Document:

EXHIBIT
10.30

 

COMMISSION
AGREEMENT

 

THIS
COMMISSION AGREEMENT (this “Agreement”) effective as of December 21, 2015 (the “Effective Date”), is entered
into between Imprimis Pharmaceuticals, INC., a Delaware corporation (“Imprimis”), having a place of business at 12264
El Camino Real, Suite 350, San Diego, California 92130, and Professional Compounding Centers of America, INC., a Texas corporation
(“PCCA”), having a place of business at 9901 South Wilcrest Drive, Houston, Texas 77099. The parties hereby agree
as follows:

 

1. DEFINITIONS.

 

For
purposes of this Agreement, the terms set forth in this Section 1 shall have the respective meanings set forth below:

 

1.1
“Acquired IP Rights” shall mean, with respect to a Member/Customer, those patent rights or other
intellectual property rights of such Member/Customer that were specifically acquired by Imprimis pursuant to a
Commission-Bearing Agreement.

 

1.2
“Affiliate” shall mean, with respect to any Person, any other Person which directly or indirectly
controls, is controlled by, or is under common control with, such Person. A Person shall be regarded as in control of another
Person if it owns, or directly or indirectly controls, more than fifty percent (50%) of the voting stock or other
ownership interest of the other Person, or if it directly or indirectly possesses the power to direct or cause the direction
of the management and policies of the other Person by any means whatsoever.

 

1.3
“Commission” shall mean the commission calculated in accordance with Section 3.1.

 

1.4
“Commission-Bearing Agreements” shall mean, collectively, (a) the Asset Purchase Agreement dated as
of June 11, 2013, entered into between Buderer Drug Co. and Imprimis, and (b) the Asset Purchase Agreement dated as
of August 8, 2013, entered into by and among Novel Drug Solutions LLC, Eye Care Northwest, PA, and Imprimis, and a
“Commission-Bearing Agreement” shall mean any one of the Commission-Bearing Agreements.

 

1.5
“Commission-Bearing Product” shall mean a product sold by Imprimis, its Sublicensee or their respective
Affiliates which, if sold absent the license or other right, title or interest acquired in the applicable Acquired IP Rights
pursuant to the applicable Commission-Bearing Agreement, would infringe a Valid Claim of such Acquired IP Rights.

 

1.6
“Cost of Goods Sold” shall mean, with respect to a Commission-Bearing Product, the cost to Imprimis and
its Affiliates incurred or accrued in connection with the production, inventory, supply, promotion, marketing, distribution
and sale (including applicable sales commissions and related payments) of such Commission-Bearing Product, all as determined
in accordance with accounting principles generally accepted in the United States of America and consistently applied
(“GAAP”).

 

    	1 

    	 

    

 

1.7
“Development Recovery Amount” shall mean, with respect to any Commission-Bearing Product, the cost to
Imprimis or its Affiliates incurred or accrued in connection with the acquisition, prosecution, licensing, enforcement or
defense of the Acquired IP Rights relating to such Commission-Bearing Product.

 

1.8
“License Agreement” shall mean the License Agreement dated as of August 30, 2012, entered into
between PCCA and Imprimis.

 

1.9
“Member/Customers” shall mean, collectively, (a) Buderer Drug Co., and (b) Novel Drug Solutions
LLC and Eye Care Northwest, PA, and “Member/Customer” shall mean any one of the
Member/Customers.

 

1.10
“Net Sales” shall mean, with respect to any Commission-Bearing Product, the gross sales price of such
Commission-Bearing Product invoiced by Imprimis and its Affiliates to customers who are not Affiliates (or are Affiliates but
are the end users of such Commission-Bearing Product) less (a) credits, allowances, discounts and rebates to, and
chargebacks from the account of, such customers; (b) freight and insurance costs in transporting such Commission-Bearing
Product; (c) cash, quantity and trade discounts, rebates and other price reductions for such Commission-Bearing Product;
(d) sales, use, value-added and other direct taxes; (e) customs duties, tariffs, surcharges and other governmental
charges incurred in exporting or importing such Commission-Bearing Product; (f) an allowance for uncollectible or bad
debts determined in accordance with GAAP; and (g) Cost of Goods Sold.

 

1.11
“Net Receipts” shall mean, with respect to any Commission-Bearing Product, the aggregate of the Net Sales
thereof and Net Sublicensing Revenues therefrom in excess of the Development Recovery Amount therefor.

