Document:

Exhibit 10.1

 

EXECUTION COPY

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS

BOTH
(I) NOT MATERIAL AND (II) THE TYPE THAT THE REGISTRANT NORMALLY TREATS AS

PRIVATE
AND CONFIDENTIAL.

 

SETTLEMENT
AND COOPERATION AGREEMENT

 

This
Settlement and Cooperation Agreement (the “Agreement”) is entered into as of December 21, 2022 by Albert Fouerti (“Mr.
Fouerti”) and by Polished.com Inc. f/k/a 1847 Goedeker Inc. (“Polished.com” or the “Company”,
and together with Mr. Fouerti, the “Parties”).

 

WHEREAS,
Albert Fouerti served as the Chief Executive Officer (“CEO”) of Polished.com from September 1, 2021 until October
14, 2022;

 

WHEREAS,
the Audit Committee of the Board of Directors (the “Board”) of Polished.com conducted an internal investigation into
issues described in Schedule 1, (the “Audit Committee Investigation”), including expenses incurred for non-business
purposes during Mr. Fouerti’s time as CEO (the “Expense Issues”).

 

WHEREAS,
following the Audit Committee Investigation, the Audit Committee produced key findings, which included findings related to the Expense
Issues;

 

WHEREAS,
as of the date hereof, the Parties have determined to come to an agreement with respect to the matters identified in the Audit Committee
Investigation; and

 

NOW
THEREFORE, in consideration of the foregoing, and of the promises, covenants, settlement and release terms contained herein below, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally
bound, agree as follows:

 

1.
Payment. As full and final settlement of the key findings concerning the Expense Issues, Mr. Fouerti will pay Polished.com
the total sum of Three Million and Seven Hundred Thousand Dollars ($3,700,000.00) (the “Settlement Amount”). The Settlement
Amount will be paid according to the following terms.

 

a.
Within 14 days after the signing of the Agreement, Mr. Fouerti will pay the Settlement Amount to the Company, pursuant to the following
instructions:

 

WIRE
TRANSFER INSTRUCTIONS:

 

Bank
Name: [***]

Beneficiary
Name: [***]

Account
Number: [***]

Transit
Routing Number: [***]

 

     

     

    

 

 2. Mutual Release.

 

a.
Release by Mr. Fouerti. Mr. Fouerti, and on behalf of himself and his heirs and assigns, hereby releases and forever discharges
Polished.com, Polished.com’s affiliates, and all of its respective directors, officers, employees, agents, insurers, and all other
persons acting by, through, under or in concert with Polished.com (the “Polished.com Released Parties”), from and
against any and all actions, causes of action, suits, proceedings, debts, expenses, fees, attorney fees, sums of money, accounts, indemnities,
liabilities, losses, bills, controversies, agreements, promises, damages, obligations, awards, deficiencies, executions, claims and/or
demands, of any type, nature or kind, whether known or unknown, liquidated or unliquidated, matured or unmatured, from the beginning
of time through the date of this Agreement. Notwithstanding the generality of the foregoing, nothing herein constitutes a release or
waiver by Mr. Fouerti of, or prevents Mr. Fouerti from making or asserting: (i) the enforcement of the obligations contained in
this Agreement, (ii) any claim or right Mr. Fouerti may have under COBRA, (iii) any claim or right Mr. Fouerti may have for unemployment
insurance benefits or workers’ compensation benefits, (iv) any claim to vested benefits under the written terms of any employee
benefit plan, (v) any claim that cannot be waived as a matter of law pursuant to federal, state or local law, (vi) any rights to
insurance benefits under any directors & officers liability insurance policy maintained by the Company, and/or (vii) any claim
for indemnification as an employee, officer or director of the Company under the Company’s certificate of incorporation or bylaws.

 

b.
Release by the Company. Polished.com hereby releases and forever discharges Mr. Fouerti from and against any and all actions,
causes of action, suits, proceedings, debts, expenses, fees, attorney fees, sums of money, accounts, liabilities, losses, bills, controversies,
agreements, promises, damages, obligations, awards, deficiencies, executions, claims and/or demands, related to the Audit Committee Investigation.
Notwithstanding the foregoing, nothing in this Section 2(b) shall apply to any indemnification claim by Polished.com for any third party
or government seeking recovery from Polished.com in connection with any matters identified in the Audit Committee Investigation attributable
to Mr. Fouerti’s negligence or willful misconduct or any claim against Mr. Fouerti for conduct or additional damages or fines arising
from Mr. Fouerti’s conduct.

