Document:

Exhibit 10.4

 

5:01 Acquisition Corp.

 

September 2, 2020

 

5:01 Acquisition LLC

501 Second Street, Suite 350

San Francisco, California 94107

 

RE: Subscription Agreement
for Founder Shares

 

Ladies and Gentlemen:

 

We are pleased to accept
the offer 5:01 Acquisition LLC (the “Subscriber” or “you”) has made to purchase
2,300,000 shares (“Founder Shares”) of the common stock, $.0001 par value per share (“Common
Stock”), of 5:01 Acquisition Corp., a Delaware corporation (the “Company”), up to 300,000
of which are subject to forfeiture by you if the underwriters of the proposed initial public offering (“IPO”)
of the Company pursuant to the registration statement on Form S-1 expected to be filed by the Company in connection with the
IPO (the “Registration Statement”) do not fully exercise their over-allotment option (the “Over-allotment
Option”) as described below. The terms (this “Agreement”) on which the Company is willing
to sell the Founder Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Founder Shares,
are as follows:

 

1.            Purchase
of Founder Shares. For the sum of $20,000.00 (the “Purchase Price”), which the Company acknowledges
receiving in cash, the Company hereby sells and issues the Founder Shares to the Subscriber, and the Subscriber hereby purchases
the Founder Shares from the Company, subject to the forfeiture provisions of Section 3 below, on the terms and subject to
the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall,
at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the Founder Shares,
or effect such delivery in book-entry form.

 

2.            Representations,
Warranties and Agreements.

 

2.1            The
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Founder Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1            No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Founder Shares.

 

2.1.2            No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents
of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the
Subscriber is subject.

 

    1

     

    

 

2.1.3            Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws
of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement will be a legal, valid and binding agreement of the Subscriber, enforceable
against the Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4            Experience,
Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Founder Shares and (ii) able to bear the economic risk of its investment in
the Founder Shares for an indefinite period of time because the Founder Shares have not been registered under the Securities Act
(as defined below) and therefore cannot be resold unless such transaction is registered under the Securities Act or an exemption
from such registration is available. The Subscriber is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect its own interests. The Subscriber must bear the economic risk of this investment until the Founder
Shares are sold pursuant to: (x) an effective registration statement under the Securities Act or (y) an exemption from
registration available with respect to such sale. The Subscriber is able to bear the economic risks of an investment in the Founder
Shares and to afford a complete loss of the Subscriber’s investment in the Founder Shares.

 

2.1.5            Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, the Subscriber has relied solely on
the Subscriber’s own knowledge and understanding of the Company and its business based upon the Subscriber’s own due
diligence investigation and the information furnished pursuant to this paragraph. The Subscriber understands that no person has
been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and the Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations or its prospects.

 

2.1.6            Regulation
D Offering. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges the
sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under federal and
state law.

 

2.1.7            Investment
Purposes. The Subscriber is purchasing the Founder Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.
The Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 of Regulation D under the Securities Act.

 

2.1.8            Restrictions
on Transfer; Shell Company. The Subscriber understands the Founder Shares are being offered in a transaction not involving
a public offering within the meaning of the Securities Act. The Subscriber understands the Founder Shares will be “restricted
securities” as defined in Rule 144(a)(3) under the Securities Act and the Subscriber understands that any certificate
or book entries representing the Founder Shares will contain a legend in respect of such restrictions. If in the future the Subscriber
decides to offer, resell, pledge or otherwise transfer the Founder Shares, such Founder Shares may be offered, resold, pledged
or otherwise transferred only in accordance with the provisions of Section 5 hereof. The Subscriber agrees that if any transfer
of its Founder Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, the Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration under the Securities
Act or an exemption therefrom, the Subscriber agrees not to resell the Founder Shares. The Subscriber further acknowledges that
because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Founder Shares
until at least one year following consummation of the initial business combination of the Company, despite technical compliance
with the certain requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

    2

     

    

 

2.1.9            No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2          Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Founder Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1            Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results
or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2            No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute,
rule or regulation to which the Company is subject, or (iv) any agreement, order, judgment or decree to which the Company
is subject.

 

2.2.3            Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Founder Shares will be duly
and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the
Subscriber will have or receive good title to the Founder Shares, free and clear of all liens, claims and encumbrances of any kind,
other than (a) transfer restrictions hereunder and other agreements to which the Founder Shares may be subject which have
been notified to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens,
claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4            No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this
Agreement or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief
in connection with any transactions.

 

3.            Forfeiture
of Founder Shares.

 

3.1          Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall automatically
forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO waive their ability to exercise
such Over-allotment Option) any and all rights to such number of Founder Shares (up to an aggregate of 300,000 Founder Shares and
pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the
Subscriber (and any such transferees), collectively with all other initial stockholders of the Company prior to the IPO, will own
an aggregate number of Founder Shares equal to 20% of the total number of shares of Common Stock issued in the IPO.

