Document:

EX-10.21

 Exhibit 10.21 

EXCLUSIVE LICENSE AGREEMENT 

[***] = Certain confidential information contained in this document, marked by brackets, has been omitted because Gracell Biotechnologies
Inc. has determined it is not material and would be competitively harmful if publicly disclosed. 
 THIS AGREEMENT is made and entered into on
        April 19th        , 2017 (hereinafter “EFFECTIVE DATE”) by and between ProMab Biotechnologies, Inc. a
                             corporation, whose address is 2600 Hilltop Drive, Building B, Suite C320,
Richmond, CA 94806 USA (hereinafter “PROMAB”) and Unitex Capital Ltd., a BVI limited liability company, whose address is 1208 E. Arques Ave., Sunnyvale, CA 94085 (hereinafter “LICENSEE”). PROMAB and LICENSEE are sometimes
hereinafter referred to individually as a “Party” and collectively as the “Parties”. 
 WHEREAS, in the course of
research conducted at PROMAB, certain employees of PROMAB (“Inventor”) has produced a list of Chimeric Antigen Receptor T cells (CAR-T) intellectual properties for cancer immune therapies (CAR-T IP); 
 WHEREAS, PROMAB wishes to have the invention claimed in the LICENSED TECHNOLOGIES
and any resulting patents commercialized to benefit the public good; 
 WHEREAS, LICENSEE is experienced in developing and
commercializing products similar to the LICENSED TECHNOLOGY and shall act diligently to develop and commercialize the LICENSED TECHNOLOGY for public use throughout the LICENSED TERRITORY (as defined below); and 

WHEREAS, PROMAB is willing to grant an exclusive license to its rights in the LICENSED TECHNOLOGIES to LICENSEE and LICENSEE desires to
receive such an exclusive license to the LICENSED TECHNOLOGIES solely for the market of LICENSED TERRITORY, subject to the terms and conditions of this Agreement. 

WHEREAS, under a certain “CAR-T Cell Therapy Phase I Collaborative Clinical Trail ([***])
agreement” executed between PROMAB and First Affiliated Hospital of Harbin Medical University as attached in Appendix C, PROMAB had provided part of the LICENSED TECHNOLOGY to [***]. 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises herein made and exchanged, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, PROMAB and LICENSEE agree as follows: 
 ARTICLE 1 INCORPORATION OF
RECITALS AND DEFINITIONS 
 1.1. The foregoing recitals are hereby incorporated herein by reference and acknowledged as true and
correct. Unless specifically set forth to the contrary in this Agreement, the following terms, whether used in the singular or plural, shall have the respective meanings set forth below. 

  

					
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 1.2. “AFFILIATE” shall mean any entity or person that directly or indirectly
controls, is controlled by or is under common control with LICENSEE or PROMAB. For purposes of this definition, “control” means possession of the power to direct the management of such entity or person, whether through ownership of more
than fifty percent (50%) of voting securities, by contract or otherwise 
 1.3. “CHANGE OF CONTROL” shall mean 

 

	 	1)	 any consolidation, merger, combination, reorganization or other transaction in which the party is not the
surviving entity other than a transaction, the principal purpose of which is to effect a change in domicile or the form of entity of the party; 

  

	 	2)	 the shares of stock of the party constituting in excess of fifty percent (50%) of the voting power are
exchanged for or changed into other stock or securities, cash, and/or other property other than in the context of a financial transaction; or 

  

	 	3)	 a sale or other disposition of all or substantially all of the assets of the party, or the permitted assignment
of this Agreement pursuant to Article 16.6. 

 1.4. “COMPASSIONATE USE” means legally permitted use of a LICENSED
TECHNOLOGY in a market where the LICENSED TECHNOLOGY has not been approved for commercial sale, for purposes of (i) treating patients in a single patient trial; or (ii) providing expanded access outside of a clinical trial to patients with
serious or life-threatening conditions who do not meet the enrollment criteria for a clinical trial. 
 1.5. “CONFIDENTIAL
INFORMATION” shall mean all information disclosed by one party to the other during the negotiation of or under this Agreement in any manner, whether orally, visually or in tangible form, that relates to LICENSED TECHNOLOGIES, or the Agreement
itself, unless such information is subject to an exception described in Article 7.2. CONFIDENTIAL INFORMATION shall include, without limitation, the following, whether or not patentable: materials, know-how
and data (whether technical or non-technical), trade secrets, inventions, methods and processes. Notwithstanding any other provisions of this Article 1.5, CONFIDENTIAL INFORMATION of LICENSEE that is subject
to Article 7 of this Agreement is limited to information that LICENSEE supplies pursuant to LICENSEE’s obligations under Articles 6 and 8 of this Agreement, unless otherwise mutually agreed to in writing by the parties. PROMAB Confidential
Information may include certain Confidential Information of other third- parties that is obtained by PROMAB in accordance with one or more agreements between PROMAB and the applicable third party. 

1.6. INTENTIONALLY LEFT BLANK. 

1.7. “EFFECTIVE DATE” is defined in the introductory paragraph of this Agreement. 

1.8. “FIELD” shall mean Human Therapeutics. 

  

					
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 1.9. “FIRST COMMERCIAL SALE” shall mean (a) a NET SALE, as defined below,
made after the LICENSED TECHNOLOGY has received regulatory approval for commercial sale, (ii) the sale is a for-profit sale, and (iii) a minimum of ten (10) different patients have been treated
as a result of such for-profit sales. For the avoidance of doubt, a COMPASSIONATE USE, whether the result of a sale or not, shall not constitute and shall not be considered a FIRST COMMERCIAL SALE. 

1.10. “IMPROVEMENTS” shall mean, including but not limited to, any improvements, derivative works, inventions, enhancements,
technical advances, modifications, adaptations, new models, or data, including data resulting from failed or successful tests or trials, created based upon or derived from the LICENSED TECHNOLOGY. 

