Document:

Exhibit 10.1

FORM OF

INDEMNIFICATION AGREEMENT

 

This Agreement is made as of this _____ day
of _______________, 2016 ("Agreement"), by and between Albany Molecular Research, Inc., a Delaware corporation with
offices located at 26 Corporate Circle, Albany, New York 12212 (the "Company," which term shall include, where appropriate,
any Entity (as hereinafter defined) controlled directly or indirectly by the Company) and __________, [Title] of the Company residing
at ____________________ ("Indemnitee").

 

WHEREAS, it is essential to the Company that
it be able to retain and attract as directors and officers the most capable persons available;

 

WHEREAS, increased corporate litigation has
subjected directors and officers to litigation risks and expenses, and the limitations on the availability of directors and officers
liability insurance have made it increasingly difficult for the Company to attract and retain such persons;

 

WHEREAS, the Company's Amended and Restated
By-laws (the “By-laws”) require it to indemnify its directors and officers to the fullest extent permitted by law
and permit it to make other indemnification arrangements and agreements;

 

WHEREAS, the Company desires to provide Indemnitee
with specific contractual assurance of Indemnitee's rights to full indemnification against litigation risks and expenses (regardless
of, among other things, any amendment to or revocation of any such By-laws or any change in the ownership of the Company or the
composition of its Board of Directors (the “Board of Directors”)); and

 

WHEREAS, Indemnitee is relying upon the rights
afforded under this Agreement in continuing in Indemnitee's position as a [director][or officer] of the Company.

 

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

 

		1.	Definitions.

 

(a) “Change of Control” shall
mean the occurrence of any one of the following events:

 

(i) any "person" as such term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Act") (other than the Company,
any of its Subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan
or trust of the Company or any of its subsidiaries and other than Thomas E. D'Ambra, Ph.D.), together with all "affiliates"
and "associates" (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the "beneficial
owner" (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing
twenty-five percent (25%) or more of the combined voting power of the Company's then outstanding securities having the right to
vote in an election of the Company's Board of Directors ("Voting Securities") (in such case other than as a result of
an acquisition of securities directly from the Company);

 

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(ii) persons who, as of the date of this Agreement,
constitute the Company's Board of Directors (the "Incumbent Directors") cease for any reason, including, without limitation,
as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board; provided
that any person becoming a director of the Company subsequent to the date hereof shall be considered an Incumbent Director if
such person's election was approved by or such person was nominated for election by either (1) a vote of at least a majority of
the Incumbent Directors or (2) a vote of at least a majority of the Incumbent Directors who are members of a nominating committee
comprised, in the majority, of Incumbent Directors; but provided further that any such person whose initial assumption of office
is in connection with an actual or threatened election contest relating to the election of members of the Board of Directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board, including by
reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered
an Incumbent Director; or

 

(iii) the stockholders of the Company shall
approve (1) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under
the Act), directly or indirectly, shares representing in the

aggregate more than fifty percent (50%) of the voting shares of
the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (2)
any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party
as a single plan) of all or substantially all of the assets of the Company

or (3) any plan or proposal for the liquidation or dissolution
of the Company.

 

Notwithstanding the foregoing, a "Change
of Control" shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition
of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate
number of shares of Voting Securities beneficially owned by any person to twenty-five percent (25%) or more of the combined voting
power of all then outstanding

Voting Securities; provided, however, that if any person referred
to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant
to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company),
then a "Change of Control" shall be deemed to have occurred for purposes of the foregoing clause (i).

 

(b) "Corporate Status" describes
the status of a person who is serving or has served (i) as a director or officer of the Company, (ii) in any capacity with respect
to any employee benefit plan of the Company, or (iii) as a director, partner, trustee, officer, employee or agent of (A) any other
Entity at the express written request of the Company, or (b) and Subsidiary.

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(c) "Entity" shall mean any corporation,
partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity.

