Document:

EX-10.4

 EXHIBIT 10.4 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement is effective as of [●], 2018, (this “Agreement”) and is between AFG Holdings, Inc., a
Delaware corporation (the “Company”), and the undersigned director/officer of the Company (the “Indemnitee”). 

Background 
 The
Company believes that, in order to attract and retain highly competent persons to serve as directors or in other capacities, including as officers, it must provide such persons with adequate protection through indemnification against the risks of
claims and actions against them arising out of their services to and activities on behalf of the Company. 
 The Company desires and has
requested the Indemnitee to serve as a director and/or officer of the Company and, in order to induce the Indemnitee to serve in such capacity, the Company is willing to grant the Indemnitee the indemnification provided for herein. Indemnitee is
willing to so serve on the basis that such indemnification be provided. 
 The parties to this Agreement desire to set forth their agreement
regarding indemnification and the advancement of expenses. 
 In consideration of Indemnitee’s service to the Company and the covenants
and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows. 

Section 1. Indemnification. To the fullest extent permitted by the General Corporation Law of the State of Delaware (the
“DGCL”), the Company shall indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party to, or is otherwise involved in, as a witness or otherwise, any threatened, pending or completed action, suit or
proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a
director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes
hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged
to have been taken or omitted in any such capacity. The indemnification provided by this Section 1 shall be from and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals. 

Section 2. Advance Payment of Expenses. To the fullest extent permitted by the DGCL, expenses (including attorneys’ fees) incurred by
Indemnitee in appearing at, participating in or defending any action, suit or proceeding or in connection with an enforcement action as contemplated by Section 3(e), shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding within thirty (30) days after receipt by the Company of a statement 

 
or statements from Indemnitee requesting such advance or advances from time to time. The Indemnitee hereby undertakes to repay any amounts advanced (without interest) to the extent that it is
ultimately determined 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 the execution of this Agreement. This
Section 2 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 6. 

Section 3. Procedure for Indemnification; Notification and Defense of Claim. Promptly after receipt by Indemnitee of notice of the threat
or commencement of any action, suit or proceeding, Indemnitee shall, if a claim in respect thereof is to be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the Company of
the commencement of the action, suit or proceeding, or of Indemnitee’s request for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and
materially prejudiced in its defense of such action, suit or proceeding as a result of such failure. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor including such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification. 

(a) With respect to any action, suit or proceeding of which the Company is so notified as provided in this Agreement, the Company shall,
subject to the last two sentences of this paragraph, be entitled to assume the defense of such action, suit or proceeding, with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so.
After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged
by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on the advice of
his or her counsel, shall have reasonably concluded (with written notice being given to the Company setting forth the basis for such conclusion) that, in the conduct of any such defense, there is or is reasonably likely to be a conflict of interest
or position between the Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee, to assume such defense. In addition, the Company will not be entitled, without the
written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 
 (b) To the fullest extent
permitted by the DGCL, the Company’s assumption of the defense of an action, suit or proceeding in accordance with paragraph (a) above will constitute an irrevocable acknowledgement by the Company that any loss and liability
suffered by Indemnitee and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Company under
Section 1 of this Agreement. 
 (c) The determination whether to grant Indemnitee’s indemnification request
shall be made promptly and in any event within thirty (30) days following the Company’s receipt of a request for indemnification in accordance with Section 3. If the Company determines that

  
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Indemnitee is entitled to such indemnification or, as contemplated by paragraph (b) above, the Company has acknowledged such entitlement, the Company will make payment to Indemnitee
of the indemnifiable amount within such thirty (30) day period. If the Company is not deemed to have so acknowledged such entitlement or the Company’s determination of whether to grant Indemnitee’s indemnification request shall not
have been made within such thirty (30) day period, the requisite determination of entitlement to indemnification shall, subject to Section 6, nonetheless 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 the DGCL. 
 (d) In the event that (i) the Company determines in accordance with
this Section 3 that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or make a determination of
entitlement to indemnification within thirty (30) days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made within such thirty (30) day period, (iv) advancement of
expenses is not timely made in accordance with Section 2, or (v) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or
other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of his
or her entitlement to such indemnification or advancement of expenses. Indemnitee’s expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of
expenses, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Company to the fullest extent permitted by the DGCL. 

