Document:

Exhibit 10.15

 

FORM
OF

INDEMNIFICATION AGREEMENT

 

This INDEMNIFICATION
AGREEMENT (“Agreement”), dated as of September 13, 2019, is by and between Karat Packaging Inc., a Delaware
corporation (the “Company”) and [NAME OF DIRECTOR/OFFICER] (the “Indemnitee”).

 

WHEREAS, Indemnitee
is a director and/or an officer of the Company;

 

WHEREAS, both the Company
and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public
companies;

 

WHEREAS, the board
of directors of the Company (the “Board”) has determined that enhancing the ability of the Company to retain
and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore
should seek to assure such persons that indemnification and insurance coverage is available; and

 

WHEREAS, in recognition
of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
continued service as a director and/or an officer of the Company and to enhance Indemnitee’s ability to serve the Company
in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable
irrespective of, among other things, any amendment to the Company’s amended and restated certificate of incorporation or
bylaws (collectively, the “Constituent Documents”), any change in the composition of the Board or any change
in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the
indemnification of, and the advancement of Expenses (as defined in Section 1(f) below) to, Indemnitee as set forth in this Agreement
and to the extent insurance is maintained for the continued coverage of Indemnitee under the Company’s directors’ and
officers’ liability insurance policies.

 

NOW, THEREFORE, in
consideration of the foregoing and the Indemnitee’s agreement to continue to provide services to the Company, the parties
agree as follows:

 

1.           Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)          “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

(b)          “Change in Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i)          any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%)
or more of the Company’s then outstanding Voting Securities, unless the change in 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;

 

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(ii)         the
consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than fifty percent (50%) of the combined voting power of the outstanding Voting Securities of the entity resulting
from such transaction;

 

(iii)        during
any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the
beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination
for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved) cease for any reason to constitute at least a majority of the Board; or

 

(iv)        the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets.

 

(c)          “Claim”
means:

 

(i)          any
threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii)         any
inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding
or alternative dispute resolution mechanism.

 

(d)          “Delaware
Court” shall have the meaning ascribed to it in Section 9(e) below.

 

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

 

(f)          “Expenses”
means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses,
duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in,
any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including
without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond
or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree
that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance
with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being
reasonable shall be presumed conclusively to be reasonable.

 

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(g)          “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5 hereof.

 

(h)          “Indemnifiable
Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the
fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or
was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation,
limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”)
or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any
Loss is incurred for which indemnification can be provided under this Agreement).

 

(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
performs, nor in the past five (5) years has performed, services for either: (i) the Company or Indemnitee (other than in connection
with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party
to the Claim 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.

 

(j)          “Losses”
means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA
excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign
taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

 

(k)          “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(l)          “Standard
of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

(m)          “Voting
Securities” means any securities of the Company that vote generally in the election of directors.

 

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2.          Services
to the Company. Indemnitee agrees to continue to serve as a director and/or officer of the Company for so long as Indemnitee
is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This
Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee.
Indemnitee specifically acknowledges that his or her employment with and/or service to the Company or any of its subsidiaries or
Enterprise is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be
otherwise provided in any written employment agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprise),
other applicable formal severance policies duly adopted by the Board or, with respect to service as a director or officer of the
Company, by the Company’s Constituent Documents or Delaware law.

 

3.          Indemnification.
Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted
by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to
increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to
or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an
Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties,
and Claims in which the Indemnitee is solely a witness.

 

4.          Advancement
of Expenses. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by
final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred
by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee’s right to such advancement
is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within
thirty (30) days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on
behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee
for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation
or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. In connection
with any request for Expense Advances, Indemnitee shall execute and deliver to the Company an undertaking (which shall be accepted
without reference to Indemnitee’s ability to repay the Expense Advances) to repay any amounts paid, advanced, or reimbursed
by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim,
that Indemnitee is not entitled to indemnification hereunder. Indemnitee’s obligation to reimburse the Company for Expense
Advances shall be unsecured and no interest shall be charged thereon.

 

5.          Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against,
and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually
and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification
or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement
or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or
(b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company. However, in
the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case
may be, then all amounts advanced under this Section 5 shall be repaid.

