Document:

EXHIBIT 10.1

AMENDED AND RESTATED SHARE EXCHANGE AGREEMENT

This AMENDED AND RESTATED SHARE EXCHANGE AGREEMENT, dated as of November 6, 2018 and amended as of January 11, 2019 (the “Agreement”), with an effective date of October 31, 2018, by and among EPHS Holdings, Inc., a Nevada corporation (“EPHS”), on the one hand, and Merritt Valley Cannabis Company Corp., a corporation incorporated under the laws of British Columbia, Canada (“MVC”), and the holders of ordinary common shares of MVC, identified on Exhibit A hereto (each an “MVC Stockholder” and collectively the “MVC Stockholders”).

WHEREAS, EPHS, MVC and the MVC Stockholders entered into a Share Exchange Agreement dated as of November 6, 2018 and effective October 31, 2018 (the “Original Share Exchange Agreement”), and they now desire to amend and restate the Original Share Exchange Agreement in the form of this Amended and Restated Share Exchange Agreement (this “Amended and Restated Share Exchange Agreement”) (it being understood and agreed that all references herein to “the date hereof”, “the date of this Agreement” or other similar terms refer to November 6, 2018 and all references to the date of this Amended and Restated Share Exchange Agreement refer to January 11, 2019);

WHEREAS, the MVC Stockholders own 100, common shares of MVC, no par value, constituting 100% of the issued and outstanding common and preferred shares, respectively of MVC (the “MVC Shares”); and

WHEREAS, subject to the terms and conditions of this Agreement, the MVC Stockholders believe it is in their best interests to exchange all of the MVC Shares for an aggregate of 8,100,000 shares of common stock (“Common Stock”), par value $.001 per share of EPHS (the “EPHS Shares”) delivered on the Closing Date.

NOW, THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein, the parties hereto hereby agree as follows:

ARTICLE I

EXCHANGE OF SHARES

Section 1.1

Agreement to Exchange EPHS Shares for MVC Shares.

(a)

On the date hereof and upon the terms and subject to the conditions set forth in this Agreement, the MVC Stockholders shall sell, assign, transfer, convey and deliver to EPHS the MVC Shares set forth opposite their name on Exhibit A hereto (representing 100% of the issued and outstanding common and preferred shares of MVC), and 

(b)

EPHS shall accept such securities from the MVC Stockholders in exchange for the issuance to the MVC Stockholders of the EPHS Shares on the Closing Date (as hereinafter defined) (such transaction, the “Share Exchange Transaction”).

(c)

On the date hereof, the MVC Stockholders shall deliver to EPHS the following items: (a) the original stock certificates representing the MVC Shares, duly endorsed in blank for transfer or accompanied by appropriate stock powers duly executed in blank, and (b) a certificate of incumbency duly recording the registered shareholders of MVC to reflect the ownership of EPHS as a result of the Share Exchange Transaction. 

 

Section 1.2

Capitalization. On the Closing Date, immediately before the Share Exchange Transaction, EPHS shall have authorized 2,420,000,000 shares of Common Stock, par value $0.001 per share, of which 58,625,892 shares shall be issued and outstanding, all of which are duly authorized, validly issued and fully paid.

Section 1.3

Closing. The closing of the Share Exchange Transaction (the “Closing”) shall occur as soon as possible after, but in any event no later than five (5) business days following, the date on which all of the conditions set forth in Article V and Article VI have been satisfied or waived, or at such other time and date as the parties shall agree in writing (the “Closing Date”). On the Closing Date, in full consideration for the MVC Shares, EPHS shall issue the EPHS Shares to the MVC Stockholders in proportion to the number of MVC Shares exchanged by each MVC Stockholder, as detailed on Exhibit A, attached hereto.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF EPHS

EPHS hereby represents, warrants and agrees as follows:

Section 2.1

Corporate Organization

(a)

EPHS is a corporation duly organized, validly existing and in good standing under the laws of Nevada, and has all requisite corporate power and authority to own its properties and assets and to conduct its business as now conducted and is duly qualified to do business in good standing in each jurisdiction in which the nature of the business conducted by EPHS or the ownership or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results of operation of EPHS (a “EPHS Material Adverse Effect”);

(b)

Copies of the Articles of Incorporation and Bylaws of EPHS, with all amendments thereto to the date hereof, have been furnished to MVC and the MVC Stockholders, and such copies are accurate and complete as of the date hereof. 

Section 2.2

Capitalization of EPHS.  As of October 31, 2018, the authorized capital stock of EPHS immediate prior to the Closing Date consists of 2,400,000,000 shares of Common Stock, par value $0.001 per share, of which 58,625,892 shares shall be issued and outstanding. All of the EPHS Shares to be issued on the Closing Date pursuant to this Agreement have been duly authorized and will be validly issued, fully paid and non-assessable and no personal liability will attach to the ownership thereof.

Section 2.3

Authorization and Validity of Agreements. EPHS has all corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by EPHS and the consummation by EPHS of the transactions contemplated hereby have been duly authorized by all necessary corporate action of EPHS, and no other corporate proceedings on the part of EPHS are necessary to authorize this Agreement or to consummate the transactions contemplated hereby.

Section 2.4

No Conflict or Violation. The execution, delivery and performance of this Agreement by EPHS does not and will not violate or conflict with any provision of its Articles of Incorporation or Bylaws, as amended, and does not and will not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate or result in a breach of or constitute (with due notice or lapse of time or both) a default under, or give to any other 

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 2

 

entity any right of termination, amendment, acceleration or cancellation of, any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which EPHS is a party or by which it is bound or to which any of their respective properties or assets is subject, nor will it result in the creation or imposition of any lien, charge or encumbrance of any kind whatsoever upon any of the properties or assets of EPHS, nor will it result in the cancellation, modification, revocation or suspension of any of the licenses, franchises, permits to which EPHS is bound.

