Document:

EX-10.15

 Exhibit 10.15 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into by and between Conatus Pharmaceuticals Inc., a Delaware corporation (the “Company”), and Gary Burgess, M.D. (“Employee”), and shall be effective as of November 1,
2011 (the “Effective Date”). 
 WHEREAS, the Company desires to employ Employee and Employee desires to obtain
employment with the Company, on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the
mutual promises herein contained, the parties agree as follows: 
 1. Definitions. As used in this Agreement, the
following terms shall have the following meanings: 
 (a) Board. “Board” means the Board of Directors of
the Company. 
 (b) Cause. “Cause” means any of the following: 

(i) the commission of an act of fraud, embezzlement or dishonesty by Employee that has a material adverse impact on the Company or any
successor or affiliate thereof; 
 (ii) a conviction of, or plea of “guilty” or “no contest” to, a felony
by Employee or any crime involving fraud, misappropriation, embezzlement or moral turpitude; 
 (iii) any unauthorized use or
disclosure by Employee of confidential information or trade secrets of the Company or any successor or affiliate thereof that has a material adverse impact on any such entity; 

(iv) Employee’s gross negligence, Gross Misconduct, insubordination or material violation of any duty of loyalty to the Company or
any other material misconduct on the part of Employee; 
 (v) Employee’s ongoing and repeated failure or refusal to
perform or neglect of Employee’s duties as required by this Agreement, which failure, refusal or neglect continues for fifteen (15) days following Employee’s receipt of written notice from the Board or the Company’s Chief
Executive Officer (the “CEO”) stating with specificity the nature of such failure, refusal or neglect; or 

(vi) Employee’s breach of any material provision of this Agreement; 
 provided, however, that prior to the determination that “Cause” under this Section 1(b) has occurred, the Company shall (w) provide to Employee in writing, in reasonable
detail, the reasons for the determination that such “Cause” exists, (x) other than with respect to clause (v) above which specifies the applicable period of time for Employee to remedy his breach, afford Employee a reasonable
opportunity to remedy any such breach (if such breach is capable of being remedied), 

 
(y) provide Employee an opportunity to be heard prior to the final decision to terminate Employee’s employment hereunder for such “Cause” and (z) make any decision that such
“Cause” exists in good faith. 
 The foregoing definition shall not in any way preclude or restrict the right of the
Company or any successor or affiliate thereof to discharge or dismiss Employee for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement, to constitute grounds for termination for Cause.

 (c) Change of Control. “Change of Control” means and includes each of the following: 

(i) a transaction or series of transactions (other than an offering of common stock of the Company to the general public through a
registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and the rules thereunder) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to
such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the
Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 
 (ii) during any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who
shall have entered into an agreement with the Company to effect a transaction described in subsections (i) or (iii) of this Section 1(c)) whose election by the Board or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two year period or whose election or nomination for election was previously so approved, cease for any reason to
constitute a majority thereof; or 
 (iii) the consummation by the Company (whether directly involving the Company or
indirectly involving the Company through one or more intermediaries) of a merger, consolidation, reorganization, or business combination, a sale or other disposition of all or substantially all of the Company’s assets, or the acquisition of
assets or stock of another entity, in each case, other than a transaction 
 (A) which results in the Company’s voting
securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or
indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or
indirectly, at least fifty percent (50%) of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 

  
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 (B) after which no person or group beneficially owns voting securities representing fifty
percent (50%) or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this paragraph (iii) as beneficially owning fifty percent (50%) or
more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 
 (iv) the Company’s stockholders approve a liquidation or dissolution of the Company. 
 For purposes of subsection (i) above, the calculation of voting power shall be made as if the date of the acquisition were a record date for a vote of the Company’s stockholders, and for
purposes of subsection (iii) above, the calculation of voting power shall be made as if the date of the consummation of the transaction were a record date for a vote of the Company’s stockholders. 

Notwithstanding the foregoing, a transaction shall not constitute a “Change of Control” if: (i) its sole purpose is
to change the state of the Company’s incorporation; (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction; (iii) it constitutes the Company’s initial public offering of its securities; or (iv) it is a transaction effected primarily for the purpose of financing the Company with cash (as determined by the Board in its discretion
and without regard to whether such transaction is effectuated by a merger, equity financing or otherwise). 
 (d) Code.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations and other guidance issued thereunder. 
 (e) Good Reason. Employee’s resignation for “Good Reason” means Employee’s resignation following the occurrence of any of the following events or conditions without
Employee’s written consent: 
 (i) a material diminution in Employee’s authority, duties or responsibilities;

 (ii) a material diminution in Employee’s base compensation, except in connection with a general reduction in the base
compensation of the Company’s or any successor’s or affiliate’s personnel with similar status and responsibilities; provided that the expiration of the benefits provided to Employee pursuant to Sections 4(d), (e) and
(f) below in the event of Employee’s relocation to the United States shall not constitute Good Reason; or 
 (iii)
any other action or inaction that constitutes a material breach by the Company or any successor or affiliate of its obligations to Employee under this Agreement. 
 Notwithstanding the foregoing, Good Reason shall only exist if Employee shall have provided the Company with written notice within ninety (90) days of the initial occurrence of any of the foregoing
events or conditions, and the Company or any successor or affiliate fails to eliminate the conditions constituting Good Reason within thirty (30) days after receipt of 

  
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written notice of such event or condition from Employee. Employee’s termination by reason of resignation from employment with the Company for Good Reason shall be treated as involuntary.
Employee’s resignation from employment with the Company for “Good Reason” must occur within three (3) months following the initial occurrence of one of the foregoing events or conditions. 

(f) Gross Misconduct. “Gross Misconduct” includes but is not limited to: 

(i) Any act which constitutes unlawful discrimination or harassment, whether on the grounds of sex, sexual orientation, race, ethnic
origin, nationality, disability, age, religion or beliefs; 
 (ii) Knowingly providing false information or documentation to
the Company; 
 (iii) Being under the influence of, or consuming, illegal drugs or any controlled substances during work hours
or while involved in Company-related activities or events; 
 (iv) Violent, abusive, intimidating or offensive behavior
(whether physical or verbal); 
 (v) Unauthorized access to or inappropriate use of the Company’s computer, e-mail and
Internet systems or use of unapproved software; 
 (vi) Interference with safety equipment; or 

(vii) Intentional or reckless disregard for health and safety rules or procedures. 

(g) Permanent Disability. Employee’s “Permanent Disability” shall be deemed to have occurred if Employee
shall become physically or mentally incapacitated or disabled or otherwise unable fully to discharge his duties hereunder for a period of ninety (90) consecutive calendar days or for one hundred twenty (120) calendar days in any one
hundred eighty (180) calendar-day period. The existence of Employee’s Permanent Disability shall be determined by the Company on the advice of a physician chosen by the Company and the Company reserves the right to have the Employee
examined by a physician chosen by the Company at the Company’s expense. 
 2. Employment Period. 

(a) Notice. During the term of Employee’s employment hereunder (the “Employment Period”), Employee shall be
considered an employee of the Company. The Employee’s employment with the Company during the Employment Period may be terminated at any time by either party giving the other no less than thirty (30) days’ prior written notice (or such
longer period of notice as is required by law). If Employee’s employment during the Employment Period terminates for any reason, Employee shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided in
this Agreement. 

  
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 (b) Payment in Lieu of Notice. The Company reserves the right in its absolute
discretion to terminate Employee’s employment immediately either instead of or at any time after notice of termination is given by either party and to make a payment in lieu of notice. For this purpose, pay in lieu of notice will be a sum equal
to Employee’s base salary only that Employee would have received during the period of notice outstanding on the termination of Employee’s employment. For the avoidance of doubt, the Company’s right to make a payment in lieu of notice
does not give Employee a right to receive such a payment in lieu of notice 
 (c) Garden Leave. The Company may, at its
absolute discretion, require Employee not to attend at work and/or not to undertake all or any of his duties hereunder during any period of notice (whether given by the Company or Employee), provided always that the Company shall continue to pay
Employee’s salary and contractual benefits. For the avoidance of doubt, there is no obligation on the Company to provide Employee with any work during any period of notice and Employee will not be entitled to work his own account or on account
of any other person, firm or company during that period. 
 (d) Termination for Cause. For the avoidance of doubt, at any
time during the Employment Period, the Company may terminate Employee’s employment for Cause with immediate effect and without payment in lieu of notice (or any other compensation). 

