Document:

Unassociated Document

     

    MACQUARIE
      INFRASTRUCTURE COMPANY LLC 

    INDEPENDENT
      DIRECTORS EQUITY PLAN

     

    
      	1.	
              Purpose
                of the Plan

            

    

     

    The
      purpose of the Macquarie Infrastructure Company LLC Independent Directors Equity
      Plan (the “Plan”)
      is to
      promote the long-term growth and financial success of the Company by attracting,
      motivating and retaining Independent Directors of outstanding
      ability.

     

    
      	2.	
              Definitions

            

    

     

    For
      purposes of the Plan, the following capitalized words shall have the meanings
      set forth below:

     

    “Administrator”
means
      the individual or individuals who administer the Plan or the individual or
      individuals to whom authority has been delegated to administer the Plan in
      accordance with Section 3 below. 

     

    “Annual
      Grant”
means
      an Award as described in Section 6(c) below.

     

    “Annual
      Meeting”
means
      the annual meeting of the shareholders of the Trust, or in the event that the
      Trust is not in existence, the annual meeting of the Company’s
      members.

     

    “Award” means
      an
      award of Director Stock Units as a fee for the Independent Director’s services
      on the Board.

     

    “Board”
means
      the Board of Directors of the Company, as constituted from time to time.

     

    “Chairman
      of the Board”
means
      the Chairman of the Board.

     

    “Business
      Combination”
has
      the
      meaning set forth in the LLC Agreement.

     

    “Company”
means
      Macquarie Infrastructure Company LLC, a Delaware limited liability company,
      or
      any successor thereto.

     

    “Director
      Account”
means
      the bookkeeping record established for each Independent Director. A Director
      Account is established only for purposes of measuring the value of the Company’s
      obligation to an Independent Director in respect of Director Stock Units and
      not
      to segregate assets or to identify assets that may be used to settle Director
      Stock Units.

     

    “Director
      Stock Unit” means
      an
      unsecured promise of the Company to transfer to the applicable Independent
      Director one Share in the future on the settlement date, subject to the
      satisfaction of the terms and conditions specified in the Plan and the
      applicable award document, granted to an Independent Director pursuant to
      Section 6 hereof as a fee for the Independent Director’s services on the Board.
      A Director Stock Unit shall be settled exclusively in Shares.

     

    “Effective
      Date”
means
      the effective date of the Plan provided for in Section 8 below.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      thereunder.

     

    “Fair
      Market Value”
of
      a
      Share as of any date means: (i) the average of the closing sale price of a
      Share
      during the ten (10)-day period immediately preceding the date in question on
      the
      New York Stock Exchange, or if the Shares are not traded on the New York Stock
      Exchange, or any other national securities exchange on which the Shares are
      traded or, if the Shares are not traded on any other exchange and are regularly
      quoted on the NASDAQ National Market System, the average of the closing bid
      price of the Shares during the ten (10)-day period immediately preceding the
      date in question on the NASDAQ National Market System if the Shares are admitted
      for quotation thereon; (ii) if the Shares are not traded on any exchange or
      regularly quoted on the NASDAQ National Market System, the mean between the
      closing bid and asked prices of the Shares in the over-the-counter market;
      or
      (iii) if those bid and asked prices are not available, then the fair market
      value as reported by any nationally recognized quotation service selected by
      the
Administrator
      or
      as
      determined by the Administrator.

     

    “Independent
      Director”
means
      a
      member of the Board who is not an employee of the Company, any of the Company’s
      Subsidiaries or other affiliates thereof or the Manager, and who is considered
      to be “independent” with respect to the Company pursuant to the Company’s
      governance policy, as amended from time to time.

     

    “IPO”
means
      a
      public offering of the Shares pursuant to an effective registration statement
      under the Securities Act, or any other transaction resulting in the Shares
      being
      registered under Section 12 of the Exchange Act. 

     

    “IPO
      Grant”
means
      an Award as described in Section 6(b) below. 

     

    “LLC
      Agreement”
means
      the Amended and Restated Operating Agreement of the Company, as amended from
      time to time. 

     

    “LLC
      Interest”
means
      a
      limited liability company interest in the Company.

     

    “Manager”
means
      Macquarie Infrastructure Management (USA) Inc. 

     

    “Plan”
means
      the Macquarie Infrastructure Company LLC Independent Directors Equity Plan,
      as
      set forth herein, as currently in effect and as amended from time to
      time. 

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the applicable rulings and
      regulations thereunder.

     

    “Share”
      means a
      share of Trust Stock for so long as the Trust holds all of the LLC Interests
      of
      the Company and otherwise means an LLC Interest. 

     

    “Subsidiary”
means
      a
      domestic or foreign corporation or other entity with respect to which the
      Company, directly or indirectly, has the power, whether through the ownership
      of
      voting securities, by contract or otherwise, to elect at least a majority of
      the
      members of such corporation’s board of directors or analogous governing
      body.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Trust”
means
      Macquarie Infrastructure Company Trust, a Delaware statutory trust, or any
      successor thereto.

     

    “Trust
      Stock”
means
      a
      share representing an undivided beneficial interest in the Trust. Each such
      interest corresponds to one underlying LLC Interest.

     

    “$”
means
      United States dollars.

     

    
      	3.	
              Administration

            

    

     

    (a)  Generally.
      The
      Plan shall be administered by the Chairman of the Board, who may adopt rules
      and
      regulations he considers necessary or appropriate to carry out the Plan’s
      purposes; provided,
      however,
      that if
      the acting Chairman of the Board is eligible for any Awards under the Plan,
      the
      Plan shall be administered by the most senior member of the Board with respect
      to length of service who is not eligible for any Awards under the Plan. The
      Administrator has the full power and authority, subject to the express
      provisions hereof, to construe and interpret the Plan, and any construction
      or
      interpretation by the Administrator shall be final, binding and conclusive
      for
      all purposes and upon all persons interested therein. Any dispute or
      disagreement which shall arise under, or as a result of, or pursuant to, or
      in
      connection with, any Award shall be determined by the Administrator, and any
      determination by the Administrator under the Plan or any interpretation by
      the
      Administrator of the terms of any Award shall be final, binding and conclusive
      for all purposes and upon all persons interested therein. 

