Document:

Exhibit 10.15

Exhibit 10.15

SEVERANCE AND GENERAL RELEASE AGREEMENT

This Severance and General Release Agreement (“Agreement”) is made and entered into by and
between James A. Burk (“Employee”), an individual, and Youbet.com, Inc. (“Youbet”), upon the
following terms and conditions:

RECITALS

WHEREAS, Employee’s employment with Youbet will terminate on March 31, 2009 (the “Separation
Date”);

WHEREAS, Employee will be paid all current salary, all accrued vacation pay, and any benefits
Employee qualifies for under the terms of any group insurance benefit plan or tax-qualified
retirement plan through and concluding on the Separation Date;

WHEREAS, Employee’s rights and obligations under the July 9, 2007 Employment Agreement
(“Employment Agreement”) will end as of the Effective Date (as defined in Section 2 below) and
Employee as of the Effective Date waives and otherwise forfeits any and all rights under the
Employment Agreement;

WHEREAS, Youbet is willing to provide Employee with severance pay and certain other
consideration upon the terms and conditions set forth in this Agreement; and

WHEREAS, Employee has had the opportunity to consult with legal counsel before signing this
Agreement, has read this Agreement and understood its contents, and has signed this Agreement
voluntarily.

NOW, THEREFORE, in consideration of the mutual promises, consideration, covenants, and
conditions provided for in this Agreement, the adequacy and sufficiency of which are hereby
acknowledged, and intending to be legally bound, Youbet and Employee agree as follows:

COVENANTS

1. Recitals. The parties hereto acknowledge the truth and accuracy of the foregoing
recitals.

2. Effective Date. Once signed by both parties, this Agreement shall become binding
upon Youbet and Employee on the later to occur of (a) the date upon which this Agreement has been
signed by Youbet, or (b) eight (8) days after this Agreement has been signed by Employee (such
applicable date being referred to herein as the “Effective Date”).

 

 

 

3. Confidential Information. Employee shall return to Youbet, and shall not take,
copy, utilize or disclose, in any form or manner, confidential customer lists, operations manuals,
budgets and business plans, strategic plans, financial statements and other confidential
financial information concerning Youbet or its customers, and other confidential or proprietary
materials or information.

4. Payments
and Consideration. In consideration for Employee entering into this Agreement and
the release contained herein, Youbet agrees to the following:

A. To assist Employee in his transition to new employment and in consideration for the
promises contained in this Agreement, Youbet shall pay to Employee within ten (10) days after the
later of (i) the Effective Date and (ii) the Separation Date, a lump sum severance payment of One
Hundred and Eighty Thousand Dollars ($180,000.00), less appropriate deductions for federal and
state withholding and other applicable taxes and legally required deductions. Youbet further will
pay Employee’s monthly COBRA health, dental and vision insurance premiums for up to twelve (12)
months following the Separation Date, provided Employee timely and fully completes all COBRA
elections forms. Youbet’s obligation to make such COBRA payments shall cease immediately if
Employee becomes eligible for other health insurance benefits at the expense of a new employer or
otherwise becomes ineligible for COBRA coverage. Finally, as further consideration for the
promises contained in this Agreement, Youbet shall pay to Employee on the earlier of (i) the date
when Youbet executives are paid incentive bonuses and (ii) ten (10) days after the Separation Date,
but in no event prior to the Effective Date, a lump sum bonus payment of One Hundred and Twenty
Thousand Dollars ($120,000.00), less appropriate deductions for federal and state withholding and
other applicable taxes and legally required deductions.

B. Nothing in this Agreement shall be deemed to terminate Youbet’s obligation to reimburse
Employee for all reasonable and documented business expenses incurred by him/her prior to the
Separation Date within 30 days after submission of a written expense report, provided that (a)
Youbet receives the same within 90 days after the Separation Date, and (b) such expenses were
incurred, and the request for reimbursement was submitted, in accordance with Youbet’s policies and
procedures, including attaching all receipts and customary documentation.

C. Subject only to Section 4.A. above, all other wages, compensation, bonuses, 401k
plan eligibility, insurances, club dues, expenses, automobile allowance, financial consulting,
severance and benefits will cease permanently on or before the Separation Date. The parties
acknowledge that no contract other than the Employment Agreement governed any terms and conditions
of Employee’s employment, and Employee hereby waives and otherwise forfeits any rights under the
Employment Agreement.

