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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the “Agreement”), entered into and effective as of July 1, 2021 (the “Effective Date”), by and between First Financial Bank, N.A. (the “Bank”), a national banking association organized under the laws of the United States of America and Karen L. Stinson-Milienu (the “Employee”), a resident of the State of Indiana.
WHEREAS, the Employee has heretofore been employed by the Bank as Senior Vice President and Chief Branch Banking Officer and has performed valuable services for the Bank; and
WHEREAS, the Bank desires to enter into this Agreement with the Employee in order to assure continuity of management and to reinforce and encourage the continued attention and dedication of the Employee to her assigned duties; and
WHEREAS, the parties desire, by this writing, to set forth the continuing employment relationship between the Bank and the Employee.
NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Employee and the Bank agree as follows:
1.Employment.  The Employee is employed as the Senior Vice President and Chief Branch Banking Officer of the Bank. The Employee shall render such administrative and management services for the Bank as are currently rendered and as are currently performed by persons situated in a similar executive capacity.  The Employee shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Bank.  The Employee’s other duties shall be such as the boards of directors of the Bank may, from time to time, reasonably direct, including normal duties as an officer of the Bank.
2.Base Compensation.  The Bank agrees to pay the Employee during the term of this Agreement a base salary at the rate of $223,858.08 per annum, payable in cash not less frequently than monthly.  Such base salary shall be effective and calculated commencing as of the Effective Date.  The Bank may consider and declare from time to time increases in the base salary it pays the Employee.  Prior to a Change in Control (as hereinafter defined), the Bank may also declare decreases in the base salary it pays the Employee if the operating results of the Bank are significantly less favorable than those for the fiscal year ending December 31, 2020, and the Bank makes similar decreases in the base salary it pays to other executive officers of the Bank.  After a Change in Control, the Bank shall consider and declare salary increases in base salary based upon the following standards:
(a)Inflation;
(b)Adjustments to the base salaries of other senior management personnel;
(c)Past performance of the Employee; and
(d)The contribution which the Employee makes to the business and profits of the Bank during the term of this Agreement.

3.Bonuses.  The Employee shall participate, in an equitable manner with all other senior management employees of the Bank or First Financial Corporation (the "Parent") in any bonus that the Bank or Parent may award.  The Employee shall further participate in any discretionary bonuses.  No other compensation provided for in this Agreement shall be deemed a substitute for the Employee’s right to participate in such awards.  All the compensation referenced in this subsection is referred to individually hereinafter as “Bonus” and collectively referred to hereinafter as “Bonuses.”
4.Benefits.
(a)Participation in Retirement, Medical and Other Benefit Plans.  During the term of this Agreement, the Employee shall be eligible to participate in the following benefit plans: group hospitalization, disability, health, dental, sick leave, retirement, supplemental retirement, pension, 401(k), employee stock ownership plan, and all other present or future qualified and/or nonqualified plans provided by the Bank or Parent generally, or to executive officers of the Bank or Parent, which benefits, taken as a whole, must be at least as favorable as those in effect on the Effective Date, unless the continued operation of such plans or changes in the accounting, legal or tax treatment of such plans would adversely affect the Bank’s or Parent's operating results or financial condition in a material way, and the Bank or Parent concludes that modifications to such plans are necessary to avoid such adverse effects and such modifications apply consistently to all employees participating in the affected plans.  In addition, the Employee shall be eligible to participate in any fringe benefits which are or may become available to the Bank’s or Parent's senior management employees, including, for example, any insurance programs (including, but not limited to, any group and executive life insurance programs), payment of country club dues (if applicable), and any other benefits which are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement.  All the employee benefits referenced in this subsection are collectively referred to hereinafter as “Employee Benefits.”
(b)Automobile.  So long as the Employee is employed by the Bank pursuant to this Agreement, the Employee shall be entitled to use a Bank-owned automobile of commensurate quality and value as that used by other executive officers on the Effective Date of this Agreement.  The Bank shall provide and pay the premiums for full insurance coverage on the automobile.  Such insurance coverage shall be no less than the coverage provided on the Effective Date of this Agreement.  The Bank shall also pay for the cost of operation, maintenance and repair of the automobile.  All benefits referenced in this subsection 4(b) are collectively referred to hereinafter as “Automobile Benefits.”
(c)Vacation, Sick Leave and Disability.  The Employee shall be entitled to 20 days vacation annually and shall be entitled to the same sick leave and disability leave as other executive employees.  The Employee shall not receive any additional compensation on account of her failure to take a vacation or sick leave, and the Employee shall not accumulate unused vacation or sick leave from one fiscal year to the next, except in either case to the extent authorized by the Bank or permitted for other executive employees.
In addition to the aforesaid paid vacations, the Employee shall be entitled, without loss of pay, to absent herself voluntarily from the performance of her employment with the Bank for such additional periods of time and for such valid and legitimate reasons as the Bank may determine including time for professional development and continuing education.  Further, the Bank may grant to the Employee a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions as the board of directors of the Bank in its discretion may determine.

(d)Other Policies.  All other matters relating to the employment of the Employee not specifically addressed in this Agreement shall be subject to the general policies regarding executive employees of the Bank as in effect from time to time.
5.Term of Employment.  The Bank hereby employs the Employee, and the Employee hereby accepts such employment under the terms of this Agreement, for the period commencing on the Effective Date and ending at 11:59 p.m. on June 30, 2022 (or such earlier date as is determined in accordance with Section 8).  The Employee’s term of employment may be extended for additional one-year periods beyond the Agreement’s expiration date if the Compensation Committee of the Board of Directors of the Parent so determines in a duly adopted resolution. The initial term of this Agreement and all extensions thereof are hereinafter referred to individually and collectively as the “Term.”
6.Covenants.
(a)Loyalty.
(i)During the period of her employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Employee shall devote all of her full business time, attention, skill and efforts to the faithful performance of her duties hereunder; provided, however, from time to time, the Employee may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations.  “Full business time” is hereby defined as that amount of time usually devoted to like companies by similarly situated executive officers.  During the term of her employment under this Agreement, the Employee shall not engage in any business or activity contrary to the business affairs or interests of the Bank, or be gainfully employed in any other position or job other than as provided above.
(ii)Nothing contained in this Section shall be deemed to prevent or limit the Employee’s right to invest in the capital stock or other securities of any business dissimilar from that of the Bank, or, solely as a passive or minority investor, in any business.
(b)Nonsolicitation.  The Employee hereby understands and acknowledges that, by virtue of her position with the Bank, she will have advantageous familiarity and personal contacts with the Bank’s customers, wherever located, and the business, operations and affairs of the Bank.  Accordingly, while the Employee is employed by the Bank and for a period of one year after the Employee’s Separation from Service (as defined in Section 8(h)(ii) of this Agreement) for any reason (whether with or without cause or whether by the Bank or the Employee) or the expiration of the Term, the Employee shall not, directly or indirectly, or individually or jointly, (i) solicit any business of any party which is a customer of the Bank at the time of such Separation from Service or any party which was a customer of the Bank during the one year period immediately preceding such Separation from Service, (ii) request or advise any customers or suppliers of the Bank to terminate, reduce, limit or change their business or relationship with the Bank, or (iii) induce, request or attempt to influence any employee of the Bank to terminate her employment with the Bank.
For purposes of this Agreement, the term “solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, which encourages or requests any person or entity, in any manner, to cease doing business with the Bank.