 

3.
Standstill Provisions. 

 

a.
Mr. Fouerti agree that, from the date of this Agreement until the date that is two years after the date of the next scheduled annual
meeting of shareholders (through such time, “Standstill Period”), Mr. Fouerti shall not in any manner:

 

i.
engage in any solicitation of proxies or become a “participant” in a “solicitation” (as such terms
are defined in Regulation 14A under the Exchange Act) of proxies (including, without limitation, any solicitation of consents that seeks
to call a special meeting of stockholders), in each case, with respect to securities of the Company;

 

ii.
form, join, or in any way knowingly participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) with respect to the shares of Common Stock; provided, however, that nothing herein shall limit the ability of an affiliate
of Mr. Fouerti to join such a “group” following the execution of this Agreement, so long as any such affiliate agrees
to be bound by the terms and conditions of this Agreement;

 

iii.
deposit any shares of Common Stock in any voting trust or subject any shares of Common Stock to any arrangement or agreement with respect
to the voting of any shares of Common Stock;

 

iv.
seek or submit, or knowingly encourage any person or entity to seek or submit, nomination(s) in furtherance of a “contested
solicitation” for the appointment, election or removal of directors with respect to the Company or seek, or knowingly encourage
or take any other action with respect to, the appointment, election or removal of any directors of the Company, in each case in opposition
to the recommendation of the Board;

 

v.
seek, alone or in concert with others, representation on the Board;

 

vi.
sell or transfer any shares of the Company other than pursuant to an open market transaction on the New York Stock Exchange, except Mr.
Fouerti may sell or transfer shares to a buyer provided buyer enter into a written agreement with the Company to the provisions of this
Agreement;

 

vii.
(A) make any proposal for consideration by stockholders at any Applicable Meeting, or solicit the written consents of stockholders in
lieu of any annual or special meeting in connection with any proposal, including, for the avoidance of doubt, any election of candidates
to the Board if such nomination has not been previously approved by the Board or any proposal to amend the Company’s Certificate
of Incorporation or By-Laws, (B) make any offer or proposal (with or without conditions) with respect to any merger, tender (or
exchange) offer, acquisition, recapitalization, restructuring, disposition or other business combination involving Mr. Fouerti and the
Company, (C) solicit a third party to make an offer or proposal (with or without conditions) with respect to any merger, tender (or exchange)
offer, acquisition, recapitalization, restructuring, disposition or other business combination involving the Company, or knowingly publicly
encourage, initiate or support any third party in making such an offer or proposal, or (D) call or seek to call a special meeting of
stockholders of the Company;

 

viii.
advise, knowingly encourage, knowingly support or knowingly influence any person or entity with respect to the voting or disposition
of any securities of the Company at any Applicable Meeting with respect to the appointment, election or removal of director(s);

 

    2

     

    

 

ix.
acquire, announce an intention to acquire, offer or propose to acquire, or agree to acquire, by purchase or otherwise, any security of
the Company, including any stock, option, warrant, convertible security, stock appreciation right or other similar right (including,
without limitation, any put or call option or “swap” transaction) with respect to any security (other than a broad-based
market basket or index);

 

x.
submit a formal demand to inspect a copy of any books and records of the Company under the Delaware General Corporation Law or any equivalent
state or federal law; or

 

xi.
make any request or submit any proposal to amend the terms of this Agreement other than through non-public communication with the Company’s
management or the Board that would not be reasonably expected to trigger an obligation for any Party to publicly disclose such communication.

 

4.
Non-Compete and Non-Solicitation.

 

a.
Mr. Fouerti acknowledges that: (i) he is one of the limited number of persons who assisted with developing the current business of the
Company, which involves the wholesale and retail sale of home goods and appliances pursuant to an e-commerce platform (the “Company’s
Current Lines of Business”); (ii) the Company and its affiliates conduct business nationwide; (iii) his work for the Company brought
him into close contact with many confidential affairs not readily available to the public; and (iv) the covenants contained in this Section
4 will not involve a substantial hardship upon his future livelihood. In order to induce the Company to enter into this Agreement, the
Mr. Fouerti covenants and agrees that:

