Document:

Exhibit

Exhibit 10.2

HOLLYFRONTIER CORPORATION 
DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT
This Director and Officer Indemnification Agreement, dated as of [_________________] (this “Agreement”), is made by and between HollyFrontier Corporation, a Delaware corporation (the “Company”), and [___________] (“Indemnitee”).
RECITALS:
A.    Section 141 of the Delaware General Corporation Law provides that the business and affairs of a corporation shall be managed by or under the direction of its board of directors.
B.    Pursuant to Sections 141 and 142 of the Delaware General Corporation Law, significant authority with respect to the management of the Company has been delegated to the officers of the Company.
C.    By virtue of the managerial prerogatives vested in the directors and officers of a Delaware corporation, directors and officers act as fiduciaries of the corporation and its stockholders.
D.    Thus, it is critically important to the Company and its stockholders that the Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Company.  Because the success of the Company is based in large part on the performance of the directors and officers of the Company’s Controlled Affiliates, it is equally important to the Company and its stockholders that the Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Controlled Affiliates. 
E.    In recognition of the need for corporations to be able to induce capable and responsible persons to accept positions in management, Delaware law authorizes (and in some instances requires) corporations to indemnify their directors and officers, and further authorizes corporations to purchase and maintain insurance for the benefit of their directors and officers.
F.    The Delaware courts have recognized that indemnification by a corporation serves the dual policies of (1) allowing officials to resist unjustified lawsuits, secure in the knowledge that, if vindicated, the corporation will bear the expense of litigation and (2) encouraging capable women and men to serve as directors and officers, secure in the knowledge that the corporation will absorb the costs of defending their honesty and integrity.
G.    The number of lawsuits challenging the judgment and actions of directors and officers of public companies, the costs of defending those lawsuits, and the threat to directors’ and officers’ personal assets have all materially increased over the past several years, chilling the willingness of capable women and men to undertake the responsibilities imposed on directors and officers.
H.    Recent federal legislation and rules adopted by the Securities and Exchange Commission and the national securities exchanges have imposed additional disclosure and corporate 

governance obligations on directors and officers of public companies and have exposed such directors and officers to new and substantially broadened civil liabilities.  
I.    These legislative and regulatory initiatives have also exposed directors and officers of public companies to a significantly greater risk of criminal proceedings, with attendant defense costs and potential criminal fines and penalties.
J.     Under Delaware law, a director’s or officer’s right to be reimbursed for the costs of defense of criminal actions, whether such claims are asserted under state or federal law, does not depend upon the merits of the claims asserted against the director or officer and is separate and distinct from any right to indemnification the director or officer may be able to establish, and indemnification of the director or officer against criminal fines and penalties is permitted if the director or officer satisfies the applicable standard of conduct.
K.    Indemnitee is a director and/or officer of the Company, and/or, at the request of the Company, serves as a director and/or officer of a Controlled Affiliate, and his or her willingness to serve in such capacity is predicated, in substantial part, upon the Company’s willingness to indemnify him or her in accordance with the principles reflected above, to the fullest extent permitted by the laws of the state of Delaware, and upon the other undertakings set forth in this Agreement.
L.    Therefore, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s continued service as a director and/or officer of the Company and/or a Controlled Affiliate and to enhance Indemnitee’s ability to serve the Company in an effective manner, and in order to provide this protection pursuant to express contract rights, intended to be enforceable irrespective of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Company’s Board of Directors (the “Board”) or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancement of Expenses (as defined in Section 1(f), to Indemnitee as set forth in this Agreement and for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.
M.    In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to Indemnitee hereunder.
AGREEMENT:
NOW, THEREFORE, the parties hereby agree as follows:
1.Certain Definitions.  In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:
(a)    “Claim” means (i) any threatened, asserted, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; and (ii) any threatened, pending 

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or completed inquiry or investigation, whether made, instituted or conducted by the Company or any other person, including any federal, state or other governmental entity, that Indemnitee determines might lead to the institution of any such claim, demand, action, suit or proceeding.
(b)    “Controlled Affiliate” means any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company.  For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise; provided that direct or indirect beneficial ownership of capital stock or other interests in an entity or enterprise entitling the holder to cast 20% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing comparable functions) of such entity or enterprise shall be deemed to constitute control for purposes of this definition.
(c)    “Director” means a member of the Board.
(d)     “Disinterested Director” means a Director who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.
(e)    “ERISA Losses” means any taxes, penalties or other liabilities under the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended.
(f)    “Expenses” means attorneys’ and experts’ fees and expenses and all other costs and expenses paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in (including on appeal), any Claim.
(g)    “Incumbent Directors” means the individuals who, as of the date hereof, are Directors of the Company and any individual becoming a Director subsequent to the date hereof whose election, nomination for election by the Company’s stockholders, or appointment, was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Securities Exchange Act of 1934, as amended) with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.
(h)    “Indemnifiable Claim” means any Claim based upon, arising out of or resulting from (i) any actual, alleged or suspected act or failure to act by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit (including any employee benefit plan or related trust), as to which Indemnitee is or was serving at the request of the Company 

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as a director, officer, employee, member, manager, trustee or agent, (it being understood that reimbursement by the Company for the expense of participation in any industry group or other non-profit organization shall be deemed to evidence that such service is or was at the request of the Company), (ii) any actual, alleged or suspected act or failure to act by Indemnitee in respect of any business, transaction, communication, filing, disclosure or other activity of the Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s status as a current or former director, officer, employee or agent of the Company or as a current or former director, officer, employee, member, manager, trustee or agent of the Company or any other entity or enterprise referred to in clause (i) of this sentence or any actual, alleged or suspected act or failure to act by Indemnitee in connection with any obligation or restriction imposed upon Indemnitee by reason of such status.  In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, trustee or agent of such entity or enterprise and (i) such entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such entity or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a Controlled Affiliate directly or indirectly caused or authorized Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.
(i)    “Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable Claim.
(j)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent:  (i) the Company (or any Subsidiary) or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other named (or, as to a threatened matter, reasonably likely to be named) party to the Indemnifiable Claim giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  
(k)    “Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA Losses and amounts paid in settlement, including all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing.
(l)    “Subsidiary” means an entity in which the Company directly or indirectly beneficially owns 50% or more of the outstanding Voting Stock.
(m)    “Voting Stock” means securities entitled to vote generally in the election of directors (or similar governing bodies).

