Document:

AMENDED AND RESTATED SECURITY
AGREEMENT

 

1.           GRANT
OF SECURITY INTEREST. For valuable consideration, the undersigned THE TILE SHOP, LLC ("Debtor"), hereby grants and transfers
to WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") a security interest in all of the property of Debtor described as
follows (collectively, the "Collateral"):

 

(a)          all
accounts, deposit accounts, contract rights, chattel paper (whether electronic or tangible), investment property and financial
assets, instruments, promissory notes, documents, general intangibles, payment intangibles, software, letter of credit rights,
health-care insurance receivables and other rights to payment of every kind (collectively called "Rights to Payment")
now existing or at any time hereafter, and prior to the termination hereof, arising (whether they arise from the sale, lease or
other disposition of inventory or from performance of contracts for service, manufacture, construction, repair or otherwise or
from any other source whatsoever), including all securities, guaranties, warranties, indemnity agreements, insurance policies,
supporting obligations and other agreements pertaining to the same or the property described therein, and in all goods returned
by or repossessed from Debtor's customers;

 

(b)          all
inventory, goods held for sale or lease or to be furnished under contracts for service, or goods so leased or furnished,
raw materials, component parts and embedded software, work in process and other materials used or consumed in Debtor's business
and all warehouse receipts, bills of lading and other documents evidencing goods owned or acquired by Debtor, and all goods covered
thereby, now or at any time hereafter, and prior to the termination hereof, owned or acquired by Debtor, wherever located, and
all products thereof, whether in the possession of Debtor, any warehousemen, any bailee or any other person, or in process of delivery,
and whether located at Debtor's places of business or elsewhere (collectively called "Inventory");

 

(c)          all
money and property heretofore, now or hereafter delivered to or deposited with Bank or otherwise coming into the possession, custody
or control of Bank (or any agent or bailee of Bank) in any manner or for any purpose whatsoever during the existence of this Agreement
and whether held in a general or special account or deposit for safekeeping or otherwise;

 

(d)          all
goods, tools, machinery, furnishings, furniture and other equipment and fixtures of every kind now existing or hereafter acquired,
and all improvements, replacements, accessions and additions thereto and embedded software included therein, whether located on
any property owned or leased by Debtor or elsewhere, including without limitation, any of the foregoing now or at any time hereafter
located at or installed on the land or in the improvements at any of the real property owned or leased by Debtor, and all such
goods after they have been severed and removed from any of said real property;

 

and together with whatever is receivable or received when any
of the foregoing or the proceeds thereof are sold, leased, collected, exchanged or otherwise disposed of, whether such disposition
is voluntary or involuntary, including without limitation, all Rights to Payment arising from any such disposition, including returned
premiums, with respect to any insurance relating to any of the foregoing, and all Rights to Payment with respect to any claim or
cause of action affecting or relating to any of the foregoing (collectively, "Proceeds").

 

2.           
OBLIGATIONS SECURED. The obligations secured hereby are the payment and performance of: (a) all present and future Indebtedness
of Debtor to Bank; (b) all obligations of Debtor and rights of Bank under this Agreement; and (c) all present and future obligations
of Debtor to Bank of other kinds. The word "Indebtedness" is used herein in its most comprehensive sense and includes
any and all advances, debts, obligations and liabilities of Debtor, or any of them, heretofore, now or hereafter made, incurred
or created, whether voluntary or involuntary and however arising, whether due or not due, absolute or contingent, liquidated or
unliquidated, determined or undetermined, including under any swap, derivative, foreign exchange, hedge, deposit, treasury management
or other similar transaction or arrangement, and whether Debtor may be liable individually or jointly with others, or whether recovery
upon such Indebtedness may be or hereafter becomes unenforceable.

 

    	 

    	 

    

 

3.           TERMINATION.
This Agreement will terminate upon the performance of all obligations of Debtor to Bank, including without limitation, the payment
of all Indebtedness of Debtor to Bank, and the termination of all commitments of Bank to extend credit to Debtor, existing at the
time Bank receives written notice from Debtor of the termination of this Agreement.

 

4.          OBLIGATIONS
OF BANK. Bank has no obligation to make any loans hereunder Any money received by Bank in respect of the Collateral may be deposited,
at Bank's option, into a non-interest bearing account over which Debtor shall have no control, and the same stall, for all purposes,
be deemed Collateral hereunder.