3. Services to Be Rendered. 
 (a) Duties and Responsibilities. Employee shall serve as Senior Vice President, Clinical Development and Chief Medical Officer of the Company. In the performance of such duties, Employee shall
report directly to the CEO and shall be subject to the direction of the CEO and to such limits upon Employee’s authority as the CEO may from time to time impose. In the event of the CEO’s incapacity or unavailability, Employee shall be
subject to the direction of the Board or its designee. Employee hereby consents to serve as an officer and/or director of the Company or any subsidiary or affiliate thereof without any additional salary or compensation, if so requested by the Board
or the CEO. Employee shall be employed by the Company on a full time basis. Employee shall be permitted to work from his home in the United Kingdom; provided, however, that Employee shall spend at least one week per month working from
the Company’s corporate headquarters in San Diego, California, or such other location within San Diego County as may be designated by the Board or the CEO from time to time, during the first year following the Effective Date. Employee shall
also render services at such other places as the Board or the CEO may direct from time to time. Employee shall be subject to and comply with the policies and procedures generally applicable to employees of the Company to the extent the same are not
inconsistent with any term of this Agreement. 
 (b) Exclusive Services. Employee shall at all times faithfully,
industriously and to the best of his ability, experience and talent perform to the satisfaction of the Board and the CEO all of the duties that may be assigned to Employee hereunder and shall devote substantially all of his productive time and
efforts to the performance of such duties. The Company’s basic work hours are forty (40) hours per week. From time to time, Employee may 

  
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be required to work additional hours, either as requested by the Company or when the proper performance of Employee’s work so requires. Such work shall not be entitled to extra remuneration
for any additional hours worked in excess of basic weekly hours. Employee acknowledges and agrees that such additional obligation has already been factored in by the Company when determining compensation, and is reflected in Employee’s salary.
In no case shall Employee be requested or directed to perform any act that is in violation of applicable law; any such request or direction shall constitute a material breach of this Agreement by the Company. 

(c) Working Time Regulations. Employee acknowledges and agrees that Employee’s working time, including overtime (whether paid
or not), in any period may exceed forty-eight (48) hours in any seven (7) day period, and that the limit specified in Regulation 4(1) of the Working Time Regulations 1998 shall not apply to employment by the Company (the
“Waiver”). However, if Employee chooses to withdraw such Waiver, Employee shall give the Company prior written notice of not less than twelve (12) weeks. 
 (d) No Collective Agreements. There are no collective agreements which affect the terms and conditions of Employee’s employment. 

4. Compensation and Benefits During Employment Period. During the Employment Period, the Company shall pay or provide, as the case
may be, to Employee the compensation and other benefits and rights set forth in this Section 4. 
 (a) Base Salary.
The Company shall pay to Employee a base salary of USD $280,000 per year, payable in accordance with the Company’s usual pay practices (and in any event no less frequently than monthly). Employee’s base salary shall be subject to review
annually by and at the sole discretion of the Board or its designee. 
 (b) Annual Bonus. Employee
shall be eligible to earn, for each fiscal year of the Company ending during the Employment Period, an annual cash performance bonus (an “Annual Bonus”) based on Employee’s and/or the Company’s attainment of objective
financial or other operating criteria established by the Board or its designee. Upon full attainment of the aforementioned criteria, as determined by the Board or its designee, the Annual Bonus will be equal to thirty percent (30%) of
Employee’s then-current base salary actually paid for such fiscal year. The amount of bonus (if any) to be paid to Employee upon partial attainment of the criteria shall be determined by the Board in its sole discretion. The Annual Bonus shall
be paid to Employee by the Company between
January 1st and March 15th of the calendar year following the end of the fiscal year to which
such Annual Bonus relates. Employee’s receipt of an Annual Bonus shall be conditioned on Employee’s continued employment with the Company on the date such Annual Bonus is paid. The Annual Bonus shall be pro-rated for any partial fiscal
year during the Employment Period. As of the Effective Date, the Company’s fiscal year ends on December 31. In the event of any change to the Company’s fiscal year, the aforementioned financial or other operating criteria established
by the Board or its designee for purposes of determining Employee’s Annual Bonus shall be adjusted in a manner mutually agreeable to the Company and Employee so as not to disadvantage either party. 

  
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 (c) Benefits. To the extent that the Company maintains any Company-paid benefit
schemes in the United Kingdom and Employee is eligible for participation, Employee may elect to participate in Company-paid benefit schemes (each a “Scheme”) which Company shall operate from time to time, including: 

(i) medical expenses insurance; 
 (ii) pension fund; and 
 (iii) life insurance. 

Details of such benefits provided by Company will be provided to Employee separately. Participation and entitlement to benefits under any
of the Schemes is subject to: 
 (w) the terms of the relevant Scheme as amended from time to time; 

(x) the rules or policies as amended from time to time of the relevant Scheme provider; 

(y) acceptance by the relevant Scheme provider; and 
 (z) satisfaction of the normal underwriting requirements of the relevant Scheme provider and the premium being at a rate which the Company considers reasonable. 

The Company shall only be obliged to make any payment under any Scheme where it has received payment from the relevant Scheme provider
for that purpose. If a Scheme provider refuses to provide any benefit to Employee, whether based on its own interpretation of the terms and/or rules of the relevant Scheme or otherwise, the Company shall not be liable to provide Employee with any
replacement benefit whatsoever or pay any compensation in lieu of such benefit. The Company, in its absolute discretion, reserves the right to discontinue, vary or amend any of the Schemes (including the provider and/or level of cover provided under
any Scheme) at any time on reasonable notice to Employee. Any other benefit provided to Employee shall, unless otherwise agreed in writing, be at the absolute discretion of the Company who may, at any time, withdraw or vary the terms of any such
benefit as it sees fit. A contracting out certificate is not in force in respect of Employee’s employment for the purpose of the Pension Schemes Act 1993. 
 As of the Effective Date, the Company does not maintain any of the foregoing Schemes. As of the Effective Date, and for so long as the Company does not maintain any such Schemes and Employee resides in
the United Kingdom, the Company shall pay to Employee USD $3,150 per month to be used by Employee to purchase individually-obtained benefits, payable in accordance with the Company’s usual pay practices (and in any event no less frequently than
monthly). 

  
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 (d) Holidays. In addition to the eight (8) bank and public holidays (January
through December) generally observed in the United Kingdom, Employee is also entitled to (i) two (2) additional floating holidays each calendar year, which holidays shall be selected by Employee, and (ii) twenty-five
(25) business days paid holiday in each complete calendar year. The bank holidays include: Christmas Day, Boxing Day, New Year’s Day, Good Friday, Easter Monday, May Day, Spring Bank Holiday and August Bank Holiday. As of the Effective
Date and until Employee’s termination of employment, Employee will be treated as having accrued holiday on a pro rata basis for each complete month of service in such calendar year, calculated by reference to the Effective Date or last date at
work (as applicable), including holiday entitlement for such year. If Employee has exceeded the allowed number of days of accrued holidays, all days over such allowed number shall be deducted from any amount due to Employee. If Employee has accrued
holidays, at its sole discretion, the Company may either require Employee to take Employee’s holidays during the notice period or pay Employee for the accrued holidays. Employee must obtain Company’s prior written approval and submit the
required forms for any holiday prior to booking such holiday dates. Annual accrued holidays not taken in-year may be carried forward, up to a limit of thirty-eight (38) days. 

