Document:

INDEMNIFICATION
AGREEMENT

 

This
INDEMNIFICATION AGREEMENT, is made and entered into, effective as of [●], 2019, by and between PowerFleet, Inc., a Delaware
corporation (the “Company”), and [●] (the “Indemnitee”).

 

RECITALS

 

WHEREAS,
the Company is aware that competent and experienced persons are increasingly reluctant to serve as directors, officers or agents
of corporations unless they are protected by comprehensive liability insurance or indemnification, due to increased exposure to
litigation costs and risks resulting from their service to such corporations, and due to the fact that the exposure frequently
bears no reasonable relationship to the compensation of such directors, officers and other agents;

 

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

 

WHEREAS,
the Board of Directors of the Company (the “Board”) recognizes the existence of a substantial increase in corporate
litigation in general, subjecting officers and directors of corporations to expensive litigation risks, many of which are not
covered by such liability insurance;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
qualified individuals and the Company should act to assure such persons that there will be increased certainty of such protection
in the future;

 

WHEREAS,
the statutes and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or
conflicting, and therefore fail to provide such directors, officers and agents with adequate, reliable knowledge of legal risks
to which they are exposed or information regarding the proper course of action to take;

 

WHEREAS,
plaintiffs often seek damages in such large amounts and the costs of litigation may be so significant (whether or not the case
is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources of directors, officers
and other agents;

 

WHEREAS,
the Company believes that it is unfair for its directors, officers and agents and the directors, officers and agents of its subsidiaries
to assume the risk of significant judgments and other expenses which may occur in cases in which the director, officer or agent
received no personal profit and in cases where the director, officer or agent was not culpable;

 

WHEREAS,
the Company recognizes that the issues in controversy in litigation against a director, officer or agent of an entity such as
the Company or its subsidiaries are often related to the knowledge, motives and intent of such director, officer or agent, that
the Indemnitee is usually the only witness with knowledge of the essential facts and exculpating circumstances regarding such
matters, and that the long period of time which usually elapses before the trial or other disposition of such litigation often
extends beyond the time that the director, officer or agent can reasonably recall such matters and may extend beyond the normal
time for retirement for such director, officer or agent with the result that the Indemnitee, after retirement or in the event
of the Indemnitee’s death, the Indemnitee’s spouse, heirs, executors or administrators, may be faced with limited
ability and undue hardship in maintaining an adequate defense, which may discourage such a director, officer or agent from serving
in that position;

 

    	 	 	 

    	 

    

 

WHEREAS,
based upon their experience as business managers, the Board has concluded that, to retain and attract talented and experienced
individuals to serve as directors, officers and agents of the Company and its subsidiaries and to encourage such individuals to
take the business risks necessary for the success of the Company and its subsidiaries, it is necessary for the Company to contractually
indemnify its directors, officers and agents and the directors, officers and agents of its subsidiaries, and to assume for itself
maximum liability for expenses and damages in connection with claims against such directors, officers and agents in connection
with their service to the Company and its subsidiaries, and has further concluded that the failure to provide such contractual
indemnification could result in great harm to the Company and its subsidiaries and the Company’s stockholders;

 

WHEREAS,
Section 145 of the General Corporation Law of the State of Delaware (“Section 145”), under which the Company
is organized, empowers the Company to indemnify its officers, directors, employees and agents by agreement and to indemnify persons
who serve, at the request of the Company, as the directors, officers, employees or agents of other entities or enterprises, and
expressly provides that the indemnification provisions of Section 145 are not exclusive;

 

WHEREAS,
the Company desires and has requested the Indemnitee to serve, or continue to serve, as a director, officer or agent of the Company
and/or one or more subsidiaries of the Company free from undue concern for claims for damages arising out of or related to such
services to the Company and/or one or more subsidiaries of the Company;

 

[WHEREAS,
the Indemnitee is a representative of ABRY Senior Equity V, L.P., ABRY Senior Equity Co-Investment V, L.P. or one or more other
funds or entities owned, controlled or managed by ABRY Partners II, LLC (collectively, the “ABRY Funds”), and
has certain rights to indemnification and/or insurance provided by the Fund which the Indemnitee and the Funds intend to be secondary
to the primary obligation of the Company to indemnify the Indemnitee as provided herein, with the Company’s acknowledgement
and agreement to the foregoing being a material condition to the Indemnitee’s willingness to serve on the Board;] and

 

WHEREAS,
the Indemnitee is willing to serve, or to continue to serve, the Company and/or one or more subsidiaries of the Company, provided
that the Indemnitee is furnished the indemnity provided for herein.

 

NOW,
THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.
Definitions.

 

(a)
Agent. For the purposes of this Agreement, “agent” of the Company means any person who is or was a director,
officer, employee or other agent of the Company or a subsidiary of the Company; or is or was serving at the request of, for the
convenience of, or to represent the interests of the Company or a subsidiary of the Company as a director, officer, employee or
agent of another foreign or domestic entity, partnership, joint venture, trust or other entity or enterprise; or was a director,
officer, employee or agent of a foreign or domestic entity which was a predecessor entity of the Company or a subsidiary of the
Company, or was a director, officer, employee or agent of another entity or enterprise at the request of, for the convenience
of, or to represent the interests of such predecessor entity.

 

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(b)
Expenses. For purposes of this Agreement, “expenses” include all out-of-pocket costs, expenses and liabilities
of any type or nature whatsoever, including judgments, fines, excise taxes, penalties, interest, amounts paid in settlement with
the approval of the Company, and counsel fees and disbursements (including, without limitation, experts’ fees, court costs,
retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges),
actually paid or incurred by the Indemnitee in connection with either investigating, defending, being a witness in or participating
in (including on appeal), or preparing to investigate, defend, be a witness in or participate in, a proceeding or establishing
or enforcing a right to indemnification under this Agreement, Section 145, the certificate of incorporation or bylaws of the Company
or otherwise.

 

(c)
Proceeding. For the purposes of this Agreement, “proceeding” means any threatened, asserted, pending or completed
civil, criminal, administrative, investigative or other action, suit or proceeding of any kind whatsoever, including any arbitration
or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation, whether
instituted by the Company, any governmental agency or any other party, that the Indemnitee in good faith believes might lead to
the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other, including
any arbitration or other alternative dispute resolution mechanism.

 

(d)
Subsidiary. For purposes of this Agreement, “subsidiary” means any entity of which more than 50% of the outstanding
voting securities is owned directly or indirectly by the Company, by the Company and one or more other subsidiaries, or by one
or more other subsidiaries.

 

2.
Agreement to Serve. The Indemnitee agrees to serve and/or continue to serve as agent of the Company, at its will (or under
separate agreement, if such agreement exists), in the capacity the Indemnitee currently serves as an agent of the Company, so
long as the Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the certificate
of incorporation and bylaws of the Company or any subsidiary of the Company or until such time as the Indemnitee tenders its resignation
in writing; provided, however, that nothing contained in this Agreement is intended to create any right to continued
employment by the Company.

 

3.
Liability Insurance.

 

(a)
Maintenance of D&O Insurance. The Company hereby covenants and agrees that, so long as the Indemnitee shall continue
to serve as an agent of the Company and thereafter so long as the Indemnitee shall be subject to any possible proceeding by reason
of the fact that the Indemnitee was an agent of the Company, the Company, subject to Section 3(c) shall promptly obtain
and maintain in full force and effect a policy or policies of insurance providing the Indemnitee with coverage for any liability
asserted against, or incurred by, the Indemnitee or on the Indemnitee’s behalf by reason of the fact that the Indemnitee
is or was or has agreed to serve as an agent of the Company, or while serving as an agent of the Company, is or was serving or
has agreed to serve on behalf of or at the request of the Company as an agent of another corporation, limited liability company,
partnership, joint venture, trust or other entity or enterprise, or arising out of the Indemnitee’s status as such, whether
or not the Company would have the power to indemnify the Indemnitee against such liability under the provisions of this Agreement
(“D&O Insurance”) in reasonable amounts from established and reputable insurers.

 

(b)
Rights and Benefits. In all policies of D&O Insurance, the Indemnitee shall be named as an insured in such a manner
as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors, if the Indemnitee is a director; or of the Company’s officers, if the Indemnitee is not a director of the Company
but is an officer; or of the Company’s key employees, if the Indemnitee is not a director or officer but is a key employee.