 

(d) "Expenses" shall mean all direct
or indirect costs, fees and expenses actually and reasonably incurred by the Indemnitee in connection with any Proceeding (as
defined below) by reason of Indemnitee’s Corporate Status, including, without limitation, attorneys' fees, disbursements
and retainers (including, without limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to Sections
10 and 11(c) of this Agreement), fees and disbursements of expert witnesses, private investigators and professional advisors (including,
without limitation, accountants and investment bankers), court costs, transcript costs, fees of experts, travel expenses, duplicating,
printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services, and other
disbursements and expenses. Expenses, however, shall not include amounts paid in settlement by Indemnitee, the amount of judgments
or fines against Indemnitee or fees, salaries, wages or benefits owed to Indemnitee.

 

(e) "Indemnifiable Expenses," "Indemnifiable
Liabilities" and "Indemnifiable Amounts" shall have the meanings ascribed to those terms in Section 3(a) below.

 

(f) “Independent Counsel” shall
mean a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in matters of
Delaware corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company,
any subsidiary of the Company, any Entity or Indemnitee in any matter material to any such party; or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement or its
engagement pursuant hereto.

 

(g) "Liabilities" shall mean judgments,
damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

 

(h) "Proceeding" shall mean any
threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative
hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal
or informal, including a proceeding initiated by Indemnitee pursuant to Section 10 of this Agreement to enforce Indemnitee's rights
hereunder, in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or
was a director or an officer of the Company or is or was serving at the express written request of the Company as a director,
manager, partner, officer, employee, agent or trustee of any Entity or by reason of any action taken by Indemnitee or of any action
taken on his or her part while acting as a director or an officer of the Company or while serving at the express written request
of the Company as a director, manager, partner, officer, employee, agent or trustee of any Entity, 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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(i) "Subsidiary" shall mean any
corporation, partnership, limited liability company, joint venture, trust or other Entity of which the Company owns (either directly
or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar
interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such corporation, partnership,
limited liability company, joint venture or other Entity, or (B) 50% or more of the outstanding voting capital stock or other
voting equity interests of such corporation, partnership, limited liability company, joint venture or other Entity.

 

2.  Services of Indemnitee. In consideration of the Company's
covenants and commitments hereunder, Indemnitee agrees to serve or continue to serve as a director or officer of the Company.
However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee's service to the Company
beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

3.   Agreement to Indemnify. The Company agrees
to indemnify Indemnitee as follows:

 

(a) Subject to the exceptions contained in
Section 4(a) below, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action
by or in the right of the Company) by reason of Indemnitee's Corporate Status, Indemnitee shall be indemnified by the Company
against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as
"Indemnifiable Expenses" and "Indemnifiable Liabilities," respectively, and collectively as "Indemnifiable
Amounts").

 

(b) Subject to the exceptions contained in
Section 4(b) below, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of
the Company to procure a judgment in its favor by reason of Indemnitee's Corporate Status, Indemnitee shall be indemnified by
the Company against all Indemnifiable Expenses.

 

4.   Exceptions to Indemnification. Indemnitee shall
be entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances other than the following:

 

(a) If indemnification is requested under
Section 3(a) and it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of
the Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act (i) in good faith and (ii) in a
manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal
action or proceeding, Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful, Indemnitee shall not
be entitled to payment of Indemnifiable Amounts hereunder.

 

(b) If indemnification is requested under
Section 3(b) and

 

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(i) it has been adjudicated finally by a court
of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has
arisen, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder; or

 

(ii) it has been adjudicated finally by a court
of competent jurisdiction that Indemnitee is liable to the Company with respect to any claim, issue or matter involved in the
Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that

Indemnitee received an improper personal benefit, no Indemnifiable
Expenses shall be paid with respect to such claim, issue or matter unless the Court of Chancery or another court in which such
Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances
of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall
deem proper.

 

5.   Procedure for Payment of Indemnifiable Amounts.

 

		(a)	Indemnitee shall submit to the Company a written request
                                         specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section
                                         3 of this Agreement and the basis for the claim. At the request of the Company, Indemnitee
                                         shall furnish such documentation and information as are reasonably available to Indemnitee
                                         and necessary to establish that Indemnitee is entitled to indemnification hereunder.