 

1.12
“Net Sublicensing Revenues” shall mean, with respect to any Commission-Bearing Product, the aggregate
cash consideration received by Imprimis or its Affiliates in consideration for the (sub)license under the applicable Acquired
IP Rights by Imprimis or its Affiliates to a Sublicensee with respect to such Commission-Bearing Product (excluding amounts
received to reimburse Imprimis or its Affiliates for research, development or similar services conducted for such
Commission-Bearing Product after signing the agreement with such Sublicensee, in reimbursement of patent or other
out-of-pocket expenses relating to such Commission-Bearing Product, or in consideration for the purchase of any debt or
securities of Imprimis or its Affiliates). Notwithstanding the foregoing, if the applicable Member/Customer and Imprimis have
mutually agreed to a different definition of “Net Sublicensing Revenues” for purposes of calculating the
royalties owing to such Member/Customer for a Commission-Bearing Product, then such different definition shall supersede the
foregoing definition for purposes of calculating the commission owing to PCCA for such Commission-Bearing Product under this
Agreement to allow for a uniform calculation of royalties owing to such Member/Customer and PCCA with respect
thereto.

 

1.13
“Person” shall mean an individual, corporation, partnership, limited liability company, trust, business
trust, association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization,
governmental authority or any other form of entity not specifically listed herein.

 

    	2 

    	 

    

 

1.14
“Strategic Alliance Agreement” shall mean the Strategic Alliance Agreement effective as of
February 18, 2013, entered into between Imprimis and PCCA.

 

1.15
“Sublicensee” shall mean a Third Party to which Imprimis has granted a (sub)license under Acquired IP
Rights.

 

1.16
“Third Party” shall mean any Person other than PCCA, Imprimis and their respective Affiliates.

 

1.17
“Valid Claim” shall mean (a) a claim of an issued and unexpired patent included within the Acquired
IP Rights which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other
governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has
not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise, or (b) a claim of a pending
patent application included within the Acquired IP Rights, which claim was filed in good faith, has been pending for a period
or not more than seven (7) years, and has not been abandoned or finally disallowed without the possibility of appeal or
refiling of such application.

 

2. REPRESENTATIONS
AND WARRANTIES.

 

Each
party represents and warrants to the other party as follows:

 

2.1 Organization.
Such party is a corporation duly organized, validly existing and in good standing under the laws of the state in which it is
incorporated.

 

2.2 Authorization
and Enforcement of Obligations. Such party (a) has the corporate power and authority and the legal right to enter
into this Agreement and to perform its obligations hereunder, and (b) has taken all necessary corporate action on its
part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. This
Agreement has been duly executed and delivered on behalf of such party, and constitutes a legal, valid, binding obligation,
enforceable against such party in accordance with its terms.

 

2.3 Consents.
All necessary consents, approvals and authorizations of all governmental authorities and other Persons required to be
obtained by such party in connection with this Agreement have been obtained.

 

2.4 No
Conflict. The execution and delivery of this Agreement and the performance of such party’s obligations hereunder
(a) do not conflict with or violate any requirement of applicable laws or regulations, and (b) do not conflict
with, or constitute a default under, any contractual obligation of it.

 

3. COMPENSATION.

 

3.1 Commission.
Subject to the terms and conditions of this Agreement, Imprimis shall pay to PCCA a commission equal to five and one-half
percent (51⁄2%) of the Net Receipts.

 

    	3 

    	 

    

 

3.2 Third
Party Royalties. If Imprimis, its Sublicensee or their respective Affiliates is required to pay royalties to any Third
Party, however not including any royalty amounts paid to the Member/Customers, in order to exercise its rights to exploit any
Acquired IP Rights or Commission-Bearing Products, then Imprimis shall have the right to credit fifty percent (50%) of
such Third Party royalty payments against the Commissions owing to PCCA with respect to such Acquired IP Rights or
Commission-Bearing Product; provided, however, that Imprimis shall not reduce the amount of the Commissions
owing to PCCA by reason of this Section 3.2 with respect to such Acquired IP Rights or Commission-Bearing Product by
more than fifty percent (50%).