1.11. “INDEPENDENTLY DEVELOPED IP” shall mean any and all patents, patent applications, inventions (whether patentable or not),
copyrights, works of authorship, trade secrets, know-how, and all other proprietary or confidential information conceived or developed by an employee(s) or agent(s) of LICENSEE independently of PROMAB, that
are not based on or derived from the LICENSED TECHNOLOGY, and that are not conceived or developed in performance of the LICENSEE’S obligations under this Agreement. 

1.12. “INTELLECTUAL PROPERTY RIGHTS” means rights in all inventions, patents or patent applications (including all kinds of the same
such as utility, process, method, or design), copyrights, trademarks, service marks, trade dress, trade secrets, know-how, utility models, industrial designs, mask works, moral rights, works, or other data or
information whether or not protectable under any applicable law of the United States or a foreign country, including the right to file for registration or protection for the same and all renewals, continuations, divisionals, reexaminations, and
extensions thereof, whether or not such rights have been applied-for, patented or registered in any jurisdiction . 

1.13. “LICENSE” refers to the license granted under Article 2.1. 

1.14. “LICENSED TECHNOLOGY” or “LICENSED TECHNOLOGIES” shall mean any process(es), product(s), machine(s), manufacture,
composition of matter, apparatus, kit, or any part thereof, which incorporate, embody, utilize, or are claimed in (i) any patent application and patent listed in Appendix A, which is incorporated into this Agreement; (ii) any
continuations, divisionals, and continuations-in-part, to the extent the claims of any such patent applications are directed to subject matter specifically described in
the patents and patent applications listed in (i) and any patents that issue therefrom; (iii) any patents or patent applications that claim priority to any of the patents or patent applications listed in (i) or (ii); (iv) any
reissues, re-examinations, extensions or substitutions of the patents listed in (i), (ii) or (iii); and (v) the relevant international equivalents of any of the foregoing; provided, however, INDEPENDENTLY
DEVELOPED IP shall be excluded. 
 1.15. “LICENSED TERRITORY” shall mean Greater China, including the People’s Republic of
China (PRC), Taiwan, Hong Kong, Macau and all of China’s Special Administrative Regions (SAR). 

  

					
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 1.16. “NET SALES” shall mean net sales as defined by United States Generally
Accepted Accounting Principles (U.S GAAP), namely, the total dollar amount invoiced on sales of LICENSED TECHNOLOGY by LICENSEE and SUBLICENSEE(s), less the deduction of returns, allowances for damaged or missing goods, and any discount customary in
the trade and actually allowed. For avoidance of double, NET SALES shall not include the gross invoice price for LICENSED TECHNOLOGIES used by, sold to, or leased to, any AFFILIATE or SUBLICENSEE unless such AFFILIATE or SUBLICENSEE is the final
customer of such LICENSED TECHNOLOGIES, in which case such NET SALES shall be calculated using the average gross invoice price charged to third parties who are not AFFILIATES or SUBLICENSEES during the same quarter. For the avoidance of doubt, any
COMPASSIONATE USES, whether the result of a sale or not, shall not constitute and shall not be considered NET SALES. 
 1.17. “PHASE I
CLINICAL TRIAL” shall mean a human clinical trial approved by appropriate regulatory bodies, the principal purpose of which is to determine toxicity, absorption, metabolism and/or safe dosage range in patients with the disease target being
studied as required in 21 C.F.R. §312.21(a) or its foreign equivalent. 
 1.18. “PHASE II CLINICAL TRIAL” shall mean a human
clinical trial approved by appropriate regulatory bodies, the principal purpose of which is to evaluate the effectiveness of a drug for a particular indication in patients with the disease and to determine the common short-term side effects and
risks associated with the drug as required in 21 C.F.R. §312.21(b) or its foreign equivalent. 
 1.19. “PHASE III CLINICAL
TRIAL” shall mean expanded controlled and uncontrolled human clinical trials approved by appropriate regulatory bodies, performed after preliminary evidence suggesting effectiveness has been obtained, and is intended to gather the additional
information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship of the drug and to provide an adequate basis for physician labeling, as required in 21 C.F.R. §312.21(c) or its foreign equivalent. 

1.20. “REASONABLE COMMERCIAL EFFORTS” shall mean documented efforts that are consistent with those utilized by companies of similar
size and type to LICENSEE that have successfully developed products and services similar to LICENSED TECHNOLOGIES in the FIELD. 
 1.21.
“SUBLICENSEE” shall mean any third party sublicensed by LICENSEE or otherwise granted any other right, license, privilege or immunity to make, have made, use, sell, have sold, import or export any LICENSED TECHNOLOGY. 

1.22. “TERM” is defined in Article 2.4. 

ARTICLE 2 LICENSE GRANT AND TERM 

2.1. Subject to all the terms and conditions of this Agreement, PROMAB hereby grants to LICENSEE an exclusive license to its rights under the
LICENSED TECHNOLOGIES, with the right to grant sublicenses, to make, have made, use, sell, have sold, import or export LICENSED TECHNOLOGIES within the FIELD in the LICENSED TERRITORY (the “LICENSE”) provided this Agreement is in effect
and LICENSEE is not in material breach of its obligations hereunder. 

  

					
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 i. In the event that PROMAB develops any IMPROVEMENTS to the LICENSED TECHNOLOGY that may be
useful to LICENSEE’S efforts to commercialize the LICENSED TECHNOLOGY, PROMAB will promptly notify LICENSEE of such IMPROVEMENTS and disclose such IMPROVEMENTS to LICENSEE. PROMAB shall not disclose or license any such IMPROVEMENTS to a third
party until after LICENSEE had the opportunity to evaluate the same for purposes of licensing such IMPROVEMENTS. 
 ii. In the event PROMAB
or a third party desires to describe in a scholarly or scientific publication, prior to taking any steps to publishing any such publication, PROMAB will first consult with LICENSEE so that LICENSEE can determine whether any CONFIDENTIAL INFORMATION
of LICENSEE’S is at risk of disclosure or publication. LICENSEE has thirty (30) days to review and determine whether any CONFIDENTIAL INFORMATION of LICENSEE’S should be redacted. PROMAB agrees to redact LICENSEE’S CONFIDENTIAL
INFORMATION in such proposed disclosure or publication. 
 2.2. Unless terminated earlier as provided in Article 12, the term of the LICENSE
(“the TERM”) shall commence on the EFFECTIVE DATE and shall automatically expire on the later of: (a) the date on which the last of the claims of the patents described in the LICENSED TECHNOLOGIES expires, lapses or is declared to be
invalid by a final, non-appealable decision of a court of competent jurisdiction through no fault or cause of LICENSEE; or (b) twenty (20) years after the EFFECTIVE DATE. 