 

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6.           Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion
of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

7.           Notification
and Defense of Claims.

 

(a)          Notification
of Claims. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable
Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available
to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder
shall not relieve the Company from any liability hereunder. If at the time of the receipt of such notice, the Company has directors’
and officers’ liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially
available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth
in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers,
and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially
concurrently with the delivery or receipt thereof by the Company.

 

(b)          Defense
of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its
own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with
counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense
of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently
directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation
or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses
related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s
own expense; provided, however, that if (i) Indemnitee’s employment of its own legal counsel has been authorized by the Company,
(ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense
of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent
Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall
be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of
any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

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8.           Procedure
upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit
to the Company a written request therefor, including in such request 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 following
the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the
provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the
Company determines Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9.           Determination
of Right to Indemnification.

 

(a)           Mandatory
Indemnification; Indemnification as a Witness.

 

(i)          To
the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable
Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice,
Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable
by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii)         To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as
a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest
extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(b)          Standard
of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event
that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct
under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such
Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”)
shall be made as follows:

 

(i)          if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which shall be delivered to Indemnitee; and

 

(ii)         if
a Change in Control shall have occurred, (A) 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 (B) otherwise, by Independent Counsel in a written opinion addressed to the
Board, a copy of which shall be delivered to Indemnitee.

 

The Company
shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance
to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the person
or persons making such Standard of Conduct Determination.

 

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(c)          Making
the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination
required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of
Conduct Determination under Section 9(b) shall not have made a determination within thirty (30) days after the later of (A) receipt
by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the
“Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by
Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day
period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person or persons making such
determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything
in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall
be required to be made prior to the final disposition of any Claim.

 

(d)          Payment
of Indemnification. If, in regard to any Losses:

 

(i)          Indemnitee
shall be entitled to indemnification pursuant to Section 9(a);

 

(ii)         no
Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

 

(iii)        Indemnitee
has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,
then the Company shall pay to Indemnitee, within thirty (30) days after the later of (A) the Notification Date or (B) the earliest
date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)          Selection
of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent
Counsel pursuant to Section 9.1(b)(i), the Independent Counsel shall be selected by the Board of Directors, and the Company shall
give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Standard of
Conduct Determination is to be made by Independent Counsel pursuant to Section 9.1(b)(ii), the 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. In either case, Indemnitee or the Company, as applicable, may, within ten (10) business days after receiving written
notice of selection from the other, deliver to the other 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 satisfy the criteria set forth in the definition
of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of
such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such
written objection is properly and timely made and substantiated, (i) the Independent Counsel so 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; and (ii) the
non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising
such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately
preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent
selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive
alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make
the Standard of Conduct Determination shall have been selected within sixty (60) days after the Company gives its initial notice
pursuant to the first sentence of this Section 9(e) or Indemnitee gives its initial notice pursuant to the second sentence of this
Section 9(e), as the case may be, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware
(“Delaware Court”) to resolve any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court or such other person
as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm
so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the
Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).

 

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(f)           Presumptions
and Defenses.

 

(i)          Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination
shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company
shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct
Determination that is adverse to Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the
Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct
may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment
of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

 

(ii)         Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee shall be deemed to have 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 if Indemnitee’s actions or omissions to act are taken in good
faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements
furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or
by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee
reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable
care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent
or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

 

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(iii)        No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that
Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is
otherwise not permitted.

 

(iv)        Defense
to Indemnification and Burden of Proof. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an
Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden
of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

(v)         Resolution
of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the
merits or otherwise for purposes of Section 9.1(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Claim relating to an Indemnifiable Event 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 our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise for purposes of Section 9.1(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10.          Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a)          indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i)          proceedings
referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made by
Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)         where
the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b)          indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law.

 

(c)          indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation
of Section 16(b) of the Exchange Act, or any similar successor statute.

 

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(d)          indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based
compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of
the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley
Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the
purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

11.         Settlement
of Claims. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened
or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not
be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification
of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle
any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee’s
prior written consent.

 

12.         Duration.
All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or
officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent
of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to
an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any
rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either
case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13.         Non-Exclusivity.
The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents,
the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity
Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification
under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that
any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under
this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.