 

5.           REPRESENTATIONS
AND WARRANTIES. Debtor represents and warrants to Bank that: (a) Debtor's legal name is exactly as set forth on the first page
of this Agreement, and all of Debtor's organizational documents or agreements delivered to Bank are complete and accurate in every
respect; (b) Debtor is the owner and has possession or control of the Collateral and Proceeds; (c) Debtor has the exclusive right
to grant a security interest in the Collateral and Proceeds; (d) all Collateral and Proceeds are genuine, free from liens, adverse
claims, setoffs, default, prepayment, defenses and conditions precedent of any kind or character, except the lien created hereby
or as otherwise agreed to by Bank, or as heretofore disclosed by Debtor to Bank, in writing; (e) all statements contained herein
and, where applicable, in the Collateral are true and complete in all material respects; (f) no financing statement covering any
of the Collateral or Proceeds, and naming any secured party other than Bank, is on file in any public office; (g) where Collateral
consists of Rights to Payment, all persons appearing to be obligated on the Collateral and Proceeds have authority and capacity
to contract and are bound as they appear to be, all property subject to chattel paper has been properly registered and filed in
compliance with law and to perfect the interest of Debtor in such property, and all such Collateral and Proceeds comply with all
applicable laws concerning form, content and manner of preparation and execution, including where applicable Federal Reserve Regulation
Z and any State consumer credit laws; and (h) where the Collateral consists of equipment, Debtor is not in the business of selling
goods of the kind included within such Collateral, and Debtor acknowledges that no sale or other disposition of any such Collateral,
including without limitation, any such Collateral which Debtor may deem to be surplus, has been consented to or acquiesced in by
Bank, except as specifically set forth in writing by Bank.

 

6.          COVENANTS
OF DEBTOR.

 

(a)         Debtor agrees in general: (i) to pay Indebtedness secured hereby when due; (ii) to indemnify Bank against all losses, claims, demands,
liabilities and expenses of every kind caused by property subject hereto; (iii) to pay all costs and expenses, including reasonable
attorneys' fees, incurred by Bank in the perfection and preservation of the Collateral or Bank's interest therein and/or the realization,
enforcement and exercise of Bank's rights, powers and remedies hereunder; (iv) to permit Bank to exercise its powers; (v) to execute
and deliver such documents as Bank deems necessary to create, perfect and continue the security interests contemplated hereby;
(vi) not to change its name, and as applicable, its chief executive office, its principal residence or the jurisdiction in which
it is organized and/or registered without giving Bank prior written notice thereof; (vii) not to change the places where Debtor
keeps any Collateral or Debtor's records concerning the Collateral and Proceeds without giving Bank prior written notice of the
address to which Debtor is moving same; and (viii) to cooperate with Bank in perfecting all security interests granted herein and
in obtaining such agreements from third parties as Bank deems necessary, proper or convenient in connection with the preservation,
perfection or enforcement of any of its rights hereunder.

 

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(b)
           Debtor agrees with regard to the Collateral and Proceeds, unless
Bank agrees otherwise in writing: (i) that Bank is authorized to file financing statements in the name of Debtor to perfect
Bank's security interest in Collateral and Proceeds; (ii) where applicable, to insure the Collateral with Bank as loss payee,
in form, substance and amounts, under agreements, against risks and liabilities, and with insurance companies satisfactory to
Bank; (iii) where applicable, to operate the Collateral in accordance with all applicable statutes, rules and regulations
relating to the use and control thereof, and not to use any Collateral for any unlawful purpose or in any way that would void
any insurance required to be carried in connection therewith; (iv) not to remove the Collateral from Debtor's premises except
for deliveries to buyers in the ordinary course of Debtor's business; (v) to pay when due all license fees, registration fees
and other charges in connection with any Collateral; (vi) not to permit any lien on the Collateral or Proceeds, including
without limitation, liens arising from repairs to or storage of the Collateral, except in favor of Bank; (vii) not to sell,
hypothecate or dispose of, nor permit the transfer by operation of' law of, any of the Collateral or Proceeds or any
interest therein, except sales of Inventory to buyers in the ordinary course of Debtor's business: (viii) not to rent, lease
or charter the Collateral; (ix) to permit Bank to inspect the Collateral at any time; (x) to keep, in accordance with
generally accepted accounting principles, complete and accurate records regarding all Collateral and Proceeds, and to permit
Bank to inspect the same and make copies thereof at any reasonable time; (xi) if requested by Bank, to receive and use
reasonable diligence to collect Collateral consisting of accounts and other Rights to Payment and Proceeds, in trust and as
the property of Bank, and to immediately endorse as appropriate and deliver such Collateral and Proceeds to Bank daily in the
exact form in which they are received together with a collection report in form satisfactory to Bank; (xii) not to commingle
Collateral or Proceeds, or collections thereunder, with other property; (xiii) to give only normal allowances and credits and
to advise Bank thereof immediately in writing if they affect any Rights to Payment or Proceeds in any material respect; (xiv)
on demand, to deliver to Bank returned property resulting from, or payment equal to, such allowances or credits on any Rights
to Payment or Proceeds or to execute such documents and do such other things as Bank may reasonably request for the purpose
of perfecting, preserving and enforcing its security interest in such returned property; (xv) from time to time, when
requested by Bank, to prepare and deliver a schedule of all Collateral and Proceeds subject to this Agreement and to assign
in writing and deliver to Bank all accounts, contracts, leases and other chattel paper, instruments, documents and other
evidences thereof; (xvi) in the event Bank elects to receive payments of Rights to Payment or Proceeds hereunder, to pay all
expenses incurred by Bank in connection therewith, including expenses of accounting, correspondence, collection
efforts, reporting to account or contract debtors, filing, recording, record keeping and expenses incidental thereto; and
(xvii) to provide any service and do any other acts which may be necessary to maintain, preserve and protect all Collateral
and, as appropriate and applicable, to keep all Collateral in good and saleable condition, to deal with the Collateral in
accordance with the standards and practices adhered to generally by users and manufacturers of like property, and to keep all
Collateral and Proceeds free and clear of all defenses, rights of offset and counterclaims.