 

		(b)	Upon written request by Indemnitee for indemnification pursuant
                                         to Section 5(a), a determination, if such determination is required by applicable law,
                                         with respect to Indemnitee’s entitlement to indemnification hereunder shall be
                                         made in the specific case by one of the following methods: (x) if a Change of Control
                                         shall have occurred and indemnification is being requested by Indemnitee hereunder in
                                         his or her capacity as a director of the Company, by Independent Counsel in a written
                                         opinion to the Board of Directors; or (y) in any other case, (i) by a majority vote of
                                         the disinterested directors, even though less than a quorum; (ii) by a committee of disinterested
                                         directors designated by a majority vote of the disinterested directors, even though less
                                         than a quorum; or (iii) if there are no disinterested directors or if the disinterested
                                         directors so direct, by Independent Counsel in a written opinion to the Board of Directors.
                                         For purposes hereof, disinterested directors are those members of the Board of Directors
                                         who are not parties to the action, suit or proceeding in respect of which indemnification
                                         is sought. In the case that such determination is made by Independent Counsel, a copy
                                         of Independent Counsel’s written opinion shall be delivered to Indemnitee and,
                                         if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
                                         shall be made within thirty (30) days after such determination. Indemnitee shall cooperate
                                         with the Independent Counsel or the Company, as applicable, in making such determination
                                         with respect to Indemnitee’s entitlement to indemnification, including providing
                                         to such counsel or the Company, upon reasonable advance request, any documentation or
                                         information which is not privileged or otherwise protected from disclosure and which
                                         is reasonably available to Indemnitee and reasonably necessary to such determination.
                                         Any out-of-pocket costs or expenses (including reasonable attorneys’ fees and disbursements)
                                         actually and reasonably incurred by Indemnitee in so cooperating with the Independent
                                         Counsel or the Company shall be borne by the Company (irrespective of the determination
                                         as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
                                         and agrees to hold Indemnitee harmless therefrom.

 

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		(c)	If the determination of entitlement to indemnification is
                                         to be made by Independent Counsel pursuant to Section 10(a), the Independent Counsel
                                         shall be selected by the Board; provided that, if a Change of Control shall have occurred
                                         and indemnification is being requested by Indemnitee hereunder in his or her capacity
                                         as a director of the Company, the Independent Counsel shall be selected by Indemnitee.
                                         Indemnitee or the Company, as the case may be, may, within ten (10) days after written
                                         notice of such selection, deliver to the Company or Indemnitee, as the case may be, a
                                         written objection to such selection; provided, however, that such objection may be asserted
                                         only on the ground that the Independent Counsel so selected does not meet the requirements
                                         of “Independent Counsel” as defined in Section 1 of this Agreement, and the
                                         objection shall set forth with particularity the factual basis of such assertion. Absent
                                         a proper and timely objection, the person so selected shall act as Independent Counsel.
                                         If such written objection is so made and substantiated, the Independent Counsel so selected
                                         may not serve as Independent Counsel unless and until such objection is withdrawn or
                                         the Delaware Court has determined that such objection is without merit. If, within twenty
                                         (20) days after the later of (i) submission by Indemnitee of a written request for indemnification
                                         pursuant to Section 5(a), and (ii) the final disposition of the Proceeding, including
                                         any appeal therein, no Independent Counsel shall have been selected without objection,
                                         either Indemnitee or the Company may petition the Delaware Court for resolution of any
                                         objection which shall have been made by Indemnitee or the Company to the selection of
                                         Independent Counsel and/or for the appointment as Independent Counsel of a person selected
                                         by the court or by such other person as the court shall designate. The person with respect
                                         to whom all objections are so resolved or the person so appointed shall act as Independent
                                         Counsel under Section 5(b) hereof. Upon the due commencement of any judicial proceeding
                                         or arbitration pursuant to of this Agreement, Independent Counsel shall be discharged
                                         and relieved of any further responsibility in such capacity (subject to the applicable
                                         standards of professional conduct then prevailing).