(e) Illness; Absence. The CEO must be informed as soon as practicable (preferably via telephone) on the first day of
Employee’s absence for any reason. 
 Employee must keep the Company informed, including anticipated date of return to work. A
self-certificate will be accepted by Company for absences of up to seven (7) business days. For periods of illness of seven (7) consecutive days or more, including weekends, Employee will be required to obtain a certificate from
Employee’s physician and promptly provide such certificate to the Company. The Company will honor its obligations to pay Statutory Sick Pay (“SSP”). The Company may offer enhanced sick pay on top of Employee’s SSP
entitlement. In such cases the payment of Company sick pay is entirely at the discretion of the Company and will be made, inclusive of any SSP paid for the same period of absence. Any time Employee’s health is a cause for concern, the Company
reserves the right, at its sole discretion and at its expense, to require Employee to undergo a medical examination by a physician or consultant of Company’s choice. For the avoidance of doubt, the Company reserves the right, at its sole
discretion, to terminate Employee’s employment at any time, notwithstanding that Employee may be in receipt of Company sick pay or be entitled to or receiving benefits pursuant to any permanent health insurance scheme operated by the Company
from time to time. 
 (f) Expenses. The Company shall reimburse Employee for reasonable out-of-pocket business expenses
incurred in connection with the performance of his duties hereunder, including, without limitation, hotel or temporary housing, air and ground transportation, meals and other travel-related expenses incurred by Employee in connection with visits to
the Company’s corporate headquarters, subject to (i) such policies as the Company may from time to time establish, (ii) Employee furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating
the claimed expenditures, (iii) Employee receiving advance approval from the CEO in the case of expenses for travel between the United Kingdom and North America, and (iv) Employee receiving advance approval from the CEO in the case of
expenses (or a series of related expenses) in excess of USD $2,500. Any amounts payable under this Section 4(d) shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of
Employee’s taxable year following the taxable year in which Employee incurred the expenses. The amounts provided under this 

  
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Section 4(d) during any taxable year of Employee’s will not affect such amounts provided in any other taxable year of Employee’s, and Employee’s right to reimbursement for
such amounts shall not be subject to liquidation or exchange for any other benefit. 
 5. Termination of Employment Period
and Severance. Employee shall be entitled to receive benefits upon termination of the Employment Period only as set forth in this Section 5. 
 (a) Termination Without Cause or For Good Reason. If Employee’s employment is terminated by the Company without Cause or by Employee for Good Reason, Employee shall be entitled to receive, in
lieu of any severance benefits to which Employee may otherwise be entitled under any severance plan or program of the Company, the benefits provided below: 
 (i) the Company shall pay to Employee his fully earned but unpaid base salary, when due, through the date of termination at the rate then in effect, plus all other amounts to which Employee is entitled in
respect of the period to the date of termination under any compensation plan or practice of the Company at the time of termination; 
 (ii) subject to Sections 5(c), 5(g), 5(h), 5(i) and 5(j) and Employee’s continuing compliance with Section 6, Employee shall be entitled to receive Employee’s monthly base salary as in
effect immediately prior to the date of termination for the Severance Period (as defined below), payable in a lump sum no later than sixty (60) days following the date of Employee’s termination of employment. For purposes of this
Section 5(a), “Severance Period” shall mean (A) six (6) months, plus one (1) month for each full month of Employee’s service to the Company as an employee, up to a maximum of twelve (12) months, and
(B) upon and following the occurrence of a Change in Control, twelve (12) months; and 
 (iii) subject
to Sections 5(c), 5(g), 5(h), 5(i) and 5(j) and Employee’s continuing compliance with Section 6, for the Severance Period, the Company shall instead pay to Employee an amount equal to the monthly plan premium payment for Employee and his
eligible dependents who were covered under the Company’s health plans as of the date of Employee’s termination of employment (calculated by reference to Employee’s premiums as of the date of termination of employment) as currently
taxable compensation in substantially equal monthly installments over the Severance Period. 
 (b) Termination for Cause,
Voluntary Resignation Without Good Reason, Death or Permanent Disability. If Employee’s employment is terminated by the Company for Cause, by Employee without Good Reason or as a result of Employee’s death or Permanent Disability, the
Company shall not have any other or further obligations to Employee (or his estate) under this Agreement (including any financial obligations) except that Employee (or his estate) shall be entitled to receive (i) Employee’s fully earned
but unpaid base salary, through the date of termination at the rate then in effect, and (ii) all other amounts or benefits to which Employee is entitled in respect of the period to the date of termination of employment under any compensation,
retirement or benefit plan or practice of the Company at the time of termination in accordance with the terms of such plans or practices, including, without limitation, any continuation of benefits required by applicable law. 

  
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 (c) Release. As a condition to Employee’s receipt of any
post-termination benefits pursuant to Section 5(a) above, on or prior to the sixtieth (60th) day following the date of Employee’s termination of employment, Employee shall have executed and delivered a Release (the “Release”) in a form reasonably acceptable to the
Company and any applicable revocation period applicable to such Release shall have expired. Such Release shall specifically relate to all of Employee’s rights and claims in existence at the time of such execution, including any claims related
to Employee’s employment by the Company and his termination of employment, and shall exclude any continuing obligations the Company may have to Employee following the date of termination under this Agreement or any other agreement providing for
obligations to survive Employee’s termination of employment. 
 (d) Exclusive Remedy. Except as otherwise expressly
required by law or as specifically provided herein, all of Employee’s rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Employee’s employment shall cease upon such
termination. In the event of a termination of Employee’s employment with the Company, Employee’s sole remedy shall be to receive the payments and benefits described in this Section 5. In addition, Employee acknowledges and agrees that
he is not entitled to any reimbursement by the Company for any taxes payable by Employee as a result of the payments and benefits received by Employee pursuant to this Section 5, including, without limitation, any excise tax imposed by
Section 4999 of the Code. 
 (e) No Mitigation. Employee shall not be required to mitigate the amount of any payment
provided for in this Section 5 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 5 be reduced by any compensation earned by Employee as the result of employment by another
employer or self-employment or by retirement benefits; provided, however, that loans, advances or other amounts owed by Employee to the Company may be offset by the Company against amounts payable to Employee under this Section 5.

 (f) Return of the Company’s Property. If Employee’s employment is terminated for any reason, the Company
shall have the right, at its option, to require Employee to vacate his offices prior to or on the effective date of termination and to cease all activities on the Company’s behalf. Upon the termination of his employment in any manner, as a
condition to the Employee’s receipt of any post-termination benefits described in this Agreement, Employee shall immediately surrender to the Company all lists, books and records of, or in connection with, the Company’s business, and all
other property belonging to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company. Employee shall deliver to the Company a signed statement certifying compliance with
this Section 5(f) prior to the receipt of any post-termination benefits described in this Agreement. 
 (g) Offset.
The Company shall be entitled at any time during Employee’s employment, or in any event on termination of employment, to deduct from Employee’s compensation or expense reimbursements, any monies due from Employee to the Company, and by
executing this Agreement, Employee consents to such deductions including for the purposes of Sections 13-27 of the Employment Rights Act 1996. 

  
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 (h) Notice Pay Set Off. Any payments due to the Employee in accordance with
Section 5(a)(ii) and (iii) shall be reduced by any salary or benefits paid to the Employee during or in respect of any notice period, including any payments made to the Employee during a period of garden leave or as a payment in lieu of
notice in accordance with Section 2. 
 (i) Section 409A. This Agreement is not intended to provide for any
deferral of compensation subject to Section 409A of the Code, and, accordingly, to the maximum extent permitted by applicable law, amounts payable to Executive pursuant to Section 5(a) shall be made in reliance upon Treasury Regulation
Section 1.409A-1(b)(9) (with respect to separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4) (with respect to short-term deferrals). To the extent applicable, this Agreement shall be interpreted in accordance with Code
Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. To the extent the payments and benefits under this Agreement are subject to Section 409A of the Code, this Agreement shall be
interpreted, construed and administered in a manner that satisfies the requirements of Sections 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations thereunder (and any applicable transition relief under Section 409A of
the Code). 
 (j) Payment Delay. Notwithstanding anything herein to the contrary, to the extent any payments to Employee
pursuant to Section 5(a) are treated as non-qualified deferred compensation subject to Section 409A of the Code, then (i) no amount shall be payable pursuant to such section unless Employee’s termination of employment constitutes
a “separation from service” with the Company (as such term is defined in Treasury Regulation Section 1.409A-1(h) and any successor provision thereto) (a “Separation from Service”), and (ii) if Employee, at the
time of his Separation from Service, is determined by the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code and the Company determines that delayed commencement of any portion of the termination
benefits payable to Employee pursuant to this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code (any such delayed commencement, a “Payment Delay”), then such portion of
Employee’s termination benefits described in Section 5(a) shall not be provided to Employee prior to the earlier of (A) the expiration of the six-month period measured from the date of Employee’s Separation from Service,
(B) the date of Employee’s death or (C) such earlier date as is permitted under Section 409A. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) deferral period, all payments deferred pursuant to a Payment
Delay shall be paid in a lump sum to Employee within thirty (30) days following such expiration, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether Employee is a
“specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance
thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto). 