 

(c)
Limitation on Required Maintenance of D&O Insurance. Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain D&O Insurance to the extent that the Company determines in good faith that such insurance is not reasonably
available, the premium costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided
by such insurance is limited by exclusions so as to provide an insufficient benefit, or the Indemnitee is covered by similar insurance
maintained by a subsidiary of the Company.

 

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4.
Mandatory Indemnification. Subject to Section 9 below, the Company shall indemnify the Indemnitee as follows:

 

(a)
Third Party Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a party to, or participant
in (as a witness or otherwise), any proceeding (other than a proceeding by or in the right of the Company to procure a judgment
in its favor) by reason of the fact that the Indemnitee is or was an agent of the Company, or by reason of anything done or not
done by the Indemnitee in any such capacity, the Company shall indemnify the Indemnitee to the fullest extent permitted by applicable
law against any and all expenses reasonably incurred by the Indemnitee or on the Indemnitee’s behalf in connection with
such proceeding, provided 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
its conduct was unlawful.

 

(b)
Derivative Actions. If the Indemnitee is a person who was or is a party or is threatened to be made a party to, or participant
in (as a witness or otherwise), any proceeding by or in the right of the Company by reason of the fact that the Indemnitee is
or was an agent of the Company, or by reason of anything done or not done by the Indemnitee in any such capacity, the Company
shall indemnify the Indemnitee against all expenses reasonably incurred by the Indemnitee in connection with such proceeding,
provided 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 the 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)
Proceedings where the Indemnitee is Deceased. If the Indemnitee is a person who was or is a party or is threatened to be
made a party to, or a participant (as a witness or otherwise) in, any proceeding by reason of the fact that the Indemnitee is
or was an agent of the Company, or by reason of anything done or not done by the Indemnitee in any such capacity, and if prior
to, during the pendency of after completion of such proceeding the Indemnitee becomes deceased, the Company shall indemnify the
Indemnitee’s heirs, executors and administrators against any and all expenses reasonably incurred to the extent the Indemnitee
would have been entitled to indemnification pursuant to Section 4(a) or 4(b) above were the Indemnitee still alive.

 

(d)
No Duplication of Payments. [Subject to Section 21 hereof, the][The] Company shall not be liable under this Agreement
to make any payment to the Indemnitee in respect of any expenses to the extent the Indemnitee has otherwise actually received
payment (under any insurance policy, any provision of the Company’s certificate of incorporation and bylaws, or otherwise)
with respect to such expenses otherwise indemnifiable hereunder.

 

(e)
Proceedings where the Indemnitee is a Witness. For the avoidance of doubt, and notwithstanding any other provision of this
Agreement, to the fullest extent permitted by applicable law and to the extent that the Indemnitee is, by reason of the fact that
the Indemnitee is or was an agent of the Company, or by reason of anything done or not done by the Indemnitee in any such capacity,
a witness, is or was made (or asked) to respond to discovery requests in any proceeding, or otherwise asked to participate in
any proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all expenses reasonably incurred
by the Indemnitee or on the Indemnitee’s behalf in connection therewith.

 

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(f)
Burden of Proof. In connection with any determination by the Board, any court or otherwise as to whether the Indemnitee
is entitled to be indemnified hereunder, the Board or court shall presume that the Indemnitee has satisfied the applicable standard
of conduct and is entitled to indemnification, and the burden of proof shall be on the Company or its representative to establish,
by clear and convincing evidence, that the Indemnitee is not so entitled.

 

5.
Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of any expenses incurred by the Indemnitee in the investigation, defense, settlement or appeal of
a proceeding, but not entitled, however, to indemnification for all of the total amount hereof, the Company shall nevertheless
indemnify the Indemnitee for such total amount except as to the portion hereof to which the Indemnitee is not entitled.

 

6.
Mandatory Advancement of Expenses. Subject to Section 9(a) below, the Company shall advance all expenses incurred
by the Indemnitee in connection with the investigation, defense, settlement or appeal of any proceeding to which the Indemnitee
is a party (or in which the Indemnitee is a participant as a witness or otherwise) or is threatened to be made a party (or a participant
as a witness or otherwise) by reason of the fact that the Indemnitee is or was an agent of the Company. The Indemnitee hereby
undertakes to repay such amounts advanced only if, and to the extent that, it shall be determined ultimately that the Indemnitee
is not entitled to be indemnified by the Company as authorized hereby. No other form of undertaking shall be required other than
the execution of this Agreement. The advances to be made hereunder shall be paid by the Company to the Indemnitee within twenty
(20) days following delivery of a written request therefor by the Indemnitee to the Company, accompanied by reasonable evidence
of the expenses incurred. The advances to be made hereunder shall be paid without regard to the Indemnitee’s ability to
repay the expenses and without regard to the Indemnitee’s ultimate entitlement to indemnification under the other provisions
of this Agreement. In the event that the Company fails to pay expenses as incurred by the Indemnitee as required by this Section
6, the Indemnitee may seek mandatory injunctive relief from any court having jurisdiction to require the Company to pay expenses
as set forth in this Section 6. If the Indemnitee seeks mandatory injunctive relief pursuant to this Section 6,
it shall not be a defense to enforcement of the Company’s obligations set forth in this Section 6 that the Indemnitee
has an adequate remedy at law for damages.

 

7.
Notice and Other Indemnification Procedures.

 

(a)
Notice by the Indemnitee. Promptly after receipt by the Indemnitee of notice of the commencement of or the threat of commencement
of any proceeding, the Indemnitee shall, if the Indemnitee believes that indemnification with respect thereto may be sought from
the Company under this Agreement, notify the Company of the commencement or threat of commencement thereof.

 

(b)
Notice by the Company. If, at the time of the receipt of a notice of the commencement of a proceeding pursuant to Section
7(a) hereof, the Company has D&O 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.

 

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(c)
Defense. In the event the Company shall be obligated to pay the expenses of any proceeding against the Indemnitee, the
Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel reasonably approved by the Indemnitee,
upon the delivery to the Indemnitee of written notice of its election so to do. The Company shall not, without the prior written
consent of the Indemnitee, effect any settlement of any such proceeding unless such settlement solely involves the payment of
money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject
matter of such proceeding. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently
incurred by the Indemnitee with respect to the same proceeding, provided that (i) the Indemnitee shall have the right to employ
the Indemnitee’s counsel in any such proceeding at the Indemnitee’s expense; and (ii) if (A) the employment of counsel
by the Indemnitee has been previously authorized by the Company, (B) the Indemnitee shall have reasonably concluded that there
may be a conflict of interest between the Company and the Indemnitee in the conduct of any such defense, or (C) the Company shall
not, in fact, have employed counsel to assume the defense of such proceeding, then the fees and expenses of the Indemnitee’s
counsel shall be at the expense of the Company.

 

8.
Determination of Right to Indemnification.

 

(a)
Successful Defense. To the extent the Indemnitee has been successful on the merits or otherwise in defense of any proceeding
(including, without limitation, an action by or in the right of the Company) to which the Indemnitee was a party by reason of
the fact that the Indemnitee is or was an agent of the Company at any time, the Company shall indemnify the Indemnitee against
all expenses of any type whatsoever reasonably incurred by the Indemnitee in connection with the investigation, defense or appeal
of such proceeding.

 

(b)
Other Situations. In the event that Section 8(a) is inapplicable, the Company shall also indemnify the Indemnitee
unless, and except to the extent that, the Company shall prove by clear and convincing evidence in a forum listed in Section
8(c) below that the Indemnitee has not met the applicable standard of conduct required to entitle the Indemnitee to such indemnification.

 

(c)
Selection of Forum. The Indemnitee shall be entitled to select the forum in which the validity of the Company’s claim
under Section 8(b) hereof that the Indemnitee is not entitled to indemnification will be heard from among the following:

 

	 	(i)	a
    majority of the directors who are not parties to the proceeding for which indemnification is being sought, even though less
    than a quorum;
	 	 	 
	 	(ii)	the
    stockholders of the Company;
	 	 	 
	 	(iii)	independent
    legal counsel selected by the Indemnitee, and reasonably approved by the Board, which counsel shall make such determination
    in a written opinion; or
	 	 	 
	 	(iv)	a
    panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the
    last of whom is selected by the first two arbitrators so selected.