(c)Noncompetition.  Except in the event that the Employee Separates from Service without Just Cause or for Good Reason (as such terms are defined in Section 8(c) and Section 8(e), respectively), during the period of her employment hereunder, and for a period of one year following the termination hereof, the Employee shall not, directly or indirectly:
(i)As owner, officer, director, stockholder, investor, proprietor, organizer or otherwise, engage in the same trade or business as the Bank, as conducted on the date hereof, which would conflict with the interests of the Bank or in a trade or business competitive with that of the Bank, which would conflict with the interests of the Bank, as conducted on the date hereof; or
(ii)Offer or provide employment (whether such employment is with the Employee or any other business or enterprise), either on a full-time or part-time or consulting basis, to any person who then currently is, or who within one (1) year prior to such offer or provision of employment has been, a management-level employee of the Bank.  This subsection 6(c)(ii) shall only apply in the event the Employee has a voluntary Separation from Service.
The restrictions contained in this paragraph upon the activities of the Employee following Separation from Service shall be limited to the following geographic areas (hereinafter referred to as “Restricted Geographical Area”):
(1)Terre Haute, Indiana; and
(2)The 30-mile radius of Terre Haute, Indiana.
Nothing contained in this subsection shall prevent or limit the Employee’s right to invest in the capital stock or other securities of any business dissimilar from that of the Bank, or, solely as a passive or minority investor, in any business.
If the Employee does not comply with the provisions of this Section, the one-year period of non-competition provided herein shall be tolled and deemed not to run during any period(s) of noncompliance, the intention of the parties being to provide one full year of non-competition by the Employee after the termination or expiration of this Agreement.
(d)Nondisclosure.  The term “Confidential Information” as used herein shall mean any and all customer lists, computer hardware, software and related material, trade secrets (as defined in I.C. 24-2-3-2), know-how, skills, knowledge, ideas, knowledge of customer’s commercial requirements, pricing methods, sales and marketing techniques, dealer relationships and agreements, financial information, intellectual property, codes, research, development, research and development programs, processes, documentation, or devices used in or pertaining to the Company’s business (i) which relate in any way to the Bank’s business, products or processes; or (ii) which are discovered, conceived, developed or reduced to practice by the Employee, either alone or with others either during the Term, at the Bank’s expense, or on the Bank’s premises.
(i)During the course of her services hereunder the Employee may become knowledgeable about, or become in possession of, Confidential Information.  If such Confidential Information were to be divulged or become known to any competitor of the Bank or to any other person outside the employ of the Bank, or if the Employee were to consent to be employed by any competitor of the Bank or to engage in competition with the 

Bank, the Bank would be irreparably harmed.  In addition, the Employee has or may develop relationships with the Bank’s customers which could be used to solicit the business of such customers away from the Bank.  The Bank and the Employee have entered into this Agreement to guard against such potential harm.
(ii)The Employee shall not, directly or indirectly, use any Confidential Information for any purpose other than the benefit of the Bank or communicate, deliver, exhibit or provide any Confidential Information to any person, firm, partnership, corporation, organization or entity, except as required in the normal course of the Employee’s service as a consultant or as an employee of the Bank.  The covenant contained in this subsection shall be binding upon the Employee during the Term and following the termination hereof until either (i) such Confidential Information becomes obsolete; or (ii) such Confidential Information becomes generally known in the Bank’s trade or industry by means other than a breach of this covenant.
(iii)The Employee agrees that all Confidential Information and all records, documents and materials relating to such Confidential Information, shall be and remain the sole and exclusive property of the Bank.
Nothing in this Section, or any other provision of the Agreement, is intended or shall be construed to prohibit Employee from reporting conduct to, providing information to, or participating in any investigation or proceeding brought or conducted by, any federal, state or local governmental agency or self-regulatory organization.
(e)Remedies.  The Employee agrees that the Bank will suffer irreparable damage and injury and will not have an adequate remedy at law in the event of any breach by the Employee of any provision of this Section.  Accordingly, in the event the Bank seeks, under law or in equity, a temporary restraining order, permanent injunction or a decree of specific performance of the provisions of this Section, no bond or other security shall be required.  The Bank shall be entitled to recover from the Employee, reasonable attorneys’ fees and expenses incurred in any action wherein the Bank successfully enforces any of the provisions of this Section against the breach or threatened breach of those provisions by the Employee.  The remedies described in this Section are not exclusive and are in addition to all other remedies the Bank may have at law, in equity, or otherwise.
(i)The Employee and the Bank acknowledge and agree that in the event of the Employee’s Separation from Service for any reason whatsoever, the Employee can obtain other engagements or employment of a kind and nature similar to that contemplated herein outside the Restricted Geographical Area and that the issuance of an injunction to enforce the provisions of this Section will not prevent her from earning a livelihood.
(ii)The covenants on the part of the Employee contained in this Section are essential terms and conditions to the Bank entering into this Agreement, and shall be construed as independent of any other provision in this Agreement.
(f)Surrender of Records.  Upon the Employee’s Separation from Service for any reason, the Employee shall immediately surrender to the Bank any and all computer hardware, software and related materials, records, notes, documents, forms, manuals, photographs, instructions, lists, drawings, blueprints, programs, diagrams or other written or printed material (including any and all copies made at any time whatsoever) in her possession or control which 

pertain to the business of the Bank including any Confidential Information in the Employee’s personal notes, address books, calendars, rolodexes, personal data assistants, etc.
7.Standards.  The Employee shall perform her duties under this Agreement in accordance with such reasonable standards as the Board may establish from time to time.  The Bank will provide the Employee with the working facilities and staff commensurate with her position or positions and necessary or advisable for her to perform her duties.
8.Separation from Service and Termination Pay.  Subject to Section 10 hereof, the Employee may experience a Separation from Service under the following circumstances:
(a)Death.  The Employee shall experience a Separation from Service upon her death during the Term of this Agreement, in which event the Employee’s estate or designated beneficiaries shall be entitled to receive the base salary, Bonuses, vested rights, and Employee Benefits due the Employee through the last day of the calendar month in which her death occurred.  Any benefits payable under insurance, health, retirement, Bonus or other plans as a result of the Employee’s participation in such plans through such date shall be paid when and as due under those plans.
(b)Disability.
(i)The Bank may terminate the Employee’s employment, resulting in a Separation from Service, as a result of the Employee’s Disability, in a manner consistent with the Bank’s and the Employee’s rights and obligations under the Americans with Disabilities Act or other applicable state and federal laws concerning disability.  For the purpose of this Agreement, “Disability” means the Employee is:
(1)Unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 
(2)By reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Employer.
(ii)During any period that the Employee shall receive disability benefits and to the extent that the Employee shall be physically and mentally able to do so, she shall furnish such information, assistance and documents so as to assist in the continued ongoing business of the Bank.
(iii)In the event of the Employee’s Separation from Service due to Disability, the Employee shall be entitled to receive the base salary, Bonuses, vested rights, and Employee Benefits due the Employee through her date of termination.  Any benefits payable under insurance, health, retirement, Bonus, incentive, performance or other plans as a result of the Employee’s participation in the plans through the date of termination shall be paid when and as due under those plans. 