(e) Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses under this Agreement upon submission of a
request therefor in accordance with Section 2 or Section 3 of this Agreement, as the case may be. The Company shall have the burden of proof in overcoming such presumption, and such presumption
shall be used as a basis for a determination of entitlement to indemnification and advancement of expenses unless the Company overcomes such presumption by clear and convincing evidence. 

Section 4. Insurance and Subrogation. The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of
insurance with reputable insurance companies providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of the fact that Indemnitee is or was or has agreed to serve as
a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes
hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or arising out of Indemnitee’s
status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. Such insurance policies shall have coverage terms and policy limits at least as favorable to
Indemnitee as the insurance coverage provided to any other director or officer of the Company. If the Company has such insurance in effect at the time 

  
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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 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. 
 (a) Subject to Section 9(b), in the event of any payment by the
Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee 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 in accordance with the terms of such insurance policy. The Company shall pay or reimburse all expenses
actually and reasonably incurred by Indemnitee in connection with such subrogation. 
 (b) Subject to
Section 9(b), the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and excise
taxes or penalties relating to the Employee Retirement Income Security Act of 1974, as amended) if and to the extent that Indemnitee has otherwise actually received such payment under this Agreement or any insurance policy, contract, agreement or
otherwise. 
 Section 5. Certain Definitions. For purposes of this Agreement, the following definitions shall apply. 

(a) The term “action, suit or proceeding” shall be broadly construed and shall include, without limitation, the
investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit, arbitration, alternative dispute mechanism or proceeding, whether
civil, criminal, administrative or investigative. 
 (b) The term “by reason of the fact that Indemnitee is or was or has agreed to
serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for
purposes hereof, shall include a trustee, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise” shall be broadly construed
and shall include, without limitation, any actual or alleged act or omission to act. 
 (c) The term “expenses” shall be
broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, appeal bonds, other out-of-pocket costs and reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company or any third party), actually and
reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of an action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a
claim that is indemnifiable hereunder. 

  
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 (d) The term “judgments, fines and amounts paid in settlement” shall be broadly
construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever, as well as any penalties or excise taxes assessed on a person with respect to an employee benefit plan). 

Section 6. Limitation on Indemnification. Notwithstanding any other provision herein to the contrary, including, without limitation,
Section 1 and Section 3(b), the Company shall not be obligated pursuant to this Agreement: 

(a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to an action, suit or proceeding (or
part thereof), however denominated, initiated by Indemnitee, other than (i) an action, suit or proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this Agreement (which shall be governed by the
provisions of Section 6(b) of this Agreement) and (ii) an action, suit or proceeding (or part thereof) that was authorized or consented to by the board of directors of the Company, it being understood and agreed that
such authorization or consent shall not be unreasonably withheld in connection with any compulsory counterclaim brought by Indemnitee in response to an action, suit or proceeding otherwise indemnifiable under this agreement. 

(b) Action for Indemnification. To indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any action, suit or
proceeding instituted by Indemnitee to enforce or interpret this Agreement, unless Indemnitee is successful in such action, suit or proceeding in establishing Indemnitee’s right, in whole or in part, to indemnification or advancement of
expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by the DGCL), or unless and to the extent that the court in such action, suit or proceeding shall determine that, despite
Indemnitee’s failure to establish his or her right to indemnification, Indemnitee is entitled to indemnification for such expenses; provided, however, that nothing in this Section 6(b) is intended to
limit the Company’s obligations with respect to the advancement of expenses to Indemnitee in connection with any such action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement, as provided in
Section 2 hereof. 
 (c) Section 16(b) Matters. To indemnify Indemnitee on account of
any suit in which judgment is rendered against Indemnitee for disgorgement of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934,
as amended. 
 (d) Fraud or Willful Misconduct. To indemnify Indemnitee on account of conduct by Indemnitee where such conduct has
been determined by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal
must be filed has expired without such filing to have been knowingly fraudulent or constitute willful misconduct. 
 (e) Prohibited by
Law. To indemnify Indemnitee in any circumstance where such indemnification has been determined by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which
there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing to be prohibited by law. 