     

    (b) 
      Delegation of Authority.
      The
      Administrator may from time to time delegate some or all of his authority under
      the Plan to an officer of the Company, any such delegation to be subject to
      the
      restrictions and limits that the Administrator specifies at the time of such
      delegation or thereafter. References in the Plan to the “Administrator” shall,
      to the extent consistent with the terms and limitations of any such delegation,
      be deemed to include a reference to any designee to which authority hereunder
      has been delegated. 

     

    
      	4.	
              Shares
                Issued under the Plan

            

    

     

    Shares
      to
      be issued under the Plan may be authorized and unissued Shares, issued Shares
      that have been reacquired by the Company or the Trust, if applicable (in the
      open-market or in private transactions), that are being held in treasury, or
      a
      combination thereof. 

     

    
      	5.	
              Eligibility

            

    

     

    Director
      Stock Units shall be granted only to Independent Directors.

     

    
      	6.	
              Terms
                and Conditions of the Director Stock
                Units

            

    

     

    (a) Generally.
      Each
      Independent Director shall receive an Award of Director Stock Units as provided
      in this Section 6, as of the date of the closing of the IPO and as of the date
      of each Annual Meeting, commencing with the 2005 Annual Meeting. 

     

    
      
         

      

      
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    (b)  IPO
      Grant. As
      of the
      date of the IPO, each Independent Director shall receive a number of Director
      Stock Units determined by dividing
      (i) a
      pro rata portion of the Annual Grant calculated by multiplying
      (A)
      $150,000 by
      (B) a
      fraction, the numerator of which is the number of days remaining in the 2004
      calendar year beginning on the date of closing of the IPO plus
      the
      number of days in the 2005 calendar year prior to the 2005 Annual Meeting and
      the denominator of which is 365 by
      (ii) the initial public offering price of one Share on the date of the IPO
      (referred to herein as the “IPO
      Grant”).
      In
      accordance with the foregoing, the date of grant of such IPO Grant shall be
      the
      date of closing of the IPO.  

     

    (c)  Annual
      Grants of Director Stock Units.
      As of
      the date of each Annual Meeting, commencing with the 2005 Annual Meeting, each
      Independent Director shall automatically receive a number of Director Stock
      Units determined by dividing
      (i)
      $150,000 by
      (ii) the Fair Market Value of one Share on the date of the relevant Annual
      Meeting (referred to herein as an “Annual
      Grant”).
      In
      accordance with the foregoing, the date of grant of any such Annual Grant shall
      be the date of the relevant Annual Meeting.

     

    (d)  Award
      Agreement.
      The
      terms and conditions of each grant of Director Stock Units under the Plan shall
      be embodied in an award agreement or a notice of an award, which shall
      incorporate the Plan by reference, indicate the date on which the Director
      Stock
      Units were granted and the number of Director Stock Units granted on such date.
      An award agreement or a notice of an award shall be in a form attached hereto
      as
Exhibit
      A
      or any
      other form acceptable to the Administrator, and may be in written, electronic
      or
      other media and may be limited to a notation on the books and records of the
      Company. Furthermore, unless the Administrator requires otherwise, an award
      agreement or a notice of award need not be signed by a representative of the
      Company or the Trust, if applicable, or the Independent Director receiving
      an
      Award. In the event of any conflict or inconsistency between the Plan and any
      award agreement, the Plan shall govern and the award agreement or notice of
      an
      award shall be interpreted to minimize or eliminate any such conflict or
      inconsistency. 

     

    (e)  Vesting
      of Annual Grants and IPO Grant.
      Conditioned upon the Independent Director’s continued service with the Board as
      of the vesting date, any Annual Grants shall become fully vested on the earliest
      to occur of: (i) the day immediately preceding the next Annual Meeting after
      the
      Award has been granted; (ii) the termination of the Independent Director’s
      service on the Board by reason of death or disability; or (iii) the first date
      on which a Business Combination occurs. Conditioned upon the Independent
      Director’s continued service with the Board as of the vesting date, any IPO
      Grant shall become fully vested on the earliest to occur of: (i) the day
      immediately preceding the 2005 Annual Meeting; (ii) the termination of the
      Independent Director’s service on the Board by reason of death or disability; or
      (iii) the first date on which a Business Combination occurs. 

     

    (f)  Effect
      of Termination of Service.
      All
      Director Stock Units shall terminate and be forfeited without any obligation
      on
      the part of the Company or the Trust, if applicable, upon the termination of
      an
      Independent Director’s service as a member of the Board prior to the date on
      which such Director Stock Units vest in accordance with Section 6(e) above.
      The
      Award shall be forfeited as of the date of termination of service.  

     

    
      
         

      

      
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    (g)  Accounts;
      No Interest; No Rights to any Dividends.
      As of
      any date as of which an Independent Director is granted Director Stock Units,
      the Director Account of such Independent Director will be credited with the
      number of Director Stock Units so granted. No interest shall accrue or be
      credited to a Director Account. In the event that the Company causes the payment
      of any cash or other dividend or causes any other distribution to be made in
      respect of Shares, no such dividend or distribution shall accrue or be credited
      to any Director Stock Units.

     

    (h)  Settlement.
      As soon
      as practicable following the vesting of Director Stock Units as provided in
      6(e)
      above, the number of Director Stock Units in the Director Account shall be
      settled by delivery to the respective Independent Director of the number of
      Shares corresponding to such Director Stock Units
      (as
      evidenced by the appropriate entry on the books of the Company, Trust or a
      duly
      authorized transfer agent thereof),
      provided
      that
      such number shall be rounded down to the nearest whole Share. The Shares as
      to
      which an Award is settled shall be registered in the name of the Independent
      Director, or, if applicable in the event of a termination of service due to
      death, in the names of the heirs of the Independent Director. A Director Stock
      Unit shall be settled exclusively in a whole number of Shares, as Director
      Stock
      Units may not be settled in cash or any other kind of consideration. The Shares
      as to which an Award is settled shall not be subject to any restrictions on
      transfer other than any restriction as may be required pursuant to Section
      11(d)
      below or any applicable law, rule or regulation. 