 

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7.
           POWERS OF BANK. Debtor appoints Bank its true attorney in fact to
perform any of the following powers, which are coupled with an interest, are irrevocable until termination of this Agreement
and may be exercised from time to time by Bank's officers and employees, or any of them, whether or not Debtor is in default:
(a) to perform any obligation of Debtor hereunder in Debtor's name or otherwise; (b) to give notice to account debtors or
others of Bank's rights in the Collateral and Proceeds, to enforce or forebear from enforcing the same and make extension and
modification agreements with respect thereto; (c) to release persons liable on Collateral or Proceeds and to give receipts
and acquittances and compromise disputes in connection therewith; (d) to release or substitute security; (e) to resort to
security in any order; (f) to prepare, execute, file, record or deliver notes, assignments, schedules,
designation statements, financing statements, continuation statements, termination statements, statements of assignment
applications for registration or like papers to perfect, preserve or release Bank's interest in the Collateral and Proceeds;
(g) to receive, open and read mail addressed to Debtor; (h) to take cash, instruments for the payment of money and other
property to which Bank is entitled; (i) to verify facts concerning the Collateral and Proceeds by inquiry of obligors
thereon, or otherwise, in its own name or a fictitious name; (j) to endorse, collect, deliver and receive payment under
instruments for the payment of money constituting or relating to Proceeds; (k) to prepare, adjust, execute, deliver and
receive payment under insurance claims, and to collect and receive payment of and endorse any instrument in payment of loss
or returned premiums or any other insurance refund or return, and to apply such amounts received by Bank, at Bank's sole
option, toward repayment of the Indebtedness or, where appropriate, replacement of the Collateral; (1) to exercise all
rights, powers and remedies which Debtor would have, but for this Agreement, with respect to all Collateral and Proceeds
subject hereto; (m) to enter onto Debtor's premises in inspecting the Collateral; (n) to make withdrawals from and to close
deposit accounts or other accounts with any financial institution, wherever located, into which Proceeds may have been
deposited, and to apply funds so withdrawn to payment of the Indebtedness; (o) to preserve or release the interest
evidenced by chattel paper to which Bank is entitled hereunder and to endorse and deliver any evidence of title incidental
thereto; and (p) to do all acts and things and execute all documents in the name of Debtor or otherwise, deemed by Bank as
necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights hereunder.

 

8.          PAYMENT
OF PREMIUMS, TAXES, CHARGES, LIENS AND ASSESSMENTS. Debtor agrees to pay, prior to delinquency, all insurance premiums, taxes,
charges, liens and assessments against the Collateral and Proceeds, and upon the failure of Debtor to do so, Bank at its option
may pay any of them and shall be the sole judge of the legality or validity thereof and the amount necessary to discharge the same.
Any such payments made by Bank shall be obligations of Debtor to Bank, due and payable immediately upon demand, together with interest
at a rate determined in accordance with the provisions of Section 15 hereof, and shall be secured by the Collateral and Proceeds,
subject to all terms and conditions of this Agreement.