 

6. Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that
Indemnitee is, by reason of Indemnitee's Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding,
Indemnitee shall be indemnified against all Expenses reasonably incurred by Indemnitee or on Indemnitee's behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one
or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses
reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

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7. Effect of Certain Resolutions. Neither the settlement or termination
of any Proceeding nor the failure of the Company to award indemnification or to determine that indemnification is payable shall
create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not 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, with respect to any criminal action or proceeding, had reasonable cause to believe that
Indemnitee's action was unlawful.

 

8. Agreement to Advance Expenses; Conditions. The Company shall
pay to Indemnitee, to the extent not prohibited by law, all Indemnifiable Expenses incurred by Indemnitee in connection with any
Proceeding, including a Proceeding by or in the right of the Company, from time to time, whether prior to or after the final disposition
of such Proceeding. Advances shall be unsecured and interest free. Indemnitee shall qualify for advances upon the execution and
delivery to the Company of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes to the fullest
extent required by law to repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction
in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to advances
under this paragraph shall in all events continue until final disposition of any Proceeding, including any appeal therein.

 

9. Procedure for Advance Payment of Expenses. Indemnitee shall
submit to the Company a written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under
Section 8 of this Agreement, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses (including
any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of any privilege accorded
by applicable law). Payment of Indemnifiable Expenses under Section 8 shall be made no later than thirty (30) calendar days after
the Company's receipt of such request.

 

10. Remedies of Indemnitee.

 

(a) Right to Petition Court. In the event that
Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3 and 5 above or a request for an advancement of
Indemnifiable Expenses under Sections 8 and 9 above and the Company fails to make such payment or advancement in a timely manner
pursuant to the terms of this Agreement, Indemnitee may petition the Court of Chancery to enforce the Company's obligations under
this Agreement.

 

(b) Burden of Proof. In any judicial proceeding
brought under Section 10(a) above, the Company shall have the burden of proving that Indemnitee is not entitled to payment of
Indemnifiable Amounts hereunder.

 

(c) Expenses. The Company agrees to reimburse
Indemnitee in full for any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending
or settling any action brought by Indemnitee under Section 10(a) above, or in connection with any claim or counterclaim brought
by the Company in connection therewith.

 

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(d) Validity of Agreement. The Company shall
be precluded from asserting in any Proceeding, including, without limitation, an action under Section 10(a) above, that the provisions
of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall
stipulate in court that the Company is bound by all the provisions of this Agreement.

 

(e) Failure to Act Not a Defense. The failure
of the Company (including its Board of Directors or any committee thereof, independent legal counsel or stockholders) to make
a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses
under this Agreement shall not be a defense in any action brought under Section 10(a) above, and shall not create a presumption
that such payment or advancement is not permissible.

 

11. Defense of the Underlying Proceeding.

 

(a) Notice by Indemnitee. Indemnitee agrees
to notify the Company promptly upon being served with any summons, citation, subpoena, complaint, indictment, information, or
other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable
Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right
to receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses unless the Company's ability to defend
in such Proceeding is materially and adversely prejudiced thereby.

 

(b)
Defense by Company. Subject to the provisions of the last sentence of this Section 11(b) and of Section 11(c) below, the Company
shall have the right to assume the defense of Indemnitee in any Proceeding which may give rise to the payment of Indemnifiable
Amounts hereunder; provided, however that the Company shall notify Indemnitee of any such decision to defend within ten (10) days
of receipt of notice of any such Proceeding under Section 11(a) above. The Company shall not, without the prior written consent
of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee.
This Section 11(b) shall not apply to a Proceeding brought by Indemnitee under Section 10(a) above or pursuant to Section 19 below.
In the event that the Company does not assume the defense in a Proceeding pursuant to this Section 11(b), then the Company will
be entitled to participate in the Proceeding at its own expense. The Company shall not be liable to indemnify Indemnitee under
this Agreement for any amounts paid in settlement of any Proceeding effected without its prior written consent (which consent
shall not be unreasonably withheld or delayed). 