ARTICLE 3 SUBLICENSES 
 3.1.
LICENSEE shall have the right to grant sublicenses to SUBLICENSEES under this Agreement solely for the market of LICENSED TERRITORY without PROMAB’s prior written consent. Any agreement granting SUBLICENSEE shall state that the SUBLICENSE is
subject to the terms and conditions of this Agreement and to the termination of this Agreement. 
 ARTICLE 4 PAYMENTS/CONSIDERATION

 4.1. License Issue Fee 

LICENSEE shall pay to PROMAB a non-refundable license issue fee of [***] within three (3) days of
the EFFECTIVE DATE. 
 4.2. Delivery Payment 

LICENSEE shall pay to PROMAB a non-refundable license delivery fee of [***] within six month of the
EXECUTIVE DATE, provided that: [***]; 
 4.3. Additional Sub-License Fee 

  

					
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 LICENSEE shall pay to PROMAB a non-refundable sub-licensee fee of [***] for an additional exclusive sub-license of GITR as CAR-T costimulatory molecule [***] from PROMAB to LICENSEE
for use in the FIELD in the LICENSED TERRITORY. PROMAB will make due effort to assist LICENSEE to [***]. 
 4.4. Milestone Payment: 

In addition to all other payment required under this Agreement, LICENSEE agrees to pay PROMAB milestone payments upon complete execution of
Article 4.2, as follows: 
 i. a non-refundable milestone payment of [***] 60 days after IND filing
of [***], whichever occurs first; 
 ii. a non-refundable milestone payment of [***] after LICENSEE
successfully treated [***] patients in a PHASE I CLINICAL TRIAL with [***]; 
 iii. a non-refundable
milestone payment of [***] when LICENSEE successfully treated [***] patients in a PHASE I CLINICAL TRIAL with [***] and achieved [***]; 

iv. a non-refundable milestone payment of [***] 60 days after IND approval for [***], in no event shall
the aggregate be more than [***] 
 v. a non-refundable milestone payment of [***] when LICENSEE
obtains the China Food and Drug Administration (CFDA) approval for [***]; 
 ARTICLE 5 INTENTIONALLY LEFT BLANK 

ARTICLE 6 DUE DILIGENCE 

6.1. LICENSEE shall use all REASONABLE COMMERCIAL EFFORTS to develop, commercialize, and market the LICENSED TECHNOLOGY with diligent research
and development, testing, government approval, manufacturing, marketing and sale or lease of LICENSED TECHNOLOGY. 
 6.2. LICENSEE shall use
all REASONABLE COMMERCIAL EFFORTS to implement the clinical trials and to obtain regulatory approval for the LICENSED TECHNOLOGY, and to diligently commercialize and develop markets for the LICENSED TECHNOLOGY. 

  

					
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 6.3. LICENSEE shall deliver to PROMAB all records required by regulatory authorities to be
maintained with respect to the sale and use of the LICENSED TECHNOLOGY, all documents, data and information related to clinical trials and other studies of LICENSED TECHNOLOGY, any other data, techniques,
know-how and other information developed or generated that relate to the LICENSED TECHNOLOGIES or LICENSED TECHNOLOGY, and all copies and facsimiles of such materials, documents, information and files. 

6.4. If at any time LICENSEE abandons or suspends its research, development, or marketing of the LICENSED TECHNOLOGY, or its intent to
research, develop and market such products or methods, or otherwise fails to comply with its due diligence obligations under this Article for a period exceeding [***], LICENSEE shall immediately notify PROMAB giving reasons and a statement of its
intended actions. 
 6.5. Provided that the CFDA has published executable guideline of CAR-T cell
therapy new drug IND application (REGULATION DATE), LICENSEE agrees that PROMAB shall be entitled to terminate this Agreement pursuant to Article 12.1(b), and subject to LICENSEE’S right to cure as provided therein, upon the occurrence of any
of the following: 
 i. LICENSEE has failed to initiate a PHASE I CLINICAL TRIAL for a LICENSED TECHNOLOGY within [***] of the REGULATION
DATE; or 
 ii. LICENSEE has failed to initiate a PHASE II CLINICAL TRIAL for a LICENSED TECHNOLOGY within [***] of the REGULATION DATE; or

 iii. LICENSEE has failed to initiate a PHASE III CLINICAL TRIAL for a LICENSED TECHNOLOGY within [***] of the REGULATION DATE; or 

iv. LICENSEE has failed to achieve a FIRST COMMERCIAL SALEFIRST COMMERCIAL SALE within [***] of the REGULATION DATE. 

ARTICLE 7 CONFIDENTIALITY AND PUBLICITY 

7.1. Subject to the parties’ rights and obligations pursuant to this Agreement, PROMAB and LICENSEE agree that during the term of this
Agreement and for ten (10) years thereafter, each of them: 
 i. will keep confidential and will cause their AFFILIATES and, in the case
of LICENSEE, its SUBLICENSEES, to keep confidential, CONFIDENTIAL INFORMATION disclosed to it by the other party, by taking whatever action the party receiving the CONFIDENTIAL INFORMATION would take to preserve the confidentiality of its own
CONFIDENTIAL INFORMATION, which in no event shall be less than reasonable care; and 

  

					
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 ii. will only disclose that part of the other’s CONFIDENTIAL INFORMATION to its
officers, employees or agents that is necessary for those officers, employees or agents who need to know to carry out its responsibilities under this Agreement; and 

iii. will not use the other party’s CONFIDENTIAL INFORMATION other than as expressly set forth in this Agreement or disclose the
other’s CONFIDENTIAL INFORMATION to any third parties under any circumstance without advance written permission from the other party; and 

iv. will, within sixty (60) days of termination of this Agreement, return all the CONFIDENTIAL INFORMATION disclosed to it by the other
party pursuant to this Agreement except for one copy which may be retained by the recipient for monitoring compliance with this Article 7. 