 

9.          EVENTS OF DEFAULT. The occurrence of any of the following shall constitute an "Event of Default" under this Agreement:
(a) any default in the payment or performance of any obligation, or any defined event of default, under (i) any contract or instrument
evidencing any Indebtedness, or (ii) any other agreement between Debtor and Bank, including without limitation any loan agreement,
relating to or executed in connection with any Indebtedness; (b) any representation or warranty made by Debtor herein shall prove
to be incorrect, false or misleading in any material respect when made; (c) Debtor shall fail to observe or perform any obligation
or agreement contained herein; (d) any impairment of the rights of Bank in any Collateral or Proceeds, or any attachment or like
levy on any property of Debtor; and (e) Bank, in good faith, believes any or all of the Collateral and/or Proceeds to be in danger
of misuse, dissipation, commingling, loss, theft, damage or destruction, or otherwise in jeopardy or unsatisfactory in character
or value.

 

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10.
           REMEDIES. Upon the occurrence of any Event of Default, Bank shall
have the right to declare immediately due and payable all or any Indebtedness secured hereby and to terminate any commitments
to make loans or otherwise extend credit to Debtor Bank shall have all other rights, powers, privileges and remedies granted
to a secured party upon default under the Minnesota Uniform Commercial Code or otherwise provided by law, including without
limitation, the right (a) to contact all persons obligated to Debtor on any Collateral or Proceeds and to instruct such
persons to deliver all Collateral and/or Proceeds directly to Bank, and (b) to sell, lease, license or otherwise dispose of
any or all Collateral. All rights, powers, privileges and remedies of Bank shall be cumulative. No delay, failure or
discontinuance of Bank in exercising any right, power, privilege or remedy hereunder shall affect or operate as a waiver of
such right, power, privilege or remedy; nor shall any single or partial exercise of any such light, power, privilege or
remedy preclude, waive or otherwise affect any other or further exercise thereof or the exercise of any other right,
power, privilege or remedy. Any waiver, permit, consent or approval of any kind by Bank of any default hereunder, or any such
waiver of any provisions or conditions hereof, must be in writing and shall be effective only to the extent set forth in
writing. It is agreed that public or private sales or other disposition, for cash or on credit, to a wholesaler or retailer or
investor, or user of property of the types subject to this Agreement, or public auctions, are all commercially reasonable
since differences in the prices generally realized in the different kinds of dispositions are ordinarily offset by the
differences in the costs and credit risks of such dispositions. While an Event of Default exists: (a) Debtor will deliver to
Bank from time to time, as requested by Bank, current lists of all Collateral and Proceeds; (b) Debtor will not dispose of
any Collateral or Proceeds except on terms approved by Bank; (c) at Bank's request, Debtor will assemble and deliver all
Collateral and Proceeds, and books and records pertaining thereto, to Bank at a reasonably convenient place designated by
Bank; and (d) Bank may, without notice to Debtor, enter onto Debtor's premises and take possession of the Collateral. With
respect to any sale or other disposition by Bank of any Collateral subject to this Agreement, Debtor hereby expressly grants
to Bank the right to sell such Collateral using any or all of Debtor's intellectual property licenses, trademarks, trade
names, trade name rights and/or proprietary labels or marks. Debtor further agrees that Bank shall have no obligation to
process or prepare any Collateral for sale or other disposition.

 

11.           
DISPOSITION OF COLLATERAL AND PROCEEDS; TRANSFER OF INDEBTEDNESS. In disposing of Collateral hereunder, Bank may disclaim all warranties
of title, possession, quiet enjoyment and the like. Any proceeds of any disposition of any Collateral or Proceeds, or any part
thereof, may be applied by Bank to the payment of expenses incurred by Bank in connection with the foregoing, including reasonable
attorneys' fees, and the balance of such proceeds may be applied by Bank toward the payment of the Indebtedness in such order of
application as Bank may from time to time elect. Upon the transfer of all or any part of the Indebtedness, Bank may transfer all
or any part of the Collateral or Proceeds and shall be fully discharged thereafter from all liability and responsibility with respect
to any of the foregoing so transferred, and the transferee shall be vested with all rights and powers of Bank hereunder with respect
to any of the foregoing so transferred; but with respect to any Collateral or Proceeds not so transferred, Bank shall retain all
rights, powers, privileges and remedies herein given.