D. Employee acknowledges that the commitments provided to Employee under this Section 4 exceed
any compensation or benefits which he is otherwise entitled to receive on termination of Employee’s
employment.

E. Employee acknowledges that he shall be required to perform his job duties through and
including the Separation Date.

F.  Employee shall retain any and all rights which Employee has acquired under Youbet’s
Stock Option Plan, including the 150,000 options granted Employee therein and the right to exercise
the 37,500 vested options prior to 5:00 PM Pacific Time, June 29, 2009.

 

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5. Release. Except for the specific obligations set forth in Section 4A of this
Agreement, Employee, on behalf of himself/herself, his/her descendants, ancestors, dependents,
heirs, executors, administrators, assigns and successors, and each of them, hereby irrevocably and
unconditionally fully releases and discharges, Youbet, its subsidiaries and affiliates, past and
present, and each of them, as well as its and their respective partners, directors, officers,
members, agents, attorneys, insurers, employees, stockholders, representatives, ERISA plans,
current and former trustees and administrators of ERISA plans, assigns and successors, past and
present, and each of them (hereinafter collectively referred to as the “Releasees”), with respect
to and from any and all charges, complaints, claims, wages, demands, rights, liens, agreements,
contracts, covenants, actions, suits, causes of action, obligations, debts, costs, expenses,
attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law,
equity or otherwise, whether now known or unknown, suspected or unsuspected, which he/she now owns
or holds or he/she has at any time heretofore owned or held as against said Releasees, arising out
of or in any way connected with his/her employment relationship and the ending of that employment
relationship with Youbet, the Employment Agreement, or any other transactions, occurrences, acts or
omissions or any loss, damage or injury whatever, known or unknown, suspected or unsuspected,
resulting from any act or omission by or on the part of said Releasees, or any of them, committed
or omitted on or before the date of this Agreement including, without limitation, to the maximum
extent permitted by applicable law, any claim under Title VII of the Civil Rights Act of 1964, 42
U.S.C. § 2000(e), et. seq.; the Age Discrimination in Employment Act, 29 U.S.C. § 623, et. seq.
(“ADEA”); the Americans with Disabilities Act, 42 U.S.C. § 12101(e), et. seq.; the California Fair
Employment and Housing Act, California Government Code § 12940, et. seq. (which may include claims
for age, race, color, ancestry, national origin, disability, medical condition, marital status,
sexual orientation, gender, gender identity, religious creed, pregnancy, sex discrimination and
harassment); the Employment Retirement Income Security Act of 1974, 29 U.S.C. § 100, et. seq.; the
Worker Adjustment and Retraining Notification Act, 29 U.S.C § 2101, et. seq.; the Pregnancy
Discrimination Act, 42 U.S.C. § 2000e (k); the Family and Medical Leave Act (“FMLA”), the
California Family Rights Act (“CFRA”), the Fair Labor Standards Act (“FLSA”), the Equal Pay Act,
wage and hour law, any and all protections pursuant to any state’s Labor Code (to the extent
waivable), the United States and California Constitutions; and any other federal or state law,
severance pay, bonus, retention payment, sick leave, holiday pay, vacation pay, paid time off, life
insurance, health or medical insurance or any other employee or fringe benefit, breach of contract,
breach of the implied covenant of fair dealing, defamation, slander, workers’ compensation,
disability, personal injury, negligence, discrimination, harassment, retaliation, negligent or
intentional infliction of emotional distress, fraud, misrepresentation or invasion of privacy;
provided, however, that nothing contained herein shall affect Employee’s rights under Youbet’s
Stock Option Plan and the 150,000 options granted to Employee thereunder (including, without
limitation, the right to exercise the 37,500 vested options
prior to 5:00 p.m. Pacific time, June 29, 2009) and nothing contained herein shall affect
claims that cannot be waived under applicable law. Employee further agrees to waive irrevocably
the right to recover under any claim that may be filed by or with the Equal Employment Opportunity
Commission or any other federal, state or local government entity, relating to Employee’s
employment with Youbet or the ending of that employment, to the maximum extent permitted by
applicable law. This release does not cover any rights or claims that may arise after the date
this Agreement is signed.