(c)Just Cause.  The Bank may, by written notice to the Employee, immediately terminate her employment at any time, resulting in a Separation from Service, for Just Cause.  The Employee shall have no right to receive any base salary, Bonuses or other Employee Benefits, except as provided by law, whatsoever, for any period after her Separation from Service for Just Cause.  However, the vested rights of the Employee as of her Separation from Service shall not be affected.  Any benefits payable under insurance, health, retirement, Bonus, or other plans as a result of the Employee’s participation in such plans through such date of Separation of Service shall be paid when and as due under those plans.  Separation from Service for “Just Cause” shall mean termination because of:
(i)An intentional act of fraud, embezzlement, theft, or personal dishonesty; willful misconduct, or breach of fiduciary duty involving personal profit by the Employee in the course of her employment or director service.  No act or failure to act shall be deemed to have been intentional or willful if it was due primarily to an error in judgment or negligence.  An act or failure to act shall be considered intentional or willful if it is not in good faith and if it is without a reasonable belief that the action or failure to act is in the best interest of the Bank;
(ii)Intentional wrongful damage by the Employee to the business or property of the Company, causing material harm to the Bank;
(iii)Breach by the Employee of any confidentiality or non-disclosure agreement in effect from time to time with the Bank;
(iv)Gross negligence or insubordination by the Employee in the performance of her duties; or
(v)Removal or permanent prohibition of the Employee from participating in the conduct of Bank’s affairs by an order issued under Section 8(e)(iv) or 8(g)(i) of the Federal Deposit Insurance Act, 12 USC 1818(e)(4) and (g)(1).
Notwithstanding the foregoing, in the event of Separation from Service for Just Cause there shall be delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the disinterested directors of the Bank at meeting of the board called and held for that purpose (after reasonable notice to the Employee and an opportunity for the Employee, together with the Employee’s counsel, to be heard before the boards), such meetings and the opportunity to be heard to be held prior to, or as soon as reasonably practicable following, termination, but in no event later than 60 days following such termination, finding that in the good faith opinion of the boards the Employee was guilty of conduct constituting Just Cause and specifying the particulars thereof in detail.  If, following such meetings, the Employee is reinstated, she shall be entitled to receive the base salary, Bonuses, all Employee Benefits, and all other fringe benefits provided for under this Agreement for the period following Separation from Service and continuing through reinstatement as though she was never terminated.
(d)Without Just Cause.  The Bank may, by written notice to the Employee, immediately terminate her employment at any time, resulting in a Separation from Service, for a reason other than Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such Separation from Service occurs within the time period set forth in subsection 10(a) hereof, in which event the benefits and compensation provided for in Section 10 shall apply):

(i)One times the base salary provided pursuant to Section 2 hereof, as in effect on the date of Separation from Service;
(ii)An amount equal to the Bonuses received by or payable to the Employee in the calendar year prior to the calendar year of the Employee’s Separation from Service; and
(iii)Cash reimbursement to the Employee in an amount equal to the cost to the Employee (demonstrated by submission to the Company of invoices, bills, or other proof of payment by the Employee) of (A) all other Employee Benefits (all as defined in subsection 4(a) excluding Bonuses which will be made in accordance with the terms and conditions of the applicable plans or agreements) and (B) all Automobile Benefits (as defined in subsection 4(b)) and professional and club dues the Employee would otherwise have been eligible to participate in or receive, through the first anniversary of the Employee’s Separation from Service, based upon the benefit levels substantially equal to those provided for the Employee at the date of the Employee’s Separation from Service.  The Employee shall also be entitled to receive an amount necessary to provide any cash payments received under this subsection 8(d)(ii) net of all income and payroll taxes that would not have been payable by the Employee had she continued participation in the benefit plan or program instead of receiving cash reimbursement.
Notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under subsection 8(d) shall be reduced to the extent that on the date of the Employee’s Separation from Service, the present value of the benefits payable under subsection 8(d) exceeds any limitation on severance benefits that is imposed by the Office of the Comptroller of the Currency (the “OCC”) on such benefits.
All amounts payable to the Employee under subsections 8(d)(i) and 8(d)(ii) shall be paid in one lump sum within ten days of such Separation from Service.  All amounts payable to the Employee under subsection 8(d)(iii) shall be paid on the first day of each month following the Employee’s Separation from Service, in an amount equal to the total reimbursable amount (demonstrated by invoices, bills or other proof of payment submitted by the Employee).  Such amounts must be submitted for reimbursement no later than the earlier of: (i) six months after the date such amounts are paid by the Employee; or (ii) March 15th of the year following the year in which the Employee paid the amount.
(e)Voluntary for Good Reason.  The Employee may voluntarily Separate from Service under this Agreement at any time for Good Reason.  In the event that the Employee has a Separation from Service for Good Reason, the Employee will first deliver to the Bank a written notice which will (A) indicate the specific provisions of this Agreement relied upon for such Separation from Service, (B) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such Separation from Service, and (C) describe the steps, actions, events or other items that must be taken, completed or followed by the Bank to correct or cure the basis for such Separation from Service.  The Bank will then have 30 days following the effective date of such notice to fully correct and cure the basis for the Separation from Service.  If the Bank does not fully correct and cure the basis for the Employee’s Separation from Service within such 30-day period, then the Employee will have the right to Separate from Service with the Bank for Good Reason immediately upon delivering to the Bank a written Notice of Termination and without any further cure period.  Notwithstanding the foregoing, the Bank will be entitled to so correct and cure only a maximum of two times during any calendar year.  The Employee shall thereupon be entitled to receive the same amount payable under subsections 8(d)(i) and 8(d)(ii) hereof, within 30 days 

following her date of Separation from Service and under subsection 8(d)(iii) as provided in subsection 8(d).
For purposes of this Agreement, “Good Reason” means the occurrence of any of the following events, which has not been consented to in advance by the Employee in writing (unless such voluntary Separation from Service occurs within the time period set forth in subsection 10(b) hereof, in which event the benefits and compensation provided for in Section 10 shall apply):
(i)The requirement that the Employee perform her executive functions more than 50 miles from her Terre Haute, Indiana office;
(ii)A reduction of ten percent or more in the Employee’s base salary, unless part of an institution-wide reduction and similar to the reduction in the base salary of all other executive officers of the Bank;
(iii)The removal of the Employee from participation in any Bonuses unless the Company terminates participation in the Bonuses with respect to all other executive officers of the Bank;
(iv)A material failure by the Bank to continue to provide the Employee with the base salary, Bonuses or benefits provided for under subsections 4(a), 4(b) and 4(c) of this Agreement, as the same may be increased from time to time, or with benefits substantially similar to those provided to her under those Sections or under any benefit plan or program in which the Employee now or hereafter becomes eligible to participate, or the taking of any action by the Bank which would directly or indirectly reduce in a material manner any such benefits or deprive the Employee to a material degree of any such benefit enjoyed by her, unless part of an institution-wide reduction and applied similarly to all other executive officers of the Bank;
(v)The assignment to the Employee of duties and responsibilities materially different from those normally associated with her position as referenced in Section 1; or
(vi)A material diminution or reduction in the Employee’s responsibilities or authority (including reporting responsibilities) in connection with her employment with the Bank.
Notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under this subsection shall be reduced to the extent that on the date of the Employee’s Separation from Service, the present value of the benefits payable under subsections 8(d)(i), 8(d)(ii) and 8(d)(iii) exceed any limitation on severance benefits that is imposed by the OCC on such benefits.
(f)Voluntary Separation from Service.  Subject to subsection Section 10, the Employee may voluntarily Separate from Service with the Bank during the term of this Agreement, upon at least 60 days’ prior written notice to the Bank, in which case, effective as of the Separation from Service, the Employee shall receive only her base salary, Bonuses, vested rights and benefits up to the date of her Separation from Service, such benefits to be paid when and as due under those plans (unless such Separation from Service occurs pursuant to subsection 10(b) hereof, in which event the benefits, Bonuses and base salary provided for in subsection 10(a) shall apply).

