Document:

Exhibit 10.10

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (“Agreement”) is made and entered into as of by and between Sundance Energy Inc, a Colorado limited liability company, and its successors. affiliates or assigns (“Employer”) and Eric McCrady (“Employee”).  The Employer is a wholly owned subsidiary of Sundance Energy Australia Ltd, a public company incorporated in Australia and listed on the Australian Stock Exchange and subject to the ASX Listing Rules (“Sundance”). The parties hereto agree as follows:

 

I.                                 Employment Term

 

Employer hereby employs Employee as its Chief Executive Officer upon the terms and conditions hereinafter set forth. The term (“Services Term”) of Employee’s employment hereunder shall commence on 18 May 2011 and shall continue until the first of the following to occur:

 

(a)                              19 May 2014; or

 

(b)                            upon the sooner termination as hereinafter provided in paragraph 8 hereof.

 

2.                                 Duties: Reporting

 

(a)                            During the Services Term, except as is otherwise expressly set forth herein. Employee shall devote his full business time and attention to Employer and the diligent performance of his duties hereunder. Employee shall run the day-to-day operations of Employer in all material respects within the parameters of the then operative Business Plan and Budget of Employer and shall personally supervise the day-to-day operations of Employer in the Business.

 

(b)                            Employee shall report directly to both the Board of Employer and to the Chairman of Sundance. and if the Chairman of Sundance is unavailable. to the Board of Sundance. Employee hereby accepts such employment and agrees to perform his services hereunder faithfully, diligently and to the best of his ability. Employee shall observe al l reasonable rules and regulations adopted by Employer in connection with the operation of its business, including. but not limited to, with respect to confidential information, and cmTy out to the best of Employee’s ability all lawful instructions of Employer.

 

(c)                             As long as such activities do not materially interfere with Employee’s services to Employer hereunder, Employee may serve on boards of directors of other entities not related to the oil and gas and related businesses (collectively, the “Excluded Businesses”) or on boards of chmitable or similar organizations.

 

(d)                            For the purposes of this Agreement Employee acknowledge s that any reference to the interest, operations, reasonable rules and regulations and lawful directions of Employer will be taken to include the interest, operations, reasonable rules and regulations and lawful directions of Sundance, and Employee will have the same regard to the interests of Sundance as to the interests of Employer.

 

 

3.                                 Duties: Scope

 

During the Services Term, Employee shall pe1form the following duties:

 

(a)                           evaluate, define, get approval from the Boards of Employer and Sundance. and execute strategy;

 

(b)                            manage day to day operations;

 

(c)                             build an effective and professional management team;

 

(d)                           hire/fire/manage compensation with the Remuneration Committees of the Employer and of Sundance:

 

(e)                            raise and allocate capital, and manage debt when appropriate;

 

(t)                               manage costs;

 

(g)                             seek opportunities to grow the business (M&A, projects, partnerships, structures, etc.):

 

(h)                            communication with the market and investors:

 

(i)                                be the public face of Employer and Sundance, and expand Sundance’s investor base and capital markets exposure:

 

U)                              perform the role of Chief Executive Officer of Employer as directed by the Board of Employer;

 

(k)                           perform the role of Managing Director of Sundance as directed by the Board of Sundance, and immediately resign from that office if directed to do so by the Board of Sundance;

 

(l)                                communicate effectively with the Boards of Employer and Sundance;

 

(m)                        manage compliance, accounting. control framework and regulatory matters:

 

(n)                            build and maintain relationships with our partners;

 

(o)                            manage safety and environmental matters; and

 

(p)                           all ancillary activities to the du ties set forth in this Agreement.

 

4.                                  Salary and Bonuses

 

In full consideration for all rights granted and services rendered by Employee hereunder, Employer shall pay Employee the following compensation:

 

(a)                           An annual base salary at the rate of US$275,000.00 per annum, pl us any increases to that base salary as determined in accordance with the Incentive Compensation Plan that was approved by the Board of Sundance on 7 April 2011 (“Plan”), which increases shall commence on 30 June 2011 (if applicable). Such annual salary shall be adjusted on a pro rata basis for any

 

2

 

partial year and shall be paid in equal installments in accordance with Employer’s then prevailing payroll policy.

 

(b)                           Any additional amount as determined in accordance with the Plan, which may include an annual bonus and equity component, and any additional discretionary bonus approved under the Plan (which bonus will given by the Employer to the Employee at the sole discretion of the Board of Sundance).