 

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Neither this Agreement nor any term herein shall be deemed to be an admission by Youbet, or
shall be admissible in any proceeding as evidence, of any violation of any of Youbet’s policies or
procedures or any federal, state or local laws or regulations.

It is the intention of Employee in executing this Agreement that the foregoing general release
shall be effective as a bar to each and every claim, demand and cause of action specified
hereinabove, to the maximum extent permitted by applicable law. In furtherance of this intention,
Employee hereby expressly waives any and all rights and benefits conferred upon him/her by the
provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE, and expressly consents that this Agreement
shall be given full force and effect according to each and all of its express terms and provisions,
including those related to unknown and unsuspected claims, demands and causes of action, if any, as
well as those relating to any other claims, demands and causes of action hereinabove specified.
SECTION 1542 provides:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

Employee acknowledges that he/she may hereafter discover claims or facts in addition to or
different from those which Employee now knows or believes to exist with respect to the subject
matter of this Agreement and which, if known or suspected at the time of executing this Agreement,
may have materially affected the terms of this release. Nevertheless, Employee hereby waives any
right, claim or cause of action that might arise as a result of such different or additional claims
or facts. Employee acknowledges that he/she understands the significance and consequence of the
foregoing release and the specific waiver of SECTION 1542.

6.
Notice re: Waiver of Age Discrimination Claims.

A. Employee understands that this Agreement contains a full release of existing claims,
whether currently known or unknown, including age discrimination or other claims under the ADEA.
Employee has been and is hereby again advised to consult with an attorney prior to executing this
Agreement and, by executing this Agreement, acknowledges that he/she has been afforded at least
twenty-one (21) days to consider this Agreement and to decide whether to enter into this Agreement,
and in the event he/she should decide to execute this Agreement in fewer
than twenty-one (21) days, he/she has done so with the express understanding that he/she has
been given and declined the opportunity to consider this Agreement for a full twenty-one (21) days.

 

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B. Employee has the right to revoke this Agreement within seven (7) days of signing it. To
revoke this Agreement, Employee must send a written letter by certified mail to:

Youbet.com

5901 De Soto Avenue

Woodland Hills, CA 91367

Attention: Legal Department

The letter must be postmarked within seven (7) days of the date that Employee signs this
Agreement, and shall clearly indicate Employee’s intent to revoke.

7. No Lawsuits; Covenant Not to Sue. Employee represents that, prior to signing this
Agreement, he/she has not filed or pursued any complaints, charges or lawsuits of any kind with any
court, governmental or administrative agency or arbitrator against Youbet or its officers,
directors, agents or employees asserting any claims that are released in this Agreement. To the
extent permitted by law, at no time after the Effective Date will Employee file, maintain, or
execute upon, or cause or permit the filing or maintenance or execution upon, in any state, federal
or foreign court, or before any local, state, federal or foreign administrative agency, or any
other tribunal, any judgment, charge, claim or action of any kind, nature and character whatsoever,
known or unknown, which he/she may now have, has ever had, or may in the future have against
Releasees which is based in whole or in part on any matter covered by paragraph 5 above.

8. No Representations. Employee represents and agrees that no promises, statements or
inducements have been made to him/her which caused him/her to sign this Agreement, other than those
expressly set forth in this Agreement.

9. No Assignment. Employee warrants and represents that he/she has not heretofore
assigned to any person any released matter or any portion thereof, and shall defend, indemnify and
hold harmless Youbet from and against any claim (including the payment of attorneys’ fees and costs
actually incurred, whether or not litigation is commenced) based upon, in connection with or
arising out of any such assignment made, purported or claimed.

10. No Reinstatement. Employee agrees that he/she will not at any future time seek
employment or reemployment with Youbet or any of its subsidiaries for one year after the Separation
Date. Employee further agrees that Releasees shall not be liable for any damages now or in the
future because any Releasee refuses to employ Employee for any reason whatsoever.

 

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11. Non-Disparagement. Youbet and Employee acknowledge and agree that they have
mutual respect for one another. Accordingly, both parties agree as follows: Employee agrees not
to make any statements, orally or in writing, that are intended to disparage or harm the reputation
of Youbet, or any of its officers, directors, employees, or agents. Youbet agrees that none of its
officers, directors, employees or agents who have knowledge of this Agreement shall make any
statements, orally or in writing, that are intended to disparage or harm the reputation of
Employee. This prohibition shall not apply to intra-company communications with a legitimate
business purpose (including communications between Youbet and its Board members), or as expressly
authorized by law or lawful process.