(g)Termination or Suspension Under Federal Law.
(i)If the Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Sections 8(e)(iv) or 8(g)(i) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Bank under this Agreement shall terminate, as of the effective date of the order, but vested rights of the Employee shall not be affected.
(ii)If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default; but the vested rights of the Employee shall not be affected.
(iii)All obligations under this Agreement shall terminate, except to the extent it is determined that the continuation of this Agreement is necessary for the continued operation of the Bank; (A) by the OCC or its designee, at the time that the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; or (B) by the OCC, or its designee, at the time that the OCC or its designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the OCC to be in an unsafe or unsound condition.  Such action shall not affect any vested rights of the Employee.
(iv)If a notice served under Section 8(e)(3) or (g)(1) of the FDIA suspends and/or temporarily prohibits the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings.  However, the vested rights of the Employee as of the date of suspension will not be affected.  If the charges in the notice are dismissed, the Bank may in its discretion (A) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (B) reinstate (in whole or in part) any of its obligations which were suspended.
(h)Separation from Service.  If the Employee qualifies as a Key Employee (as defined in subsection 8(h)(i)) at the time of her Separation from Service (as defined in subsection 8(h)(ii)), the Bank may not make a payment pursuant to subsections 8(d) (disregarding subsection 8(d)(ii)(A)), 8(e) or Section 10 (disregarding subsection 10(a)(1)(ii)(C)) earlier than six months following the date of the Employee’s Separation from Service (or, if earlier, the date of the Employee’s death) to the extent such a payment would constitute deferred compensation that is not exempt from the requirements of Code Section 409A or Treasury Regulations 1.409A-1 et. seq.  Payments to which the Key Employee would otherwise be entitled during the first six months following the date of her Separation from Service will be accumulated and paid to the Employee on the first day of the seventh month following the Employee’s Separation from Service.
(i)Key Employee means an employee who is:
(1)An officer of the Bank having annual compensation greater than $185,000;
(2)A five percent owner of the Parent; or

(3)A one percent owner of the Parent having an annual compensation from the employer of more than $150,000.
The $185,000 amount in subsection 8(h)(i)(1) will be adjusted at the same time and in the same manner as under Code Section 415(d), except that the base period shall be the calendar quarter beginning July 1, 2001, and any increase under this sentence which is not a multiple of $5,000 shall be rounded to the next lower multiple of $5,000.
(ii)Separation from Service means the date on which the Employee dies, retires or otherwise experiences a “Termination of Employment” with the Bank (as defined below).  Provided, however, a Separation from Service does not occur if the Employee is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Employee retains a right to reemployment with the Bank under an applicable statute or by contract.  For purposes of this subsection 8(h)(ii), a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Employee will return to perform services for the Bank.  If the period of leave exceeds six months and the Employee does not retain the right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period.  Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Employee to be unable to perform the duties of her position of employment or any substantially similar position of employment, a 29-month period of absence may be substituted for such six-month period.  The Employee shall incur a “Termination of Employment” for purposes of this subsection 8(h)(ii) when a termination of employment has occurred under Treasury Regulation 1.409A-1(h)(1)(ii).
9.No Mitigation.  The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent employment.
10.Change in Control.
(a)Change in Control; Involuntary Separation from Service.
(1)Notwithstanding any provision herein to the contrary, if the Employee’s employment under this Agreement is terminated by the Bank, resulting in a Separation from Service, without the Employee’s prior written consent and for a reason other than Just Cause, in connection with or within 12 months after a Change in Control, as defined in subsection 10(a)(3), the Employee shall be paid (subject to subsection 10(a)(2)) the greater of:
(i)The total amount payable under subsection 8(d); or
(ii)The sum of: (A) her base salary in effect as of the date of the Change in Control; (B) an amount equal to any Bonus received by or payable to the Employee in the calendar year prior to the year in which the Change in Control 

occurs; and (C) cash reimbursement to the Employee in an amount equal to the cost to the Employee (demonstrated by submission to the Company of invoices, bills or other proof of payment by the Employee) of obtaining all Employee Benefits (all as defined in subsection 4(a), excluding Bonuses which will be paid in accordance with the terms and conditions of the applicable plans or agreements and excluding pension benefits), all Automobile Benefits (as defined in subsection 4(b)) and professional and club dues the Employee would otherwise have been eligible to participate in or receive, through the first anniversary of the Employee’s Separation from Service, based upon the benefit levels substantially equal to those that the Company provided for the Employee at the date of the Employee’s Separation from Service.  The Employee shall also be entitled to receive an amount necessary to provide any cash payments received under this subsection 10(a)(1)(ii) net of all income and payroll taxes that would not have been payable by the Employee had she continued participation in the benefit plan or program instead of receiving cash reimbursement.
(2)To the extent payments that would be received based on the Employee’s Separation from Service in connection with a Change in Control, or within 12 months after a Change in Control would be considered “excess parachute payments” pursuant to the Code Section 280G, the benefit payment to the Employee under this Agreement, when combined with all other parachute payments to the Employee, shall be the greater of:
(i)the Employee’s benefit under the Agreement reduced to the maximum amount payable to the Employee such that when it is aggregated with payments and benefits under all other plans and arrangements it will not result in an “excess parachute payment;” or
(ii)the Employee’s benefit under the Agreement after taking into account the amount of the excise tax imposed on the Employee under Code Section 280G due to the benefit payment.
The determination of whether any reduction in the rights or payments under this Plan is to apply will be made by the Bank in good faith after consultation with the Employee, and such determination will be conclusive and binding on the Employee.  The Employee will cooperate in good faith with the Bank in making such determination and providing the necessary information for this purpose.
(3)“Change in Control” shall be deemed to have occurred if one of the following events takes place:
(i)Change in Ownership.  A change in the ownership of the Bank or the Parent occurs on the date that any person, or group of persons, as defined below, acquires ownership of stock of the Bank or the Parent that, together with stock held by the person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Bank or the Parent.  However, if any person or group is considered to own more than 50 percent of the total fair market value or total voting power of the stock, the acquisition of additional stock by the same person or group is not considered to cause a change in the ownership of the Bank or the Parent (or to cause a change in the effective control of the Bank or the Parent] as defined in subsection 10(a)(3)(ii)).  An increase in the percentage of 

stock owned by any person or group, as a result of a transaction in which the Bank or the Parent acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this subsection.  This subsection only applies when there is a transfer of stock of the Bank or the Parent (or issuance of stock of a corporation) and stock in the Bank or the Parent remains outstanding after the transaction.
For purposes of subsections 10(a)(3)(i) and 10(a)(3)(ii), persons will not be considered to be acting as a group solely because they purchase or own stock of the Bank or the Parent at the same time, or as a result of the same public offering.  However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock or similar business transaction with the Bank or the Parent.  If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock or similar transaction, such shareholder is considered to be acting as a group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
(ii)Change in the Effective Control.  A change in the effective control of the Bank or the Parent will occur when: (i) any person or group (as defined in subsection 10(a)(3)(i)) acquires, or has acquired during the 12-month period ending on the date of the most recent acquisition by such person(s), ownership of stock of the Bank or the Parent possessing 30 percent or more of the total voting power; or (ii) a majority of members of the board of the Bank or the Parent is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Bank’s or Parent’s board prior to the date of the appointment or election.  However, if any person or group is considered to effectively control the Bank or Parent, the acquisition of additional control of the Bank or Parent by the same person(s) is not considered to cause a change in the effective control.
(iii)Change in the Ownership of a Substantial Portion of the Bank’s or Corporation’s Assets.  A change in the ownership of a substantial portion of the Bank’s or Parent’s assets occurs on the date that any person or group acquires, or has acquired during the 12-month period ending on the date of the most recent acquisition by such person(s), assets from the Bank or Parent that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Bank or Parent immediately prior to such acquisition(s).  Gross fair market value means the value of the assets of the Bank or Parent, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
However, there is no Change in Control under this subsection when there is a transfer to an entity that is controlled by the shareholders of the Bank or Parent immediately after the transfer.  A transfer of assets by the Bank or Parent is not treated as a change in the ownership of such assets if the assets are transferred to: (i) a shareholder of the Bank or Parent (immediately before the asset transfer) in exchange for or with respect to its stock; (ii) an entity, 50 percent or more of the 