 

i.
Noncompetition. For two years subsequent to the execution of this Settlement Agreement (the “Restricted Period”),
the Mr. Fouerti shall not, in those states in the United States of America in which either the Company or any of its Subsidiaries or
affiliates then operates within the Company’s Current Lines of Business, directly or indirectly, (i) in any manner whatsoever engage
in any capacity with any business that is competitive with the Company’s Current Lines of Business for the Mr. Fouerti’s
own benefit or for the benefit of any person or entity other than the Company or affiliate of the Company; or (ii) have any interest
as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any
business that operates within the Company’s Current Lines of Business; provided, however, that the Mr. Fouerti may hold, directly
or indirectly, solely as an investment, not more than two percent (2%) of the outstanding securities of any person or entity which are
listed on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person
or entity is engaged in a business competitive with the Company’s Current Lines of Business. In addition, during the Restricted
Period, if Mr. Fouerti develops any property for use in the Company’s Current Lines of Business, he shall offer the Company an
exclusive right of first refusal to acquire such property.

 

ii.
Employees of and Consultants to the Company. During the Restricted Period, Mr. Fouerti shall not, directly or indirectly (other
than in furtherance of the business of the Company), initiate communications with, solicit, persuade, entice, induce or encourage any
individual who is then or who has been within the preceding 12-month period, an employee of or consultant to the Company or any of its
affiliates to terminate employment with, or a consulting relationship with, the Company or such affiliate, as the case may be, or to
become employed by or enter into a contract or other agreement with any other person, and Mr. Fouerti shall not approach any such employee
or consultant for any such purpose or authorize or knowingly approve the taking of any such actions by any other person.

 

iii.
Solicitation of Customers. During the Restricted Period, Mr. Fouerti shall not, knowingly directly or indirectly, initiate communications
with, solicit, persuade, entice, induce, encourage (or assist in connection with any of the foregoing) any person who is then or has
been within the preceding 12-month period a customer or account of the Company or its affiliates, or any actual customer leads whose
identity Mr. Fouerti learned during the course of his employment with the Company, to terminate or to adversely alter its contractual
or other relationship with the Company or its affiliates.

 

b.
Incorporated Provisions. Mr. Fouerti acknowledges that any restrictions to which he was bound regarding Confidential Information,
including, without limitation, those contained in the June 2, 2021 employment agreement between the parties, remain enforceable pursuant
to their terms. Mr. Fouerti acknowledges and agrees that he has been in compliance with such terms at all times hereto.

 

c.
Injunctive Relief. If the Executive breaches any of the provisions of Section 4(a) hereof (collectively, the “Restrictive
Covenants”), the Company and its affiliates shall, in addition any rights maintained by law, have the right and remedy to seek
from any court of competent jurisdiction specific performance of the Restrictive Covenants or injunctive relief against any act which
would violate any of the Restrictive Covenants, it being acknowledged and agreed that any such breach may cause irreparable injury to
the Company and its affiliates and that money damages will not provide an adequate remedy to the Company and its affiliates.

 

d.
Severability of Covenants. If any of the Restrictive Covenants, or any part thereof, is held by a court of competent jurisdiction
or any foreign, federal, state, county or local government or other governmental, regulatory or administrative agency or authority to
be invalid, void, unenforceable or against public policy for any reason, the remainder of the Restrictive Covenants shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and such court, government, agency or authority shall be empowered
to substitute, to the extent enforceable, provisions similar thereto or other provisions so as to provide to the Company and its affiliates,
to the fullest extent permitted by applicable law, the benefits intended by such provisions.

 

    3

     

    

 

5.
No Litigation. During the longer of the Standstill Period or any applicable statute of limitations, Mr. Fouerti hereby covenants
and agrees that he shall not, and shall not permit any of his respective agents, Affiliates, representatives, alone or in concert with
others, knowingly encourage, pursue or assist any other person to institute, solicit, assist or join, as a party, any litigation, arbitration
or other proceeding against Polished.com or any of its agents, subsidiaries, Affiliates, officers, key employees or current or former
directors or officers (including derivative actions), except for any action to enforce the provisions of this Agreement.

 

6.
Return of Fouerti Property. Within ten (10) calendar days after execution of this Agreement, the Company shall (a) promptly
deliver to Mr. Fouerti all physical hard drives provided by Mr. Fouerti, and (b) destroy all personal information of Mr. Fouerti which
bears no relation to the Company or the Company’s operations, prepared or generated by the Company based upon the foregoing physical
hard drives without retaining a copy of any such material. 