7.2. The obligations of confidentiality described above shall not pertain to that part of the CONFIDENTIAL INFORMATION that as established by
written records: 
 i. is already in the recipient’s possession prior to receipt from the disclosing party; or 

ii. is in the public domain by use and/or publication at the time of receipt from the disclosing party, or enters into the public domain
through no improper act of the receiving party; or 
 iii. is developed independently by the receiving party without reference to the
information of the disclosing party; or 
 iv. is properly obtained by receiving party from a third party with a valid legal right to
disclose such information and such third party is not under a confidentiality obligation to such information to the disclosing party; or 

v. is required to be disclosed by law in the opinion of recipient’s attorney, but only after the disclosing party is given prompt written
notice and an opportunity to seek a protective order. 
 7.3. Except as required by law, or as may be necessary to obtain advice from its
respective attorneys, financial advisors, or accountants or for such individuals to perform their duties, neither party may disclose the financial terms of this Agreement without the prior written consent of the other party. 

ARTICLE 8 REPORTS 
 8.1. LICENSEE
shall, within thirty (30) days after the calendar quarter in which NET SALES first occur, provide PROMAB with a written report, detailing the NET SALES and uses, if any, made by LICENSEE, its SUBLICENSEES and AFFILIATES of LICENSED TECHNOLOGY.
NET SALES of LICENSED TECHNOLOGY shall be deemed to have occurred on the date of invoice for such LICENSED TECHNOLOGY. Each such report shall be signed by an officer of LICENSEE (or the officer’s designee), and must include names and addresses
of all SUBLICENSEES and the type and amount of any SUBLICENSE income received from each SUBLICENSEE. 

  

					
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 ARTICLE 9 PATENT PROTECTION AND OWNERSHIP OF IMPROVEMENTS 

9.1. To the extent of the trade secret is a bass for any patents or patent application, PROMAB shall advise LICENSEE in writing at such time as
the applicable patent application is filed and any patent is subsequently allowed and issued. If LICENSEE believes that the LICENSED TECHNOLOY including any inventions that are or may be patentable in the LICENSED TERRITOTY, LICENSEE shall notify
PROMAB, and the parties together shall consider the further actions that may be advisable to secure applicable patents. 
 9.2. PROMABM
agrees that to the extent that LICENSEE developed or created any IMPROVEMENTS to or based upon the LICENSED TECHNOLOGIES following the EFFECTIVE DATE of this Agreement, namely April 19, 2017, in the LICENSED TERRITORY,
LICENSEE is the sole owner of such IMPROVEMENTS, including all INTELLECTUAL PROPERTY RIGHTS therein. 
 9.3. Following the EFFECTIVE DATE of
this Agreement, LICENSEE develops or creates any IMPROVEMENTS to or based upon the LICENSED TECHNOLOGY, including but not limited to any data or other information, LICENSEE shall be the sole owner of such IMPROVEMENTS or derivatives, including and
comprising all INTELLECTUAL PROPERTY RIGHTS therein, with all rights to apply for and prosecute any applications for patents, trademarks and copyrights covering the same in the LICENSED TERRITORY. Cost for preparing and prosecuting such application
shall be incurred by LICENSEE. RPOMAB agrees that, if necessary, and at LICENSEE’S expense, it shall reasonably cooperate with LICENSEE in perfecting LICENSEE’S ownership in such IMPROVEMENTS by, including but not limited to executing and
all further documents requested by LICENSEE that may be necessary or advisable to effectuate or perfect LICENEE’s ownership in such IMPROVEMENTS. 

9.4. PROMAB agrees to delegate to LICENSEE the responsibility to direct the filing, prosecution and maintenance of such patent applications and
patents using independent patent counsel selected by LICENSEE in the LICENSED TERRITORY. Said independent patent counsel shall represent LICENSEE. LICENSEE shall have such responsibility to direct the filing, prosecution and maintenance of such
patent applications and patents. The relevant cost shall include, but not limited to any future taxes, annuities, working fees, maintenance fees, renewal and extension charges. Payment of such cost shall be made by LICENSEE directly to the patent
counsel. 
 9.5. With respect to any patent applications and patents contained in the LICENSED TECHNOLOGIES, the party responsible for
directing prosecution (the “Prosecuting Party”) and patent counsel shall (a) consult with the other party (the “Non-prosecuting Party”) and keep the
Non-prosecuting Party fully informed of the progress of the preparation, filing, prosecution and maintenance of such patent applications and patents, (b) consult with the
Non-prosecuting Party and keep the Non-prosecuting Party fully informed about patent strategy with respect to such patent applications and patents, (c) provide to
the Non-prosecuting Party advance copies of documents relevant to preparation, filing, prosecution and maintenance of such patent applications and patents sufficiently in advance of filing to allow the Non-prosecuting Party a reasonable opportunity to review and comment on such documents, (d) consider and implement all the Non-prosecuting Party’s reasonable comments on such patent filings, and
(e) provide the Non-prosecuting Party with final copies of such documents. The Prosecuting Party agrees to use commercially reasonable efforts to obtain broad and strong patent protection in the best
interest of itself and the Non-prosecuting Party. The Prosecuting Party will not finally abandon any patent application, or make decisions that would have a material impact on the nature or scope of any claims
without the Non-prosecuting Party’s prior written consent. 

  

					
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 9.6. LICENSEE shall apply, and shall require SUBLICENSEES to apply, the patent marking
notices required by the law of any country where such LICENSED TECHNOLOGY are made, sold, used or shipped, including, but not limited to, the applicable patent laws of that country. 