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2.    Indemnification Obligation.  Subject to Section 8, the Company shall indemnify, defend and hold harmless Indemnitee, to the fullest extent permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted or required indemnification, against any and all Indemnifiable Claims and Indemnifiable Losses; provided, however, that (a) except as provided in Sections 4 and 21, Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Claim initiated by Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Claim and (b) no repeal or amendment of any law of the State of Delaware shall in any way diminish or adversely affect the rights of Indemnitee pursuant to this Agreement in respect of any occurrence or matter arising prior to any such repeal or amendment.
3.    Advancement of Expenses.  Indemnitee shall have the right to advancement by the Company prior to the final disposition of any Indemnifiable Claim of any and all Expenses relating to, arising out of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee.  Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct and is not conditioned upon any prior determination that Indemnitee is entitled to indemnification under this Agreement with respect to the Indemnifiable Claim or the absence of any prior determination to the contrary.  Without limiting the generality or effect of the foregoing, within five business days after any request by Indemnitee, the Company shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses; provided that Indemnitee shall repay, without interest any amounts actually advanced to Indemnitee that, at the final disposition of the Indemnifiable Claim to which the advance related, were in excess of amounts paid or payable by Indemnitee in respect of Expenses relating to, arising out of or resulting from such Indemnifiable Claim.  In connection with any such payment, advancement or reimbursement, if delivery of an undertaking is a legally required condition precedent to such payment, advance or reimbursement, Indemnitee shall execute and deliver to the Company an undertaking in the form attached hereto as Exhibit A (subject to Indemnitee filling in the blanks therein and selecting from among the bracketed alternatives therein), which need not be secured and shall be accepted by the Company without reference to Indemnitee’s ability to repay the Expenses.  In no event shall Indemnitee’s right to the payment, advancement or reimbursement of Expenses pursuant to this Section 3 be conditioned upon any undertaking that is less favorable to Indemnitee than, or that is in addition to, the undertaking set forth in Exhibit A.  
4.    Indemnification for Additional Expenses.  Without limiting the generality or effect of the foregoing, the Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all Expenses paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee for (a) indemnification or payment, advancement or reimbursement of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any directors’ and officers’ liability 

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insurance policies maintained by the Company, regardless in each case of whether Indemnitee ultimately is determined to be entitled to such indemnification, reimbursement, advance or insurance recovery, as the case may be; provided, however, that Indemnitee shall return, without interest, any such advance of Expenses (or portion thereof) which remains unspent at the final disposition of the Claim to which the advance related.
5.    Contribution.  To the fullest extent permissible under applicable law in effect on the date hereof or as such law may from time to time hereafter be amended to increase the scope of permitted or required indemnification, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the payment of any and all Indemnifiable Claims or Indemnifiable Losses, in such proportion as is fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Indemnifiable Claim or Indemnifiable Loss; and/or (ii) the relative fault of the Company (and its other directors, managers, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
6.    Partial Indemnity.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Indemnifiable Loss, but not for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.  
7.    Procedure for Notification.  To obtain indemnification under this Agreement in respect of an Indemnifiable Claim or Indemnifiable Loss, Indemnitee shall submit to the Company a written request therefor, including a brief description (based upon information then available to Indemnitee) of such Indemnifiable Claim or Indemnifiable Loss.  If, at the time of the receipt of such request, the Company has directors’ and officers’ liability insurance in effect under which coverage for such Indemnifiable Claim or Indemnifiable Loss is potentially available, the Company shall give prompt written notice of such Indemnifiable Claim or Indemnifiable Loss to the applicable insurers in accordance with the procedures set forth in the applicable policies.  The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Indemnifiable Claim or Indemnifiable Loss, in each case substantially concurrently with the delivery or receipt thereof by the Company.  The failure by Indemnitee to timely notify the Company of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim or Indemnifiable Loss and such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage.
8.    Determination of Right to Indemnification.
(a)    To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable Claim in 

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accordance with Section 2 and no Standard of Conduct Determination (as defined in Section 8(b)) shall be required with respect to such Indemnifiable Claim.
(b)    To the extent that the provisions of Section 8(a) are inapplicable to an Indemnifiable Claim that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition precedent to indemnification of Indemnitee hereunder against Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable Claim (a “Standard of Conduct Determination”) shall be made as follows:  (i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (ii) if such Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors designated by a majority vote of all Disinterested Directors, or (iii) if there are no such Disinterested Directors or if Indemnitee so requests, by Independent Counsel, selected by the Indemnitee and approved by the Board (such approval not to be unreasonably withheld, delayed or conditioned), in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; provided, however, that if at the time of any Standard of Conduct Determination Indemnitee is neither a director nor an officer of the Company or a Controlled Affiliate, such Standard of Conduct Determination may be made by or in the manner specified by the Board, any duly authorized committee of the Board or any duly authorized officer of the Company (unless Indemnittee requests that such Standard of Conduct Determination be made by Independent Counsel, in which case such Standard of Conduct Determination shall be made by Independent Counsel).  Indemnitee will cooperate with the person or persons making such Standard of Conduct Determination, including providing to such person or persons, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so cooperating with the person or persons making such Standard of Conduct Determination.
(c)    The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 8(b) to be made as promptly as practicable.  If (i) the person or persons empowered or selected under Section 8 to make the Standard of Conduct Determination shall not have made a determination within 30 days after the later of (A) receipt by the Company of written notice from Indemnitee advising the Company of the final disposition of the applicable Indemnifiable Claim (the date of such receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, and (ii) Indemnitee shall have fulfilled his or her obligations set forth in the second sentence of Section 8(b), then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time for the obtaining or evaluation or documentation and/or information relating thereto.
(d)    If (i) Indemnitee shall be entitled to indemnification hereunder against any Indemnifiable Losses pursuant to Section 8(a), (ii) no determination of whether Indemnitee has 

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satisfied any applicable standard of conduct under Delaware law is a legally required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, or (iii) Indemnitee has been determined or deemed pursuant to Section 8(b) or (c) to have satisfied any applicable standard of conduct under Delaware law which is a legally required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, then the Company shall pay to Indemnitee, within five business days after the later of (x) the Notification Date in respect of the Indemnifiable Claim or portion thereof to which such Indemnifiable Losses are related, out of which such Indemnifiable Losses arose or from which such Indemnifiable Losses resulted and (y) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) above shall have been satisfied, an amount equal to the amount of such Indemnifiable Losses.
9.    Presumption of Entitlement.  
(a)    In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct, and the Company may overcome such presumption only by its adducing clear and convincing evidence to the contrary.  Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Court of Chancery of the State of Delaware.  No determination by the Company (including by the Directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct shall be a defense to any Claim by Indemnitee for indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.
(b)    Without limiting the generality or effect of Section 8(a), (i) to the extent that any Indemnifiable Claim relates to any entity or enterprise referred to in clause (i) of the first sentence of the definition of “Indemnifiable Claim,” Indemnitee shall be deemed to have satisfied the applicable standard of conduct if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the interests of such entity or enterprise (or the owners or beneficiaries thereof, including in the case of any employee benefit plan the participants and beneficiaries thereof) and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful, and (ii) in all cases, any belief of Indemnitee that is based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company or its subsidiaries in the course of their duties, or on the advice of legal counsel for the Company or its subsidiaries, the Board, any committee of the Board or any director, or on information or records given or reports made to the Company or its subsidiaries, the Board, any committee of the Board or any director by an independent certified public accountant or by an appraiser or other expert selected by or on behalf of the Company or its subsidiaries, the Board, any committee of the Board or any director shall be deemed to be reasonable.