 

5.                                 Expenses

 

To the extent that Employee incurs necessary and reasonable business expenses including without limitation, air travel, accommodations and entertainment expenses during the course of his employment hereunder, Employee shall be reimbursed for such expenses upon receipt by Employer of satisfactory evidence thereof. Employee’s travel and accommodation expenses shall include travel to Australia and within the United States for business meetings and conferences related to the Business as well as other activities customarily undertaken by executives in the oil and gas business.

 

6.                                 Benefits

 

Employee shall be entitled to vacation, health insurance and other Employee benefits in accordance with Exhibit A hereto.

 

7.                                 Protection of Employer’s Interest 

 

Restrictive Covenants

 

(a)                          Non-Competition.  Employee acknowledges that, in the course of his responsibilities hereunder, Employee will form relationships and become acquainted with certain confidential and proprietary information as further described in paragraph 7(h). Employee further acknowledges that such relationships and information are and will remain valuable to the Employer and Sundance and that the restrictions on future employment, if any, are reasonably necessary in order for Employer to remain competitive.  In recognition of their heightened need for protection from abuse of relationships formed or infonnation garnered before and during the Services Term of the Employee’s employment hereunder, Employee covenants and agrees for the six (6) month period immediately following termination of employment for any reason (t he “Restrictive Period”), Employee will not be involved in any way (whether directly or indirectly, or solely or jointly with or as a partner, joint venturer. associate, ad visor, consultant, manager. employee, independent contractor, agent, principal, director or officer of a body corporate, shareholder, unit holder, trustee, beneficiary or in any other capacity) in:

 

(i)                             competing for the acquisition of any project or business, the acquisition of which is known by Employee to be under active consideration by Employer;

 

(ii)                          diverting or attempting to divert any business opportunity from Employer;

 

(iii)                       causing or attempting to cause any person who is or was a customer of Employer and with whom Employee has had

 

3

 

dealings within the last 12 months of the termination of Employee’s employment, not to do business with Employer;

 

(iv)                       canvassing, inducing or soliciting any employee or agent of Employer to leave the employment or agency of Employer;

 

(v)                         canvassing, soliciting, approaching or accepting any solicited or unsolicited approach from any person who is or was a customer of the business of Employer at any time during the term of this Agreement with a view to securing the business of that customer; or

 

(vi)                       using or disclosing to the detriment or possible detriment of Employer information concerning the business of Employer’s customers or suppliers or divulging to any person any information concerning the business of Employer or its dealings. transactions or affairs.

 

(b)                          Each of the separate obligations refeITed to in paragraph 7(a) is severable and has an independent operation from each of the other obligations refeITed to; however, each separate obligation will be cumulative in effect. Employee understands and acknowledges that this restraint is reasonable to protect the goodwill of Employer’s business.

 

(c)                           Employee agrees with Employer that he will not, without the prior written consent of Employer either directly or indirectly, participate in or be engaged. concerned or interested in the commission of each prescribed act within each prescribed area and for each prescribed period.

 

(d)                         For the purposes of paragraph 7, each of the following is a prescribed area:

 

(i)                              The United States of America;

 

(ii)                          Colorado, Oklahoma, Wyoming and North Dakota;

 

(iii)                       Australia; and

 

(iv)                       South Australia.

 

(e)                           Employee acknowledges:

 

(i)                              that Employer has expended substantial time, money and other resources in establishing Employer’s business, customer base and market relationships, and the goodwill associated with them;

 

(ii)                          that as a consequence of servicing that business, customer base, market relationships and goodwill, he:

 

(1)                             acquires no personal interest or benefit; and

 

(2) will establish a personal relationship and rappmt with Employer’s customers and market relationships in the course of the Appointment;

 

(iii)                        that Employer is likely to suffer loss and damage if Employee takes or attempts to take personal advantage of his relationship and rapport with the customers and market relationships of Employer, contrary to paragraph 7 of this Agreement;

 

4

 

(iv)                      that the goodwill associated with the customer base and market relationships of Employer has value as property of Employer capable of sale; and

 

(v)                         that to the extent that Employee has been introduced to that business, customer base and market relationships (and associated goodwill) by Employer it has been with a view to Employee servicing them either directly or indirectly for the benefit of Employer.