ARTICLE 10 INFRINGEMENT AND LITIGATION 

10.1. Each party shall promptly notify the other in writing in the event that (a) it obtains knowledge of activity by third parties
infringing or otherwise violating the INTELLECTUAL PROPERTY RIGHTS in the LICENSED TECHNOLOGIES, or (b) it is sued or threatened with an infringement suit, in any country in the LICENSED TERRITORY as a result of activities that concern the
LICENSED TECHNOLOGIES, and shall supply the other party with documentation of the infringing activities that it possesses. 
 10.2. During
the TERM of this Agreement: 
 i. LICENSEE shall have the first right, but not the obligation, to assert and defend rights in the LICENSED
TECHNOLOGIES respecting infringement or other violation of INTELLECTUAL PROPERTY RIGHTS in the LICENSED TECHNOLOGIES by third parties in the FIELD and in the LICENSED TERRITORY using counsel of its own selection. This right includes bringing any
legal action for infringement and defending any counter claim of a third party respecting the LICENSED TECHNOLOGIES such as a counter claim or declaratory judgment for invalidity, non-infringement, or
unenforceability. If, in the reasonable opinion of LICENSEE’s counsel, PROMAB is required to be a named party to any such suit for standing purposes, LICENSEE may join PROMAB as a party; provided, however, that (i) PROMAB
shall not be the first named party in any such action, (ii) the pleadings and any public statements about the action shall state that the action is being pursued by LICENSEE and that LICENSEE has joined PROMAB as a party; and
(iii) LICENSEE shall keep PROMAB reasonably apprised of all developments in any such action. LICENSEE may settle such suits only with PROMAB’s prior written consent, which shall not be unreasonably withheld, conditioned, or delayed.
LICENSEE shall bear the expense of such legal actions, including PROMAB’s expenses. Except for providing reasonable assistance, at the request and expense of LICENSEE, including but not limited to cooperating with LICENSEE in any such action
with respect to discovery, production of evidence, or attendance in court proceedings, PROMAB shall have no obligation regarding the legal actions described in Article 10.2 unless required to participate by law. However, PROMAB shall have the right
to participate in any such action through its own counsel and at its own expense. Any recovery shall first be applied to LICENSEE’s out of pocket expenses and second shall be applied to PROMAB’s out of pocket expenses, including legal
fees. PROMAB shall recover [***] of any excess recovery over those expenses. 

  

					
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 ii. In the event LICENSEE fails to initiate and pursue or participate in the actions
described in the preceding paragraph (a) within sixty (60) days of LICENSEE first becoming aware of an infringement or other violation of INTELLECTUAL PROPERTY RIGHTS in the LICENSED TECHNOLOGIES or (b) upon notice by LICENSEE to
PROMAB that it does not intend to initiate, pursue or participate in such action(s), whichever is earlier, PROMAB shall have the right to initiate or take over such legal action at its own expense and PROMAB may use the name of LICENSEE as a party
in such action. In such case, LICENSEE shall provide reasonable assistance to PROMAB if requested to do so. PROMAB shall keep LICENSEE reasonably apprised of all developments in any such action. PROMAB may settle such actions solely through its own
counsel. However, in the event that any such settlement may have a material effect on the LICENSE rights granted to LICENSEE under this Agreement, PROMAB shall not settle any such action without first consulting with LICENSEE and obtaining
LICENSEE’s prior written consent, which shall not be unreasonably withheld. Any recovery shall be split between PROMAB and LICENSEE on a pro rata basis as determined by the relative total out of pocket and legal expenses incurred by each party
in pursuing the legal action solely through PROMAB’s counsel and settled in favor of PROMAB. 
 10.3. In the event LICENSEE is
permanently enjoined from exercising its LICENSE under this Agreement pursuant to an infringement action brought by a third party, or if both LICENSEE and PROMAB elect not to undertake the defense or settlement of a suit alleging infringement for a
period of six (6) months from notice of such suit, then either party shall have the right to terminate this Agreement in the country where the suit was filed with respect to the licensed patent following thirty (30) days’ written
notice to the other party in accordance with the terms of Article 14. 
 ARTICLE 11 USE OF PROMAB’S NAMES 

LICENSEE shall not use the name “PROMAB Biotechnologies, Inc.,” nor any variation or adaptation thereof, nor any trademark, tradename
or other designation owned by PROMAB, nor the names of any of its directors, officers, employees or agents, for any purpose without the prior written consent of the appropriate party in each instance, except that LICENSEE may state that it has
exclusively licensed from PROMAB one or more of the patents and/or applications within the LICENSED TECHNOLOGIES in connection with, including but not limited to investor reports and strategic partner discussions. 

ARTICLE 12 TERMINATION 

12.1. PROMAB shall have the right, at its option, upon written notice to LICENSEE (a) to terminate this Agreement or (b) to convert
all exclusive licenses granted herein to nonexclusive licenses, in either case in the event LICENSEE: 
 i. fails to make any payment
whatsoever not disputed in good faith due and payable pursuant to this Agreement unless LICENSEE shall make all such payments within the sixty (60) day period after receipt of written notice from PROMAB, or within the sixty (60) day period
after resolution of any disputed amounts; or 

  

					
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 ii. commits a material breach of any other provision of this Agreement which is not cured
(if capable of being cured) within the sixty (60) day period after receipt of written notice thereof from PROMAB, or upon receipt of such notice if such breach is not capable of being cured; or 

iii. challenges, directly or indirectly urging of a third party on behalf of the LICENSEE, whether as a claim, a cross-claim, counterclaim, or
defense, the validity or enforceability of any patents or patent applications included within the LICENSED TECHNOLOGIES before any court, arbitrator, or other tribunal or administrative agency in any jurisdiction. 