 

3.3 Combination
Products. If a Commission-Bearing Product consists of components that are covered by a Valid Claim and components that
are not covered by a Valid Claim, then for purposes of the royalty payments under Section 3.1 for Net Receipts for such
Commission-Bearing Product, prior to the royalty calculation set forth in Section 3.1, Net Receipts first shall be
multiplied by the fraction A/(A+B), where A is the value of the component covered by the Valid Claim as reasonably determined
by Imprimis, and B is the value of the component that is not covered by the Valid Claim as reasonably determined by Imprimis,
and such resulting amount shall be the “Net Receipts” for purposes of the royalty calculation in Section 3.1
for such Commission-Bearing Product. Individual values shall be determined by using the listed sales price of A and B as
standalone products, and if not possible or reasonably determined, based on the costs to manufacture A and B. 

 

3.4 Commission
Reports. Within forty five (45) days after the end of each calendar quarter during the term of this Agreement
following the first to occur of the First Commercial Sale of a Commission-Bearing Product and the receipt by Imprimis or its
Affiliates of Net Sublicensing Revenues, Imprimis shall furnish to PCCA a quarterly written report showing in reasonably
specific detail (a) the calculation of all Commissions owing to PCCA; (b) the withholding taxes, if any, required
by law to be deducted with respect to such sales; and (c) the exchange rates, if any, used in determining the amount of
United States dollars. With respect to amounts received or costs incurred in United States dollars, all amounts shall be
expressed in United States dollars. With respect to amounts received or costs incurred in a currency other than United States
dollars, all amounts shall be expressed both in the currency in which the amounts were received or costs were incurred and
the United States dollar equivalent. The United States dollar equivalent shall be calculated using the average of the
exchange rate (local currency per US$1) published in The Wall Street Journal, Western Edition, under the heading
“Currency Trading” on the last business day of each month during the applicable calendar quarter.

 

3.5 Audits.

 

3.5.1
Upon the written request of PCCA and not more than once in each calendar year, Imprimis shall permit an independent
certified public accounting firm of nationally recognized standing selected by PCCA and reasonably acceptable to Imprimis, at
PCCA’s expense, to have access during normal business hours to such of the financial records of Imprimis as may be
reasonably necessary to verify the accuracy of the payment reports hereunder for the eight (8) calendar quarters
immediately prior to the date of such request (other than records for which PCCA has already conducted an audit under this
Section 3.5).

 

    	4 

    	 

    

 

3.5.2
If such accounting firm concludes that additional amounts were owed during the audited period, Imprimis shall pay such
additional amounts within thirty (30) days after the date PCCA delivers to Imprimis such accounting firm’s written
report so concluding. The fees charged by such accounting firm shall be paid by PCCA; provided, however, if the audit
discloses that the commissions payable by Imprimis for such period are more than one hundred ten percent (110%) of the
commissions actually paid for such period, then Imprimis shall pay the reasonable fees and expenses charged by such
accounting firm.

 

3.5.3
PCCA shall cause its accounting firm to retain all financial information subject to review under this Section 3.5
in strict confidence; provided, however, that Imprimis shall have the right to require that such accounting firm, prior
to conducting such audit, enter into an appropriate non-disclosure agreement with Imprimis regarding such financial
information. The accounting firm shall disclose to PCCA only whether the reports are correct or not and the amount of any
discrepancy. No other information shall be shared. PCCA shall treat all such financial information as Imprimis’
confidential information.

 

3.6 Payment
Terms. Commissions shown to have accrued by each report provided under Section 3.2 shall be due on the date such
report is due. Payment of such commissions in whole or in part may be made in advance of such due date.

 

3.7 Exchange
Control. If at any time legal restrictions prevent the prompt remittance of part or all Commissions with respect to any
country where a Commission-Bearing Product is sold, then Imprimis shall have the right, in its sole discretion, to make such
payments by depositing the amount thereof in local currency to PCCA’s account in a bank or other depository institution
in such country. If the commission rate specified in this Agreement should exceed the permissible rate established in any
country, the commission rate for sales in such country shall be adjusted to the highest legally permissible or
government-approved rate.

 

3.8 Withholding
Taxes. Imprimis shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes,
levies or charges with respect to such Commissions, other than United States taxes, payable by Imprimis or its Affiliates, or
any taxes required to be withheld by Imprimis or its Affiliates, to the extent Imprimis or its Affiliates pay to the
appropriate governmental authority on behalf of PCCA such taxes, levies or charges. Imprimis shall use reasonable efforts to
minimize any such taxes, levies or charges required to be withheld on behalf of PCCA by Imprimis or its Affiliates. Imprimis
promptly shall deliver to PCCA proof of payment of all such taxes, levies and other charges, together with copies of all
communications from or with such governmental authority with respect thereto.

