Document:

Exhibit 10.25

 

	PLAYBOY ENTERPRISES, INC.		 

 

January 23, 2021

 

Florus Beuting

Address:

[ADDRESS]

 

Dear Florus:

 

I am pleased to offer you a position with Playboy Enterprises, Inc.
(the “Company”), as Chief Accounting Officer.

 

If you accept our offer, your first day of employment will be
February 8, 2021 (“Start Date”).

 

You will be reporting to the Company’s Chief Financial
Officer or such person(s) as the Company may direct.

 

You
will receive an annual salary (“Base Salary”) of $325,000, which will be paid in accordance with the Company’s
normal payroll procedures, subject to increase as determined by the Company. You will be classified as a regular, full-time,
exempt employee.

 

You
will be eligible for an annual bonus (“Bonus”) with a target amount of 30% of your Base Salary in effect during
the year for which the Bonus is awarded. The Bonus is entirely discretionary; some or all of the Bonus may be based on Company
performance metrics determined by the Board and/or personal performance determined by goals set with your manager. The Bonus, if
any, is paid no later than March 15 of the following year. You must remain employed with the Company in good standing through
the date of payment in order to earn or be eligible for any Bonus.

 

Following and subject to the closing of the transaction between
the Company and Mountain Crest Acquisition Corp, and subject to the approval of the Board of Directors of PLBY Group, Inc.
(“Parent”), Parent will issue you equity awards with an approximate grant date fair value of $600,000, comprised of
50% stock options to purchase Parent common stock and 50% restricted stock units that settle in shares of Parent common stock,
with 25% vesting on the one-year anniversary of your Start Date, and the balance vesting in a series of 36 successive, equal, monthly
installments.

 

You shall be eligible to receive annual long-term incentive
compensation equity grants with a target grant date fair value of $100,000.

 

You will receive a one-time signing bonus in the amount of $110,000
(“Signing Bonus”), subject to customary withholdings and contributions, payable within thirty days of your Start Date.
If you resign your employment or the Company terminates your employment for Cause (as defined below) prior to the 18-month anniversary
of your Start Date, you agree to repay the Company 1/18th of the Signing Bonus for each full month remaining between your separation
date and the 18-month anniversary of your Start Date.

 

     

     

    

 

As an employee, you will be eligible to receive certain employee
benefits, which generally include medical insurance, life insurance and participation in the Company’s 401(k) plan.
As a regular full-time exempt employee, you will not accrue traditional vacation; rather, you will receive unlimited time away
from work, subject to the needs of the business and the approval of your manager. You should note that that Company may modify
salaries and benefits from time to time as it deems necessary.

 

If your employment is terminated for any reason, whether by
you, the Company or by mutual agreement of the parties, the Company’s sole obligation shall be to provide you with your earned
Base Salary through the termination date and any unreimbursed business expenses and any other benefit required by law. Notwithstanding
the foregoing, if your employment is terminated by the Company without Cause (as defined below), and you sign a general release
of claims in a form acceptable to the Company (including a 12-month non-solicitation provision and a non-disparagement provision)
that becomes effective within 60 days after your termination, then you will be eligible to receive as severance (a) six months
of continuation of your then-current Base Salary, (b) reimbursement of your COBRA payments for six months, and (c) your
most recent earned but unpaid Bonus, if any. For purposes of this agreement, “Cause” shall mean: (1) failure to
follow lawful directives of your manager(s); (2) failure to meet written and agreed upon performance expectations; (3) violation
of written company policy; or (4) any other willful action by employee that materially and adversely affects the company’s
financial performance or reputation.

 

The Company is excited about your joining and looks forward
to a beneficial and fruitful relationship. Nevertheless, you should be aware that your employment with the Company is for no specified
period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly,
the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice.
We request that, in the event of resignation, you give the Company at least two weeks notice.

 

The Company reserves the right to conduct background investigations
and/or reference checks on all of its potential employees. Your job offer, therefore, is contingent upon a clearance of such a
background investigation and/or reference check, if any.

 

For purposes of federal immigration law, you will be required
to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation
must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be
terminated.

 

We also ask that, if you have not already done so, you disclose
to the Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the
Company or limit the manner in which you may be employed (including, but not limited to, any non-compete agreements). It is the
Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you
represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage
in any other employment, occupation, consulting, or other business activity directly related to the business in which the Company
is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict
with your obligations to the Company. Similarly, you agree not to bring any third-party confidential information to the Company,
including that of your former employer, and that you will not in any way utilize any such information in performing your duties
for the Company.

 

    -2-

     

    

 

As a Company employee, you will be expected to abide by Company
rules and standards. You will be specifically required to sign an acknowledgment that you have read and that you understand
the Company’s rules of conduct, which are included in the Company Handbook.