  
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 Section 7. Certain Settlement Provisions. The Company shall have no obligation to indemnify
Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without the Company’s prior written consent. The Company shall not settle any action, suit or proceeding in any manner that would impose any
fine or other obligation on Indemnitee without Indemnitee’s prior written consent. Neither the Company nor Indemnitee will unreasonably withhold his, her, its or their consent to any proposed settlement. 

Section 8. Savings Clause. If any provision or provisions (or portion thereof) of this Agreement shall be invalidated on any ground by any
court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party or is otherwise involved in any threatened, pending or completed action, suit or proceeding
(brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a director,
officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall
include a trustee, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or
omitted in such capacity, from and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with such
action, suit or proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated. 

Section 9. Contribution/Jointly Indemnifiable Claims. 

(a) In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held by a
court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by the DGCL, contribute to the payment of all of Indemnitee’s loss and
liability suffered and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with any action, suit or proceeding, including any appeals, in an
amount that is just and equitable in the circumstances; provided, that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set
forth in Section 4(c), 6 (other than clause (e)) or 7 hereof. 
 (b) Given that certain
jointly indemnifiable claims may arise due to the service of the 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 the Indemnitee in respect of indemnification or 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 the Indemnitee may have from the Indemnitee-related entities. Under no circumstance shall the 

  
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Company be entitled to any right of subrogation against or contribution by the Indemnitee-related entities and no right of advancement, indemnification or recovery the Indemnitee may have from
the Indemnitee-related entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-related entities shall make any payment to the 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 the 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. The Company and Indemnitee agree that each of the Indemnitee-related entities shall be third-party beneficiaries with respect to this
Section 9(b), entitled to enforce this Section 9(b) as though each such Indemnitee-related entity were a party to this Agreement. For purposes of this Section 9(b), the
following terms shall have the following meanings: 
 (i) The term “Indemnitee-related entities” 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 Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom 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). 
 (ii) The term “jointly indemnifiable claims” shall be broadly construed and shall include,
without limitation, any action, suit or proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both the Indemnitee-related entities and the Company pursuant to the DGCL, any agreement or the
certificate of incorporation, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company or the Indemnitee-related entities, as applicable.

 Section 10. Form and Delivery of Communications. All notices, requests, demands and other communications under this Agreement shall be
in writing and shall be deemed to have been duly given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt or (d) sent by email or facsimile
transmission, with receipt of oral or written confirmation that such transmission has been received. Notice to the Company shall be directed to Thomas Giles, Executive Vice President, General Counsel and Secretary, by mail to AFG Holdings, Inc., 945
Bunker Hill Road, Suite 500, Houston, TX 77024. Notice to Indemnitee shall be directed to Indemnitee’s contact information on file with the Company’s Secretary or its Human Resources Department. 

  
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 Section 11. Nonexclusivity. The provisions for indemnification and advancement of expenses set
forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of law, in any court in which a proceeding is brought, other agreements or otherwise, and Indemnitee’s rights hereunder
shall inure to the benefit of the heirs, executors and administrators of Indemnitee. No amendment or alteration of the Company’s Certificate of Incorporation or Bylaws or any other agreement shall adversely affect the rights provided to
Indemnitee under this Agreement. 
 Section 12. No Construction as Employment Agreement. Nothing contained herein shall be construed as
giving Indemnitee any right to be retained as a director of the Company or in the employ of the Company. For the avoidance of doubt, the indemnification and advancement of expenses provided under this Agreement shall continue as to the Indemnitee
even though he may have ceased to be a director, officer, employee or agent of the Company. 
 Section 13. Interpretation of Agreement.
It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by the DGCL. 

Section 14. Entire Agreement. This Agreement and the documents expressly referred to herein constitute the entire agreement between the
parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement. 