 

(d)
Submission to Forum. As soon as practicable, and in no event later than thirty (30) days after written notice of the Indemnitee’s
choice of forum pursuant to Section 8(c) above, the Company shall, at its own expense, submit to the selected forum in
such manner as the Indemnitee or the Indemnitee’s counsel may reasonably request, its claim that the Indemnitee is not entitled
to indemnification; and the Company shall act in the utmost good faith to assure the Indemnitee a complete opportunity to defend
against such claim.

 

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(e)
Application to Court. Notwithstanding a determination by any forum listed in Section 8(c) hereof that the Indemnitee
is not entitled to indemnification with respect to a specific proceeding, the Indemnitee shall have the right to apply to the
Court of Chancery of the State of Delaware, the court in which that proceeding is or was pending or any other court of competent
jurisdiction, for the purpose of enforcing the Indemnitee’s right to indemnification pursuant to this Agreement.

 

(f)
Expenses Related to this Agreement. Notwithstanding any other provision in this Agreement to the contrary, the Company
shall indemnify the Indemnitee against all expenses incurred by the Indemnitee in connection with any hearing or proceeding under
this Section 8 involving the Indemnitee and against all expenses incurred by the Indemnitee in connection with any other
proceeding between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee
under this Agreement unless a court of competent jurisdiction finds that each of the claims and/or defenses of the Indemnitee
in any such proceeding was frivolous or made in bad faith.

 

9.
Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to
the terms of this Agreement to indemnify the Indemnitee:

 

(a)
for an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or similar provisions of state statutory law or common law;

 

(b)
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 the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

 

(c)
with respect to proceedings or claims initiated or brought voluntarily by the Indemnitee and not by way of defense, unless (i)
such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board, (iii) such indemnification
is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under the General Corporation
Law of the State of Delaware or (iv) the proceeding is brought to establish or enforce a right to indemnification under this Agreement,
the certificate of incorporation or bylaws of the Company or any other statute or law or otherwise as required under Section 145;

 

(d)
for any expenses incurred by the Indemnitee with respect to any proceeding instituted by the Indemnitee to enforce or interpret
this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in
such proceeding was not made in good faith or was frivolous; or

 

(e)
for any amounts paid in settlement of a proceeding unless the Company consents to such settlement, which consent shall not be
unreasonably withheld, conditioned or delayed.

 

    	-7-

    	 

    

 

10.
Non-exclusivity, Etc. The provisions for indemnification and advancement of expenses set forth in this Agreement shall
be in addition to, and shall not be deemed exclusive of, any other rights which the Indemnitee may have under any provision of
law, the Company’s certificate of incorporation or bylaws, the vote of the Company’s stockholders or disinterested
directors, other agreements, or otherwise, both as to action in the Indemnitee’s official capacity and to action in another
capacity while occupying the Indemnitee’s position as an agent of the Company, and the Indemnitee’s rights hereunder
shall continue after the Indemnitee has ceased acting as an agent of the Company and shall inure to the benefit of the heirs,
executors and administrators of the Indemnitee. To the extent that there is a conflict or inconsistency between the terms of this
Agreement and the Company’s certificate of incorporation or bylaws, it is the intent of the parties hereto that the Indemnitee
shall enjoy the greater benefits regardless of whether contained herein, in the certificate of incorporation or bylaws. No amendment
or alteration of the Company’s certificate of incorporation or bylaws or any other agreement shall adversely affect the
rights provided to the Indemnitee under this Agreement.

 

11.
Enforcement; No Other Presumptions. Any right to indemnification or advances granted by this Agreement to the Indemnitee
shall be enforceable by or on behalf of the Indemnitee in any court of competent jurisdiction if (i) the claim for indemnification
or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within ninety (90) days of request therefor,
the Indemnitee, in such enforcement action, if successful in whole or in part, shall be entitled to be paid also the expense of
prosecuting its claim. It shall be a defense to any action for which a claim for indemnification is made under this Agreement
(other than an action brought to enforce a claim for expenses pursuant to Section 6 hereof) that the Indemnitee is not
entitled to indemnification because of the limitations set forth in Sections 4(d) and 9 hereof. For purposes of
this Agreement, the termination of any proceeding, by judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnitee did
not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification
is not permitted by applicable law. In addition, neither the failure of the Company (including the Board or its stockholders)
to have made a determination prior to the commencement of such enforcement action that indemnification of the Indemnitee is proper
in the circumstances, nor an actual determination by the Company (including the Board or its stockholders) that such indemnification
is improper, shall be a defense to the action or create a presumption that the Indemnitee is not entitled to indemnification under
this Agreement or otherwise.

 

12.
Subrogation. In the event the Company is obligated to make a payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery under an insurance policy or any other indemnity agreement covering
the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and
to enable the Company effectively to bring suit to enforce such rights.

 

13.
Survival of Rights.

 

(a)
All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is an agent of
the Company and shall continue thereafter so long as the Indemnitee shall be subject to any possible claim or threatened, pending
or completed proceeding, whether civil, criminal, arbitrational, administrative or investigative, by reason of the fact that the
Indemnitee was serving in the capacity referred to herein.

 

(b)
The Company shall require any successor to the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

    	-8-

    	 

    

 

14.
Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced
so as to provide indemnification to the Indemnitee to the fullest extent permitted by law including those circumstances in which
indemnification would otherwise be discretionary.

 

15.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever, (i) the validity, legality and enforceability of the remaining provisions of the Agreement (including without
limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the
fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this
Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable
and to give effect to Section 14 hereof.

 

16.
Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. In the event the
Company or any of its subsidiaries enters into an indemnification agreement with another agent of the Company or any of its subsidiaries
containing a term or terms more favorable to the Indemnitee than the terms contained herein (as determined by the Indemnitee),
the Indemnitee shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall
be deemed incorporated by reference herein as if set forth in full herein. As promptly as practicable following the execution
by the Company or the relevant subsidiary of each indemnity agreement with any such agent (i) the Company shall send a copy of
the indemnity agreement to the Indemnitee, and (ii) if requested by the Indemnitee, the Company shall prepare, execute and deliver
to the Indemnitee an amendment to this Agreement containing such more favorable term or terms.

 

17.
Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed duly given (i) if delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered
mail with postage prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown
on the signature page of this Agreement, or as subsequently modified by written notice.

 

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

 

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

 

20.
Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware
as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. The Company and
the Indemnitee each hereby irrevocably consent to the jurisdiction of the Chancery Court of the State of Delaware for all purposes
in connection with any action or proceeding that arises out of or relates to this Agreement and agree that any action instituted
under this Agreement shall be brought only in the Chancery Court of the State of Delaware.

 

    	-9-

    	 

    

 

21.
[Jointly Indemnifiable Claims. Given that certain proceedings in respect of which the Indemnitee shall be entitled to indemnification
from both an Indemnitee-Related Entity (as defined below) and the Company pursuant to applicable law, any indemnification agreement
or the certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate
of limited partnership or comparable organizational documents of the Company and an Indemnitee-Related Entity (collectively, “Jointly
Indemnifiable Claims”) may arise due to the relationship between the Indemnitee-Related Entities (as defined below)
and the Company and the service of the Indemnitee as an agent of the Company at the request of the Indemnitee-Related Entities,
the Company acknowledges and agrees that (i) the Company is the indemnitor of first resort (i.e., its obligations to the Indemnitee
are primary and any obligation of the Indemnitee-Related Entities to advance expenses or to provide indemnification for the same
expenses incurred by the Indemnitee are secondary), (ii) the Company shall be required to advance the full amount of expenses
incurred by the Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid
in settlement to the extent legally permitted and as required by the certificate of incorporation or bylaws of the Company (or
any agreement between the Company and the Indemnitee), without regard to any rights the Indemnitee may have against the Indemnitee-Related
Entities, and, (iii) the Company irrevocably waives, relinquishes and releases the Indemnitee-Related Entities from any and all
claims against the Indemnitee-Related Entities for contribution, subrogation or any other recovery of any kind in respect thereof.
The Company further agrees that no advancement or payment by the Indemnitee-Related Entities on behalf of the Indemnitee with
respect to any claim for which the Indemnitee has sought indemnification from the Company shall affect the foregoing and the Indemnitee-Related
Entities shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights
of recovery of the Indemnitee against the Company. The Company and the Indemnitee agree that the Indemnitee-Related Entities are
express third party beneficiaries of the terms hereof. As used in this Agreement, “Indemnitee-Related Entity”
means any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (other than
the Company or any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise
the Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee
or agent and which service is covered by the indemnity described in this Agreement) from whom the Indemnitee may be entitled to
indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification
or advancement obligation (other than as a result of obligations under an insurance policy), including, without limitation, ABRY
Partners II, LLC and the ABRY Funds.]