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10.    No Adverse Presumption.  For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or that indemnification hereunder is otherwise not permitted.
11.    Non‐Exclusivity.  The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, or the substantive laws of the Company’s jurisdiction of incorporation, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.  The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement or any Other Indemnity Provision.
12.    Liability Insurance and Funding.  For the duration of Indemnitee’s service as a director and/or officer of the Company and/or a Controlled Affiliate, and thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Company and/or its Controlled Affiliates that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance.  The Company shall provide Indemnitee with a copy of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials, and shall provide Indemnitee with a reasonable opportunity to review and comment on the same.  Without limiting the generality or effect of the two immediately preceding sentences, the Company shall not discontinue or significantly reduce the scope or amount of coverage from one policy period to the next (i) without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or (ii) if at the time that any such discontinuation or significant reduction in the scope or amount of coverage is proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed).  In all policies of directors’ and officers’ liability insurance obtained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors, managers and officers most favorably insured by such policy.  The Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement.
13.    Subrogation.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against 

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other persons or entities (other than Indemnitee’s successors), including any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(h).  Indemnitee shall execute all papers reasonably required to evidence such rights (all of Indemnitee’s reasonable Expenses, including attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company).
14.    No Duplication of Payments.  The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Indemnifiable Losses to the extent Indemnitee has otherwise actually received payment (net of any Expenses incurred in connection therewith and any repayment by Indemnitee made with respect thereto) under any insurance policy, the Constituent Documents and Other Indemnity Provisions or otherwise (including from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(h)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder.
15.    Defense of Claims.  The Company shall be entitled to participate in the defense of any Indemnifiable Claim or to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided that if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (a) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict, (b) the named parties in any such Indemnifiable Claim (including any impleaded parties) include both the Company and Indemnitee and Indemnitee shall conclude that there may be one or more legal defenses available to him or her that are different from or in addition to those available to the Company, or (c) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Indemnifiable Claim) at the Company’s expense.  The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Indemnifiable Claim effected without the Company’s prior written consent.  The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any threatened or pending Indemnifiable Claim to which Indemnitee is, or could have been, a party unless such settlement solely involves the payment of money and includes a complete and unconditional release of Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim.  Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee.
16.    Successors and Binding Agreement.  
(a)    The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place.  This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including any person acquiring directly or indirectly all or substantially 

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all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for purposes of this Agreement), but shall not otherwise be assignable or delegatable by the Company.
(b)    This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s personal or legal representatives, executors, administrators, heirs, distributees, legatees and other successors.
(c)    This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 16(a) and 16(b).  Without limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by Indemnitee’s will or by the laws of descent and distribution, and, in the event of any attempted assignment or transfer contrary to this Section 16(c), the Company shall have no liability to pay any amount so attempted to be assigned or transferred.
17.    Notices.  For all purposes of this Agreement, all communications, including notices, consents, requests or approvals, required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next‐day delivery by a nationally recognized overnight courier service, addressed to the Company (to the attention of the Secretary of the Company) and to Indemnitee at the applicable address shown on the signature page hereto, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.
18.    Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such State.  The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the Chancery Court of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the Chancery Court of the State of Delaware.
19.    Validity.  If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal.  In the event that any court or other adjudicative body shall decline to reform any provision of this Agreement held to be invalid, unenforceable or otherwise illegal as contemplated by the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or otherwise illegal with 

11

one or more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal.
20.    Miscellaneous.  No provision of this Agreement may be waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.
21.    Legal Fees and Expenses; Interest.  
(a)    It is the intent of the Company that Indemnitee not be required to incur legal fees and or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.  Accordingly, without limiting the generality or effect of any other provision hereof, if it should appear to Indemnitee that the Company has failed to comply with any of its obligations under this Agreement (including its obligations under Section 3) or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, the Company irrevocably authorizes Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the expense of the Company as hereafter provided, to advise and represent Indemnitee in connection with any such interpretation, enforcement or defense, including the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, stockholder or other person affiliated with the Company, in any jurisdiction.  Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to Indemnitee’s entering into an attorney-client relationship with such counsel, and in that connection the Company and Indemnitee agree that a confidential relationship shall exist between Indemnitee and such counsel.  Without respect to whether Indemnitee prevails, in whole or in part, in connection with any of the foregoing, the Company will pay and be solely financially responsible for any and all attorneys’ and related fees and expenses incurred by Indemnitee in connection with any of the foregoing to the fullest extent permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted or required payment of such fees and expenses.
(b)    Any amount due to Indemnitee under this Agreement that is not paid by the Company by the date on which it is due will accrue interest at the maximum legal rate under Delaware law from the date on which such amount is due to the date on which such amount is paid to Indemnitee.  
22.    Certain Interpretive Matters.  Unless the context of this Agreement otherwise requires, (a) “it” or “its” or words of any gender include each other gender, (b) words using the 

12

singular or plural number also include the plural or singular number, respectively, (c) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (d) the terms “Section” or “Exhibit” refer to the specified Section or Exhibit of or to this Agreement, (e) the terms “include,” “includes” and “including” will be deemed to be followed by the words “without limitation” (whether or not so expressed), and (f) the word “or” is disjunctive but not exclusive.  Whenever this Agreement refers to a number of days, such number will refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a non-business day, then such period or date will be extended until the immediately following business day.  As used herein, “business day” means any day other than Saturday, Sunday or a United States federal holiday.
23.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement.
IN WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized representative to execute this Agreement as of the date first above written.

HOLLYFRONTIER CORPORATION
2828 N. Harwood, Suite 1300
Dallas, Texas  75201

By:                        
Name: George J. Damiris
Title:   Chief Executive Officer and President

INDEMNITEE

                        
[___________]

EXHIBIT A
UNDERTAKING

This Undertaking is submitted pursuant to the Director and Officer Indemnification Agreement, dated as of [___________] (the “Indemnification Agreement”), between HollyFrontier Corporation, a Delaware corporation (the “Company”), and the undersigned.  Capitalized terms used and not otherwise defined herein have the meanings ascribed to such terms in the Indemnification Agreement.
The undersigned hereby requests [payment], [advancement], [reimbursement] by the Company of Expenses which the undersigned [has incurred] [reasonably expects to incur] in connection with ______________________ (the “Indemnifiable Claim”).
The undersigned hereby undertakes to repay the [payment], [advancement], [reimbursement] of Expenses made by the Company to or on behalf of the undersigned in response to the foregoing request if it is determined, following the final disposition of the Indemnifiable Claim and in accordance with Section 8 of the Indemnification Agreement, that the undersigned is not entitled to indemnification by the Company under the Indemnification Agreement with respect to the Indemnifiable Claim.
IN WITNESS WHEREOF, the undersigned has executed this Undertaking as of this _____ day of ______________, ____.

