Document:

Document

 Exhibit 10.3

January 4th, 2022
WITHOUT PREJUDICE
Delivered via email 
Ed Kilroy 
Dear Mr. Kilroy:
Re: Notice of Termination of Employment 
This letter will confirm our discussions today at which time we advised you that your employment with Medavail will be terminated without just cause. 
With a view to providing you with some assistance as you prepare to transition to alternative employment elsewhere, and in recognition of your service, efforts and contributions to the Company over the course of your employment, the Company is prepared to offer you the following gratuitous Separation Package based upon the terms and conditions that are set out below (the “Separation Package”):
1.Effective January 10, 2022, you will no longer hold the position of Chief Executive Officer.  During the period between January 10, 2022  and March 31, 2022, you will remain on payroll at your current base salary and provide the Company with any and all assistance that it requires from time to time in order to facilitate an orderly and seamless transfer of your duties and responsibilities to a successor that the Company will appoint as your replacement.   While we do not expect that you will be required to attend at the Company’s offices and to be as actively involved as you have been, we simply wish to ensure that you will continue to be available to do whatever may be required of you by the Company in order to ensure that the transfer of your duties and responsibilities to a successor is a smooth one and that you will be available as needed from time to time during this period ending with March 31st, 2022 (“The Transition Period”).  
2.At the end of the Transition Period, you will continue to remain on the Company’s payroll for an additional period of  twelve (12) months commencing with April 1, 2022 up to and including March 31st, 2023 (“the Additional Period”). The Transition Period together with the Additional Period shall constitute the period of your notice of Termination which is equivalent to a total of fifteen (15) months  (the “Notice Period”). 
(a)During the Notice Period, the Company will continue your regular salary payments, less statutory and applicable deductions. 
(b)During the Notice Period, your group health and welfare benefits will be continued during subject to and in accordance with the terms and conditions of the applicable group health and welfare benefit plan insurer’s policies and subject to the terms set out this agreement. 
(c)You will continue to be responsible for your portion of the applicable group health and welfare benefit premiums, and the cost of your portion of the applicable group health benefit premiums shall be deducted from your salary continuance payments. 
(d)In the event that you secure alternative employment with another employer that will provide you with group health benefits during the Notice Period, you agree that you will immediately notify the Company in writing of your acceptance of such employment and the provision of group benefits from such other employer, and the group benefits coverage provided by the Company will be terminated at that time.  Should you continue to remain on the Company’s group health and welfare plan during the Notice period, upon completion of the Notice Period, your benefits shall cease and you will no longer be covered under the Company’s benefit plans. It is your responsibility to contact the group benefits plan provider regarding what options exist (if any) and what steps you must take (if any) to convert any of the benefits (including life insurance)  to individual coverage, if you wish to do so. 

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(e)You will not be required to attend at work and to perform your normal duties and responsibilities during the Additional Period. However, you agree that you will respond in good faith to any enquiries that the Company may have from time to time in relation to the duties and responsibilities that you performed while you actively held the position of Chief Executive Officer of the Company.  
3.The Notice Period is inclusive of any entitlements that you may have to statutory notice of termination or to any payment in lieu of notice of termination, statutory severance pay, and benefits continuance under the Ontario Employment Standards Act, 2000 (“ESA”) and any entitlements that  you may have had your employment agreement dated November 1, 2012. 
4.As part of this without prejudice offer, the Company will provide you with a payment that is equivalent to $168,000.00 CAD less statutory and applicable deductions required by law in respect of the STIP bonus program that you participated in during the period of your active employment with the Company. This payment is being made notwithstanding  the Company’s right to rely upon the term of your employment agreement which expressly provides that you will not be provided with any STIP bonus payment in respect of the year of termination or any period following your last day of employment with the Company.  This will be paid first pay period following the Transition Period.
5.Each of your outstanding options to purchase shares of common stock of the Company (each an “Option” and collectively, the “Options”) granted under the Employee Stock Option Plan, as amended (the “ESOP”), the 2018 Equity Incentive Plan (the “2018 Plan”) and the 2020 Equity Incentive Plan (the “2020 Plan,” and together with the ESOP and the 2018 Plan, each an “Equity Plan” and collectively, the “Equity Plans”) shall continue to vest up to and including March 31st, 2023, subject to the terms and conditions of the applicable Equity Plan and the applicable option agreement thereunder (such Equity Plan and option agreement with respect to an Option, the “Stock Agreements”). Following March 31st, 2023, in accordance with the terms of the applicable Stock Agreements, all vesting of each of your Options shall immediately cease and you shall forfeit any unvested Options. If you wish to exercise any of your vested Options in accordance with the applicable Stock Agreements, you are reminded to do so within the timelines provided under the applicable Stock Agreements. As a reminder and for your reference, you must exercise any vested Options that you may have by no later than June 30th, 2023, which is three (3) months after the date on which your salary continuation payments will end on March 31, 2023, otherwise these vested Options shall be forfeited and you will have no right to exercise such Options. You are reminded that you remain subject to the regulatory blackout period and accordingly you are restricted from trading any of your Company stock until the conclusion of the blackout period. If you have any questions or require clarification in relation to trading restrictions, or any in relation to the Stock Agreements, you should contact the Company and obtain such clarification. 
6.While actively employed, in March 2021, you were granted an award of 5,800 restricted stock units (the “RSUs”) subject to the terms and conditions of the 2020 Plan and a restricted stock unit award agreement thereunder.  As you will recall, one-third (1/3) of the RSUs are scheduled to vest on each annual anniversary of the applicable vesting start date subject to you  continuing to be a Service Provider through the applicable vesting date.  As such, your  first vesting period for the first one-third of the amount of RSUs  is March 22, 2022, and your second vesting period for the second one-third of the RSUs will be March 22, 2023. As part of this without prejudice offer, the Company is prepared to treat you as being a “Service Provider” (as defined in the 2020 Plan) through March 31, 2023 as set out above. On March 31, 2023, any remaining-unvested RSUs will be forfeited for no consideration in accordance with the terms of the 2020 Plan and the applicable restricted stock unit award agreement thereunder, and you will have no further entitlement to participate in any of the Equity Plans or to obtain any further vesting entitlements including without limitation the last one-third of the aforesaid RSUs.   For greater clarity and for the purposes of each of the Equity Plans’ employment perquisite referred to in this Agreement, you will be deemed by the Company to be a “Service Provider” for purposes of the 2020 Plan and the 2018 Plan, and an “Eligible Participant” for purposes of the ESOP, during the period that you remain on the Company’s payroll until March 31st, 2023.  You will be responsible for the payment of any and all applicable taxes and statutory remittances that must be made in relation to your RSUs or Options and will otherwise be subject to all of the terms and conditions that are set out in the Equity Plans and the applicable award agreements thereunder.  
7.You will be paid any and all accrued but unused vacation pay in respect of the period ending December 31st, 2021 less statutory deductions required by law, being an amount of $45,480.00 CAD.  In addition, you will be paid a 
 