 

7.
Indemnification. Mr. Fouerti agrees to indemnify and hold harmless the Polished.com Released Parties from and against any
and all damages, losses, expenses, costs, claims or liabilities arising from any and all actions, causes of action, suits, proceedings,
allegations, and investigations made by any individuals or governmental authorities relating to any of the matters identified in the
Audit Committee Investigation attributable to Mr. Fouerti’s gross negligence or willful misconduct during his employment by the
Company.

 

8.
Agreement to Vote.  For a term of two years after the date of the next scheduled annual meeting of shareholders, Mr. Fouerti
agrees to vote in accordance with the recommendations of Polished.com management and/or Board with respect to any Company business decision
requiring or soliciting a vote, except with respect to a business decision that would disadvantage Mr. Fouerti relative to any other
common stockholder.

 

9.
Cooperation. 

 

a.
As part of the consideration for this Settlement, Mr. Fouerti agrees to provide full assistance to Polished.com with respect to any potential,
current, or future claims or actions against Polished.com by any individuals and/or any governmental authorities based in part or entirely
on the subject matters of the Audit Committee Investigation, and/or any investigations, actions, causes of action, suits, and/or proceedings
related to the subject matters of the Audit Committee Investigation, and/or any other matter during Mr. Fouerti’s employment and/or
service on the Board, and/or the issues raised in connection with pending shareholder litigation in the United States District Court
for the Eastern District of New York, and in connection with Polished.com’s audits for the 2021 fiscal year end, interim periods
and any periods subject to potential restatement.

 

b.
Subject to the terms of the Mutual Release set forth in paragraph 2, the Company shall provide indemnification in accordance with Article
6 of the Company’s Amended and Restated Bylaws dated July 20, 2022 and/or certificate of incorporation.

 

10.
Expenses. Subject to the provisions in paragraphs 1, 2, and 6, the Parties will bear their own respective costs, expenses,
and attorneys’ fees in connection with the subject matters addressed by the Audit Committee Investigation and related to the enforcement
of any of the covenants contained in this Agreement.

 

11.
Applicable Law. This Agreement and any disputes arising from or relating to the Agreement, shall be governed, construed, and
enforced under the laws of the State of New York, without regard to its conflicts of law principles.

 

12.
Non-disparagement. Unless otherwise required by law, each of the Parties shall refrain from making, and the Company shall
cause its directors and officers and each of the Parties shall cause their respective agents, successors, and assigns not to, directly
or indirectly, in any capacity or manner, make, express, transmit, speak, write, verbalize or otherwise communicate in any way (or cause,
further, assist, solicit, encourage, support or participate in any of the foregoing), any remark, comment, message, information, declaration,
communication or other statement of any kind, whether verbal, in writing, electronically transferred or otherwise, that might reasonably
be construed to be derogatory of (a) in the case of statements, communications or announcements by Mr. Fouerti or any of his affiliates
described above, the Polished.com Released Parties, or (b) in the case of statements, communications or announcements by the Company
or any of its affiliates described above, Mr. Fouerti or his agents, successors, and assigns. The Parties agree and acknowledge that
this non-disparagement provision is a material term of this Agreement, the absence of which would have resulted each Party refusing to
enter into this Agreement. The Parties acknowledge that any breach of this Paragraph shall constitute a material breach of this Agreement
for which they shall be liable, not only for actual damages, but also for attorneys’ fees. 

 

    4

     

    

 

13.
Information Disparity. Mr. Fouerti acknowledges that the Company is in possession of information about the Company and its
securities (which may include material non-public information) that may or may not be material or superior to information available to
Mr. Fouerti, and Mr. Fouerti has freely entered into this agreement with knowledge of this potential informational disparity.

 

14.
Notice.

 

		a.	Any
                                            notice or writing required under this Agreement to be provided to the Company shall be sent
                                            by overnight delivery and e-mail to:

 

Ellery
W. Roberts

Executive
Chairman, Polished.com

1870
Bath Avenue

Brooklyn,
NY 11214

Email:
eroberts@1847holdings.com

 

Robert
Cohen, Esq.

Timothy
Hoeffner, Esq.

