicable law, to:

 

(a)              
make all determinations and interpretations and approve all rules as may be necessary or advisable for the administration of the
Plan, including, but not limited to, those necessary to correct any defect, supply any omission, reconcile any inconsistencies, or resolve
any ambiguities with respect to any of the terms of the Plan;

 

(b)              
exercise all powers and perform such acts in connection with the Plan as the Administrator deems necessary or appropriate to promote
the best interests of the Company or any Affiliate of the Company;

 

(c)              
construe and interpret in its discretion the Plan and any agreement or instrument entered into under the Plan; and

 

(d)              
establish, amend, or waive rules and regulations for the Plan’s administration.

 

8.2             
Authorized Agents. The Administrator may authorize any officer of the Company to execute and deliver documents on behalf
of the Administrator, including administrative guidelines for the Plan.

 

8.3             
Binding Decisions. All determinations and decisions of the Administrator as to any disputed question arising under the Plan,
including questions of construction and interpretation, shall be final, binding, and conclusive upon all parties. In the event of any
conflict between a determination or decision by the Committee and that of the Chief Executive Officer of the Company (or his designee),
the determination or decision of the Committee shall control.

 

Article IX

AMENDMENT AND TERMINATION

 

9.1             
The Administrator may amend, suspend, or terminate the Plan or any portion thereof at any time and from time to time in its sole
discretion.

 

    5

    

    

 

Article X

MISCELLANEOUS

 

10.1         
Nontransferability. No right or interest of any Participant in the Plan shall be assignable or transferable, or subject
to any lien, directly, by operation of law, or otherwise, including, but not limited to, execution, levy, garnishment, attachment, pledge,
and bankruptcy.

 

10.2         
Tax Withholding. The Company and its Affiliates shall have the right to deduct from all payments under the Plan any foreign,
federal, state, or local income or other taxes required by law to be withheld with respect to such payments.

 

10.3         
Non-uniform Determinations. The Administrator’s determinations under the Plan (including, without limitation, determinations
of the persons to receive Actual Awards, the form, amount, size, and timing of such payments, the terms of such payments, and the agreement,
if any, evidencing same) need not be uniform and may be made selectively among persons who receive, or are eligible to receive, Actual
Awards under the Plan, whether or not such persons are similarly situated.

 

10.4         
No Fund. The Company shall have no obligation to reserve or otherwise fund in advance any amounts that are or may in the
future become payable under the Plan. Any funds that the Company, acting in its sole discretion, determines to reserve for future payments
under the Plan may be commingled with other funds of the Company and need not in any way be segregated from other assets or funds held
by the Company. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create
a trust of any kind or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other
person. To the extent that a person acquires a right to receive payments under the Plan, such right shall be no greater than the right
of an unsecured general creditor of the Company. The Plan is not intended to be subject to the Employee Retirement Income Security Act
of 1974, as amended.

 

10.5         
Successors. All obligations of the Company under the Plan shall be binding upon and inure to the benefit of any successor
of the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise,
of all or substantially all of the business and/or assets of the Company.

 

10.6         
Other Plans. Nothing contained in the Plan shall (a) be construed to affect the provisions of any other plan maintained
by the Company or any of its Affiliates or (b) prevent the Administrator or the Board from adopting other or additional compensation arrangements,
and such arrangements may be either generally applicable or applicable only in specific cases.

 

10.7         
Employees Subject to Taxation outside the United States. With respect to Employees who are subject to taxation in countries
other than the United States, the Administrator may make Actual Awards on such terms as the Administrator deems necessary or appropriate
to comply with the laws of the applicable countries, and the Administrator may create such procedures, addenda, and subplans and make
such modifications as may be necessary or advisable to comply with such laws.

 

10.8         
Clawback. Notwithstanding any provision in the Plan to the contrary, the Committee shall have the right to provide that
any portion of the payments received by a Participant under the Plan (including any proceeds, gains, or other economic benefit actually
or constructively received by a Participant with respect to such payments) shall be subject to the provisions of any clawback policy adopted
by the Company or any Affiliate of the Company from time to time, including, without limitation, any clawback policy adopted to comply
with the requirements of applicable law including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 or any rules or regulations promulgated thereunder. The Committee, the Company, and the Affiliates of the Company reserve the right,
without the consent of any Participant or any other person, to adopt any such clawback policy, including any such policy applicable to
the Plan or any Actual Award with retroactive effect.