6. Certain Covenants. 
 (a) Noncompetition. Except as may otherwise be approved by the Board, during the Employment Period, Employee shall not have any ownership interest (of record or beneficial) in, or perform services
as an employee, salesman, consultant, officer or director of, or otherwise aid or assist in any manner, any firm, corporation, partnership, proprietorship or other 

  
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business that engages in any county, city or part thereof in the United Kingdom, the United States and/or any foreign country in a business which competes directly or indirectly (as determined by
the Board) with the Company’s business in such county, city or part thereof, so long as the Company, or any successor in interest of the Company to the business and goodwill of the Company, remains engaged in such business in such county, city
or part thereof or continues to solicit customers or potential customers therein; provided, however, that Employee may own, directly or indirectly, solely as an investment, securities of any entity if Employee (x) is not a
controlling person of, or a member of a group which controls, such entity; or (y) does not, directly or indirectly, own ten percent (10%) or more of any class of securities of any such entity. Subject to the terms of the Proprietary
Information and Inventions Agreement referred to in Section 6(b), nothing in this Agreement shall preclude Employee from devoting time to personal and family investments or serving on community and civic boards, or participating in industry
associations, provided such activities do not interfere with his duties to the Company, as determined in good faith by the CEO. Employee agrees that he will not join any boards, other than community and civic boards (which do not interfere with his
duties to the Company), without the prior approval of the CEO. Notwithstanding the foregoing, with the prior written consent of the CEO, Employee may undertake consulting engagements with third parties during the Employment Period on such terms and
conditions as may be determined by the CEO. 
 (b) Confidential Information and Inventions. 

(i) Proprietary Information and Inventions Agreement. Employee and the Company have entered into the Company’s standard
proprietary information and inventions agreement (the “Proprietary Information and Inventions Agreement”). Employee agrees to perform each and every obligation of Employee therein contained. 

(ii) Copyrights. Employee hereby irrevocably and unconditionally waives all rights granted by Chapter IV of Part I of the
Copyright, Designs and Patent Act 1988, including but not limited to moral rights, that vest in Employee (whether before, on or after the Effective Date) in connection with Employee’s authorship of any copyright works in the course of
employment with the Company, wherever in the world enforceable, including, without limitation, the right to be identified as the author of any such works and the right not to have any such works subjected to derogatory treatment. 

(iii) Patents. Employee and the Company acknowledge the provisions of Sections 39 to 42 of the Patents Act 1977 (“Patents
Act”) relating to ownership of employees’ inventions and compensation of employees for certain inventions. If Employee makes any inventions relevant or related to the Company’s business that do not belong to the Company under the
Patents Act, Employee acknowledges and agrees that, if requested by the Company, Employee will assign to the Company Employee’s rights in relation to such inventions and will deliver to the Company all documents and other materials relating to
such inventions. 
 (c) Solicitation of Employees. Employee shall not during the Employment Period and for the applicable
severance period for which Employee receives severance benefits following any termination hereof pursuant to Section 5(a) above (the “Restricted Period”), directly or indirectly, solicit or encourage to leave the employment of
the Company or any of its affiliates, any person who is a senior employee of the Company or any of its affiliates. 

  
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 (d) Solicitation of Consultants. Employee shall not during the Employment Period and
for the Restricted Period, directly or indirectly, hire, solicit or encourage to cease work with the Company or any of its affiliates any senior consultant then under contract with the Company or any of its affiliates within one year of the
termination of such consultant’s engagement by the Company or any of its affiliates. 
 (e) Rights and Remedies Upon
Breach. If Employee breaches or threatens to commit a breach of any of the provisions of this Section 6 (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and
remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: 

(i) Specific Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court having equity
jurisdiction, all without the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach
will cause irreparable injury to the Company and that money damages will not provide adequate remedy to the Company; 
 (ii)
Accounting and Indemnification. The right and remedy to require Employee (i) to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Employee or any
associated party deriving such benefits as a result of any such breach of the Restrictive Covenants; and (ii) to indemnify the Company against any other losses, damages (including special and consequential damages), costs and expenses,
including actual attorneys’ fees and court costs, which may be incurred by them and which result from or arise out of any such breach or threatened breach of the Restrictive Covenants; and 

(iii) Termination of Severance Payments. In the event Employee breaches any of the provisions of this Section 6, the Company
shall be entitled to immediately cease all payments under Section 5(a) above. 
 (f) Severability of Covenants/Blue
Pencilling. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard
to the invalid portions. 
 (g) Enforceability in Jurisdictions. The Company and Employee intend to and do hereby confer
jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by
reason of the breadth of such scope or otherwise, it is the intention of the Company and Employee that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other jurisdiction
within the geographical scope of such covenants, as to breaches of such covenants in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants.

 (h) Definitions. For purposes of this Section 6, the term “Company” means not only Conatus
Pharmaceuticals Inc., but also any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Conatus Pharmaceuticals Inc. 

  
 13 

 7. Grievance and Disciplinary Procedures. 

(a) Grievance Procedures. If Employee has any grievance in relation to his employment, Employee should apply in writing to the CEO
in the first instance who will arrange for the appeal to be heard by an appropriate person. Application of such procedure is at the Company’s discretion and is not a contractual entitlement. 

(b) Disciplinary Procedures. 
 (i) Any disciplinary matter relating to the Employee’s employment will be handled in accordance with the Company’s disciplinary procedures, the details of which may be obtained from the human
resources department. The Company reserves the right, at its sole discretion, to suspend Employee temporarily (with base salary at the rate then currently in effect), subject to such other terms that the Company may impose while the Company makes
its determination as to allegation(s) that Employee has committed an act of Gross Misconduct. 
 (ii) The Company reserves the
right, at its sole discretion, to amend any disciplinary and/or grievance procedure or policy. 
 (iii) Employee is expected to
maintain high standard of work performance and conduct at all times. If such performance or conduct falls below levels reasonably acceptable to the Company, Employee may be subject to disciplinary action and dismissal absent satisfactory
improvements within a defined time period. 
 (iv) If Employee is dissatisfied with any disciplinary action or decision to
dismiss her, Employee should apply in writing to the person who made the decision. 
 8. Insurance. The Company shall
have the right to take out life, health, accident, “key-man” or other insurance covering Employee, in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Employee shall assist the
Company in obtaining such insurance, including, without limitation, submitting to any required examinations and providing information and data required by insurance companies. 

  
 14 

 9. Arbitration. Any dispute, claim or controversy based on, arising out of or
relating to this Agreement, or the breach thereof, including questions regarding the arbitrability of a particular dispute, shall be settled by final and binding arbitration in San Diego, California, before a single neutral arbitrator in accordance
with the National Rules for the Resolution of Employment Disputes (the “Rules”) of the American Arbitration Association, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.
Arbitration may be compelled pursuant to the California Arbitration Act (Code of Civil Procedure §§ 1280 et seq.). If the parties are unable to agree upon an arbitrator, one shall be appointed by the AAA in accordance with
its Rules. Each party shall pay the fees of its own attorneys, the expenses of its witnesses and all other expenses connected with presenting its case; however, Employee and the Company agree that, to the extent permitted by law, the
arbitrator may, in his or her discretion, award reasonable attorneys’ fees to the prevailing party; provided, further, that the prevailing party shall be reimbursed for such fees, costs and expenses within forty-five
(45) days following any such award; provided, further, that the parties’ obligations pursuant to the provisos set forth above shall terminate on the tenth (10th) anniversary of the date of Employee’s termination of
employment. Other costs of the arbitration, including the cost of any record or transcripts of the arbitration, AAA’s administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company. This
Section 9 is intended to be the exclusive method for resolving any and all claims by the parties against each other for payment of damages under this Agreement, or the breach thereof; provided, however, that neither this Agreement
nor the submission to arbitration shall limit the parties’ right to seek provisional relief, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil Procedure § 1281.8 or
any similar statute of an applicable jurisdiction. Seeking any such relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both Employee and the Company expressly waive their right to a jury trial to the extent
permitted by applicable law. 
 10. Miscellaneous. 

(a) Modification; Prior Claims. This Agreement sets forth the entire understanding of the parties with respect to the subject
matter hereof, supersedes all existing agreements between them concerning such subject matter, including, without limitation, the Prior Agreement, and may be modified only by a written instrument duly executed by each party. 

(b) Assignment; Assumption by Successor. The rights of the Company under this Agreement may, without the consent of Employee, be
assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the
assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and to agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, that no such assumption shall relieve the Company of its obligations
hereunder. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law
or otherwise. 