 

4. LIMITATION
OF LIABILITY.

 

IN
NO EVENT SHALL EITHER PARTY BE LIABLE FOR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS, BUSINESS INTERRUPTION, LOSS OF GOODWILL, COMPUTER
FAILURE OR MALFUNCTION OR OTHERWISE, ARISING FROM OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY), EVEN
IF SUCH PARTY IS EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

    	5 

    	 

    

 

5. TERM
AND TERMINATION.

 

5.1 Term.
The term of this Agreement shall commence on the Effective Date and, unless terminated earlier as provided below, shall
terminate on the expiration of Imprimis’ obligation to pay Commissions hereunder.

 

5.2 Termination
by Mutual Agreement. The parties shall have the right to terminate this Agreement by mutual written agreement.

 

5.3 Effect
of Termination. Termination of this Agreement shall not relieve the parties of any obligation accruing prior to such
termination, and the provisions of Sections 3, 4, 5.3 and 6.5 shall survive the termination of this
Agreement.

 

6. MISCELLANEOUS.

 

6.1 Termination
of Prior Agreements. The parties hereby terminate the License Agreement and the Strategic Alliance Agreement by mutual
agreement. Each party hereby releases and forever discharges the other party from any and all claims, demands, losses or
liabilities arising from or relating to the License Agreement and the Strategic Alliance Agreement.

 

6.2 Notices.
Any consent, notice or report required or permitted to be given or made under this Agreement by a party to the other party
shall be in writing, delivered by any lawful means to such other party at its address indicated below, or to such other
address as the addressee shall have last furnished in writing to the addressor and (except as otherwise provided in this
Agreement) shall be effective upon receipt by the addressee.

 

	 	If
    to PCCA:	Professional
    Compounding Centers of America, Inc.
	 	 	9901
    South Wilcrest Drive
	 	 	Houston,
    Texas 77099
	 	 	Attention:  Marc
    DuPont, CPA
	 	 	 
	 	with
    a copy to:	G.
    Walter Rockwell, P.C.
	 	 	9301
    Southwest Freeway, Suite 225
	 	 	Houston,
    TX 77074
	 	 	 
	 	If
    to Imprimis:	Imprimis
    Pharmaceuticals, Inc.
	 	 	12264
    El Camino Real, Suite 350
	 	 	San
    Diego, California 92130
	 	 	Attention:  Mark
    Baum, Chief Executive Officer
	 	 	 
	 	with
    a copy to:	Morrison
    & Foerster LLP
	 	 	12531
    High Bluff Drive, Suite 100
	 	 	San
    Diego, California 92130
	 	 	Attention:  Mark
    R. Wicker

 

    	6 

    	 

    

 

6.3 Force
Majeure. Neither party shall be held liable or responsible to the other party nor be deemed to have defaulted under or
breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement to the extent, and for so
long as, such failure or delay is caused by or results from causes beyond the reasonable control of the affected party
including but not limited to fire, floods, embargoes, war, acts of war (whether war be declared or not), acts of terrorism,
insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or
delays in acting by any governmental authority or the other party.

 

6.4 Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to the conflicts of law principles thereof.

 

6.5 Confidentiality.
Except as otherwise required by applicable law, regulation, rule or judicial order, neither party shall not disclose any
terms or conditions of this Agreement, or the financial information provided hereunder, to any Third Party without the prior
consent of the other party.

 

6.6 Assignment.
Neither party shall have the right to assign its rights or obligations under this Agreement without the prior written
consent of the other party; provided, however, that either party may, without such consent, assign this Agreement and its
rights and obligations hereunder (a) to any Affiliate, or (b) in connection with the transfer or sale of all or
substantially all of its business to which this Agreement relates, or in the event of its merger, consolidation, change of
control or similar transaction. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any
purported assignment, transfer or delegation in violation of this Section 6.6 shall be void.

 

6.7 Waivers
and Amendments. No change, modification, extension, termination or waiver of this Agreement, or any of the provisions
herein contained, shall be valid unless made in writing and signed by duly authorized representatives of the parties
hereto.