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pro-rated amount of your vacation entitlement in respect of the period January 1, 2022 to March 31, 2022.  This will be paid the first pay period following the Transition Period.
8.You agree that you will not at any time communicate, make or publish in any form, (including but not limited to, on social media), any statements or comments that are disparaging, negative, prejudicial or  defamatory, or that would otherwise negatively portray or impact the Company  and/or any of the Company’s officers, employees, and its business interests. Without limitation, you agree that you will not directly or indirectly take any action or make any statement, or in any way circulate any communication (written or otherwise)  that criticizes, ridicules, disparages or which is prejudicial or in any way derogatory to the Company, its subsidiaries, affiliates, related companies and successors, and each of their respective officers, directors, employees and agents. 
9.The Company also agrees that it will not directly or indirectly communicate disparaging, harmful or negative information about you to any third party.
10.You agree that you  will not directly or indirectly disclose the terms of these Minutes of Settlement to any third party save and except for your professional advisors, immediate family members, or as otherwise required by law. 
11.You hereby acknowledge and confirm that you have received independent legal advice prior to executing Agreement  and the Release and Indemnity attached as Schedule “A”, and that you fully understand and voluntarily accept the terms of this Agreement and the Release and Indemnity attached as Schedule “A” in every respect.
12.You acknowledge and agree that in your capacity as the Chief Executive Officer of the Company, you have occupied a fiduciary position within the Company and that you have fiduciary obligations to the Company that you continue to be bound by during the Notice Period and at all times following the conclusion of the Notice Period.  You hereby represent and covenant to the Company that you will comply with your fiduciary obligations to the Company at all times.  Without limitation, you acknowledge and agree that your fiduciary obligations include without limitation your obligation to maintain confidentiality as set out in Paragraph 10 of your employment agreement, your obligation not to solicit customers or employees of the Company in accordance with Paragraph 13 of your employment agreement. As such, it is a condition of this Agreement that you comply in every respect with Paragraphs 10 and 13 of your employment agreement.   In the event that you breach  any of the terms of this Agreement,  the Company will provide you with written notice of the details of the breach (and such notice will specify in reasonable detail the nature of the alleged breach and the manner in which the Company requires such breach to be remedied) and you will have seven business days from the date that such written notice is provided to you, to rectify such breach to the Company’s satisfaction. If the breach is remedied as directed by the Company,  this Agreement will continue to be applied on the same terms.  
13.You acknowledge and agree that this without prejudice Separation Package that is being offered to you, is inclusive of any and all entitlements that you may have upon termination of employment under your employment agreement dated November 1, 2012, or any entitlements you may have upon termination under the Employment Standards Act  or, under the common law.
14.In exchange for the compensation referred to herein, you will execute the enclosed Release and Indemnity and return same to the Company as a condition of receiving the payments and entitlements referred to in this Separation Package.
15.Receipt of the Separation Package is conditional upon you:
(a)returning all Company property that is in your possession, including without limitation, laptop, keys/access cards to the building, passwords and/or access codes to computers or databases, electronic devices or programs, all documents or records (in whatever form), all materials created by you as an employee, other materials provided, created or purchased by the Company, and equipment belonging to the 
 

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Company. The Company may determine what Company property it wishes to authorize you writing to retain during the Transition Period.
(b)signing and delivering to the Company a copy of this letter where indicated below as well as the Release and Indemnity attached at “Schedule “A”; and
(c)complying with the terms of the Release and Indemnity attached at Schedule “A”.
16.The Separation Package and the Release and Indemnity may be executed in counterparts and delivered to each respective party as a PDF attachment by email, and once so executed and delivered the said counterparts shall be deemed to constitute a single and binding, original instrument.
If you wish to accept the Separation Package, please confirm your acceptance of the Separation Package by countersigning this letter where indicated below, retaining the second copy for your records. The countersigned letter and the signed Release and Indemnity at Schedule “A” must be returned to Lisa Lutich, Chief HR Officer at llutich@medavail.com  January 11, 2022 at 5:00 PM. After that date, the offer of the above Separation Package shall expire. 
Please forward any change in your address to Lisa Lutich, CHRO at llutich@medavail.com so that the Company may send T4 information to you.
We wish you success in your future endeavours and thank you for your contributions to the Company ..

Lisa Lutich
Chief HR Officer
MedAvail Technologies Inc. 