 

As a condition of your employment, you will also be required
to sign and comply with the enclosed At-Will Employment, Confidential Information, and Invention Assignment, which requires, among
other provisions, the assignment of intellectual property rights arising from your employment with the Company, and non-disclosure
of proprietary information.

 

To indicate your acceptance of the Company’s offer, please
sign and date this letter in the space provided below and return it to me. This letter, along with any agreements relating to proprietary
rights between you and the Company, set forth the terms of your employment with the Company and supersede any prior representations
or agreements including, but not limited to, any representations made during your interviews, whether written or oral. This letter,
including, but not limited to, its at-will employment provision, may not be modified or amended except by a written agreement signed
by the Chief People Officer and you. This offer of employment will terminate if it is not accepted, signed, and returned by January 29,
2021.

 

If you have any questions please give me a call at [PHONE NUMBER].

 

We look forward to your favorable reply and to working with
you at Playboy Enterprises, Inc.

 

	 	Sincerely,
	 	 
	 	/s/ JENNY SADE

 

 

	 	Jenny Sade
	 	Chief People Officer

 

Enclosure

 

At-Will Employment, Confidential Information, and
Invention Assignment

 

Agreed to and
accepted:

	 	 	 
	Signature:	/s/ FLORUS BEUTING	 
	 	 	 
	Printed:	Florus Beuting	 

 

	Date:	January 23, 2021	 

 

    -3-

     

    

 

FIRST AMENDMENT TO

EMPLOYMENT LETTER AGREEMENT

 

This First Amendment (this “First
Amendment”), dated February 8, 2021, by and between Florus Beuting (“you”) and Playboy Enterprises, Inc.
(“Company”), hereby amends that certain employment letter agreement between the parties dated January 23, 2021
(the “Letter Agreement”). This First Amendment is hereby incorporated into the Letter Agreement by reference.

 

WHEREAS, the parties desire to amend the
Letter Agreement as set forth below.

 

NOW THEREFORE, in consideration of the mutual
promises and covenants herein and for other good and valuable consideration the sufficiency and receipt of which are hereby acknowledged,
you and Company agree to amend the Letter Agreement as follows:

 

	1.		SECTION 409A. The following paragraph is added to the Letter Agreement:

 

Notwithstanding any provision of this letter agreement
to the contrary, in the event that you are a “specified employee” within the meaning of Section 409A of the Internal
Revenue Code (“Code”) (as determined in accordance with the methodology established by the Company as in effect on
your date of termination), any payments or benefits that are considered non-qualified deferred compensation under Code Section 409A
payable under this letter agreement on account of a “separation from service” during the six-month period immediately
following your date of termination shall, to the extent necessary to comply with Code Section 409A, instead be paid, or provided,
as the case may be, on the first business day after the date that is six months following your “separation from service”
within the meaning of Code Section 409A.

 

		2.	SIGNING BONUS. The second
sentence of the eighth full paragraph of the Letter Agreement (regarding your Signing Bonus) is hereby amended and restated to
read in its entirety as follows:

 

If you resign your employment or the Company terminates
your employment for Cause (as defined below) prior to the 18-month anniversary of your Start Date, you agree to repay the Company
1/18th of the after-tax amount of the Signing Bonus for each full month remaining between your separation date and the 18-month
anniversary of your Start Date.

 

		3.	NO OTHER CHANGES. Except
as expressly modified above, all of the other terms and conditions of the Letter Agreement shall remain in full force and effect
and shall be applicable to the terms hereof; provided that, to the extent a provision of this First Amendment conflicts with a
provision of the Letter Agreement, the provision in this First Amendment shall govern and control.

 

IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY
BOUND THEREBY, the parties hereto have executed and delivered this Letter Agreement as of the date first written above.

 

    -4-

     

    

 

PLAYBOY ENTERPRISES, INC.

 

	/s/ JENNY SADE	 	/s/ FLORUS BEUTING
	Jenny Sade	 	Florus Beuting
	Chief People Officer	 	 

 

    -5-Exhibit 10.26

 

Execution Version

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (this “Agreement”) is effective as of [Date] by and between PLBY Group, Inc. (formerly known
as Mountain Crest Acquisition Corp), a Delaware corporation (the “Company”), and [Indemnitee] (“Indemnitee”).
This Agreement supersedes and replaces any and all previous agreements, if any, between the Company and the Indemnitee covering
indemnification.

 

A.         The
Company recognizes the difficulty in obtaining liability insurance for its directors, officers, employees, controlling persons,
fiduciaries and other agents and affiliates, the significant cost of such insurance and the general limitations in the coverage
of such insurance.

 

B.          The
Company further recognizes the substantial increase in corporate litigation in general, subjecting directors, officers, employees,
controlling persons, fiduciaries and other agents and affiliates to expensive litigation risks at the same time as the availability
and coverage of liability insurance has been severely limited.