 

12.
           STATUTE OF LIMITATIONS. Until all Indebtedness shall have been
paid in  full and all commitments by Bank to extend credit to Debtor have been terminated, the power of sale or other
disposition and all other lights, powers, privileges and remedies granted to Bank hereunder shall continue to exist and may
be exercised by Bank at any time and from time to time irrespective of the fact that the Indebtedness or any part thereof may
have become barred by any statute of limitations, or that the personal liability of Debtor may have ceased, unless such
liability shall have ceased due to the payment in full of all Indebtedness secured hereunder.

 

13.           
MISCELLANEOUS. When there is more than one Debtor named herein: (a) the word "Debtor" shall mean all or any one or more
of them as the context requires; (b) the obligations of each Debtor hereunder are joint and several; and (c) until all Indebtedness
shall have been paid in full, no Debtor' shall have any right of subrogation or contribution, and each Debtor hereby waives any
benefit of or right to participate in any of the Collateral or Proceeds or any other security now or hereafter held by Bank. Debtor
hereby waives any right to require Bank to (i) proceed against Debtor or any other person, (ii) marshal assets or proceed against
or exhaust any security from Debtor or any other person, (iii) perform any obligation of Debtor with respect to any Collateral
or Proceeds, and (d) make any presentment or demand, or give any notice of nonpayment or nonperformance, protest, notice of protest
or notice of dishonor hereunder or in connection with any Collateral or Proceeds. Debtor further waives any right to direct the
application of payments or security for any Indebtedness of Debtor or indebtedness of customers of Debtor.

 

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14.         NOTICES.
All notices, requests and demands required under this Agreement must be in writing, addressed to Bank at the address
specified in any other loan documents entered into between Debtor and Bank and to Debtor at the address of its chief
executive office (or principal residence, if applicable) specified below or to such other address as any party may designate
by written notice to each other party, and shall be deemed to have been given or made as follows: (a) if personally
delivered, upon delivery; (b) if sent by mail, upon  the earlier of the date of receipt or three (3) days after deposit in
the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt.

 

15.         COSTS,
EXPENSES AND ATTORNEYS' FEES. Debtor shall pay to Bank immediately upon demand the full amount of all payments, advances, charges,
costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated costs of Bank's in-house
counsel), expended or incurred by Bank in connection with (a) the perfection and preservation of the Collateral or Bank's interest
therein, and (b) the realization, enforcement and exercise of any right, power, privilege or remedy conferred by this Agreement
whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing
incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter
or motion brought by Bank or any other person) relating to Debtor or in any way affecting any of the Collateral or Bank's ability
to exercise any of its rights or remedies with respect thereto. All of the foregoing shall be paid by Debtor with interest from
the date of demand until paid in full at a rate per annum equal to the greater often percent (10%) or Bank's Prime Rate in effect
from time to time, but not in excess of the maximum rate permitted under applicable Minnesota law.

 

16.          SUCCESSORS;
ASSIGNS; AMENDMENT. This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal
representatives, successors and assigns of the parties, and may be amended or modified only in writing signed by Bank and Debtor.

 

17.          AMENDMENT
AND RESTATEMENT OF EXISTING SECURITY AGREEMENT. This Agreement completely amends, restates and replaces that certain
Commercial Security Agreement entered into as of July 9, 2008 by and between the Debtor and the Bank, which is no longer of
any force or effect.

 

18.           SEVERABILITY
OF PROVISIONS. If any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or any remaining provisions of this Agreement.

 

19.           GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota.

 

Debtor warrants that Debtor is
an organization registered under the laws of the State of Delaware.

 

Debtor warrants that its chief executive
office (or principal residence, if applicable) is located at the following address: 14000 Carlson Parkway Plymouth, MN 55441.

 

Debtor warrants that the Collateral (except
goods in transit) is located or domiciled at the addresses set forth in attached Exhibit A.

 

[The remainder of this page has been intentionally
left blank]

 

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IN WITNESS WHEREOF, this Agreement
has been duly executed as of August 31,2010

 

 

	/s/ James A.Beukelman	 
	James A.Beukelman,	 
	Chief Financial Officer	 

 

[Signature Page to Security
Agreement

in favor of Wells Fargo Bank, National Association]Exhibit
10.13

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (the “Agreement”) is made and entered into as of the ___ day of ____________, 2012 by and between
Tile Shop Holdings, Inc., a Delaware corporation (the “Company”), and _____________ (“Indemnitee”).