Section 2.5

Consents and Approvals. No consent, waiver, authorization or approval of any governmental or regulatory authority, domestic or foreign, or of any other person, firm or corporation, is required in connection with the execution and delivery of this Agreement by EPHS or the performance by EPHS of its obligations hereunder.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF MVC AND THE MVC STOCKHOLDERS

MVC and each MVC Stockholder, jointly and severally, represent, warrant and agree as follows:

Section 3.1

Corporate Organization.

(a)

MVC is duly organized, validly existing and in good standing under the laws of British Columbia, Canada and has all requisite corporate power and authority to own its properties and assets and to conduct its business as now conducted and are duly qualified to do business in good standing in each jurisdiction in where the nature of the business conducted by MVC or the ownership or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results of operation of MVC (a “MVC Material Adverse Effect”).

(b)

Copies of the Articles of Incorporation and Bylaws of MVC, with all amendments thereto to the date hereof, have been furnished to EPHS, and such copies are accurate and complete as of the date hereof. 

Section 3.2

Capitalization of MVC; Title to the MVC Shares. On the Closing Date, immediately before the transactions to be consummated pursuant to this Agreement, MVC shall have authorized: (i) unlimited common shares, no par value, of which 100 common shares are issued and outstanding; and (ii) unlimited preferred shares, no par value, of which none are issued and outstanding. There are no outstanding options, warrants, agreements, commitments, conversion rights, preemptive rights or other rights to subscribe for, purchase or otherwise acquire any shares of capital stock or any unissued or treasury shares of capital stock of MVC. As of the date of this Agreement, the MVC Stockholders hold the MVC Shares as set forth on Exhibit A, free of any lien or encumbrance.

Section 3.3

Subsidiaries and Equity Investments; Assets.  As of the date hereof and on the Closing Date, MVC does not directly or indirectly, own any shares of capital stock or any other equity interest in any entity nor any right to acquire any shares or other equity interest in any entity. MVC owns the option on land for cultivation solely exercisable by MVC (without any counterparty approval or veto right) listed on Schedule 3.3 hereto. MVC does not and will not have any liabilities.

Section 3.4

Authorization and Validity of Agreements. MVC has all corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by MVC and the consummation of the transactions contemplated hereby have been duly authorized by all necessary 

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 3

 

corporate action and no other corporate proceedings on the part of MVC are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. No MVC stockholder approvals are required to consummate the transactions contemplated hereby. 

Section 3.5

No Conflict or Violation. The execution, delivery and performance of this Agreement by MVC or any MVC Stockholder does not and will not violate or conflict with any provision of the constituent documents of MVC, and does not and will not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate, result in a breach of or constitute (with due notice or lapse of time or both) a default under or give to any other entity any right of termination, amendment, acceleration or cancellation of any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which MVC or any MVC Stockholder is a party or by which it is bound or to which any of its respective properties or assets is subject, nor result in the creation or imposition of any lien, charge or encumbrance of any kind whatsoever upon any of the properties or assets of MVC or any MVC Stockholder, nor result in the cancellation, modification, revocation or suspension of any of the licenses, franchises, permits to which MVC or any MVC Stockholder is bound.

Section 3.6

Investment Representations.

(a)

The EPHS Shares will be acquired hereunder by each MVC Stockholder solely for the account of such MVC Stockholder, for investment, and not with a view to the resale or distribution thereof, without prejudice, however, to each MVC Stockholders’ right at all times to sell or otherwise dispose of all or any part of such shares under the Securities Act of 1933, as amended (the “Securities Act”) and other applicable federal and state securities laws. Each MVC Stockholder understands and is able to bear any economic risks associated with such MVC Stockholders’ investment in the EPHS Shares. Each MVC Stockholder has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the EPHS Shares to be acquired under this Agreement. Each MVC Stockholder further has had an opportunity to ask questions and receive answers from EPHS’ management regarding EPHS and to obtain additional information (to the extent EPHS’ management possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to such MVC Stockholder or to which the MVC Stockholder had access.

(b)

MVC Stockholder Status

(i)

Each MVC Stockholder acknowledges that the acquisition of the EPHS Shares involves a high degree of risk and further acknowledges that it can bear the economic risks of the acquisition of the EPHS Shares, including the total loss of its investment.

(ii)

Each MVC Stockholder has such knowledge and experience in financial and business matters that it can represent itself and is capable of evaluating the merits and risks of the purchase of the EPHS Shares. No MVC Stockholder is relying on the EPHS with respect to the tax and other economic considerations of an investment in the EPHS Shares, and each MVC Stockholder has relied on the advice of, or has consulted with, only each MVC Stockholder’s own advisor(s). Each MVC Stockholder represents that it has not been organized for the purpose of acquiring the EPHS Shares. 

(iii)

Each MVC Stockholder understands that no action has been or will be taken in any jurisdiction by EPHS that would permit a public offering of the EPHS Shares in any country or jurisdiction where action for that purpose is required.

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 4

 

(iv)

No MVC Stockholder is subscribing for the EPHS Shares as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting, or any solicitation of a subscription by a person not previously known to such MVC Stockholder in connection with investments in securities generally. 