  
 15 

 (c) Survival. The covenants, agreements, representations and warranties contained in
or made in Sections 4, 5, 6, 8, 9 and 10 of this Agreement shall survive any termination of this Agreement. 
 (d)
Third-Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement. 
 (e) Waiver. The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement shall in no way affect such party’s rights thereafter to
enforce the same, nor shall the waiver by either party of any breach of any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof. 

(f) Section Headings. The headings of the several sections in this Agreement are inserted solely for the convenience of the
parties and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof. 

(g) Notices. All notices, requests and other communications hereunder shall be in writing and shall be delivered by courier or
other means of personal service (including by means of a nationally recognized courier service or professional messenger service), or sent by telex or telecopy or mailed first class, postage prepaid, by certified mail, return receipt requested, in
all cases, addressed to: 
 If to the Company or the Board: 

Conatus Pharmaceuticals Inc. 
 4365 Executive Drive, Suite 200 
 San Diego, California 92121 

Attention: Secretary 
 If to Employee: 
 Gary Burgess, M.D. 

                      
                                   

                      
                                   

All notices, requests and other communications shall be deemed given on the date of actual receipt or delivery as evidenced by written receipt,
acknowledgement or other evidence of actual receipt or delivery to the address. In case of service by telecopy, a copy of such notice shall be personally delivered or sent by registered or certified mail, in the manner set forth above, within three
business days thereafter. Any party hereto may from time to time by notice in writing served as set forth above designate a different address or a different or additional person to which all such notices or communications thereafter are to be given.

 (h) Severability. All Sections, clauses and covenants contained in this Agreement are separate and severable, and in
the event any of them shall be held to be invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained herein. 

  
 16 

 (i) Governing Law and Venue. This Agreement is to be governed by and construed in
accordance with the laws of the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof; provided, however, that mandatory provisions
of the laws of the United Kingdom applicable to employment contracts shall apply to the extent required. Except as provided in Sections 6 and 9, any suit brought hereon shall be brought in the state or federal courts sitting in San Diego,
California, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner
authorized by California law. 
 (j) Non-transferability of Interest. None of the rights of Employee to receive any form
of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Employee. Any attempted assignment, transfer, conveyance,
or other disposition (other than as aforesaid) of any interest in the rights of Employee to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void. 

(k) Gender. Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and
the singular shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or other form of association. 
 (l) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.

 (m) Construction. The language in all parts of this Agreement shall in all cases be construed simply, according to its
fair meaning, and not strictly for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part thereof. 

(n) Withholding and other Deductions. All compensation payable to Employee hereunder shall be subject to such deductions as the
Company is from time to time required to make pursuant to law, governmental regulation or order. The Company shall ensure that all amounts deducted from the compensation payable to Employee are submitted to the appropriate governmental authorities
as required by applicable law and that the Company’s National Insurance contributions arising in respect of the compensation payable to Employee pursuant to this Agreement are forwarded to the appropriate governmental authorities as required by
applicable law. 
 (p) Data Protection. By executing this Agreement, Employee expressly consents to the holding and
processing of personal and, where appropriate, sensitive personal data provided to the Company by Employee for all purposes relating to the performance of this Agreement, including, but not limited to: (i) administration and maintenance of
personnel records; (ii) payment and review of salary and other remuneration and benefits; (iii) provision and administration of benefits; (iv) appraisals and reviews of performance; (v) maintenance of

  
 17 

 
records of illness and other absence; (vi) determination of Employee’s fitness for work; (vii) provision of references and information to future employers, and if necessary,
governmental and quasi-governmental bodies for social security and other purposes, including the Inland Revenue and the Contributions Agency; (viii) provision of information to potential future purchaser(s) of the Company or of Employee’s
business unit; or (ix) transfer of information concerning Employee to a country or territory outside the European Union. 

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

 

			
	CONATUS PHARMACEUTICALS INC.
		
	By:	 	 /s/ Steven J. Mento

	Name:	 	Steven J. Mento
	Title:	 	President and Chief Executive Officer
	
	 /s/ Gary Burgess, M.D.

	Gary Burgess, M.D.

  
 18EX-10.47

 EXHIBIT 10.47 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is entered into as of [            ], 2013, by and between Diamond Resorts International, Inc., a Delaware corporation (the
“Company”), and [            ] (“Indemnitee”). 
 RECITALS 
 A. Indemnitee provides a valuable service to the Company by
serving as an officer of the Company and/or a member of the Board of Directors of the Company (the “Company Board”). 
 B. The statutes and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous or conflicting, and therefore may fail to provide directors and officers with
adequate guidance regarding the legal risks to which they are exposed and/or the manner in which are expected to execute their fiduciary duties and responsibilities. 
 C. The Company recognizes that plaintiffs often seek damages in such large amounts, and the costs of litigation may be so great (whether or not the litigation is meritorious), that the defense and/or
settlement of such litigation can create an extraordinary burden on the personal resources of directors and officers. 
 D. The
Company’s Certificate of Incorporation (the “Certificate”) provides that the Company shall indemnify its officers and directors to the fullest extent permitted by the General Corporation Law of Delaware, but the rights
conferred by the Certificate are not exclusive of any other rights which any officer or director of the Company may have under any agreement with the Company, such as those set forth in this Agreement. 

E. The Company desires and has requested Indemnitee to continue to serve as an officer or director of the Company, and Indemnitee is
willing to continue to serve as an officer or director of the Company if Indemnitee is furnished the indemnity provided for herein by the Company. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements set forth below, the parties hereto, intending to be legally bound, hereby agree as follows:

 1. Definitions. For purposes of this Agreement, the following terms shall have the corresponding meanings set
forth below. 
 “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under
the Exchange Act. 

 “Business Day” means any day other than Saturday or Sunday
or any day that banks in Las Vegas, Nevada are required or permitted to close. 
 “Change of
Control” means the occurrence, after the date of this Agreement, of any of the following events: (i) any Person (other than the Company, a majority-owned Subsidiary of the Company or any of its subsidiaries, or an employee benefit plan
(or related trust) sponsored or maintained by the Company), including a “group” as provided in Section 13(d)(3) of the Exchange Act, that was not previously the Beneficial Owner, directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the combined voting power of the Company’s then-outstanding voting securities becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the combined voting power of the Company’s then-outstanding voting securities; (ii) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals
who at the beginning of such period constitute the Company Board, and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in clauses (i), (iii) or
(v) of this sentence) whose election by the Company Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so approved (other than as a result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest), cease for any reason
to constitute at least a majority of the members of the Board; (iii) the effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the
Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined
voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Company Board or other governing body of such surviving entity;
(iv) the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or (v) any event of a nature
that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject
to such reporting requirement. 
 “Claim” means a claim or action asserted by a Person in a
Proceeding or any other written demand for relief in connection with or arising from an Indemnification Event. 

“Company Action” means a Proceeding in which a Claim has been brought by or in the name of the Company to
procure a judgment in its favor. 
 “Covered Entity” means (i) the Company, (ii) any
Subsidiary or (iii) any other Person for which Indemnitee is or was (or may be deemed to be or have been) at any time serving at the request of the Company, or at the request of any Subsidiary, as a director, officer, employee, controlling
person, agent or fiduciary. 

  
 2 

 “Director Designation Agreement” means that certain
Director Designation Agreement among the Company and the stockholders of the Company named therein (each, a “Designating Stockholder”), dated as of             , 2013, as
such agreement may be amended or restated from time to time. 
 “Disinterested Director” means,
with respect to any determination contemplated by this Agreement, any Person who, as of the time of such determination, is a member of the Company Board but is not a party to any Proceeding then pending with respect to any Indemnification Event.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any similar
federal statute then in effect. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any similar federal statute then in effect. 
 “Expenses” means any and all direct
and indirect fees, costs, retainers, court costs, transcript costs, expert fees, witness fees, travel expenses, duplicating costs, printing costs, binding costs, electronic delivery costs, telephone charges, postage, delivery service fees and all
other disbursements or expenses of any type or nature whatsoever reasonably incurred by Indemnitee (including, subject to the limitations set forth in Section 3(c) below, reasonable attorneys’ fees) in connection with or arising
from an Indemnification Event, including: (i) the investigation or defense of a Claim; (ii) being, or preparing to be, a witness or otherwise participating, or preparing to participate, in any Proceeding; (iii) furnishing, or
preparing to furnish, documents in response to a subpoena or otherwise in connection with any Proceeding; (iv) any appeal of any judgment, outcome or determination in any Proceeding (including any premium, security for and other costs relating
to any cost bond, supersedeas bond or any other appeal bond or its equivalent); (v) establishing or enforcing any right to indemnification under this Agreement (including pursuant to Section 2(c) below), Delaware law or otherwise,
regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action, a court of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such
action was not made in good faith or was frivolous; and (vi) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including all interest, assessments
and other charges paid or payable with respect to such payments. For purposes of clarification, Expenses shall not include Losses. 
 An “Indemnification Event” shall be deemed to have occurred if Indemnitee was, is or becomes, or is threatened to be made, a party to or witness or other participant in, or was, is or
becomes obligated to furnish or furnishes documents in response to a subpoena or otherwise in connection with, any Proceeding by reason of the fact that 

  
 3 

 
Indemnitee is or was (or may be deemed to be or have been) a director, officer, employee, controlling person, agent or fiduciary of any Covered Entity, or by reason of any actual or alleged
action or inaction on the part of Indemnitee while serving in any such capacity (including rendering any written statement that is a Required Statement or is made to another officer or employee of the Covered Entity to support a Required Statement).