total value or voting power of which is owned, directly or indirectly, by the Bank or Parent; (iii) a person, or group of persons, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all the outstanding stock of the Bank or Parent or (iv) an entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in (iii).  For purposes of this subsection, except as otherwise provided, a person’s status is determined immediately after the transfer of the assets.  For example, a transfer to a company in which the Bank or Parent has no ownership interest before the transaction, but which is a majority-owned subsidiary of the Bank or Parent after the transaction, is not treated as a change in the ownership of the assets of the transferor Bank or Parent.
For purposes of this subsection 10(a)(3)(iii), persons will not be considered to be acting as a group solely because they purchase assets of the Bank or Parent at the same time.  However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of assets, or similar business transaction with the Bank or Parent.  If a person, including an entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of assets, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
Notwithstanding the foregoing, the acquisition of Bank or Parent stock by any retirement plan sponsored by the Bank or an affiliate of the Bank will not constitute a Change in Control.  Additionally, notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under subsection 10(a) shall be reduced to the extent that on the date of the Employee’s Separation from Service, the amount payable under subsection 10(a) exceeds any limitation on severance benefits that is imposed by the OCC.
(b)Change in Control; Voluntary for Good Reason.  Notwithstanding any other provision of this Agreement to the contrary, the Employee may Separate from Service under this Agreement for Good Reason within 12 months following a Change in Control of the Bank or Parent, as defined in subsection 10(a)(3).  In the event that the Employee has a Separation from Service for Good Reason within 12 months following a Change in Control of the Bank or Parent, the Employee will first deliver to the Bank a written notice which will (A) indicate the specific provisions of this Agreement relied upon for such Separation from Service, (B) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such Separation from Service, and (C) describe the steps, actions, events or other items that must be taken, completed or followed by the Bank to correct or cure the basis for such Separation from Service.  The Bank will then have 30 days following the effective date of such notice to fully correct and cure the basis for the Separation from Service.  If the Bank does not fully correct and cure the basis for the Employee’s Separation from Service within such 30-day period, then the Employee will have the right to Separate from Service with the Bank for Good Reason immediately upon delivering to the Bank a written Notice of Termination and without any further cure period.  Notwithstanding the foregoing, the Bank will be entitled to so correct and cure only a maximum of two times during the calendar year.

The Employee shall thereupon be entitled to receive the payment described in subsections 10(a)(1), 10(a)(2) and 10(a)(3) of this Agreement, within 30 days.  During such 30-day period, the Bank shall not allow the Employee’s participation in any Employee Benefits to lapse and shall continue to provide the Employee with the Automobile Benefits described in subsection 4(b), reimbursement of professional and club dues and the cost of continuing education or professional development.  In the event subsection 8(h) applies at the time of the Employee’s termination, the six month suspension period shall not prevent the Employee from continuing to receive reimbursement of health and life insurance premiums for herself, her spouse and any dependent at the level of coverage in place at that time.
For purposes of this subsection 10(b), “Good Reason” means, the occurrence of any of the following events, which has not been consented to in advance by the Employee in writing:
(i)The requirement that the Employee perform her principal executive functions more than 50 miles from her Terre Haute, Indiana office.
(ii)A reduction of ten percent or more in the Employee’s base salary as in effect on the date of the Change in Control or as the same may be changed by mutual agreement from time to time, unless part of an institution-wide reduction and similar to the reduction in the base salary of all other executive officers of the Bank;
(iii)The removal of the Employee from participation in any Bonus unless the Bank terminates participation in the Bonuses with respect to all other executive officers of the Bank;
(iv)A material failure by the Bank to continue to provide the Employee with the base salary, Bonuses or benefits provided for under subsections 4(a), 4(b) and 4(c)of this Agreement, as the same may be increased from time to time, or with benefits substantially similar to those provided to her under those subsections or under any benefit plan or program in which the Employee now or hereafter becomes eligible to participate, or the taking of any action by the Bank which would directly or indirectly reduce in a material manner any such benefits or deprive the Employee to a material degree of any such benefit enjoyed by her, unless part of an institution-wide reduction and applied similarly to all other executive officers of the Bank;
(v)The assignment to the Employee of duties and responsibilities materially different from those normally associated with her position as referenced in Section 1; or
(vi)A material diminution or reduction in the Employee’s responsibilities or authority (including reporting responsibilities) in connection with her employment with the Bank.
Notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under subsection 10(b) shall be reduced to the extent that on the date of the Employee’s Separation from Service, the amount payable under subsection 10(b) exceeds any limitation on severance benefits that is imposed by the OCC.
(c)Compliance with 12 U.S.C. Section 1828(k).  Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

(d)Trust.
(1)Within five business days before or after a Change in Control which was not approved in advance by a resolution of a majority of the directors of the Bank or the Parent, the Bank shall (i) deposit, or cause to be deposited, in a grantor trust (the “Trust”), designed to conform with Revenue Procedure 92-64 (or any successor) and having a trustee independent of the Bank, an amount equal to the amounts which would be payable in a lump sum under subsections 10(a)(1), 10(a)(2) and 10(a)(3) hereof if those payment provisions become applicable, and (ii) provide the trustee of the Trust with a written direction to hold said amount and any investment return thereon in a segregated account for the benefit of the Employee, and to follow the procedures set forth in the next paragraph as to the payment of such amounts from the Trust.
(2)During the 12 consecutive month period following the date on which the Bank makes the deposit referred to in the preceding paragraph, the Employee may provide the trustee of the Trust with a written notice requesting that the trustee pay to the Employee, in a single sum, the amount designated in the notice as being payable pursuant to subsections 10(a)(1), 10(a)(2) and 10(a)(3).  Within three business days after receiving said notice, the trustee of the Trust shall send a copy of the notice to the Bank via overnight and registered mail, return receipt requested.  On the tenth business day after mailing said notice to the Bank, the trustee of the Trust shall pay the Employee the amount designated therein in immediately available funds, unless prior thereto the Bank provides the trustee with a written notice directing the trustee to withhold such payment.  In the latter event, the trustee shall submit the dispute, within ten days of receipt of the notice from the Bank, to non-appealable binding arbitration for a determination of the amount payable to the Employee pursuant to subsections 10(a)(1), (2) and (3), and the party responsible for the payment of the costs of such arbitration (which may include any reasonable legal fees and expenses incurred by the Employee) shall be determined by the arbitrator.  The Bank and the Employee shall choose the arbitrator to settle the dispute, and such arbitrator shall be bound by the rules of the American Arbitration Association in making his or her determination.  If the Employee and the Bank cannot agree on an arbitrator, then the arbitrator shall be selected under the rules of the American Arbitration Association.  The Employee, the Bank and the trustee shall be bound by the results of the arbitration and, within three days of the determination by the arbitrator, the trustee shall pay from the Trust the amounts required to be paid to the Employee and/or the Bank, and in no event shall the trustee be liable to either party for making the payments as determined by the arbitrator.
(3)Upon the earlier of (i) any payment from the Trust to the Employee, or (ii) the date twelve months after the date on which the Bank makes the deposit referred to in subsection 10(d)(1)(i), the trustee of the Trust shall pay to the Bank the entire balance remaining in the segregated account maintained for the benefit of the Employee, if any.  The Employee shall thereafter have no further interest in the Trust pursuant to this Agreement.  However, the termination of the Trust shall not operate as a forfeiture or relinquishment of any of the Employee’s rights under the terms of this Agreement.  Furthermore, in the event of a dispute under subsection 10(d)(2), the trustee of the Trust shall continue to hold, in trust, the deposit referred to in subsection 10(d)(1)(i) until a final decision is rendered by the arbitrator pursuant to subsection 10(d)(2).