 

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(c) Indemnitee's Right to Counsel. Notwithstanding
the provisions of Section 11(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee's Corporate Status,
Indemnitee reasonably concludes that it may have separate defenses or counterclaims to assert with respect to any issue which
may not be consistent with the position of other defendants in such Proceeding, or if the Company fails to assume the defense
of such proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's
choice at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement
or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes
any action, suit or proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder,
Indemnitee shall have the right to retain counsel of Indemnitee's choice, at the expense of the Company, to represent Indemnitee
in connection with any such matter.

 

12. Representations and Warranties of the Company. The Company
hereby represents and warrants to Indemnitee as follows:

 

(a) Authority. The Company has all necessary
power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of
the undertakings contemplated by this Agreement have been duly authorized by the Company.

 

(b) Enforceability. This Agreement, when executed
and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors' rights generally.

 

13. Insurance. The Company shall, from time to time, make the good
faith determination whether or not it is practicable
for the Company to obtain and maintain a policy or policies of insurance with a reputable insurance company providing Indemnitee
with coverage for losses from wrongful acts, and to ensure the Company's performance of its indemnification obligations under
this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the
protection afforded by such coverage. To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, managers, partners, officers, employees, agents or trustees of the Company or of any other Entity, Indemnitee
shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available
for any such director, manager, partner, officer, employee, agent or trustee under such policy or policies.
Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines
in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to
the amount of coverage provided, or if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient
benefit. 

 

14. Contract Rights Not Exclusive. The rights to payment of Indemnifiable
Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any
other rights which Indemnitee may have at any time under applicable law, the Company's By-laws, or any other agreement, vote of
stockholders or directors (or a committee of directors), or otherwise, both as to action in Indemnitee's official capacity and
as to action in any other capacity as a result of Indemnitee's serving as a director of the Company.

 

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15. Successors. This Agreement shall be (a) binding upon all successors
and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the
Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and
shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement
shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after Indemnitee
has ceased to have Corporate Status.

 

16. Subrogation. In the event of any payment of Indemnifiable Amounts
under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery
of Indemnitee against other persons, and Indemnitee shall take, at the request of the Company, all reasonable action necessary
to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce
such rights.

 

17. Change in Law. To the extent that a change in Delaware law
(whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under
the terms of the By-laws of the Company and this Agreement, Indemnitee shall be entitled to such broader indemnification and advancements,
and this Agreement shall be deemed to be amended to such extent.

 

18. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement,
or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole
or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such
provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully
enforceable and binding on the parties.

 

19. Indemnitee as Plaintiff. Except as provided in Section 10(c)
of this Agreement and in the next sentence, Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement
of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee against the Company, any Entity which it controls,
any director or officer thereof, or any third party, unless (i) the Board of Directors has consented to the initiation of such
Proceeding or part thereof and (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested
in the Company under applicable law. This Section shall not apply to counterclaims or affirmative defenses asserted by Indemnitee
in an action brought against Indemnitee.

 

20. Modifications and Waiver. Except as provided in Section 17
above with respect to changes in Delaware law which broaden the right of Indemnitee to be indemnified by the Company, no supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement
(whether or not similar), nor shall such waiver constitute a continuing waiver.

 

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21. General Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted via
email, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which
it is so mailed:

 

(i) If to Indemnitee, to:

 

___________________________

___________________________

___________________________

___________________________

 

(ii) If to the Company, to:

 

Albany Molecular Research, Inc.

26 Corporate Circle

Albany, New York 12203-5154

Facsimile: (518) 512-2000

 

or to such other address as may have been furnished in the same
manner by any party to the others.

 

22. Governing Law. This Agreement shall be governed by and construed
and enforced under the laws of Delaware without giving effect to the provisions thereof relating to conflicts of law.