McDermott
Will & Emery LLP

One
Vanderbilt Avenue

New
York, NY 10017

Email:
rcohen@mwe.com

Email:
thoeffner@mwe.com

 

		b.	Any
                                            notice or writing required under this Agreement to be provided to Mr. Fouerti shall be sent
                                            by overnight delivery and e-mail to:

 

Albert
Fouerti

[***]

[***]

Email:
[***]

 

With
required copies (which shall not constitute notice) to:

 

Joseph
E. Wolfson, Esq.

Stevens
& Lee, P.C.

1500
Market Street, East Tower

18th
Floor

Philadelphia,
PA 19102

Email:
joseph.wolfson@stevenslee.com

 

Zach
Intrater, Esq.

Brafman
& Associates, P.C.

256
5th Avenue, 2nd Floor

New
York, NY 10001

Email:
zintrater@braflaw.com

 

15.
Entirety of Agreement. This Agreement constitutes the entire agreement and settlement between the Parties with respect to
all disputes and controversies related to the Audit Committee Investigation. All prior discussions, negotiations or understandings with
respect to the subject matter hereof are canceled and superseded by this Agreement. This Agreement may not be amended except by a writing
signed by the signatories to this Agreement.

 

16.
Execution. The Parties agree that this Agreement may be executed in one or more counterparts, each of which need not contain
the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement.

 

    5

     

    

 

17.
Representations. The Parties represent and warrant that: (a) they have had an opportunity to review fully the provisions of
the Agreement with attorneys of their choice, as a result of which the parties acknowledge and agree that any rule of law that provides
that ambiguities are to be construed against the drafting party shall not be employed in the interpretation of this Agreement; (b) they
have entered into this Agreement willingly and voluntarily; and (c) all approvals and authorizations necessary for the effectiveness
of this Agreement have been duly obtained.

 

18.
No Modification or Amendment Except by Writing. No modification, amendment or waiver of any of the provisions of this Agreement,
nor any future representation, promise, or condition in connection with the subject matter hereof shall be binding upon any Party unless
made in writing and signed by a duly authorized officer or agent on behalf of each Party.

 

19.
Captions and Headings, Counterparts, Interpretation. Captions and section headings used herein are for convenience only and
shall not be used in construing it. As used in this Agreement, “persons” includes natural persons, corporations, partnerships,
joint ventures and any other entity. Whenever in this Agreement the context so requires, the masculine gender shall be deemed to refer
to and include the feminine and neuter, and the singular to refer to and include the plural.

 

20.
Survival. All representations, warranties, covenants, agreements and acknowledgments made by the Parties herein, shall be
considered to have been relied upon by the parties hereto and shall survive the execution, performance and delivery of this Agreement
and all other documents contemplated herein.

 

21.
Successors and Assigns. This Agreement shall inure to the benefit of and be enforceable by the Parties and the Parties’
successors, assigns, heirs, legal representatives and transferees, and to the persons released under the releases herein (only for purposes
of enforcing the release), and shall be binding upon and enforceable against the Parties. Without limiting the foregoing, no Party may
assign its rights, interests or obligations hereunder, without the prior written consent of the other Parties. The Parties represent
and warrant that no Party has assigned its claims against the other to any other person or entity.

 

22.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same instrument; signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signature pages are physically attached to the same document. A signature of a Party
to this Agreement sent by facsimile, email or other electronic transmission shall be deemed to constitute an original and fully effective
signature of such Party.

 

[SIGNATURES
ON NEXT PAGE]

 

    6

     

    

 

Albert
Fouerti

 

	/s/
  Albert Fouerti	 
	Albert Fouerti, an adult individual	 

 

Polished.com
Inc. f/k/a 1847 Goedeker Inc.

 

	By:	/s/
  Robert D. Barry	 
	Title:	CFO	 

 

     

     

    

 

SCHEDULE
1

 

[***]Exhibit
10.1

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (this “Agreement”) is made as of December 23, 2022 by and between Motorsport Games Inc.,
a Delaware corporation (the “Company”), and Andrew Jacobson (“Indemnitee”). This Agreement supersedes
and replaces any and all previous Agreements between the Company and Indemnitee covering the subject matter of this Agreement. Certain
capitalized terms used herein are defined in Section 2 hereof.

