Document:

EX-10.5

 Exhibit 10.5 

INDEMNITY AGREEMENT 
 THIS
AGREEMENT is made this [•] day of December, 2015, by and between Offshore Group Investment Limited, a Cayman Islands exempted company (the “Company”), and [•] (“Indemnitee”). 

WHEREAS, the Company and Indemnitee desire that Indemnitee continue to serve as a [•]; and 

WHEREAS, the Company desires and intends to provide indemnification (including advancement of expenses or costs) against any and all
liabilities asserted against Indemnitee to the fullest extent permitted by the laws of the State of Texas. 
 NOW, THEREFORE, in
consideration of the covenants contained herein, the Company and Indemnitee agree as follows: 
 1. Continued Service. Indemnitee will continue to
serve as a [•] so long as he is duly elected and qualified in accordance with the Amended and Restated Memorandum and Articles of Association of the Company or until he tenders his resignation. 

2. Indemnification. The Company shall indemnify and hold harmless Indemnitee as follows: 

(a) The Company shall indemnify and hold harmless Indemnitee when he is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company) by reason of the fact that he is or was a director, officer, employee or agent of the Company,
or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture trust or other enterprise, against expenses (including attorneys’ fees and costs), judgments, fines
and settlements actually and reasonably incurred by him in connection with such action, suit or proceeding if he 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, with
respect to any criminal action or proceeding if he 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, with respect to any criminal action or proceeding, had no reasonable
cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee
failed to act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was
unlawful. 
 (b) The Company shall indemnify and hold harmless Indemnitee when he is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the Company, or is or was serving at the request
of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees and costs) actually

 
and reasonably incurred by him in connection with the defense or settlement of such action or suit if he 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 except that no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable for gross negligence or misconduct in the performance of his duty to
the Company unless and only to the extent that the court in which such action or suit 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 for such expenses which such court shall deem proper. 
 (c) Any indemnification under paragraphs
(a) and (b) of this Section 2 (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination (in accordance with Section 3 hereof) that indemnification of Indemnitee is
proper in the circumstances because he has met the applicable standard of conduct set forth in paragraphs (a) and (b) of this Section 2. Such determination shall be made (1) by the board of directors by a majority vote of a
quorum consisting of directors who were not parties to such action, suit or proceedings, or (2) if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written
opinion, or (3) by the shareholders. 
 (d) Expenses (including attorneys’ fees and costs) incurred by Indemnitee in defending a
civil or criminal action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding as authorized (in accordance with Section 4 hereof) by the board of directors in the specific case
upon receipt of an undertaking by or on behalf of Indemnitee to repay such amount if it is ultimately determined that he is not entitled to be indemnified by the Company under this Agreement or otherwise. 

(e) The right to indemnification provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be
entitled under any statute, bylaw, insurance policy, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall
continue after Indemnitee has ceased to be a director, officer, employee or agent and shall inure to the benefit of his heirs, executors and administrators. 

3. Determination of Right to Indemnification. For purposes of making the determination in a specific case under paragraph (c) of Section 2
hereof whether to make indemnification, the board of directors, independent legal counsel, or shareholders, as the case may be, shall make such determination in accordance with the following procedure: 

(a) Indemnitee may submit to the board of directors a sworn statement substantially in the form of Exhibit I attached hereto and made a part
hereof (“Indemnification and Undertaking Statement”) averring that he has met the applicable standard of conduct set forth in paragraphs (a) and (b) of Section 2 hereof and that he undertakes to repay such expenses and costs
if it is ultimately determined he is not entitled to be indemnified by the Company under this Agreement or otherwise; 

  
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 (b) Submission of the Indemnification and Undertaking Statement to the board of directors shall
create a rebuttable presumption that Indemnitee is entitled to indemnification under this Agreement, and the board of directors, independent legal counsel, or shareholders, as the case may be, shall within a reasonable period after submission of the
Indemnification and Undertaking Statement specifically determine that Indemnitee is so entitled, unless it or they shall possess sufficient evidence to show that Indemnitee engaged in willful misconduct with respect to the matter for which
indemnification is sought, which evidence shall be disclosed to Indemnitee with particularity in a sworn written statement signed by all persons who participated in the determination and voted to deny indemnification. 