12.2. Notwithstanding any provision herein to the contrary, this Agreement shall terminate automatically without any notice to LICENSEE in the
event LICENSEE shall cease to carry on its business or becomes insolvent or a petition in bankruptcy is filed against LICENSEE and is consented to, acquiesced in or remains undismissed for sixty (60) days, or LICENSEE makes a general assignment
for the benefit of creditors, or a receiver is appointed for LICENSEE. 
 12.3. LICENSEE shall have the right to terminate this Agreement
upon written notice to PROMAB: 
 i. at any time without cause, and without incurring any additional obligation, liability or penalty, on two
(2) months’ written notice to PROMAB, provided LICENSEE is not in material breach and upon payment of all undisputed amounts due PROMAB throughout the effective date of termination; 

ii. in the event PROMAB commits a material breach of any of the provisions of this Agreement, including but not limited to breach of any of the
Presentations and Warranties clauses, and such material breach is not cured (if capable of being cured) within the sixty (60) day period after receipt of written notice thereof from LICENSEE, or upon receipt of such notice if such breach is not
capable of being cured. PROMAB shall unconditionally return to the LICENSEE the full amount of consideration which has been paid in accordance with Article 4. 

iii. in the event of a FORCE MAJEURE EVENT as set forth in Article 17.8; or 

iv. at any time in the event it is determined that none of the LICENSED TECHNOLOGIES are patentable subject matter by a non-appealable decision of a court of competent jurisdiction or applicable patent office administrative tribunal, or all the patents included within LICENSED TECHNOLOGIES are declared invalid by a non-appealable decision of a court of competent jurisdiction or applicable patent office administrative tribunal. 

12.4. Upon termination of this Agreement, for any reason, all rights and licenses granted 

to LICENSEE under the terms of this Agreement are terminated. Upon such termination, LICENSEE shall cease to manufacture or sell LICENSED TECHNOLOGY. 

  

					
	ProMab-Unitex	  	12	  	

 12.5. Within sixty (60) days of the effective date of termination LICENSEE shall return
to PROMAB: 
 i. All materials relating to or containing the LICENSED TECHNOLOGIES, and all CONFIDENTIAL INFORMATION disclosed by PROMAB;

 ii. the last report required under Article 8; 

iii. all payments incurred up to the effective date of termination; and 

(d) PROMAB shall return to LICENSEE all of LICENSEE’S CONFIDENTIAL INFORMATION disclosed by LICENSEE, or destroy all of LICENSEE’S
CONFIDENTIAL INFORMATION disclosed by LICENSEE, except for copies to be kept for PROMAB’s records. 
 12.6. Upon the termination of this
Agreement, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date of such termination. LICENSEE shall remain obligated to make payment to PROMAB specified by Article 4 to the date of
termination. The following provisions shall survive any termination: Article 7, Article 11, this Article 12.5, Article 12.8, Article 13, Article 14, Article 15.1, Article 16. 

12.7. The rights provided in this Article 12 shall be in addition and without prejudice to any other rights and remedies under the law which
the parties may have with respect to any breach of the provisions of this Agreement. 
 12.8. Waiver by either party of one or more defaults
or breaches shall not deprive such party of the right to terminate because of any subsequent default or breach. 
 12.9. Upon termination of
this Agreement for any reason other than breach by PROMAB, LICENSEE shall permit PROMAB and their future licensees to utilize, reference and otherwise have the benefit of all regulatory approvals of, or clinical trials or other studies conducted on,
and all filings made with regulatory agencies with respect to, the LICENSED TECHNOLOGY. 
 ARTICLE 13 REPRESENTATIONS AND WARRANTIES

 13.1. PROMAB represents and warrants to the best of its knowledge that: (i) it is the sole and exclusive legal and beneficial
owner of the patent application listed on Appendix A hereto and other patents and patent applications included in the LICENSED TECHNOLOGIES; (ii) it has the unconditional right, power and authority to grant the LICENSE under this Agreement, and
will retain such right, power and authority throughout the TERM; (iii) aside from the agreement attached on Appendix C, it has not granted and will not grant any rights to any third party under the patent application listed on Appendix A hereto
or otherwise to the LICENSED TECHNOLOGIES. 
 13.2. PROMAB represents and warrants that the LICENSED TECHNOLOGY is advanced, practical and
reliable without abuse, misappropriation of any third party’s intellectual property or other legal rights, and there is no conflict with any third party’s intellectual property rights. There have never been any circumstances where any
third party raises objections or claims on the ground of infringements by the LICENSED TECHNOLOGIES. 

  

					
	ProMab-Unitex	  	13	  	

 13.3. By signing this Agreement, to PROMAB’s knowledge, no entity has been engaging in
any activities in violation of any intellectual property rights of the LICENSED TECHNOLOGY. The LICENSED TECHNOLOGY and the INTELLECTUAL PROPERTY RIGHTS associated are not subject to any rulings or orders of any nature, and there are no pending or
potential objections, litigation, investigations, complaints, claims or requests that are of adverse impact to the legality, enforceability, right of use or ownership of INTELLECTUAL PROPERTY RIGHTS of the LICENSED TECHNOLOGY of PROMAB. 

13.4. PROMAB represents and warrants that it will not grant license to others in the LICESED TERRITORY to use, make or sell products or
processes, not covered by the LICENSED TECHNOLOGY, which may be similar and/ or compete with the LICENSED TECHNOLOGIES. 
 13.5. PROMAB
warrants to provide LICENSEE and its affiliated parties the LICENSED TECHNOLOGIES in full and in a timely manner in accordance with Article 4.1 and Article 4.2 

13.6. PROMAB warrants to provide the LICENSEE and its affiliates parties with technical support and training, ensuring that LICENSEE and its
affiliated parties (i) fully grasp the LICENSED TECHNOLOGY; (ii) are able to repeat certain key experiments listed in Appendix B under PROMAB’s guidance within 12 months; and (iii) are capable of independent application of LICENSED
TECHNOLOGY. 
 13.7. PROMAB warrants that it will not use any data LICENSEE provided in accordance with Article 6.3 for any publications or
third party use. 
 13.8. Each party hereby represents and warrants to the other party that: (i) it is duly authorized to execute and deliver
this Agreement and to perform its obligation hereunder; (ii) this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with its terms; (iii) the execution, delivery and performance of this Agreement do no
conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any law or regulation of any court, government body or administrative or other agency having jurisdiction over
it. 
 ARTICLE 14 LIMITATION OF LIABILITY 

14.1. EXCEPT FOR LIABILITY FOR BREACH OF CONFIDENTIALITY OR FOR INFRINGEMENT OR MISAPPROPRIATION, NEITHER PARTY SHALL BE ENTITLED TO RECOVER
FROM THE OTHER PARTY ANY INDIRECT, SPECIAL, INCIDENTIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, LOST PROFITS, ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH
DAMAGES. IN NO EVENT SHALL RPOMAB’S LIABILITY HEREIN EXCEED THE AGGREGATE AMOUNTS ACTUALLY PAID OR PAYABLE TO RPOMAB UNDER THS AGREEMENT. 