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors, officer, or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against risks of claims and actions against
them arising out of their service to and activities on behalf of the corporation;

 

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. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At
the same time, directors, officers, and other persons in service to 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. The Certificate of Incorporation of the Company provides that the
Company shall indemnify and advance expenses to all directors and officers of the Company in the manner set forth therein and to
the fullest extent permitted by applicable law. The Certificate of Incorporation of the Company further provides that for the limitation
of liability for directors. In addition, Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Delaware (“DGCL”). The Certificate of Incorporation 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;

 

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, 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 indemnified;

 

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

 

    	 

    	 

    

 

WHEREAS, Indemnitee
does not regard the protection available under the Company's Certificate of Incorporation and insurance as adequate in the present
circumstances, and may not be willing to serve as an officer, director, or in other capacities 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 he or she be so indemnified; and

 

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

 

1.           Service
by Indemnitee. Indemnitee shall serve or continue to serve as a director or officer of the Company faithfully and to the best
of Indemnitee’s ability so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation
or is removed.

 

2.           Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a)          Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section 2(a) if, by reason of his or her Corporate Status (as hereinafter defined), Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of
the Company. Pursuant to this Section 2(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined)
and Liabilities (as hereinafter defined) 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 with respect to any criminal Proceeding, had no reasonable
cause to believe Indemnitee’s conduct was unlawful.

 

(b)          Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
2(b) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in
any Proceeding brought by or in the right of the Company. Pursuant to this Section 2(b), Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding
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; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect
of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless
and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.

 

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(c)          Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, he or she shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against
all Expenses actually and reasonably incurred by him or her or on his or her behalf 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 indemnify Indemnitee against all Expenses actually and reasonably incurred
by him or her or on his or her behalf in connection with each successfully resolved claim, issue, or matter. For purposes of this
Section 2(c) 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.

 

3.           Contribution.

 

(a)          Whether
or not the indemnification provided in Sections 2 hereof is available, in respect of any threatened, pending or completed
action, suit, or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit
or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right
of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement
provides for a full and final release of all claims asserted against Indemnitee.

 

(b)          Without
diminishing or impairing the obligations of the Company set forth in Section 3(a), if, for any reason, Indemnitee shall
elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit
or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of Expenses and Liabilities actually and reasonably incurred and paid or payable by
Indemnitee in proportion to the relative benefits received by the Company and all officers, directors, or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the
one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further
adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee
who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee,
on the other hand, in connection with the transaction or events that resulted in such expenses, judgments, fines, or settlement
amounts, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of
the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined
by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage,
the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

 

    	3

    	 

    

 

(c)          The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)          To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for Liabilities and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement,
in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause
to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee
in connection with such event(s) and/or transaction(s).

 

4.           Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his or her Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee
is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or
her behalf in connection therewith.

 

5.           Notification
and Defense of Claim. As a condition precedent to Indemnitee’s right to be indemnified, Indemnitee must notify the Company
in writing as soon as practicable of any Proceeding involving such Indemnitee for which indemnity will or could be sought. With
respect to any Proceeding of which the Company is so notified, the Company will be entitled to participate therein at its own expense
and/or to assume the defense thereof at its own expense, with legal counsel reasonably acceptable to Indemnitee. After notice from
the Company to Indemnitee of its election so to assume such defense, the Company shall not be liable to Indemnitee for any legal
or other expense subsequently incurred by Indemnitee in connection with such action, suit, proceeding, or investigation, other
than as provided below in this Section 5. Indemnitee shall have the right to employ his or her own counsel in connection
with such action, suit, proceeding, or investigation, but the fees the expenses of such counsel incurred after notice from the
Company of its assumption of the defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel
by Indemnitee has been authorized by the Company, (ii) counsel to Indemnitee shall have reasonably concluded that there may
be a conflict of interest or position on any significant issue between the Company and Indemnitee in the conduct of the defense
of such Proceeding or (iii) the Company shall not in fact have employed counsel to assume the defense of such Proceeding,
in each of which cases the fees and expenses of counsel for Indemnitee, shall be at the expense of the Company, except as otherwise
expressly provided by this Agreement. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense
of any claim brought by or in the right of the Company or as to which counsel for Indemnitee shall have reasonably made the conclusion
provided for in Section 5(ii) above. The Company shall not be required to indemnify Indemnitee under this Agreement for
any amounts paid in settlement of any Proceeding effected without its written consent. The Company shall not settle any Proceeding
in any manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the
Company nor Indemnitee will unreasonably withhold or delay its consent to any proposed settlement.