                        
[___________]

13EXHIBIT
10.1

 

HANCOCK
JAFFE LABORATORIES, INC.

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”), dated July 26, 2019 (the “Effective Date”), is made
by and between Hancock Jaffe Laboratories, Inc. (“Hancock Jaffe”) and Marc H. Glickman (“Executive,”
and together with Hancock Jaffe, the “Parties”).

 

WHEREAS,
Hancock Jaffe and Executive enterred into an Employment Agreement dated July 22, 2016 (the “Pre-existing Employment
Agreement”);

 

WHEREAS,
Hancock Jaffe desires to continue to employ Executive, and Executive desires to be so employed, pursuant to the terms of this
Agreement; and

 

WHEREAS,
the terms of this Agreement shall supercede the terms of the Pre-existing Employment Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.
POSITION AND DUTIES.

 

(a)
Hancock Jaffe shall continue to employ Executive as its Senior Vice President and Chief Medical Officer. Executive shall be responsible
for advancing the science and development of Hancock Jaffe’s existing and new products and acting as chief laison with the
medical community. Executive shall perform the duties set forth in this Section 1, in addition to those employment duties that
are usual and customary for Executive’s position and those additional employment duties that may be assigned to Executive
by the Chief Executive Officer (“CEO”) of Hancock Jaffe from time to time.

 

(b)
Executive shall report directly to the CEO.

 

(c)
Executive shall devote all of Executive’s business time, energy, judgment, knowledge and skill and Executive’s best
efforts to the performance of Executive’s duties with Hancock Jaffe, provided that the foregoing shall not prevent
Executive from (i) participating in charitable, civic, educational, professional, community or industry affairs; and (ii) managing
Executive’s passive personal investments, so long as such activities in the aggregate do not interfere or conflict with
Executive’s duties hereunder or create a potential business or fiduciary conflict.

 

2.
AT-WILL EMPLOYMENT. Executive’s employment with Hancock Jaffe is “at will,” and, may be terminated at any
time, with or without cause and with or without notice, for any reason, by either Employee or Hancock Jaffe. No individual, other
than the CEO (with the approval of Hancock Jaffe’s board of directors (the “Board”)), has the legal authority
or ability to alter the “at-will” nature of the employment relationship and, by signing this Agreement, Employee is
confirming that there are no oral, collateral, or other written statements by any employee or representative of Hancock Jaffe
to the contrary. The CEO can alter the “at-will” nature of the Executive’s employment relationship with Hancock
Jaffe only in a written agreement signed both by the CEO and Employee, and with the approval of the Board.

 

    	 	1	 

     

    

 

3.
BASE SALARY. Hancock Jaffe shall pay Executive a base salary (“Base Salary”) at an annual rate of Three
Hundred and Fifty Thousand Dollars ($350,000) during the Term, paid in accordance with the regular payroll practices of Hancock
Jaffe. The Base Salary shall be subject to annual review and adjustment at the sole discretion of the CEO and Hancock Jaffe’s
Board of Directors.

 

4.
EQUITY INCENTIVE.  Executive currently has one hundred and eighty four thousand five hundred (184,500) options for the right
to purchase Hancock Jaffe’s common stock at ten dollars ($10.00) per share (the “Existing Options”). Upon approval
of the Board the Existing Options shall be repriced to two dollars ($2.00) per share. All other terms of the Existing Options
shall remain unchanged and in full force and effect. In addition to the Existing Options, upon approval of the Board, Executive
shall be granted stock options for the right to purchase one hundred and eighty thousand (180,000) shares of Hancock Jaffe common
stock at a price equal to two dollars ($2.00) per share (the “New Stock Options”). The New Stock Options shall vest
quarterly, over a three (3) year period. The stock options shall be granted in accordance with the Hancock Jaffe 2016 Omnibus
Incentive Plan (the “Option Plan”), and shall be subject to such other terms and conditions as are set forth in the
Option Plan and the agreement issued pursuant to the Option Plan, provided, however, that provided that such period does not extend
beyond the ten (10) year expiration date of the Existing Options or the New Options, Executive shall have up to one (1) year following
the termination of this Agreement for any reason other than Cause, for Executive to exercise any exercisable portion of the Existing
Options and New Options.

 

5.
EMPLOYEE BENEFITS.

 

(a)
BENEFIT PLANS. During the Term, Executive shall be entitled to participate in any employee benefit plans that Hancock Jaffe
has adopted or may adopt, maintains or contributes to for the benefit of its employees generally, subject to satisfying the applicable
eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided to Executive hereunder.
Executive’s participation shall be subject to the terms of the applicable plan documents and generally applicable Hancock
Jaffe policies for similarly situated Hancock Jaffe executives. Healthcare and Dental Benefit Premiums for Executive and Executive’s
dependents will be one hundered percent (100%) paid by Hancock Jaffe. Notwithstanding the foregoing, Hancock Jaffe may modify
or terminate any employee benefit plan at any time.

 

(b)
VACATIONS. During the Term, Executive shall be entitled to paid vacation time in accordance with Hancock Jaffe’s
policy applicable to senior management employees as in effect from time to time; provided, however, that Executive
shall be entitled to no less than twenty five (25) days of paid vacation per calendar year. A maximum of ten (10) days of unused
vacation time may be carried forward from one calendar year to any subsequent calendar year.

 

(c)
HOLIDAYS AND PERSONAL DAYS. During the Term, Executive shall be entitled to Holidays and Personal Days in accordance with
Hancock Jaffe then existing policy (currently twelve (12) paid Holidays and two (2) Personal days per calendar year). Unused Holidays
and Personal Days may not be carried forward from one calendar year to any subsequent calendar year.

 

(d)
PENSION AND PROFIT SHARING PLANS. During the Term, Executive shall be entitled to participate in any Pension or Profit
Sharing Plan or other type of plan adopted by Hancock Jaffe for the benefit of its Executives and/or employees generally, including
without limitation the Company’s 401(k) plan.