 

23. Consent to Jurisdiction. The Company hereby irrevocably and
unconditionally consents to the jurisdiction of the courts of the State of Delaware and the United States District Court for the
District of Delaware. The Company hereby irrevocably and unconditionally waives any objection to the laying of venue of any Proceeding
arising out of or relating to this Agreement in the courts of the State of Delaware or the United States District Court for the
District of Delaware, and hereby irrevocably and unconditionally waives and agrees not to plead or claim that any such Proceeding
brought in any such court has been brought in an inconvenient forum.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	11	 

     

    

 

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

 

	 	ALBANY MOLECULAR RESEARCH,
    INC.	 
	 	 	 
	 	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE:	 
	 	 	 
	 	 	 
	 	Name:	 
	 	Title:	 

 

    	 	12Exhibit 10.38

 

ALBANY MOLECULAR RESEARCH, INC. 

 

THIRD AMENDED 1998 EMPLOYEE STOCK PURCHASE
PLAN 

 

The purpose of the Albany Molecular Research,
Inc. 1998 Employee Stock Purchase Plan ("the Plan") is to provide eligible employees of Albany Molecular Research, Inc.
(the "Company") and its subsidiaries with opportunities to purchase shares of the Company's common stock, par value $.01
per share (the "Common Stock"). One Million Six Hundred Thousand (1,600,000) shares of Common Stock in the aggregate
have been approved and reserved for this purpose. The Plan is intended to constitute an "employee stock purchase plan"
within the meaning of Section 423(b) of the Internal Revenue Code of 1986, as amended (the "Code"), and shall be interpreted
in accordance with that intent.

 

	 	1. 	Administration. The Plan will be administered by the Company's Board of Directors (the "Board") or by a committee appointed by the Board for such purpose (the "Committee"). The Board or the Committee has authority to make rules and regulations for the administration of the Plan, and its interpretations and decisions with regard thereto shall be final and conclusive. No member of the Board or the Committee shall be liable for any action or determination with respect to the Plan or any option granted hereunder. 

 

	 	2. 	Offerings. The Company will make one or more offerings to eligible employees to purchase the Common Stock under the Plan ("Offerings"). The initial Offering will begin on January 1, 1999 and will end on June 30, 1999. Thereafter, an Offering will begin on the first business day occurring on or after each January 1 and July 1 and will end on the last business day occurring on or before the following June 30 and December 31, respectively. The Committee may, in its discretion, choose an Offering period of six months or less for each of the Offerings and choose a different Offering period for each Offering. 

 

	 	3. 	Eligibility. All employees of the Company (including employees who are also directors of the Company) and all employees of each Designated Subsidiary (as defined in Section 11) are eligible to participate in any one or more of the Offerings under the Plan, provided that as of the first day of the applicable Offering (the "Offering Date") they are customarily employed by the Company or a Designated Subsidiary for more than twenty (20) hours a week. 

 

	 	4. 	Participation. An employee eligible on any Offering Date may participate in such Offering by submitting an enrollment form to his or her appropriate payroll location at least fifteen (15) business days before the Offering Date (or by such other deadline as shall be established for the Offering). The form will (a) state a whole percentage to be deducted from such employee's Compensation (as defined in Section 11) per pay period , (b) authorize the purchase of Common Stock for such employee in each Offering in accordance with the terms of the Plan and (c) specify the exact name or names in which shares of Common Stock purchased for such employee are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived the right to participate. Unless an employee files a new enrollment form or withdraws from the Plan, such employee's deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided such employee remains eligible. Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be denied contrary to the requirements of the Code. 

 

	 	5. 	Employee Contributions. Each eligible employee may authorize payroll deductions at a minimum of one percent (1%) up to a maximum of ten percent (10%) of his or her Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each participating employee for each Offering. No interest will accrue or be paid on payroll deductions. 

