Document:

Exhibit
10.5

 

THIS
SUBORDINATED CONVERTIBLE PROMISSORY NOTE (THIS “NOTE”) AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT, APPLICABLE STATE SECURITIES LAWS, OR APPLICABLE LAWS OF ANY FOREIGN JURISDICTION. THIS NOTE AND SUCH SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED,
RENOUNCED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE
STATE SECURITIES LAWS AND IN THE ABSENCE OF COMPLIANCE WITH APPLICABLE LAWS OF ANY FOREIGN JURISDICTION, OR THE AVAILABILITY OF AN EXEMPTION
FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

HILLSTREAM
BIOPHARMA, Inc.

SUBORDINATED CONVERTIBLE PROMISSORY NOTE

 

	$	Date,
    2021      
	 	Chester,
    New Jersey

 

Hillstream
BioPharma, Inc., a Delaware corporation (the “Company”) promises to pay to                
(the “Lender”), or its registered assigns, in lawful money of the United States of America the principal sum of $           ,
or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Note on the
unpaid principal balance at a rate equal to 5% per annum, computed on the basis of the actual number of days elapsed and a year of 365
days. Unless earlier converted into shares of Equity Securities (as defined below) pursuant to the terms of this Note, the principal
and accrued interest shall be due and payable by Borrower on demand by Lender at any time after the earlier of: (i) Date, 2024 (the “Maturity
Date”) and (ii) the closing of the Next Equity Financing (as defined below).

 

This
Subordinated Convertible Promissory Note (this “Note”) is one of several related notes being issued by the Company
in a financing of the Company with anticipated aggregate proceeds of up to $7,500,000 (with this Note and the others issued collectively
referred to as the “Notes”). Each of the Notes shall be identical to the other Notes except with respect to the date
of issuance, principal amount and the name of the holder.

 

1.       Interest.
Accrued interest on this Note shall be payable at maturity.

 

2.       Prepayment.
Prepayment of principal, together with accrued interest, may not be made without the consent of the Lenders holding Notes representing
at least 50% of the aggregate outstanding principal amount outstanding under all of the Notes (the “Majority Note Holders”)
provided that prepayment of any of the Notes shall be credited to the Notes issued to a particular Lender in the order of the issuance
of such Notes starting with the earliest Notes issued. The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

3.       Security.
This Note is a general unsecured obligation of the Company.

 

    	 

     

    

 

4.       Priority.
This Note is subordinated in right of payment to all indebtedness of the Company to banks or similar financial institutions whether existing
on the date hereof or hereafter arising (the “Senior Debt”). The Company hereby agrees, and by accepting this Note
the Lender hereby acknowledges and agrees, that so long as any Senior Debt remains outstanding, (i) upon notice from representative of
the Senior Debt to the Company and the Lender that an Event of Default, or any event which the giving of notice or the passage of time
or both would constitute an Event of Default, has occurred under the terms of the Senior Debt (a “Default Notice”),
the Company shall not make, and the Lender shall not receive or retain, any payment made under this Note and, (ii) if any payment is
made in violation of this paragraph, the Lender shall promptly deliver the same to Senior Creditor in the form received, with any endorsement
or assignment necessary for the transfer of such payment from the Lender to Senior Creditor, to be either (in Senior Creditor’s
sole discretion) held as cash collateral securing the Senior Debt or applied in reduction of the Senior Debt and, until so delivered,
the Lender shall hold such payment in trust as the property of Senior Creditor. Nothing in this paragraph shall preclude or prohibit
the Lender from receiving and retaining any payment hereunder unless and until the Lender has received a Default Notice (which shall
be effective until waived in writing by the Senior Creditor) or from converting this Note or any amounts due hereunder into shares of
Equity Securities of the Company.

 

5.       Conversion
of the Note. The Note shall be convertible according to the following terms:

 

(a)       The
following terms shall have the meanings assigned below:

 

(i)       “Equity
Securities” shall mean the Company’s Common Stock or Preferred Stock or any securities conferring the right to purchase
the Company’s Common Stock or Preferred Stock or securities convertible into, or exchangeable for (with or without additional consideration),
the Company’s Common Stock or Preferred Stock, except any security granted, issued and/or sold by the Company to any director,
officer, employee or consultant of the Company in such capacity for the primary purpose of soliciting or retaining their services.