 

(f)                            Employee acknowledges that each of the separate obligations referred to in paragraph 7:

 

(i)                              is reasonable having regard to the nature of the conduct restrained, the duration and the scope of the restraint and the reasonable necessity of the restraints for the protection of the business and goodwill of Employer; and

 

(ii)                          extends no further (in any respect) than is reasonably necessary and is solely to protect the legitimate business interests of Employer and its goodwill; and

 

(g)                           If Employee contravenes any of the obligations contained in paragraph 7 then irrespective of any other provision of this Agreement and any other remedies available to Employer, Employer may seek injunctive relief, it being acknowledged that damages would not be an adequate remedy.

 

(h)                          Confidentiality.  Employee covenants and agrees that Employee shall not at any time during the Services Term or thereafter, without Employer’s prior written consent, such consent to be within Employer’s sole and absolute discretion, disclose or make known to any person or entity outside of the Employer any Trade Secret (as defined below), or proprietary or other confidential information concerning Employer, including without limitation, Employer’s customers and its scientific, business or other data practices, procedures, management policies or any other information regarding Employer, which is not already and generally known to the public through no wrongful act of Employee or any other party.  Employee covenants and agrees that Employee shall not at any time during the Services Term, or thereafter, without the Employer’s prior written consent, utilize any such Trade Secrets, proprietary or confidential information in any way, including communications with or contact with any such customer other than in connection with employment hereunder.  For purposes of this paragraph 7, “Trade Secrets” is defined as data or information, including a formula, pattern, compilation. program, device, method, know-how, technique or process, that derives any economic value, present or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who may or could obtain any economic value from its disclosure or use.

 

(i)                              Former Employer Information. Employee will not intentionally, during the Services Term, improperly use or disclose any proprietary information or Trade Secrets of any former employer or other person or entity and will not improperly bring onto the premises of the Employer any unpublished document or proprietary information belonging to any such employer, person or entity.

 

5

 

U)                            Third Party Information.  Employee acknowledges that Employer has received and in the future will receive from third parties their confidential or proprietary infonnation subject to a duty to maintain the confidentiality of such infonnation and to use it only for certain limited purposes.  Employee will hold all such confidential or proprietary information in the stiictest confidence and will not disclose it to any person or entity or to use it except as necessary in call’ying out Employee’s duties hereunder consistent with Employer’s agreement with such third party.

 

(k)                         Employer’s Property. Employee hereby confirms that Trade Secrets, proprietary or confidential information including, but not limited to. al l information concerning Employer’s processes, procedures. customers, pricing. employee matters, scientific date, etc. constitute Employer’s exclusive property. Employee agrees that upon termination of employment, Employee shall promptly return to the Employer all notes, notebooks, memoranda, computer disks, and any other similar repositories of information containing or relating in any way to the Trade Secrets or proprietary or confidential information of the Employer, including but not limited to, the documents refell’ed to in paragraph 7(h). Such repositories of information also include but are not limited to any so-called personal files or other personal data compilations in any form, which in any manner contain any Trade Secrets, or proprietary or confidential information of Employer.

 

(I)                            Notice to Employer. Employee agrees to notify Employer immediately of any employers for whom Employee works or provides services (whether or not for remuneration to Employee or a third party) during the Services Term or within the Restrictive Period.

 

(m)                      During the Services Term, except as permitted pursuant to paragraph 2(c) hereof, Employee agrees not to engage in any activity, directly or indirectly, whether as a consultant, principal, employee, agent or owner, or otherwise, in the Excluded Businesses other than through Employer or any Permitted Entity (as hereinafter defined); provided, however, the foregoing will not prevent Employee from:

 

(i)                             holding at any time less than 20% of the outstanding capital stock of any company engaged in an Excluded Business whose stock is publicly traded, or

 

(ii)                          making an investment (irrespective of the size of the investment) in any privately held entity provided that Employee complies with the provisions of paragraph 7(n) As used herein, a “Permitted Entity” shall mean:

 

(i)                             any subsidiary of Employer;

 

(ii)                          affiliate owned or controlled by Employer; or

 

(iii)                       any entity in which Employer has an ownership interest that is engaged in the exploration, production, or acquisition of any oil and gas assets.

 

(n)                          Except for activities and business opportunities engaged in by Employee pursuant to paragraph 2(c), during the Services Term Employee will offer to Employer on a “first look” basis all business opportunities or potential business

 

6

 

opportunities relating to the Excluded Businesses that <u-e offered to Employee. If, after offering a business opportunity to Employer, Employer determines not to pursue such business opportunity (or fails to respond in writing to such offer within ten (10) business days following the date such opportunity is offered in writing to Employer), Employee may engage in any such opportunity in the event that:

 

(i)                              such engagement does not interfere with Employee’s obligations hereunder; and

 

(ii)                           the Board has expressly consented in writing to such engagement by Employee, including with respect to the scope and terms thereof.