(e)In the event that any dispute arises between the Employee and the Bank as to the terms or interpretation of this Agreement or the obligations thereunder, including this Section, whether instituted by formal legal proceedings or submitted to arbitration pursuant to subsection 10(d)(2), including any action that the Employee takes to enforce the terms of this Section or to defend against any action taken by the Bank, the Employee shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Employee shall obtain a final judgment by a court of competent jurisdiction in favor of the Employee or, in the event of arbitration pursuant to subsection 10(d)(2), a determination is made by the arbitrator that the expenses should be paid by the Bank.  Such reimbursement shall be paid within ten days of Employee’s furnishing to the Bank written evidence, which may be in the form, among other things, of a canceled check or receipt, of any costs or expenses incurred by the Employee.
Should the Employee fail to obtain a final judgment in favor of the Employee and a final judgment or arbitration decision is entered in favor of the Bank and if decided by arbitration, the arbitrator, pursuant to subsection 10(d)(2), determines the Employee to be responsible for the Bank’s expenses, then the Bank shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees arising from such dispute, proceedings or actions.  Such reimbursement shall be paid within ten days of the Bank furnishing to the Employee written evidence, which may be in the form, among other things, of a canceled check or receipt, of any costs or expenses incurred by the Bank.
11.Bonus Awards.  Any awards to the Employee under a Bonus arrangement that are outstanding at the time of a Separation from Service will be governed by the terms of the Bonus arrangement.
12.Federal Income Tax Withholding.  The Bank may withhold all federal and state income or other taxes from any benefit payable under this Agreement as shall be required pursuant to any law or governmental regulation or ruling.
13.Successors and Assigns.
(a)Bank.  This Agreement shall not be assignable by the Bank provided that this Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank.
(b)Employee.  Because the Bank is contracting for the unique and personal skills of the Employee, the Employee shall be precluded from assigning or delegating her rights or duties hereunder without first obtaining the written consent of the Bank; provided, however, that nothing in this paragraph shall preclude (i) the Employee from designating a beneficiary to receive any benefit payable hereunder upon her death, or (ii) the executors, administrators, or other legal representatives of the Employee or her estate from assigning any rights hereunder to the person or persons entitled thereunto.
(c)Attachment.  Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to exclusion, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.

14.Amendments.  No amendments or additions to this Agreement shall be binding unless made in writing and signed by the Bank and the Employee, except as herein otherwise specifically provided.
15.Applicable Law.  Except to the extent preempted by federal law, the laws of the State of Indiana, without regard to that State’s choice of law principles, shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.
16.Severability.  The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.  Should any particular covenant, provision or clause of this Agreement be held unreasonable or unenforceable for any reason, including without limitation, the time period, geographic area and/or scope of activity covered by such covenant, provision or clause, the Bank and Employee acknowledge and agree that such covenant, provision or clause shall be given effect and enforced to whatever extent would be reasonable and enforceable under applicable law.
17.Entire Agreement.  This Agreement: (a) supersedes all other understandings and agreements, oral or written, between the parties with respect to the subject matter of this Agreement; and (b) constitutes the sole agreement between the parties with respect to this subject matter; provided, however, that the benefit plans and arrangements referred to in this Agreement are not superseded or replaced unless this Agreement specifically so states and such benefit plans and arrangements may be set forth in separate plan documents stating their terms.
18.Construction.  The rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.
19.Headings.  The headings in this Agreement have been inserted solely for ease of reference and shall not be considered in the interpretation, construction or enforcement of this Agreement.
20.Notices.  For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been given (a) if hand delivered, upon delivery to the party, or (b) if mailed, two days following deposit of the notice or communication with the United States Postal Service by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
						
	If to the Employee:	Karen L. Stinson-Milienu
		1623 Hulman Waye Court
		Terre Haute, Indiana 47803
		
	If to the Bank:	First Financial Bank, N.A.
		Attn: Chief Executive Officer
		One First Financial Plaza
		P.O. Box 540
		Terre Haute, Indiana 47808-0540

or to such other address as either party hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
21.Waiver.  The waiver by either party of a breach of any provision of this Agreement, or failure to insist upon strict compliance with the terms of this Agreement, shall not be deemed a waiver of any subsequent breach or relinquishment of any right or power under this Agreement.
22.Review and Consultation. Employee acknowledges and agrees she (a) has read this Agreement in its entirety prior to executing it, (b) understands the provisions and effects of this Agreement and (c) has consulted with such attorneys, accountants and financial or other advisors as she has deemed appropriate in connection with the execution of this Agreement.  Employee understands, acknowledges and agrees that she has not received any advice, counsel or recommendation with respect to this Agreement from Employer’s attorneys.
[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on this 1st day of July, 2021.

ATTEST                            FIRST FINANCIAL BANK, N.A.

/s/ Norman D. Lowery                    /s/ Norman L. Lowery                                                                                Norman D. Lowery, SVP and                    Norman L. Lowery, Chief Executive Officer                    
Chief Operating Officer

        EMPLOYEE

                                /s/ Karen L. Stinson-Milienu
                                Karen L. Stinson-MilienuExhibit 10.3

 

INDEMNIFICATION AGREEMENT 

 

This INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into effective as of [●], by and between Healthcare Royalty, Inc., a Delaware corporation (the “Company”),
and [●], an individual (“Indemnitee”).

 

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

 

WHEREAS, Indemnitee is a director and/or officer of the Company;

 

WHEREAS, both the Company and Indemnitee recognize the increased risk
of litigation and other claims being asserted against directors and officers of public companies;

 

WHEREAS, the Company’s Amended and Restated Certificate of Incorporation
(“Certificate of Incorporation”) and Amended and Restated By-laws (“By-laws”) require the Company
to indemnify and advance expenses to its directors and officers to the extent provided therein, and Indemnitee serves as a director and/or
officer of the Company, in part, in reliance on such provisions in the Company’s Certificate of Incorporation and By-laws;

 

WHEREAS, the Company has determined that its inability to retain and
attract as directors and officers the most capable persons would be detrimental to the interests of the Company and that the Company therefore
should seek to assure such persons that indemnification and insurance coverage will be available in the future; and

 

WHEREAS, in recognition of Indemnitee’s need for substantial
protection against personal liability in order to enhance Indemnitee’s continued service to the Company in an effective manner and
Indemnitee’s reliance on the Certificate of Incorporation and By-laws, and in part to provide Indemnitee with specific contractual
assurance that the protection promised by the Company’s Certificate of Incorporation and By-laws will be available to Indemnitee
(regardless of, among other things, any amendment to or revocation of the applicable provisions of the Certificate of Incorporation or
By-laws, any change in the composition of the governing bodies of the Board of Directors of the Company (the “Board of Directors”),
or any acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and
the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this
Agreement, and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the directors’ and officers’
liability insurance policy of the Company.

 

NOW, THEREFORE, in consideration of the premises and of Indemnitee’s
continuing to serve the Company directly on its behalf or at its request as an officer, director, manager, member, partner, tax matters
partner, fiduciary, or trustee of, or in any other capacity with, another Person (as defined below) or any employee benefit plan, and
intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Certain Definitions:

 

(a)    Change in Control shall be
deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the
Company, 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 fifteen percent (15%) or more of the total voting power represented by the Company’s
then outstanding Voting Securities, or (ii) during any period of two (2) consecutive years, individuals who at the
beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board of
Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election
was previously so approved (the “Initial Board”), cease for any reason to constitute a majority thereof, or
(iii) the stockholders of the Company approve a merger or consolidation of the Company with any other entity, other than a
merger or consolidation that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least fifty
percent (50%) of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or
substantially all of the Company’s assets.

 

     

     

    

 

(b)    Claim means any threatened, asserted,
pending, or completed civil, criminal, administrative, investigative, or other action, suit, or proceeding of any kind whatsoever, including
any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation,
whether instituted by the Company, any governmental agency, or any other party, that Indemnitee in good faith believes might lead to the
institution of any such action, suit, or proceeding, whether civil, criminal, administrative, investigative, or other, including any arbitration
or other alternative dispute resolution mechanism.

 

(c)    DGCL means the General Corporation
Law of the State of Delaware.

 

(d)    Exchange Act means the Securities
Exchange Act of 1934, as amended.

 

(e)    ERISA means the Employee Retirement
Income Security Act of 1974, as amended.

 

(f)    Expenses means all direct or indirect
costs, expenses, and obligations, including attorneys’ fees, judgments, fines, penalties, interest, appeal bonds, amounts paid in
settlement with the approval of the Board of Directors, and counsel fees and disbursements (including, without limitation, experts’
fees, court costs, retainers, appeal bond premiums, transcript fees, duplicating, printing, and binding costs, as well as telecommunications,
postage, and courier charges), paid or incurred in connection with investigating, prosecuting, defending, being a witness in, or participating
in (including on appeal), or preparing to investigate, prosecute, defend, be a witness in, or participate in, any Claim relating to any
Indemnifiable Event, and shall include (without limitation) all attorneys’ fees and all other expenses incurred by or on behalf
of Indemnitee in connection with preparing and submitting any requests or statements for indemnification, advancement, or any other right
provided by this Agreement (including, without limitation, such fees or expenses incurred in connection with legal proceedings contemplated
by Section 2(d) hereof).