 

3.2          Termination
of Rights as Stockholder. If any of the Founder Shares are forfeited in accordance with this Section 3, then after such
time the Subscriber (or its successor in interest), shall no longer have any rights as a holder of such forfeited Founder Shares,
and the Company shall take such action as is appropriate to cancel such forfeited Founder Shares.

 

    3

     

    

 

3.3           Share
Certificates. In the event an adjustment to any certificate representing the Founder Shares purchased pursuant hereto is required
pursuant to this Section 3, then the Subscriber shall return such certificate to the Company or its designated agent as soon
as practicable upon its receipt of notice from the Company advising the Subscriber of such adjustment, following which a new certificate
shall be issued in such amount representing the adjusted number of Founder Shares held by the Subscriber. Such new certificate,
if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held
by the Subscriber shall be made in book-entry form.

 

4.            Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant to this Agreement,
the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company
from the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation
of the Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in
the event the Subscriber purchases securities in the IPO or securities of the Company issued in the IPO in the aftermarket, any
additional Common Stock so purchased shall be eligible to receive any liquidating distributions from the Trust Account by the Company.
However, in no event will the Subscriber have the right to redeem any shares of Common Stock into funds held in the Trust Account
upon the successful completion of an initial business combination.

 

5.            Restrictions
on Transfer.

 

5.1          Securities
Law Restrictions. In addition to any restrictions to be contained in that certain stock escrow agreement (commonly known as
an “Escrow Agreement”) to be entered into between the Company, the Subscriber and the Company’s
transfer agent in connection with the consummation of the IPO, the Subscriber agrees not to sell, transfer, pledge, hypothecate
or otherwise dispose of all or any part of the Founder Shares unless, prior thereto (a) a registration statement on the appropriate
form under the Securities Act and applicable state securities laws with respect to the Founder Shares proposed to be transferred
shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that
such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated
by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2           Lock-up.
The Subscriber acknowledges that the Founder Shares will be subject to lock-up provisions (the “Lock-up”)
contained in the Escrow Agreement. Pursuant to the Escrow Agreement, the Subscriber will agree (subject to certain customary exceptions)
not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Founder Shares until the earlier to occur
of: (A) one year after the completion of the Company’s initial business combination or (B) subsequent to the Company’s
initial business combination, (x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Company’s initial business combination, or (y) the date on which the
Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all
of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

 

5.3          Restrictive
Legends. All certificates representing the Founder Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN
THE OPINION OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.”

 

    4

     

    

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
DURING THE TERM OF THE LOCKUP PERIOD.”

 

5.4           Additional
Founder Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of a special
dividend payable in a form other than Common Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Founder Shares
subject to this Section 5 or into which such Founder Shares thereby become convertible shall immediately be subject to this
Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be
made to the number or class of Founder Shares subject to this Section 5 and Section 3.

 

5.5           Registration
Rights. The Subscriber acknowledges that the Founder Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered
pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration
Rights Agreement”).

 

6.            Other
Agreements.

 

6.1          Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

6.2          Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3          Entire
Agreement. This Agreement, together with that certain Escrow Agreement to be entered into between the Subscriber and the Company
and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement,
embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change
or restrict, the express terms and provisions of this Agreement.

 

6.4          Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5          Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

    5

     

    

 

6.6          Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7          Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8          Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of Delaware applicable to contracts wholly performed within the borders of such state.

 

6.9           Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10        No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.11         Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.12        No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13        Headings
and Captions. The headings and captions of the various sections of this Agreement are for convenience of reference only and
shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14        Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

    6

     

    

 

6.15        Construction.
The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders
will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
 “hereof,” “hereby,” “hereunder,” and words of similar
import refer to this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

6.16        Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.            Voting
and Redemption of Founder Shares. The Subscriber agrees to vote the Founder Shares in favor of an initial business combination
that the Company negotiates and submits for approval to the Company’s stockholders.

 

8.            Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorneys’ fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature
Page Follows]

 

    7

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

 

	 	Very truly yours,
	 	 
	 	5:01 Acquisition Corp.
	 	 
	 	By:	 /s/ Andrew Schwab
	 	Name: 	Andrew Schwab
	 	Title:	 Co-CEO

 

Accepted and agreed this 2nd day of September, 2020.

 

5:01 Acquisition LLC

 

	By:	/s/ Andrew Schwab	 
	Name:	Andrew Schwab	 
	Title:	Co-CEO	 
	 	 	 

 

Signature
Page to Subscription Agreement for Founder SharesExhibit
10.6

 

5:01 Acquisition Corp.

 

Indemnity Agreement

 

This
Indemnity Agreement (the “Agreement”) is made and entered into as of ______________, between
5:01 Acquisition Corp., a Delaware corporation (the “Company”),
and ___________ (“Indemnitee”).