 

C.          The
current protection available to directors, officers, employees, controlling persons, fiduciaries and other agents and affiliates
of the Company may not be adequate under the present circumstances, and directors, officers, employees, controlling persons, fiduciaries
and other agents and affiliates of the Company (or persons who may be alleged or deemed to be the same), including the Indemnitee,
may not be willing to serve or continue to serve or be associated with the Company in such capacities without additional protection.

 

D.          The
Company (a) desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to serve and be
associated with the Company, and (b) accordingly, wishes to provide for the indemnification and advancement of expenses to
the Indemnitee to the maximum extent permitted by law.

 

E.          In
view of the considerations set forth above, the Company desires that Indemnitee shall be indemnified and advanced expenses by the
Company as set forth herein.

 

    	 	1	 

     

    

 

AGREEMENT:

 

In consideration of
the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

		1.	Certain Definitions.

 

(a)            “Change
in Control” shall be deemed to have occurred if, on or after the date of this Agreement, (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than
a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a corporation
owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock
of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly,
of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s
then outstanding Voting Securities, (ii) during any period of two (2) consecutive years, individuals who at the beginning
of such period constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or
nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof, (iii) the stockholders of the Company approve
a merger or consolidation of the Company with any other corporation other than a merger or consolidation which would result in
the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into Voting Securities of the surviving entity) at least eighty percent (80%) of the total voting power represented
by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or
(iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related transactions) all or substantially all of the Company’s
assets.

 

(b)           “Claim”
shall mean with respect to a Covered Event: any threatened, asserted, pending or completed action, suit, proceeding or alternative
dispute resolution mechanism, or any hearing, inquiry or investigation (formal or informal) that Indemnitee [(or in the case of
a Fund Indemnitor (as defined in Section 18 below) seeking to be indemnified, a Fund Indemnitor)]1
in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism,
whether civil, criminal, administrative, investigative or other, including any appeal therefrom.

 

(c)          References
to the “Company” shall include, in addition to PLBY Group, Inc., any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger to which PLBY Group, Inc. (or any of its wholly
owned subsidiaries) is a party, which, if its separate existence had continued, would have had power and authority to indemnify
its directors, officers, employees, agents or fiduciaries, so that if Indemnitee is or was a director, officer, employee, agent
or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director,
officer, employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other
enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting
or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

(d)            “Covered
Event” shall mean any event or occurrence by reason of the fact that Indemnitee is or was a director, officer, employee,
agent or fiduciary of the Company, or any subsidiary of the Company, direct or indirect, whether before or after the date of this
Agreement, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation,
partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving
in such capacity, whether before or after the date of this Agreement.

 

(e)            “Expense
Advance” shall mean a payment to Indemnitee for Expenses pursuant to Section 3 hereof, in advance of the settlement
of or final judgment in any action, suit, proceeding or alternative dispute resolution mechanism, hearing, inquiry or investigation,
which constitutes a Claim.

 

 

1 Note to Form: To be included when applicable.

 

    	 	2	 

     

    

 

(f)            “Expenses”
shall mean any and all direct and indirect costs, losses, claims, damages, fees, expenses and liabilities, joint or several (including
reasonable attorneys’ fees and all other costs, expenses and obligations reasonably incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, to be a witness in or to participate
in, any action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines,
penalties and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be
unreasonably withheld) actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on
the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement.

 

(g)          “Independent
Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with the provisions of Section 2(d) hereof,
who shall not have otherwise performed services for (i) the Company or Indemnitee in any matter material to either such party
(other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar
indemnity agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder, within the
last three (3) years. Notwithstanding the foregoing, the term “Independent Legal 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.

 

(h)          References
to “other enterprises” shall include employee benefit plans; references to “fines” shall
include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at
the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company
which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee
benefit plan, its participants or its beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed
to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(i)            “Reviewing
Party” shall mean, subject to the provisions of Section 2(d), any person or body appointed by the Board of Directors
in accordance with applicable law to review the Company’s obligations hereunder and under applicable law, which may include
a member or members of the Company’s Board of Directors, Independent Legal Counsel or any other person or body not a
party to the particular Claim for which Indemnitee is seeking indemnification, exoneration or hold harmless rights. In the absence
of the appointment of another Reviewing Party, but subject to the provisions of Section 2(d), the full Board of Directors
shall be deemed to be the “Reviewing Party” within the meaning of this Agreement.

 

(j)            “Section”
refers to a section of this Agreement unless otherwise indicated.

 

    	 	3	 

     

    

 

(k)           “Voting
Securities” shall mean any securities of the Company that vote generally in the election of directors.