 

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ACCEPTANCE

I, ED KILROY, hereby acknowledge and agree that I have been given a full and fair opportunity to read and understand the terms of the offer that is set out above. I hereby acknowledge and agree that I have read the terms set out above and that I fully understand all of the terms that have been offered to me.  I further acknowledge that I have been provided with an opportunity to obtain independent legal advice. I hereby voluntarily accept the terms of the Separation Package that is set out above. I agree to do all things and execute all documents reasonably required of me in order to give effect to the Separation Package, including signing the Release and Indemnity attached as Schedule “A”.

_____________________________            ___________________________________
Date:                           Signature: Ed Kilroy  

 

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SCHEDULE “A”

RELEASE AND INDEMNITY
    WHEREAS Ed Kilroy (the “Employee”) was provided with notice of the termination of his employment with MedAvail Technologies Inc. (the “Company”) on the terms set out in a Separation Package that is dated January 4, 2022
    AND WHEREAS the Employee has agreed to accept the terms and condition that are set out in the Separation Package outlined in the letter dated January 4, 2022, to which this Release and Indemnity is attached as Schedule “A” (the “Terms of Settlement”) in full and final  settlement of any and all Claims (as defined below) which the Employee may have against the Company including those Claims relating to the Employee’s employment with the Company, the termination of such employment, the employment agreement or relating to any other matter in relation to the Employee’s employment and the termination of such employment., subject to compliance by the Company with the terms of settlement in the Separation Package.  
NOW THEREFORE THIS RELEASE AND INDEMNITY WITNESSES that, in consideration of the Terms of Settlement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Employee agrees as follows:
1.Release and Indemnity
Subject to the Company’s compliance with the terms of settlement as set out  in the Separation Package, the  Employee hereby:   
(a)releases and forever discharges:
(i)the Company, its directors, officers, trustees, shareholders, employees, contractors and agents;
(ii)all corporations related, associated or affiliated with the Company, their directors, officers, trustees, shareholders, employees, contractors and agents; and
(iii)the respective heirs, executors, administrators, other legal representatives, successors and assigns of the aforesaid corporations, individuals and other entities; 
        (individually, a “Releasee” and, collectively, the “Releasees”) 
from any and all actions, causes of action, claims, proceedings, applications, complaints and demands whatsoever, whether known or unknown, that have arisen or that may arise at any time in the future (individually, a “Claim” and, collectively, the “Claims”) and, without limiting the generality of the foregoing, all Claims arising from the employment of the Employee with the Company or the termination of such employment, including all Claims, contractual, statutory or otherwise, under any benefit plan in which the Employee participated or may have been entitled to participate during the Employee’s employment, and all Claims for salary, wages, commissions, incentive compensation, bonuses, stock options, shares or other securities, benefits, pension, overtime pay, vacation pay, sick pay, holiday pay, any other form of remuneration, benefit or perquisite, termination pay, severance pay, compensation in lieu of notice, damages for wrongful or constructive dismissal, any other forms of damage and reinstatement in employment, and including any express or implied right under any contract of employment, the common law, the Ontario Employment Standards Act, 2000, the Ontario Human Rights Code, , the Ontario Occupational Health and Safety Act, or any other statute or regulation; 
(b)agrees that the Employee is aware of the Employee’s rights under the Ontario Human Rights Code, confirms that the Employee has no basis for advancing or asserting, that the Employee is not advancing or asserting, and that the Employee does not intend to advance or assert, a Claim or Claims under the Ontario Human Rights Code relating to the Employee’s employment with the Company, the termination of such employment, the employment agreement or the Employee’s hiring by the Company, and the Employee hereby releases and forever discharges the Releasees from any such human rights Claims;
(c)agrees that the Employee is aware of the Employee’s rights under the Ontario Employment Standards Act, 2000, confirms that the Employee has no basis for advancing or asserting, that the Employee is not advancing or asserting, and that the Employee does not intend to advance or assert, a Claim or Claims under the Ontario Employment Standards Act, 2000, relating to the Employee’s employment with the Company, the termination of such employment, the employment agreement or the Employee’s hiring by the Company, and the Employee hereby releases and forever discharges the Releasees from any such employment standards Claims;
 

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(d)agrees, for the benefit of the Releasees, not to make any Claim or Claims or take any proceeding with respect to any matter released and discharged herein that may result in any Claim or Claims arising against any Releasee for contribution or indemnity or other relief;
(e)agrees to indemnify and save harmless the Releasees from and against all Claims asserted against and all losses, damages, fines, penalties, deficiencies, liabilities (whether accrued, actual, contingent, latent or otherwise), costs, fees and expenses (including but not limited to interest, court costs and reasonable fees and expenses of lawyers, accountants and other experts and professionals) (collectively, the “Losses”) incurred by any of the Releasees directly or indirectly arising out of or resulting from any of the Claims described in Sections 1(a), (b) and (c) or any breach of the covenant contained in Section 1(d);
(f)agrees to indemnify and save harmless the Releasees from and against any and all Claims under the Income Tax Act (Canada), provincial income tax legislation, the Canada Pension Plan Act, the Employment Insurance Act (Canada), including any regulations made thereunder, and any other statute or regulations, for or in respect of any failure on the part of the Releasees to withhold income tax, Canada Pension Plan premiums, employment insurance premiums or benefit overpayments or any other tax, premium, payment or levy from all or any part of the said consideration and any Losses arising from any such Claims. The Releasees agree to remit applicable source deductions in the ordinary course in respect of any payments or other compensation that are provided to the Employee pursuant to the terms of the Separation Package including without limitation, the payments that are referred to in paragraphs 1 and 2 of the Separation Package and any bonus payments referred to therein. 
(g)agrees that the Employee will keep the existence and details of the Terms of Settlement and Release and Indemnity confidential, and that the Employee will not disclose, directly or indirectly, the existence or terms of this settlement to any other person or third party, except to his immediate family, financial or legal advisors, or as may be required by law. The confidentiality of this settlement shall be disclosed to his immediate family or such advisor.
(h)without limitation to the covenant in the employment agreement of the Employee, agrees that the Employee will not at any time make or publish (including without limitation on social media) any statements or comments that are directly or indirectly disparaging or defamatory of any of the Releasees;
(i)without limitation to the covenant in the employment agreement of the Employee, agrees that the Employee will not, at any time, use or disclose, directly or indirectly, any information relating to the business or confidential affairs of the Company or its affiliates, or its employees, directors, Board members, suppliers, clients or customers;
(j)agrees that it is a condition of the Severance Package, that the Employee will comply with all of the Employee’s post-employment obligations at common law and under the Employee’s employment contract dated November 1,2012 and as set out in the Severance Package; 
(k)acknowledges and agrees that the Releasees other than the Company are intended to be third party beneficiaries of this Release and Indemnity and, as such, each of such Releasees are entitled to enjoy the benefits of this Release and Indemnity and have the right to independently enforce the terms of this Release and Indemnity directly against the Employee; and 
(l)to the extent necessary to entitle the Releasees to enjoy the benefits of this Release and Indemnity, appoints the Company as the trustee for such Releasees of the provisions of this Release and Indemnity that are for their benefit.