     

    (i)  No
      Rights as an Owner of Shares.  The
      crediting of Director Stock Units to a Director Account shall not confer on
      the
      relevant Independent Director any rights as an owner of Shares. An Independent
      Director shall have no such rights (including any rights to receive any
      dividends) until the date of issuance of Shares (as evidenced by the appropriate
      entry on the books of the Company, Trust or a duly authorized transfer agent
      thereof). 

     

    
      	7.	
              Nontransferability
                of the Award

            

    

     

    Director
      Stock Units (including interests in a Director Account) may not be transferred,
      pledged, assigned or otherwise disposed of except by will or by the laws of
      descent and distribution or pursuant to a domestic relations order. 

     

    
      	8.	
              Term
                of the Plan

            

    

     

    The
      Plan
      shall become effective on the date on which the Plan is approved by the
      shareholders of the Shares, following its approval by the Administrator. Unless
      terminated earlier in accordance with Section 9 below, the Plan shall
      expire on the tenth (10th) anniversary of such approval, except with respect
      to
      Awards then outstanding. Awards may not be granted under the Plan after the
      tenth (10th) anniversary of the date on which the Plan became
      effective.

     

    
      	9.	
              Amendment
                and Termination of the
                Plan

            

    

     

    Notwithstanding
      anything herein to the contrary, the Administrator may at any time or, from
      time
      to time amend, modify or suspend the Plan in whole or in part, including,
      without limitation, to amend the provisions for determining the amount of
      Director Stock Units to be issued to an Independent Director; provided,
      however,
      that no
      termination, amendment, modification or suspension of the Plan shall materially
      and adversely alter or impair the rights of an Independent Director in any
      Award
      previously made under the Plan without the consent of the holder thereof unless
      otherwise permitted or unless the Company considers
      an amendment necessary or advisable to comply with any legal requirements or
      to
      ensure that any Awards are not subject to federal, state or local income tax
      prior to vesting or settlement, as applicable (including, without limitation,
      any amendment to the definition of “Business Combination” based on the Treasury
      regulations under The American Jobs Creation Act of 2004), and
      no
      amendment which materially amends the Plan and which requires approval by the
      shareholders of the Shares shall be effective without such
      approval.

     

    
      
         

      

      
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      	10.	
              Adjustment
                of and Changes in Shares

            

    

     

    Notwithstanding
      any provision of the Plan or any award document, the number and kind of Shares
      authorized for issuance hereunder shall be equitably adjusted in the event
      of a
      stock split, stock dividend, recapitalization, reorganization, merger,
      consolidation, extraordinary dividend, split-up, spin-off, combination, exchange
      of shares, warrants or rights offering or other similar corporate event
      affecting the Shares in order to preserve, but not increase, the benefits or
      potential benefits intended to be made available under the Plan. In addition,
      upon the occurrence of any of the foregoing events, the number of outstanding
      Awards and the number and kind of Shares subject to any outstanding Award under
      any outstanding Award may be equitably adjusted in the sole discretion of the
      Company in order to preserve the benefits or potential benefits intended to
      be
      made available to Independent Directors granted Awards. Such adjustments shall
      be made by the Company, in its sole discretion, whose determination as to what
      adjustments shall be made, and the extent thereof, shall be final. Unless
      otherwise determined by the Company, such adjusted Awards shall be subject
      to
      the same restrictions and vesting or settlement schedule to which the underlying
      Award is subject. The Company’s determination as to what, if any, adjustments
      shall be made shall be final and binding on all persons affected
      thereby.

     

    
      	11.	
              Miscellaneous

            

    

     

    (a) Tax
      Withholding.
      The
      Company (on behalf of the Trust, if applicable) shall have the right, prior
      to
      the delivery of any Shares to be issued upon settlement of an Award, to require
      the Independent Director to remit to the Company (or the Trust if applicable)
      an
      amount sufficient to satisfy any Federal, state or local tax withholding
      requirements. The Company (on behalf of the Trust, if applicable) may permit
      the
      Independent Director to satisfy, in whole or in part, such obligation to remit
      taxes, by directing the Company to withhold Shares that would otherwise be
      received by the Independent Director, pursuant to such rules as the
      Administrator may establish from time to time. If the Independent Director
      does
      not remit to the Company an amount sufficient to satisfy any Federal, state
      of
      local tax withholding requirements prior to five days before the delivery of
      such Shares, the Company shall withhold Shares to the extent necessary to
      satisfy such withholding requirements.

     

    (b) No
      Right to Re-election.
      Nothing
      in the Plan shall be deemed to create any obligation on the part of the Board
      to
      nominate any of its members for re-election by the Company’s members, nor confer
      upon any Independent Director the right to remain a member of the Board for
      any
      period of time or at any particular rate of compensation.

     

    
      
         

      

      
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    (c) Unfunded
      Plan.
       The
      Plan
      is unfunded. Prior to the payment or settlement of any Award of Director Stock
      Units, nothing contained herein shall give any Independent Director any rights
      that are greater than those of a general creditor of the Company (or the Trust,
      if applicable). In its sole discretion, the Administrator may authorize the
      creation of trusts or other arrangements to meet the obligations created under
      the Plan to deliver Shares with respect to Awards hereunder.

     

    (d) Securities
      Law Restrictions. An
      Award
      may not be settled and no Shares may be issued in connection with an Award
      unless the issuance of such Shares has been registered under the Securities
      Act
      and qualified under applicable state “blue sky” laws and any applicable foreign
      securities laws, or the Company has determined that an exemption from
      registration and from qualification under such state “blue sky” laws is
      available. All Shares delivered under the Plan shall be subject to such
      stock-transfer orders and other restrictions as the Company may deem advisable
      under the rules, regulations and other requirements of the Securities and
      Exchange Commission, any exchange or market upon which the Shares are then
      listed or traded and any applicable securities law, and the Company, may cause
      a
      legend or legends to be put on any such Shares to make appropriate reference
      to
      such restrictions. The Shares delivered in settlement of Director Stock Units
      shall also be subject to any restrictions imposed by any trading policy of
      the
      Company or any lock-up agreement between the Company and any underwriter that
      restricts or prohibits transactions in Shares for any period of
      time.

     

    (e) Headings. The
      headings of Sections and subsections in the Plan are included solely for
      convenience of reference and shall not affect the meaning of any of the
      provisions in the Plan.