 

		2.	Indemnification.

 

(a)           Indemnification
of Expenses. Subject to the provisions of Section 2(b) below, the Company shall indemnify, exonerate or hold harmless
Indemnitee for Expenses to the fullest extent permitted by law if Indemnitee was, is or becomes a party to or witness or other
participant in, or is threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or arising
in part out of a Covered Event), including all interest, assessments and other charges incurred in connection with or in respect
of such Expenses.

 

(b)           Review
of Indemnification Obligations.

 

(i)            Notwithstanding
the foregoing, in the event any Reviewing Party shall have determined (in a written opinion, in any case in which Independent Legal
Counsel is the Reviewing Party) that Indemnitee is not entitled to be indemnified, exonerated or held harmless hereunder under
applicable law, (A) the Company shall have no further obligation under Section 2(a) to make any payments to Indemnitee
not made prior to such determination by such Reviewing Party and (B) the Company shall be entitled to be reimbursed by Indemnitee
(who hereby agrees to reimburse the Company) for all Expenses theretofore paid in indemnifying, exonerating or holding harmless
Indemnitee (within thirty (30) days after such determination); provided, however, that if Indemnitee has commenced
or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee is entitled
to be indemnified, exonerated or held harmless hereunder under applicable law, any determination made by any Reviewing Party that
Indemnitee is not entitled to be indemnified hereunder under applicable law shall not be binding and Indemnitee shall not be required
to reimburse the Company for any Expenses theretofore paid in indemnifying, exonerating or holding harmless Indemnitee until a
final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed).
Indemnitee’s obligation to reimburse the Company for any Expenses shall be unsecured and no interest shall be charged thereon.

 

(ii)           Subject
to Section 2(b)(iii) below, if the Reviewing Party shall not have made a determination within forty-five (45) days after
receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest
extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification or (B) a prohibition of such indemnification
under applicable law; provided, however, that such 45-day period may be extended for a reasonable time, not to exceed
an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification
in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

 

(iii)          Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Claim.

 

    	 	4	 

     

    

 

(c)          Indemnitee
Rights on Unfavorable Determination; Binding Effect. If any Reviewing Party determines that Indemnitee substantively is not
entitled to be indemnified, exonerated or held harmless hereunder in whole or in part under applicable law, Indemnitee shall
have the right to commence litigation seeking an initial determination by the court or challenging any such determination by such
Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and, subject to the provisions of Section 15
hereof, the Company hereby consents to service of process and to appear in any such proceeding. Absent such litigation, any determination
by any Reviewing Party shall be conclusive and binding on the Company and Indemnitee.

 

(d)            Selection
of Reviewing Party; Change in Control. If there has not been a Change in Control, any Reviewing Party shall be selected by
the Board of Directors, which may be the full Board of Directors in the absence of the selection of another Reviewing Party, and
if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of the Company’s
Board of Directors who were directors immediately prior to such Change in Control), any Reviewing Party with respect to all matters
thereafter arising concerning Indemnitee’s indemnification, exoneration or hold harmless rights for Expenses under this Agreement
or any other agreement or under the Company’s amended and restated certificate of incorporation (the “Certificate
of Incorporation”) or amended and restated bylaws (the “Bylaws”) as now or hereafter in effect, or
under any other applicable law, if desired by Indemnitee, shall be Independent Legal Counsel selected by the Indemnitee and approved
by Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion
to the Company and Indemnitee as to whether and to what extent Indemnitee would be entitled to be indemnified, exonerated or held
harmless hereunder under applicable law and the Company agrees to abide by such opinion. The Company agrees to pay the reasonable
fees of the Independent Legal Counsel referred to above and to fully indemnify, exonerate and hold harmless such counsel against
any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto. Notwithstanding any other provision of this Agreement, the Company shall not be required to
pay Expenses of more than one Independent Legal Counsel in connection with all matters concerning a single Indemnitee, and such
Independent Legal Counsel shall be the Independent Legal Counsel for any or all other Indemnitees unless (i) the Company otherwise
determines or (ii) any Indemnitee shall provide a written statement setting forth in detail a reasonable objection to such
Independent Legal Counsel representing other Indemnitees.

 

(e)           Mandatory
Payment of Expenses. Notwithstanding any other provision of this Agreement other than Section 10 hereof, to the fullest
extent permitted by applicable law and to the extent that Indemnitee was a party to (or participant in) and has been successful
on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, in defense of any Claim, Indemnitee
shall be indemnified, exonerated and held harmless against all Expenses actually and reasonably incurred by Indemnitee in connection
therewith. If Indemnitee is not wholly successful in such Claim but is successful, on the merits or otherwise, as to one or more
but less than all claims, issues or matters in such Claim, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter
to the fullest extent permitted by law. For purposes of this Section and without limitation, the termination of any claim,
issue or matter in such a Claim by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter.