 

[Remainder
of Page Intentionally Left Blank]

 

    	-10-

    	 

    

 

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

 

	 	The
    Company:	POWERFLEET,
    INC.
	 	 	 	 
	 	 	By:	         
	 	 	[Name]	 
	 	 	[Title]	 
	 	 	 	 
	 	 	Address:
	 	 	[●]	 
	 	 	 	 
	 	Indemnitee:	[●]	 
	 	 	 	 
	 	 	 
	 	 	[name]	 
	 	 	Address:
	 	 	[●]	 

 

    	-11-Exhibit 10.5

 

SUBLEASE AGREEMENT

 

This Sublease Agreement (“Sublease”) is dated as of October 23, 2018, for reference purposes only, by and between TRUCODE GENE REPAIR, INC., a Delaware corporation (“Sublandlord”), having an address of 170 Harbor Way, Third Floor, South San Francisco, California 94080, and AKERO THERAPEUTICS INC., a Delaware corporation (“Subtenant”), having an address of 400 Technology Square, 10th Floor, Cambridge, Massachusetts 02139. This Sublease shall be effective as of the date set forth in Section 2, below.

 

RECITALS

 

A.                                    Sublandlord currently leases certain premises from Britannia Pointe Grand Limited Partnership, a Delaware limited partnership (“Master Landlord”), pursuant to the terms and conditions of that certain Lease dated April 10, 2018 (the “Master Lease”). Pursuant to the Master Lease, Sublandlord currently leases from Master Landlord those certain premises consisting of approximately 24,606 rentable square feet (as more particularly described in the Master Lease, the “Master Premises”), located on the third (3rd) floor of that certain building located at 170 Harbor Way, South San Francisco, California (the “Building”), within the project commonly known as Britannia Pointe Grand Business Park (the “Property”), as more particularly described in the Master Lease. All terms capitalized but undefined herein shall have the meanings ascribed to them in the Master Lease, a copy of which Master Lease has been made available to Subtenant.

 

C.                                    Sublandlord desires to sublease that certain portion of the Master Premises, consisting of approximately 383 square feet contained in offices 316 and 317, and the cubicle across from office 317, as depicted on the attached Exhibit A (the “Sublease Premises”) to Subtenant and Subtenant desires to sublease the Sublease Premises from Sublandlord pursuant to the terms and conditions of this Sublease.

 

AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Sublandlord and Subtenant hereby agree as follows:

 

1.                                      Sublease Premises.

 

1.1                               Sublease Premises. Sublandlord hereby subleases to Subtenant the Sublease Premises, and Subtenant hereby subleases the Sublease Premises from Sublandlord, pursuant to the terms and conditions of this Sublease.  Subtenant shall accept the Sublease Premises in the condition and state of repair on the Commencement Date (as defined in Section 3 below) in its “AS IS” and “WHERE IS” condition, and Sublandlord makes no representation or warranty regarding the Sublease Premises. Subtenant expressly acknowledges and agrees Sublandlord shall not have any obligation to perform any work to prepare the Sublease Premises for Subtenant’s use and occupancy. By taking possession of the Sublease Premises, Subtenant is deemed to have accepted the Sublease Premises and agreed that the Sublease Premises are in good order and satisfactory condition, with no representation or warranty by Sublandlord as to the condition of the Sublease Premises or the suitability thereof for Subtenant’s use.  Pursuant to

 

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California Civil Code Section 1938, Sublandlord is required to state as follows regarding the Sublease Premises:

 

A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.

 

1.2                               Access; Bathrooms. In connection with Subtenant’s use of the Sublease Premises, Subtenant shall have the non-exclusive right to use, subject to Sublandlord’s reasonable rules and regulations, the Master Premises restrooms, and rights of ingress and egress through the hallways and accessways as are reasonably necessary for Subtenant’s access to the Sublease Premises and the Master Premises restrooms.  Subtenant acknowledges that there will be no separate demise of the Sublease Premises.

 

2.                                      Effective Date; Master Landlord’s Consent Required. This Sublease shall not become effective or binding upon either party until the date on which Master Landlord’s written consent to this Sublease is fully-executed and delivered to Sublandlord and Subtenant (the “Effective Date”). Sublandlord hereby disclaims any representation or warranty, whether express or implied, to Subtenant that Sublandlord will obtain the consent of Master Landlord to this Sublease, but Sublandlord shall use good faith efforts to obtain the same in accordance with the provisions of the Master Lease and Subtenant shall cooperate with Sublandlord in its efforts to obtain the same. Sublandlord shall request such consent and Subtenant shall pay any fees or charges expressly provided for in the Master Lease with respect to the obtaining of such consent. Subtenant agrees promptly to provide any reasonable financial or other information requested by Master Landlord. Each party agrees promptly to execute and deliver a consent agreement in a form reasonably acceptable to Master Landlord and Subtenant. If Master Landlord’s consent is not received within thirty (30) days of the full execution and delivery hereof, either party by notice to the other given prior to the receipt of Master Landlord’s consent, may terminate this Sublease, in which case this Sublease shall be deemed void ab initio and Sublandlord shall promptly return to Subtenant all sums theretofore paid by Subtenant hereunder. Subtenant waives any claim against Master Landlord arising out of any failure or refusal by Master Landlord to grant consent. Simultaneously with the delivery to Sublandlord of an executed counterpart of this Sublease, and as a precondition to Sublandlord’s obligation to deliver possession of the Sublease Premises to Subtenant, Subtenant shall deliver to Sublandlord (i) the Security Deposit (as defined in Section 6 of this Sublease) and (ii) the first installment of monthly Base Rent (as defined below).

 

2

 

3.                                      Term; Renewal.

 

3.1                               Initial Term. The initial term of this Sublease (the “Initial Term”) shall commence on the date Master Landlord executes and delivers the Consent (the “Commencement Date”) and shall expire on April 30, 2019 (as may be extended as set forth herein, the “Expiration Date”), subject to extension as set forth in Section 3.2.

 

3.2                               Automatic Renewal. Unless Subtenant or Sublandlord timely delivers a Notice of Termination to Sublandlord pursuant to Section 3.3, this Sublease shall automatically renew for successive thirty (30) day periods (each, a “Renewal Term”; and the Initial Term, as extended for any Renewal Term, referred to collectively as the “Sublease Term”) and each such Renewal Term shall commence on the first day of the month immediately following the expiration of the Initial Term or the preceding Renewal Term, as the case may be, and expire on the last day of the same month.  Upon the commencement of each Renewal Term, the words “Expiration Date” as used herein shall automatically be deemed to refer to the last day of such calendar month.  For the avoidance of doubt, the Sublease Term shall not automatically extend beyond the day immediately preceding the “Lease Expiration Date” (as that term is defined in the Master Lease) (“Outside Date”) and shall be deemed to expire on the Outside Date, in the absence of a subsequent agreement between Sublandlord and Subtenant (subject to Master Landlord’s consent).

 

3.3                               Notice of Termination. Subtenant or Sublandlord may elect that the Sublease Term will expire without automatic renewal pursuant to Section 3.2 provided such termination is effective (1) on or after the expiration of the Initial Term, and (2) on the last day of a calendar month provided that Subtenant or Sublandlord provide written notice of termination (“Notice of Termination”) to the other party no later than sixty (60) days prior to the effective date of termination.