     

    (f) Governing
      Law. The
      Plan
      and all agreements entered into under the Plan shall be construed in accordance
      with and governed by the laws of the State of Delaware.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

       

    

    Exhibit
      A

     

     

    MACQUARIE
      INFRASTRUCTURE COMPANY LLC

    INDEPENDENT
      DIRECTORS EQUITY PLAN

     

    Notice
      of Award of Director Stock Units

     

    Macquarie
      Infrastructure Company LLC (the “Company”)
      has
      adopted the Macquarie Infrastructure Company LLC Independent
      Directors Equity Plan (the “Plan”)
      to
      promote the long-term growth and financial success of the Company by attracting,
      motivating and retaining independent directors of outstanding
      ability.

     

    This
      Notice of Award sets forth the terms and conditions of an Award of Director
      Stock Units under the Plan. Annex
      A
      of this
      Notice of Award (“Annex
      A”)
      names
      the Independent
      Director
      to whom the Director Stock Units are granted (the “Participant”)
      and
      sets forth the applicable date of grant and the number of Director Stock Units
      subject to the Award.

     

    This
      Notice of Award and the Director Stock Units granted hereby shall be subject
      to
      the Plan, the terms of which are incorporated herein by reference, and in the
      event of any conflict or inconsistency between the Plan and this Notice of
      Award, the Plan shall govern. 

     

    Capitalized
      terms used herein without definition shall have the meanings assigned to them
      in
      the Plan, a copy of which has been furnished to the Participant.

     

    The
      Company may not modify the Award in a manner that would materially alter or
      impair your rights in the Director Stock Units without your consent;
provided,
      however,
      that
      the Company may, without your consent, amend or modify the Award in any manner
      that the Company considers necessary or advisable to comply with any legal
      requirement or to ensure that the Director Stock Units are not subject to
      federal, state or local income tax prior to vesting or settlement. The Company
      will notify you of any amendment of the Director Stock Units that affects your
      rights.

     

    Please
      acknowledge your acceptance of the terms and conditions of this Notice of Award
      by signing both originals in the space provided below and returning one of
      the
      originals to the Company. 

     

    

     

    
      	 	
              MACQUARIE
                INFRASTRUCTURE 

              COMPANY
                LLC

            
	 	 
	 	 
	 	
              ______________________________

              By:

              Name:

              Title:

            

    

     

     

    Accepted
      and Agreed:

     

     

    ______________________________

    [INDEPENDENT
      DIRECTOR]

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    ANNEX
      A

     

    
      	
              Participant:

            	 
	
              Date
                of Grant:

            	 
	
              Number
                of Director Stock Units Awarded to Independent
                Director:

            	 

    

     

    
      
         

      

      
        9Unassociated Document

    

      ORAMED
        PHARMACEUTICALS, INC.

       

      INDEMNIFICATION
        AGREEMENT

       

      INDEMNIFICATION
        AGREEMENT,
        dated as
        of _________, 2008 (“Agreement”),
        by
        and between ORAMED
        PHARMACEUTICALS, INC.,
        a Nevada
        corporation (the “Company”),
        and
        ________________ (“Indemnitee”).

       

      WHEREAS,
        Indemnitee is a director of the Company and performs valuable services in
        such
        capacities for the Company;

       

      WHEREAS,
        the
        Company and Indemnitee recognize the substantial increase in corporate
        litigation in general, subjecting directors, officers, employees, agents
        and
        fiduciaries to expensive litigation risks at the same time as the availability
        and coverage of liability insurance may be limited;

       

      WHEREAS,
        the
        Company and Indemnitee further recognize the difficulty in obtaining liability
        insurance for its directors, officers, employees, agents and fiduciaries,
        the
        significant increases in the cost of such insurance and the general reductions
        in the coverage of such insurance;

       

      WHEREAS,
        Indemnitee does not regard the current protection available as adequate under
        the present circumstances, and the Indemnitee and other directors, officers,
        employees, agents and fiduciaries of the Company may not be willing to continue
        to serve in such capacities without additional protection; and

       

      WHEREAS,
        the
        Company desires to attract and retain the services of highly qualified
        individuals, such as Indemnitee, to serve the Company and, in part, in order
        to
        induce Indemnitee to continue to provide services to the Company as a director,
        the Company wishes to provide for the indemnification and advancing of expenses
        to Indemnitee to the maximum extent permitted by law.

       

      NOW,
        THEREFORE,
        the
        Company and Indemnitee hereby agree as follows:

       

      1. Indemnification.

       