 

RECITALS

 

WHEREAS,
highly competent persons have become more reluctant to serve publicly held corporations as directors, officers or in other capacities
unless they are provided with adequate protection through insurance and/or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving
the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions
and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the corporation or business
enterprise itself;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of
such protection in the future;

 

WHEREAS,
the Certificate of Incorporation (the “Certificate of Incorporation”) of the Company requires indemnification of the
officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of
the State of Delaware (the “DGCL”). The Certificate of Incorporation and the DGCL expressly provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the Board, officers and other persons with respect to indemnification;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf
of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Bylaws (the “Bylaws”) of the Company, Certificate of Incorporation
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of
Indemnitee thereunder; and

 

WHEREAS,
Indemnitee does not regard the protection available under the Bylaws, Certificate of Incorporation and insurance as adequate in the present
circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee
to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the
Company on the condition that he be so indemnified.

 

    	 

     

    

 

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

 

Section
1. Services to the Company. Indemnitee serves as a director of the Company. Indemnitee may at any time and for any reason
resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). The foregoing
notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director or
officer of the Company, as provided in Section 16 hereof.

 

Section
2. Definitions. As used in this Agreement:

 

(a)
References to “agent” mean any person who is or was a director, officer or employee of the Company or a subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a
director, officer, trustee, partner, managing member, employee, agent or fiduciary or other official of another corporation, limited
liability company, partnership, joint venture, trust, employee benefit plan or other enterprise at the request of, for the convenience
of or to represent the interests of the Company or a subsidiary of the Company.

 

(b)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

(c)
“Corporate Status” describes the status of a person who is or was a director, officer, trustee, partner, managing
member, employee, agent or fiduciary of the Company or of any other corporation, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company.

 

(d)
“Enterprise” means the Company and any other corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, employee, agent or fiduciary.

 

(e)
“Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts
and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, fax transmission charges, secretarial services, any federal, state, local or foreign taxes imposed on Indemnitee as a result
of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements,
obligations or expenses of the types customarily incurred in connection with, or as a result of, prosecuting, defending, preparing to
prosecute or defend, investigating, being or preparing to be a deponent or witness in or otherwise participating in a Proceeding. Expenses
also shall include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation,
the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent, (ii) expenses
incurred in connection with recovery under any directors’ and officers’ liability insurance policies maintained by the Company,
regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advancement or Expenses or insurance
recovery, as the case may be, and (iii) for purposes of Section 14(d) only, Expenses incurred by or on behalf of Indemnitee in
connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise.
The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in
accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as
being reasonable shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee.

 

    	2

     

    

 

(f)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law
and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other 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)
The term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim,
arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, regulatory,
legislative or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved
as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director or officer of
the Company, by reason of any action taken by him (or a failure to take action by him) or of any action (or failure to act) on his part
while acting pursuant to his Corporate Status, 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. If Indemnitee believes
in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding
under this paragraph.

 

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

 

Section
3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section
3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the
fullest extent permitted by applicable law against all Expenses, damages, losses, judgments, liabilities, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses,
damages, losses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that his conduct was unlawful. The parties hereto intend that this Agreement, to the fullest extent
permitted by law, shall provide for indemnification in excess of that expressly permitted by statute, including, without limitation,
any indemnification provided by the Certificate of Incorporation, the Bylaws, vote of its stockholders or disinterested directors or
applicable law.

 

    	3

     

    

 

Section
4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses, damages, losses, judgments, liabilities, fines, penalties and amounts
paid in settlement) actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or
matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests
of the Company. If applicable law so provides, no indemnification for Expenses shall be made under this Section 4 in respect of
any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and
only to the extent that the Delaware Court of Chancery or any court in which the 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 indemnification.

 

Section
5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part,
the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his 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 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 5 and without limitation, 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.

 

Section
6. Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent
permitted by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise asked to
participate in any aspect of a Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and
reasonably incurred by him or on his behalf in connection therewith.

 

Section
7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of Expenses, damages, losses, judgments, liabilities, fines, penalties and amounts paid in settlement, but not,
however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled.

 

Section
8. Additional Indemnification.

 

(a)
Notwithstanding any limitation in Sections 3, 4 or 5, the Company shall indemnify Indemnitee to the fullest extent
permitted by applicable law if Indemnitee is a party to or threatened to be made a party to or a participant in any Proceeding (including
a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, damages, losses, judgments,
liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses, damages, losses, judgments, liabilities, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by or on behalf of Indemnitee in connection with the Proceeding.