 

    6Exhibit 10.3

 

FORM OF INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is made as of December 31, 2021, by and between Enviva Inc., a Delaware corporation
(the “Company”), and [_____] (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly held corporations as directors or 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 corporations;

 

WHEREAS, 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 its subsidiaries from certain liabilities;

 

WHEREAS, directors,
officers, and other persons in service to corporations 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;

 

WHEREAS, the Certificate
of Incorporation (the “Charter”) and the Bylaws (the “Bylaws”) of the Company require
indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable
provisions of the Delaware General Corporation Law (“DGCL”). The Bylaws and the DGCL 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, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement,
and reimbursement rights;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the
future;

 

WHEREAS, it is reasonable,
prudent, and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so protected against liabilities;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Charter and Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

     

     

    

 

WHEREAS, Indemnitee
may not be willing to serve as an officer, director, or 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;

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS AND CONDITIONS

 

1.            SERVICES
TO THE COMPANY. Indemnitee will serve or continue to serve as an officer, director, advisor, or key employee or in any other
capacity of the Company, as applicable, for so long as Indemnitee is duly elected or 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, or key employee or in any other capacity of the Company,
in each case 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:

 

(a)            “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, fiduciary, or
other official of another 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.

 

(b)            “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.

 

(c)            “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:

 

(i)            Acquisition
of Stock by Third Party. Other than each of (A) Riverstone Echo Rollover Holdings, L.P., (B) Riverstone Echo Continuation
Holdings, L.P. and (C) Riverstone Echo PF Holdings, L.P. (collectively, the “Riverstone Entities”) or
any of their affiliates, 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 of securities 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 (iii) of this definition;

 

    2

     

    

 

(ii)            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 stockholders 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;

 

(iii)            Corporate
Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock 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: (A) 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 of the Company immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the corporation
resulting from such Business Combination entitled to vote generally in the election of directors of such corporation (including, without
limitation, a 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 (as defined below)) in substantially the same proportions as their ownership immediately
prior to such Business Combination; (B) no Person (excluding any 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 corporation except to the extent that such ownership existed prior to
the Business Combination; and (C) at least a majority of the Board of Directors of the 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;

 

(iv)            Liquidation.
The approval by the stockholders 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 stockholder 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

 

(v)            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 any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the
Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

(d)            “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.

 

(e)            “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

    3

     

    

 

(f)            “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.

 

(g)            “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a
consolidation or merger 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, manager, general partner, managing member, fiduciary, employee, or agent.

 

(h)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(i)            “Expenses”
shall include all direct and indirect costs, fees, and expenses of any type or nature whatsoever, including, without limitation, all
reasonable 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 (as defined below), including reasonable compensation for time spent by Indemnitee
for which he or she 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 (as defined below), 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.

 

(j)            “fines”
shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan;

 

(k)            “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and
that 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 (as defined below) 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.

 

(l)            “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 (as defined below) of the Company or of any corporation
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of
the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary
(as defined below) of the Company, or of a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company.

 

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(m)            “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, potential party, non-party witness, 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,
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.

 

(n)            “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.

 

(o)            “Subsidiary,”
with respect to any Person, shall mean any 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, 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, liabilities, 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.

 

    5

     

    

 

4.            INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, 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.

 

5.            INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement, 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, 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, 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, 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, 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, to the extent that Indemnitee is, by reason
of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was, or is not, a party or threatened
to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified, held harmless, and exonerated
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

    6

     

    

 

7.            ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or
5, the Company shall, to the fullest extent permitted by applicable law, 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, 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, liabilities,
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 on account of Indemnitee’s
conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders, or is an act or omission
not in good faith, or which involves intentional misconduct or a knowing violation of the law.

 

8.            CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY.

 

(a)            To
the fullest extent permissible under applicable law, 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.

 

(b)            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.

 

(c)            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.
Notwithstanding any provision in this Agreement, 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, contract, agreement, or other indemnity
or advancement provision, or otherwise, except with respect to any excess beyond the amount actually received under any insurance policy,
contract, agreement, other indemnity or advancement provision, or otherwise;

 

(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

 

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(c)            except
as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, 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, advance of expenses, hold harmless,
or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek
payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of
the Company covering Indemnitee.

 

10.            ADVANCES
OF EXPENSES; DEFENSE OF CLAIM.

 

(a)            Notwithstanding
any provision of this Agreement to the contrary, and to the fullest extent not prohibited by applicable law, 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, to the fullest extent permitted by law, 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 advanced amounts to the
extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless, or exonerated by the Company
under the provisions of this Agreement, the Charter, the Bylaws, applicable law, or otherwise. This Section 10(a) shall
not apply to any claim made by Indemnitee for which an indemnification, advance of expenses, hold harmless, or exoneration payment is
excluded pursuant to Section 9.