4. Authorization of Advancement of Expenses. For purpose of determining whether to authorize advancement of expenses and costs in a specific case
pursuant to paragraph (d) of Section 2 hereof, the board of directors shall make such determination in accordance with the following procedure: 

(a) Indemnitee may submit to the Company’s board of directors the Indemnification and Undertaking Statement substantially in the form of
Exhibit 1 attached hereto, averring that (i) he has reasonably incurred or will reasonably incur actual expenses and costs in defending a civil or criminal action, suit or proceedings, and (ii) he undertakes to repay such amount if it is
ultimately determined that he is not entitled to be indemnified by the Company under this Agreement or otherwise; 
 (b) Upon receipt of the
Indemnification and Undertaking Statement, the board of directors shall, within a reasonable period not to exceed 20 working days, authorize payment of the expenses, subject to determination by the board of directors as set forth in
Section 3(b) above whether Indemnitee is entitled to indemnification under this Agreement. 
 (c) The advancement of expenses and costs
shall first be satisfied through the proceeds of any insurance policy maintained by the Company or its subsidiaries for purposes of providing indemnification coverage for the actions of directors and officers, and the Company shall have an
additional 10 working days from the period set forth in (b) above to arrange for payment under such policy. Notwithstanding the foregoing, and unless the board of directors has otherwise denied indemnification pursuant to Section 3(b), the
Company’s advancement of expenses and costs under this Section 4 shall be made within 30 working days of the receipt of the Indemnification and Undertaking Statement. 

5. Merger, Consolidation or Change in Control. In the event that the Company shall be a constituent corporation in a consolidation or merger, whether
the Company is the resulting or surviving corporation or is absorbed, or if there is a change in control of the Company (through an amalgamation, consolidation, business combination, merger, sale of all or substantially all of the assets of the
Company, or otherwise), Indemnitee shall stand in the same position under this Agreement with respect to the resulting, surviving or changed corporation as he would have with respect to the Company if its separate existence had continued or if there
had been no change in control of the Company. 

  
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 6. Certain Definitions. For purposes of this Agreement, the following definitions apply herein:
“other enterprises” shall include employee benefit plans, and civic, non-profit, or charitable organizations, whether or not incorporated; “fines” shall include any excise taxes assessed on Indemnitee respect to any employee
benefit plan; “serving at the request of the Company” shall include any service at the request or with the express or implied authorization of the Company, as a director, officer, employee or agent of the Company which imposes duties on,
or involves services by, Indemnitee with respect to a corporation or “other enterprises,” its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner he reasonably believed to be in the interest of the
participants and beneficiaries of such “other enterprises,” he shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

7. Attorneys’ Fees. In the event that Indemnitee institutes any legal action to enforce his rights under, or to recover damages for breach of this
Agreement, Indemnitee, if he prevails in whole or in part, shall be entitled to recover from the Company all reasonable attorneys’ fees and costs incurred by him. 

8. Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, the
remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected. 
 9. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Texas without regard to its conflict of laws rules. 
 10.
Modification; Survival. This Agreement contains the entire agreement of the parties relating to the subject matter hereof. This Agreement may be modified only by an instrument in writing signed by both parties hereto. The provisions of this
Agreement shall survive the termination of Indemnitee’s service as a [•]. 

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

					
	 ATTEST:
  
	  		  	 OFFSHORE GROUP INVESTMENT LIMITED
  

	[•]	  		  	By:
		  		  	Title:

 [Signature Page to Indemnity Agreement] 

 EXHIBIT 1 

STATEMENT OF REQUEST FOR INDEMNIFICATION 

AND UNDERTAKING 
 I, [•],
being first duly sworn do depose and say as follows: 
 1. This Statement is submitted pursuant to the Indemnity Agreement dated December [•], 2015,
between Offshore Group Investment Limited, a Cayman Islands exempted company (the “Company”), and the undersigned. 
 2. I am requesting
indemnification against expenses (including attorneys’ fees and costs), costs, liabilities, judgments, fines and amounts paid in settlement, all of which have been or will be actually and reasonably incurred by me in connection with a certain
claim, action, suit or proceeding to which I am a party or am threatened to be made a party by reason of the fact that I am or was a director or officer of the Company, and which action is not by or in the right of the Company. 

3. With respect to all matters related to any such claim, action, suit or proceeding, I acted in good faith and in a manner I reasonably believed to be or not
opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, I had no reason to believe that my conduct was unlawful. 

4. I hereby undertake to repay this advancement of expenses and costs to the Company if it is ultimately determined that I am not entitled to be indemnified by
the Company. 
 5. I am requesting indemnification against expenses, costs, liabilities, etc. relating to or arising from the following claim, action, suit
or proceeding (attach additional pages if necessary): 
  
  

 
  
  

 
  

 
  

 
 Executed this
                     day of
                                    . 

 

			
	  

		
	Name: 	 	  

		 	

 Subscribed and sworn to before me this
                 day of                     ,
20    . 