(v)

Each MVC Stockholder agrees that it will not transfer the EPHS Shares, and EPHS shall not be required to transfer the shares on its books unless the transferee executes a representation letter in a form reasonably acceptable to the EPHS.

(vi)

MVC Stockholders shall not offer to sell or sell the EPHS Shares in any jurisdiction unless the such MVC Stockholder obtains all required consents, if any.

(vii)

To the best knowledge of each MVC Stockholder, this Agreement and the transactions contemplated herein are not part of a plan or scheme to evade the registration provisions of the Securities Act, and the EPHS Shares are being acquired by each MVC Stockholder for investment purposes. 

(c)

Regulation S Exemption. Each MVC Stockholder except for Ronen Sartena (collectively the “Non-U.S. MVC Stockholders”) understands that the EPHS Shares are being offered and sold to it in reliance on an exemption from the registration requirements of United States federal and state securities laws under Regulation S promulgated under the Securities Act and that EPHS is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of each Non-U.S. MVC Stockholder set forth herein in order to determine the applicability of such exemptions and the suitability of each Non-U.S. MVC Stockholder to acquire the EPHS Shares. In this regard, each Non-U.S. MVC Stockholder represents, warrants and agrees that:

(i)

Each Non-U.S. MVC Stockholder is not a U.S. Person (as defined below) and is not an affiliate (as defined in Rule 501(b) under the Securities Act) of EPHS. A U.S. Person means any one of the following:

(A)

any natural person resident in the United States of America;

(B)

any partnership or corporation organized or incorporated under the laws of the United States of America;

(C)

any estate of which any executor or administrator is a US. person;

(D)

any trust of which any trustee is a U S. person;

(E)

any agency or branch of a foreign entity located in the United States of America;

(F)

any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U S. person;

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 5

 

(G)

any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or (if an individual) resident in the United States of America; and

(H)

any partnership of corporation if organized or incorporated under the laws of any foreign jurisdiction; and formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned by accredited investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts. 

(ii)

Neither the EPHS nor any Non-U.S. MVC Stockholder nor any person acting on behalf of either of them has engaged or will engage in any “Directed Selling Efforts in the U.S.” as defined in Regulation S promulgated by the Securities and Exchange Commission (“SEC”) pursuant to the Securities Act with respect to the EPHS Shares acquired hereby.

(iii)

Each Non-U.S. MVC Stockholder acknowledges and understands that the EPHS Shares may not be sold to a U.S. Person (as defined below) or into the United States for a period of one (1) year from the date of purchase, only in accordance with the provisions provided under Regulation S, and that no Non-U.S. MVC Stockholder have a present need for liquidity in connection with its purchase of the EPHS Shares.

(iv)

Each Non-U.S. MVC Stockholder will only make offers and sales of the EPHS Shares during the “distribution compliance period” as defined in Rule 902(f) of Regulation S to persons permitted to purchase such EPHS Shares in offshore transactions in reliance upon Regulation S. Further, any such sale of the EPHS Shares in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction. 

(v)

Each Non-U.S. MVC Stockholder is acquiring for its own account and not on behalf of any U.S. person, and the sale has not been pre-arranged with a purchaser in the United States.

(vi)

At the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement, each Non-U.S. MVC Stockholder was outside of the United States.

(vii)

Each Non-U.S. MVC Stockholder will not, during the period commencing on the date of issuance of the EPHS Shares and ending on the first anniversary of such date, or such shorter period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”), offer, sell, pledge or otherwise transfer the EPHS Shares in the United States, or to a U.S. Person for the account or for the benefit of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S.

(viii)

Each Non-U.S. MVC Stockholder will, after expiration of the Restricted Period, offer, sell, pledge or otherwise transfer the EPHS Shares only pursuant to registration under the Securities Act or an available exemption therefrom, and in accordance with all applicable state and foreign securities laws. Without limiting the foregoing, each Non-U.S. MVC Stockholder will not, in connection with its resale of the EPHS Shares, make any untrue statement of a material fact or omit to state any material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading. Each Non-U.S. MVC Stockholder agrees that, in connection with its resale of Shares, it will provide to the 

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 6

 

persons who purchase Shares no information regarding the EPHS that is not contained in its SEC filings, the EPHS’ website, or written materials approved in advance in writing by the EPHS.

(ix)

No Non-U.S. MVC Stockholder has in the United States engaged in, and will not engage in, any short selling of or any hedging transaction with respect to the EPHS Shares, including without limitation, any put, call or other option transaction, option writing or equity swap

(x)

No Non-U.S. MVC Stockholder nor any person acting on its behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person (as defined below) with respect to the EPHS Shares and each Non-U.S. MVC Stockholder and any person acting on its behalf have complied and will comply with the “offering restrictions” requirements of Regulation S under the Securities Act.

(xi)

The transactions contemplated by this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act.

(xii)

None of the Non-U.S. MVC Stockholders nor any person acting on their behalf has undertaken or carried out any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States, its territories or possessions, for any of the EPHS Shares. Each Non-U.S. MVC Stockholder agrees not to cause any advertisement of the EPHS Shares to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the EPHS Shares, except such advertisements that include the statements required by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only in compliance with any local applicable securities laws.

(d)

Each Non-U.S. MVC Stockholder understands and agrees that EPHS shall be under no obligation whatsoever to include any of said securities in any future registration statement filed under the Securities Act of 1933 and that, consequently, the sale or transfer thereof in the future will be subject to significant restrictions as provided in Regulation S under the Securities Act. Each Non-U.S. MVC Stockholder expressly acknowledges that the EPHS is making and in the future may make other offers and sale of its securities on different terms and conditions as determined in the EPHS management’s sole discretion.