Section 15. Modification and Waiver. No supplement, modification, waiver 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 provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. For
the avoidance of doubt, this Agreement may not be terminated by the Company without Indemnitee’s prior written consent. 
 Section 16.
Successor and Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors,
administrators and legal representatives. The Company shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of such Indemnitor, by
written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had
taken place. 
 Section 17. Service of Process and Venue. 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 Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal
court in the United States of America or any court in any other country, (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) appoint, to the extent such party is not otherwise subject to service of process in the State of 

  
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 Delaware, irrevocably Corporation Service Company, New Castle County, Wilmington, Delaware 19808 as its agent in
the State of Delaware as such party’s agent 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. 
 Section 18. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Company of Indemnitee, then the
indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 

Section 19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and
all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

Section 20. Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. 

  
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 This Agreement has been duly executed and delivered to be effective as of the date first above
written. 
  

									
	Company:	  		 	Indemnitee:
			
	AFG HOLDINGS, INC.	  		 	

									
					
	By:	 	  
	    		 	By:	 	  

	Name:	 		    		 	Name:	 	
	Title:	 		    		 	Title:	 	

  
 Signature Page to
Indemnification AgreementEX-10.8

 EXHIBIT 10.8 

AFG HOLDINGS, INC. 

NONQUALIFIED STOCK OPTION AGREEMENT 

This NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made as of September 11, 2017 (the “Date of
Grant”) by and between AFG Holdings, Inc., a Delaware corporation (the “Company”), and Curtis Samford (“Optionee”). As a condition precedent to the Company’s grant of the Option (as defined in
Section 2 of this Agreement) to Optionee, 
 (i)    Optionee is executing and delivering a counterpart of the Stockholders Agreement
between the Company and certain of its stockholders, dated June 8, 2017, as the same may be amended from time to time (the “Stockholders Agreement”) and thereby agrees to be bound by the Stockholders Agreement as a
“Holder” thereunder, and (ii) Optionee has purchased a number of shares of common stock of the Company (“Common Stock”) with an aggregate value as of the Date of Grant of $499,995. 

1. Certain Definitions. As used in this Agreement: 

(a) “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlled” has the meaning correlative thereto. 

(b) “Change of Control” means (i) the consummation of a transaction, whether in a single transaction or in a series of
related transactions, with an independent third party or a group of independent third parties pursuant to which such party or parties (A) acquire (whether by merger, consolidation, or transfer or issuance of equity interests or otherwise)
equity interests of the Company (or any surviving or resulting company) possessing the voting power to elect a majority of the Board of Directors (the “Board”) of the Company (or such surviving or resulting company) or
(B) acquire assets constituting all or substantially all of the assets of the Company and its subsidiaries (as determined on a consolidated basis), or (ii) the consummation of a transaction whereby any combination of Permitted Holders
sells or transfers, whether in a single transaction or in a series of related transactions, to an independent third party or a group of independent third parties, pursuant to which such party or parties acquire equity interests of the Company
representing, directly or indirectly, in the aggregate greater than 50% of the ordinary voting power represented by the issued and outstanding equity of the Company held by the Permitted Holders in the aggregate as of the date hereof. 

(c) “Equity Interests” means, with respect to any Person, all of the shares, interests, rights, participations or other
equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing
(including through convertible securities). 
 (d) “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 

 (e) “Market Value per Share” means the fair market value of a share of Common
Stock as determined by the Board in good faith by applying a reasonable valuation methodology and without applying a minority interest, lack of liquidity or other similar discount. 

(f) “Net Equity Value” means, as of the date of a Change of Control, the Company’s equity value as determined by the
Board, in its sole discretion, on the basis of amounts received by the Company’s stockholders in connection with the Change of Control, after the payment of all outstanding debt and expenses and assuming the exercise of all in-the- money options, warrants or other rights to purchase shares of Common Stock. 

(g) “Permanent Disability” means that Optionee, because of accident, disability or physical or mental illness, is incapable
of performing Optionee’s duties to the Company or any of its subsidiaries, as determined by the Board. Notwithstanding the foregoing, Optionee will be deemed to have become incapable of performing Optionee’s duties to the Company or any of
its subsidiaries, if, and only if, Optionee is incapable of so doing for (i) a continuous period of 90 days and remains so incapable at the end of such 90 day period or (ii) periods amounting in the aggregate to 180 days within any one
period of 365 days and remains so incapable at the end of such aggregate period of 180 days. 
 (h) “Permitted Holders”
means any Person (i) owning Equity Interests in the Company as of the date hereof and (ii) having appointed at least one member of the Board of the Company serving in such capacity as of the date hereof, and such Person’s Affiliates.