 

(o)                          To the extent permitted by law, all rights worldwide with respect to any and all intellectual or other property of any nature produced, created, developed or written, or suggested by Employee resulting from Employee’s services for Employer (“Intellectual Property”) shall be deemed to be a work made for hire and shall be the sole and exclusive property of Employer. Employee agrees to execute, acknowledge and deliver to Employer, at Employer’s request, such further documents as Employer finds appropriate to evidence Employer’s rights in such prope1ty.

 

(p)                         Employer acknowledges that Employee cuITently owns one third of Middle Earth Resources, LLC (“MER”), a Colorado LLC which, in turn, owns I00% of Trilogy Resources, LLC (“Trilogy”). Employer further acknowledges that MER and Trilogy control approximately 1,100 acres in the Wattenberg Field of the Denver-Julesburg Basin with nine producing wells and a credit facility with Wells Fargo. Employee disclosed the above referenced ownership interest to Jayme McCoy, the previous Managing Director of Sundance and CEO of Employer, on May 24, 2010, and subsequently to General Counsel for Employer on November 11, 2010. In Board Meetings on November 3, 2011 and November 10, 2011 the Employee assured the Board that he will use his best efforts in a reasonable period of time to divest his interest in MER and the Trilogy Opportunity. The Employee has agreed to grant the Employer a zero cost 2 year call option to purchase the Employee’s economic interest in MER and Trilogy on terms recommended by a recognized independent expert. Both Employer and Employee agree that Employee’s ownership interest in MER and Trilogy has been fully disclosed to Employer and does not violate paragraph 7 of this Agreement.

 

(q)                          For the purposes of this paragraph 7 Employee acknowledges that:

 

(i)                              any reference to the interest of Employer will be taken to include the interest of Sundance and its related bodies corporate, and Employee will have the same regard to the interest of Sundance and its related bodies corporate as to the interest of Employer; and

 

(ii)                           any reference to Employer will be taken to be a reference to Sundance and its related bodies corporate, to the maximum extent permitted by the context.

 

8.                                 Termination

 

(a)                            Employer may terminate Employee’s employment only for “Good Cause”. As used hereunder, “Good Cause” shall mean:

 

7

 

(i)                                willful misconduct which result s in a material breach or substantial failure by Employee to com ply with or perform a material term of this Agreement;

 

(ii)                             Employee’s gross negligence in the performance of his duties for Employer;

 

(iii)                          the commitment of a fraud on Employer, or

 

(iv)                         any conviction of, or plea of nolo contendere to, any felony involving a crime of moral turpitude.

 

In the event of termination for Good Cause, all of Employer’s obligations hereunder shall terminate immediately, except that Employer shall he obligated to pay or accord to Employee the salary, benefits and other compensation provided herein accruing or earned through the date of tennination. Not with standing the foregoing, “Good Cause” shall not be deemed to exist unless Employee has received written notice of termination for Good Cause (which written notice shall state the cause), and, if curable, Employee fails to cure such element of Good Cause within fifteen (15) business days of receipt of such notice or, if longer, such reasonable period as is required to cure such element, provided Employee pursues such cu re diligently.

 

(b)                            In the event of Employee‘s death during the Services Term hereof, this Agreement shall terminate and Employer shall only be obligated to pay Employee’ s estate or legal representative the salary provided for herein to the extent accrued or earned by Employee prior to such event and to accord Employee’s estate or legal representative such accrued benefits and other compensation to which Employee was then entitled at the time of such event.

 

(c)                             In the event Employee is unable to perform substantially the services required of Employee hereunder as a result of any disability due to physical or mental injury, disability or illness and such disability continues for a period of one hundred fifty (150) or more consecutive days or an aggregate of two hundred (200) or more days during any 12 month period during the Services Term hereof. then at any time thereafter while such disability continues, Employer shall have the right, at its option. to terminate Employee’s employment hereunder. Unless and until so terminated. during any period of disability during which Employee is unable to perform the services required of Employee hereunder, Employee’s salary hereunder shall nevertheless be paid. and Employer shall be obligated to pay or accord to Employee the benefits and other compensation provided herein. In the event of a dispute as to whet her the Employee is disabled within the meaning of this paragraph 8(c), or the duration of any disability, either party may request a medical examination of the Employee by a doctor appointed by the Chief of Staff of a hospital selected by mutual agreement of the parties, or as the parties may otherwise agree, and the written medical opinion of such doctor shall be conclusive and binding upon the parties as to whether the Employee has become disabled and the elate when such disability arose. The cost of any such medical examinations shall be borne by Employer.