 

6.8 Entire
Agreement. This Agreement embodies the entire agreement between the parties and supersedes any prior representations,
understandings and agreements between the parties regarding the subject matter hereof. There are no representations,
understandings or agreements, oral or written, between the parties regarding the subject matter hereof that are not fully
expressed herein.

 

6.9 Severability.
Any of the provisions of this Agreement which are determined to be invalid or unenforceable in any jurisdiction shall be
ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or
unenforceable the remaining provisions hereof and without affecting the validity or enforceability of any of the terms of
this Agreement in any other jurisdiction.

 

6.10 Waiver.
The waiver by either party hereto of any right hereunder or the failure to perform or of a breach by the other party shall
not be deemed a waiver of any other right hereunder or of any other breach or failure by said other party whether of a
similar nature or otherwise.

 

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6.11 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the parties hereto have each caused this Agreement to be executed by their duly-authorized representatives as
of the Effective Date.

 

	 	IMPRIMIS
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/
    Mark L. Baum
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	PROFESSIONAL
    COMPOUNDING CENTERS OF AMERICA, INC.
	 	 	 
	 	By:	/s/
    Marc DuPont
	 	Title:	Chief
    Financial Officer

 

    	8Exhibit
10.6

 

Indemnification Agreements

 

	Name	 	Date of Indemnification Agreement 
	David C. Carroll	 	March 21, 2013
	Kian Fui (Paul) Chong	 	March 21, 2013
	Neil A. Cummins	 	March 27, 2013
	William Houlihan	 	March 22, 2013
	Walter C. Keenan	 	April 20, 2015
	David Oston	 	March 21, 2013
	Thomas M. Pearce, Jr.	 	March 27, 2013

 

     

     

    

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of [·], 2012, between Five Oaks Investment Corp., a Maryland corporation (the “Company”),
and [·] (“Indemnitee”).

 

WHEREAS, at the request of the Company,
Indemnitee currently serves as a director or officer of the Company and may, therefore, be subjected to claims, suits or proceedings
arising as a result of his service; and

 

WHEREAS, as an inducement to Indemnitee
to continue to serve as such director or officer of the Company, the Company has agreed to indemnify and to advance expenses and
costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and

 

WHEREAS, the parties to this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses.

 

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. Definitions. For purposes of this Agreement:

 

(a) “Change in Control” means a change
in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such
reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if,
after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is
or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities
entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the
Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) there occurs a proxy/contest,
or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved
by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board
of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors
thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors
as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders
was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective
Date or whose election or nomination for election was previously so approved.

 

    2 

     

    

 

(b) “Corporate Status” means the status
of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee, officer, partner,
manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at
the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the
request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or
served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership,
limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest
is owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the Company,
or (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to
duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed
fiduciary thereof.

 

(c) “Disinterested Director” means a director
of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses
is sought by Indemnitee.

 

(d) “Effective Date” means the date set
forth in the first paragraph of this Agreement.

 

(e) “Expenses” means any and all reasonable
and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, 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 any other disbursements or expenses incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses
shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation,
the premium for, security for and other costs relating to any cost bond, supersedes bond or other appeal bond or its equivalent.

 

(f) “Independent Counsel” means a law firm,
or a member of a law firm, that is experienced in matters of corporation law and neither 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 or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses 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.

 

    3 

     

    

 

(g) “Proceeding” means any threatened,
pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including
intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any
appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing
by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution
of a Proceeding, such situation shall also be considered a Proceeding.

 

Section 2. Services by Indemnitee. Indemnitee serves
as a director or officer of the Company. However, this Agreement shall not impose any independent obligation on Indemnitee or the
Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between
the Company (or any other entity) and Indemnitee.

 

Section 3. General. The Company shall indemnify, and
advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) as otherwise permitted by Maryland law in effect on the
Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing
the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee
provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including
any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”).

 

Section 4. Standard for Indemnification. If, by reason
of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall
indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear
and convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and
(i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an
improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable
cause to believe that his or her conduct was unlawful.