 “Independent Legal Counsel” means an attorney or firm of attorneys designated by the
Disinterested Directors (or, if there are no Disinterested Directors, the Company Board) that is experienced in matters of corporate law and neither presently is, nor in the thirty-six (36) months prior to such designation has been, retained to
represent (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 

“Losses” means any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement
payments, awards and amounts of any type whatsoever incurred by Indemnitee in connection with or arising from an Indemnification Event. For purposes of clarification, Losses shall not include Expenses. 

“Management Agreement” means that certain Amended and Restated Homeowner Association Oversight,
Consulting and Executive Management Services Agreement, dated as of December 31, 2012, by and between Diamond Resorts Corporation and Hospitality Management and Consulting Service, L.L.C. (“HM&C”), as such agreement may be
amended or restated from time to time. 
 “Organizational Documents” means any and all
organizational documents, charters or similar agreements or governing documents, including (i) with respect to a corporation, its certificate of incorporation and by-laws, (ii) with respect to a limited liability company, its certificate
of formation and operating (or limited liability company) agreement, and (iii) with respect to a partnership, its certificate of partnership and partnership agreement. 

“Proceeding” means any threatened, pending or completed claim, action, suit, proceeding, arbitration,
alternative dispute resolution mechanism, investigation, inquiry, administrative hearing or appeal, whether brought in the right of a Covered Entity or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative nature. 
 “Person” means an individual, a partnership, a
corporation, a limited liability company, an association, a joint stock company, a trust, estate, a joint venture, an unincorporated organization, an employee benefit plan, any other entity or enterprise, or any government or agency or political
subdivision thereof. 
 “Required Statement” means a written statement of a Person that is
required to be, and is, filed with the SEC regarding (i) the design, adequacy or evaluation of a Covered Entity’s internal control over financial reporting or disclosure controls and procedures or (ii) the accuracy, sufficiency or
completeness of reports or statements filed 

  
 4 

 
by a Covered Entity with the SEC pursuant to federal law and/or administrative regulations, including any certification contemplated by Section 302 or Section 906 of the Sarbanes-Oxley
Act of 2002, as amended, and any rules and regulations promulgated pursuant thereto. 
 “Reviewing
Party” means, with respect to any determination contemplated by this Agreement, any one of the following: (i) a majority of all Disinterested Directors, even if such Disinterested Directors do not constitute a quorum of the Company
Board; (ii) a committee of Disinterested Directors, even if such committee members do not constitute a quorum of the Company Board, so long as such committee was designated by a majority of all Disinterested Directors; (iii) if there are
no Disinterested Directors, or if the Disinterested Directors so direct, Independent Legal Counsel, in which case the applicable determination shall be provided in a written opinion to the Company Board, with a copy provided to Indemnitee;
(iv) the Company’s stockholders, if there are no Disinterested Directors; or (v) if Indemnitee is not a director or officer of the Company at the time of such determination, the Company Board. 

“SEC” means the United States Securities and Exchange Commission or any successor thereto. 

“Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute then in
effect. 
 “Subsidiary” means any corporation of which more than ten percent (10%) of the
outstanding voting securities is owned directly or indirectly by the Company, and one or more other Subsidiaries, taken as a whole. 
 2. Indemnification. 
 (a) Indemnification of Losses and
Expenses. If an Indemnification Event has occurred, then, subject to Section 10 and the other provisions of this Agreement below, the Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by law,
against any and all Losses and Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Indemnification Event, but only if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in, or not opposed to, the best interests of the Company, and, with respect to any criminal Proceeding, only if Indemnitee had no reasonable cause to believe Indemnitee’s conduct was unlawful. The termination of any Proceeding by
judgment, court order, settlement or conviction, or on plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee (i) did not act in good faith and in a manner which Indemnitee reasonably
believed to be in, or not opposed to, the best interests of the Company, or (ii) with respect to any criminal Proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

(b) Limitation with Respect to Company Actions. Notwithstanding the foregoing, the Company shall not indemnify and hold harmless
Indemnitee with respect to any Losses (as opposed to Expenses) in connection with, or arising from, any Company Action. Furthermore, the Company shall not indemnify and hold harmless Indemnitee with respect to any

  
 5 

 
Expenses in connection with, or arising from, any Company Action as to which Indemnitee shall have been adjudged to be liable to the Company by a court of competent jurisdiction, unless, and then
only to extent that, any court in which such Company Action was brought shall determine upon application that, despite the adjudication of liability, but in view of all of the circumstances of the case, Indemnitee is fairly and reasonably entitled
to indemnification for such Expenses as such court shall deem proper. 
 (c) Advancement of Expenses. To the fullest
extent permitted by law and until a determination that Indemnitee is not entitled to be indemnified by the Company under the terms hereof, the Company shall advance Expenses to or on behalf of Indemnitee as soon as practicable, but in any event not
later than thirty (30) days after written request therefor by Indemnitee, which request shall be accompanied by vouchers, invoices or similar evidence documenting in reasonable detail the Expenses incurred or to be incurred by Indemnitee.
Indemnitee hereby undertakes to repay such amounts advanced if, and only to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company for such Expenses under this Agreement. 

(d) Contribution. If, and to the extent, the indemnification of Indemnitee provided for in Section 2(a) above for any
reason is held by a court of competent jurisdiction not to be permissible for liabilities arising under federal securities laws or ERISA, then the Company, in lieu of indemnifying Indemnitee under this Agreement, shall contribute to the amount paid
or payable by Indemnitee as a result of such Losses or Expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the Covered Entities and all officers, directors or employees of the Covered Entities other
than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, or (ii) if the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Covered Entities and all officers, directors or employees of the Covered Entities other than
Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the action or inaction that resulted in such Losses or Expenses, as well as any
other relevant equitable considerations. The relative fault of the Covered Entities and all officers, directors or employees of the Covered Entities other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such
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. Notwithstanding the foregoing, no Person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 
 (e)
Indemnification of Designating Parties. If Indemnitee is or was affiliated with a Designating Stockholder and is designated to serve as a director of the Company by such Designating Stockholder pursuant to the Director Designation Agreement,
and (i) such Designating Stockholder or any of its affiliates (each, a “Designating Party”) is, or is threatened to be made, a party to, or a participant in, any Proceeding, and (ii) such Designating Party’s

  
 6 

 
involvement in the Proceeding results from any claim based on Indemnitee’s service to the Company as a director or other fiduciary of the Company, such Designating Party will be entitled to
indemnification hereunder for Losses and Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures for indemnification of Indemnitee and advancement of Expenses shall apply to any such indemnification of
such Designating Party. The Company and Indemnitee agree that each Designating Party is an express third-party beneficiary of this Section 2(e). 
 (f) Indemnification of HM&C Parties. If Indemnitee is providing services to the Company pursuant to the Management Agreement, and (i) HM&C or any of its affiliates (each, an
“HM&C Party”) is, or is threatened to be made, a party to, or a participant in, any Proceeding, and (ii) such HM&C Party’s involvement in the Proceeding results from any claim based on Indemnitee’s service to
the Company as an officer or other fiduciary of the Company, such HM&C Party will be entitled to indemnification hereunder for Losses and Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures for
indemnification of Indemnitee and advancement of Expenses shall apply to any such indemnification of such HM&C Party. The Company and Indemnitee agree that each HM&C Party is an express third-party beneficiary of this
Section 2(f). 
 3. Indemnification Procedures. 