      (a) Indemnification
        of Expenses.
        The
        Company shall indemnify Indemnitee to the fullest extent permitted by law
        if
        Indemnitee was or is or becomes a party to or witness or other participant
        in,
        or is threatened to be made a party to or witness or other participant in,
        any
        threatened, pending or completed action, suit, proceeding or alternative
        dispute
        resolution mechanism, or any hearing, inquiry or investigation that Indemnitee
        in good faith believes might lead to the institution of any such action,
        suit,
        proceeding or alternative dispute resolution mechanism, whether civil, criminal,
        administrative, investigative or other (hereinafter a "Claim") by reason
        of (or
        arising in part out of) any event or occurrence related to the fact that
        Indemnitee is or was a director, officer, employee, agent or fiduciary of
        the
        Company, or any subsidiary of the Company, or is or was serving at the request
        of the Company as a director, officer, employee, agent or fiduciary of another
        corporation, partnership, joint venture, trust or other enterprise, or by
        reason
        of any action or inaction on the part of Indemnitee while serving in such
        capacity (hereinafter an “Indemnifiable
        Event”)
        against any and all expenses (including attorneys’ fees and all other costs,
        expenses and obligations incurred in connection with investigating, defending,
        being a witness in or participating in (including on appeal), or preparing
        to
        defend, be a witness in or participate in, any such action, suit, proceeding,
        alternative dispute resolution mechanism, hearing, inquiry or investigation),
        judgments, fines, penalties and amounts paid in settlement (if such settlement
        is approved in advance by the Company, which approval shall not be unreasonably
        withheld) of such Claim and any federal, state, local or foreign taxes imposed
        on the Indemnitee as a result of the actual or deemed receipt of any payments
        under this Agreement (collectively, hereinafter “Expenses”),
        including all interest, assessments and other charges paid or payable in
        connection with or in respect of such Expenses. Such payment of Expenses
        shall
        be made by the Company as soon as practicable but in any event no later than
        thirty (30) days after written demand by Indemnitee therefor is presented
        to the
        Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) Reviewing
        Party.
        Notwithstanding the foregoing, (i) the obligations of the Company under Section
        l(a) shall be subject to the condition that the Reviewing Party (as described
        in
        Section 10(e) hereof) shall not have determined (in a written opinion, in
        any
        case in which the Independent Legal Counsel referred to in Section 1(c) hereof
        is involved) that Indemnitee would not be permitted to be indemnified under
        applicable law, and (ii) the obligation of the Company to make an advance
        payment of Expenses to Indemnitee pursuant to Section 2(a) (an “Expense
        Advance”)
        shall
        be subject to the condition that, if, when and to the extent that the Reviewing
        Party determines that Indemnitee would not be permitted to be so indemnified
        under applicable law, the Company shall be entitled to be reimbursed by
        Indemnitee (who hereby agrees to reimburse the Company) for all such amounts
        theretofore paid; provided, however, that if Indemnitee has commenced or
        thereafter commences legal proceedings in a court of competent jurisdiction
        to
        secure a determination that Indemnitee should be indemnified under applicable
        law, any determination made by the Reviewing Party that Indemnitee would
        not be
        permitted to be indemnified under applicable law shall not be binding and
        Indemnitee shall not be required to reimburse the Company for any Expense
        Advance until a final judicial determination is made with respect thereto
        (as to
        which all rights of appeal therefrom have been exhausted or lapsed).
        Indemnitee’s obligation to reimburse the Company for any Expense Advance shall
        be unsecured and no interest shall be charged thereon. If there has not been
        a
        Change in Control (as defined in Section 10(c) hereof), the Reviewing Party
        shall be selected by the Board of Directors, and if there has been such a
        Change
        in Control (other than a Change in Control which has been approved by a majority
        of the Company’s Board of Directors who were directors immediately prior to such
        Change in Control), the Reviewing Party shall be the Independent Legal Counsel
        referred to in Section l(c) hereof. If there has been no determination by
        the
        Reviewing Party or if the Reviewing Party determines that Indemnitee
        substantively would not be permitted to be indemnified in whole or in part
        under
        applicable law, Indemnitee shall have the right to commence litigation seeking
        an initial determination by the court or challenging any such determination
        by
        the Reviewing Party or any aspect thereof, including the legal or factual
        bases
        therefor, and the Company hereby consents to service of process and to appear
        in
        any such proceeding. Any determination by the Reviewing Party otherwise shall
        be
        conclusive and binding on the Company and Indemnitee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) Change
        in Control.
        The
        Company agrees that if there is a Change in Control of the Company (other
        than a
        Change in Control which has been approved by a majority of the Company’s Board
        of Directors who were directors immediately prior to such Change in Control)
        then with respect to all matters thereafter arising concerning the rights
        of
        Indemnitee to payments of Expenses and Expense Advances under this Agreement
        or
        any other agreement or under the Company’s Certificate of Incorporation or
        By-laws as now or hereafter in effect, the Company shall seek legal advice
        only
        from Independent Legal Counsel (as defined in Section 10(d) hereof) selected
        by
        Indemnitee and approved by the Company (which approval shall not be unreasonably
        withheld). Such counsel, among other things, shall render its written opinion
        to
        the Company and Indemnitee as to whether and to what extent Indemnitee would
        be
        permitted to be indemnified under applicable law. The Company agrees to pay
        the
        reasonable fees of the Independent Legal Counsel referred to above and to
        fully
        indemnify such counsel against any and all expenses (including attorneys’ fees),
        claims, liabilities and damages arising out of or relating to this Agreement
        or
        its engagement pursuant hereto.

       

      (d) Mandatory
        Payment of Expenses.
        Notwithstanding any other provision of this Agreement, to the extent that
        Indemnitee has been successful on the merits or otherwise, including, without
        limitation, the dismissal of an action without prejudice, in defense of any
        action, suit, proceeding, inquiry or investigation referred to in Section
        (1)(a)
        hereof or in the defense of any claim, issue or matter therein, Indemnitee
        shall
        be indemnified against all Expenses incurred by Indemnitee in connection
        therewith.

       

      (e) Tax
        Gross Up.
        The
        amount of any indemnity payable to the Indemnitee will be computed in accordance
        with the following formula:

      

      B
        

      A
        = 
————

        1
        -
        C

      where:

      

      
        	 	
                A
                  =

              	
                the
                  amount of indemnity payable by the Company to the Indemnitee pursuant
                  to
                  this Agreement

              

      

      

      
        	 	
                B
                  =

              	
                the
                  amount of indemnity that would otherwise be payable by the Company
                  to the
                  Indemnitee pursuant to this Agreement on the assumption that such
                  amount
                  is computed without reference to any increased liability of the
                  Indemnitee
                  under applicable income, payroll, value added or any other tax
                  laws
                  arising in consequence of such
                  payment,

              

      

       

      
        	 	
                C
                  =

              	
                the
                  aggregate of the highest effective rates of all taxes (including
                  all
                  surtaxes) under such tax laws applicable to the Indemnitee in respect
                  of
                  such payment, after giving effect to any applicable bilateral tax
                  convention or treaty, and

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2. Expenses;
        Indemnification Procedure.

       

      (a) Advancement
        of Expenses.
        The
        Company shall advance all Expenses incurred by Indemnitee. The advances to
        be
        made hereunder shall be paid by the Company to Indemnitee as soon as practicable
        but in any event no later than five (5) days after written demand by Indemnitee
        therefor to the Company.

       

      (b) Notice/Cooperation
        by Indemnitee.
        Indemnitee shall, as a condition precedent to Indemnitee’s right to be
        indemnified under this Agreement, give the Company notice in writing as soon
        as
        practicable of any Claim made against Indemnitee for which indemnification
        will
        or could be sought under this Agreement. Notice to the Company shall be directed
        to the Chief Executive Officer of the Company at the address shown on the
        signature page of this Agreement (or such other address as the Company shall
        designate in writing to Indemnitee). In addition, Indemnitee shall give the
        Company such information and cooperation as it may reasonably require and
        as
        shall be within Indemnitee’s power.