 

14.         Liability
Insurance. For the duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for so
long as Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially
reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to
maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee
shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most
favorably insured of the Company’s directors, if Indemnitee is a director, or of the Company’s officers, if Indemnitee
is an officer (and not a director) by such policy. Upon request, the Company will provide to Indemnitee copies of all directors’
and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

 

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15.         No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect
of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other
Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16.         Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee. Indemnitee shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights.

 

17.         Amendments.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against
whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether
or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise
or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.         Binding
Effect. 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 and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. 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 substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

19.         Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof)
are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions
shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

    	 	11	 

     

    

 

20.         Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand, against receipt, by email, or mailed, by postage prepaid, certified or registered mail:

 

(a)          if
to Indemnitee, to the address set forth on the signature page hereto.

 

(b)          if
to the Company, to:

 

Karat Packaging Inc.

6185 Kimaball Avenue

Chino, CA 91708

Attention: Alan Yu, Chief Executive
Officer

Email: alan.yu@karatpackaging.com

 

Notice of change of
address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed
to have been received on the date of hand delivery or on the third business day after mailing.

 

21.         Governing
Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. 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,
(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) to the extent such party is not otherwise subject to service of process in the State
of Delaware, consent to service of process by delivery thereof in accordance with Section 20 hereof, which will have the same legal
force and validity as if served upon such party personally within the State of Delaware, and (d) waive, and agree not to plead
or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has
been brought in an improper or inconvenient forum.

 

22.         Headings.
The headings of the sections and 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 or interpretation thereof.

 

23.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall for all purposes be deemed to be an original, but
all of which together shall constitute one and the same Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

 

	 	KARAT PACKAGING INC.:

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	INDEMNITEE:

 

	 	 
	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	 

 

	 	Email:	 

 

    	 	13Exhibit 10.1

LEASE

 

THIS
AGREEMENT between Neil Silvarole, 85 Silvarole Drive, Rochester, NY 14623, as Landlord and SkyWolf Wind Turbines Corporation,156
Court Street, Geneseo, NY 14454, as Tenant.

 

WITNESSETH:
The landlord hereby leases to the Tenant the landlord's property located at 2979 Lakeville Road, Avon, NY 14414 for the term of
years to commence on the 1st day of September 2019 and to end on the 31st day ofAugust2021. to be used and occupied for any lawful
purpose upon the conditions and covenants following:

 

1st.Tenant
shall pay to landlord throughout the term of the lease Term a fixed base rental of Four Thousand Five Hundred Dollars ($4,500.00)
per month in advance on the First day of each and every month during the term aforesaid. Tenant shall pay a four (4%) percent late
payment penalty for any payment received by landlord more than ten (10) days after the due date for said payment. landlord and
Tenant agree that the rental fee for the first month of occupancy (September 2019) shall be waived.

 

2nd.The
Tenant will deposit with the landlord the sum of $4,500.00 as security for the full and faithful performance by the Tenant of all
the terms, covenants and conditions of this lease upon the Tenant's part to be performed, which said sum shall be returned to the
Tenant after the time fixed as the expiration of the term herein, provided the Tenant has fully and faithfully carried out all
of said terms, covenants and conditions on Tenant's part to be performed. In the event of a bona fide sale, subject to this lease,
the landlord shall have the right to transfer the security to the vendee for the benefit of the Tenant and the landlord shall be
considered released by the Tenant from all liability for the return of such security; and the Tenant agrees to look to the new
landlord solely for the return of the said security, and it is agreed that this shall apply to every transfer or assignment made
of the security to a new landlord. The security deposited under this lease shall not be mortgaged, assigned or encumbered by the
Tenant without the written consent of the Landlord.

 

3rd.
Tenant shall, provided the lease is in full force and effect and Tenant is not in default under any of the terms and conditions
of the lease at the time of notification or commencement, have one (1) option to extend this Lease for a term and rental amount
to be agreed upon by both the Tenant and Landlord.

 

If
Tenant elects to exercise said option, then Tenant shall provide landlord with written notice no later than three (3) months prior
to the expiration of the term of this lease. If Tenant fails to provide such notice, Tenant shall have no further or additional
right to extend or renew the term of this lease. This option is not transferable; the aforesaid option to extend this lease shall
be "personal" to Tenant as set forth above.