(e)

The Non-U.S. MVC Stockholders hereby agree that the EPHS Shares, upon issuance, shall bear the following or similar legend:

“THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”)). THE SHARES ARE BEING OFFERED ONLY TO NON-U.S. PERSONS OUTSIDE THE UNITED STATES IN TRANSACTIONS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IN RELIANCE ON REGULATION S. THE SHARES ARE “RESTRICTED SECURITIES” AS DEFINED UNDER RULE 144(a)(3) PROMULGATED UNDER THE SECURITIES ACT. THE SHARES MAY NOT BE TAKEN UP, OFFERED, SOLD, RESOLD, DELIVERED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY WITHIN, INTO OR FROM THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S) EXCEPT: 

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 7

 

(A)(I) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENT OF REGULATION S, (II) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT. RESALES OR REOFFERS OF SHARES MADE OFFSHORE IN RELIANCE ON REGULATION S MAY NOT BE SOLD TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON (AS DEFINED IN REGULATION S) DURING THE ONE YEAR DISTRIBUTION COMPLIANCE PERIOD UNDER REGULATION S. HEDGING TRANSACTIONS INVOLVING THOSE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

(f)

Ronen Sartena hereby agrees that the EPHS Shares, upon issuance to him, shall bear the following or similar legend:

“THE SHARES ARE BEING OFFERED FOR INVESTMENT ONLY AND HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) IN RELIANCE UPON THE EXEMPTIONS THEREFROM PROVIDED BY SECTION 4(a)(2) OF THE SECURITIES ACT AND REGULATION D, RULE 506 OF THE SECURITIES ACT AND CERTAIN OTHER STATES SECURITIES LAWS AND CERTAIN RULES AND REGULATIONS PROMULGATED PURSUANT THERETO. THE SHARES MAY NOT BE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY STATE SECURITIES LAWS OR AN OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED. THE SHARES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY, NOR HAS THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION PASSED UPON THE MERITS OF THE SHARES OFFERED HEREBY OR THE ACCURACY OR COMPLETENESS OF THIS OFFER OR ANY OTHER DOCUMENTS FURNISHED IN CONNECTION HEREWITH. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.”

Section 3.7

Brokers’ Fees. No MVC Stockholder has any liability to pay any fees or commissions or other consideration to any broker, finder, or agent with respect to the transactions contemplated by this Agreement.

ARTICLE IV

COVENANTS

Section 4.1

Consents and Approvals. Without limitation of the foregoing, the parties shall:

(a)

use their reasonable commercial efforts to obtain all necessary consents, waivers, authorizations and approvals of all governmental and regulatory authorities, domestic and foreign, and of all other persons, firms or corporations required in connection with the execution, delivery and performance by them of this Agreement; and

(b)

diligently assist and cooperate with each party in preparing and filing all documents required to be submitted by a party to any governmental or regulatory authority, domestic or foreign, in connection with such transactions and in obtaining any governmental consents, waivers, authorizations or approvals which may be required to be obtained connection in with such transactions.

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 8

 

Section 4.2

Stock Issuance. From and after the date of this Agreement until the Closing Date, neither EPHS nor MVC shall issue any additional shares of their capital stock; provided, however, that EPHS shall be permitted to issue up to 5,000,000 shares of Common Stock pursuant to existing commitments and future employment agreements.

ARTICLE V

CONDITIONS TO OBLIGATIONS OF MVC AND THE MVC STOCKHOLDERS

The obligations of MVC and each MVC Stockholder to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by both MVC and each MVC Stockholder in their sole discretion:

Section 5.1

Representations and Warranties of EPHS. All representations and warranties made by EPHS in this Agreement shall be true and correct on and as of the Closing Date as if again made by EPHS as of such date.

Section 5.2

Agreements and Covenants. EPHS shall have performed and complied in all material respects to all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

Section 5.3

Consents and Approvals. Consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this Agreement shall be in full force and effect on the Closing Date.

Section 5.4

No Violation of Orders. No preliminary or permanent injunction or other order issued by any court or governmental or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory authority, which declares this Agreement invalid in any respect or prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net income or financial condition of EPHS shall be in effect; and no action or proceeding before any court or governmental or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person, or entity which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

Section 5.5

Other Closing Documents. MVC shall have received (i) an executed counterpart of this Amended and Restated Share Exchange Agreement and (ii) such other certificates, instruments and documents in confirmation of the representations and warranties of EPHS or in furtherance of the transactions contemplated by this Agreement as MVC or their counsel may reasonably request.

ARTICLE VI

CONDITIONS TO OBLIGATIONS OF EPHS

The obligations of EPHS to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing Date, of the following conditions, any one or more of which may be waived by EPHS in its sole discretion:

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 9

 

Section 6.1

Representations and Warranties of MVC. All representations and warranties made by MVC in this Agreement shall be true and correct on and as of the Closing Date as if again made by MVC on and as of such date.

Section 6.2

Agreements and Covenants. MVC shall have performed and complied in all material respects to all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

Section 6.3

Consents and Approvals. All consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this Agreement, shall have been duly obtained and shall be in full force and effect on the Closing Date.

Section 6.4

No Violation of Orders. No preliminary or permanent injunction or other order issued by any court or other governmental or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory authority, domestic or foreign, that declares this Agreement invalid or unenforceable in any respect or which prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net income or financial condition of MVC,  taken as a whole, shall be in effect; and no action or proceeding before any court or government or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person, or entity which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

Section 6.5

Closing Documents. EPHS shall have received (i) an executed counterpart of this Amended and Restated Share Exchange Agreement and (ii) such other certificates, instruments and documents in confirmation of the representations and warranties of MVC or in furtherance of the transactions contemplated by this Agreement as EPHS or its counsel may reasonably request, .