 

(ii)       “Next
Equity Financing” shall mean the next sale (or series of related sales) by the Company of its Equity Securities following the
date of this Note from which the Company receives gross proceeds of not less than $7,500,000 (including the aggregate amount of debt
securities converted into Equity Securities upon conversion or cancellation of promissory notes, including, without limitation, the Notes).

 

(b)       Next
Equity Financing Conversion. The principal and unpaid accrued interest of this Note will be automatically converted into the type
of Equity Securities issued in the Next Equity Financing upon the closing of the Next Equity Financing. The number of shares of such
Equity Securities to be issued upon such conversion shall be equal to the quotient obtained by dividing the outstanding principal and
unpaid accrued interest due on this Note on the date of conversion, by the lesser of (i) 80% of the price paid per share for Equity Securities
by the investors in the Next Equity Financing or (ii) an equity valuation of $50 million. At least five (5) days prior to the closing
of the Next Equity Financing, the Company shall notify the Lender in writing of the terms under which the Equity Securities of the Company
will be sold in such financing. The conversion of this Note into Equity Securities shall be on such terms and shall occur on the closing
date of such Next Equity Financing.

 

    	2

    	 

    

 

(c)       Corporate
Transaction. In the event that prior to the closing of the Next Equity Financing or the Maturity Date, (i) the Company or substantially
all of the Company’s assets or capital stock is sold; or (ii) the Company is consolidated or merged with or into any other entity(s)
in which the shareholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the voting power
or capital stock of the surviving entity; or (iii) the Company liquidates, dissolves, or winds up its affairs (each a “Corporate
Transaction”), upon the closing of such Corporate Transaction, all Notes, together with accrued interest, shall be immediately
due and payable and the Holder shall be entitled to receive 150% (1.5x) the principal amount of this Note, plus any accrued interest,
provided, however, that if there are insufficient proceeds available to pay the foregoing amount with respect to each of the Notes, then
the holder of each of the Notes shall be entitled to receive a pro rata share of the proceeds available to the holders of all
of the Notes.

 

(d)       Mechanics
of Conversion. The Company shall not be required to issue or deliver the Equity Securities until the Lender has surrendered the Note
to the Company.

 

(e)       Fractional
Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the
Company issuing any fractional shares to the Lender upon the conversion of this Note, the Company shall pay to the Lender an amount equal
to the product obtained by multiplying the conversion price by the fraction of a share not issued pursuant to the previous sentence.
Upon conversion of this Note in full and the payment of any amounts specified in this Section 5(e), the Company shall be forever released
from all its obligations and liabilities under this Note.

 

6.       Representations
and Warranties of the Company. In connection with the transactions provided for herein, the Company hereby represents and warrants
to the Lender that:

 

(a)       Due
Incorporation, Good Standing, Corporate Power and Qualification. The Company is a corporation duly incorporated, validly existing,
and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business
as presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in
each jurisdiction in which the failure to so qualify would have a material adverse effect on the business, assets (including intangible
assets), liabilities, financial condition, property or results of operations of the Company (a “Material Adverse Effect”).

 

(b)       Authorization.
Except for the authorization and issuance of the shares issuable in connection with the Next Equity Financing, all corporate action has
been taken on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery
of this Note. Except as may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws relating to or affecting
the enforcement of creditors’ rights, the Company has taken all corporate action required to make all of the obligations of the
Company reflected in the provisions of this Note, the valid and enforceable obligations they purport to be.

 

(c)       
Valid Issuance of Capital Stock. The Equity Securities to be issued, sold and delivered upon conversion of the Notes will be duly
and validly issued, fully paid and nonassessable and, based in part upon the representations and warranties of the Lenders in the Notes,
will be issued in compliance with all applicable federal and state securities laws.

 

    	3

    	 

    

 

7.       Representations
and Warranties of the Lender. In connection with the transactions provided for herein, the Lender hereby represents and warrants
to the Company that:

 

(a)       Authorization.
This Note constitutes the Lender’s valid and legally binding obligation, enforceable in accordance with its terms, except as may
be limited by (i) applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’
rights and (ii) laws relating to availability of specific performance, injunctive relief or other equitable remedies.

 

(b)       Purchase
Entirely for Own Account. The Lender acknowledges that this Note is issued to the Lender in reliance upon the Lender’s representation
to the Company that the Note will be acquired for investment for the Lender’s own account, not as a nominee or agent, and not with
a view to the resale or distribution of any part thereof, and that such Lender has no present intention of selling, granting any participation
in, or otherwise distributing the same. By executing this Note, the Lender further represents that the Lender does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person,
with respect to this Note.