			
	
	  

	Notary Publicptn_ex101.htm

EXHIBIT 10.1

 

PALATIN TECHNOLOGIES, INC.

RESTRICTED SHARE UNIT AGREEMENT

 

Notice of Restricted Share Unit Award

 

Palatin Technologies, Inc., a Delaware corporation (the “Company”), grants to the Grantee named below, in accordance with the terms of the Palatin Technologies, Inc. 2011 Stock Incentive Plan, as amended and restated (the “Plan”) and this Restricted Share Unit Agreement (the “Agreement”), the following number of Restricted Share Units, on the Date of Grant set forth below:

 

	 	Name of Grantee: 	 [ ]
	 	 	 
	 	Number of Restricted Share Units: 	 [ ]
	 	 	 
	 	Date of Grant: 	 [ ]

 

Terms of Agreement

 

1. Grant of Restricted Share Units. Subject to and upon the terms, conditions, and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee, as of the Date of Grant set forth above, the total number of share units (the “Restricted Share Units”) set forth above.  Each Restricted Share Unit shall represent the contingent right to receive one Share and shall at all times be equal in value to one Share. The Restricted Share Units shall be credited in a book entry account established for the Grantee until payment in accordance with Section 4 hereof.

 

2. Vesting of Restricted Share Units.

 

(a) 25% of the Restricted Share Units shall be vested as of the Date of Grant, and an additional 25% of the Restricted Share Units shall vest on each of the first, second, and third anniversaries of the Date of Grant (each such date a “Vesting Date”) (subject to such rounding conventions as may be implemented by the Company from time to time), provided that the Grantee shall have remained in the continuous employ of the Company or a Subsidiary through the applicable Vesting Date.

 

(b) Notwithstanding Section 2(a), the Restricted Share Units that have not yet vested under Section 2(a) shall immediately vest if, prior to the applicable Vesting Date: (i) the Grantee ceases to be employed with the Company and its Subsidiaries by reason of death; (ii) the Grantee’s employment is terminated by the Company or a Subsidiary without Cause (and not by reason of the Grantee’s disability or death); or (iii) a “Change in Control Event” (as defined herein) occurs while the Grantee is employed by the Company or any Subsidiary.  For purposes of this Agreement, a “Change in Control Event” means a Change in Control that constitutes a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code.

 

  

  

  

 

(c) For purposes of this Section 2, the continuous employment of the Grantee with the Company and its Subsidiaries shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company and its Subsidiaries, by reason of the transfer of his employment among the Company and its Subsidiaries.

 

3. Forfeiture of Restricted Share Units.

 

(a) The Restricted Share Units that have not yet vested pursuant to Section 2 shall be forfeited automatically without further action or notice if the Grantee ceases to be employed by the Company or a Subsidiary prior to a Vesting Date other than as provided in Section 2(b).

 

(b) All unpaid Restricted Share Units, whether or not vested, shall be forfeited automatically without further action or notice if the Grantee’s employment is terminated by the Company or a Subsidiary for Cause. Further, the Restricted Share Units and any amount paid hereunder shall be subject to the forfeiture and repayment provisions of Section 20 of the Plan.

 

4. Payment.

 

(a) Except as may be otherwise provided in this Section, the Company shall deliver to the Grantee (or the Grantee’s estate in the event of death) the Shares underlying the vested Restricted Share Units within sixty (60) days following the earlier of:

 

(i)           The date of Grantee’s “separation from service” (within the meaning of Section 409A of the Code) for any reason other than a termination of the Grantee’s employment by the Company or a Subsidiary for Cause; or

 

(ii)           The occurrence of a Change in Control Event.

 

(b) Notwithstanding the foregoing, if the Restricted Share Units become payable as a result of Section 4(a)(i) and the Grantee is a “specified employee”, within the meaning of Section 409A of the Code (as determined pursuant to the Company’s policy for identifying specified employees) on the date of the Grantee’s separation from service, then to the extent required to comply with Section 409A of the Code, the Shares underlying the vested Restricted Share Units shall instead be delivered to the Grantee within sixty (60) days after the first business day that is more than six months after the date of his or her separation from service (or, if the Grantee dies during such six-month period, within sixty (60) days after the Grantee’s death).

 

(c) The Company’s obligations with respect to the Restricted Share Units shall be satisfied in full upon the delivery of the Shares underlying the vested Restricted Share Units.

 

5. Transferability.  The Restricted Share Units may not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process, by operation of law or otherwise, unless otherwise provided under the Plan. Any purported transfer or encumbrance in violation of the provisions of this Section 5 shall be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Share Units.