ARTICLE VII

MISCELLANEOUS PROVISIONS

Section 7.1

Survival of Provisions. The respective representations, warranties, covenants and agreements of each of the parties to this Agreement (except covenants and agreements which are expressly required to be performed and are performed in full on or before the Closing Date) shall survive the Closing Date and the consummation of the transactions contemplated by this Agreement. In the event of a breach of any of such representations, warranties or covenants, the party to whom such representations, warranties or covenants have been made shall have all rights and remedies for such breach available to it under the provisions of this Agreement or otherwise, whether at law or in equity, regardless of any disclosure to, or investigation made by or on behalf of such party on or before the Closing Date.

Section 7.2

Publicity. No party shall cause the publication of any press release or other announcement with respect to this Agreement or the transactions contemplated hereby without the consent of the other parties, unless a press release or announcement is required by law. If any such announcement or other disclosure is required by law, the disclosing party agrees to give the non-disclosing parties prior notice and an opportunity to comment on the proposed disclosure.

Section 7.3

Successors and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns; provided, however, that no 

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 10

 

party shall assign or delegate any of the obligations created under this Agreement without the prior written consent of the other parties.

Section 7.4

Fees and Expenses. Except as otherwise expressly provided in this Agreement, all legal and other fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees, costs or expenses.

Section 7.5

Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been given or made if in writing and delivered personally or sent by registered or certified mail (postage prepaid, return receipt requested) to the parties at the following addresses:

If to MVC or the MVC Stockholders, to:

5311 Jewel Lane

Kelowna, British Columbia , V1W-5A6

Attention: Stevan Perry

E-mail: sperry@mvcannabis.co

With a copy to:

Duboff Edwards Haight & Schachter Law Corporation

155 Carlton Street, Suite 1900

Winnipeg, MG R3C 3H8

Attention: Sam Goszer 

Email: goszer@dehslaw.com 

If to EPHS, to:

7694 Colony Palm Drive

Boynton Beach, Florida 33436

Attention: Gianfranco Bentivoglio

E-mail: johnb@ephsholdings.com

With a copy to (which shall not constitute notice):

Locke Lord LLP

600 Travis, Suite 2800

Houston, Texas 77002

Attention: Michael Blankenship

    Ben Smolij

E-mail: michael.blankenship@lockelord.com

bsmolij@lockelord.com

or to such other persons or at such other addresses as shall be furnished by any party by like notice to the others, and such notice or communication shall be deemed to have been given or made as of the date so delivered or mailed.

Section 7.6

Entire Agreement. This Agreement, together with the exhibits hereto, represents the entire agreement and understanding of the parties with reference to the transactions set forth herein and no representations or warranties have been made in connection with this Agreement other 

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 11

 

than those expressly set forth herein or in the exhibits, certificates and other documents delivered in accordance herewith. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement and all prior drafts of this Agreement, all of which are merged into this Agreement. No prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into evidence in any action or suit involving this Agreement.

Section 7.7

Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid and enforceable.

Section 7.8

Titles and Headings. The Article and Section headings contained in this Agreement are solely for convenience of reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof.

Section 7.9

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

Section 7.10

Convenience of Forum; Consent to Jurisdiction. The parties to this Agreement, acting for themselves and for their respective successors and assigns, without regard to domicile, citizenship or residence, hereby expressly and irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in connection with this Agreement, and consent and subject themselves to the jurisdiction of, the federal courts in the State of Nevada or, if such federal courts are unavailable to the parties, the courts of the State of Nevada, in respect of any matter arising under this Agreement. Service of process, notices and demands of such courts may be made upon any party to this Agreement by personal service at any place where it may be found or giving notice to such party as provided in Section 7.5.

Section 7.11

Enforcement of the Agreement. The parties hereto agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

Section 7.12

Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Nevada without giving effect to the choice of law provisions thereof.

Section 7.13

Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 12

 

Section 7.14

Arm’s Length Transaction. EPHS and MVC acknowledge and agree that they and are dealing with each other at arm’s length within the meaning of that term as that term is defined in the Income Tax Act (Canada) with respect to the terms of this Agreement.

[Signatures’ Pages Follow]

SHARE EXCHANGE AGREEMENT                                                                                                                       PAGE 13

 

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

EPHS Holdings, Inc.

			
	By:

	 /s/ Gianfranco Bentivoglio 

	 

	 
	Gianfranco Bentivoglio

	 

	Its:

	Chief Executive Officer 

	 

Merritt Valley Cannabis Company Corp. 