 

Section 5. Certain Limits on Indemnification. Notwithstanding
any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to indemnification or advancement
of Expenses hereunder:

 

(a) if the Proceeding was by or in the right of the
Company and Indemnitee is adjudged to be liable to the Company;

 

(b) if Indemnitee is adjudged to be liable on the basis
that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not
involving action in the Indemnitee’s Corporate Status;

 

    4 

     

    

 

(c) on account of any Proceeding in which it is determined
by final judgment by a court having jurisdiction in the matter that (i) Indemnitee intentionally caused or intentionally contributed
to the injury complained of or (ii) Indemnitee’s conduct was knowingly fraudulent, deliberately dishonest or deemed willful
misconduct;

 

(d) if the Proceeding was brought by Indemnitee, unless:
(i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with
and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders
entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors
to which the Company is a party, expressly provides otherwise;

 

(e) which have been paid to Indemnitee by an insurance
carrier under a policy of officers’ and directors’ liability insurance maintained by the Company; or

 

(f) on account of an alleged violation of federal or
state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the
merits of each count involving alleged material securities law violations as to Indemnitee; (ii) such claims have been dismissed
with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction
approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should
be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange
Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered
or sold as to indemnification for violations of securities laws.

 

Section 6. Court-Ordered Indemnification. Notwithstanding
any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the
court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

 

(a) if such court determines that Indemnitee is entitled
to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be
entitled to recover the Expenses of securing such reimbursement; or

 

(b) if such court determines that Indemnitee is fairly
and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the
standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal
benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification
with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances
described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

    5 

     

    

 

Section 7. Indemnification for Expenses of an Indemnitee
Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without limiting any such
provision, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes
a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee shall
be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved
claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7, 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 8. Advance of Expenses for Indemnitee. If, by
reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to (or otherwise becomes a participant
in) any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement
to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with (a) such
Proceeding which is initiated by a third party who is not a stockholder of the Company or (b) such Proceeding which is initiated
by a stockholder of the Company acting in his or her capacity as such and for which a court of competent jurisdiction specifically
approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf
of the Company. Such advance or advances shall be made within ten days after the receipt by the Company of a statement or statements
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding, and may
be in the form of, in the reasonable discretion of Indemnitee (but without duplication) (a) payment of such Expenses directly to
third parties on behalf of Indemnitee, (b) advancement to Indemnitee of funds in an amount sufficient to pay such Expenses or (c)
reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s
good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement
has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A
or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion
of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately
be established, by clear and convincing evidence, that the standard of conduct has not been met by Indemnitee and which have not
been successfully resolved as described in Section 7 of this Agreement. To the extent that Expenses advanced to Indemnitee do not
relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate
basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall
be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement
to post security therefor.

 

    6 

     

    

 

Section 9. Indemnification and Advance of Expenses as a Witness
or Other Participant. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by
reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted
by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses
and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification
from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee.

 

Section 10. Procedure for Determination of Entitlement to
Indemnification. 

 

(a) 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. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate
in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

 

(b) Upon written request by Indemnitee for indemnification
pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement
thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in
a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall
be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which
approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors
by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority
vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, (B) if
Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved
by Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the Board of
Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board of
Directors, by the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to
Indemnitee shall be made within ten 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 which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion
of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred
by 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 shall indemnify and hold Indemnitee
harmless therefrom.

 

    7 

     

    

 

(c) The Company shall pay the reasonable fees and expenses
of Independent Counsel, if one is appointed.

 

Section 11. Presumptions and Effect of Certain Proceedings. 

 

(a) In making any determination with respect to entitlement
to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled
to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a)
of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of
any determination contrary to that presumption.

 

(b) The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent,
or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard
of conduct described herein for indemnification.

 

(c) The knowledge and/or actions, or failure to act,
of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other
right to indemnification under this Agreement.

 

Section 12. Remedies of Indemnitee. 

 

(a) If (i) a determination is made pursuant to Section
10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not
timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have
been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the
Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the
charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in
any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advance of Expenses. Alternatively,
Indemnitee, at Indemnitee’s 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 a 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 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee
to enforce his or her rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without
regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right
to seek any such adjudication or award in arbitration.

 

    8 

     

    

 

(b) In any judicial proceeding or arbitration commenced
pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case
may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification
or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section
12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a
final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal
have been exhausted or lapsed). 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 12 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 of the provisions of this Agreement.

 

(c) If a determination shall have been made pursuant
to Section 10(b) 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 12, absent 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.

 

(d) In the event that Indemnitee is successful in seeking,
pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified
by the Company for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration.
If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all
of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication
or arbitration shall be appropriately prorated.