 

4.                                      RESERVED.

 

5.                                      Rent. Provided that Subtenant timely satisfies its rental and other obligations under this Sublease within the cure periods set forth herein, Sublandlord shall be responsible for the timely payment of Base Rent and Additional Rent under the Master Lease during the Sublease Term, and Subtenant shall pay to Sublandlord the following as sublease rent hereunder (“Sublease Rent”):

 

5.1                               Sublease Base Rent. Beginning on the Commencement Date, and continuing during the Sublease Term, Subtenant shall pay to Sublandlord, as sublease rent (“Base Rent”), in lawful money of the United States of America, without any deduction, offset, prior notice or demand, in advance on the first date of each month of the Sublease Term from the Commencement Date through the expiration or earlier termination of this Sublease, the amount of $5,250.00 per month, which amount shall increase by three percent (3%) annually on the first day of the month in which the anniversary of the Commencement Date occurs, if this Sublease has not yet expired or terminated.  Any Sublease Rent obligations for any partial month during the Sublease Term shall be prorated.

 

3

 

5.2                               Additional Rent.  Except for monthly payments of Direct Expenses pursuant to Section 5.3 below, Subtenant shall fully reimburse Sublandlord, within fifteen (15) days of receipt of invoices, for Subtenant’s proportionate share of Additional Rent (as defined in the Master Lease), attributable to the Sublease Premises or Subtenant’s use thereof during the Sublease Term. Subtenant’s proportionate share of Sublandlord’s Direct Expenses shall be 1.56% (referred to herein as “Subtenant’s Proportionate Share”).  Notwithstanding anything to the contrary in this Sublease, in the event any cost or expense is incurred under the Master Lease for either party’s sole benefit (including the disproportionate use of utilities) or as a result of such party’s request for certain services (such as after-hours HVAC charges), such party shall pay the entire cost thereof.  Subtenant shall have no audit rights with respect to any Estimate Statement or Statement provided by Master Landlord to Sublandlord, and any such Estimate Statements or Statements shall be binding as between Sublandlord and Subtenant. The intent of the parties is that all payments of Direct Expenses and Additional Rent payable under the Master Lease relating to the Sublease Premises will be passed through to Subtenant during the Sublease Term.  The terms of this Section 5.2 shall survive the expiration or earlier termination of the Sublease Term.

 

5.3                               Services and Utilities. Subtenant shall be solely responsible, at its sole cost and expense, for payment for all services of any nature furnished with respect to the Sublease Premises in accordance with the Master Lease or this Sublease, including such services referenced in Section 6.1 of the Master Lease. Subtenant shall be responsible for and shall either reimburse Sublandlord for the cost of all utilities provided to the Sublease Premises or pay the provider directly, as directed from time to time by Sublandlord. If the Sublease Premises are not separately metered for a utility, Sublandlord shall reasonably and equitably allocate the cost of such utility among Sublandlord and Subtenant. Subtenant shall make payment for such expense for utilities within ten (10) days of receipt of any and all invoices and statements received from Master Landlord or Sublandlord with respect to the same. If Subtenant desires to use heat, ventilation or air conditioning during hours other than those for which Master Landlord is obligated to supply such utilities pursuant to the Master Lease, Sublandlord shall pass on Subtenant’s request to Master Landlord. Subtenant shall reimburse Sublandlord for all Additional Rent payable by Sublandlord pursuant to the Master Lease equitably allocable to the Sublease Premises.  The terms of this Section 5.3 shall survive the expiration or earlier termination of the Sublease Term.

 

6.                                      Security Deposit. Subtenant shall deliver to Sublandlord a security deposit in the amount of $5,250.00 (the “Security Deposit”) to secure the faithful observance and performance by Subtenant of the terms and conditions of this Sublease. If there is an Event of Default (as defined in Article 19 of the Master Lease) by Subtenant in the observance or performance of any of such terms and conditions beyond the date of any notice and cure period for such Event of Default, Sublandlord may use or apply all or any part of the Security Deposit for the payment of any Sublease Rent not paid when due or for the payment of any other amounts due Sublandlord by reason of such Event of Default, including any costs of Sublandlord’s observing or performing such terms or conditions on Subtenant’s behalf and any deficiencies in reletting or damages incurred by Sublandlord. If Sublandlord shall use or apply all or any part of the Security Deposit, Subtenant shall, within three (3) business days following notice from Sublandlord, deliver to Sublandlord additional funds so as to restore the Security Deposit to the to the amount before such application of funds by Sublandlord. The Security Deposit, or so much

 

4

 

thereof as shall not have been used or applied in accordance with this Section 6, shall be returned to Subtenant no later than thirty (30) days following the later of: (i) the expiration or sooner termination of this Sublease, and (ii) the surrender of the Sublease Premises to Sublandlord vacant and in accordance with this Sublease. Subtenant hereby waives the provisions of Section 1950.7 of the California Civil Code. If Sublandlord shall transfer the Security Deposit to an assignee of Sublandlord’s interest under the Master Lease, the Sublandlord making such transfer and assignment shall be deemed released from all liability to Subtenant with respect to the Security Deposit or the return thereof, and Subtenant agrees to look solely to the transferee and assignee with respect thereto. Subtenant shall not assign (other than to an assignee of this Sublease) or encumber its interest in the Security Deposit and no such assignment or encumbrance shall be valid or binding upon Sublandlord.

 

7.                                      Furniture, Fixtures, and Equipment. During the Sublease Term, Subtenant shall have the right, at no cost or expense to Subtenant, to use those items of Sublandlord’s furniture, fixtures, and equipment that are located in the Sublease Premises (the “FF&E”). Sublandlord has not made, does not make, and will not make, any representations or warranties of any kind, express or implied, to Subtenant with respect to the FF&E including, without limitation, any representations or warranties as to the condition or functionality of the FF&E, or the suitability of the FF&E for Subtenant’s purposes. Subtenant agrees to accept the FF&E for use and, if applicable, for purchase in its “as is, where is, with all faults” condition. From and after the Commencement Date, Subtenant shall be solely responsible, at Subtenant’s sole cost and expense, for maintenance, repair, operation, replacement and, if applicable, removal and any repair and/or restoration of any damage to the Property caused by or resulting from such removal, from time to time, of the FF&E.  The FF&E shall be surrendered with the Sublease Premises at the expiration or earlier termination of the Sublease Term.

 

8.                                      Master Lease.

 

8.1                               Sublease Subordinate to Master Lease; Subtenant’s Covenants. This Sublease is in all respects subject and subordinate to all of the terms, provisions, covenants, stipulations, conditions and agreements of the Master Lease. Subtenant agrees as follows (to the extent certain provisions of the Master Lease are incorporated below, all references in such incorporated provision to the term “Tenant” shall be deemed to refer to Subtenant, all references to the term “Premises” shall be deemed to refer to the Sublease Premises, all references to the term “Lease” shall be deemed to refer to this Sublease, all references to the term “Lease Term” shall be deemed to refer to the Sublease Term, and all references to the term “Landlord” shall be deemed to refer to Sublandlord, each unless expressly stated, or the context would imply, otherwise):

 

(a)               Summary of Basic Lease Information. Sections 2.1, 2.3, and 11 of the Summary of Basic Lease Information in the Master Lease are incorporated herein by reference.

 

(b)               Permitted Use. Sections 5.1 and 5.2 of the Master Lease are incorporated herein by reference, except that the “Permitted Use” hereunder shall be: general office and administrative, consistent with the nature of a first class life sciences project in South San Francisco, California.  Subtenant and Subtenant’s Indemnified Parties (defined below) shall

 

5

 

not produce, use, store or generate any Hazardous Materials in our about the Master Premises or Sublease Premises, and Subtenant shall indemnify and hold harmless Master Landlord and Sublandlord for any breach of the obligations in this sentence, consistent with Sections 5.3.1.4.1 and 5.3.1.4.2 of the Master Lease.

 

(c)                Services and Utilities. Sections 6.1, 6.3 and 6.4 of the Master Lease are incorporated herein by reference, except that references to “Landlord” therein shall mean the Master Landlord only (except that references to “Landlord” in Section 6.3 (except for the reference to Section 19.5 included therein) shall be deemed to refer also to Sublandlord under this Sublease). Any overstandard use by Subtenant shall be subject to Sublandlord’s consent, and Subtenant shall pay all of Master Landlord’s charges and fees for such request and use.

 

(d)               Repairs and Maintenance. Sections 7.1, 7.3, and 7.4 of the Master Lease are incorporated herein by reference, except that references to “Landlord” therein shall be deemed to refer to Master Landlord only.  With respect to maintenance, Subtenant shall perform all repair, maintenance and replacement obligations of Sublandlord (as described therein), as “Tenant” under the Master Lease, to the extent that such obligations relate to the Sublease Premises during the Sublease Term.