 

(e)
BUSINESS EXPENSES. Upon presentation of reasonable substantiation and documentation as Hancock Jaffe may require from time
to time, Executive shall be reimbursed in accordance with Hancock Jaffe’s expense reimbursement policy, for all reasonable
out-of-pocket business expenses incurred and paid by Executive during the Term and in connection with the performance of Executive’s
duties hereunder.

 

    	 	2	 

     

    

 

6.
TERMINATION. Executive’s employment under this Agreement shall terminate on the first to occur of the following:

 

(a)
DISABILITY. Upon ten (10) days’ prior written notice by Hancock Jaffe to Executive of termination due to Disability.
“Disability” shall mean Executive is unable to perform each of the essential duties of Executive’s position
by reason of a medically determinable physical or mental impairment that is potentially permanent in character or that can be
expected to last for a continuous period of not less than twelve (12) months.

 

(b)
DEATH. Automatically upon the death of Executive.

 

(c)
CAUSE. Immediately upon written notice by Hancock Jaffe to Executive of a termination for Cause. “Cause”
shall mean Executive’s:

 

(i)
willful misconduct or gross negligence in the performance of Executive’s duties to Hancock Jaffe;

 

(ii)
willful failure to perform Executive’s duties to Hancock Jaffe or to follow the lawful directives of the CEO (other than
as a result of death or Disability);

 

(iii)
indictment for, conviction of or pleading of guilty or nolo contendere to, a felony or any crime involving moral turpitude;

 

(iv)
repeated failure to cooperate in any audit or investigation of the business or financial practices of Hancock Jaffe;

 

(v)
performance of any material act of theft, embezzlement, fraud, malfeasance, dishonesty or misappropriation of Hancock Jaffe’s
property; or

 

(vi)
material breach of this Agreement or any other material agreement with Hancock Jaffe or a material violation of Hancock Jaffe’s
code of conduct or other written policy.

 

Executive
shall be given written notice detailing the specific Cause event and a period of ten (10) days following Executive’s receipt
of such notice to cure such event (if susceptible to cure) to the reasonable satisfaction of the CEO. Notwithstanding anything
to the contrary contained herein, Executive’s right to cure as set forth in the preceding sentence shall not apply if there
are habitual or repeated breaches by Executive. A termination for Cause shall be deemed to include a determination by the CEO
or its designee following Executive’s termination of service that circumstances existing prior to such termination would
have entitled Hancock Jaffe to have terminated Executive for Cause. All rights Executive has or may have under this Agreement
shall be suspended automatically during the pendency of any investigation by the CEO or its designee, or during any negotiations
between the CEO or its designee and Executive, regarding any actual or alleged act or omission by Executive of the type described
in this definition of Cause.

 

(d)
GOOD REASON. Upon written notice by Executive to Hancock Jaffe of a termination for Good Reason. “Good Reason”
shall mean the occurrence of any of the following events, without the consent of Executive, unless such events are fully corrected
in all material respects by Hancock Jaffe within thirty (30) days following written notification by Executive to Hancock Jaffe
of the occurrence of one of the events:

 

(i)
material diminution in Executive’s Base Salary or Annual Bonus opportunity;

 

(ii)
relocation of Executive’s primary work location by more than 25 miles from its then current location; or

 

    	 	3	 

     

    

 

(iii)
a material breach by Hancock Jaffe of a material term of this Agreement.

 

Executive
shall provide Hancock Jaffe with a written notice detailing the specific circumstances alleged to constitute Good Reason within
thirty (30) days after the first occurrence of such circumstances, and actually terminate employment within thirty (30) days following
the expiration of Hancock Jaffe’s thirty (30) day cure period described above. Otherwise, any claim of such circumstances
as Good Reason shall be deemed irrevocably waived by Executive.

 

(e)
WITHOUT CAUSE. Immediately upon written notice by Hancock Jaffe to Executive of an involuntary termination without Cause
(other than for death or Disability).

 

(f)
VOLUNTARY TERMINATION. Upon ninety (90) days’ prior written notice by Executive to Hancock Jaffe of Executive’s
voluntary termination of employment without Good Reason (which Hancock Jaffe may, in its sole discretion, make effective earlier
than any notice date).

 

7.
CONSEQUENCES OF TERMINATION.

 

(a)
DEATH/DISABILITY. In the event that Executive’s employment ends on account of Executive’s death or Disability,
Executive or Executive’s estate, as the case may be, shall be entitled to the following (with the amounts due under Sections
7(a)(i) through 7(a)(iv) below to be paid within sixty (60) days following termination of employment, or such earlier
date as may be required by applicable law):

 

(i)
any unpaid Base Salary through the date of termination;

 

(ii)
reimbursement for any unreimbursed business expenses incurred through the date of termination;

 

(iii)
any accrued but unused vacation time in accordance with Hancock Jaffe policy, which shall be prorated for any year in which Executive’s
employment with Hancock Jaffe is terminated; and

 

(iv)
all other payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation
arrangement or benefit, equity or fringe benefit plan or program or grant (collectively, Sections 7(a)(i) through 7(a)(iv)
hereof shall be hereafter referred to as the “Accrued Benefits”).

 

(b)
TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If Executive’s employment is terminated (i) by Hancock Jaffe for Cause
or (ii) by Executive without Good Reason, Hancock Jaffe shall pay to Executive the Accrued Benefits.

 

(c)
TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If Executive’s employment by Hancock Jaffe is terminated by Hancock
Jaffe other than for Cause or Disability or by Executive for Good Reason, Hancock Jaffe shall pay or provide Executive the following:

 

(i)
the Accrued Benefits; and

 

(ii)
continued payment of the Base Salary for three (3) months for each 1 year that Executive has been employed by the Company, up
to a total of one (1) year of Executive’s Base Salary.

 

Payments
and benefits provided under this Section 7(c) shall be in lieu of any termination or severance payments or benefits to which Executive
may be eligible under any of the plans, policies or programs of Hancock Jaffe or under the Worker Adjustment Retraining Notification
Act of 1988, as amended, or any similar state statute or regulation. Should Executive die prior to the payment of the Severance
Amount, the Severance Amount shall be paid to the heirs or estate of Executive in accordance with the schedule set forth herein.

 

    	 	4	 

     

    

 

(d)
OTHER OBLIGATIONS. Upon any termination of Executive’s employment with Hancock Jaffe, Executive shall automatically
be deemed to have resigned from any and all other positions he then holds as an officer, director or fiduciary of Hancock Jaffe
and any other entity that is part of the same consolidated group as Hancock Jaffe or in which capacity Executive serves at the
direction of or as a result of his position with Hancock Jaffe; and Executive shall, within 10 days of such termination, take
all actions as may be necessary under applicable law or requested by Hancock Jaffe to effect any such resignations.