 (i) “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 (j) “Qualifying Termination” means the termination of
Optionee’s employment as a result of a Termination Without Cause, a Termination For Good Reason, or Optionee’s death or Permanent Disability. 

(k) “Termination For Cause” means the termination by the Company or any of its subsidiaries of Optionee’s employment
with the Company or any of its subsidiaries as a result of (i) the willful and continued failure of Optionee diligently to perform Optionee’s duties with the Company or any of its subsidiaries (other than any failure due to physical or
mental incapacity) ten (10) days after written notice of such failure has been given to Optionee by the Company or any of its Affiliates, (ii) gross negligence or willful misconduct by Optionee which causes material injury, monetary or
otherwise, to the Company or any of its Affiliates, (iii) Optionee’s indictment for, or conviction or entry of a plea of guilty or nolo contendere to (A) any felony or (B) any crime (whether or not a felony) involving moral
turpitude, fraud, theft, breach of trust or other similar acts that has a substantial and adverse effect on Optionee’s qualifications or ability to perform Optionee’s duties, (iv) intentional action by Optionee which Optionee knows
would not comply with the laws of the United States or any other jurisdiction applicable to Optionee’s actions on behalf of the Company or any of its subsidiaries, including specifically, without limitation, the United States Foreign Corrupt
Practices Act, generally codified in 15 U.S.C. 78 (the “FPCA”), as the FCPA may hereafter be amended, and/or its successor statutes, or (v) Optionee’s use of illegal drugs or habitual drunkenness. 

  
 2 

 (l) “Termination For Good Reason” means a termination by Optionee of
Optionee’s employment with the Company or any of its subsidiaries in connection with or based upon and within ninety (90) days of one of the following events (occurring in the absence of Optionee’s signed written consent): (i)
reduction of Optionee’s base salary or annual bonus percentage opportunity in such a manner so that Optionee will not be entitled to receive substantially the same base salary and annual bonus opportunity, other than as a result of a general
across the board salary reduction applicable to all senior executives of the Company or any of its subsidiaries; (ii) relocation of Optionee’s primary place of work by more than fifty (50) miles; or (iii) any material diminution
in Optionee’s duties, roles, title, reporting lines or responsibilities, which shall not include removal as a member of the Board or any similar governing body of any subsidiary of the Company, failure to be reelected as Chairman of the Board
or any similar governing body of any subsidiary of the Company or failure to be reelected as a member of the Board or any similar governing body of any subsidiary of the Company, in each of cases (i) through (iii), which is not cured within
thirty (30) days following the Company’s or the applicable subsidiary’s receipt of written notice from Optionee describing the event giving rise to such Termination For Good Reason, and provided that Optionee terminates employment
within thirty (30) days after the end of such cure period. 
 (m) “Termination Without Cause” means the termination by
the Company or any of its subsidiaries of Optionee’s employment with the Company or any of its subsidiaries for any reason other than a termination for Permanent Disability or a Termination For Cause. 

(n) “Vested Option Shares” means the Option Shares with respect to which the Option has become exercisable. 

(o) “Voluntary Termination” means Optionee’s termination of Optionee’s employment with the Company or any of its
subsidiaries for any reason, other than a Termination For Good Reason. 
 2. Grant of Stock Option. Subject to and upon
the terms, conditions and restrictions set forth in this Agreement, the Company hereby grants to Optionee an option (the “Option”) to purchase 222,000 shares of Common Stock (the “Option Shares”). The Option may be
exercised from time to time in accordance with the terms of this Agreement. The Option Shares may be purchased pursuant to this Option at a price of $45 per share, subject to adjustment as hereinafter provided (the “Option Price”).
The Option is intended to be a nonqualified stock option and shall not be treated as an “incentive stock option” within the meaning of that term under Section 422 of the Internal Revenue Code, or any successor provision thereto. 