12. Successors. This Agreement shall be binding upon Employee and upon his/her heirs,
administrators, representatives and executors, and shall inure to the benefit of the Releasees and
their respective heirs, administrators, representatives, executors, successors and assigns.

13. Integration. This Agreement constitutes the entire agreement and understanding
concerning Employee’s employment, his/her separation from the same and the other subject matters
addressed herein, and supersedes and replaces all prior negotiations and all agreements, proposed
or otherwise, whether written or oral, concerning the subject matter hereof.

14. Severability. If any provision of this Agreement or the application thereof to
any situation is held invalid, the invalidity shall not affect the other provisions or applications
of this Agreement which can be given effect without such invalid provisions or applications and, to
this end, the provisions of this Agreement are declared to be severable.

15. Waiver. No waiver of any breach of any term or provision of this Agreement shall
constitute a waiver of any other breach of this Agreement. No waiver shall be binding unless in
writing and signed by the party waiving the breach.

16. Amendments. This Agreement may be modified only by a written instrument signed by
the parties.

17. Governing Law. This Agreement will be governed by and construed in accordance
with the substantive laws of the State of California (i.e., without reference to its conflict of
law rules).

I have read the foregoing Agreement, I accept and agree to the provisions it contains, and I
hereby execute it knowingly and voluntarily with full understanding of its consequences. I declare
that the foregoing statement is true and correct.

 

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	 	/s/ James Burk	 	 	 	Date:	 	February 27	,	  2009
	 	 	 	 	 	 	 	 	 
	 

	 	James A. Burk	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Accepted and agreed to by:

YOUBET.COM, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By: 
	/s/ Michael Brodsky	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 
	 	Name: 
	Michael Brodsky	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 	Title:
	Chief Executive Officer	 	 	 	Date:	 	March 5	, 	  2009
	 

	 	 
	 	 	 	 	 	 	 	 

 

- 7 -Exhibit 10.16

Exhibit 10.16

YOUBET.COM, INC.

DIRECTOR INDEMNIFICATION AGREEMENT

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	1. Indemnity of Indemnitee
	 	 	2	 
	 
	 	 	 	 
	2. Contribution
	 	 	2	 
	 
	 	 	 	 
	3. Advancement of Expenses
	 	 	4	 
	 
	 	 	 	 
	4. Procedures and Presumptions for Determination of Entitlement to Indemnification
	 	 	4	 
	 
	 	 	 	 
	5. Remedies of Indemnitee
	 	 	7	 
	 
	 	 	 	 
	6. Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation
	 	 	8	 
	 
	 	 	 	 
	7. Exception to Right of Indemnification
	 	 	9	 
	 
	 	 	 	 
	8. Duration of Agreement
	 	 	9	 
	 
	 	 	 	 
	9. Security
	 	 	9	 
	 
	 	 	 	 
	10. Enforcement
	 	 	10	 
	 
	 	 	 	 
	11. Definitions
	 	 	10	 
	 
	 	 	 	 
	12. Severability
	 	 	11	 
	 
	 	 	 	 
	13. Modification and Waiver
	 	 	11	 
	 
	 	 	 	 
	14. Notice By Indemnitee
	 	 	11	 
	 
	 	 	 	 
	15. Notices
	 	 	12	 
	 
	 	 	 	 
	16. Counterparts
	 	 	12	 
	 
	 	 	 	 
	17. Headings
	 	 	12	 
	 
	 	 	 	 
	18. Governing Law and Consent to Jurisdiction
	 	 	12	 
	 
	 	 	 	 

 

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INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of [DATE]
between Youbet.com, Inc., a Delaware corporation (the “Company”), and [NAME] (“Indemnitee”).