 

    	4

     

    

 

(b)
For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to:

 

i.
to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

 

ii.
to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section
9. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to
make any indemnification payment in connection with any claim made against Indemnitee:

 

(a)
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)
for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, or (ii) any reimbursement
of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or 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); or

 

(c)
except as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its
initiation, (ii) such payment arises in connection with any mandatory counterclaim or cross-claim or affirmative defense brought or raised
by Indemnitee in any Proceeding (or any part of any Proceeding), or (iii) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Company under applicable law.

 

Section
10. Advances of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)),
the Company shall advance, to the extent not prohibited by law, the Expenses incurred by or on behalf of Indemnitee in connection with
any Proceeding (or any part of any Proceeding) not initiated by Indemnitee, and such advancement shall be made within 10 days after the
receipt by the Company of a statement or statements requesting such advances from time to time (which shall include invoices received
by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal
work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be so
included), whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest-free. Advances shall
be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement. In accordance with Section 14(d), advances shall include any
and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. 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 repay the amounts advanced
(without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No
other form of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not apply to any
claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

    	5

     

    

 

Section
11. Procedure for Notification and Defense of Claim.

 

(a)
Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof or Indemnitee’s
becoming aware thereof. The written notification to the Company shall include a description of the nature of the Proceeding and the facts
underlying the Proceeding, 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 Proceeding. The failure by Indemnitee to notify the Company hereunder will not relieve the Company from
any liability that 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 or otherwise. The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b)
The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)
The Company shall not settle any Proceeding (in whole or in part) if such settlement would impose any Expense, damage, loss, judgment,
liability, fine, penalty or limitation on Indemnitee which Indemnitee is not entitled to be indemnified hereunder without Indemnitee’s
prior written consent.

 

Section
12. Procedure Upon Application for Indemnification.

 

(a)
Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall be made by Independent Counsel in a written opinion to the Board, a copy
of which shall be delivered to Indemnitee; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including attorneys’ fees and disbursements)
incurred by or on behalf of Indemnitee in so cooperating with the person, persons or entity making such determination 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. The Company promptly will advise Indemnitee in writing with respect to any determination
that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has
been denied.

 

    	6

     

    

 

(b)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a)
hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected
by Indemnitee (unless Indemnitee shall request that such selection be made by the Board) and Indemnitee shall give written notice to
the Company advising it of the identity of the Independent Counsel so selected. If Independent Counsel is to be selected by the Board
pursuant to the preceding sentence, the Company shall give written notice to Indemnitee advising him of the identity of the Independent
Counsel so selected. In either event, the Company or Indemnitee, as the case may be, may, within 10 days after such written notice of
selection shall have been given, deliver to Indemnitee or to the Company, 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 2 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 20 days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section
11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either
the Company or Indemnitee may petition the Delaware Court for resolution of any objection that shall have been made by the Company or
Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected
by such court or by such other person as such court shall designate, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 14(a) 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).

 

(c)
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.

 

Section
13. Presumptions and Effect of Certain Proceedings.

 

(a)
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee
has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall, to the
fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person,
persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or
Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification
is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by Independent
Counsel that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

(b)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

    	7

     

    

 

(c)
For purposes of any determination of good faith, and without creating any presumption as to a lack of good faith if the following circumstances
do not exist, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or
reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable
care by the Enterprise. The provisions of this Section 13(c) shall not be deemed to be exclusive or to limit in any way the other
circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. Whether or
not the foregoing provisions of this Section 13(c) are satisfied, it shall in any event be presumed that Indemnitee has at all
times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company.

 

(d)
The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, employee, agent or fiduciary
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section
14. Remedies of Indemnitee.

 

(a)
Subject to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of
this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not
made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within 10 days
after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or
8 of this Agreement is not made within 10 days after a determination has been made that Indemnitee is entitled to indemnification,
or (vi) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be
provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification
or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking
an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such
proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause shall not apply in respect
of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration.

 

(b)
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c)
If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) 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 (ii) a prohibition of such indemnification under applicable
law.