			
	By:

	 /s/ Stevan Perry

	 

	 
	Stevan Perry

	 

	Its:

	Director

	 

	
	 

	 

	 

‎[MVC Stockholders signatures on next page]‎

SHARE EXCHANGE AGREEMENT                                                                                                       SIGNATURE PAGE 1

 

MVC STOCKHOLDERS

							
	By:

	/s/ Stevan Perry 

	 
	By:

	 /s/ Jeffrey Raymond Hancock 

	 
	Stevan Perry

	 
	 
	Jeffrey Raymond Hancock

	 
	 
	 
	 
	 

	By:

	/s/ Chris Thompson  

	 
	By:

	 /s/ Clark Kedziora 

	 
	Chris Thompson

	 
	 
	Clark Kedziora

	

By:

	

/s/ Adrian Ryan 

	 
	

By:

	

 /s/ Trevor Hancheroff

	 
	Adrian Ryan

	 
	 
	Trevor Hancheroff

	 
	 
	 
	 
	 

	By:

	/s/ Manjot Singh Bahia

	 
	By:

	 /s/ Karmdeep Sumal

	 
	Manjot Singh Bahia

	 
	 
	Karmdeep Sumal

	 
	 
	 
	 
	 

	By:

	/s/ Sean Piekaar 

	 
	By:

	 /s/ David Speers 

	 
	Sean Piekaar

	 
	 
	David Speers

	

By:

	

/s/ Lyle Hampton 

	 
	

By:

	

 /s/ Ronen Sartena 

	 
	Lyle Hampton

	 
	 
	Ronen Sartena

	 
	 
	 
	 
	 

	By:

	/s/ Barry McBride

	 
	By:

	 /s/ Geordie Flanagan

	 
	Barry McBride

	 
	 
	Geordie Flanagan

 

	By:

	/s/ Andy Bramely 

	 
	By:

	 /s/ John Port

	 
	Andy Bramely

	 
	 
	John Port

	 
	 
	 
	 
	 

	By:

	/s/ Kyle McDiarmid 

	 
	By:

	 /s/ Stuart Ross

	

By:

	Kyle McDiarmid

Sa’Kage Holdings, Incorporated

/s/ Samuel A. Goszer, President

Per: Samuel A. Goszer, President

	 
	 
	Stuart Ross

 

	 
	 

	 
	 

SHARE EXCHANGE AGREEMENT                                                                                                       SIGNATURE PAGE 2

 

EXHIBIT A

					
	Merritt Valley Cannabis Company Share Distribution

	 
	 
	 
	 

	Total Shares Outstanding (Oct 11, 2018)

	58,625,892

	 
	 
	 

	Total Shares EPHS Being Issued to MVC

	8,100,000

	 
	 
	 

	Total Shares (Post Transaction)

	66,725,892

	 
	 
	 

	MVC Shareholders Name

	MVC Shares

	MVC %

	EPHS Shares

	EPHS % (POST TRANSACTION)

	Executive Management

	 
	 
	 
	 

	Stevan Perry

	30

	30%

	2,911,000

	3.61%

	Consultants

	 
	 
	 
	 

	Jeffrey Raymond Hancock

	28.75

	28.75%

	1,900,000

	3.60%

	1034275 BC Ltd (Chris Thompson)

	7.5

	7.5%

	633,333

	0.95%

	Clark Kedziora

	7.5

	7.5%

	633,333

	0.95%

	Adrian Ryan

	5.0

	5.0%

	380,000

	0.57%

	Trevor Hancheroff

	3.0

	3.0%

	216,600

	0.32%

	Manjot Singh Bahia

	2.5

	2.5%

	190,000

	0.28%

	Karmdeep Sumal

	2.5

	2.5%

	190,000

	0.28%

	Sa’Kage Holdings, Incorporated

	2.0

	2.0%

	152,000

	0.23%

	Sean Piekaar

	2.0

	2.0%

	162,133

	0.24%

	David Speers

	2.0

	2.0%

	162,133

	0.24%

	Lyle Hampton

	2.0

	2.0%

	162,133

	0.24%

	Ronen Sartena

	1.0

	1.0%

	76,000

	0.11%

	Barry McBride

	1.0

	1.0%

	76,000

	0.11%

	Geordie Flanagan

	1.0

	1.0%

	76,000

	0.11%

	Andy Bramely

	1.0

	1.0%

	76,000

	0.11%

	John Port

	0.75

	0.75%

	63,333

	0.09%

	Kyle McDiarmid

	0.25

	0.25%

	20,000.00

	0.03%

	Stuart Ross

	0.25

	0.25%

	20,000.00

	0.03%

	Total

	100.00

	100.0%

	8,100,000

	12.14%EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AND ADVANCEMENT AGREEMENT 

This Indemnification and Advancement Agreement (“Agreement”) is made as of [●], 2019 by and between PCI Media, Inc., a
Delaware corporation (the “Company”), and [●], [a member of the Board of Directors/ an officer] of the Company (“Indemnitee”). This Agreement supersedes and replaces any and all previous Agreements between the
Company and Indemnitee covering indemnification and advancement. 
 RECITALS 

WHEREAS, the Board of Directors of the Company (the “Board”) believes that highly competent persons have become more
reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of
claims and actions against them arising out of their service to and activities on behalf of the corporation; 
 WHEREAS, the Board has
determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such
insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to
expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of the Company require
indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”). The Bylaws, Certificate of
Incorporation, and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and
other persons with respect to indemnification and advancement of expenses; 
 WHEREAS, the uncertainties relating to such insurance, to
indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining such persons; 
 WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased
certainty of such protection in the future; 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

 WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws, Certificate of
Incorporation and any resolutions adopted pursuant thereto, and is not a substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and 

WHEREAS, Indemnitee does not regard the protection available under the Bylaws, Certificate of Incorporation, DGCL and insurance as adequate in
the present circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is
willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced 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.    Services to the Company. Indemnitee agrees to serve as a [director/officer] of
the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not create any obligation on the Company to
continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. 