 

8

 

(d)                            If this Agreement shall be terminated by Employer for any reason, Employee shall have no duty to seek other employment or otherwise mitigate damages, and any compensation or other consideration received by Employee followed by any such termination shall not be offset against any of Employer’s obligations hereunder.

 

(e)                             This Agreement can be terminated by Employee with ninety (90) days written notice to Employer. If Employee so terminates the Agreement pursuant to this pm·agraph 8(e), then this Agreement shall terminate and Employer shall only be obligated to pay Employee the salary provided for herein to the extent accrued or earned by Employee prior to such event and to accord Employee such accrued benefits and other compensation to which Employee was then entitled at the time of such event.

 

(f)                              If, as a direct result of change in the control of Sundance, at the instigation of the Sundance Board Employee suffers a material diminution in his status as Chief Executive Officer of Employer or Managing Director of Sundance or both, including, without limitation, through a material change in his authority in respect of the business of Sundance or any subsidiary of Sundance or in his reporting relationship with the Sundance Board, then:

 

(i)                               Employee may, within two months of such diminution in status. elect by giving two weeks written notice to Employer to treat his employment as being terminated by Employer other than for “Good Cause” under this Agreement;

 

(ii)                             if Employee gives such notice his employment will cease at the end of the period of two weeks written notice; and

 

(iii)                           any cessation of employment will have no effect on the other continuing rights and obligations that are created by this Agreement.

 

9.                                 Assignment

 

Employer may assign this Agreement or al l or any part of its rights and obligations hereunder in connection with any merger, consolidation, sale of all or substantially all of Employer’s assets, or other sale of the business to which this Agreement relates to an acquiring or surviving party that succeeds to all or substantially all of Employer’s business or assets, and this Agreement shall inure to the benefit of such assignee, provided that nothing shall diminish Employee’s lights, status, position or duties hereunder. Such assignment shall not constitute a breach of this Agreement by Employer. Employee acknowledges that this Agreement is a personal services contract and that Employee’s rights and obligations hereunder are not assignable.

 

10.                        Notices

 

All notices, statements and other documents required or desired to be given shall be made in writing and should be made by personal (or messenger) delivery by mail or by telecopier or fax and should be addressed to the parties as follows:

 

9

 

To Employer: Sundance Energy Inc

 

380 Interlocken Crescent
 Suite 601
 Broomfield, Colorado 80021
 Fax: (303) 543-5701

 

To Employee: Eric McCrady

 

I036 South High Street 
 Denver, Colorado 80209

 

Any pmty may change its address for purposes of receiving notices, statements or other documents by a notice to the other pmties. Notice given by mail shall be c.leemed to be given three days after the date of mailing thereof. Notice given by telecopier or fax shall be deemed given upon confirmed receipt. Notice by personal (or messenger) delivery shall be deemed given upon confirmed receipt.

 

II.                            Employer

 

Employee acknowledges that any consent, waiver, negotiation, decision or approval by “Employer” pursuant to this Agreement (including, without limitation, any amendment to this Agreement) may only be made by Employer with the approval of Employer’s Board.

 

12.                       Representations and warranties of Employee

 

Employee hereby represents and wammts that:

 

(a)                            Employee has full power and authority to enter into this Agreement;

 

(b)                            the execution, delivery and performance of this Agreement and the transactions contemplated hereby will not result in a breach of or constitute (with due notice or lapse of time or both) a default under any contact or agreement to which such Employee is a party or by which Employee is bound;

 

(c)                            Employee is uncler no obligations or commitments, whether contractual or otherwise, that are inconsistent with Employee’s obligations under this Agreement.

 

13.                        Specific Enforcement

 

Employee acknowledges that a breach of this Agreement is likely to result in ineparable and unreasonable harm to Employer, and that injunctive relief, as well as damages would be an appropriate remedy.

 

14.                        Arbitration

 

Any dispute or claim arising out of or in connection with any provision of this Agreement will be finally settled by binding ru·bitration in Denver County, Colorado in accordance with the rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules. The arbitrator shall apply Colorado law, without reference to rules of conflicts of law or rules or statutory arbitration, to the

 

10

 

resolution of any dispute. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Not with standing the foregoing. the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision.