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

WHEREAS, the Amended and Restated Bylaws of the Company (the “Bylaws”) require indemnification
of the directors and officers of the Company, and Indemnitee may also be entitled to
indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”);

WHEREAS, the Bylaws and the DGCL expressly provide that the indemnification provisions set
forth therein are not exclusive, and thereby contemplate that contracts may be entered into between
the Company and members of the Company’s board of directors (the “Board”), officers and other
persons with respect to indemnification;

WHEREAS, the Board has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance
to protect persons serving the Company and its subsidiaries from certain liabilities;

WHEREAS, 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 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; and

WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and 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;

 

 

 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as a director from and
after the date hereof, the parties hereto agree as follows:

1. 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 l(a) if, by
reason of his Corporate Status (as defined in Section 11 of this Agreement), the Indemnitee is, or
is threatened to be made, a party to or participant in any Proceeding (as defined in Section
11 of this Agreement) other than a Proceeding by or in the right of the Company. Pursuant to
this Section 1(a), Indemnitee shall be indemnified against all Expenses (as defined in
Section 11 of this Agreement), judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or
any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the
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 the 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 1(b) if, by reason of his Corporate
Status, the 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 1(b), Indemnitee shall
be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the
Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and
in a manner the 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.

(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 Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, he 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 on his 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 on his behalf in connection with each successfully resolved claim, issue or
matter. For purposes of this Section 1(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.

2. Contribution.

(a) Whether or not the indemnification provided in Section 1 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.

 

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(b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, 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 Proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company
shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all directors, officers, employees and agents of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which
such 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 directors, officers, employees and agents of the Company
other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that
resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable
considerations which the applicable law may require to be considered. The relative fault of the
Company and all directors, officers, employees and agents of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such 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.

(c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims
of contribution which may be brought by directors, officers, employees or agents 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 determined by a court of competent jurisdiction to be unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall
contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise
taxes, amounts paid or to be paid in settlement 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); provided, however, that such contribution shall not be required where such
determination by a court of competent jurisdiction is due to (i) the failure of Indemnitee to meet
the standard of conduct set forth in Section 1(a) of this Agreement, or (ii) any limitation on
indemnification set forth in Section 6 or Section 7 of this Agreement.

 

 - 3 - 

 

3. Advancement of Expenses. Notwithstanding any other provision of this Agreement,
the Company shall advance all Expenses 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. Any advances and undertakings to repay pursuant to this
Section 3 shall be unsecured and interest free.

4. 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 Secretary 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 4(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall
be made in the specific case by one of the following four methods, which shall be at the election
of the Board: (1) by a majority vote of the Disinterested Directors, even though less than a
quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the
Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested
Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the
Board, by the stockholders of the Company.

(c) If the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 4(b) hereof, the Independent Counsel shall be selected as
provided in this Section 4(c). The Independent Counsel shall be selected by the Board.
Indemnitee may, within 10 days after such written notice of selection shall have been given,
deliver to the Company 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 11 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

 

 - 4 - 

 

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 20 days after submission by Indemnitee of a
written request for indemnification pursuant to Section 4(a) hereof, the Board does not
select a method other than a determination by Independent Counsel and 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 for resolution of any objection which shall have been made by the
Indemnitee to the Company’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 4(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 4(b) hereof, and the Company shall
pay all reasonable fees and expenses incident to the procedures of this Section 4(c),
regardless of the manner in which such Independent Counsel was selected or appointed.

(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 Counsel) to have made a determination
prior to the commencement of any action pursuant to this Agreement that indemnification is proper
in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Company (including by the Disinterested Directors or Independent Counsel) that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has not met the applicable standard of conduct.

(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 defined in Section 11 of this
Agreement), 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, employee or agent 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 4(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 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.

(f) If the person, persons or entity empowered or selected under Section 4 to
determine whether Indemnitee is entitled to indemnification shall not have made a determination
within sixty (60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall 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
60-day period may be extended

 

 - 5 - 

 

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; and provided, further, that the foregoing provisions of this Section 4(f) shall
not apply if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 4(b) of this Agreement and if (A) within fifteen (15) days after
receipt by the Company of the request for such determination, the Board or the Disinterested
Directors, if appropriate, resolve to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within seventy-five (75) days after such
receipt and such determination is made thereat, or (B) a special meeting of stockholders is called
within fifteen (15) days after such receipt for the purpose of making such determination, such
meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat.

(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, member of the Board or
stockholder of the Company shall act reasonably and in good faith in making a determination
regarding the 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 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 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 conduct was unlawful.