 

(e)                Additions and Alterations. Article 8 of the Master Lease is incorporated herein by reference, except for the third and fourth grammatical sentences of Section 8.1. Subtenant shall not make any alterations, additions or improvements to the Sublease Premises without the prior written consent of (i) Master Landlord, which consent may be granted or withheld as set forth in Article 8 of the Master Lease, and (ii) Sublandlord, which consent may be withheld or conditioned in Sublandlord’s sole and absolute discretion.

 

(f)                 Covenant Against Liens. Article 9 of the Master Lease is incorporated herein by reference.

 

(g)               Indemnification and Insurance. Subtenant shall obtain the insurance coverages required by Section 10.3 of the Master Lease, as incorporated herein by reference. Each policy of insurance shall name Sublandlord as an additional insured.  Sections 10.1, 10.4, 10.5 and 10.6 of the Master Lease are incorporated herein by reference, and the indemnification and exculpation in Section 10.1 shall run in favor of both Master Landlord and Sublandlord.  The waiver of subrogation requirements in Section 10.5 of the Master Lease shall operate between Sublandlord and Subtenant, in the same manner as between Master Landlord and Sublandlord.  Subtenant and Sublandlord each hereby waives any claims for consequential, special, or punitive damages against the other arising out of this Sublease or Subtenant’s use of the Sublease Premises (except that this sentence shall not be construed to limit consequential damages recoverable from Subtenant in the event of (1) a holdover by Subtenant, or (2) a release of Hazardous Materials by Subtenant or any Subtenant Indemnified Parties (defined below)).

 

(h)               Casualty Damage. In the event of a casualty as described in Article 11 of the Master Lease, Subtenant shall only be entitled to an abatement of Sublease Rent to the extent that Sublandlord is entitled to rental abatement under the Master Lease with respect to the Sublease Premises.  Subtenant shall have the right to terminate this Sublease under the same circumstances that “Tenant” is entitled to terminate under Article 11 of the Master Lease, and

 

6

 

may exercise such right at the same times and in the same manner as “Tenant” may do so under such paragraph, but only in the event that the damage or casualty occurs in the Sublease Premises.

 

(i)                  Nonwaiver. Article 12 of the Master Lease is incorporated herein by reference.

 

(j)                  Condemnation. Article 13 of the Master Lease is incorporated herein by reference, but shall only apply to a condemnation of the Sublease Premises, and Subtenant shall have no rights with respect to a condemnation of any portion of the Master Premises not including the Sublease Premises, or any other premises or portion of the Property and references to “Landlord” therein shall mean Master Landlord.

 

(k)               Assignment and Subletting. Article 14 of the Master Lease is incorporated herein by reference, provided that, Subtenant shall not assign or sublet the Sublease Premises without the prior written consent of (i) Master Landlord, which may be granted or withheld as set forth in Article 14 of the Master Lease, and (ii) Sublandlord, which consent may be withheld or conditioned in Sublandlord’s sole and absolute discretion.

 

(l)                  Surrender. Article 15 of the Master Lease is incorporated herein by reference, and Subtenant shall be solely obligated to remove or restore the Sublease Premises as required by the Master Lease, as incorporated herein, and this Sublease.  Subtenant shall have no obligation to remove any alterations or improvements made by or for Sublandlord.

 

(m)           Holding Over. Article 16 of the Master Lease is incorporated herein by reference.

 

(n)               Subordination; Estoppel Certificate. Articles 17 and 18 of the Master Lease are incorporated herein by reference, and Sublandlord may request an estoppel certificate or other documents from Subtenant pursuant to the requirements therein.

 

(o)               Events of Default; Remedies. Article 19 of the Master Lease is incorporated herein by reference (except for Section 19.5 of the Master Lease, which is not incorporated herein).

 

(p)               Covenant of Quiet Enjoyment. Article 20 of the Master Lease is incorporated herein by reference.

 

(q)               Lines. Article 22 of the Master Lease is incorporated herein, except that Sublandlord’s prior written consent shall be required before Subtenant may install any Lines, which consent may be withheld or conditioned in Sublandlord’s reasonable discretion (provided that Sublandlord may require Subtenant to remove such Lines upon the expiration or earlier termination of the Sublease Term).

 

(r)                Compliance with Laws. Article 24 of the Master Lease is incorporated herein by reference, except that references to “Landlord” therein shall mean the “Master Landlord” only.

 

7

 

(s)                 Late Charges. Article 25 of the Master Lease is incorporated herein by reference and shall apply to the Sublease Rent obligations hereunder.

 

(t)                  Right to Cure Default; Payments by Subtenant. Article 26 of the Master Lease is incorporated herein by reference, and references to “Landlord” therein shall mean both Master Landlord and Sublandlord.

 

(u)               Entry by Landlord. Article 27 of the Master Lease is incorporated herein by reference, and references to “Landlord” therein shall mean both Master Landlord and Sublandlord.

 

(v)               Parking. Article 28 of the Master Lease is incorporated herein by reference, provided that Subtenant will have rights to five (5) unreserved parking spaces, and Subtenant shall comply with Sublandlord’s reasonable rules and regulations regarding use of parking.

 

(w)             Miscellaneous. Except for Sections 29.18, 29.24, 29.26, 29.29 and 29.31, the entirety of Article 29 of the Master Lease is incorporated herein by reference.

 

(x)               Consents. If any consent is required of Master Landlord for any action of “Tenant” under the Master Lease, then such consent shall be required from both Master Landlord and Sublandlord under this Sublease.  Any consent or approval requested from Sublandlord in accordance with this Sublease shall be deemed reasonably withheld if Master Landlord withholds its consent or approval in accordance with the Master Lease.

 

Except as set forth above, the provisions of the Master Lease are not incorporated into this Sublease except as necessary to effectuate the terms and conditions of this Sublease. Neither party shall take any action or do or permit to be done anything which: (i) is or may be prohibited under the Master Lease; (ii) might result in a violation of or default under any of the terms, covenants, conditions or provisions of the Master Lease or any other instrument to which this Sublease is subordinate; or (iii) would result in any additional cost or other liability to Sublandlord or Subtenant respectively.

 

8.2                               Sublandlord Not Responsible for Representations and Covenants of Master Landlord under Master Lease. Sublandlord shall not be deemed to have made any representation made by Master Landlord in any of the provisions of the Master Lease. Moreover, during the Sublease Term, Subtenant acknowledges and agrees that Sublandlord shall not be responsible for Master Landlord’s covenants and obligations under the Master Lease. Without limiting the generality of the foregoing, Sublandlord shall not be obligated (i) to provide any of the services or utilities that Master Landlord has agreed in the Master Lease to provide, (ii) to make any of the repairs or restorations that Master Landlord has agreed in the Master Lease to make, (iii) to comply with any laws or requirements of public authorities with which Master Landlord has agreed in the Master Lease to comply, or (iv) to take any action with respect to the operation, administration or control of the Property or any of the Common Areas that the Master Landlord has agreed in the Master Lease to take, and Sublandlord shall have no liability to Subtenant on account of any failure of Master Landlord to do so, or on account of any failure by Master Landlord to observe or perform any of the terms, covenants or conditions of the Master

 

8

 

Lease required to be observed or performed by Master Landlord, provided that in the event that Subtenant determines in good faith that Master Landlord has not performed its obligations under the Master Lease, then upon receipt of written notice from Subtenant, Sublandlord shall be obligated to use commercially reasonable efforts to cause such breaches, defaults or failures of Master Landlord under the Master Lease to be resolved or otherwise settled; provided, further however: (A) Sublandlord shall not have any obligation to incur out-of-pocket expenses in connection with its covenants under this Section 8.2 and (B) Sublandlord shall not have any obligation to commence litigation or other dispute resolution proceedings to cause Master Landlord to comply with the Master Lease.