 

4th.
Tenant shall have the exclusive right and option to purchase the landlord's property located at 2979 Lakeville Road, Avon,
NY 14414 during the term of this lease for the price of One Million Two Hundred Thousand Dollars {$1,200,000.00}. Tenant may exercise
this option throughout the term of this Lease and any extension or renewal hereof, provided that it must be exercised no later
than 90 days prior to the expiration of this lease.

 

5th.
The Tenant also agrees that on and after 90 days preceding the expiration of this lease to permit the landlord or the landlord's
agents to ·show the Premises to persons wishing to purchase the same, and that the landlord, or the landlord's agents shall
have the right to place notices on the Premises offering the Premises "To let" or "For Sale", and the Tenant
hereby agrees to permit the same to remain thereon without hindrance or molestation.

 

     

     

    

 

6th.That
the Tenant, its successors, heirs, executors or administrators shall not assign this agreement, or underlet or underlease the Premises,
or any part thereof, or make any structural alterations or significant improvements to the Premises, without the landlord's consent
in writing; or occupy, or permit or suffer the same to be occupied for any business or purpose deemed disreputable or extra-hazardous
on account of fire, under the penalty of damages and forfeiture, and in the event of a breach thereof. the term herein shall immediately
cease and terminate at the option of the landlord as if it were the expiration of the original term.

 

7th.That
the Tenant's intended use of the building shall include Manufacturing. Welding, Assembly, Warehousing and Office activities, which
are permitted provided that the Tenant shall perform and abide by all of the other covenants and agreements hereunder.

 

8th.
The Tenant agrees that the Landlord and the Landlord's agents and other representatives shall have the right to enter
into and upon the Premises, or any part thereof, at reasonable times and upon reasonable notice1except in the case of emergency,
for the purpose of examining the same, or making such repairs or alterations therein as may be necessary for the safety and preservation
thereof.

 

9th.
(a)Tenant shall be responsible for the payment of any utilities, service contracts and costs for routine maintenance
and upkeep including, but not limited to light bulb and furnace filter replacements; interior cleaning supplies and services;
refuse collection; lawn and landscaping maintenance; snow removal; electricity, gas, propane and/or fuel oil; telephone, cable,
satellite, internet and security services; water and sewer/septic system serving the rented premises.

 

(b)       Landlord
shall submit to Tenant and Tenant shall pay to Landlord within ten (10) days thereof, all bills, invoices and premium notices for
any expense incurred in connection with the Premises for which Tenant is responsible. Should Tenant fail to timely pay said expense,
landlord may, but is not required to, pay said expense and Landlord's payment thereof shall not be considered a waiver or release
of any right or remedy available to landlord against Tenant. These payments by landlord together with interest thereon at the rate
of six {6%) percent per year from the date of such payment shall constitute additional rent hereunder which Tenant shall pay to
Landlord on demand.

 

(c)       Throughout
the term of this Lease, Tenant shall, at its sole cost and expense, provide and keep in full force and effect general public liability,
personal injury, property damages, and hoist insurance, insuring the Premises and Landlord and Tenant against loss, damage, claim
or suit by reason of any personal injuries, death and property damages, such insurance to provide minimum protection of not less
than One Million ($1,000,000) Dollars for injury or death to any one (1) person, and not less than Two Million ($2,000,000) Dollars
for injury or death to two (2) or more persons in the same accident, and not less than One Million {$1,000,000) Dollars for damage
to property.

 

(d)       The
Tenant does hereby indemnify and hold harmless the Landlord from any and all damages and liability for anything and everything
whatsoever arising from, during or out of the occupancy or use of the Premises by or under Tenant, its agents, servants1 guests
or others and from any loss or damage arising from any fault or negligence of Tenant or any failure on Tenant's part to comply
with the covenants, terms and conditions herein contained. Said damages shall include payment of reasonable attorney fees incurred
by Landlord.

 

     

     

    

 

10th.
Damage and injury to the Premises, caused by the carelessness, negligence or improper conduct on the part of the said
Tenant or the Tenant's agents or employees shall be repaired as speedily as possible by the Tenant at the Tenant's own cost and
expense.