 

(c)       Disclosure
of Information. The Lender acknowledges that it has received all the information it considers necessary or appropriate for deciding
whether to acquire this Note. The Lender further represents that it has had an opportunity to ask questions and receive answers from
the Company regarding the terms and conditions of the offering of this Note.

 

(d)       Investment
Experience. The Lender is an investor in securities of companies in the development stage and acknowledges that it is able to fend
for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that
it is capable of evaluating the merits and risks of the investment in this Note. If other than an individual, the Lender also represents
it has not been organized solely for the purpose of acquiring this Note.

 

(e)       Accredited
Investor. The Lender is an “accredited investor” within the meaning of Rule 501 of Regulation D, as presently in effect,
as promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act.

 

(f)       Restricted
Securities. The Lender understands that this Note is characterized as a “restricted security” under the federal securities
laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and
applicable regulations such securities may be resold without registration under the Act, only in certain limited circumstances. In this
connection, each Lender represents that it is familiar with Rule 144 as promulgated by the SEC under the Securities Act, as presently
in effect and understands the resale limitations imposed thereby and by the Securities Act.

 

(g)       Further
Limitations on Disposition. Without in any way limiting the representations and warranties set forth above, the Lender further acknowledges
and agrees that this Note and the Equity Securities issuable upon conversion hereof are subject to the provisions of the Company’s
Bylaws, including without limitation, all restrictions on transfer and rights of first refusal described in the Bylaws. The Lender may
inspect the Bylaws at the Company’s principal office.

 

    	4

    	 

    

 

8.       Defaults
and Remedies.

 

(a)       Events
of Default. The following events shall be considered Events of Default with respect to this Note:

 

(i)       The
Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note for more than 30 days after
the same shall become due and payable, whether at maturity or at a date fixed for prepayment or by acceleration or otherwise;

 

(ii)       The
Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become
due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement,
composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer
admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce
in the appointment of any trustee, receiver or liquidator of the Company, or of all of any substantial part of the properties of the
Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation
of the Company;

 

(iii)       Within
30 days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall
not have been dismissed or, within 30 days after the appointment without the consent or acquiescence of the Company of any trustee, receiver
or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been
vacated; or

 

(iv)       The
Company shall fail to observe or perform any other obligation to be observed or performed by it under this Note, within 30 days after
written notice from the Lender to perform or observe the obligation.

 

(b)       Remedies.
Upon the occurrence of an Event of Default under Section 8(a) hereof, at the option and upon the declaration of the Lender, the entire
unpaid principal and accrued and unpaid interest on this Note shall, without presentment, demand, protest or notice of any kind, all
of which are hereby expressly waived, be forthwith due and payable, and the Lender may, immediately and without expiration of any period
of grace, enforce payment of all amounts due and owing under this Note and exercise any and all other remedies granted to it at law,
in equity or otherwise.

 

    	5

    	 

    

 

9.       Miscellaneous.

 

(a)       Amendments
and Waivers. Any provision of this Note may be amended or may be waived (either generally or in a particular instance, and either
retroactively or prospectively) only by the agreement of the Company and the Majority Note Holders; and the observance of any provision
of the Notes that is for the benefit of the Lenders may be waived, and any consent, approval, or other action to be given or taken by
the Lenders pursuant to the Notes may be given or taken by the consent of the Majority Note Holders. Any waiver or amendment effected
in accordance with this Section shall be binding upon each party to any Note and each future holder of all such Notes.

 

(b)       Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Note shall inure to the benefit of and be binding
upon the respective successors and assigns of the parties. Nothing in this Note, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by
reason of this Note, except as expressly provided in this Note.

 

(c)       Entire
Agreement; Governing Law. This Note and the other documents delivered pursuant hereto constitutes the entire agreement between the
Company and the Lender with respect to the subject matter hereof and supersedes in their entirety all prior undertakings and agreements
of the Company and the Lender with respect to the subject matter hereof. This Note shall be governed by and construed in accordance with
the laws of the State of Delaware without reference to conflict of law provisions.

 

(d)       Notices.
Unless otherwise provided herein, all notices required or permitted hereunder shall be in writing and deemed effectively given upon personal
delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to
(i) in the case of the Company, at c/o                      or (ii) in the case of the Lender, at
the address set forth on the signature page hereto.