 

15.                        Miscellaneous

 

(a)                            This Agreement supersedes all prior or contemporaneous agreements and statements, whether written or oral, concerning the terms of Employee’s employment, and no amendment or modification of this Agreement shall be binding against Employer unless set forth in wiiting signed by Employer and delivered to Employee. No waiver by either party of any breach by the other pruty of any provision or condition of this Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at t he same or any prior or subsequent time.

 

(b)                            The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provisions of this agreement.

 

(c)                             Nothing herein contained shall be construed so as to require the commission of any act contrary to law, and wherever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements.

 

(d)                            This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to any choice of law provision of that state or the laws of any jurisdiction. In accordance with the Immigration Report and Control Act of 1986, employment hereunder is conditioned upon satisfactory proof of Employee’s identity and legal ability to work in the United States.

 

(e)                             All payments and other compensation provided or to be provided to Employee pursuant to this Agreement shall be subject to reduction for withholding requirements in accordance with applicable law.

 

(f)                              This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

(g)                             In the event of any action or suit based upon or arising out of this Agreement. the prevailing party will be entitled to recover reasonable attorneys’ fees and other costs of such action or suit from other party.

 

(h)                            Part or all of any clause of this Agreement that is illegal or unenforceable will be severed from this Agreement and the remaining provisions of this Agreement will continue in force.

 

(i)                                 If this Agreement provides for any payment(s) or benefit(s) that is or are (whether alone or in conjunction with any other payments or benefits):

 

11

 

(i)                                greater than permitted under the Australian Corporations Act 200 I (“Corporations Act”) or the ASX Listing Rules without the need to obtain any form of shareholder approval; or

 

(ii)                             not permitted under the Corporations Act or the ASX Listing Rules,

 

then the payment or benefit will be reduced to the greatest amount permitted (if any), either:

 

(iii)                           without the need for such shareholder approval, or;

 

(iv)                         by the Corporations Act or ASX Listing Rules,

 

or not paid or provided as the case may be and such reduction or non payment or provision will not amount to a breach of this Agreement.  Employer may, in its absolute discretion, apportion such a reduction between any one or more payments or benefits under this Agreement.  For the avoidance of doubt, where:

 

(A)                          shareholder approval has been obtained for Sundance or the Employer (as applicable) to make a payment or provide a benefit to the Employee, including but not limited to any issue of shares, options or other securities by Sundance; and

 

(B)                          that payment or benefit is permitted under the Corporations Act and the ASX Listing Rules,

 

this paragraph I 5(i) will not apply to Sundance or the Employer providing that payment or benefit to the Employee.

 

[SIGNATURE PAGE FOLLOWS]

 

12

 

IN WITNESS WHEREOF. the pm1ies hereto have executed this Agreement as of the day and year first above written.

 

	
Employer:
    	
Employee: 
    
	
 
    	
 
    
	
Sundance Energy   Inc
    	
Eric McCrady
    
	
 
    	
 
    
	
BY:
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
ITS: Manager
    	
 
    
				

 

13EX-10.22

 Exhibit 10.22 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into as of November     , 2012 between Applied Genetic Technologies Corporation, a Delaware corporation (the “Company”), and [Director] (“Indemnitee”). 

RECITALS: 

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

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to
attract and retain qualified individuals to serve on its Board or in other capacities, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries
from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and
trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly
subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The certificate of incorporation of the Company
authorizes and the Bylaws of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware
(“DGCL”). The Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the
board of directors, officers and other persons with respect to indemnification; 
 WHEREAS, the uncertainties relating
to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons to serve on the Board and to serve the Company in other capacities; 

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

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

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

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

WHEREAS, Indemnitee is a representative of [Fund Name] and has certain rights to indemnification and/or insurance
provided by [Fund Name] which Indemnitee and [Fund Name] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a
material condition to Indemnitee’s willingness to serve on the Board. 

 AGREEMENT: 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as an officer or director after
the date hereof, the parties hereto agree as follows: 
 1. Indemnity of Indemnitee. The Company hereby agrees to hold harmless and
indemnify Indemnitee to the fullest extent permitted by the DGCL, as such may be amended from time to time. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to indemnify Indemnitee to any greater extent
than may be required by the DGCL, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof: 

(a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification
provided in this Section l(a) if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or
in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and, subject to Section 6(h), amounts paid in settlement
actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful. 