 

11th.
That the Landlord is exempt from any and all liability for any damage or injury to person or property caused by or resulting
from steam, electricity, gas, water, rain, ice or snow, or any leak or flow from or into any part of the Premises or from any
damage or injury resulting or arising from any other cause or happening whatsoever unless said damage or injury be caused by or
be due to the negligence of the Landlord.

 

12th.
That the Tenant shall neither encumber nor obstruct the sidewalk in front of, entrance to, or halls and stairs of the
Premises, nor allow the same to be constructed or encumbered in any manner.

 

13th.
That the Tenant will not nor will the Tenant permit undertenants or other persons to do anything in the Premises, or bring
anything into the Premises, or permit anything to be brought into the Premises or to be kept therein, which will in any way increase
the rate of fire insurance on the Premises, nor use the Premises or any part thereof, nor suffer or permit their use for any business
or purpose which would cause an increase In the rate of fire insurance on the Premises, and the Tenant agrees to pay on demand
any such increase.

 

14th.
That the Tenant shall promptly execute and comply with all statutes, ordinances, rules, orders, regulations and requirements
of the Federal, State and Local Governments and of any and all their Departments and Bureaus applicable to the Tenant's use of
the Premises, for the correction, prevention, and abatement of nuisances or other grievances, in, upon, or connected with the
Premises during said term; and shall also promptly comply with and execute all rules, orders and regulations of the New York Board
of Fire Underwriters, or any other similar body, at the Tenant's own cost and expense.

 

15th.
The Tenant during the term of this Lease shall not dispose of any hazardous materials or hazardous substances, as such
may be defined by Federal, State and/or Local laws, ordinances or regulations in such a manner that any Federal, State and/or
Local law, ordinance or regulation is violated. If in the event the Tenant does violate any Federal, State and/or Local law or
ordinance dealing with hazardous substances and hazardous wastes, the Tenant shall immediately take all steps, at the Tenant's
own expense, necessary to remove the hazardous substances and/or wastes from, in or on the Premises so that any hazardous substance
or waste law are no longer being violated. If in the event the Tenant shall dispose or cause hazardous wastes or substances to
be disposed of on the Premises, the Tenant will indemnify1 defend, and hold the landlord harmless and the landlord's successor
and assigns, and their respective officers, directors, employees, agents, representatives contractors and subcontractor harmless
from and against all claims, suits, actions, proceedings, damages, expenses, losses and costs of every kind, nature and description
arising out of, or relating to, or resulting from said disposal. This indemnification shall survive termination of this Lease.

 

16th.
The Tenant shall neither place, or cause or allow to be placed, any signs of any kind whatsoever in addition to the previously
approved 4' x 8' SkyWolf sign, in or about the entrance to Premises or any other part of same, except in or at such places as
may be consented to by the Landlord in writing. Should the Landlord or the landlord's representatives deem it necessary to remove
any such sign or signs in order to paint or make any other repairs, alterations or improvements in or upon the Premises or building
or any part thereof wherein same is situated, the Landlord shall have the right to do so, providing the same be removed and replaced
at Landlord's expense, whenever the said repairs, etc. shall be completed.

 

17th.
The failure of the Landlord to insist upon a strict performance of any of the terms, conditions and covenants herein,
shall not be deemed a waiver of any rights or remedies that the Landlord may have, and shall not be deemed a waiver of any subsequent
breach or default in the terms, conditions and covenants herein contained. This instrument may not be changed, modified, discharged
or terminated orally.

 

18th.
Tenant must give Landlord prompt notice of fire, accident, damage or dangerous or defective condition. If the Premises
cannot be used because of fire or other casualty, Tenant is not required to pay rent for the time the Premises are unusable. If
part of the Premises cannot be used, Tenant must pay rent for the usable part. landlord need only repair the damaged structural
parts of the Premises. landlord is not required to repair or replace any equipment, fixtures, furnishings or decorations unless
originally installed by landlord. Landlord is not responsible for delays due to settling insurance claims, obtaining estimates,
labor and supply problems or any other cause not fully under Landlord's control. If the fire or other casualty is caused by an
act or neglect of Tenant, Tenant's employees or invitees, then all repairs will be made at Tenant's expense and Tenant must pay
the full rent with no adjustment. The cost of the repairs will be added rent.