 

(e)       Stockholder
Agreements. The Lender understands and agrees that the conversion of this Note into Equity Securities may require the Lender’s
execution of certain agreements in the form agreed to by investors in the Next Equity Financing relating to the purchase and sale of
such securities as well as registration, co-sale, rights of first refusal, rights of first offer and voting rights, if any, relating
to such securities.

 

(f)       Agreement
in Connection with Public Offering. The Lender agrees, in connection with the initial underwritten public offering of the Company’s
securities pursuant to a registration statement under the Securities Act: (i) not to sell, make short sale of, loan, grant any options
for the purchase of, or otherwise dispose of any of the securities of the Company held by the Lender (other than those securities included
in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public offering
of the Company’s securities for a period of 180 days from the effective date of such registration statement, which period may be
extended upon the request of the underwriters for an additional period of up to 15 days if the Company issues or proposes to issue an
earnings or other public release within 15 days of the expiration of the 180-day lockup period, and (ii) to execute any agreement reflecting
clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering.

 

    	6

    	 

    

 

The
Lender agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters of such
offering which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested, by
the Company or the underwriters of such offering, the Lender shall provide, within 10 days of such request, such information as may be
required by the Company or such underwriters in connection with the completion of any public offering of the Company’s securities
pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 8(k) shall not apply to
a registration relating solely to employee benefits plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future,
or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future.
The Company may impose stop-transfer instructions with respect to the securities subject to the foregoing restriction until the end of
the applicable period. The Lender agrees that any transferee of the securities shall be bound by this Section 9(f).

 

(g)       No
Rights or Liabilities as a Stockholder. This Note does not by itself entitle the Lender to any voting rights or other rights as a
stockholder of the Company. In the absence of conversion of this Note, no provisions of this Note, and no enumeration herein of the rights
or privileges of the Lender, shall cause the Lender to be a stockholder of the Company for any purpose.

 

(h)       Finder’s
Fee. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this
transaction. Lender agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the
nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which Lender
or any of its officers, partners, employees or representatives is responsible. The Company agrees to indemnify and hold harmless Lender
from any liability for any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending
against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

(i)       Officers
and Directors not Liable. In no event shall any officer or director of the Company be liable for any amounts due and payable pursuant
to this Note.

 

(j)       Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this
Note and the balance of the Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with
its terms.

 

(k)       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Note.

 

(l)       Acknowledgement.
In order to avoid doubt, it is acknowledged that the Lender shall be entitled to the benefit of all adjustments in the number of shares
of Common Stock of the Company issuable upon conversion of the Preferred Stock of the Company which occur prior to the conversion of
the Note, including, without limitation, any increase in the number of shares of Common Stock issuable upon conversion as a result of
a dilutive issuance of capital stock.

 

[SIGNATURE
PAGE FOLLOWS]

[Remainder
of Page Intentionally Left Blank]

 

    	7

    	 

    

 

 

The
Company has caused this Subordinated Convertible Promissory Note to be issued as of the date first written above.

 

	 	HILLSTREAM
    BIOPHARMA, INC.
	 	 	 
	 	By:	 
	 	 	Randy
    Milby, CEO

 

	ACKNOWLEDGED
    AND AGREED:	 
	 	 	 
	LENDER	 	 
	 	 	 
	By:	 	 
	Name:
    		 
	Title:
    	Investor	 
	 	 	 
	Address:
    		 

 

Hillstream BioPharma, Inc.

Subordinated Convertible
Promissory Note

- Signature Page -Exhibit
10.6

 

HILLSTREAM
BIOPHARMA, INC.

 

INDEMNIFICATION
AGREEMENT 

 

This
INDEMNIFICATION AGREEMENT (“Agreement”) is made as of [     ], 2021 by and between Hillstream BioPharma, Inc., a Delaware
corporation (the “Company”), and [               ] (“Indemnitee”). This Agreement supersedes and replaces any and all previous
Agreements between the Company and Indemnitee covering the subject matter of this Agreement.