(b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this
Section 1(b) if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b),
Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as
to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Delaware Court (defined below) shall determine that such indemnification may be made. 

(c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to
time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of
this Section 1(c) and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

(d) Indemnification of Appointing Stockholder. If (i) Indemnitee is or was affiliated with one or more venture capital funds that
has invested in the Company (an “Appointing Stockholder”), (ii) the Appointing Stockholder is, or is threatened to be made, a party to or a participant in any Proceeding, and (iii) the Appointing Stockholder’s
involvement in the Proceeding results from any claim based on the Indemnitee’s service to the Company as a director or other fiduciary of the Company, the Appointing Stockholder will be entitled to indemnification hereunder for Expenses to the
same extent as Indemnitee, and the terms of this Agreement as they relate to procedures for indemnification of 

  
 2 

 
Indemnitee and advancement of Expenses shall apply to any such indemnification of Appointing Stockholder. The rights provided to the Appointing Stockholder under this Section 1(d)
shall (i) be suspended during any period during which the Appointing Stockholder does not have a representative on the Company’s Board and (ii) terminate on an initial public offering of the Company’s Common Stock; provided,
however, that in the event of any such suspension or termination, the Appointing Stockholder’s rights to indemnification will not be suspended or terminated with respect to any Proceeding based in whole or in part on facts and circumstances
occurring at any time prior to such suspension or termination regardless of whether the Proceeding arises before or after such suspension or termination. The Company and Indemnitee agree that the Appointing Stockholder is an express third party
beneficiary of the terms of this Section 1(d). 
 2. Additional Indemnity. In addition to, and without regard to any
limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and, subject to
Section 6(h), amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a
Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations
pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to
be unlawful. 
 3. Contribution. 

(a) Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened,
pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), to the fullest extent permitted under applicable law the Company shall pay, in the
first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides
for a full and final release of all claims asserted against Indemnitee. 
 (b) Without diminishing or impairing the obligations of
the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), to the fullest extent permitted under applicable law the Company shall contribute to the amount of Expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than
Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding arose;
provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to applicable law, be further adjusted by reference to the relative fault of the Company and all officers, directors or
employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that
resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the
Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if 

  
 3 

 
joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. 

(c) To the fullest extent permitted under applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless
from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

(d) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for
Expenses, in connection with any claim relating to an what would otherwise be an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to
reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 4. Indemnification for Expenses of a
Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not
a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 

5. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance to the extent not
prohibited by applicable law all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or
statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence each of the Expenses incurred by Indemnitee for
which he seeks advancement and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against
such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this
Section 5 shall be subject to the condition that, if, when and to the extent that the Company determines that Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be entitled to be reimbursed,
within thirty (30) days of such determination, by Indemnitee (who 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 made by the Company that Indemnitee should be indemnified under applicable law, any determination made by the Company 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 advance of Expenses until a final judicial determination is made with respect thereto (and as to which all rights of appeal therefrom
have been exhausted or lapsed). This Section shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9. 

6. Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for
Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. 

  
 4 

 
Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this
Agreement: 
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall,
promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide
such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company. 

(b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a
determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at the election of the Board: (i) by a majority vote of
the Disinterested Directors (as hereinafter defined), even though less than a quorum, or by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (ii) if there are
no Disinterested Directors or if the Disinterested Directors so direct, by independent legal counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iii) if so directed by the Board, by the
stockholders of the Company. 
 (c) If the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the Board and written notice of such selection shall be given to the
Indemnitee. Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected by the Board shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by
the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel
was selected or appointed. 
 (d) In making a determination with respect to entitlement to indemnification hereunder, the person or
persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and
convincing evidence. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification

  
 5 

 
is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(e) To the maximum extent permitted by applicable law, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice
of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition,
the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the
foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(f) If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall to the fullest extent permitted by applicable
law be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and
provided, further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if
(A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at
an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the
purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat. 

(g) Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the
Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

(h) 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 

  
 6 

 
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. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
 (i)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or,
with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 
 7. Remedies of
Indemnitee. 
 (a) In the event that (i) a determination is made pursuant to Section 6 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made
pursuant to Section 6(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after
receipt by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to
have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in the Delaware Court of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an
adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 

(b) In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse
determination under Section 6(b). 
 (c) If a determination shall have been made pursuant to Section 6(b) of
this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to
recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types
described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of expenses or insurance recovery. 
 (e) The Company shall be precluded from asserting in any judicial
proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this
Agreement. The Company shall indemnify Indemnitee against any and all Expenses 

  
 7 

 
and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such expenses to
Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company if Indemnitee’s request is preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any such Expenses if Indemnitee ultimately is determined not to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be. 
 (f) Notwithstanding anything in this Agreement to the contrary,
no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding. 

8. Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation. 

(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Certificate of Incorporation of the Company, the Bylaws, any agreement, a vote of stockholders, a resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of
any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation of the Company, Bylaws and this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other right or remedy. 
 (b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the
Company, 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 director, officer, employee, agent or fiduciary under such policy or policies. If, at the
time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in
accordance with the terms of such policies. 
 (c) The Company hereby acknowledges that Indemnitee has certain rights to
indemnification, advancement of expenses and/or insurance provided by [Fund Name] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first
resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall
be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the
terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it
irrevocably waives, relinquishes and releases the Fund Indemnitors from any 

  
 8 

 
and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the
Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms hereof. 

(d) Except as provided in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Fund Indemnitors), who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights. 
 (e) Except as provided in paragraph (c) above,
the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise. 
 (f) Except as provided in paragraph (c) above, the Company’s obligation to indemnify or advance Expenses
hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any
amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 

9. Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under
this Agreement to indemnify Indemnitee in connection with any claim made against Indemnitee: 
 (a) for which payment has actually
been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not
affect the rights of Indemnitee or the Fund Indemnitors set forth in Section 8(c) above; or 
 (b) for an accounting of
profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; or 
 (c) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including
without limitation any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board of the Company authorized Indemnitee to bring the
Proceeding (or to bring any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 

10. Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so
long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or
expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and 

  
 9 

 
their respective successors (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),
assigns, spouses, heirs, executors and personal and legal representatives. 
 11. Security. To the extent requested by Indemnitee and
approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security,
once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee 
 12. Enforcement.

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

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

(c) The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or
limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement. 
 13. Definitions. For
purposes of this Agreement: 
 (a) “Corporate Status” describes the status of a person who is or was a
director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the
Company. 
 (b) “Delaware Court” means the Court of Chancery of the State of Delaware. 

(c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee. 
 (d) “Enterprise” means the Company and any
other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary. 

(e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall
include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount
of judgments or fines against Indemnitee. 
 (f) “Independent Counsel” means a law firm, or a member of a law
firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to
matters concerning Indemnitee under this Agreement, or of other indemnitees under 

  
 10 

 
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to
this Agreement or its engagement pursuant hereto. 
 (g) “Proceeding” includes any threatened, pending or
completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and
whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his part while
acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on
or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement. 

14. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of
any other provision. Further, the invalidity or unenforceability of any provision hereof as to either Indemnitee or Appointing Stockholder shall in no way affect the validity or enforceability of any provision hereof as to the other. Without
limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee and Appointing Stockholder indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

15. Modification and Waiver. No supplement, modification, termination 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.

 16. Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise
receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

17. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business
day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent: (x) to Indemnitee at the address set forth below Indemnitee’s signature hereto, and (y) to the Company at the address set forth below the Company’s
signature hereto, or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

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

  
 11 

 
Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 
 19. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 20. Governing Law
and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court
in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) irrevocably appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, The Corporation Service, 2711 Centreville Road, Suite 400, Wilmington, Delaware 19808, as its agent in the State of
Delaware for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection
to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum. 
 21. Entire Agreement. This Agreement and the Company’s certificate of incorporation and Bylaws
constitute the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.
Upon the effectiveness of this Agreement, any prior indemnification agreement between the parties shall terminate and be of no further force and effect and shall be superseded and replaced in its entirety by this Agreement. 

* * * * * * 

  
 12 

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

			
	COMPANY:
	
	APPLIED GENETIC TECHNOLOGIES CORPORATION
		
	By:	 	  

		 	Susan B. Washer
		 	President and Chief Executive Officer
		
	Address:	 	11801 Research Drive
		 	Suite D
		 	Alachua, FL 32615
	
	INDEMNITEE:
	
	  

	Name:	 	
		
	Address:	 	  

		 	  

		 	  

		 	  

		 	  

	Facsimile:	 	  

	E-mail:	 	  

 Applied Genetic Technologies Corporation 

Indemnification Agreement 

- Signature Page -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]