 

    	8

     

    

 

(d)
The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
It is the intent of the Company that, to the fullest extent permitted by law, Indemnitee not be required to incur legal fees or other
Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or
otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.
The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall (within 10 days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such
Expenses to Indemnitee, which are incurred by or on behalf of Indemnitee in connection with any action brought by Indemnitee for indemnification
or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company if, in the case of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee
is not wholly successful on the underlying claims, then such indemnification shall be only to the extent Indemnitee is successful on
such underlying claims or otherwise as permitted by law, whichever is greater.

 

(e)
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 Proceeding.

 

Section
15. Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws,
any agreement, a vote of stockholders or a resolution of directors, or otherwise and (ii) shall be interpreted independently of, and
without reference to, any other such rights to which Indemnitee may at any time be entitled. No amendment, alteration or repeal of this
Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken
or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware
law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently
under the Bylaws, Certificate of Incorporation and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits so afforded by such change. To the extent that any change is made to the Bylaws or Certificate
of Incorporation which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee
will be deemed to have such greater right hereunder. No right or remedy herein conferred is intended to be exclusive of any other right
or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)
For the duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for so long as Indemnitee
shall be subject to any Proceeding, claim, issue or matter thereof (including any rights of appeal thereto) the Company shall use commercially
reasonable efforts to continue to maintain in effect policies of directors’ and officers’ liability insurance providing coverage
that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’
and officers’ liability insurance. 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, officer, employee or agent under such policy or policies. At the
time of the receipt of a notice of a claim pursuant to the terms hereof the Company shall give prompt notice of such claim or of the
commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of such Proceeding in accordance with the terms of such policies.

 

    	9

     

    

 

(c)
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d) The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement
is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise. 

 

(e)
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, trustee, partner, managing member, employee, agent or fiduciary of the Enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification or advancement of Expenses from the Enterprise.

 

Section
16. Duration of Agreement. This Agreement and all the obligations of the Company contained herein shall be for the entire period
that Indemnitee was or is a director or officer of the Company or the Enterprise and shall continue thereafter (a) so long as Indemnitee
may be subject to any possible Proceeding (including any rights of appeal thereto) and (b) throughout the pendency of any Proceeding
(including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even
if, in either case, Indemnitee may have ceased to serve in such capacity at the time of any such Proceeding. The indemnification and
advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties
hereto and their respective successors and assigns (including any direct or indirect successor by purchase, reorganization, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased
to be a director, officer, employee or agent of the Company or of the Enterprise, and shall inure to the benefit of Indemnitee and his
or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. The Company shall require and
shall cause any successor (whether direct or indirect by purchase, reorganization, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company to, by written agreement, expressly 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.

 

Section
17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever, then (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to
the intent manifested thereby.

 

    	10

     

    

 

Section
18. Enforcement.

 

(a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in
order to induce Indemnitee to serve as a director or officer of the Company and the Company acknowledges that Indemnitee is relying upon
this Agreement in serving as a director or officer of the Company.

 

(b)
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof;
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.

 

Section
19. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by 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 nor shall any waiver constitute a continuing waiver. Except as specifically provided for herein, no
failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

Section
20. Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be
deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall
have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which
it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication
shall have been directed or (d) sent by email transmission, with receipt of oral confirmation that such transmission has been received:

 

(a)
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
to the Company.

 

(b)
If to the Company to:

 

Motorsport
Games Inc.

5792
NE 4th Avenue

Miami, FL 33137

Email:
dk@motorsportgames.com

 

or
to any other address as may have been furnished to Indemnitee by the Company.

 

Section
21. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by or on behalf of Indemnitee, whether for damages, losses, judgments, liabilities, fines, penalties, excise taxes, amounts
paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement,
in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the
relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding;
and/or (b) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s).

 

Section
22. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee
hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state
or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) waive any objection
to the laying of venue of any such action or proceeding in the Delaware Court and (d) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

Section
23. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by
the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section
24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.
The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect
the construction thereof.

 

[Signature Page Follows]

 

    	11

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

 

	COMPANY:	 	INDEMNITEE:
	 	 	 	 
	MOTORSPORT
    GAMES INC.	 	 	 
	 	 	 	 
	By:	/s/
    Dmitry Kozko	 	/s/ Andrew Jacobson
	Name:
    	Dmitry
    Kozko	 	Name:
    	Andrew
    Jacobson
	Title:	Chief
    Executive Officer	 	Address:	 

 

Signature
Page to Indemnification Agreement

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