       

      (c) No
        Presumptions; Burden of Proof.
        For
        purposes of this Agreement, the termination of any claim, action, suit or
        proceeding, by judgment, order, settlement (whether with or without court
        approval) or conviction, or upon a plea of nolo contendere,
        or its
        equivalent, shall not create a presumption that Indemnitee did not meet any
        particular standard of conduct or have any particular belief or that a court
        has
        determined that indemnification is not permitted by applicable law. In addition,
        neither the failure of the Reviewing Party to have made a determination as
        to
        whether Indemnitee has met any particular standard of conduct or had any
        particular belief, nor an actual determination by the Reviewing Party that
        Indemnitee has not met such standard of conduct or did not have such belief,
        prior to the commencement of legal proceedings by Indemnitee to secure a
        judicial determination that Indemnitee should be indemnified under applicable
        law, shall be a defense to Indemnitee’s claim or create a presumption that
        Indemnitee has not met any particular standard of conduct or did not have
        any
        particular belief. In connection with any determination by the Reviewing
        Party
        or otherwise as to whether the Indemnitee is entitled to be indemnified
        hereunder, the burden of proof shall be on the Company to establish that
        Indemnitee is not so entitled.

       

      (d) Notice
        to Insurers.
        If, at
        the time of the receipt by the Company of a notice of a Claim pursuant to
        Section 2(b) hereof, the Company has liability insurance in effect which
        may
        cover such Claim, the Company shall give prompt notice of the commencement
        of
        such Claim to the insurers in accordance with the procedures set forth in
        the
        respective policies. The Company shall thereafter take all necessary or
        desirable action to cause such insurers to pay, on behalf of the Indemnitee,
        all
        amounts payable as a result of such action, suit, proceeding, inquiry or
        investigation in accordance with the terms of such policies. Nothing in this
        Section 2(d) shall limit the Company’s obligations as otherwise provided for
        herein, including the Company’s obligation to pay Expenses under Section 1(a) or
        to advance Expenses under Section 2(a). 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (e) Selection
        of Counsel.
        In the
        event the Company shall be obligated hereunder to pay the Expenses of any
        action, suit, proceeding, inquiry or investigation, the Company, if appropriate,
        shall be entitled to assume the defense of such action, suit, proceeding,
        inquiry or investigation with counsel approved by Indemnitee, upon the delivery
        to Indemnitee of written notice of its election so to do. After delivery
        of such
        notice, approval of such counsel by Indemnitee and the retention of such
        counsel
        by the Company, the Company will not be liable to Indemnitee under this
        Agreement for any fees of counsel subsequently incurred by Indemnitee with
        respect to the same action, suit, proceeding, inquiry or investigation; provided
        that, (i) Indemnitee shall have the right to employ Indemnitee’s counsel in any
        such action, suit, proceeding, inquiry or investigation at Indemnitee’s expense
        and (ii) if (A) the employment of counsel by Indemnitee has been previously
        authorized by the Company, (B) Indemnitee shall have reasonably concluded
        that
        there may be a conflict of interest between the Company and Indemnitee in
        the
        conduct of any such defense, or (C) the Company shall not continue to retain
        such counsel to defend such action, suit, proceeding, inquiry or investigation,
        then the fees and expenses of Indemnitee’s counsel shall be at the expense of
        the Company.

       

      3. Additional
        Indemnification Rights; Nonexclusivity.

       

      (a) Scope.
        The
        Company hereby agrees to indemnify the Indemnitee to the fullest extent
        permitted by law, notwithstanding that such indemnification is not specifically
        authorized by the other provisions of this Agreement, the Company’s Certificate
        of Incorporation, the Company’s By-laws or by statute. In the event of any
        change after the date of this Agreement in any applicable law, statute or
        rule
        which expands the rights of the corporation to indemnify a member of its
        board
        of directors or an officer, employee, agent or fiduciary, it is the intent
        of
        the parties hereto that Indemnitee shall enjoy by this Agreement the greater
        benefits afforded by such change. In the event of any change in any applicable
        law, statute or rule which narrows the rights of this Company to indemnify
        a
        member of its board of directors or an officer, employee, agent or fiduciary,
        such change, to the extent not otherwise required by such law, statute or
        rule
        to be applied to this Agreement, shall have no effect on this Agreement or
        the
        parties’ rights and obligations hereunder.

       

      (b) Nonexclusivity.
        The
        indemnification provided by this Agreement shall be in addition to any rights
        to
        which Indemnitee may be entitled under the Company’s Certificate of
        Incorporation, its By-laws, any agreement, any vote of shareholders or
        disinterested directors, the relevant business corporation law of the Company’s
        state of incorporation, or otherwise. The indemnification provided under
        this
        Agreement shall continue as to Indemnitee for any action taken or not taken
        while serving in an indemnified capacity even though Indemnitee may have
        ceased
        to serve in such capacity.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4. No
        Duplication of Payments.
        The
        Company shall not be liable under this Agreement to make any payment in
        connection with any action, suit, proceeding, inquiry or investigation made
        against Indemnitee to the extent Indemnitee has otherwise actually received
        payment (under any insurance policy, Certificate of Incorporation, By-laws
        or
        otherwise) of the amounts otherwise indemnifiable hereunder.

       

      5. Partial
        Indemnification.
        If
        Indemnitee is entitled under any provision of this Agreement to indemnification
        by the Company for some or a portion of Expenses in the investigation, defense,
        appeal or settlement of any civil or criminal action, suit, proceeding, inquiry
        or investigation, but not, however, for all of the total amount thereof,
        the
        Company shall nevertheless indemnify Indemnitee for the portion of such Expenses
        to which Indemnitee is entitled.

       

      6. Mutual
        Acknowledgment.
        Both
        the Company and Indemnitee acknowledge that in certain instances, Federal
        law or
        applicable public policy may prohibit the Company from indemnifying its
        directors, officers, employees, agents or fiduciaries under this Agreement
        or
        otherwise. Indemnitee understands and acknowledges that the Company has
        undertaken or may be required in the future to undertake with the Securities
        and
        Exchange Commission to submit the question of indemnification to a court
        in
        certain circumstances for a determination of the Company’s right under public
        policy to indemnify Indemnitee.