  

					
	ProMab-Unitex	  	14	  	

 ARTICLE 15 NOTICES 

15.1. Any payment, notice or other communication required by this Agreement (a) shall be in writing, (b) may be delivered personally,
sent via electronic mail, or sent by reputable overnight courier with written verification of receipt or by registered or certified first class United States Mail, postage prepaid, return receipt requested, (c) shall be sent to the following
addresses or to such other address as such party shall designate by written notice to the other party, and (d) shall be effective upon receipt: 
  

			
	 FOR PROMAB:
 CEO

2600 Hilltop Drive, Bldg. B, Ste C320,
 Richmond, CA 92806

Tampa, Florida 33612
 [***]
	  	 FOR LICENSEE:
 CEO

Unitex Capital Ltd.
 1208 E. Arques Ave.

Sunnyvale, CA 94085
 [***]

 ARTICLE 16 LAWS, FORUM AND REGULATIONS 

16.1. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of California without
reference to conflict of laws principles or statutory rules of arbitration included therein. Any dispute or proceeding under this Agreement shall be subject to the exclusive jurisdiction and venue of the court in and for Contra Costa County,
California and the parties hereby consent to the exclusive personal jurisdiction and venue of these courts. 
 16.2. LICENSEE shall comply,
and shall cause its SUBLICENSEES to comply, with all local laws, regulations, rules and orders applicable to the testing, production, transportation, packaging, labeling, export, sale and use of the LICENSED TECHNOLOGY in the LICENSED TERRITORY.

 ARTICLE 17 MISCELLANEOUS 

17.1. This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, successors and
permitted assigns. 
 17.2. This Agreement constitutes the entire agreement of the parties relating to the LICENSED TECHNOLOGIES, and all
prior representations, agreements and understandings, written or oral, are merged into it and are superseded by this Agreement. 
 17.3. The
provisions of this Agreement shall be deemed separable. If any part of this Agreement is rendered void, invalid, or unenforceable, such determination shall not affect the validity or enforceability of the remainder of this Agreement unless the part
or parts which are void, invalid or unenforceable shall substantially impair the value of the entire Agreement as to either party 

  

					
	ProMab-Unitex	  	15	  	

 17.4. Article headings are inserted for convenience of reference only and do not form a part
of this Agreement. 
 17.5. No person not a party to this Agreement, including any employee of any party to this Agreement, shall have or
acquire any rights by reason of this Agreement. The relationship between the parties is that of independent contractors. Nothing contained in this Agreement shall be construed as creating any agency, partnership, joint venture or other form of joint
enterprise, employment, or fiduciary relationship between the parties, and neither party shall have authority to contract for or bind the other party in any manner whatsoever. 

17.6. This Agreement may not be amended or modified except by written agreement executed by each of the parties. Neither this Agreement nor any
right or obligation hereunder may be assigned or otherwise transferred by either party without written consent of the other party, which consent shall not be unreasonably withheld, conditioned, or delayed, except each party may, without consent of
the other party, assign or otherwise transfer this Agreement and its rights and obligations hereunder in whole or in part: (a) to any AFFILIATE; or (b) in connection with a CHANGE OF CONTROL. Any permitted assignee shall assume in writing
all assigned obligations of its assignor under this Agreement. The party making any assignment or other transfer permitted under this Article 16.6 shall provide prompt written notice to the other party of such assignment or transfer. Notwithstanding
any provision herein to the contrary, PROMAB shall be entitled to assign its rights to receive payments under this Agreement to a third party. Any attempted assignment in contravention of this Article 16.6 shall be null and void ab initio and shall
constitute a material breach of this Agreement. 
 17.7. The failure of any party hereto to enforce at any time, or for any period of time,
any provision of this Agreement shall not be construed as a waiver of either such provision or of the right of such party thereafter to enforce each and every provision of this Agreement. 

17.8. Neither party shall be liable or responsible to the other party, nor be deemed to have defaulted under or breached this Agreement, for
any failure or delay in fulfilling or performing any term of this Agreement, including any obligation to timely make any payment hereunder, when and to the extent such failure or delay is caused by: (a) acts of nature; (b) flood, fire, or
explosion; (c) war, terrorism, invasion, riot, or other civil unrest; (d) embargoes or blockades in effect on or after the EFFECTIVE DATE of this Agreement; (e) national or regional emergency; (f) strikes, labor stoppages or
slowdowns, or other industrial disturbances; (g) any passage of law or governmental order, rule, regulation or direction, or any action taken by a governmental or public authority, including imposing an embargo, export or import restriction,
quota, or other restriction or prohibition; or (h) national or regional shortage of adequate power or telecommunications or transportation facilities (each of the foregoing, a FORCE MAJEURE EVENT), in each case, provided that (i) such
event is outside the reasonable control of the affected party; (ii) the affected party provides prompt notice to the other party, stating the period of time the occurrence is expected to continue; and (iii) the affected party uses diligent
efforts to end the failure or delay and minimize the effects of such FORCE MAJEURE EVENT. LICENSEE may terminate this Agreement if a FORCE MAJEURE EVENT affecting PROMAB continues substantially uninterrupted for a period of ninety (90) days or
more. Unless LICENSEE terminates this Agreement pursuant to the preceding sentence, all dates by which LICENSEE must perform any act or on which a LICENSEE obligation is due shall automatically be extended for a period up to the duration of the
FORCE MAJEURE EVENT. 