 

	 	6. 	Deduction Changes. An employee may not increase his or her payroll deduction during any Offering, but may decrease his or her payroll deduction for the remainder of the Offering. An employee may also terminate his or her payroll deduction for the remainder of the Offering, either with or without withdrawing from the Offering under Section 7. To reduce or terminate his or her payroll deduction (without withdrawing from the Offering), an employee must submit a new enrollment form at least fifteen (15) business days (or such shorter period as shall be established) before the payroll date on which the change becomes effective. Subject to the requirements of Sections 4 and 5, an employee may either increase or decrease his or her payroll deduction with respect to the next Offering by filing a new enrollment form at least fifteen (15) business days before the next Offering Date (or by such other deadline as shall be established for the Offering). 

 

     

     

    

  

	 	7. 	Withdrawal. An employee may withdraw from participation in the Plan by delivering a written notice of withdrawal to his or her appropriate payroll location. The employee's withdrawal will be effective as of the next business day. Following an employee's withdrawal, the Company will promptly refund such employee's entire account balance under the Plan (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not permitted. The employee may not begin participation again during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4. 

 

	 	8. 	Grant of Options. On each Offering Date, the Company will grant to each eligible employee who is then a participant in the Plan an option ("Option") to purchase on the last day of such Offering (the "Exercise Date"), at the Option Price hereinafter provided for, a maximum of two thousand (2,000) shares of Common Stock reserved for the purposes of the Plan, or such other maximum number of shares as shall have been established by the Board or the Committee in advance of the offering. The purchase price for each share purchased under such Option (the "Option Price") will be 85% of the Fair Market Value of the Common Stock on the Offering Date or the Exercise Date, whichever is less. Notwithstanding the foregoing, no employee may be granted an option hereunder if such employee, immediately after the option was granted, would be treated as owning stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in Section 11). 

  

For purposes of the preceding sentence, the attribution
rules of Section 424(d) of the Code shall apply in determining the stock ownership of an employee, and all stock which the employee
has a contractual right to purchase shall be treated as stock owned by the employee. In addition, no employee may be granted an
Option which permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company
and its Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined
on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the limitation
in the preceding sentence is to comply with Section 423(b)(8) of the Code.

 

	 	9. 	Exercise of Option and Purchase of Shares. Each employee who continues to be a participant in the Plan on the Exercise Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such date will purchase at the Option Price, subject to any other limitations contained in the Plan. Any amount remaining in an employee's account at the end of an Offering solely by reason of the inability to purchase a fractional share will be carried forward to the next Offering; any other balance remaining in an employee's account at the end of an Offering will be refunded to the employee promptly. 

 

	 	10. 	Issuance of Certificates. Certificates representing shares of Common Stock purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to be his or her nominee for such purpose. 

 

	 	11. 	Definitions. The term "Compensation" means the amount of total cash compensation, prior to salary reduction pursuant to either Section 125 or 401(k) of the Code, including base pay, overtime, commissions and bonuses, but excluding allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company stock options, and similar items. 

 

     

     

    

 

 

The term "Designated Subsidiary"
means any present or future Subsidiary (as defined below) that has been designated by the Board or the Committee to participate
in the Plan. The Board or the Committee may so designate any Subsidiary, or revoke any such designation, at any time and from time
to time, either before or after the Plan is approved by the stockholders.

 

The term "Fair Market Value
of the Common Stock" means (i) if the Common Stock is admitted to trading on a national securities exchange or the National
Association of Securities Dealers National Market System, the closing price reported for the Common Stock on such exchange or system
for such date or, if no sales were reported for such date, for the last date preceding such date for which a sale was reported,
or (ii) if clause (i) does not apply but the Common Stock is admitted to quotation on the National Association of Securities Dealers
Automated Quotation System ("NASDAQ"), the average of the highest bid and lowest asked prices of the Common Stock reported
on NASDAQ for such date or, if no bid and asked prices were reported for such date, for the last day preceding such date for which
such prices were reported.

 

The term "Parent" means
a "parent corporation" with respect to the Company, as defined in Section 424(e) of the Code. The term "Subsidiary"
means a "subsidiary corporation" with respect to the Company, as defined in Section 424(f) of the Code.