 

    	 	5	 

     

    

 

(f)            Contribution.
If the indemnification, exoneration or hold harmless rights provided for in this Agreement is for any reason held by a court of
competent jurisdiction to be unavailable to an Indemnitee, then in lieu of indemnifying, exonerating or holding harmless Indemnitee
thereunder, the Company shall contribute to the amount paid or required to be paid by Indemnitee as a result of such Expenses (i) in
such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect the relative benefits
received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Claim or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company (and
its directors, officers, employees and agents) and Indemnitee in connection with the action or inaction which resulted in such
Expenses, as well as any other relevant equitable considerations. In connection with the registration of the Company’s securities,
the relative benefits received by the Company and Indemnitee shall be deemed to be in the same respective proportions that the
net proceeds from the offering (before deducting expenses) received by the Company and Indemnitee, in each case as set forth in
the table on the cover page of the applicable prospectus, bear to the aggregate public offering price of the securities so
offered. The relative fault of the Company and Indemnitee shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

 

The Company and Indemnitee
agree that it would not be just and equitable if contribution pursuant to this Section 2(f) were determined by pro rata
or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately
preceding paragraph. In connection with the registration of the Company’s securities, in no event shall Indemnitee be required
to contribute any amount under this Section 2(f) in excess of the net proceeds received by Indemnitee from its sale of
securities under such registration statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(a) of
the Securities Act of 1933, as amended) shall be entitled to contribution from any person who was not found guilty of such fraudulent
misrepresentation.

 

		3.	Expense Advances.

 

(a)           Obligation
to Make Expense Advances. The Company shall make Expense Advances to Indemnitee upon receipt of a written undertaking, in the
form attached hereto as Exhibit A, by or on behalf of the Indemnitee to repay such amounts if it shall ultimately be
determined that the Indemnitee is not entitled to be indemnified, exonerated or held harmless therefor by the Company.

 

(b)           Form of
Undertaking. Any written undertaking by the Indemnitee to repay any Expense Advances hereunder shall be unsecured and no interest
shall be charged thereon.

 

    	 	6	 

     

    

 

		4.	Procedures for Indemnification and Expense Advances.

 

(a)           Timing
of Payments. All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant
to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee
therefor is presented to the Company, but in no event later than forty-five (45) days after such written demand by Indemnitee is
presented to the Company, except in the case of Expense Advances, which shall be made no later than twenty (20) days after such
written demand by Indemnitee is presented to the Company. If the Company disputes a portion of the amounts for which indemnification
is requested, the undisputed portion shall be paid and only the disputed portion withheld pending resolution of any such dispute.

 

(b)           Notice/Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified, exonerated or held
harmless or Indemnitee’s right to receive Expense Advances under this Agreement, give the Company notice in writing as soon
as practicable of any Claim made against Indemnitee for which indemnification, exoneration or hold harmless rights will or could
be sought under this Agreement. Notice to the Company shall be directed to the President and the Secretary of the Company at the
address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to
Indemnitee) and shall include a description of the nature of the Claim and the facts underlying the Claim, in each case to the
extent known to Indemnitee. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably
necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of
such Claim. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably
require and as shall be within Indemnitee’s power. The failure by Indemnitee to notify the Company hereunder will not relieve
the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay
in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement, except to the extent
(solely with respect to the indemnity hereunder) that such failure or delay materially prejudices the Company.

 

(c)           No
Presumptions; Burden of Proof. 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, shall not
create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court
has determined that indemnification, exoneration or hold harmless right is not permitted by this Agreement or applicable law. In
addition, neither the failure of any Reviewing Party to have made a determination as to whether Indemnitee has met any particular
standard of conduct or had any particular belief, nor an actual determination by any Reviewing Party that Indemnitee has not met
such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a
judicial determination that Indemnitee should be indemnified, exonerated or held harmless under this Agreement or applicable law,
shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct
or did not have any particular belief. In connection with any determination by any Reviewing Party or otherwise as to whether the
Indemnitee is entitled to be indemnified, exonerated or held harmless hereunder, the burden of proof shall be on the Company to
establish that Indemnitee is not so entitled.

 

    	 	7	 

     

    

 

(d)           Notice
to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 4(b) hereof,
the Company has liability insurance in effect which may cover such Claim, the Company shall give prompt notice of the commencement
of such Claim to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable
as a result of such Claim in accordance with the terms of such policies.