3. Term of Option. The term of the Option shall commence on the Date of Grant and, unless earlier terminated in
accordance with Section 7 hereof, shall expire ten (10) years from the Date of Grant. 
 4. Right to Exercise.
Unless terminated as hereinafter provided, the Option shall be exercisable only as follows: 
 (a) The Option shall become exercisable
with respect to 40% of the Option Shares (the “Time Vested Option Shares”) only as follows: The Option shall become exercisable with respect to 20% of the Time Vested Option Shares on each of the first five (5) anniversaries

  
 3 

 
of the Date of Grant if Optionee remains in the continuous employ of the Company or any of its subsidiaries as of each such date; provided, however, that the Option shall become
exercisable with respect to all of the Time Vested Option Shares upon the occurrence of a Change of Control, if Optionee remains in the continuous employ of the Company or any of its subsidiaries until the date of such Change of Control. 

(b) The Option shall become exercisable with respect to the remaining 60% of the Option Shares (the “Performance Vested Option
Shares”) only as follows: 
 (i) The Option shall become exercisable with respect to 25% of the Performance Vested
Option Shares if (x) a Change of Control occurs, (y) Optionee remains an employee of the Company or any of its subsidiaries until the date of such Change of Control, and (z) the Net Equity Value as of the date of such Change of
Control equals or exceeds $600,000,000. 
 (ii) The Option shall become exercisable with respect to an additional 25% of the
Performance Vested Option Shares if (x) a Change of Control occurs, (y) Optionee remains an employee of the Company or any of its subsidiaries until the date of such Change of Control, and (z) the Net Equity Value as of the date of
such Change of Control equals or exceeds $800,000,000. 
 (iii) The Option shall become exercisable with respect to an
additional 25% of the Performance Vested Option Shares if (x) a Change of Control occurs, (y) Optionee remains an employee of the Company or any of its subsidiaries until the date of such Change of Control, and (z) the Net Equity
Value as of the date of such Change of Control equals or exceeds $1,000,000,000. 
 (iv) The Option shall become exercisable
with respect to the remaining 25% of the Performance Vested Option Shares if (x) a Change of Control occurs, (y) Optionee remains an employee of the Company or any of its subsidiaries until the date of such Change of Control, and
(z) the Net Equity Value as of the date of such Change of Control equals or exceeds $1,200,000,000. 
 Notwithstanding the foregoing,
if Optionee’s employment with the Company or any of its subsidiaries terminates on or following the second anniversary of the Date of Grant as a result of a Qualifying Termination, the Option shall become exercisable upon such Qualifying
Termination with respect to a number of Performance Vested Option Shares in an amount equal to (I) the number of Performance Vested Option Shares that would have become exercisable, as determined by the Board, if a Change of Control had
occurred on the date of such Qualifying Termination, multiplied by (II) a percentage equal to the percentage of Time Vested Option Shares that have become exercisable pursuant to Section 4(a) as of such Qualifying Termination. 

(c) Optionee shall not be entitled to acquire a fraction of one Option Share pursuant to this Option. Optionee shall be entitled to the
privileges of ownership with respect to Option Shares purchased and delivered to Optionee upon the exercise of all or part of this Option. 

  
 4 

 5. Option Nontransferable. Optionee may not transfer or assign all or any
part of the Option other than by will or by the laws of descent and distribution. This Option may be exercised, during the lifetime of Optionee, only by Optionee, or in the event of Optionee’s legal incapacity, by Optionee’s guardian or
legal representative acting on behalf of Optionee in a fiduciary capacity under state law and court supervision. 
 6. Notice of
Exercise; Payment. 
 (a) To the extent then exercisable, the Option may be exercised in whole or in part by written notice to the
Company stating the number of Option Shares for which the Option is being exercised and the intended manner of payment. The date of such notice shall be the exercise date. Payment equal to the aggregate Option Price of the Option Shares being
purchased pursuant to an exercise of the Option must be tendered in full with the notice of exercise to the Company in cash in the form of currency or check or by wire transfer as directed by the Company. Notwithstanding the immediately preceding
sentence, to the extent then exercisable, the Option may be exercised upon a Change of Control in whole or in part through a “cashless exercise” pursuant to which Optionee could satisfy all or a portion of the Option Price (but not the
withholding tax) through the surrender of a portion of the Option Shares to be delivered in satisfaction of the Option Price, based on the then-current Market Value per Share. 