 

(e) Interest shall be paid by the Company to Indemnitee
at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code
of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after
the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th
day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section
10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.

 

    9 

     

    

  

Section 13. Defense of the Underlying Proceeding. 

 

(a) Indemnitee shall notify the Company promptly in
writing upon being served with or receiving any summons, citation, subpoena, complaint, indictment, notice, request or other document
relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include
with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure
to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee,
to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding
or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the
Company is thereby actually so prejudiced.

 

(b) Subject to the provisions of the last sentence
of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which
may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to
defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above. The Company shall
not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry
of any judgment against Indemnitee or enter into any settlement or compromise of a claim against Indemnitee which (i) includes
an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from
all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee
or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a
Proceeding brought by Indemnitee under Section 12 of this Agreement.

 

(c) Notwithstanding the provisions of Section 13(b)
above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably
concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that Indemnitee
may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants
in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval
shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between
Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee
shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the
Company, which approval shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to
comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to
declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended
to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject
to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the Company (subject
to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

 

    10 

     

    

  

Section 14. Non-Exclusivity; Survival of Rights; Subrogation. 

 

(a) The rights of indemnification and advance of Expenses
as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled
under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote
generally in the election of directors or of the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee,
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 or her Corporate Status prior to such
amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent
to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not
prohibit the concurrent assertion or employment of any other right or remedy.

 

(b) 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.

 

Section 15. Insurance. 

 

(a) The Company will use its reasonable best efforts
to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with
the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status and covering
the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee
by reason of his or her Corporate Status.

 

    11 

     

    

  

(b) Without in any way limiting any other obligation
under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible
or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase,
establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company
or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the
Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies.
If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as
a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

 

Section 16. Coordination of Payments. The Company shall
not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses
hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise.

 

Section 17. Contribution. If the indemnification provided
in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to
satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible
under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the
entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement,
in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and
relinquishes any right of contribution it may have at any time against Indemnitee.

 

Section 18. Reports to Stockholders. To the extent required
by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance
of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of
the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses
or prior to such meeting.

 

Section 19. Duration of Agreement; Binding Effect.

 

(a) This Agreement shall continue until and terminate
on the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company
or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee
is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced
by Indemnitee pursuant to Section 12 of this Agreement).

 

    12 

     

    

  

(b) The indemnification and advance of Expenses 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, 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 a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any
other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of
Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(c) 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.

 

(d) The Company and Indemnitee agree that a monetary
remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree
that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this
Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable
harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive
relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting
bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

 

Section 20. Severability. If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence 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, paragraph or sentence 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.

 

    13 

     

    

  

Section 21. 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. One such counterpart signed by the party against whom enforceability is sought shall
be sufficient to evidence the existence of this Agreement.

 

Section 22. Headings. The headings of the paragraphs
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.

 

Section 23. Modification and Waiver. No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver.

 

Section 24. Notices. All notices, requests, demands and
other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted
for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed
by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

(a) If to Indemnitee, to the
address set forth on the signature page hereto.

 

(b) If to the Company, to:

 

Five Oaks Investment Corp.

641 Lexington Avenue

Suite 1432

New York, NY 10022

Attn: David Oston

 

or to such other address as may have been furnished in writing
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

Section 25. Governing Law. This Agreement shall be governed
by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.

 

[SIGNATURE PAGE FOLLOWS]

 

    14 

     

    

 

 

	 

 

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

 

	 	FIVE OAKS INVESTMENT CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Address:

 

    15 

     

    

  

EXHIBIT A

 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES
ADVANCED

 

	 	To:	The Board of Directors of Five Oaks Investment Corp.

 

	 	Re:	Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is being
provided pursuant to that certain Indemnification Agreement, dated [·], 201·, by and between Five Oaks Investment
Corp., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”),
pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).
Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief
that at all times, insofar as I was involved as a director or officer of the Company, in any of the facts or events giving rise
to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal
benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that
any act or omission by me was unlawful.

 

In consideration of the advance of Expenses
by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the
“Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act
or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result
of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3)
in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly
reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing
findings have been established.

 

IN WITNESS WHEREOF, I have executed this
Affirmation and Undertaking as of the date written above.

 

	 	 
	 	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]