7.Independent Legal Advice
    The Employee declares that the Employee has had the opportunity to obtain independent legal advice with respect to the Terms of Settlement as well as this Release and Indemnity and fully understands them. The Employee hereby voluntarily accepts the Terms of Settlement for the purpose of making full and final compromise, adjustment and settlement of all Claims referred to above.
7.No Admission of Liability
The Employee understands and agrees that neither the Terms of Settlement nor anything contained herein nor the payment of the said consideration will be construed as an admission of liability by the Releasees.
4.    Governing Law
 

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This Release and Indemnity is governed by and will be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.  
5.    Benefit
This Release and Indemnity will enure to the benefit of and be binding upon the Employee and the Releasees and their respective heirs, executors, administrators, other legal representatives, successors and assigns.
6.    Entire Agreement
This Release and Indemnity along with the Terms of Settlement constitute the entire agreement between the Company and the Employee with respect to the subject matter hereof.  The Terms of Settlement are contractual and not a mere recital.
7.    Severability 
If any covenant, provision or restriction of this Release and Indemnity is found to be void, unenforceable, or constitutes a violation of any law, in whole or in part, then such covenant, provision or restriction, to the extent only that it is in violation of law, shall be deemed severable from the remaining covenants, provisions and restrictions of this Release and Indemnity, which covenants, provisions and restrictions will remain binding on the parties. Such modification shall not affect or impair the validity of any other covenant, provision or restriction and without limitation, each of the covenants, provisions and restrictions contained herein are hereby declared to be separate and distinct covenants, provisions and restrictions.
IN WITNESS WHEREOF the Employee has executed this Release and Indemnity at Whitchurch-Stouffville___________, Ontario on __________________ ,2022.

												
	SIGNED AND DELIVERED	)	
	in the presence of:	)	
		)	
		)		
	Witness	)	Ed KilroyEX-10.1

 Exhibit 10.1 

DAVE INC. 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is made as of [____], 202[  ], by and between Dave Inc., a
Delaware corporation (the “Company”), and [____] (“Indemnitee”). 
 RECITALS 

The Company and Indemnitee recognize the increasing difficulty in obtaining liability insurance for directors, officers and key employees, the
significant increases in the cost of such insurance and the general reductions in the coverage of such insurance. The Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors,
officers and key employees to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited. Indemnitee does not regard the current protection available as adequate under the present
circumstances, and Indemnitee may not be willing to continue to serve in Indemnitee’s current capacity with the Company without additional protection. The Company desires to attract and retain the services of highly qualified individuals, such
as Indemnitee, and to indemnify its directors, officers and key employees so as to provide them with the maximum protection permitted by law. 

AGREEMENT 
 In
consideration of the mutual promises made in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Indemnitee hereby agree as follows: 

1. Indemnification. 

(a) Third-Party Proceedings. To the fullest extent permitted by applicable law, as such may be amended from time to time,
the Company shall indemnify Indemnitee, if Indemnitee was, is or is threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding (other than a Proceeding by or in the right of the Company to procure a judgment in
the Company’s favor), against all Expenses, judgments, fines, losses, liabilities, penalties, and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld,
conditioned or delayed) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. 

(b) Proceedings By or in the Right of the Company. To the fullest extent permitted by applicable law, the Company shall
indemnify Indemnitee, if Indemnitee was, is or is threatened to be made a party to or a participant (as a witness or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in the Company’s favor, against all
Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not 

 
opposed to the best interests of the Company, except that no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudicated by
court order or judgment to be liable to the Company unless and only to the extent that the Court of Chancery or the court in which such Proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper. 
 (c) Success on the
Merits. To the fullest extent permitted by applicable law and to the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding referred to in Section 1(a) or Section 1(b) or the
defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. Without limiting the generality of the foregoing,
if Indemnitee is successful on the merits or otherwise as to one or more but less than all claims, issues or matters in a Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in
connection with such successfully resolved claims, issues or matters to the fullest extent permitted by applicable law. If any Proceeding is disposed of on the merits or otherwise (including a disposition without prejudice), without (i) the
disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Company, (iii) a plea of guilty by Indemnitee, (iv) an adjudication that Indemnitee did not act in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and (v) with respect to any criminal Proceeding, an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s conduct was unlawful,
Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect thereto. 
 (d) Witness
Expenses. To the fullest extent permitted by applicable law and to the extent that Indemnitee is a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding. 
 2. Indemnification
Procedure. 
 (a) Advancement of Expenses. To the fullest extent permitted by applicable law, the Company
shall advance all Expenses actually and reasonably incurred by Indemnitee in connection with a Proceeding within thirty (30) days after receipt by the Company of a statement requesting such advances from time to time, whether prior to or after
final disposition of any Proceeding. Such advances shall be unsecured and interest free and shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to
indemnification under the other provisions of this Agreement. Indemnitee shall be entitled to continue to receive advancement of Expenses pursuant to this Section 2(a) unless and until the matter of Indemnitee’s entitlement to
indemnification hereunder has been finally adjudicated by court order or judgment from which no further right of appeal exists (unless such court order or judgment determines that, despite Indemnitee’s failure to establish its right to
indemnification, Indemnitee is entitled to an indemnity for such expenses). Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it ultimately is determined that Indemnitee is not entitled to be indemnified by
the Company under the other provisions of this Agreement (unless such court order or judgment determines that, despite 