 

(e)
EXCLUSIVE REMEDY. The amounts payable to Executive following termination of employment hereunder pursuant to Sections 7(a),
(b) and (c) above shall be in full and complete satisfaction of Executive’s rights under this Agreement and any other
claims that Executive may have in respect of Executive’s employment with Hancock Jaffe or any of its Affiliates (as defined
below), and Executive acknowledges that such amounts are fair and reasonable, and are Executive’s sole and exclusive remedy,
in lieu of all other remedies at law or in equity, with respect to the termination of Executive’s employment hereunder or
any breach of this Agreement.

 

(f)
NO MITIGATION OR OFFSET. Executive shall not be required to seek or accept other employment or otherwise to mitigate damages
as a condition to the receipt of benefits pursuant to this Section 7, and amounts payable pursuant to this Section 7 shall not
be offset or reduced by any amounts received by Executive from other sources.

 

(g)
NO WAIVER OF ERISA-RELATED RIGHTS. Nothing in this Agreement shall be construed to be a waiver by Executive of any benefits
accrued for or due to Executive under any employee benefit plan (as such term is defined in the Employee Retirement Income Security
Act of 1974, as amended) maintained by Hancock Jaffe, if any, except that Executive shall not be entitled to any severance benefits
pursuant to any severance plan or program of Hancock Jaffe other than as provided herein.

 

(h)
CLAWBACK. All awards, amounts or benefits received or outstanding under this Agreement shall be subject to clawback, cancellation,
recoupment, rescission, payback, reduction or other similar action in accordance with the terms of any applicable law related
to such actions, as may be in effect from time to time. Hancock Jaffe may take such actions as may be necessary to effectuate
any provision of applicable law relating to clawback, cancellation, recoupment, rescission, payback or reduction of compensation,
whether adopted before or after the Effective Date, without further consideration or action.

 

8.
RELEASE. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement upon termination
beyond the Accrued Benefits shall only be payable if Executive delivers to Hancock Jaffe and does not revoke a general release
of claims in favor of Hancock Jaffe in a form satisfactory to Hancock Jaffe. Such release shall be furnished to Executive within
two business days after Executive’s date of termination, and must be executed and delivered (and no longer subject to revocation,
if applicable) within thirty (30) days following termination (or such longer period to the extent required by law).

 

9.
RESTRICTIVE COVENANTS.

 

(a)
Confidentiality.

 

(i)
Company Information. At
all times during the Term and thereafter, Executive shall hold in strictest confidence, and shall not use, except in connection
with the performance of Executive’s duties, and shall not disclose to any person or entity, any Confidential Information
of Hancock Jaffe. “Confidential Information” means any Hancock Jaffe proprietary or confidential information,
technical data, trade secrets or know-how, including research, product plans, products, services, customer lists and customers,
markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, marketing, distribution
and sales methods and systems, sales and profit figures, finances and other business information disclosed to Executive by Hancock
Jaffe, either directly or indirectly in writing, orally or by drawings or inspection of documents or other tangible property.
However, Confidential Information does not include any of the foregoing items which has become publicly known and made generally
available through no wrongful act of Executive.

 

    	 	5	 

     

    

 

(ii)
Executive-Restricted Information. During
the Term, Executive shall not improperly use or disclose any proprietary or confidential information or trade secrets of any person
or entity with whom Executive has an agreement or duty to keep such information or secrets confidential.

 

(iii)
Third Party Information. Executive
recognizes that Hancock Jaffe has received and in the future will receive from third parties their confidential or proprietary
information subject to a duty on Hancock Jaffe’s part to maintain the confidentiality of such information and to use it
only for certain limited purposes. At all times during the Term and thereafter, Executive shall hold in strictest confidence,
and shall not use, except in connection with the performance of Executive’s duties, and shall not disclose to any person
or entity, such third party confidential or proprietary information, and shall not use it except as necessary in performing Executive’s
duties, consistent with Hancock Jaffe’s agreement with such third party.

 

(b)
Nonsolicitation of Employees. During
the Term and for a period of twelve (12) months thereafter, Executive shall not, acting alone or in conjunction with others, directly
or indirectly, other than on behalf of Hancock Jaffe and its Affiliates, solicit employment for or of employees of Hancock Jaffe
or its Affiliates or induce, solicit or entertain any employee to leave the employ of Hancock Jaffe or its Affiliates.

 

(c)
NONDISPARAGEMENT. Executive shall not make negative comments or otherwise disparage Hancock Jaffe or any person or entity
or business unit controlled by, controlling or under common control with Hancock Jaffe (“Affiliates”) or any
of their officers, directors, managers, employees, consultants, equityholders, agents or products. The foregoing shall not be
violated by truthful statements (i) in response to legal process, required governmental testimony or filings or administrative
or arbitral proceedings (including depositions in connection with such proceedings) or (ii) made in the course of Executive discharging
his duties for Hancock Jaffe.

 

(d)
COOPERATION. Upon the receipt of reasonable notice from Hancock Jaffe, while employed by Hancock Jaffe and thereafter,
Executive shall respond and provide information with regard to matters in which Executive has knowledge as a result of Executive’s
employment with Hancock Jaffe, and shall provide reasonable assistance to Hancock Jaffe, its Affiliates and their respective representatives
in defense of any claims that may be made against Hancock Jaffe or its Affiliates, and shall assist Hancock Jaffe and its Affiliates
in the prosecution of any claims that may be made by Hancock Jaffe or its Affiliates, to the extent that such claims may relate
to the period of Executive’s employment with Hancock Jaffe (collectively, the “Claims”). Executive shall
promptly inform Hancock Jaffe if Executive becomes aware of any lawsuits involving Claims that may be filed or threatened against
Hancock Jaffe or its Affiliates. Executive also shall promptly inform Hancock Jaffe (to the extent that Executive is legally permitted
to do so) if Executive is asked to assist in any investigation of Hancock Jaffe or its Affiliates (or their actions) or another
party attempts to obtain information or documents from Executive (other than in connection with any litigation or other proceeding
in which Executive is a party-in-opposition) with respect to matters Executive believes in good faith to relate to any investigation
of Hancock Jaffe or its Affiliates, in each case, regardless of whether a lawsuit or other proceeding has then been filed against
Hancock Jaffe or its Affiliates with respect to such investigation, and shall not do so unless legally required. During the pendency
of any litigation or other proceeding involving Claims, Executive shall not communicate with anyone (other than Executive’s
attorneys and tax and/or financial advisors and except to the extent that Executive determines in good faith is necessary in connection
with the performance of Executive’s duties hereunder) with respect to the facts or subject matter of any pending or potential
litigation or regulatory or administrative proceeding involving Hancock Jaffe or any of its Affiliates without getting the prior
written consent of Hancock Jaffe. Upon presentation of appropriate documentation, Hancock Jaffe shall pay or reimburse Executive
for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by Executive in accordance with Hancock Jaffe’s
applicable policies in complying with this Section 9(d), and Executive shall be compensated by Hancock Jaffe at a reasonable hourly
rate for assistance given after the end of the Term.