 

Landlord
has the right to demolish or rebuild the Building if there is substantial damage by fire or other casualty. Landlord may cancel
this lease within 30 days after the substantial fire or casualty by giving Tenant notice of Landlord's intention to demolish or
rebuild. The Lease will end 30 days after Landlord's cancellation notice to Tenant. Tenant must deliver the Premises to landlord
on or before the cancellation date in the notice and pay all rent due to the date of the fire or casualty. If the Lease is cancelled}
Landlord is not required to repair the Premises or Building. The cancellation does not release Tenant of liability in connection
with the fire or casualty. This section is not intended to replace the terms of New York Real Property Law Section 227.

 

19th.
That if the Premises, or any part thereof shall be deserted or become vacant during said term, or if any default be made
in the payment of the said rent or any part thereof1 or if any default be made in the performance of any of the covenants herein
contained, the Landlord or representatives may re-enter the Premises by summary proceedings or otherwise, and remove all persons
therefrom, without being liable to prosecution therefor, and the Tenant hereby expressly waives the service of any notice in writing
of intention to re-enter, and the Tenant shall pay at the same time as the rent becomes payable under the terms hereof a sum equivalent
to the rent reserved herein, and the landlord may rent the Premises on behalf of the Tenant reserving the right to rent the Premises
for a longer period of time than fixed in the original lease without releasing the original Tenant from any liability1 applying
any moneys collected, first to the expense of resuming or obtaining possession, second to restoring the Premises to a rentable
condition, and then to the payment of the rent and all other charges due and to grow due to the Landlord, any surplus to be paid
to the Tenant, who shall remain liable for any deficiency.

 

     

     

    

 

20th.
It is expressly understood and agreed that in case the Premises shall be deserted or vacated, or if default be made in
the payment of the rent or any part thereof as herein specified, or if, without the consent of the Landlord, the Tenant shall
sell, assign, or mortgage this Lease or if default be made in the performance of any of the covenants and agreements ln this Lease
contained on the part of the Tenant to be kept and performed, or if the Tenant shall fall to comply with any of the statutes,
ordinances/ rules, orders, regulations and requirements of the Federal, State and local Governments or of any and all their Departments
and Bureaus, applicable to the Premises, or if the Tenant shall file or there be filed against Tenant a petition in bankruptcy
or arrangement, or Tenant be adjudicated a bankrupt or made an assignment for the benefit of creditors or take advantage of any
insolvency act, the Landlord may, if the landlord so elects, at any time thereafter terminate this Lease and the term hereof,
on giving to the Tenant five days' notice in writing of the Landlord's intention so to do, and this lease and the term thereof
shall expire and come to an end on the date fixed in such notice as if the said date were the date originally fixed in this Lease
for the expiration hereof. Such notice may be given by mail to the Tenant addressed to the premises.

 

21st
If the whole or any part of the Premises shall be acquired or condemned by Eminent Domain for any public or quasi-public
use or purpose, then and in that event, the term of this lease shall cease and terminate from the date of title vesting in such
proceeding and Tenant shall have no claim against landlord for the value of any unexpired term of said lease. No part of any award
shall belong to the Tenant.

 

22nd.
If after default in payment of rent or violation of any other provision of this lease, or upon the expiration of this lease, the
Tenant moves out or is dispossessed and fails to remove any trade fixtures or other property prior to such said default, removal,
expiration of lease, or prior to the issuance of the final order or execution of the warrant, then and in that event, the said
fixtures and property shall be deemed abandoned by the said Tenant and shall become the property of the landlord.

 

23rd.
That if default be made in any of the covenants herein contained, then it shall be lawful for the said Landlord to re-enter
the Premises, and the same to have again, repossess and enjoy. The said Tenant hereby expressly waives the service of any notice
in writing of intention to re-enter.