  
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Indemnitee’s failure to establish its right to indemnification, Indemnitee is entitled to an indemnity for such expenses). Indemnitee shall qualify for advances upon the execution and
delivery of this Agreement, which shall constitute the requisite undertaking with respect to repayment of advances made hereunder and no other form of undertaking shall be required to qualify for advances made hereunder other than the execution of
this Agreement. 
 (b) Notice and Cooperation by Indemnitee. Indemnitee shall promptly notify the Company in writing
upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter for which indemnification will or could be sought under this Agreement. Such notice to the Company
shall include a description of the nature of, and facts underlying, the Proceeding, shall be directed to the Chief Executive Officer of the Company and shall be given in accordance with the provisions of Section 13(e) below. In addition,
Indemnitee shall give the Company such additional information and cooperation as the Company may reasonably request. Indemnitee’s failure to so notify, provide information and otherwise cooperate with the Company shall not relieve the Company
of any obligation that it may have to Indemnitee under this Agreement, except to the extent that the Company is adversely affected by such failure. 

(c) Determination of Entitlement. 

(i) Final Disposition. Notwithstanding any other provision in this Agreement, no determination as to entitlement to
indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 
 (ii)
Determination and Payment. Subject to the foregoing, promptly after receipt of a statement requesting payment with respect to the indemnification rights set forth in Section 1, to the extent required by applicable law, the
Company shall take the steps necessary to authorize such payment in the manner set forth in Section 145 of the Delaware General Corporation Law. The Company shall pay any claims made under this Agreement, under any statute, or under any
provision of the Company’s Certificate of Incorporation or Bylaws providing for indemnification or advancement of Expenses, within thirty (30) days after a written request for payment thereof has first been received by the Company, and if
such claim is not paid in full within such thirty (30) day-period, Indemnitee may, but need not, at any time thereafter bring an action against the Company in the Delaware Court of Chancery to recover the
unpaid amount of the claim and, subject to Section 12, Indemnitee shall also be entitled to be paid for all Expenses actually and reasonably incurred by Indemnitee in connection with bringing such action. It shall be a defense to any such
action (other than an action brought to enforce a claim for advancement of Expenses under Section 2(a)) that Indemnitee has not met the standards of conduct which make it permissible under applicable law for the Company to indemnify Indemnitee
for the amount claimed. In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement
and the Company shall have the burden of proof to overcome that presumption with clear and convincing evidence to the contrary. The termination of any 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 did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, in the case of a criminal
Proceeding, that Indemnitee had reasonable 

  
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cause to believe that Indemnitee’s conduct was unlawful. In addition, it is the parties’ intention that if the Company contests Indemnitee’s right to indemnification, the question
of Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its
stockholders) to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual determination by the Company
(including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its stockholders) that Indemnitee has not met such applicable standard of conduct, shall create a presumption that Indemnitee has
or has not met the applicable standard of conduct. If any requested determination with respect to entitlement to indemnification hereunder has not been made within ninety (90) days after the final disposition of the Proceeding, the requisite
determination that Indemnitee is entitled to indemnification shall be deemed to have been made. 
 (iii) Change of Control.
Notwithstanding any other provision in this Agreement, if a Change of Control has occurred, any person or body appointed by the Board of Directors in accordance with applicable law to review the Company’s obligations hereunder and under
applicable law shall be Independent Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). Such counsel, among other things, will render its written opinion to the Company and Indemnitee as to
whether and to what extent Indemnitee would be entitled to be indemnified hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and
to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. Notwithstanding any other provision of
this Agreement, the Company shall not be required to pay Expenses of more than one Independent Counsel in connection with all matters concerning a single Indemnitee, and such Independent Counsel shall be the Independent Counsel for any or all other
Indemnitees unless (i) the Company otherwise determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such Independent Counsel representing other indemnitees under agreements
similar to this Agreement. 
 (d) Payment Directions. To the extent payments are required to be made hereunder, the
Company shall, in accordance with Indemnitee’s request (but without duplication), (i) pay such Expenses on behalf of Indemnitee, (ii) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (iii) reimburse
Indemnitee for such Expenses. 
 (e) Notice to Insurers. If, at the time of the receipt of a notice of a claim pursuant
to Section 2(b) hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The
Company shall provide to Indemnitee: (i) copies of all potentially applicable directors’ and officers’ liability insurance policies, (ii) a copy of such notice delivered to the applicable insurers, and (iii) copies of all
subsequent correspondence between the Company and such insurers regarding the Proceeding, in each case substantially concurrently with the delivery or receipt thereof by the Company. 