       

      7. Liability
        Insurance.
        To the
        extent the Company maintains liability insurance applicable to directors,
        officers, employees, agents or fiduciaries, Indemnitee shall be covered by
        such
        policies in such a manner as to provide Indemnitee the same rights and benefits
        as are accorded to the most favorably insured of the Company’s directors, if
        Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a
        director of the Company but is an officer; or of the Company’s key employees,
        agents or fiduciaries, if Indemnitee is not an officer or director but is
        a key
        employee, agent or fiduciary.

       

      8. Exceptions.
        Any
        other provision herein to the contrary notwithstanding, the Company shall
        not be
        obligated pursuant to the terms of this Agreement:

       

      (a) Excluded
        Action or Omissions.
        To
        indemnify Indemnitee for acts, omissions or transactions from which Indemnitee
        may not be relieved of liability under applicable law.

       

      (b) Claims
        Initiated by Indemnitee.
        To
        indemnify or advance expenses to Indemnitee with respect to proceedings or
        claims initiated or brought voluntarily by Indemnitee and not by way of defense,
        except (i) with respect to proceedings brought to establish or enforce a
        right
        to indemnification or advancement of expenses under this Agreement or any
        other
        agreement or insurance policy or under the Company’s Certificate of
        Incorporation or By-laws now or hereafter in effect relating to Claims for
        Indemnifiable Events, (ii) in specific cases if the Board of Directors has
        approved the initiation or bringing of such suit, or (iii) as otherwise required
        under the applicable provisions of the business corporation law of the Company’s
        state of incorporation, regardless of whether Indemnitee ultimately is
        determined to be entitled to such indemnification, advance expense payment
        or
        insurance recovery, as the case may be.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) Lack
        of Good Faith.
        To
        indemnify Indemnitee for any expenses incurred by the Indemnitee with respect
        to
        any proceeding instituted by Indemnitee to enforce or interpret this Agreement,
        if a court of competent jurisdiction determines that each of the material
        assertions made by the Indemnitee in such proceeding was not made in good
        faith
        or was frivolous; or

       

      (d) Claims
        Under Section 16(b).
        To
        indemnify Indemnitee for expenses and the payment of profits arising from
        the
        purchase and sale by Indemnitee of securities in violation of Section 16(b)
        of
        the Securities Exchange Act of 1934, as amended (the “Exchange
        Act”),
        or
        any similar successor statute.

       

      9. Period
        of Limitations.
        No
        legal action shall be brought and no cause of action shall be asserted by
        or in
        the right of the Company against Indemnitee, Indemnitee’s estate, spouse, heirs,
        executors or personal or legal representatives after the expiration of two
        (2)
        years from the date of accrual of such cause of action, and any claim or
        cause
        of action of the Company shall be extinguished and deemed released unless
        asserted by the timely filing of a legal action within such two (2)-year
        period;
provided,
        however,
        that if
        any shorter period of limitations is otherwise applicable to any such cause
        of
        action, such shorter period shall govern.

       

      10. Construction
        of Certain Phrases.

       

      (a) For
        purposes of this Agreement, references to the “Company”
shall
        include, in addition to the resulting corporation, any constituent corporation
        (including any constituent of a constituent) absorbed in a consolidation
        or
        merger which, if its separate existence had continued, would have had power
        and
        authority to indemnify its directors, officers, employees, agents or
        fiduciaries, so that if Indemnitee is or was a director, officer, employee,
        agent or fiduciary of such constituent corporation, or is or was serving
        at the
        request of such constituent corporation as a director, officer, employee,
        agent
        or fiduciary of another corporation, partnership, joint venture, employee
        benefit plan, trust or other enterprise, Indemnitee shall stand in the same
        position under the provisions of this Agreement with respect to the resulting
        or
        surviving corporation as Indemnitee would have with respect to such constituent
        corporation if its separate existence had continued.

       

      (b) For
        purposes of this Agreement, references to “other
        enterprise”
shall
        include employee benefit plans; references to "fines"
        shall
        include any excise taxes assessed on Indemnitee with respect to an employee
        benefit plan; and references to “serving
        at the request of the Company”
shall
        include any service as a director, officer, employee, agent or fiduciary
        of the
        Company which imposes duties on, or involves services by, such director,
        officer, employee, agent or fiduciary with respect to an employee benefit
        plan,
        its participants or its beneficiaries.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c) For
        purposes of this Agreement a “Change
        in Control”
shall
        be deemed to have occurred if (i) any "person" (as such term is used in Sections
        13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary
        holding securities under an employee benefit plan of the Company or a
        corporation owned directly or indirectly by the shareholders of the Company
        in
        substantially the same proportions as their ownership of stock of the Company,
        is or becomes the “beneficial
        owner”
(as
        determined in accordance with Rule 13d-3 under said Exchange Act), directly
        or
        indirectly, of securities of the Company representing more than twenty percent
        (20%) of the total voting power represented by the Company’s then outstanding
        Voting Securities, (ii) during any period of two (2) consecutive years,
        individuals who at the beginning of such period constitute the Board of
        Directors of the Company and any new director whose election by the Board
        of
        Directors or nomination for election by the Company’s shareholders was approved
        by a vote of at least two thirds (2/3) 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 a majority thereof, or (iii) the shareholders of the Company approve
        a merger or consolidation of the Company with any other corporation other
        than a
        merger or consolidation which would result in the Voting Securities of the
        Company outstanding immediately prior thereto continuing to represent (either
        by
        remaining outstanding or by being converted into Voting Securities of the
        surviving entity) at least 80% of the total voting power represented by the
        Voting Securities of the Company or such surviving entity outstanding
        immediately after such merger or consolidation, or the shareholders of the
        Company approve a plan of complete liquidation of the Company or an agreement
        for the sale or disposition by the Company of (in one transaction or a series
        of
        transactions) all or substantially all of the Company’s assets.

       

      (d) For
        purposes of this Agreement, “Independent
        Legal Counsel”
shall
        mean an attorney or firm of attorneys, selected in accordance with the
        provisions of Section 1(c) hereof, who shall not have otherwise performed
        services for the Company or Indemnitee within the last three years (other
        than
        with respect to matters concerning the rights of Indemnitee under this
        Agreement, or of other indemnitees under similar indemnity
        agreements).