 

    	 	6	 

     

    

 

(e)
Ownership of Information, Ideas, Concepts, Improvements, Discoveries and Inventions,
and all Original Works of Authorship.

 

(i)
As between the Parties, all information, ideas, concepts, improvements, discoveries and inventions, whether patentable or not,
which are conceived, made, developed or acquired by Executive or which are disclosed or made known to Executive, individually
or in conjunction with others, during the Term and which relate to Hancock Jaffe’s business, products or services (including
all such information relating to corporate opportunities, research, financial and sales data, pricing and trading terms, evaluations,
opinions, interpretations, acquisition prospects, the identity of clients or customers or their requirements, the identity of
key contacts within the client or customers’ organizations or within the organization of acquisition prospects, or marketing
and merchandising techniques, prospective names and marks) are and shall be the sole and exclusive property of Hancock Jaffe.
Moreover, all drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs,
maps and all other writings or materials of any type embodying any of such information, ideas, concepts, improvements, discoveries
and inventions are and shall be the sole and exclusive property of Hancock Jaffe.

 

(ii)
In particular, Executive hereby specifically assigns and transfers to Hancock Jaffe all of Executive’s worldwide right,
title and interest in and to all such information, ideas, concepts, improvements, discoveries or inventions, and any United States
or foreign applications for patents, inventor’s certificates or other industrial rights that may be filed thereon, and applications
for registration of such names and marks. During the Term and thereafter, Executive shall assist Hancock Jaffe and its nominee
at all times in the protection of such information, ideas, concepts, improvements, discoveries or inventions, both in the United
States and all foreign countries, including the execution of all lawful oaths and all assignment documents requested by Hancock
Jaffe or its nominee in connection with the preparation, prosecution, issuance or enforcement of any applications for United States
or foreign letters patent, and any application for the registration of such names and marks.

 

(iii)
Moreover, if during the Term, Executive creates any original work of authorship fixed in any tangible medium of expression which
is the subject matter of copyright (such as reports, videotapes, written presentations, computer programs, drawings, maps, architectural
renditions, models, manuals, brochures or the like) relating to Hancock Jaffe’s business, products or services, whether
such work is created solely by Executive or jointly with others, Hancock Jaffe shall be deemed the author of such work if the
work is prepared by Executive in the scope of Executive’s employment; or, if the work is not prepared by Executive within
the scope of Executive’s employment but is specially ordered by Hancock Jaffe as a contribution to a collective work, as
a part of any written or audiovisual work, as a translation, as a supplementary work, as a compilation or as an instructional
text, then the work shall be considered to be work made for hire and Hancock Jaffe shall be the author of the work. In the event
such work is neither prepared by the Executive within the scope of Executive’s employment or is not a work specially ordered
and deemed to be a work made for hire, then Executive shall assign, and by these presents, does assign, to Hancock Jaffe all of
Executive’s worldwide right, title and interest in and to such work and all rights of copyright therein. Both during the
Term and thereafter, Executive shall assist Hancock Jaffe and its nominee, at any time, in the protection of Hancock Jaffe’s
worldwide right, title and interest in and to the work and all rights of copyright therein, including the execution of all formal
assignment documents requested by Hancock Jaffe or its nominee and the execution of all lawful oaths and applications for registration
of copyright in the United States and foreign countries; provided, however, that Executive shall be compensated
by Hancock Jaffe at a reasonable hourly rate for assistance given after the end of the Term.

 

(iv)
Notwithstanding the foregoing provisions of this Section 9(e), pursuant to the California Labor Code, Hancock Jaffe hereby notifies
Executive that the provisions of this Section 9(e) shall not apply to any inventions for which no equipment, supplies, facility
or trade secret information of Hancock Jaffe was used and which were developed entirely on Executive’s own time, unless
(A) the invention relates (1) to the business of Hancock Jaffe, or (2) to actual or demonstrably anticipated research or development
of Hancock Jaffe, or (B) the invention results from any work performed by Executive for Hancock Jaffe. A copy of the applicable
provisions of the California Labor Code shall be made available to Executive upon Executive’s request.

 

    	 	7	 

     

    

 

(f)
RETURN OF COMPANY PROPERTY. On the date of Executive’s termination of employment with Hancock Jaffe for any reason
(or at any time prior thereto at Hancock Jaffe’s request), Executive shall return all property belonging to Hancock Jaffe
or its Affiliates (including any Hancock Jaffe or Affiliate-provided laptops, computers, cell phones, wireless electronic mail
devices or other equipment, or documents or property belonging to Hancock Jaffe or an Affiliate).

 

(g)
EFFECT OF EXECUTIVE BECOMING A BAD LEAVER. Notwithstanding any provision of this Agreement to the contrary, if (i) Executive
breaches any of the covenants set forth in this Agreement at any time during the period commencing on the Effective Date and ending
twenty four (24) months after Executive’s termination of employment with Hancock Jaffe for any reason and (ii) Executive
fails to cure such breach within ten (10) days of the effective date of written notice of such breach given by Hancock Jaffe,
then Executive shall be deemed a “Bad Leaver.” If Executive is or becomes a Bad Leaver, then (i) any severance
being paid to Executive pursuant to this Agreement or otherwise shall immediately cease upon commencement of such action and (ii)
Executive shall be liable to repay to Hancock Jaffe any severance previously paid to him by Hancock Jaffe, less $100 to serve
as consideration for the release described in Section 8 above.

 

10.
EQUITABLE RELIEF AND OTHER REMEDIES. Executive acknowledges that Hancock Jaffe’s remedies at law for a breach or threatened
breach of any of the provisions of Section 9 above would be inadequate and in the event of such a breach or threatened breach,
in addition to any remedies at law, Hancock Jaffe, without posting any bond, shall be entitled to seek to obtain equitable relief
in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable
remedy that may then be available, without the necessity of showing actual monetary damages or the posting of a bond or other
security.

 

11.
NO ASSIGNMENTS. This Agreement is personal to each of the Parties. Except as provided in this Section 11, neither Party may
assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other Party. Hancock
Jaffe may assign this Agreement to any of its Affiliates or to any successor to all or substantially all of the business and/or
assets of Hancock Jaffe, provided that Hancock Jaffe shall require such Affiliate or successor to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that Hancock Jaffe would be required to perform it if
no such succession had taken place. As used in this Agreement, “Hancock Jaffe” shall mean Hancock Jaffe and any Affiliate
or successor to its business and/or assets that assumes and agrees to perform the duties and obligations of Hancock Jaffe under
this Agreement by operation of law or otherwise.