(b) As soon as practicable upon the Company’s receipt of Optionee’s notice of exercise and payment, the Company shall direct the due
issuance of the Option Shares so purchased. 
 (c) As a further condition precedent to the exercise of this Option in whole or in part,
Optionee shall comply with all regulations and the requirements of any regulatory authority having control of, or supervision over, the issuance of the shares of Common Stock and in connection therewith shall execute any documents which the Board
shall in its sole discretion deem necessary or advisable. 
 7. Termination of Agreement. The Agreement and the Option
granted hereby shall terminate automatically and without further notice on the earliest of the following dates: 
 (a) Ninety (90) days
after Optionee’s Qualifying Termination or Voluntary Termination; provided, however, that it shall be a condition to the exercise of the Option in the event of Optionee’s death that the Person exercising the Option shall
(i) have agreed in a form satisfactory to the Company to be bound by the provisions of this Agreement and the Stockholders Agreement and (ii) comply with all regulations and the requirements of any regulatory authority having control of,
or supervision over, the issuance of the shares of Common Stock and in connection therewith shall execute any documents which the Board shall in its sole discretion deem necessary or advisable; 

(b) The date of Optionee’s Termination For Cause; or 

(c) Ten (10) years from the Date of Grant. 

In the event that Optionee’s employment is terminated in the circumstances described in Section 7(b) hereof, this Agreement shall
terminate at the time of such termination notwithstanding 

  
 5 

 
any other provision of this Agreement, and Optionee’s Option will cease to be exercisable to the extent exercisable as of such termination and will not be or become exercisable after such
termination. Optionee shall be deemed to be an employee of the Company or any of its subsidiaries if on a leave of absence approved by the Board. Notwithstanding anything herein to the contrary, upon Optionee’s termination of employment for any
reason, any Option Shares that have not vested and become exercisable as of the date of such termination shall expire and terminate. Any portion of the Option that does not become exercisable upon a Change of Control or a Qualifying Termination in
accordance with Section 4(b) shall immediately terminate upon such Change of Control or Qualifying Termination. 
 8.
Repurchase Rights. The Company shall have the following rights with respect to any shares of Common Stock beneficially owned by Optionee and any Option Shares held by Optionee: 

(a) Qualifying Termination. Upon Optionee’s Qualifying Termination, the Company, at its election, shall have the option to require
Optionee and each and every direct or indirect transferee of Optionee (each, a “Transferee”) to sell all (but not less than all) of (i) the shares of Common Stock beneficially owned by Optionee and Optionee’s Transferees,
if any, at a price per share of Common Stock equal to the Market Value per Share and (ii) the Vested Option Shares held by Optionee at a price per Vested Option Share equal to the difference between the Market Value per Share subject thereto,
minus the Option Price. 
 (b) Termination For Cause. Voluntary Termination and Violation of Restrictive Covenants. Upon
Optionee’s Termination For Cause, Voluntary Termination or on the date on which Optionee violates (i) Optionee’s confidentiality obligations with respect to the Company’s or any of its subsidiaries’ confidential information,
knowledge or data, or (ii) Optionee’s agreement to not engage in competition, if any, with the Company or any of its subsidiaries, the Company, at its election, shall have the option to require Optionee and Optionee’s Transferees, if
any, to (x) sell all (but not less than all) of the shares of Common Stock beneficially owned by Optionee and Optionee’s Transferees, if any, at a price equal to the lesser of (I) the original price paid by Optionee to acquire such
shares of Common Stock or (II) a price per share of Common Stock equal to the Market Value per Share and (y) surrender all Vested Option Shares held by Optionee without the payment of consideration therefor. 