 

  

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6. Dividend, Voting and Other Rights.  The Grantee shall not possess any incidents of ownership (including, without limitation, dividend and voting rights) in the Shares underlying the Restricted Share Units until such Shares have been delivered to the Grantee in accordance with Section 4 hereof. The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver Shares in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement.

 

7. No Employment Contract.  Nothing contained in this Agreement shall confer upon the Grantee any right with respect to continuance of employment by the Company and its Subsidiaries, nor limit or affect in any manner the right of the Company and its Subsidiaries to terminate the employment or adjust the compensation of the Grantee, in each case with or without cause.

 

8. Relation to Other Benefits.  Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to which the Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or a Subsidiary.

 

9. Taxes and Withholding.  The Grantee is responsible for any federal, state, local or other taxes with respect to the Restricted Share Units.  The Company does not guarantee any particular tax treatment or results in connection with the grant or vesting of the Restricted Share Units or the delivery of Shares.  To the extent the Company or any Subsidiary is required to withhold any federal, state, local, foreign or other taxes in connection with the delivery of Shares under this Agreement, then the Company or Subsidiary (as applicable) shall retain a number of Shares otherwise deliverable hereunder with a value equal to the required withholding (based on the Fair Market Value of the Shares on the date of delivery); provided that in no event shall the value of the Shares retained exceed the minimum amount of taxes required to be withheld or such other amount that will not result in a negative accounting impact. If the Company or any Subsidiary is required to withhold any federal, state, local or other taxes at any time other than upon delivery of the Shares under this Agreement, then the Company or Subsidiary (as applicable) shall have the right in its sole discretion to (a) require the Grantee to pay or provide for payment of the required tax withholding, or (b) deduct the required tax withholding from any amount of salary, bonus, incentive compensation or other amounts otherwise payable in cash to the Grantee (other than deferred compensation subject to Section 409A of the Code).

 

10. Adjustments.  The number and kind of shares of stock deliverable pursuant to the Restricted Share Units are subject to adjustment as provided in Section 16 of the Plan.

 

11. Compliance with Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws and listing requirements with respect to the Restricted Share Units; provided that, notwithstanding any other provision of this Agreement, and only to the extent permitted under Section 409A of the Code, the Company shall not be obligated to deliver any Shares pursuant to this Agreement if the delivery thereof would result in a violation of any such law or listing requirement.

 

  

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12. Amendments.  Subject to the terms of the Plan, the Committee may modify this Agreement upon written notice to the Grantee. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto.  Notwithstanding the foregoing, no amendment of the Plan or this Agreement shall adversely affect in a material way the rights of the Grantee under this Agreement without the Grantee’s consent unless the Committee determines, in good faith, that such amendment is required for the Agreement to either be exempt from the application of, or comply with, the requirements of Section 409A of the Code, or as otherwise may be provided in the Plan.

 

13. Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

 

14. Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan. This Agreement and the Plan contain the entire agreement and understanding of the parties with respect to the subject matter contained in this Agreement, and supersede all prior written or oral communications, representations and negotiations in respect thereto. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine any questions which arise in connection with the grant of the Restricted Share Units.

 

15. Successors and Assigns.  Without limiting Section 5, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company.

 

16. Governing Law.  The interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof.

 

17. Use of Grantee’s Information.  Information about the Grantee and the Grantee’s participation in the Plan may be collected, recorded and held, used and disclosed for any purpose related to the administration of the Plan. The Grantee understands that such processing of this information may need to be carried out by the Company and its Subsidiaries and by third party administrators whether such persons are located within the Grantee’s country or elsewhere, including the United States of America. The Grantee consents to the processing of information relating to the Grantee and the Grantee’s participation in the Plan in any one or more of the ways referred to above.

 

18. Electronic Delivery.  The Grantee hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered under the Plan. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to the Secretary of the Company, this consent shall be effective for the duration of the Agreement. The Grantee also understands that he or she shall have the right at any time to request that the Company deliver written copies of any and all materials referred to above at no charge. The Grantee hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may elect to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature. The Grantee consents and agrees that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan.

 

  

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19.           Acknowledgement of Receipt of Prospectus Information.  By executing this Agreement, the Grantee acknowledges receipt of a copy of the Plan, Plan Summary and Prospectus, and the Company’s most recent Annual Report and Proxy Statement (the “Prospectus Information”). The Grantee represents that he is familiar with the terms and provisions of the Prospectus Information and hereby accepts the award of Restricted Share Units on the terms and conditions set forth herein and in the Plan.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Date of Grant.

 

PALATIN TECHNOLOGIES, INC.

By:                                                                

Name: ______________________________

Title: _______________________________

GRANTEE

____________________________________

Name: _______________________________

 

 

 

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