  
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 (f) Defense of Claim and Selection of Counsel. In the event the Company
shall be obligated under Section 2(a) hereof to advance Expenses with respect to any Proceeding, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel reasonably acceptable to Indemnitee, upon the
delivery to Indemnitee of written notice of its election so to do, and upon Indemnitee providing signed, written consent to such assumption, which shall not be unreasonably withheld. After delivery of such notice, approval of such counsel by
Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, provided that
(i) Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and 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 Indemnitee’s counsel shall be at the expense of the Company. In addition, if there exists a potential, but not an actual conflict of interest between the Company and Indemnitee, the actual and
reasonable legal fees and expenses incurred by Indemnitee for separate counsel retained by Indemnitee to monitor the Proceeding (so that such counsel may assume Indemnitee’s defense if the conflict of interest between the Company and Indemnitee
becomes an actual conflict of interest) shall be deemed to be Expenses that are subject to indemnification hereunder. The existence of an actual or potential conflict of interest, and whether such conflict may be waived, shall be determined pursuant
to the rules of attorney professional conduct and applicable law. The Company shall not be required to obtain the consent of Indemnitee for the settlement of any Proceeding the Company has undertaken to defend if the Company assumes full and sole
responsibility for each such settlement; provided, however, that the Company shall be required to obtain Indemnitee’s prior written approval, which shall not be unreasonably withheld, before entering into any settlement which (1) does not
grant Indemnitee a complete release of liability, (2) would impose any penalty or limitation on Indemnitee, or (3) would admit any liability or misconduct by Indemnitee. 

3. Additional Indemnification Rights. 

(a) Scope. Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify Indemnitee to the
fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the
event of any change, after the date of this Agreement, in any applicable law, statute, or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer, such changes shall be deemed to be within
the purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board
of directors or an officer, such changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 

  
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 (b) Nonexclusivity. The indemnification provided by this Agreement
shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of stockholders or disinterested members of the Company’s Board of
Directors, the Delaware General Corporation Law, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such office. 

(c) Interest on Unpaid Amounts. If any payment to be made by the Company to Indemnitee hereunder is delayed by more than
ninety (90) days from the date the duly prepared request for such payment is received by the Company, interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies or is
obligated to indemnify for the period commencing with the date on which Indemnitee actually incurs such Expense or pays such judgment, fine or amount in settlement and ending with the date on which such payment is made to Indemnitee by the Company.

 (d) Third-Party Indemnification. The Company hereby acknowledges that Indemnitee has or may from time to time obtain
certain rights to indemnification, advancement of expenses and/or insurance provided by one or more third parties (collectively, the “Third-Party Indemnitors”). The Company hereby agrees that it is the indemnitor of first resort
(i.e., its obligations to Indemnitee are primary and any obligation of the Third-Party Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), and that the
Company will not assert that the Indemnitee must seek expense advancement or reimbursement, or indemnification, from any Third-Party Indemnitor before the Company must fully perform its expense advancement and reimbursement, and indemnification
obligations, under this Agreement. No advancement or payment by the Third-Party Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing. The
Third-Party Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery which Indemnitee would have had against the Company if the Third-Party Indemnitors had not advanced or paid any amount to or on
behalf of Indemnitee. If for any reason a court of competent jurisdiction determines that the Third-Party Indemnitors are not entitled to the subrogation rights described in the preceding sentence, the Third-Party Indemnitors shall have a right of
contribution by the Company to the Third-Party Indemnitors with respect to any advance or payment by the Third-Party Indemnitors to or on behalf of the Indemnitee. 

(e) Indemnification of Control Person. If (i) Indemnitee is or was affiliated with one or more of the Company’s
current or former stockholders that may be deemed to be or to have been a controlling person of the Company (each a “Control Person”), (ii) a Control Person is, or is threatened to be made, a party to or a participant (including as
a witness) in any Proceeding, and (iii) the Control Person’s involvement in the Proceeding is related to Indemnitee’s service to the Company as a director of the Company, or arises from the Control Person’s status or alleged
status as a controlling person of the Company resulting from such Control Person’s affiliation with Indemnitee, then the Control Person shall be entitled to all of the indemnification rights and remedies under this Agreement to the same extent
as Indemnitee. 

  
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 4. Partial Indemnification. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines or amounts paid in settlement, actually and reasonably incurred in connection with a Proceeding, but not, however, for the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the total amount of such Expenses, judgments, fines and amounts except as to the portion thereof to which indemnification is prohibited by the provisions of the Company’s
Certificate of Incorporation or By-Laws, the General Corporation Law of the State of Delaware or other applicable law. In any review or Proceeding to determine the extent of indemnification, the Company shall
bear the burden to establish, by clear and convincing evidence, the lack of a successful resolution of a particular claim, issue or matter and which amounts sought in indemnity are allocable to claims, issues or matters which were not successfully
resolved. 
 5. Director and Officer Liability Insurance. 

(a) D&O Policy. So long as Indemnitee is entitled to indemnification under this Agreement, the Company shall use
reasonable efforts to maintain in full force and effect for the benefit of Indemnitee as an insured (i) liability insurance issued by one or more reputable insurers and having the policy amount and deductible deemed appropriate by the Board and
providing in all respects coverage at least as favorable to and in the same amount as that being provided to any of the Chairperson of the Board, Chief Executive Officer, President or Chief Financial Officer of the Company when such insurance is
purchased and (ii) any replacement or substitute policies issued by one or more reputable insurers providing in all respects coverage at least as favorable to and in the same amount as that being provided to the any of Chairperson of the Board,
Chief Executive Officer, President or Chief Financial Officer of the Company when such replacement or substitute policies are purchased. The purchase, establishment and maintenance of any such insurance or other arrangements shall not in any way
limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect
the rights and obligations of the Company or any other party or parties to any such insurance or other arrangement. 
 (b) Tail
Coverage. In the event of a Change of Control or the Company’s becoming insolvent (including being placed into receivership or entering the federal bankruptcy process and the like), the Company (and any successor entity, if
applicable) shall maintain in force any and all insurance policies then maintained by the Company in providing insurance (directors’ and officers’ liability, fiduciary, employment practices or otherwise) in respect of Indemnitee, for a
period of six years thereafter. 
 6. Severability. Nothing in this Agreement is intended to require or shall be
construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If
this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that
shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms. 