 

9.                                      Indemnity by Subtenant. Subtenant shall indemnify Sublandlord, its officers, directors, shareholders, agents, representatives and employees (collectively “Sublandlord Indemnified Parties”) against, and hold Sublandlord, and the Sublandlord Indemnified Parties harmless from, any and all demands, claims, causes of action, fines, penalties, damages, losses, liabilities, judgments, and expenses (including, without limitation, reasonable attorneys’ fees and court costs) (collectively, “Claims”) incurred in connection with, or arising from: (a) the use or occupancy of the Sublease Premises, Master Premises or the Property by Subtenant or any persons claiming under Subtenant; (b) any activity, work, or thing done, permitted or suffered by Subtenant in or about the Master Premises or Sublease Premises; (c) any acts, omissions, or negligence of Subtenant or any person claiming under Subtenant, or the contractors, agents, employees, invitees, or visitors of Subtenant or any such person; (d) any breach, violation, or nonperformance by Subtenant or any person claiming under Subtenant or the employees, agents, contractors, invitees, or visitors of Subtenant or any such person of any term, covenant, or provision of this Sublease or any law, ordinance, or governmental requirement of any kind; (e) any injury or damage to the person, or property of Sublandlord, or any Sublandlord Indemnified Parties, or any other person entering upon the Sublease Premises to the extent caused by Subtenant; and (f) Subtenant’s failure to comply with the surrender provisions of this Sublease at the expiration or earlier termination of the Sublease Term, except to the extent any of the foregoing results from the gross negligence or willful misconduct of Sublandlord or its officers, directors, shareholders, agents, contractors, employees, invitees or visitors. If any action or proceeding is brought against Sublandlord, or any Sublandlord Indemnified Parties by reason of any such claim, Subtenant, upon notice from Sublandlord, shall defend the claim at Subtenant’s expense with counsel reasonably satisfactory to Sublandlord.

 

10.                               Indemnity by Sublandlord. Sublandlord shall indemnify Subtenant, its officers, directors, shareholders, agents, representatives and employees (collectively “Subtenant Indemnified Parties”) against, and hold Subtenant, and Subtenant’s Indemnified Parties harmless from, any and all Claims incurred in connection with, or arising from: (a) any negligence or willful misconduct of Sublandlord or any Sublandlord Indemnified Party, or (b) any breach, violation, or nonperformance by Sublandlord of any term, covenant or provision of this Sublease, except to the extent resulting from the negligence or willful misconduct of Subtenant or its officers, directors, shareholders, agents, contractors, employees, invitees or visitors. If any action or proceeding is brought against Subtenant, its employees or agents by reason of any such claim, Sublandlord, upon notice from Subtenant, shall defend the claim at Sublandlord’s expense with counsel reasonably satisfactory to Subtenant.

 

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11.                               Master Landlord Notices.  Sublandlord and Subtenant shall, promptly following receipt thereof, deliver to the other party a copy of any and all notices received from Master Landlord which would have any material effect upon the Sublease Premises or this Sublease.

 

12.                               Sublandlord’s Right to Cure Subtenant Default. Upon an Event of Default (as defined in Article 19 of the Master Lease) by Subtenant under this Sublease (after lapse of any applicable notice and cure periods), Sublandlord may, without waiving or releasing any obligation of Subtenant hereunder and without waiving any rights or remedies at law or otherwise, make such payment or perform such act. All sums so paid or incurred by Sublandlord, together with interest thereon, from the date such sums were paid or incurred, at the annual rate equal to 10% per annum or the highest rate permitted by law, whichever is less, shall be payable to Sublandlord on demand as additional Sublease Rent.

 

13.                               Notices. Any notice, request, demand, consent, approval, or other communication required or permitted under this Sublease shall be in writing. All notices shall be addressed to the addresses set forth in the introductory paragraph, or such other address as the parties may notify each other from time to time, and shall be: (a) personally delivered; (b) sent by certified or registered mail, postage prepaid, return receipt requested; or (c) sent by a nationally recognized overnight courier service, with charges prepaid and a receipt provided therefor. All notices shall be deemed to have been given on the earlier of: (i) the date of actual receipt; or (ii) one (1) business day after being properly deposited with a nationally recognized overnight courier service.

 

14.                               Time Is of the Essence. Time is of the essence with respect to the performance of every provision of this Sublease in which time of performance is a factor.

 

15.                               Attorneys’ Fees. If any action or proceeding is instituted by Sublandlord or Subtenant to construe, interpret or enforce the provisions of this Sublease, the prevailing party shall be entitled to the reimbursement of its reasonable attorneys’ fees and costs incurred in connection with such proceeding by the non-prevailing party.

 

16.                               Brokers. Each party represents and warrants that it has not been represented by any broker in connection this Sublease, and each party hereby indemnifies, protects, defends (with legal counsel acceptable to the other party) and holds the other party free and harmless from and against any and all costs and liabilities, including, without limitation, reasonable attorneys’ fees, for causes of action or proceedings that may be instituted by any broker, agent or finder, licensed or otherwise, claiming through, under or by reason of the conduct of such party in connection with this Sublease.

 

17.                               Counterparts. This Sublease may be executed in duplicate counterparts, each of which shall be deemed an original hereof. Electronically transmitted signatures shall be deemed originals.

 

18.                               Entire Agreement/Modification. This Sublease, including the Exhibits, contains all of the agreements of the parties hereto with respect to any matter covered or mentioned in this Sublease, and no prior agreements or understanding or letter or proposal pertaining to any such matters shall be effective for any purpose. This Sublease may only be modified by a writing

 

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signed by Sublandlord and Subtenant. No provisions of this Sublease may be amended or added to, whether by conduct, oral or written communication, or otherwise, except by an agreement in writing signed by the parties hereto or their respective successors-in-interest.

 

19.                               Interpretation. The title and paragraph headings are not a part of this Sublease and shall have no effect upon the construction or interpretation of any part of this Sublease. Unless stated otherwise, references to paragraphs and subparagraphs are to those in this Sublease. This Sublease shall be strictly construed neither against Sublandlord nor Subtenant.

 

20.                               Authority. Subtenant hereby represents and warrants that Subtenant is a duly formed and existing entity qualified to do business in the State of California and that Subtenant has full right and authority to execute and deliver this Sublease and that each person executing this Sublease on behalf of Subtenant is authorized to do so. Sublandlord hereby represents and warrants that Sublandlord has full right and authority to execute and deliver this Sublease and that each person executing this Sublease on behalf of Sublandlord is authorized to do so.

 

21.                               Signage. Subtenant shall not be entitled to any signage.

 

22.                               OFAC Compliance. Subtenant and all beneficial owners of Subtenant are currently (a) in compliance with and shall at all times during the Sublease Term remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the “OFAC Rules”), (b) not listed on, and shall not during the Sublease Term be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.

 

23.                               Sublandlord covenants not to (a) voluntarily surrender or terminate the Master Lease prior to the expiration of the Initial Term, or (b) enter into, without the consent of Subtenant, any amendment to the Master Lease which would adversely affect Subtenant’s rights or increase Subtenant’s monetary obligations under this Sublease.  Notwithstanding anything contained in this Sublease to the contrary, Subtenant shall not be responsible for (i) any default of Sublandlord, its agents, employees or contractors under the Master Lease unless attributable to a default under this Sublease or the Master Lease by Subtenant, its agents, employees, contractors, invitees or anyone claiming by, through or under Subtenant, (ii) conditions at the Subleased Premises, for which the obligation to maintain and repair resides with Master Landlord under the Master Lease and/or which existed as of the Commencement Date, (iii) any violations of law resulting from such conditions described by (ii) above, (iv) the payment of any charges, fees and other costs imposed by Master Landlord on Sublandlord as a result of Sublandlord’s default under the Master Lease (unless due to any default by Subtenant under this Sublease), and (v) making payment of any sums either to Master Landlord or Sublandlord in satisfaction of any charges accruing under the Master Lease (whether denominated as rent, rental, additional rent or otherwise) for any period prior or subsequent to the Term of this Sublease.

 

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24.                               Sublandlord represents and warrants to Subtenant that (i) a true, correct and complete copy of the Master Lease (excluding redacted terms not relevant to Subtenant) has been delivered to Subtenant and the Master Lease has not been modified or amended, assigned or sublet in any manner as of the date hereof, (ii) the Master Lease is in full force and effect, (iii) to the best of Sublandlord’s knowledge, Sublandlord is not in default under the Master Lease, and (iv) Sublandlord has not received any notice of default under the Master Lease.

 

[signature page follows]

 

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IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sublease as of the date first above written.

 

	
SUBLANDLORD:
    	
 
    	
 
    	
SUBTENANT:
    
	
 
    	
 
    	
 
    	
 
    
	
Trucode Gene Repair, Inc.
    	