 

(b)            The
Company will be entitled to participate in the Proceeding at its own expense.

 

(c)            The
Company shall not settle any action, claim, or Proceeding (in whole or in part) which would impose any Expense, judgment, liability,
fine, penalty, or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.            PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)            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, claim, issue, or matter therein 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.

 

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(b)            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(a) of this Agreement.

 

12.            PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION.

 

(a)            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: (i) if no Change in Control has occurred (x) by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors, even though less than a quorum
of the Board, or (z) if there are no Disinterested Directors, or if such Disinterested Directors so direct, by Independent Counsel
in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control has occurred,
(x) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the
Board or (y) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to
Indemnitee. The Company promptly will 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 reasonable 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.

 

(b)            In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). 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(b) 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(a) hereof. Upon the due commencement of any judicial proceeding or
arbitration pursuant to Section 14(a) 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).

 

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(c)            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.

 

(a)            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(b) 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 the Disinterested 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 the Disinterested 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.

 

(b)            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, to the fullest extent permitted by law, be deemed to have been made
and Indemnitee shall 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.

 

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(c)            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.

 

(d)            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, 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 of the Enterprise, 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 of the Enterprise, by an independent certified public accountant, 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(d) 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.

 

(e)            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.

 

14.            REMEDIES
OF INDEMNITEE.

 

(a)            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, 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(a) 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 Section 5, 6, 7 or
the last sentence of Section 12(a) 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 in accordance with this Agreement, 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.

 

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(b)            In
the event that a determination shall have been made pursuant to Section 12(a) 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.

 

(c)            In
any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled
to be indemnified, held harmless, and exonerated and to receive advancement of Expenses under this Agreement and the Company shall have
the burden of proving Indemnitee is not entitled to be indemnified, held harmless, and exonerated and to receive advancement of Expenses,
as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) 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).

 

(d)            If
a determination shall have been made pursuant to Section 12(a) 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.

 

(e)            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.

 

(f)            The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law 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, 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 Charter, or the Bylaws
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).

 

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(g)            Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless,
or exonerates, or advances, or is obliged to indemnify, hold harmless, or exonerate or advance 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, 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.

 

16.            NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)            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 Charter, the Bylaws, any agreement, a vote of stockholders 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) or
claim, issue or matter therein 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 Charter, the Bylaws, or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the
greater benefits so afforded by such change. 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.

 

(b)            The
DGCL, the Charter and the Bylaws 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 or under the DGCL, 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.

 

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(c)            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.

 

(d)            In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, 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.

 

(e)            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, exoneration payments
or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (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 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.

 

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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.

 

19.            ENFORCEMENT
AND BINDING EFFECT.

 

(a)            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.

 

(b)            Without
limiting any of the rights of Indemnitee under the Charter or Bylaws, 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.

 

(c)            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, administrators and other
legal representatives.

 

(d)            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.

 

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(e)            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, to the fullest extent permitted by law, 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, to the fullest extent permitted by law, 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. The Company hereby waives any such
requirement of such a bond or undertaking to the fullest extent permitted by law.

 

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.

 

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 (a) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
or (b) 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:

 

Enviva Inc.

7272 Wisconsin Ave, Suite 1800

Bethesda, MD 20814

Attention: General
Counsel

 

With a copy, which shall not constitute
notice, to

 

Vinson & Elkins L.L.P.

1001 Fannin Street, Suite 2500

Houston, TX 77002

Attention: E. Ramey Layne

Fax No.: (713)
758-4629

 

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

 

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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(a) of this Agreement, to the fullest extent permitted
by law, 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. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other
papers in connection with any such action or proceeding in the manner provided by Section 21, or in such other manner as
may be permitted by law, shall be valid and sufficient service thereof.

 

23.            IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts (including by electronic delivery of a counterpart in
pdf format), 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, assigns, heirs, devisees, executors, or personal or legal representatives after the expiration
of two 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
to the fullest extent permitted by law, 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.            MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period
for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable
insurance companies to provide the officers and directors of the Company with coverage for losses from wrongful acts and omissions, and
to ensure the Company’s performance of its indemnification obligations under this Agreement. The 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 or
officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as
to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors
and officers.

 

[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.

 

	 	ENVIVA INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE:
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to

Indemnification Agreement

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