(a) Notice of Indemnification Event. Indemnitee shall give the Company notice as soon as reasonably practicable of any
Indemnification Event of which Indemnitee becomes aware and of any request for indemnification hereunder; provided, however, that any failure to so notify the Company shall not relieve the Company of any of its obligations under this
Agreement, except if, and then only to the extent that, such failure increases the liability of the Company under this Agreement. 
 (b) Notice to Insurers. If, at the time the Company receives notice of an Indemnification Event pursuant to Section 3(a) above, the Company has liability insurance in effect that may
cover such Indemnification Event, the Company shall give prompt written notice of such Indemnification Event to the applicable insurers in accordance with the procedures set forth in each of the applicable policies of insurance. The Company shall
thereafter take all reasonably necessary or desirable action to cause such insurers to pay, for the benefit of Indemnitee, all amounts payable as a result of such Indemnification Event in accordance with the terms of such policies; provided,
however, that nothing in this Section 3(b) shall affect the Company’s obligations under this Agreement or the Company’s obligations to comply with the provisions of this Agreement in a timely manner as provided herein.

 (c) Selection of Counsel. If the Company shall be obligated hereunder to pay or advance Expenses or indemnify
Indemnitee with respect to any Losses, the Company shall be entitled to assume the defense of any related Claims, with counsel selected by the Company; provided, however, that following a Change of Control, such counsel shall be
subject to the prior written approval of Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed. After the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for
any fees of counsel subsequently incurred by Indemnitee 

  
 7 

 
with respect to the defense of such Claims; provided, that (i) Indemnitee shall have the right to employ counsel in connection with any such Claim at Indemnitee’s expense, and
(ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company with respect to the period after the Company has retained counsel to defend such Claim and such authorization has not been withdrawn,
(B) counsel for Indemnitee shall have provided the Company with a written legal opinion that there is, or there is reasonably likely to be, a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or
(C) the Company shall not continue to retain such counsel to defend such Claim, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. 

(d) Settlement of Claims. The Company shall not settle any Claim in which it takes the position that Indemnitee is not entitled to
indemnification in connection with such settlement without the prior written consent of Indemnitee, nor shall the Company settle any Claim in any manner which would (i) impose any fine or obligation on Indemnitee that is not indemnified by the
Company hereunder, (ii) impose any non-monetary sanction on Indemnitee, or (iii) require any admission of fault or culpability of Indemnitee, without Indemnitee’s prior written consent. 

4. Determination of Right to Indemnification. 
 (a) Successful Proceeding. To the extent Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding referred to in Section 2(a) or 2(b), the Company
shall indemnify Indemnitee against all Losses and Expenses incurred by Indemnitee 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 in such Proceeding, the Company shall indemnify Indemnitee against all Losses and Expenses incurred by Indemnitee in connection with each successfully resolved Claim. 
 (b) Other Proceedings. In the event that Section 4(a) is inapplicable, the Company shall nevertheless indemnify Indemnitee, unless and to the extent a Reviewing Party chosen pursuant to
Section 4(c) determines that Indemnitee has not met the applicable standard of conduct set forth in Section 2(a) or 2(b), as applicable, as a condition to such indemnification. 

(c) Reviewing Party Determination. If, and to the extent, any applicable law requires the determination that Indemnitee has met
the applicable standard of conduct set forth in Section 2(a) or 2(b), as applicable, as a condition to any such indemnification, a Reviewing Party chosen by the Company Board (provided, that following a Change of Control,
such Reviewing Party shall, at the written election of Indemnitee, be an Independent Legal Counsel) shall make such determination in writing, subject to the following: 

(i) A Reviewing Party so chosen shall act in the utmost good faith to assure Indemnitee a complete opportunity to present
to such Reviewing Party Indemnitee’s evidence that Indemnitee has met the applicable standard of conduct. 

(ii) If the Reviewing Party pursuant to this Section 4(c) is to be an Independent Legal Counsel, the
Independent Legal Counsel shall be selected as provided in this Section 4(c)(ii). The Independent Legal Counsel shall be selected by the 

  
 8 

 
Company Board, and the Company Board shall provide written notice of such selection to Indemnitee. Indemnitee may, within ten (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 Legal Counsel so selected does not meet the requirements of “Independent
Legal Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
Independent Legal Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Legal Counsel unless and until such objection is withdrawn or a court has determined that such objection is
without merit. If, within twenty (20) days after the initial notice provided by the Company Board to Indemnitee of the initial selection of an Independent Legal Counsel, no Independent Legal Counsel shall have been selected by the Company Board
and not objected to by Indemnitee, either the Company Board or the 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 Board’s selection of Independent Legal Counsel and/or for the appointment as Independent Legal 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 Legal Counsel and the Reviewing Party pursuant to this Section 4(c). The Company shall pay any and all reasonable fees and expenses of Independent
Legal Counsel incurred by such Independent Legal Counsel in connection with acting pursuant to this Section 4(c), and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 4(c)(ii),
regardless of the manner in which such Independent Legal Counsel was selected or appointed. 
 (iii) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of a Covered Entity, including its financial statements, or on information supplied to Indemnitee by the officers or employees of a
Covered Entity in the course of their duties, or on the advice of legal counsel for a Covered Entity or on information or records given, or reports made, to a Covered Entity by an independent certified public accountant or by an appraiser,
investment banker or other expert selected by a Covered Entity, except, and then only to the extent, that Indemnitee knew or had reason to know that such records or books of account of a Covered Entity, information supplied by the officers or
employees of a Covered Entity, advice of legal counsel or information or records given or reports made by an independent certified public accountant or by an appraiser, investment banker or other expert were materially false or materially
inaccurate. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of a Covered Entity (other than Indemnitee) 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 4(c)(iii) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee
reasonably believed to be in, or not opposed to, the best interests of the Company. Any Person seeking to overcome this presumption shall have the burden of proof, and the burden of persuasion, by clear and convincing evidence. 

  
 9 

 (iv) If a Reviewing Party chosen pursuant to this Section 4(c)
shall not have made a determination whether Indemnitee is entitled to indemnification within thirty (30) days after being chosen as the Reviewing Party, the requisite determination of entitlement to indemnification shall be deemed to have been
made, and Indemnitee shall be entitled to such indemnification, absent (A) 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 (B) a prohibition of such indemnification under applicable law; provided, however, that such thirty (30)-day period may be extended for a reasonable time, not to exceed an additional
fifteen (15) days, if the Reviewing Party in good faith requires such additional time for obtaining or evaluating documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this
Section 4(c)(iv) shall not apply if (I) the determination of entitlement to indemnification is to be made by the stockholders of the Company, (II) a special meeting of stockholders is called by the Company Board for such purpose
within thirty (30) days after the stockholders are chosen as the Reviewing Party, (III) such meeting is held for such purpose within sixty (60) days after having been so called, and (IV) such determination is made thereat. 

(d) Appeal to Court. Notwithstanding a determination by a Reviewing Party chosen pursuant to Section 4(c) that
Indemnitee is not entitled to indemnification with respect to a specific Claim or Proceeding (an “Adverse Determination”), Indemnitee shall have the right to apply to the court in which that Claim or Proceeding is or was pending or
any other court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification pursuant to this Agreement, provided that Indemnitee commences any such Proceeding seeking to enforce Indemnitee’s right to
indemnification within one (1) year following the date upon which Indemnitee is notified in writing by the Company of the Adverse Determination. In the event of any dispute between the parties concerning their respective rights and obligations
hereunder, the Company shall have the burden of proving that the Company is not obligated to make the payment or advance claimed by Indemnitee. 
 (e) Presumption of Success. The Company hereby acknowledges that a settlement or other disposition short of final judgment shall be deemed a successful resolution for purposes of
Section 4(a) if it permits a party to avoid expense, delay, distraction, disruption or uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against
Indemnitee (including settlement of such 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 Proceeding, unless there has been a finding
(either adjudicated or pursuant to Section 4(c) above) that Indemnitee (i) did not act in good faith, (ii) did not act in a manner reasonably believed to be in, or not opposed to, the best interests of the Company, or
(iii) with respect to any criminal proceeding, had reasonable cause to believe his conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof, and the burden of persuasion, by clear and convincing evidence.