 

 - 6 - 

 

5.
Remedies of Indemnitee.

(a) In the event that (i) a determination is made pursuant to Section 4 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement
of Expenses is not timely made pursuant to Section 3 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 4(b) of
this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv)
payment of indemnification is not made pursuant to this Agreement within ten (10) days after
receipt by the Company of a written request therefor 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 4 of
this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the
State of Delaware of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence
such proceeding seeking an adjudication within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 5(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 4(b) of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section 5 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 4(b).

(c) If a determination shall have been made pursuant to Section 4(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 5 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.

(d) In the event that Indemnitee, pursuant to this Section 5, seeks a judicial
adjudication of his 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 behalf, in advance, any and all Expenses actually and reasonably
incurred by him in such judicial adjudication provided that the Company receives a written
undertaking by or on behalf of Indemnitee to repay any Expenses so advanced if it shall ultimately
be determined that Indemnitee is not entitled to such indemnification, advancement of Expenses or
insurance recovery, as the case may be.

(e) The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 5 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 and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company
of a written request therefor) 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 provided that the
Company receives a written undertaking by or on behalf of Indemnitee to repay any Expenses so
advanced if it shall ultimately be determined that Indemnitee is not entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be.

(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.

 

 - 7 - 

 

6. 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
Company’s Certificate of Incorporation, the Bylaws, 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 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 Company’s Certificate of Incorporation, the Bylaws 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 directors, officers, managers, employees, agents or fiduciaries of the
Company or of any other corporation, partnership, limited liability company, 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, manager, employee, agent or
fiduciary 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 director and officer 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 the Indemnitee,
all amounts payable as a result of such proceeding in accordance with the terms of such policies.

(c) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

(d) 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.

(e) 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, manager, employee or agent of
any other corporation, partnership, limited liability company, 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, limited
liability company, joint venture, trust, employee benefit plan or other enterprise.

 

 - 8 - 

 

7. 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; 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
Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common
law; or

(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.

8. Duration of Agreement. All agreements and obligations of the Company contained
herein shall continue during the period Indemnitee is a director or officer of the Company (or is
or was serving at the request of the Company as a director, officer, manager, employee or agent of
another corporation, partnership, joint venture, limited liability company, trust or other
enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding
(or any proceeding commenced under Section 5 hereof) by reason of his Corporate Status,
whether or not he 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.

9. Security. To the extent requested by Indemnitee and approved by the Board, the
Company may at any time and from time to time provide security to Indemnitee for the Company’s
obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior
written consent of the Indemnitee.

 

 - 9 - 

 

10. Enforcement.

(a) The Company expressly confirms and agrees that it has entered into this Agreement and
assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as a director
or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as a director or officer of the Company.

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings, oral, written and
implied, between the parties hereto with respect to the subject matter hereof.

11. Definitions. For purposes of this Agreement:

(a) “Corporate Status” describes the status of a person who is or was a director, officer,
manager, employee, agent or fiduciary of the Company or of any other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other Enterprise that
such person is or was serving at the express written request of the Company.

(b) “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.

(c) “Enterprise” shall mean the Company and any other corporation, partnership, limited
liability company, 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, manager,
employee, agent or fiduciary.

(d) “Expenses” shall include 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, including without limitation the premium, security for, and other costs relating to any
cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee.

(e) “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.

 

 - 10 - 

 

(f) “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 the fact that Indemnitee is or was a
director or officer of the Company, by reason of any action taken by him or of any inaction on his
part while acting as a director or officer of the Company, or by reason of the fact that he is or
was serving at the request of the Company as a director, officer, manager, employee, agent or
fiduciary of another corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other Enterprise; in each case whether or not he 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 5 of this Agreement to enforce
his rights under this Agreement.

12. 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.

13. 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.

14. 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.

 

 - 11 - 

 

15. 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, (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:

Youbet.com, Inc.

5901 Desoto Avenue

Woodland Hills, CA 91367

Attention: General Counsel

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.

16. 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.

17. 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.

18. Governing Law and Consent to Jurisdiction. This Agreement 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

 

 - 12 - 

 

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

	 	 	 	 	 	 	 	 	 
	 	 	YOUBET.COM, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	INDEMNITEE
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	  
	 
	 	 	 	 	 	 	 	 
	 	 	Address:

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