 

24th.
In the event that the relation of the landlord and Tenant may cease or terminate by reason of the re-entry of the landlord
under the terms and covenants contained in this lease or by the ejectment of the Tenant by summary proceedings or otherwise, or
after the abandonment of the Premises by the Tenant; it is hereby agreed that the Tenant shall remain liable and shall pay in
monthly payments the rent which accrues subsequent to the re-entry by the Landlord, and the Tenant expressly agrees to pay as
damages for the breach of the covenants herein contained, the difference between the rent reserved and the rent collected and
received, if any, by the landlord during the remainder of the unexpired term, such difference or deficiency between the rent herein
reserved and the rent collected if any, shall become due and payable in monthly payments during the remainder of the unexpired
term, as the amounts of such difference or deficiency shall from time to time be ascertained; and it is mutually agreed between
landlord and Tenant that the respective parties hereto shall and hereby do waive trial by jury in any action, proceeding or counterclaim
brought by either of the parties against the other on any matters whatsoever arising out of or in any way connected with this
Lease, the Tenant's use or occupancy of Premises, and/or any claim of injury or damage.

 

     

     

    

 

25th.
The Tenant waives all rights to redeem under any law of the State of New York.

 

26th.
This lease and the obligation of Tenant to pay rent hereunder and perform all of the other covenants and agreements hereunder
on part of Tenant to be performed shall in nowise be affected, impaired or excused because Landlord is unable to supply or is
delayed in supplying any service expressly or impliedly to be supplied or is unable to make, or ls delayed in making any repairs,
additions, alterations or decorations or is unable to supply or is delayed in supplying any equipment or fixtures if landlord
is prevented or delayed from so doing by reason of governmental preemption in connection with a National Emergency or in connection
with any rule, order or regulation of any department or subdivision thereof of any governmental agency or by reason of the condition
of supply and demand which have been or are affected by war or other emergency.

 

27th.
No diminution or abatement of rent, or other compensation, shall be claimed or allowed for inconvenience or discomfort
arising from the making of repairs or improvements to the Premises or to its appliances, nor for any space taken to comply with
any law, ordinance or order of a governmental authority. In respect to the various "services", if any, herein expressly
or impliedly agreed to be furnished by the landlord to the Tenant, it is agreed that there shall be no diminution or abatement
of the rent, or any other compensation, for interruption or curtailment of such "service" when such interruption or
curtailment shall be due to accident, alterations or repairs desirable or necessary to be made or to the inability or difficulty
in securing supplies or labor for the maintenance of such "service" or to some other cause, not gross negligence on
the part of the landlord. No such interruption or curtailment of any such "service" shall be deemed a constructive eviction.
The Landlord shall not be required to furnish, and the Tenant shall not be entitled to receive, any such "services"
during any period wherein the Tenant shall be in default in respect to the payment of rent. There shall be no abatement nor diminution
of rent because of making of repairs, improvements or decorations to the Premises after the date above fixed fur the commencement
of the term, it being understood that rent shall, in any event, commence to run at such date so above fixed.

 

28th.
That this instrument shall not be a lien against the Premises in respect to any mortgages that are now on or that hereafter
may be placed against the Premises, and that the recording of such mortgage or mortgages shall have preference and precedence
and be superior and prior in lien to this lease, irrespective of the date of recording and the Tenant agrees to execute, without
cost, any such instrument which may be deemed necessary or desirable to further effect the subordination of this lease to any
such mortgage or mortgages, and a refusal to execute such instrument shall entitle the landlord, or the Landlord's assigns and
legal representatives to the option of canceling this lease without incurring any expense or damage and the term hereby granted
is expressly limited accordingly.

 

29th.
The losing party shall be responsible for any fees or costs, including reasonable attorney fees, incurred by the prevailing
party in enforcing any of its rights under this Lease.

 

And
the said landlord doth covenant that the said Tenant on paying the said yearly rent, and performing the covenants aforesaid, shall
and may peacefully and quietly have, hold and enjoy the Premises for the term aforesaid, provided however, that this covenant shall
be conditioned upon the retention of title to the Premises by the landlord.

 

And
it is mutually understood and agreed that the covenants and agreements contained in the within Lease shall be binding upon the
parties hereto and upon their respective successors, heirs, executors and administrators.

 

     

     

    

 

IN WITNESS WHEREOF, each party has caused this lease to be executed
as of the date set forth above.

 

 

	
        ATTEST: LANDLORD – NEIL SILVAROLE

         

        By: /s/ Neil Silvarole

         

        Name: Neil Silvarole

        Title: Owner

         
	
        ATTEST: TENANT – SKYWOLF WIND TURBINE CORP.

         

        By: /s/ Gerald Brock

         

        Name: Gerald Brock

        Title: President

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