  
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 7. Exclusions. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 
 (a) Claims Initiated by
Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Proceedings initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to Proceedings brought to establish, enforce or
interpret a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 of the Delaware General Corporation Law, but such indemnification or advancement of Expenses may be provided by the
Company in specific cases if the Board of Directors finds it to be appropriate; provided, however, that the exclusion set forth in the first clause of this subsection shall not be deemed to apply to any investigation initiated or brought by
Indemnitee to the extent reasonably necessary or advisable in support of Indemnitee’s defense of a Proceeding to which Indemnitee was, is or is threatened to be made, a party; 

(b) Lack of Good Faith. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding
instituted by Indemnitee to establish, enforce or interpret a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 of the Delaware General Corporation Law, if a court of competent
jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous; 

(c) Unlawful Payments. To indemnify Indemnitee for Expenses to the extent it is determined by a final court order or
judgment by a court of competent jurisdiction, to which all rights of appeal have either lapsed or been exhausted, that such indemnification is unlawful; 

(d) Certain Conduct. To indemnify Indemnitee for Expenses on account of Indemnitee’s conduct that is established by a
final court order or judgment by a court of competent jurisdiction, to which all rights of appeal have either lapsed or been exhausted, as knowingly fraudulent; 

(e) Insured Claims. To indemnify Indemnitee for Expenses to the extent such Expenses have been paid directly to Indemnitee
by an insurance carrier under an insurance policy maintained by the Company; or 
 (f) Certain Exchange Act Claims. To
indemnify Indemnitee in connection with any claim made against Indemnitee for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of
Section 16(b) of the Exchange Act or any similar successor statute or any similar provisions of state statutory law or common law, or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements 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 Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the 

  
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payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); provided, however, that to the
fullest extent permitted by applicable law and to the extent Indemnitee is successful on the merits or otherwise with respect to any such Proceeding, the Expenses actually and reasonably incurred by Indemnitee in connection with any such Proceeding
shall be deemed to be Expenses that are subject to indemnification hereunder. 
 8. Contribution Claims. 

(a) If the indemnification provided in Section 1 is unavailable in whole or in part and may not be paid to Indemnitee for any reason other
than those set forth in Section 7, then in respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permitted by applicable law, the Company, in lieu of
indemnifying Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, fines, losses, liabilities, penalties, or amounts paid in settlement, in connection with any Proceeding without
requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee. 

(b) Without diminishing or impairing the obligations of the Company set forth in the preceding Section 8(a), if, for any reason,
Indemnitee shall elect or be required to pay all or any portion of any Expenses, judgments, fines, losses, liabilities, penalties and amounts paid in settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines, losses, liabilities, penalties and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to
the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the
other hand, from the transaction or events from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the
relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in
connection with the transaction or events that resulted in such Expenses, judgments, fines, losses, liabilities, penalties or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered. The
relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand,
shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their
conduct is active or passive. 
 (c) With respect to a Proceeding brought against directors, officers, employees or agents of the Company
(other than Indemnitee), to the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee from any claims for contribution that may be brought by any such directors, officers, employees or agents of the Company (other than
Indemnitee) who may be jointly liable with Indemnitee, to the same extent Indemnitee would have been entitled to such indemnification under this Agreement if such Proceeding had been brought against Indemnitee. 

  
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 9. No Imputation. The knowledge and/or actions, or failure to act, of
any director, officer, agent or employee of the Company or the Company itself shall not be imputed to Indemnitee for purposes of determining any rights under this Agreement. 

10. Determination of Good Faith. For purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties,
or on the advice of legal counsel for the Enterprise or the Board of Directors of the Enterprise or any counsel selected by any committee of the Board of Directors of the Enterprise or on information or records given or reports made to the
Enterprise by an independent certified public accountant or by an appraiser, investment banker, compensation consultant, or other expert selected with reasonable care by the Enterprise or the Board of Directors of the Enterprise or any committee
thereof. The provisions of this Section 10 shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct. Whether or not the foregoing
provisions of this Section are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. 

11. Defined Terms and Phrases. For purposes of this Agreement, the following terms shall have the following meanings:

 (a) “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act as in effect on the date hereof. 
 (b) “Change of
Control” shall be deemed to occur upon the earliest of any of the following events: 
 (i) Acquisition of Stock by Third
Party. Any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the
election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote
generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors and such acquisition would not constitute a Change of Control under part (iii) of this definition. 

(ii) Change in Board of Directors. Individuals who, as of the date of this Agreement, constitute the Company’s Board of Directors
(the “Board”), and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the directors then still in office who were directors on
the date of this Agreement (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board. 

  
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 (iii) Corporate Transaction. The effective date of a reorganization, merger, or
consolidation of the Company (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities
entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company entitled to
vote generally in the election of directors resulting from such Business Combination (including a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through
one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors and with the power to elect at least a
majority of the Board or other governing body of the surviving entity; (2) no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting
power of the then outstanding securities entitled to vote generally in the election of directors of such corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of
Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination. 