 

RECITALS

 

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

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
from certain liabilities. The Bylaws (the “By-Laws”) of the Company and the Certificate of Incorporation of the Company,
as amended, (“the Certificate of Incorporation”) require indemnification of the officers and directors of the Company. Indemnitee
may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”). The
By-Laws and the Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are
not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors,
officers and other persons with respect to indemnification;

 

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

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company and its 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 to contractually obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified;

 

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

 

WHEREAS,
Indemnitee does not regard the protection available under the Certificate of Incorporation, By-Laws and insurance as adequate in
the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that he or she be so indemnified; and

 

    	-1- 

     

    

 

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

 

Section
1. Services to the Company. Indemnitee agrees to continue to serve as a[n] [officer/director/officer and director] of the
Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any
obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to keep Indemnitee
in such position. This Agreement shall not be deemed an employment contract between the Company and Indemnitee. Indemnitee specifically
acknowledges that Indemnitee’s employment with the Company, if any, 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 contract between Indemnitee and
the Company, 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 Certificate of Incorporation, the By-Laws, and the DGCL. The foregoing notwithstanding, this Agreement shall continue
in force after Indemnitee has ceased to serve as a[n] [officer/director/officer and director] of the Company.

 

Section
2. Definitions. As used in this Agreement:

 

(a)       References
to “agent” shall mean any person who is or was a director, officer, or employee of the Company or other person authorized
by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or
other official of another corporation, partnership, limited liability company, joint venture, trust or other Enterprise at the request
of, for the convenience of, or to represent the interests of the Company.

 

(b)       A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

(i)       Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing more than fifty percent (50%) or more of the combined voting power of the Company’s then
outstanding securities;

 

(ii)       Change
in Board. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals
who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has
entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) 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 members of the Board;

 

(iii)       Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the
combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

(iv)       Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

    	-2- 

     

    

 

(v)       Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether
or not the Company is then subject to such reporting requirement.

 

For
purposes of this Section 2(b), the following terms shall have the following meanings:

 

(A)       “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(B)       “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i)
the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of
the Company.

 

(C)       “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner
shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the
Company with another entity.

 

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

 

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

 

(e)       “Enterprise”
shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan
or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.

 

(f)       “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, any federal, state, local or foreign
taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and
penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also
shall include (i) 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 or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d)
only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under
this Agreement, by litigation or otherwise. 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. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(g)       “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 (5) 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 the 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 and expenses 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.

 

    	-3- 

     

    

 

(h)       The
term “Proceeding” shall include 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 in
the right of the Company or otherwise and whether of a civil, criminal, administrative legislative, or investigative (formal or informal)
nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness
or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action taken by him
or of any action on his or her part while acting as director or officer of the Company, or by reason of the fact that he is or was serving
at the request of the Company, including prior to the date of this Agreement, as a director, officer, employee or agent of another corporation,
limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity
at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided
under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of
a Proceeding, this shall be considered a Proceeding under this paragraph.

 

(i)       Reference
to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax
assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any
service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall
be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

Section
3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest
extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred
by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a
criminal proceeding had no reasonable cause to believe that his or her conduct was unlawful. The parties hereto intend that this Agreement
shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including,
without limitation, any indemnification provided by the Certificate of Incorporation, the By-Laws, vote of the Company’s stockholders
or disinterested directors or applicable law.

 

Section
4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent
permitted by applicable law against all Expenses actually and reasonably incurred by him/her or on his/her behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnification.

 

    	-4- 

     

    

 

Section
5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part,
the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him 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/her or on his/her behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent
permitted by law. For purposes of this Section 5 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.

 

Section
6. Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent
permitted by applicable law and to the extent that Indemnitee is, by reason of his/her Corporate Status, a witness or otherwise asked
to participate in any Proceeding to which Indemnitee is not a party, he/she shall be indemnified against all Expenses actually and reasonably
incurred by him/her or on his/her behalf in connection therewith.

 

Section
7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

 

Section
8. Additional Indemnification. 

 

(a)       Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee
is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure
a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee
in connection with the Proceeding.

 

(b)
       For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted
by applicable law” shall include, but not be limited to:

 

(i)       to
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or
the corresponding provision of any amendment to or replacement of the DGCL, and

 

(ii)       to
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section
9. Exclusions. 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:

 

    	-5- 

     

    

 

(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
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or
common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation
or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange
Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

 

(c)       except
as provided in Section 14(d) of this Agreement, 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.

 

Section
10. Advances of Expenses. In accordance with Section 6.3 of Article VI of the By-Laws, and notwithstanding any provision of
this Agreement to the contrary, the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in
connection with any Proceeding, and such advancement shall be made within thirty (30) days after the receipt by the Company of a statement
or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall
be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without
regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include
any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify for advances upon the execution
and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee undertakes to repay
the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified
by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not
apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

Section
11. Procedure for Notification and Defense of Claim. 