 

    	4

    	 

    

 

6.           Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses actually and reasonably
incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within
thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances
from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on
behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be
indemnified against such Expenses. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and
without regard to Indemnitee’s ultimate entitlement to indemnification under other provisions of this Agreement. Any advances
and undertakings to repay pursuant to this Section 6 shall be unsecured and interest free.

 

7.           Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a)          To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The General Counsel of the Company shall, promptly upon receipt of such
a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing,
any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not
relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company.

 

(b)          Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 7(a) hereof, as soon as practicable
(but in any event not later than sixty (60) days) after final disposition of the relevant Proceeding, a determination with respect
to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred,
(A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested
Directors designated by majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there
are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel (as hereinafter defined)
in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have
occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.

 

    	5

    	 

    

 

(c)          If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 7(b)(ii) hereof,
such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of
the identity of the Independent Counsel so selected. If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 7(b)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent
Counsel shall be selected by the Company in which case the Company shall give written notice to Indemnitee advising him or her
of the identity of the Independent Counsel so selected. In any 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 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
13 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 a written objection is made and substantiated,
the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written
request for indemnification pursuant to Section 7(a) hereof and final disposition of the Proceeding, no Independent Counsel
shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State
of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by 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 court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 7(b) hereof. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to
Section 7(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section
7(c), regardless of the manner in which such Independent Counsel was selected or appointed. If it is so determined that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days of such determination.

 

(d)          In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its directors or independent legal 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.

 

(e)          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
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 7(e) are satisfied, it shall in any event be presumed that Indemnitee
has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence.

 

    	6

    	 

    

 

(f)          If
the person, persons or entity empowered or selected under Section 7 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within the sixty (60) day period referred to in Section 7(b), the requisite determination
of entitlement to indemnification shall 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 prohibition of such indemnification under
applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in
good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto.

 

(g)          Indemnitee
shall 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 Independent Counsel or member of the Board shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons, or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)          The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party
is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such
action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been
successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence.

 

(i)          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 he or she 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 his or her conduct was unlawful.

 

    	7

    	 

    

 

8.           Remedies
of Indemnitee.

 

(a)          In
the event that (i) a determination is made pursuant to Section 7 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 6 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 7(b) of this Agreement within the sixty (60)
day period referred to in Section 7(b), or (v) payment of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section
7 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in
any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence
such proceeding seeking an adjudication within one hundred and eighty (180) days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section 8(a). The Company shall not oppose Indemnitee’s right
to seek any such adjudication.

 

(b)          In
the event that a determination shall have been made pursuant to Section 7(b) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 8 shall be conducted in all respects as a
de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section
7(b).

 

(c)          If
a determination shall have been made pursuant to Section 7(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 8, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law, as such may be amended from time to time.

 

(d)          In
the event that Indemnitee, pursuant to this Section 8, seeks a judicial adjudication of his or her rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay on his or her behalf, in advance, any and all expenses of the types described
in the definition of Expenses in Section 13 of this Agreement actually and reasonably incurred by him or her in such judicial
adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of
expenses or insurance recovery.

 

(e)          The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 8 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company
is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all expenses of the types
described in the definition of Expenses in Section 13 of this Agreement and, if requested by Indemnitee, shall (within ten
(10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses
to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance
of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained
by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of
Expenses or insurance recovery, as the case may be.

 

    	8

    	 

    

 

(f)          Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

9.            Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)          The
rights of indemnification 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 Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders,
a resolution of directors of the Company, 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 action taken or omitted by such Indemnitee
in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether
by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation,
By-laws and 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)          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for any director, officer,
trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee, or agent of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise that 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 director, officer, trustee, general partner, managing member, fiduciary, board
of directors’ committee member, employee, or agent under such policy or policies. If, at the time of the receipt of a notice
of a claim pursuant to the terms hereof, the Company has directors' and officers' liability insurance in effect, the Company shall
give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

    	9

    	 

    

 

(c)          The
Company hereby acknowledges that Indemnitee has or may from time to time obtain certain rights to indemnification, advancement
of expenses and/or insurance provided by one or more third parties (collectively, the “Third-Party Indemnitors”).
The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any
obligation of the Third-Party Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by Indemnitee
and shall be liable for the full amount of all Expenses and Liabilities to the extent legally permitted and as required by the
terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement between the Company
and Indemnitee), without regard to any rights Indemnitee may have against the Third-Party Indemnitors, and (iii) that it irrevocably
waives, relinquishes and releases the Third-Party Indemnitors from any and all claims against the Third-Party Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by
the Third-Party Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from
the Company shall affect the foregoing and the Third-Party Indemnitors shall have a right of contribution and/or be subrogated
to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.