  

					
	ProMab-Unitex	  	16	  	

 16.10 The Parties agree that this Agreement may be executed and delivered by facsimile,
electronic mail, internet, or any other suitable electronic means, and the Parties agree that signatures delivered by any of the aforementioned means shall be deemed to be original, valid, and binding upon the Parties. 

IN WITNESS to their Agreement, the parties have caused this Agreement to be executed by their duly authorized representatives. 

 

									
	PROMAB BIOTECHNOLOGIES, Inc.	  		  	UNITEX CAPITAL, LTD.
					
	By:	  	 /s/ John Wu
	  		  	By:	  	 /s/ Wei (William) Cao

			
	Name: John Wu	  	        	  	Name: Wei (William) Cao
	Title: CEO	  		  	Title: CEO

  

					
	ProMab-Unitex	  	17	  	

 Appendix A 

[***] 

 Appendix B 

[***] 

 Appendix C 

[***]Exhibit 10.1
INDEMNIFICATION AGREEMENT
​
THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the ____ day of ___________, 20___, by and between INDUS Realty Trust, Inc., a Maryland corporation (the “Company”), and ________________________ (“Indemnitee”).
WHEREAS, at the request of the Company, Indemnitee currently serves as [a director] [and] [an officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of such service; 
WHEREAS, as an inducement to Indemnitee to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and
WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Definitions.  For purposes of this Agreement:
(a)“Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were directors as of the Effective Date or whose election or nomination for election was previously so approved.

(b)“Corporate Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company.  As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company:  (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties to, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.
(c)“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.
(d)“Effective Date” means the date set forth in the first paragraph of this Agreement.
(e)“Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.  Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.  
(f)“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  

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(g)“Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.  If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.
Section 2.Services by Indemnitee.  Indemnitee serves or will serve in the capacity or capacities set forth in the first WHEREAS clause above.  However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company.  This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.
Section 3.General.  The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date.  The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), including, without limitation, Section 2-418 of the MGCL.
Section 4.Standard for Indemnification.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
Section 5.Certain Limits on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:
(a)indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company; 
(b)indemnification hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that personal benefit in money, property or services was improperly received in any Proceeding charging improper 

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personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Corporate Status; or
(c)indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.
Section 6.Court-Ordered Indemnification.  Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:
(a)if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or
(b)if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL.  
Section 7.Indemnification for Expenses of an Indemnitee Who is Wholly or Partially Successful.  Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis.  For purposes of this Section 7 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
Section 8.Advance of Expenses for Indemnitee.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding.  The Company shall make such advance of 

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incurred Expenses within ten days after the receipt by the Company of a statement or statements requesting such advance from time to time, whether prior to or after final disposition of such Proceeding, which advance may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.
Section 9.Indemnification and Advance of Expenses as a Witness or Other Participant.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.  In connection with any such advance of Expenses, the Company may require Indemnitee to provide an undertaking and affirmation substantially in the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of execution thereof. 
Section 10.Procedure for Determination of Entitlement to Indemnification.
(a)To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification.  Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.
(b)Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of 

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the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of the Disinterested Directors or by a majority vote of a committee of the Board of Directors consisting of one or more Disinterested Directors designated to act in the matter by a majority vote of the Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors, by the stockholders of the Company, other than directors or officers who are parties to the Proceeding.  If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b).  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.
(c)The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.
Section 11.Presumptions and Effect of Certain Proceedings.
(a)In making any determination with respect to entitlement to indemnification hereunder, the person or persons (including any court having jurisdiction over the matter) making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination contrary to that presumption.  
(b)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.
(c)The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

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Section 12.Remedies of Indemnitee.
(a)If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses.  Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement.  Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.  
(b)In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.  If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).  The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.
(c)If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination. 
(d)In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to 

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recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration.  If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.  
(e)Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.
Section 13.Defense of the Underlying Proceeding.
(a)Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.  The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.
(b)Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 days following receipt of notice of any such Proceeding under Section 13(a) above.  The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise with respect to Indemnitee which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee.  This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.
(c)Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have separate 

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defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company.  In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.
Section 14.Non-Exclusivity; Survival of Rights; Subrogation.
(a)The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise.  Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.
(b)In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
Section 15.Insurance.  
(a)The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against 

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Indemnitee by reason of Indemnitee’s Corporate Status.  In the event of a Change in Control, the Company shall maintain in force any and all directors and officers liability insurance policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors and officers liability insurance in effect on the date of the Change in Control.  In the event that 250% of the annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount.
(b)Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in Section 15(a).  The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies.  If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
(c)The Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding. 
Section 16.Coordination of Payments.  The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
Section 17.Contribution.  If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without 

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requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
Section 18.Reports to Stockholders.  To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.
Section 19.Duration of Agreement; Binding Effect.
(a)This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).  
(b)The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(c)The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
(d)The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be 

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precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.  The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.
Section 20.Severability.  If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable that is not itself invalid, void, illegal or otherwise unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, void, illegal or otherwise unenforceable, that is not itself invalid, void, illegal or otherwise unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Section 21.Counterparts.  This Agreement may be executed in one or more counterparts, (delivery of which may be by facsimile, or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original, and it will not be necessary in making proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.
Section 22.Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
Section 23.Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.
Section 24.Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

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(a)If to Indemnitee, to the address set forth on the signature page hereto.
(b)If to the Company, to:
641 Lexington Avenue, 26th Floor
New York, New York 10022
​
or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.
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Section 25.Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.
[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
INDUS REALTY TRUST, INC.
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By: ________________________________
Name:
Title:
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INDEMNITEE:
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____________________________________
Name:
Address:
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​
​

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EXHIBIT A
AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED
To:  The Board of Directors of INDUS Realty Trust, Inc.
​
Re:  Affirmation and Undertaking 
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Ladies and Gentlemen:
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This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated the _____ day of ______________, 20____, by and between INDUS Realty Trust, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).
Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.
I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I hereby affirm my good faith belief that at all times, insofar as I was involved as [a director] [and] [an officer] of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.
In consideration of the advance by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.  
IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___ day of ____________________, 20____.
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Name: _____________________________

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