 

(e)           Selection
of Counsel. In the event the Company shall be obligated hereunder to provide indemnification, exoneration or hold harmless
rights for or make any Expense Advances with respect to the Expenses of any Claim, the Company, if appropriate, shall be entitled
to assume the defense of such Claim with counsel approved by Indemnitee (which approval shall not be unreasonably withheld) upon
the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval
of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under
this Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to
the same Claim; provided, however, that (i) Indemnitee shall have the right to employ Indemnitee’s separate counsel
in any such Claim at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has
been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of
interest between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not continue to retain
such counsel to defend such Claim, then the fees and expenses of Indemnitee’s separate counsel shall be Expenses for which
Indemnitee may receive indemnification, exoneration or hold harmless rights or Expense Advances hereunder. The Company shall have
the right to conduct such defense as it sees fit in its sole discretion, including the right to settle any claim, action or proceeding
against Indemnitee without the consent of Indemnitee, provided that the terms of such settlement include either: (i) a full
release of Indemnitee by the claimant from all liabilities or potential liabilities under such claim or (ii), in the event such
full release is not obtained, the terms of such settlement do not limit any indemnification, exoneration or hold harmless rights
Indemnitee may now, or hereafter, be entitled to under this Agreement, the Company’s Certificate of Incorporation, the Bylaws,
any agreement, any vote of stockholders or disinterested directors, the General Corporation Law of the State of Delaware (the “DGCL”)
or otherwise.

 

		5.	Additional Indemnification Rights; Nonexclusivity.

 

(a)           Scope.
The Company hereby agrees to indemnify, exonerate and hold harmless the Indemnitee to the fullest extent permitted by law, notwithstanding
that such indemnification, exoneration or hold harmless right is not specifically authorized by the other provisions of this Agreement,
the Company’s Certificate of Incorporation, the Bylaws or by statute, a vote of stockholders or a resolution of directors,
or otherwise. The rights of indemnification and to receive Expense Advances as provided by this Agreement shall be interpreted
independently of, and without reference to, any other such rights to which Indemnitee may at any time be entitled. In the event
of any change after the date of this Agreement in any applicable law, statute or rule which expands the right of a Delaware
corporation to indemnify, exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change.
In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify,
exonerate or hold harmless a member of its board of directors or an officer, employee, agent or fiduciary, such change, to the
extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement
or the parties’ rights and obligations hereunder except as set forth in Section 10(a) hereof.

 

    	 	8	 

     

    

 

(b)            Nonexclusivity.
The indemnification, exoneration or hold harmless rights and the payment of Expense Advances provided by this Agreement shall be
in addition to any rights to which Indemnitee may be entitled under the Company’s Certificate of Incorporation, the Bylaws,
any other agreement, any vote of stockholders or disinterested directors, the DGCL, or otherwise. The indemnification, exoneration
or hold harmless rights and the payment of Expense Advances provided under this Agreement shall continue as to Indemnitee for any
action taken or not taken while serving in an indemnified, exonerated or held harmless capacity even though subsequent thereto
Indemnitee may have ceased to serve in such capacity.

 

6.          No
Duplication of Payments. The Company shall not be liable under this Agreement to make
any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, provision of the Company’s Certificate of Incorporation, the Bylaws or otherwise) of the amounts
otherwise payable hereunder, except as provided in Section 18 below.

 

7.          Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification, exoneration or hold harmless rights by the Company for some or a portion of Expenses incurred in connection with
any Claim, but not, however, for the total amount thereof, the Company shall nevertheless indemnify, exonerate or hold harmless
Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

 

8.          Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances,
federal law or applicable public policy may prohibit the Company from indemnifying, exonerating or holding harmless its directors,
officers, employees, agents or fiduciaries under this Agreement or otherwise. Indemnitee understands and acknowledges that the
Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification,
exoneration or hold harmless rights to a court in certain circumstances for a determination of the Company’s right under
public policy to indemnify, exonerate or hold harmless Indemnitee.

 

9.          Liability
Insurance. To the extent the Company maintains liability insurance applicable to directors,
officers, employees, agents or fiduciaries, Indemnitee shall be covered by such policies in such a manner as to provide Indemnitee
the same rights and benefits as are provided to the most favorably insured of the Company’s directors who are not employees
of the Company, if Indemnitee is a director who is not employed by the Company; or of the Company’s officers, if Indemnitee
is a director of the Company and is also employed by the Company, or is not a director of the Company but is an officer; or in
the Company’s sole discretion, if Indemnitee is not an officer or director but is an employee, agent or fiduciary.

 

    	 	9	 

     

    

 

10.        Exceptions.
Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a)           Excluded
Action or Omissions. To indemnify, exonerate or hold harmless Indemnitee for Expenses resulting from acts, omissions or transactions
for which Indemnitee is prohibited from receiving indemnification, exoneration or hold harmless rights under this Agreement or
applicable law; provided, however, that notwithstanding any limitation set forth in this Section 10(a) regarding
the Company’s obligation to provide indemnification, exoneration or hold harmless rights to Indemnitee, Indemnitee shall
be entitled under Section 3 to receive Expense Advances hereunder with respect to any such Claim unless and until a court
having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom have
been exhausted or lapsed) that Indemnitee has engaged in acts, omissions or transactions for which Indemnitee is prohibited from
receiving indemnification under this Agreement or applicable law.