 
    	
 
    	
Akero Therapeutics, Inc.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Marshall Fordyce
    	
 
    	
By:
    	
/s/ Andrew Cheng
    
	
 
    	
Name: Marshall Fordyce
    	
 
    	
 
    	
Name: Andrew Cheng
    
	
 
    	
Title: CEO
    	
 
    	
 
    	
Title: President and   CEO
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
And By:
    	
/s/ Jonathan Young
    
	
 
    	
 
    	
 
    	
Name: Jonathan Young
    
	
 
    	
 
    	
 
    	
Title: EVP and COO
    
						

 

[Signature Page to Sublease]

 

 

EXHIBIT A

 

DEPICTION OF SUBLEASE PREMISES

 

[To Be Attached]

 

 

 

 

FIRST AMENDMENT TO CONSENT TO SUBLEASE AGREEMENT

 

THIS FIRST AMENDMENT TO CONSENT TO SUBLEASE AGREEMENT (this “First Amendment”) is made as of March 12, 2019, by and among BRITANNIA POINTE GRAND LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), TRUCODE GENE REPAIR, INC., a Delaware corporation (“Tenant”), and AKERO THERAPEUTICS, INC., a Delaware corporation (“Subtenant”).

 

R  E  C  I  T  A  L  S

 

A.                                            Reference is hereby made to that certain Lease dated April 10, 2018, between Landlord and Tenant (the “Lease”), for certain premises located at 170 Harbor Way, South San Francisco, California 94080 (the “Premises”).

 

B.                                            On December 7, 2018, Landlord, Tenant and Subtenant entered into that certain Consent to Sublease Agreement (the “Consent”), whereby Landlord consented to the subletting by Subtenant of a portion of the Premises (the “Sublet Premises”) as described in that certain Sublease dated October 23, 2018, between Tenant and Subtenant (the “Sublease”).

 

C.                                            Pursuant to Section 3 of the Consent and Article 14 of the Original Lease, Tenant and Subtenant have requested Landlord’s consent to that certain First Amendment to Sublease Agreement dated February 27, 2019, between Tenant and Subtenant (the “Sublease First Amendment”), with respect to, inter alia, modification of the term of the Sublease and expansion of the Sublet Premises, as more particularly described in the Sublease First Amendment.  A copy of the Sublease First Amendment is attached hereto as Exhibit A.  Landlord is willing to consent to the Sublease First Amendment on the terms and conditions contained herein.

 

D.                                            All defined terms not otherwise expressly defined herein shall have the respective meanings given in the Lease.

 

A  G  R  E  E  M  E  N  T

 

1.                                      Landlord’s Consent.  Landlord hereby consents to the Sublease First Amendment; provided, however, notwithstanding anything contained in the Sublease First Amendment to the contrary, such consent is granted by Landlord only upon the terms and conditions set forth in this First Amendment.  The Sublease First Amendment is subject and subordinate to the Lease.  Landlord shall not be bound by any of the terms, covenants, conditions, provisions or agreements of the Sublease First Amendment.  Subtenant acknowledges for the benefit of Landlord that Subtenant continues to accept the Sublet Premises in their presently existing, “as-is” condition and that Landlord has made no representation or warranty to Subtenant as to the compliance of the Sublet Premises with any law, statute, ordinance, rule or regulation.  Tenant and Subtenant hereby represent and warrant to Landlord that the copy of the Sublease First Amendment attached hereto is a full, complete and accurate copy of the Sublease First Amendment, and that there are no other documents or instruments relating to the use of the Sublet Premises by Subtenant other than the Sublease and the Sublease First Amendment.

 

1

 

2.                                      Reimbursement of Landlord.  Tenant shall, within thirty (30) days after a written request to Tenant by Landlord, pay Landlord up to $2,000.00 to compensate Landlord for its reasonable review and processing fees, as well as any reasonable professional fees (including, without limitation, attorneys’, accountants’, architects’, engineers’ and consultants’ fees) incurred by Landlord in connection with Landlord’s review and consent of the Sublease First Amendment and its preparation and negotiation of this First Amendment.

 

3.                                      Incorporation of Terms of Consent.  The parties hereto acknowledge and agree that the terms set forth in Sections 3 and 4 (including Sections 4.1 through 4.10) of the Consent are incorporated herein and each time the word “Sublease” is used in such sections, the same shall mean both the Sublease and the Sublease First Amendment.

 

4.                                      General Provisions.

 

4.1                               Consideration for Sublease.  Tenant and Subtenant represent and warrant that there are no additional payments of rent or any other consideration of any type payable by Subtenant to Tenant with regard to the Sublet Premises other than as disclosed in the Sublease and the Sublease First Amendment.

 

4.2                               Brokerage Commission.  Tenant and Subtenant covenant and agree that under no circumstances shall Landlord be liable for any brokerage commission or other charge or expense in connection with the Sublease and/or the Sublease First Amendment, and Tenant and Subtenant agree to protect, defend, indemnify and hold Landlord harmless from and against the same and from any cost or expense (including, but not limited to, attorneys’ fees) incurred by Landlord in resisting any claim for any such brokerage commission or other charge or expense.

 

4.3                               Recapture.  This consent shall in no manner be construed as limiting Landlord’s ability to exercise any rights to recapture any portion of the Premises, as set forth in the Lease, in the event of a proposed future sublease or assignment of such portion of the Premises.

 

4.4                               Controlling Law.  The terms and provisions of this First Amendment shall be construed in accordance with and governed by the laws of the State of California.

 

4.5                               Binding Effect.  This First Amendment shall be binding upon and inure to the benefit of the parties hereto, their heirs, successors and permitted assigns.  As used herein, the singular number includes the plural and the masculine gender includes the feminine and neuter.

 

4.6                               Captions.  The paragraph captions utilized herein are in no way intended to interpret or limit the terms and conditions hereof; rather, they are intended for purposes of convenience only.

 

4.7                               Partial Invalidity.  If any term, provision or condition contained in this First Amendment shall, to any extent, be invalid or unenforceable, the remainder of this First Amendment, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected 

 

2

 

thereby, and each and every other term, provision and condition of this First Amendment shall be valid and enforceable to the fullest extent permitted by law.

 

4.8                               Attorneys’ Fees.  If any party hereto commences litigation against the other for the specific performance of this First Amendment, for damages for the breach hereof or otherwise for enforcement of any remedy hereunder, the parties hereto agree to and hereby do waive any right to a trial by jury and, in the event of any such commencement of litigation, the prevailing party shall be entitled to recover from the other party such costs and reasonable attorneys’ fees as may have been incurred.

 

[signatures follow on next page]

 

3

 

IN WITNESS WHEREOF, the parties have executed this First Amendment as of the day and year first above written.

 

	
 
    	
“Landlord”
    
	
 
    	
 
    
	
 
    	
BRITANNIA POINTE GRAND LIMITED   PARTNERSHIP,
    
	
 
    	
a Delaware limited   partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew Cressman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:  Andrew Cressman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Its: VP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
“Tenant”
    
	
 
    	
 
    
	
 
    	
TRUCODE GENE REPAIR, INC.,
    
	
 
    	
a Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marshall Fordyce
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:  Marshall Fordyce
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Its: CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
“Subtenant”
    
	
 
    	
 
    
	
 
    	
AKERO THERAPEUTICS, INC.,
    
	
 
    	
a Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew Cheng
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:  Andrew Cheng
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Its: President and CEO
    

 

4

 

EXHIBIT A

 

THE SUBLEASE FIRST AMENDMENT

 

[Attached]

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, this Amendment has been executed as of the day and year first above written.

 

	
SUBLANDLORD:
    	
 
    	
SUBTENANT:
    
	
 
    	
 
    	
 
    
	
TRUCODE GENE REPAIR, INC.,
    	
 
    	
AKERO THERAPEUTICS, INC.,
    
	
a Delaware corporation
    	
 
    	
a Delaware corporation
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Marshall Fordyce
    	
 
    	
By:
    	
/s/ Andrew Cheng
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Marshall Fordyce
    	
 
    	
Name:
    	
Andrew Cheng
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Its:
    	
CEO
    	
 
    	
Its:
    	
President and CEO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
And By:
    	
/s/ Jonathan Young
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Jonathan Young
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Its:
    	
EVP and COO

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