  
 10 

 5. Non-Exclusivity; Survival of Rights; Primacy of Indemnification; Subrogation.

 (a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of, but shall be in
addition to, any other rights to which Indemnitee may at any time be entitled under the Organizational Documents of any Covered Entity (including the Certificate), any other agreement, any vote of stockholders or Disinterested Directors, the laws of
the State of Delaware 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 Indemnitee prior to
such amendment, alteration or repeal. In the event of any change after the date of this Agreement in any applicable law, statute or rule that permits greater indemnification than would be afforded currently under the Organizational Documents of any
Covered Entity 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. The rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall continue as to Indemnitee for
any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve in such capacity. 
 (b) The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by a Designating Party and/or an HM&C Party. The
Company hereby agrees that it (i) is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of any Designating Party or any HM&C Party to advance expenses or to provide indemnification for the
same expenses or liabilities incurred by Indemnitee are secondary), (ii) shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Losses and Expenses to the extent legally
permitted and as required by the terms of this Agreement and the Organizational Documents of any Covered Entity (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against any Designating
Party or any HM&C Party, and (iii) irrevocably waives, relinquishes and releases each Designating Party and each HM&C Party from any and all claims against such Designating Party or HM&C Party, as applicable, for contribution,
subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by any Designating Party or any HM&C Party on behalf of Indemnitee with respect to any claim for which Indemnitee has
sought indemnification from the Company shall affect the foregoing and that each Designating Party and each HM&C Party 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 each Designating Party and each HM&C Party is an express third-party beneficiary of the terms of this Section 5(b). 

(c) Except as provided in Section 5(b), in the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of 

  
 11 

 
recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to
bring suit to enforce such rights. 
 6. Additional Indemnification Rights. In addition, the Company hereby agrees
to indemnify (and advance Expenses to) Indemnitee to the fullest extent permitted by law, even if such indemnification and advancement of Expenses is not specifically authorized by the other provisions of this Agreement or any other agreement, the
Organizational Documents of any Covered Entity or by applicable law. In the event of any change after the date of this Agreement in any applicable law, statute or rule that expands the right of a Delaware corporation to indemnify a member of its
board of directors or an officer, employee, controlling person, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any
applicable law, statute or rule that narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, controlling person, agent or fiduciary, such change, to the extent not otherwise required by
such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties rights and obligations hereunder except as set forth in Section 10(a) hereof. 

7. No Duplication of Payments. Except as provided in Section 5(b), the Company shall not be liable under this
Agreement to make any payment of any amount otherwise indemnifiable hereunder, or for which advancement is provided hereunder, if and to the extent Indemnitee has otherwise actually received such payment, whether pursuant to any insurance policy,
the Organizational Documents of any Covered Entity or otherwise. 
 8. Mutual Acknowledgment. Both the Company and
Indemnitee acknowledge that, in certain instances, federal law or public policy may override applicable state law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. For example, the Company and
Indemnitee acknowledge that the SEC has taken the position that indemnification by the Company is not permissible for liabilities arising under certain federal securities laws, and that federal legislation prohibits indemnification for certain ERISA
violations. Indemnitee understands and acknowledges that the Company has undertaken, or may be required in the future to undertake, with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the
Company’s right under public policy to indemnify Indemnitee, and that any right to indemnification hereunder shall be subject to, and conditioned upon, any such required court determination. 

9. Liability Insurance. The Company shall obtain and maintain in full force and effect, at the Company’s expense,
liability insurance applicable to directors and officers from established and reputable insurers, in such amount, and otherwise on such terms, as are determined in good faith by the Company Board. Indemnitee shall be covered by such policy or
policies in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors, if Indemnitee is a director of the Company, or of the Company’s officers, if
Indemnitee is not a director of the Company. The Company shall advise Indemnitee as to the terms of, and the amounts of coverage provided by, any liability insurance policy described in this Section 9 and shall promptly notify Indemnitee
if, at any time, any such insurance policy will expire or be terminated, the amount of coverage under any such insurance policy will be decreased or the terms of any such insurance policy will materially change. 

  
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 10. Exceptions. Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee: 
 (a)
against any Losses or Expenses, or to advance Expenses to Indemnitee, with respect to Claims initiated or brought voluntarily by Indemnitee, and not by way of defense (including affirmative defenses and counter-claims), except (i) Claims to
establish or enforce a right to indemnification, contribution or advancement with respect to an Indemnification Event, whether under this Agreement, any other agreement or insurance policy, the Organizational Documents of any Covered Entity, the
laws of the State of Delaware or otherwise, or (ii) if the Company Board has approved specifically the initiation or bringing of such Claim; or 
 (b) if, and to the extent, that a court of competent jurisdiction enters a judgment that such indemnification is not lawful, except to the extent such judgment is later reversed on appeal. 

11. Miscellaneous. 
 (a) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original. This Agreement and any other agreement or instrument entered into in
connection herewith or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or e-mail of a PDF file, shall be treated in all manner and respects as an original agreement or
instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. 
 (b) Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of, and be enforceable by, the parties hereto, each Designating Party as provided in
Sections 2(e) and 5(b), each HM&C Party as provided in Sections 2(f) and 5(b), and their respective successors and assigns (including with respect to the Company, any direct or indirect successor, by purchase, merger,
consolidation or otherwise, to all or substantially all of the business and/or assets of the Company) and with respect to Indemnitee, his or her spouse, heirs, and personal and legal representatives. The Company shall require and cause any successor
or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all, or substantially all, of the business and/or assets of the Company, to assume and agree in writing 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 or assignment had taken place. This Agreement shall continue in effect with respect to Claims relating to Indemnification Events regardless of whether Indemnitee
continues to serve as a director, officer, employee, controlling person, agent or fiduciary of any Covered Entity. 
 (c)
Notice. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to 

  
 13 

 
be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if
delivered by hand, (c) one (1) Business Day after the Business Day of deposit with Federal Express or similar, nationally recognized overnight courier, freight prepaid, or (d) one (1) Business Day after the Business Day of
delivery by confirmed facsimile transmission, if deliverable by facsimile transmission, with copy by other means permitted hereunder, and addressed, if to Indemnitee, to Indemnitee’s address or facsimile number (as applicable) as set forth
beneath Indemnitee’s signature to this Agreement, or, if to the Company, at the address or facsimile number (as applicable) of its principal corporate offices (attention: Secretary), or to such other address or facsimile number (as applicable)
as such party may designate to the other party hereto. 
 (d) Enforceability. The Company hereby represents and warrants
that this Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company agrees that it will 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. 

(e) Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the
courts of the State of Delaware for all purposes in connection with any Proceeding that arises out of or relates to this Agreement and agree that any Proceeding instituted under this Agreement shall be commenced, prosecuted and continued only in the
courts of the State of Delaware. THE COMPANY AND INDEMNITEE HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

(f) Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including
any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.
Further, the invalidity or unenforceability of any provision hereof as to either Indemnitee, on the one hand, or any Designating Party or HM&C Party, on the other hand, shall in no way affect the validity or enforceability of any provision
hereof as to the other. Furthermore, to the fullest extent possible, the provisions of this Agreement (including each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable that is not itself invalid,
void or unenforceable) shall be construed so as to give effect to the purposes manifested by the provision held invalid, illegal or unenforceable. 
 (g) Choice of Law. This Agreement shall be governed by, and its provisions shall be construed and enforced in accordance with, the laws of the State of Delaware, without regard to the conflict of
laws principles thereof. 
 (h) Interpretation. The headings of this Agreement are for convenience of reference and shall
not form part of, or affect the interpretation of, this Agreement. Whenever the context may require, any pronoun will include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” are not limiting and will be deemed to be followed by the phrase “without limitation.” The phrases “herein,” “hereof,” 

  
 14 

 
“hereunder” and words of similar import will be deemed to refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” will be
inclusive and not exclusive unless the context requires otherwise. 
 (i) Amendment and Termination. No amendment,
modification, termination or cancellation of this Agreement shall be effective unless it is in a writing signed by the parties to be bound thereby. Notice of the same shall be provided to all 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. 
 (j) No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained or to continue in the employ or service of any
Covered Entity. 
 [remainder of page intentionally left blank; signature page follows] 

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

			
	COMPANY:
	
	Diamond Resorts International, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	INDEMNITEE:
	
	  

	[                    ]
		
	Fax:	 	[        -        -        
]

 
			
	Address:	 	[                             
                       ]
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 [Signature Page to Indemnification Agreement]

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