 

(d)          Except
as provided in Section 9(c) above, in the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Third-Party Indemnitors), 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)          Except
as provided in Section 9(c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement, or otherwise.

 

(f)          Except
as provided in Section 9(c) above, the Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who
is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board
of directors’ committee member, employee, or agent of any other corporation, partnership, joint venture, trust, employee
benefit plan or other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement
of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise.

 

10.         Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing
shall not affect the rights of Indemnitee or the Third-Party Indemnitors set forth in Section 9(c); or

 

(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 (as hereinafter defined) or similar provisions of state statutory law or common
law; or

 

    	10

    	 

    

 

(c)          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, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

11.         Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, trustee, general
partner, managing member, fiduciary, board of directors’ committee member, employee, or agent of another corporation, partnership,
joint venture, trust or other Enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding
(or any proceeding commenced under Section 8 hereof) by reason of his or her Corporate Status, whether or not he or she
is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided
under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

12.         Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with
respect to the subject matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements
with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement to and
in furtherance of the Certificate of Incorporation and By-Laws of the Company and applicable law, and shall not be deemed a substitute
therefore, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

13.         Definitions.
For purposes of this Agreement:

 

(a)          “Change
of Control” means any one of the follow circumstances occurring after the date hereof: (i) there shall have occurred
an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in
response to any similar item or any similar schedule or form) under the Exchange Act, regardless of whether the Company is then
subject to such reporting requirement; (ii) any “person” or “group” (as such terms are used in Section
13(d) and 14(d) of the Exchange Act) shall have become, without prior approval of the Company’s Board by approval of at least
two-thirds of the Continuing Directors, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), 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 (provided that, for the purpose of this Section 13(a)(ii), the term “person” shall exclude
(x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) 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); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than fifty-one percent (51%) if the combined voting power of the voting securities of the surviving entity outstanding immediately
after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing
body of such surviving entity; (iv) all or substantially all of the assets of the Company are sold or disposed of in a transaction
or series of related transactions; (v) the approval of the stockholders of the Company of a complete liquidation of the Company;
or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board.

 

    	11

    	 

    

 

(b)          “Continuing
Director” means (i) each director on the Board on the date hereof or (ii) any new director whose election 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 was approved.

 

(c)          “Corporate
Status” means the status of a person who is or was a director, officer, trustee, general partner, managing member, fiduciary,
board of directors’ committee member, employee, or agent of the Company or of any other corporation, partnership, joint venture,
trust, employee benefit plan or other Enterprise that such person is or was serving at the express written request of the Company.

 

(d)          “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(e)          “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

(f)          “Enterprise”
means the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan
or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, trustee,
general partner, managing member, fiduciary, board of directors’ committee member, employee, or agent.

 

(g)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(h)          “Expenses”
means all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or
expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery
in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as
bond, or other appeal bond or its equivalent. Expenses, however, shall not include any Liabilities.

 

    	12

    	 

    

 

(i)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred
to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating
to this Agreement or its engagement pursuant hereto.

 

(j)          “Liabilities”
means any losses or liabilities, including any judgments, fines, ERISA excise taxes and penalties, penalties and amounts paid in
settlement, arising out of or in connection with any Proceeding (including all interest, assessments, and other charges paid or
payable in connection with or in respect of any judgments, fines, ERISA excise taxes and penalties, penalties or amounts paid in
settlement).

 

(k)          “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved
as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or her or of any inaction
on his or her part while acting in his or her Corporate Status; in each case whether or not he or she is acting or serving in any
such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement;
including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section
8 of this Agreement to enforce his or her rights under this Agreement.

 

14.         Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision
shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.         Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.         Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

    	13

    	 

    

 

17.         Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with
a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:

 

(a)          To
Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)          To
the Company at:

 

14000 Carlson
Parkway

Plymouth, Minnesota 55441

Attention: Chief Executive Officer

 

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

 

18.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

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

 

20.         Governing
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. The Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with
this Agreement shall be brought only in the Chancery Court of the State of Delaware (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, (ii) 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, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and
(iv) 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.

 

SIGNATURE PAGE TO
FOLLOW

 

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

 

	 	TILE SHOP HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

	 	INDEMNITEE
	 	 	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	15

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