(iv) Liquidation. The approval by the Company’s stockholders of a complete liquidation of the Company or an agreement or series of
agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such approval is not required, the decision by the
Board to proceed with such a liquidation, sale or disposition in one transaction or a series of related transactions). 
 (v) Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item or any similar schedule or form) promulgated under the Exchange
Act whether or not the Company is then subject to such reporting requirement. 
 (c) “Company” shall include, in addition to
the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors,
officers, and employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, trustee, general
partner, managing member, fiduciary, employee or agent of any other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with
respect to such constituent corporation if its separate existence had continued. 
 (d) “Enterprise” means the Company and
any other enterprise that Indemnitee was or is serving at the request of the Company as a director, officer, partner (general, limited or otherwise), member (managing or otherwise), trustee, fiduciary, employee or agent. 

  
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 (e) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (f) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including
all attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payment under this Agreement (including taxes that may be imposed upon the actual or deemed receipt
of payments under this Agreement with respect to the imposition of federal, state, local or foreign taxes), fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in a Proceeding. Expenses also shall include any of the foregoing expenses incurred in connection
with any appeal resulting from any Proceeding, including the principal, premium, security for, and other costs relating to any costs bond, supersedes bond, or other appeal bond or its equivalent. Expenses also shall include any interest, assessment
or other charges imposed thereon and costs incurred in preparing statements in support of payment requests hereunder. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against
Indemnitee. 
 (g) “Independent Counsel” means an attorney or firm of attorneys, selected in accordance with the provisions
of Section 2(c)(iii), who will not have otherwise performed services for the Company or Indemnitee within the last three years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees
under similar indemnity agreements). 
 (h) “Person” shall have the meaning as set forth in Section 13(d) and 14(d) of
the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any direct or indirect majority owned subsidiaries of the Company; (iii) any employee benefit plan of
the Company or any direct or indirect majority owned subsidiaries of the Company or of any corporation owned, directly or indirectly, by the Company’s stockholders in substantially the same proportions as their ownership of stock of the Company
(an “Employee Benefit Plan”); and (iv) any trustee or other fiduciary holding securities under an Employee Benefit Plan. 

(i) “Proceeding” shall include any actual, threatened, pending or completed action, suit, arbitration, mediation, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, or any other actual, threatened or completed proceeding, whether brought by a third party, a government agency, the Company or its Board of Directors or a committee
thereof, whether in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, legislative or investigative (formal or informal) nature, including any appeal
therefrom, in which Indemnitee was, is, will or might be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director, officer, employee or agent of the Company, or by reason of the fact that
Indemnitee is or was serving at the request of the Company as a director, officer, partner (general, limited or otherwise), member (managing or otherwise), trustee, fiduciary, employee or agent of any other enterprise, in each case whether or not
serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement. 

  
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 (j) In addition, references to “other enterprise” shall include another
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or any other enterprise; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee
benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by Indemnitee with respect to an
employee benefit plan, its participants, or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall
be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement; references to “include” or “including” shall mean include or including,
without limitation; and references to Sections, paragraphs or clauses are to Sections, paragraphs or clauses in this Agreement unless otherwise specified. 

12. Attorneys’ Fees. In the event that any Proceeding is instituted by Indemnitee under
this Agreement to enforce or interpret any of the terms hereof, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding, unless a court of competent jurisdiction
determines that each of the material assertions made by Indemnitee as a basis for such Proceeding were not made in good faith or were frivolous. In the event of a Proceeding instituted by or in the name of the Company under this Agreement or to
enforce or interpret any of the terms of this Agreement, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with such Proceeding (including with respect to Indemnitee’s
counterclaims and cross-claims made in such action), unless a court of competent jurisdiction determines that each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous. 

13. Miscellaneous. 

(a) Governing Law. The validity, interpretation, construction and performance of this Agreement, and all acts and
transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the state of Delaware, without giving effect to principles of conflicts of law. 

(b) Entire Agreement; Binding Effect. Without limiting any of the rights of Indemnitee described in Section 3(b),
this Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions and supersedes any and all previous agreements between them covering the subject matter herein.
The indemnification provided under this Agreement applies with respect to events occurring before or after the effective date of this Agreement and shall continue to apply even after Indemnitee has ceased to serve the Company in any and all
indemnified capacities. 

  
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 (c) Amendments and Waivers. No modification of or amendment to this
Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of
that provision as to that or any other instance. 
 (d) Successors and Assigns. This Agreement shall be binding upon the
Company and its successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, and inure to the benefit of Indemnitee and
Indemnitee’s heirs, executors, administrators, legal representatives and assigns. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. 
 (e) Notices. Any notice, demand or request required or permitted to be
given under this Agreement shall be in writing and shall be deemed sufficient when delivered personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage
prepaid, addressed to the party to be notified at such party’s address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified on the signature page, at the most recent address set forth in
the Company’s books and records. 
 (f) Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall
be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(g) Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto
and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 

(h) Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. Execution of a facsimile or scanned copy or by electronic means will have the same force and effect as execution of an original, and a
facsimile, scanned or electronically generated signature will be deemed an original and valid signature. 
 (i) No Employment
Rights. Nothing contained in this Agreement is intended to create in Indemnitee any right to continued employment. 

  
 -14- 

 (j) Company Position. The Company shall be precluded from asserting, in
any Proceeding brought for purposes of establishing, enforcing or interpreting any right to indemnification under this Agreement, that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in
any such court that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 

(k) Subrogation. Subject to Section 3(d), in the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company to effectively bring suit
to enforce such rights. 
 [Signature Page Follows] 

  
 -15- 

 The parties have executed this Indemnification Agreement as of the date first set forth
above. 
  

			
	THE COMPANY:
	
	DAVE INC.
		
	By:	 	  

		 	(Signature)
	
	Name:
	Title:
	
	Address:
	1265 South Cochran Avenue
	Los Angeles, CA 90019

	
	AGREED TO AND ACCEPTED:
	
	INDEMNITEE:
	
	[_________]
	
	  

	(Signature)
	
	Address:                                     
                                         
  
	  

	  

	Email:

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