Section 2.    Definitions. As used in this Agreement: 

(a)    “Agent” means any person who is authorized by the Company or an Enterprise to act for or represent
the interests of the Company or an Enterprise, respectively. 
 (b)    A “Change in Control” occurs
upon the earliest to occur after the date of this Agreement of any of the following events: 
 i.    Acquisition of
Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the
Company’s then outstanding securities unless the change in relative beneficial ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote
generally in the election of directors; 
 ii.    Change in Board of Directors. During any period of two
(2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered
into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the members of the Board; 

  
 -2- 

 iii.    Corporate Transactions. The effective date of a merger or
consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 

iv.    Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 

v.    Other Events. There occurs any other event of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 

vi.    For purposes of this Section 2(b), the following terms have the following meanings: 

1.    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

2.    “Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act;
provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

3.    “Beneficial Owner” has the meaning given to such term in Rule
13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of
the Company with another entity. 
 (c)    “Corporate Status” describes the status of a person who is
or was acting as a director, officer, employee, fiduciary, or Agent of the Company or an Enterprise. 

(d)    “Disinterested Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee. 
 (e)    “Enterprise” means
any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent. 

(f)    “Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts and other professionals, witness fees, travel expenses, duplicating 

  
 -3- 

 
costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt
of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily 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 also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for,
and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(e) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense
of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all
Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable. Expenses, however, do not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 
 (g)    “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” does 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. 

(h)    “Potential Change in Control” means the occurrence of any of the following events: (i) the
Company enters into any written or oral agreement, undertaking or arrangement, the consummation of which would result in the occurrence of a Change in Control; (ii) any Person or the Company publicly announces an intention to take or consider
taking actions which if consummated would constitute a Change in Control; (iii) any Person who becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 5% or more of the combined voting power of the
Company’s then outstanding securities entitled to vote generally in the election of directors increases his beneficial ownership of such securities by 5% or more over the percentage so owned by such Person on the date hereof; or (iv) the
Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

(i)    The term “Proceeding” includes any threatened, pending or completed action, suit, claim,
counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil, criminal, administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any

  
 -4- 

 
action (or failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the time any liability or
Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution
of a Proceeding. 
 Section 3.    Indemnity in Third-Party Proceedings. The Company will indemnify
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its
favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to
believe that Indemnitee’s conduct was unlawful. 
 Section 4.    Indemnity in Proceedings by or in the
Right of the Company. The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company
to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. The Company will not
indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the
Delaware Court of Chancery or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification. 
 Section 5.    Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with
any Proceeding the extent that Indemnitee is successful, on the merits or otherwise. 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 will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter
to the fullest extent permitted by law. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result
as to such claim, issue or matter. 

  
 -5- 

 Section 6.    Indemnification For Expenses of a Witness.
Notwithstanding any other provision of this Agreement and to the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate. 

Section 7.    Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

Section 8.    Additional Indemnification. Notwithstanding any limitation in Sections 3, 4, or 5, the Company
will indemnify Indemnitee to the fullest extent permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the Company’s ability to
indemnify its officers and directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor). 

Section 9.    Exclusions. Notwithstanding any provision in this Agreement, the Company is not obligated under
this Agreement to make any indemnification payment to Indemnitee in connection with any Proceeding: 
 (a)    for which
payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 15(b) and except with respect to any excess beyond the amount paid under any
insurance policy or other indemnity provision; or 
 (b)    for (i) an accounting of profits made from the purchase
and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law,
(ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under
the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation
recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act;
or 
 (c)    initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification or advancement, of Expenses, including a Proceeding
(or any part of 

  
 -6- 

 
any Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the
Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 

Section 10.    Advances of Expenses. 

(a)    The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection
with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to
obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation.
The Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. 

(b)    Advances will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without
interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No other form of
undertaking is required other than the execution of this Agreement. The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification
under the other provisions of this Agreement. 
 Section 11.    Procedure for Notification of Claim for
Indemnification or Advancement. 
 (a)    Indemnitee will notify the Company in writing of any Proceeding with
respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in the written notification to
the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee’s failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and
any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the Board in writing that
Indemnitee has requested indemnification or advancement. 
 (b)    The Company will be entitled to participate in the
Proceeding at its own expense. 
 Section 12.    Procedure Upon Application for Indemnification. 

  
 -7- 

 (a)    Unless a Change of Control has occurred, the determination of
Indemnitee’s entitlement to indemnification will be made: 
 i.    by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board; 
 ii.    by a committee of Disinterested Directors designated
by a majority vote of the Disinterested Directors, even though less than a quorum of the Board; 
 iii.     if there
are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or 

iv.    if so directed by the Board, by the stockholders of the Company. 

(b)    If a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be
made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board) 

(c)     The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will
provide written notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to such
selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this
Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within thirty (30) days after the later of
submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection to has not been resolved,
either the Company or Indemnitee may petition the Delaware Court for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates. Upon the due commencement of any judicial proceeding or
arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

(d)    Indemnitee will cooperate with the person, persons or entity making the determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination
irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby 

  
 -8- 

 
indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification,
including a description of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board by Independent Counsel. 

(e)    If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee
within ten (10) days after such determination. 
 Section 13.    Presumptions and Effect of Certain
Proceedings. 
 (a)    In making a determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent
Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination
by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of
conduct. 
 (b)    If the determination of the Indemnitee’s entitlement to indemnification has not made pursuant to
Section 12 within sixty (60) days after the latter of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and (ii) the final disposition of the Proceeding for which
Indemnitee requested Indemnification (the “Determination Period”), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be
entitled to such indemnification, absent (A) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (B) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination
Period may be extended an additional fifteen (15) days if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement. 