 

(b)           Claims
Initiated by Indemnitee. To indemnify, exonerate or hold harmless or make Expense Advances to Indemnitee with respect to Claims
initiated or brought voluntarily by Indemnitee and not by way of defense, counterclaim or cross claim, except (i) with respect
to actions or proceedings brought to establish or enforce an indemnification, exoneration or hold harmless right under this Agreement
or any other agreement or insurance policy or under the Company’s Certificate of Incorporation or Bylaws now or hereafter
in effect relating to Claims for Covered Events, (ii) in specific cases if the Board of Directors has approved the initiation
or bringing of such Claim or (iii) as otherwise required under Section 145 of the DGCL, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, exoneration, hold harmless right, Expense Advances or insurance
recovery, as the case may be.

 

(c)           Lack
of Good Faith. To indemnify, exonerate or hold harmless Indemnitee for any Expenses incurred by Indemnitee with respect to
any action instituted (i) by Indemnitee to enforce or interpret this Agreement, if a court having jurisdiction over such action
determines as provided in Section 13 hereof that each of the material assertions made by Indemnitee as a basis for such action
was not made in good faith or was frivolous or (ii) by or in the name of the Company to enforce or interpret this Agreement,
if a court having jurisdiction over such action determines as provided in Section 13 hereof that each of the material defenses
asserted by Indemnitee in such action was made in bad faith or was frivolous.

 

(d)           Claims
Under Section 16(b) or Sarbanes-Oxley Act. To indemnify, exonerate or hold harmless Indemnitee for expenses and the
payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or any similar successor statute or (ii) any reimbursement of the Company by
Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the
sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act); provided, however, that notwithstanding any limitation set forth in this
Section 10(d) regarding the Company’s obligation to provide indemnification or exoneration or hold harmless, Indemnitee
shall be entitled under Section 3 hereof to receive Expense Advances hereunder with respect to any such Claim unless and until
a court having jurisdiction over the Claim shall have made a final judicial determination (as to which all rights of appeal therefrom
have been exhausted or lapsed) that Indemnitee has violated said statute.

 

    	 	10	 

     

    

 

11.            Counterparts.
This Agreement may be executed in counterparts and by facsimile or electronic transmission, each of which shall constitute an original
and all of which, together, shall constitute one instrument.

 

12.            Binding
Effect; Successors and Assigns. This Agreement shall be binding upon, inure to the
benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company),
spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect
by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets
of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had
taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s request. [The Company
and Indemnitee agree that the Fund Indemnitors (as defined in Section 18 below) are express third party beneficiaries of this
Agreement.]2

 

13.            Expenses
Incurred in Action Relating to Enforcement or Interpretation. In the event that any
action is instituted by Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to
enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be indemnified for all Expenses incurred
by Indemnitee with respect to such action (including without limitation attorneys’ fees), regardless of whether Indemnitee
is ultimately successful in such action, unless as a part of such action a court having jurisdiction over such action makes a final
judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that each of the material assertions
made by Indemnitee as a basis for such action was not made in good faith or was frivolous; provided, however, that
until such final judicial determination is made, Indemnitee shall be entitled under Section 3 to receive payment of Expense
Advances hereunder with respect to such action. In the event of an action instituted by or in the name of the Company under this
Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be indemnified, exonerated
or held harmless for all Expenses incurred by Indemnitee in defense of such action (including without limitation costs and expenses
incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action
a court having jurisdiction over such action makes a final judicial determination (as to which all rights of appeal therefrom have
been exhausted or lapsed) that each of the material defenses asserted by Indemnitee in such action was made in bad faith or was
frivolous; provided, however, that until such final judicial determination is made, Indemnitee shall be entitled
under Section 3 to receive payment of Expense Advances hereunder with respect to such action.

 

 

2 Note to Form: To be included when applicable.

 

    	 	11	 

     

    

 

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

 

15.            Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the
jurisdiction of the courts 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 commenced, prosecuted and continued
only in the Court of Chancery of the State of Delaware in and for New Castle County, which shall be the exclusive and only proper
forum for adjudicating such a claim.

 

16.            Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including without limitation each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

17.            Choice
of Law. This Agreement, and all rights, remedies, liabilities, powers and duties of
the parties to this Agreement, shall be governed by and construed in accordance with the laws of the State of Delaware without
regard to principles of conflicts of laws.