 

(g)    Indemnifiable Amounts means (i) any
and all liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes, and amounts paid in settlement (including all
interest, assessments, and other charges paid or payable in connection with or in respect of such liabilities, Expenses, damages, judgments,
fines, penalties, ERISA excise taxes, or amounts paid in settlement) arising out of or resulting from any Claim relating to an Indemnifiable
Event, (ii) any liability pursuant to a loan, guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the
Company, including, without limitation, any indebtedness that the Company or any subsidiary of the Company has assumed or taken subject
to, and (iii) any liability that an Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise)
in connection with the operation, administration, or maintenance of an employee benefit plan or any related trust or funding mechanism
(whether such liability is in the form of an excise tax assessed by the United States Internal Revenue Service, a penalty assessed by
the Department of Labor, restitution to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan,
trust, or other funding mechanism, or otherwise).

 

(h)    Indemnifiable Event means any event
or occurrence, whether occurring before, on, or after the date of this Agreement, related to the fact that Indemnitee is or was a director
or officer, employee, agent or fiduciary of the Company, or is or was serving on behalf of the Company at the request of the Company as
a director, officer, employee, manager, member, partner, tax matter partner, trustee, partnership representative, agent, fiduciary, or
similar capacity, of another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other
entity or enterprise, or by reason of act or omission by Indemnitee in any such capacity (in all cases whether or not Indemnitee is acting
or serving in any such capacity or has such status at the time any Indemnifiable Amount is incurred for which indemnification, advancement
or any other right can be provided by this Agreement). The term “Company,” where the context requires when used in this Agreement,
shall be construed to include such other corporation, limited liability company, partnership, joint venture, employee benefit plan, trust,
or other entity or enterprise.

 

     

     

    

 

(i)    Indemnitee-Related Entity means any
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company
or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise for
which Indemnitee on behalf of the Company at the Company’s request, is serving as a director, officer, employee, or agent, which
service is covered by the indemnity described in this Agreement) from which an Indemnitee may be entitled to indemnification or advancement
of Expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other
than as a result of obligations under an insurance policy).

 

(j)    Independent Legal Counsel means an
attorney or firm of attorneys, selected pursuant to and in accordance with the provisions of Section 3, who is experienced
in matters of corporate law and who shall not have otherwise performed services for the Company or Indemnitee within the last three (3) years
(other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity
agreements).

 

(k)    Jointly Indemnifiable Claim means
any Claim for which Indemnitee may be entitled to indemnification from both an Indemnitee-Related Entity and the Company pursuant to applicable
law, any indemnification agreement, or the certificate of incorporation, by-laws, partnership agreement, operating agreement, certificate
of formation, certificate of limited partnership, or comparable organizational documents of the Company and such Indemnitee-Related Entity.

 

(l)    Person means any individual, corporation,
firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity, or
other entity.

 

(m)    Reviewing Party means any appropriate
person or body consisting of a member or members of the Board of Directors or any other person or body appointed by the Board of Directors
who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel.

 

(n)    Voting Securities means any securities
of the Company that vote generally in the election of directors.

 

2.      Basic Indemnification Arrangement; Advancement
of Expenses.

 

(a)    In the event that Indemnitee was, is or
becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other
participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee, or cause
Indemnitee to be indemnified, to the fullest extent permitted by Delaware law in effect on the date hereof and as amended from time to
time; provided, however, that no change in Delaware law shall have the effect of reducing the benefits available to Indemnitee
hereunder based on Delaware law as in effect on the date hereof or as such benefits may improve as a result of amendments to Delaware
law that become effective after the date hereof. The rights of Indemnitee provided in this Section 2 shall include, without
limitation, the rights set forth in the other sections of this Agreement. Payments of Indemnifiable Amounts shall be made as soon as practicable
but in any event no later than thirty (30) days after written demand is presented to the Company.

 

(b)    If so requested by Indemnitee, the Company
shall advance, or cause to be advanced (within five (5) business days of such request), any and all Expenses incurred by Indemnitee
(an “Expense Advance”). The Company shall, in accordance with such request (but without duplication), pay, or caused
to be paid, such Expenses on behalf of Indemnitee, unless Indemnitee shall have elected to pay such Expenses and have such Expenses reimbursed,
in which case the Company shall reimburse, or cause to be reimbursed, Indemnitee for such Expenses. To the fullest extent permitted by
Delaware law, Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any prior determination by the Reviewing
Party that Indemnitee has satisfied any applicable standard of conduct for indemnification. Indemnitee hereby undertakes to repay any
amounts advanced (without interest) to the extent it is ultimately determined by final decision of a court of competent jurisdiction from
which there is no future right to appeal that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect
thereof. No other form of undertaking shall be required of Indemnitee other than execution of this Agreement. If Indemnitee commences
legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable
law, then Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made
with respect thereto.

 

     

     

    

 

(c)    Notwithstanding anything in this Agreement
to the contrary, Indemnitee shall not be entitled to indemnification or advancement of Expenses pursuant to this Agreement in connection
with any Claim initiated by Indemnitee unless (i) the Company has joined in, or the Board of Directors has authorized or consented
to, the initiation of such Claim or (ii) the Claim is one to enforce Indemnitee’s rights under this Agreement (including an
action pursued by Indemnitee to secure a determination that Indemnitee should be indemnified under applicable law).

 

(d)    Notwithstanding the foregoing, (i) the
obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing Party shall not have determined
(in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 3 is involved) that Indemnitee
would not be permitted to be indemnified under applicable law, and (ii) the obligation of the Company to make an Expense Advance
pursuant to Section 2(b) shall be subject to the condition that, if, when, and to the extent that the Reviewing Party determines
that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee
(who, by execution of this Agreement, hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided,
however, that, if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure
a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee
would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the
Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or lapsed). If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of Directors,
and if there has been such a Change in Control (other than a Change in Control that has been approved by a majority of the members of
the Board of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal
Counsel referred to in Section 3. If there has been no determination by the Reviewing Party, or if the Reviewing Party determines
that Indemnitee would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to
commence litigation in any court in the State of Delaware having subject matter jurisdiction thereof and in which venue is proper seeking
an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the
legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. Any determination
by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

 

3.    Change in Control. The Company agrees
that, if there is a Change in Control of the Company (other than a Change in Control which has been approved by a majority of the Board
of Directors who were directors immediately prior to such Change in Control), then with respect to all matters thereafter arising concerning
the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or under any provision of the certificate of
incorporation or by-laws now or hereafter in effect relating to Claims for Indemnifiable Events, the Company shall seek legal advice only
from Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld).
Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent the
Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent
Legal Counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims,
liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

4.    Indemnification for Additional Expenses.
The Company shall indemnify, or cause the indemnification of, Indemnitee against any and all Expenses and, if requested by Indemnitee,
shall advance such Expenses to Indemnitee, subject to and in accordance with Section 2, which are incurred by Indemnitee in
connection with any action brought by Indemnitee for (a) indemnification or an Expense Advance by the Company under this Agreement
or any other agreement or provision of the certificate of incorporation or by-laws now or hereafter in effect relating to Claims for Indemnifiable
Events and (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, in
each case, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance, or insurance
recovery, as the case may be.

 

5.    Partial Indemnity, Etc. If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses
or other Indemnifiable Amounts in respect of a Claim but not, however, for the entire amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this
Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in
whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice,
Indemnitee shall be indemnified against all Expenses incurred in connection therewith. The Company acknowledges that a settlement or
other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption
and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other
than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or
without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise
in such action, suit or proceeding.