This Section 8 shall survive any termination of this Agreement. If Optionee objects to the Board’s determination of the Market Value
per Share for purposes of this Section 8, the Company shall cause a nationally or regionally recognized valuation firm selected by the Company to review such determination, and such valuation firm’s determination of the Market Value per
Share shall be binding on all parties for purposes of this Section 8. The cost associated with such review by such valuation firm shall be divided equally between the Company and Optionee. All amounts paid by the Company pursuant to this
Section 8 may be paid, at the option of the Company, in cash, by a subordinated promissory note, or a combination thereof. Notwithstanding anything to the contrary contained in this Agreement, all repurchases pursuant to this
Section 8 will be subject to applicable restrictions contained in the General Corporation Law of the State of Delaware and in the Company’s and its subsidiaries’ debt and equity financing agreements. If the provisions of this
Section 8 limit the Company’s repurchases pursuant to this Section 8, then the Company shall have the option to complete such repurchases when permitted. 

  
 6 

 9. No Employment Contract. Nothing contained in this Agreement shall
(a) confer upon Optionee any right to be employed by or remain employed by the Company or any of its subsidiaries, or (b) limit or affect in any manner the right of the Company or any of its subsidiaries to terminate the employment or
adjust the compensation of Optionee. 
 10. Taxes and Withholding. If the Company or any of its subsidiaries is
required to withhold any federal, state, local or foreign tax in connection with the exercise of the Option, and the amounts available to the Company or such Subsidiary for such withholding are insufficient, it shall be a condition to the exercise
of the Option that Optionee pay the tax or make provisions that are reasonably satisfactory to the Company for the payment thereof. 

11. Compliance with Law. The Company shall make reasonable efforts to comply with all applicable federal and state
securities laws; provided, however, that notwithstanding any other provision of this Agreement, the Option shall not be exercisable if the exercise thereof would result in a violation of any such law. 

12. Adjustments. The Board may, but is not obligated to, make or provide for such adjustments in the number of Option
Shares covered by this Option, in the Option Price applicable to such Option, and in the kind of shares covered thereby, as the Board may determine is equitably required to prevent dilution or enlargement of Optionee’s rights that otherwise
would result from (a) any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets or issuance of rights or
warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. In the event of any such transaction or event or upon a Change of Control, the Board may, but shall not be
obligated to, provide in substitution for this Option such alternative consideration as it may determine to be equitable in the circumstances and may require in connection therewith the surrender of this Option; provided, however, that
if the Option Price is greater than the Market Value per Share as of the date of the consummation of a Change of Control, the Option shall immediately terminate upon such Change of Control. 

13. Relation to Other Benefits. Any economic or other benefit to Optionee under this Agreement shall not be taken into
account in determining any benefits to which Optionee may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or any of its subsidiaries and shall not affect the amount of any life
insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any of its subsidiaries. 

14. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent
of the Company and Optionee, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 

15. Severability. If one or more of the provisions of this Agreement is invalidated for any reason by a court of
competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 

  
 7 

 16. Successors and Assigns. The provisions of this Agreement shall inure to
the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of Optionee, and the successors and assigns of the Company. 

17. Governing Law. The inteipretation, performance and enforcement of this Agreement shall be governed by the laws of the
State of Delaware, without giving effect to the principles of conflict of laws thereof and all parties, including their successors and assigns, consent to the jurisdiction of the state and federal courts of Delaware. 

18. Notices. Any notice to the Company provided for herein shall be in writing to the Company, marked Attention:
Corporate Secretary, and any notice to Optionee shall be addressed to said Optionee at Optionee’s address on file with the Company at the time of such notice. Except as otherwise provided herein, any written notice shall be deemed to be duly
given if and when delivered personally or deposited in the United States mail, first class registered mail, postage and fees prepaid, and addressed as aforesaid. Any party may change the address to which notices are to be given hereunder by written
notice to the other party as herein specified (provided that for this purpose any mailed notice shall be deemed given on the third business day following deposit of the same in the United States mail). 

[SIGNATURES ON THE FOLLOWING PAGE] 

  
 8 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and Optionee has executed this Agreement, as of the day and year first above written. 
  

			
	AFG HOLDINGS, INC.
		
	By:	 	 /s/ Thomas Giles

	Name:	 	Thomas Giles
	Title:	 	EVP and General Counsel
	
	OPTIONEE
		
	By:	 	 /s/ Curtis Samford

	Name:	 	Curtis Samford

  
 [Signature Page to Option
Agreement - Samford]

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