 

18.            Primacy
of Indemnification; Subrogation.

 

(a)            [The
Company hereby acknowledges that Indemnitee has or may in the future have certain indemnification, exoneration, hold harmless or
Expense advancement rights and/or insurance provided by [Fund Name] and certain of its affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations
to Indemnitee are primary and any obligation of the Fund Indemnitors to advance Expenses or to provide indemnification, exoneration
or hold harmless rights for the same Expenses incurred by Indemnitee are secondary), (ii) that it shall be required to advance
the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, to the extent legally
permitted and as required by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and
Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, (iii) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation
or any other recovery of any kind in respect thereof and (iv) if any Fund Indemnitor is a party to or a participant in a legal
proceeding, which participation or involvement arises solely and exclusively as a result of Indemnitee’s service to the Company
as a director of the Company, then such Fund Indemnitor shall be entitled to all of the indemnification rights and remedies under
this Agreement to the same extent as Indemnitee. The Company further agrees that no advancement or payment by the Fund Indemnitors
on behalf of Indemnitee with respect to any Claim for which Indemnitee has sought indemnification, exoneration or hold harmless
rights from the Company shall affect the foregoing and the Fund Indemnitors shall have a right to receive from the Company, contribution
and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.]3

 

 

3 Note to Form: To be included when applicable.

 

    	 	12	 

     

    

 

(b)           [Except
as provided in Section 18(a) above,][I]n the event of payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee from any insurance policy purchased by the Company, who
shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights. In no event, however, shall the Company or any other person have any right of
recovery, through subrogation or otherwise, against (i) Indemnitee, [or] (ii) [any Fund Indemnitor or (iii)]4
any insurance policy purchased or maintained by Indemnitee [or any Fund Indemnitor].

 

19.            Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement
shall be effective unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver.

 

20.            Integration
and Entire Agreement. This Agreement sets forth the entire understanding between the
parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto, including any existing director or officer indemnification agreement;
provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation,
the Bylaws, any directors and officers insurance maintained by the Company and applicable law, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

21.            No
Construction as Employment Agreement. Nothing contained in this Agreement shall be
construed as giving Indemnitee any right to employment by the Company or any of its subsidiaries or affiliated entities.

 

22.            Additional
Acts. If for the validation of any of the provisions in this Agreement any act, resolution,
approval or other procedure is required, the Company undertakes to cause such act, resolution, approval or other procedure to be
affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

(The remainder of this page is intentionally
left blank.)

 

 

4 Note to Form: To be included when applicable.

 

    	 	13	 

     

    

 

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

 

	 	PLBY GROUP, INC.
	 	 	 
	 	 	 
	 	By:	
	 	 	Authorized Officer
	 	 	 
	 	Address:
	 	 	 
	 	10960 Wilshire Blvd., Suite 2200
	 	Los Angeles, CA 90024

 

	Agreed to and accepted by:	 
	 	 	 
	INDEMNITEE:	 
	 	 	 
	 	 	 
	By:		 
	 	[Indemnitee]	 
	 	 	 
	Date: [Date]	 
	 	 	 
	Address:	 
	[Address]	 

 

    	 	14	 

     

    

 

EXHIBIT A

 

Form of Undertaking

 

AFFIRMATION AND UNDERTAKING FOR ADVANCE
OF EXPENSES

PURSUANT TO SECTION 145(e) OF
THE GENERAL CORPORATION LAW

OF THE STATE OF DELAWARE

 

Pursuant
to Section 145(e) of the General Corporation Law of the State of Delaware (the “DGCL”), Article VII
of the Amended and Restated Bylaws (the “Bylaws”) of PLBY Group, Inc. (formerly known as
Mountain Crest Acquisition Corp) (the “Company”), and Section 3(a) of my Indemnification
Agreement with the Company (the “Indemnification Agreement”), I understand that I must provide
a written undertaking in order for the Company to make Expense Advances to me in connection with [NAME OF PROCEEDING], as
well as in any related action, suit or proceeding that is threatened, pending or may be filed in the future in which I am a
party, a witness or other participant.

 

The capitalized terms
used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I
hereby affirm my good-faith belief that I have met the standard of conduct for indemnification imposed by Section 145(d) of
the DGCL. I affirm that in connection with the matters for which I seek Expense Advances, I have acted in good faith and in
a manner I reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal action
or proceeding, had no reasonable cause to believe that such conduct was unlawful.

 

I hereby undertake
to repay the Expense Advances if it is ultimately determined that I am not entitled to be indemnified, exonerated or held harmless
therefor by the Company under Section 145 of the DGCL, Article IX of the Bylaws or the Indemnification Agreement.

 

This undertaking is
a general, unsecured obligation, and no interest shall be charged hereon.

 

I have executed this
Affirmation and Undertaking on this ___ day of __________, 20__.

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