 

	 	12. 	Rights on Termination of Employment. If a participating employee's employment terminates for any reason before the Exercise Date for any Offering, no payroll deduction will be taken from any pay due and owing to such employee and the balance in such employee's account will be paid to such employee or, in the case of death, to such employee's designated beneficiary as if such employee had withdrawn from the Plan under Section 7. An employee will be deemed to have terminated employment, for this purpose, if the corporation that employs such employee, having been a Designated Subsidiary, ceases to be a Subsidiary, or if such employee is transferred to any corporation other than the Company or a Designated Subsidiary. 

 

	 	13. 	Special Rules. Notwithstanding anything herein to the contrary, the Board or the Committee may adopt special rules applicable to the employees of a particular Designated Subsidiary, whenever the Board or the Committee determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated Subsidiary has employees; provided that such rules are consistent with the requirements of Section 423(b) of the Code. Such special rules may include (by way of example, but not by way of limitation) the establishment of a method for employees of a given Designated Subsidiary to fund the purchase of shares other than by payroll deduction, if the payroll deduction method is prohibited by local law or is otherwise impracticable. Any special rules established pursuant to this Section 13 shall, to the extent possible, result in the employees subject to such rules having substantially the same rights as other participants in the Plan. 

 

	 	14. 	Optionees Not Stockholders. Neither the granting of an Option to an employee nor the deductions from his or her pay shall constitute such employee a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been purchased by and issued to such employee. 

 

	 	15. 	Rights Not Transferable. Rights under the Plan are not transferable by a participating employee other than by will or the laws of descent and distribution, and are exercisable during the employee's lifetime only by the employee. 

 

	 	16. 	Application of Funds. All funds received or held by the Company under the Plan may be combined with other corporate funds and may be used for any corporate purpose. 

 

	 	17. 	Adjustment in Case of Changes Affecting Common Stock. In the event of a subdivision of outstanding shares of Common Stock, or the payment of a dividend in Common Stock, the number of shares approved for the Plan, and the share limitation set forth in Section 8, shall be increased proportionately, and such other adjustment shall be made as may be deemed equitable by the Board or the Committee. In the event of  any other change affecting the Common Stock, such adjustment shall be made as may be deemed equitable by the Board or the Committee to give proper effect to such event. 

 

     

     

    

  

	 	18. 	Amendment of the Plan. The Board or the Committee may at any time, and from time to time, amend the Plan in any respect, except that without the approval, within twelve (12) months of such Board or Committee action, by the holders of a majority of the shares of stock of the Company present or represented and entitled to vote at a meeting of stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would require stockholder approval in order for the Plan, as amended, to qualify as an "employee stock purchase plan" under Section 423(b) of the Code. 

 

	 	19. 	Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any Exercise Date plus the number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among participants in proportion to the amount of payroll deductions accumulated on behalf of each participant that would otherwise be used to purchase Common Stock on such Exercise Date. 

 

	 	20. 	Termination of the Plan. The Plan may be terminated at any time by the Board or the Committee. Upon termination of the Plan, all amounts in the accounts of participating employees shall be promptly refunded. 

 

	 	21. 	Governmental Regulations. The Company's obligation to sell and deliver Common Stock under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock. 

 

The Plan shall be governed by Delaware
law except to the extent that such law is preempted by federal law.

 

	 	22. 	Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source. 

 

	 	23. 	Tax Withholding. Participation in the Plan is subject to any required tax withholding on income of the participant in connection with the Plan. Each employee agrees, by entering the Plan, that the Company and its Subsidiaries shall have the right to deduct any such taxes from any payment of any kind otherwise due to the employee, including shares issuable under the Plan. 

 

	 	24 . 	Notification Upon Sale of Shares. Each employee agrees, by entering the Plan, to give the Company prompt notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased. 

 

	 	25 . 	Effective Date and Approval of Stockholders The Plan shall take effect on the first day of the Company's initial public offering, subject to approval by the holders of a majority of the shares of stock of the Company present or represented and entitled to vote at a meeting of stockholders, which approval must occur within twelve (12) months of the adoption of the Plan by the Board.

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