 

(a)       Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of
Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification
to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. 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 following the final disposition of such action, suit or proceeding. The omission by Indemnitee to notify
the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under
this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement.
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.

 

    	-6- 

     

    

 

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

 

Section
12. Procedure Upon Application for Indemnification. 

 

(a)       Upon
written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with respect
to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not
have 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 if less than a quorum of the Board, (C) if
there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the stockholders of the Company;
and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination. Any costs or Expenses (including 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.

 

(b)       In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred, the Independent
Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of
the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee
(unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee
shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee
or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to
the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee
of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the 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 12(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement,
Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards
of professional conduct then prevailing).

 

    	-7- 

     

    

 

Section
13. Presumptions and Effect of Certain Proceedings. 

 

(a)       In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall, to the fullest
extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons
or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or independent
legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is
proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
(including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a
defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)       Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed
to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request
for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60) day
period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating
of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b) shall
not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a) of this
Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board has resolved
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, or (ii) if the determination of entitlement to indemnification is
to be made by Independent Counsel pursuant to Section 12(a) of this Agreement.

 

(c)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

(d)       Reliance
as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the 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 the reasonable care by the Enterprise. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any
way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

    	-8- 

     

    

 

(e)       Actions
of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not
be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section
14. Remedies of Indemnitee. 

 

(a)
       Subject to Section 14(e), in the event that (i) a determination is made pursuant to Section
12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely
made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant
to Section 12(a) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment
of indemnification is not made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within ten (10)
days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this
Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi)
in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided
or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement
to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause
shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)       In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial,
or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding
or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be.

 

(c)       If
a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable
law.

 

    	-9- 

     

    

 

(d)       The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate
in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It is the intent of
the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because
the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company
shall, to the fullest extent permitted by law, 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 advancement
of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained
by the Company if Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying
claims, then such indemnification and advancement shall be only to the extent Indemnitee is successful on such underlying claims or otherwise
as permitted by law, whichever is greater.

 

(e)       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 the Proceeding.

 

Section
15. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 

 

(a)
       The rights of indemnification and to receive advancement of Expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate
of Incorporation, the By-Laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect
of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the
extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses
than would be afforded currently under the By-Laws, the Certificate of Incorporation 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)       The
Company shall use its best efforts to maintain an insurance policy or policies providing liability insurance for directors and officers
in effect at all times. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors,
officers, employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance
with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such
policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and
officer liability insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a proceeding, as
the case may be, 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.

 

    	-10- 

     

    

 

(d)       The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is
provided hereunder) 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, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
Expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

Section
16. Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the
date that Indemnitee shall have ceased to serve as a[n] [officer/director/officer and director] of the Company or (b) one (1) year after
the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. This Agreement
shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his/her heirs, executors
and administrators.

 

Section
17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to
the intent manifested thereby.

 

Section
18. Enforcement. 

 

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a[n] [officer/director/officer and director] of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a[n] [officer/director/officer and director]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; provided,
however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the By-Laws and applicable law,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section
19. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

    	-11- 

     

    

 

Section
20. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to
indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the
Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise.

 

Section
21. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall
have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after
the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other
communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission
has been received:

 

(i)       If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to
the Company.

 

(ii)       If
to the Company to

 

Randy
Milby

Chief
Executive Officer

Hillstream
BioPharma, Inc.

1200
Route 22 East, Suite 2000

Bridgewater,
NJ 08807

 

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

 

Section
22. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by Indemnitee, whether for 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 (a) 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 (b) 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).

 

Section
23. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, 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 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, (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) appoint, to the extent such party
is not otherwise subject to service of process in the State of Delaware, irrevocably National Registered Agents, Inc., 160 Greentree
Drive, Suite 101, City of Dover, County of Kent, Delaware 19904 as its agent in the State of Delaware as such party’s agent for
acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity
as if served upon such party personally within the State of Delaware, (d) waive any objection to the laying of venue of any such action
or proceeding in the Delaware Court, and (e) 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.

 

    	-12- 

     

    

 

Section
24. Identical Counterparts. This Agreement may be executed in one 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. Only one such counterpart signed by
the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section
25. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.
The headings 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.

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

 

	 	HILLSTREAM BIOPHARMA, INC.
	 	 	          
	 	By:	 
	 	Title:	 
	 	 	 
	 	Indemnitee
	 	 	 
	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 
	 	 	 
	 	 

 

    	-13-

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