       

      (e) For
        purposes of this Agreement, a “Reviewing
        Party”
shall
        mean any appropriate person or body consisting of a member or members of
        the
        Company’s Board of Directors or any other person or body appointed by the Board
        of Directors who is not a party to the particular Claim for which Indemnitee
        is
        seeking indemnification, or Independent Legal Counsel.

       

      (f) For
        purposes of this Agreement, “Voting
        Securities”
shall
        mean any securities of the Company that vote generally in the election of
        directors.

       

      11. Counterparts.
        This
        Agreement may be executed in one or more counterparts, each of which shall
        constitute an original.

       

      12. Binding
        Effect; Successors and Assigns.
        This
        Agreement shall be binding upon and inure to the benefit of and be enforceable
        by the parties hereto and their respective successors and assigns, including
        any
        direct or indirect successor by purchase, merger, consolidation or otherwise
        to
        all or substantially all of the business and/or assets of the Company, spouses,
        heirs, and personal and legal representatives. The Company shall require
        and
        cause any successor (whether direct or indirect by purchase, merger,
        consolidation or otherwise) to all, substantially all, or a substantial part,
        of
        the business and/or assets of the Company, by written agreement in form and
        substance satisfactory to Indemnitee, expressly to assume and agree to perform
        this Agreement in the same manner and to the same extent that the Company
        would
        be required to perform if no such succession had taken place. This Agreement
        shall continue in effect regardless of whether Indemnitee continues to serve
        as
        a director of the Company or of any other enterprise at the Company’s
        request.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      13. Attorneys’
        Fees.
        In the
        event that any action is instituted by Indemnitee under this Agreement or
        under
        any liability insurance policies maintained by the Company to enforce or
        interpret any of the terms hereof or thereof, Indemnitee shall be entitled
        to be
        paid all Expenses incurred by Indemnitee with respect to such action, regardless
        of whether Indemnitee is ultimately successful in such action, and shall
        be
        entitled to the advancement of Expenses with respect to such action, unless
        as a
        part of such action the court of competent jurisdiction over such action
        determines that each of the material assertions made by Indemnitee as a basis
        for such action were not made in good faith or were frivolous. In the event
        of
        an action instituted by or in the name of the Company under this Agreement
        to
        enforce or interpret any of the terms of this Agreement, Indemnitee shall
        be
        entitled to be paid all Expenses incurred by Indemnitee in defense of such
        action (including costs and expenses incurred with respect to Indemnitee’s
        counterclaims and cross-claims made in such action), and shall be entitled
        to
        the advancement of Expenses with respect to such action, unless as a part
        of
        such action the court having jurisdiction over such action determines that
        each
        of Indemnitee’s material defenses to such action were made in bad faith or were
        frivolous.

       

      14. Notice.
        All
        notices, requests, demands and other communications under this Agreement
        shall
        be in writing and shall be deemed duly given (i) if delivered by hand and
        receipted for by the party addressee, on the date of such receipt, or (ii)
        if
        mailed by domestic certified or registered mail with postage prepaid, on
        the
        third business day after the date postmarked. Addresses for notice to either
        party are as shown on the signature page of this Agreement, or as subsequently
        modified by written notice.

       

      15. Consent
        to Jurisdiction.
        The
        Company and Indemnitee each hereby irrevocably consent to the jurisdiction
        of
        the courts of the State of Delware for all purposes in connection with any
        action or proceeding which arises out of or relates to this Agreement and
        agree
        that any action instituted under this Agreement shall be commenced, prosecuted
        and continued only in the Superior Court of the State of Delaware in and
        for
        Kent County, which shall be the exclusive and only proper forum for adjudicating
        such a claim.

       

      16. Severability.
        The
        provisions of this Agreement shall be severable in the event that any of
        the
        provisions hereof (including any provision within a single section, paragraph
        or
        sentence) are held by a court of competent jurisdiction to be invalid, void
        or
        otherwise unenforceable, and the remaining provisions shall remain enforceable
        to the fullest extent permitted by law. Furthermore, to the fullest extent
        possible, the provisions of this Agreement (including, without limitations,
        each
        portion of this Agreement containing any provision held to be invalid, void
        or
        otherwise unenforceable, that is not itself invalid, void or unenforceable)
        shall be construed so as to give effect to the intent manifested by the
        provision held invalid, illegal or unenforceable.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      17. Choice
        of Law.
        This
        Agreement shall be governed by and its provisions construed and enforced
        in
        accordance with the laws of the State of Delaware, as applied to contracts
        between Delaware residents, entered into and to be performed entirely within
        the
        State of Delaware, without regard to the conflict of laws principles
        thereof.

       

      18. Subrogation.
        In the
        event of payment under this Agreement, the Company shall be subrogated to
        the
        extent of such payment to all of the rights of recovery of Indemnitee, who
        shall
        execute all documents required and shall do all acts that may be necessary
        to
        secure such rights and to enable the Company effectively to bring suit to
        enforce such rights.

       

      19. Amendment
        and Termination.
        No
        amendment, modification, termination or cancellation of this Agreement shall
        be
        effective unless it is in writing signed by both the parties hereto. No waiver
        of any of the provisions of this Agreement shall be deemed or shall constitute
        a
        waiver of any other provisions hereof (whether or not similar) nor shall
        such
        waiver constitute a continuing waiver.

       

      20. Integration
        and Entire Agreement.
        This
        Agreement sets forth the entire understanding between the parties hereto
        and
        supersedes and merges all previous written and oral negotiations, commitments,
        understandings and agreements relating to the subject matter hereof between
        the
        parties hereto, including without limitation, any indemnification agreements
        previously entered into between the Company and Indemnitee.

       

      21. No
        Construction as Employment Agreement.
        Nothing
        contained in this Agreement shall be construed as giving Indemnitee any right
        to
        be retained in the employ of the Company or any of its
        subsidiaries.

      
 

      **********

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

       

      
        	 	 	 
	 	ORAMED
                PHARMACEUTICALS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name: 

                Title:
                   

              

      

       

       

       

      AGREED
        TO AND ACCEPTED:

       

      INDEMNITEE:

       

      

       

      ____________________________________

      (signature)

      

      ____________________________________

      (print
        name)

      

      ____________________________________

      (address)

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