 

     

     

    

 

6.    Burden of Proof. In connection with
any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the Reviewing
Party, court, or other finder of fact or appropriate Person shall presume that Indemnitee has satisfied the applicable standard of conduct
and is entitled to indemnification, the burden of proof shall be on the Company (or its representative) to establish by clear and convincing
evidence that Indemnitee is not so entitled.

 

7.    Reliance as Safe Harbor. For purposes
of this Agreement, 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 and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including
its financial statements, or upon information, opinions, reports, or statements furnished to Indemnitee by the officers or employees of
the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person
(including legal counsel, accountants, and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s
professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge
and actions, or failures to act, of any director, officer, agent, or employee of the Company shall not be imputed to Indemnitee for purposes
of determining the right to indemnity hereunder.

 

8.    No Other Presumptions. For purposes
of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval), or conviction,
or upon a plea of nolo contendere or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard
of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition,
neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct
or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct
or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee
should be indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has
not met any particular standard of conduct or did not have any particular belief.

 

9.    Nonexclusivity, etc. The rights of
the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the certificate of incorporation, the DGCL,
or otherwise. To the extent that a change in the DGCL (whether by statute or judicial decision) permits greater indemnification by agreement
than would be afforded currently under the Certificate of Incorporation or 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 there is a conflict or inconsistency
between the terms of this Agreement and the Certificate of Incorporation or By-laws, it is the intent of the parties hereto that Indemnitee
shall enjoy the greater benefits regardless of whether contained herein or in the Certificate of Incorporation or By-laws. No amendment
or alteration of the Certificate of Incorporation or By-laws or any other agreement shall adversely affect the rights provided to Indemnitee
under this Agreement.

 

10.    Liability Insurance. To the extent
the Company maintains an insurance policy or policies providing 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
Company director or officer. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of
the commencement of an action, suit, or proceeding, the Company shall give prompt notice of the commencement of such action, suit, or
proceeding to the insurers in accordance with the procedures set forth in the applicable policy. 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 policy.

 

11.    Amendments, etc. 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.

 

12.    Subrogation. Subject to Section 14,
in the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or
reimburse all Expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

 

     

     

    

 

13.    No Duplication of Payments. Subject
to Section 14, the Company shall not be liable under this Agreement to make any payment in connection with any Claim made
against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy or any provision of the
Certificate of Incorporation or By-laws or otherwise) of the amounts otherwise indemnifiable hereunder.

 

14.    Jointly Indemnifiable Claims. Given
that certain Jointly Indemnifiable Claims may arise as a result of the relationship between the Indemnitee-Related Entities and the Company
and the service of Indemnitee as a director and/or officer of the Company at the request of the Indemnitee-Related Entities, the Company
acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to Indemnitee in respect of indemnification
and advancement of expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this
Agreement, irrespective of any right of recovery Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall
the Company be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities, and no right of recovery Indemnitee
may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of Indemnitee or the obligations of the Company
hereunder. In the event that any of the Indemnitee-Related Entities shall make any payment to Indemnitee in respect of indemnification
or advancement of expenses with respect to any Jointly Indemnifiable Claim, the Indemnitee-Related Entity making such payment shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee against the Company, and Indemnitee shall execute
all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution
of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. Each
of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 14, entitled to enforce
this Section 14 against the Company as though each such Indemnitee-Related Entity were a party to this Agreement.

 

15.     Notification and Defense of Claims.

 

(a)    Indemnitee shall notify the Company in writing
as soon as practicable of any Claim that could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including
a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The
failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company’s
ability to participate in the defense of such claim was materially and adversely affected by such failure.

 

(b)    The Company shall be entitled to
participate in the defense of any Claim relating to an Indemnifiable Event or to assume the defense thereof, with counsel reasonably
satisfactory to Indemnitee; provided that, if Indemnitee believes, after consultation with counsel selected by Indemnitee,
that (i) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or
potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include the Company
or any subsidiary of the Company, on the one hand, and Indemnitee, on the other hand, and Indemnitee concludes, after consultation
with counsel selected by Indemnitee, that there may be one or more legal defenses available to him that are different from or in
addition to those available to the Company or any subsidiary of the Company, or (iii) any such representation by such counsel
would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to
retain separate counsel (but not more than one law firm, plus, if applicable, local counsel in respect of any particular Claim) at
the Company’s expense. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement
of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not,
without the prior written consent of Indemnitee, effect any settlement of any Claim relating to an Indemnifiable Event to which
Indemnitee is or could have been a party unless such settlement involves solely the payment of money and includes a complete and
unconditional release of Indemnitee from all liability on all claims that are the subject matter of such Claim. Neither the Company
nor Indemnitee shall unreasonably withhold, condition, or delay its or his consent to any proposed settlement; provided that
Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee.

 

16.    Section 409A. It is intended that
any indemnification payment or advancement of Expenses made hereunder shall be exempt from Section 409A of the Internal Revenue Code
of 1986, as amended, and the guidance issued thereunder (“Section 409A”) pursuant to Treasury Regulation Section 1.409A-1(b)(10).
Notwithstanding the foregoing, if any indemnification payment or advancement of Expenses made hereunder shall be determined to be “nonqualified
deferred compensation” within the meaning of Section 409A, then (a) the amount of the indemnification payment or advancement
of Expenses during one taxable year shall not affect the amount of the indemnification payments or advancement of Expenses during any
other taxable year, (b) the indemnification payments or advancement of Expenses must be made on or before the last day of the Indemnitee’s
taxable year following the year in which the expense was incurred, and (c) the right to indemnification payments or advancement of
Expenses hereunder is not subject to liquidation or exchange for another benefit.

 

     

     

    

 

17.    Binding Effect, etc. This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, 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), spouses, heirs, executors, and personal and legal representatives. This Agreement shall continue in effect regardless
of whether Indemnitee continues to serve as an officer and/or director of the Company or of any other enterprise at the Company’s
request.

 

18.    Severability. The provisions of this
Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph
or sentence) are held by a court of competent jurisdiction to be invalid, illegal, void, or otherwise unenforceable in any respect, and
the validity and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any
way impaired and shall remain enforceable to the fullest extent permitted by law.

 

19.    Notices. All notices, requests, consents,
and other communications hereunder to any party shall be deemed to be sufficient if contained in a written document delivered in person
or sent by facsimile, e-mail or other electronic transmission, nationally recognized overnight courier, or personal delivery, addressed
to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement
or in writing by such party to the other party:

 

If to the Company, to:

 

Healthcare Royalty, Inc.

300 Atlantic Street, Suite 600

Stamford, CT 906901

Attn: Chief Legal Officer

 

If to Indemnitee, to the address set forth on the signature page hereof.

 

All such notices, requests, consents, and other communications shall
be deemed to have been given or made if and when received (including by overnight courier) by the parties at the above addresses, sent
by electronic transmission (including e-mail), or sent by facsimile transmission (in each case to such other address, or such e-mail address
or facsimile number for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto
shall also be delivered to each other party hereto simultaneously with delivery to the first party receiving such notice.

 

20.    Headings. The headings of the sections
and 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 or interpretation thereof.

 

21.    Counterparts. This Agreement may
be executed in 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 need be produced to evidence
the existence of this Agreement.

 

22.    Specific Performance. The parties
recognize that if any provision of this Agreement is violated by the parties hereto, Indemnitee may be without an adequate remedy at law.
Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so elects, to institute proceedings, either
at law or in equity, to obtain damages, to enforce specific performance, to enjoin such violation, or to obtain any relief or any combination
of the foregoing as Indemnitee may elect to pursue.

 

23.    Governing Law. This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be
performed in such state without giving effect to the principles of conflicts of laws.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

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

 

	 	HEALTHCARE ROYALTY, INC.

 

		By:	 
	 	Name:	 
	 	Title:	 

 

	 	INDEMNITEE
	 	 
	 	Name:

 

		Address:

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