(c)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the 

  
 -9- 

 
best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

(d)    For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if
Indemnitee acted based on the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or
an Enterprise in the course of their duties, or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public
accountant or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner “not opposed to the
best interests of the Company,” as referred to in this Agreement if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The
provisions of this Section 13(d) is not exclusive and does not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

(e)    The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member,
fiduciary, agent or employee of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement. 

Section 14.    Remedies of Indemnitee. 

(a)    Indemnitee may commence litigation against the Company in the Delaware Court of Chancery to obtain indemnification
or advancement of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company
does not advance Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company
does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) the Company does not
indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other
person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be
provided to the Indemnitee hereunder. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Indemnitee must commence such 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 14(a);
provided, however, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 5 of this Agreement. The

  
 -10- 

 
Company will not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b)    If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee may not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be and
will not introduce evidence of the determination made pursuant to Section 12 of this Agreement. 
 (c)    If a
determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law. 
 (d)    The Company is, to the fullest extent not prohibited
by law, precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 
 (e)    It is the
intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by
litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within ten (10) days
after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of
Expenses from the Company, or concerning any directors’ and officers’ liability insurance policies maintained by the Company and will indemnify Indemnitee against any and all such Expenses unless the court determines that each of the
Indemnitee’s claims in such Proceeding were made in bad faith or were frivolous or are prohibited by law. 

Section 15.    Non-exclusivity; Survival of Rights; Insurance;
Subrogation. 
 (a)    The indemnification and advancement of Expenses provided by this Agreement are not exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. The indemnification and
advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate Status
occurring prior to any amendment, alteration or 

  
 -11- 

 
repeal of this Agreement. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded
currently under the Bylaws, Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy. 

(b)    The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses
and/or insurance provided by one or more Persons with whom or which Indemnitee may be associated. 
 i.    The Company
hereby acknowledges and agrees: 
 1.    the Company is the indemnitor of first resort with respect to any request for
indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding arising from or related to Indemnitee’s Corporate Status with the Company; 

2.     the Company is primarily liable for all indemnification and indemnification or advancement of Expenses obligations
for any Proceeding arising from or related to Indemnitee’s Corporate Status, whether created by law, organizational or constituent documents, contract (including this Agreement) or otherwise; 

3.    any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or
advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations; 

4.    the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided
herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person; and 

ii.    the Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be
associated from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement. 

iii.    In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or
extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event
will payment by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s obligation to indemnify or advance of Expenses to
any other Person with whom or which Indemnitee may be associated. 

  
 -12- 

 iv.    Any indemnification or advancement of Expenses provided by any
other Person with whom or which Indemnitee may be associated is specifically in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice
insurance or professional errors and omissions insurance) provided by the Company. 
 (c)    To the extent that the
Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Enterprise, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage
available for any such director, officer, employee or agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If,
at the time of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case
may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a
result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection of approved panel
counsel, if required. 
 (d)    The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
for any Proceeding concerning Indemnitee’s Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. The Company and Indemnitee intend
that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. The
Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an
Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. 

(e)    In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee from any Enterprise or insurance carrier. Indemnitee will 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 16.    Duration of
Agreement. This Agreement continues until and terminates upon the later of: (a) ten (10) years after the date that Indemnitee ceases to serve as a [[director [and] [officer]] of the Company or (b) one (1) year after the final
termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating
thereto. The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect

  
 -13- 

 
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be a director,
officer, employee or agent of the Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 

Section 17.    Severability. If any provision or provisions of this Agreement is held to be invalid, illegal
or 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 of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law; (b) such provision or
provisions will 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 of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent
manifested thereby. 
 Section 18.    Interpretation. Any ambiguity in the terms of this Agreement will be
resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for
indemnification in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company stockholders or disinterested directors, or applicable law. 

Section 19.    Enforcement. 

(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director or officer of the
Company. 
 (b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to
and in furtherance of the Certificate of Incorporation, the Bylaws and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

Section 20.    Modification and Waiver. No supplement, modification or amendment of this Agreement is binding
unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing waiver. 

  
 -14- 

 Section 21.    Notice by Indemnitee. Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of
Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise. 

Section 22.    Notices. All notices, requests, demands and other communications under this Agreement will be
in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of
oral confirmation that such communication has been received: 
 (a)    If to Indemnitee, at the address indicated on the
signature page of this Agreement, or such other address as Indemnitee provides to the Company. 
 (b)    If to the
Company to: 
 Name: PCI Media, Inc. 

Address: 523 Victoria Avenue 

Venice, CA 90291 
 Attention:
Tom Boyle 
 Email:    tboyle@psyop.tv 

or to any other address as may have been furnished to Indemnitee by the Company. 

Section 23.    Contribution. To the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

Section 24.    Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the
parties are governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of
this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or Proceeding arising out of or in connection with this Agreement may be brought only in the Delaware Court of Chancery and not in any
other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or Proceeding arising out of or in connection
with this Agreement, (c) waive any objection to the laying of venue of any such 

  
 -15- 

 
action or Proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Delaware Court has been brought in
an improper or inconvenient forum. 
 Section 25.    Identical Counterparts. This Agreement may be executed
in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement. 
 Section 26.    Headings. The headings of this
Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof. 
 [Signature
Page Follows] 

  
 -16- 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written. 
  

									
	COMPANY	 		 	INDEMNITEE	 	
				
	By:
                                         
                           	 		 	                                     
                               	 	                        
	Name:	 		 		 	Name:	 	
	Office:	 		 		 	 Address:  PCI Media, Inc.
	 	
		 		 		 	 523 Victoria Avenue
	 	
		 		 		 	 Venice, CA 90291

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