 

12.
NOTICE. Any notice that either Party may be required or permitted to give to the other shall be in writing and may be delivered
personally, by electronic mail or via a postal service, postage prepaid, to such electronic mail or postal address and directed
to such person as Hancock Jaffe may notify Executive from time to time; and to Executive at his electronic mail or postal address
as shown on the records of Hancock Jaffe from time to time, or at such other electronic mail or postal address as Executive, by
notice to Hancock Jaffe, may designate in writing from time to time.

 

13.
SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall
not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the
terms of this Agreement and any form, award, plan or policy of Hancock Jaffe, the terms of this Agreement shall govern and control.

 

    	 	8	 

     

    

 

14.
SEVERABILITY. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced
in such jurisdiction.

 

15.
COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but
all of which together shall constitute one and the same instrument.

 

16.
Applicable Law; Choice of Venue and Consent to Jurisdiction; Service of Process.

 

(a)
All questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations
imposed by this Agreement shall be governed by the internal laws of the State of California applicable to agreements made and
wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.

 

(b)
For purposes of resolving any dispute that arises directly or indirectly from the relationship of the Parties evidenced by this
Agreement, the Parties hereby submit to and consent to the exclusive jurisdiction of the State of California and further agree
that any related litigation shall be conducted solely in the courts of Orange County, California or the federal courts for the
United States for the Central District of California, where this Agreement is made and/or to be performed, and no other courts.

 

(c)
Each Party may be served with process in any manner permitted under State of California law, or by United States registered or
certified mail, return receipt requested.

 

17.
MISCELLANEOUS. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing and signed by Executive and such officer or director as may be designated by Hancock Jaffe. No waiver
by either Party at any time of any breach by the other Party of, or compliance with, any condition or provision of this Agreement
to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or
at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the Parties
in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between Executive
and Hancock Jaffe or its Affiliates with respect to the subject matter hereof, including the Pre-existing Employment Agreement.
No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof, have been
made by either Party that are not expressly set forth in this Agreement.

 

18.
REPRESENTATIONS. Executive represents and warrants to Hancock Jaffe that (a) Executive has the legal right to enter into this
Agreement and to perform all of the obligations on Executive’s part to be performed hereunder in accordance with its terms,
and (b) Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which,
in either case, could prevent Executive from entering into this Agreement or performing all of Executive’s duties and obligations
hereunder.

 

19.
TAX MATTERS.

 

(a)
WITHHOLDING. Any and all amounts payable under this Agreement or otherwise shall be subject to, and Hancock Jaffe may withhold
from such amounts, any federal, state, local or other taxes as may be required to be withheld pursuant to any applicable law or
regulation.

 

    	 	9	 

     

    

 

(b)
SECTION 409A COMPLIANCE.

 

(i)
The intent of the Parties is that payments and benefits under this Agreement be exempt from (to the extent possible) Section 409A
(“Section 409A”) of the Internal Revenue Code of 1986 and the regulations and guidance promulgated thereunder,
as amended (collectively, the “Code”) and, accordingly, to the maximum extent permitted, this Agreement shall
be interpreted to be in compliance therewith. To the extent that any provision hereof is modified in order to comply with Section
409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original
intent and economic benefit to the Parties of the applicable provision without violating the provisions of Section 409A. In no
event shall Hancock Jaffe be liable for any additional tax, interest or penalty that may be imposed on Executive by Section 409A
or damages for failing to comply with Section 409A.

 

(ii)
A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for
the payment of any amounts or benefits that constitute “nonqualified deferred compensation” under Section 409A upon
or following a termination of employment unless such termination is also a “separation from service” within the meaning
of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination
of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary
in this Agreement, if Executive is deemed on the date of termination to be a “specified employee” under Section 409A,
then with regard to any payment or the provision of any benefit that is considered “nonqualified deferred compensation”
under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or
provided until the earlier of (A) the expiration of the six-month period measured from the date of such “separation from
service” of Executive, and (B) the date of Executive’s death, to the extent required under Section 409A. Upon the
expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 19(b)(ii) (whether
they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed
to Executive in a lump sum on the first business day following the six-month period, and any remaining payments and benefits due
under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

 

(iii)
To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of
the taxable year following the taxable year in which such expenses were incurred by Executive, (B) any right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit and (C) no such reimbursement, expenses
eligible for reimbursement or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

(iv)
For purposes of Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be
treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a
payment period with reference to a number of days, the actual date of payment within the specified period shall be at the sole
discretion of the Board.

 

(v)
Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that
constitutes “nonqualified deferred compensation” for purposes of Section 409A be subject to offset by any other amount
unless otherwise permitted by Section 409A.

 

    	 	10	 

     

    

 

(c)
Modification of Payments. In
the event it shall be determined that any payment, right or distribution by Hancock Jaffe or any other person or entity to or
for the benefit of Executive pursuant to the terms of this Agreement or otherwise, in connection with, or arising out of, Executive’s
employment with Hancock Jaffe or a change in ownership or effective control of Hancock Jaffe or a substantial portion of its assets
(a “Payment”) is a “parachute payment” within the meaning of Code Section 280G on account of the
aggregate value of the Payments due to Executive being equal to or greater than three times the “base amount,” as
defined in Code Section 280G (the “Parachute Threshold”), so that Executive would be subject to the excise
tax imposed by Code Section 4999 (the “Excise Tax”) and the net after-tax benefit that Executive would receive
by reducing the Payments to the Parachute Threshold is greater than the net after-tax benefit Executive would receive if the full
amount of the Payments were paid to Executive, then the Payments payable to Executive shall be reduced (but not below zero) so
that the Payments due to Executive do not exceed the amount of the Parachute Threshold, reducing first any Payments under Section
7 above.

 

By
signing this Agreement Below, Executive acknowledges that Executive:

 

	 	(1)	has read and understood
the entire Agreement;
	 	 	 
	 	(2)	has had the opportunity
to ask questions and consult counsel or other advisors about its terms; and
	 	 	 
	 	(3)	agrees to be bound by
it.

 

    	 	11	 

     

    

 

In
witness whereof,
Hancock Jaffe has caused this Agreement to be executed in its name and on its behalf, and Executive acknowledges understanding
and acceptance of, and agrees to, the terms of this Agreement, all as of the Effective Date.

 

	HANCOCK
    JAFFE LABORATORIES, INC.	 	EXECUTIVE
	 	 	 
	/s/
    Robert A. Berman	 	/s/
    Marc H. Glickman
	Robert
    A. Berman	 	Marc
    H. Glickman
	Chief
    Executive Officer	 	 

 

    	 	12

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