 

RECITALS

 

A.       Highly
competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are
provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation;

 

B.       Although
furnishing of insurance to protect persons serving a corporation and its subsidiaries from certain liabilities 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 Company’s Bylaws (“Bylaws”)
and the Company’s Certificate of Incorporation (the “Certificate of Incorporation”) authorize and
require indemnification of the directors and executive officers of the Company and permit indemnification of other employees and
certain other persons. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State
of Delaware (“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, officers and other persons with respect to indemnification;

 

C.       The
uncertainties relating to such liability insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

D.       The
Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

E.       It
is reasonable, prudent and necessary for the Company to contractually 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;

 

F.       This
Agreement is a supplement to and in furtherance of the Company’s Bylaws and Certificate of Incorporation and any resolutions
adopted pursuant to such indemnification, and will not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder;

 

G.       Indemnitee
does not regard the protection available under the Company’s Bylaws, Certificate of Incorporation and insurance as adequate
in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company
desires Indemnitee 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 he or she be so indemnified;

 

     

     

    

 

H.       Indemnitee
may have certain rights to indemnification and insurance provided by other entities or organizations which Indemnitee and such
other entities and organizations intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided
in this Agreement, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s
willingness to serve on the Board; and

 

I.       This
Agreement supersedes and replaces in its entirety any previous indemnification agreement entered into between the Company and the
Indemnitee.

 

Now,
Therefore, in consideration of Indemnitee’s agreement to serve as an officer
or a director from and after the date first written above, the parties hereto agree as follows:

 

1.                  
Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted
by law, as such may be amended from time to time in accordance with the terms of this Agreement. In furtherance of the foregoing
indemnification, and without limiting the generality thereof:

 

(a)               
Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification
provided in this Section 1(a) if, by reason of his or her Corporate Status (as hereinafter defined), the Indemnitee is,
or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or
in the right of the Company. Pursuant to this Section 1(a), Indemnitee will be indemnified against all Expenses (as hereinafter
defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his
or her behalf, in connection with such Proceeding or any claim, issue or matter. This indemnification is provided if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company,
and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

(b)              
Proceedings by or in the Right of the Company. Indemnitee will be entitled to the rights of indemnification provided
in this Section 1(b) if, by reason of his or her Corporate Status, the Indemnitee is, or is threatened to be made, a party
to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee
will be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf,
in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to
be in, or not opposed to, the best interests of the Company. Indemnification will not be provided against such Expenses if made
in respect of any claim, issue or matter in such Proceeding as to which Indemnitee will have been adjudged to be liable to the
Company unless and to the extent that the Court of Chancery of the State of Delaware will determine that such indemnification may
be made.

 

(c)               
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits
or otherwise, in any Proceeding, he or she will be indemnified to the maximum extent permitted by law, against all Expenses actually
and reasonably incurred by him or her or on his or her behalf in connection therewith. If Indemnitee is not wholly successful in
such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in
such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on
his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 1(c),
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.

 

    2

     

    

 

2.                  
 Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in
Section 1 hereof, the Company hereby agrees to indemnify and hold Indemnitee harmless against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf if, by reason of his
or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding
by or in the right of the Company), including, without limitation, any and all liability arising out of the negligence or active
or passive wrongdoing of Indemnitee. The only limitation that will exist upon the Company’s obligations pursuant to this
Agreement will be that the Company will not be obligated to make any payment to Indemnitee that is finally determined (under the
procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

 

3.                  
Contribution.

 

(a)               
Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any
threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be
if joined in such action, suit or proceeding), the Company will pay, in the first instance, the entire amount of any judgment or
settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby
waives and relinquishes any right of contribution it may have against Indemnitee. The Company will not enter into any settlement
of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. The
Company will not settle any action or claim in a manner that would impose any penalty or admission of guilt or liability on Indemnitee
without Indemnitee’s written consent.

 

(b)              
Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if Indemnitee
elects or is required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit
or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company will contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action,
suit or proceeding arose. To the extent necessary to conform to law, the proportion determined on the basis of relative benefit
may be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company
other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the
one hand, and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such expenses, judgments,
fines or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered. The
relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable
with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand,
will be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal
profit or advantage, the degree to which their liability is primary or secondary and the degree to which their respective conduct
is active or passive.

 

(c)               
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may
be brought by the Company’s officers, directors, or employees, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)               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 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: (1) 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 (2) 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).

 

    3

     

    

 

4.                  
Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in
any Proceeding to which Indemnitee is not a party, he or she will be indemnified against all Expenses actually and reasonably incurred
by him or her or on his or her behalf in connection therewith.

 

5.                  
Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company will advance all Expenses
incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within
30 days after the receipt by the Company of a statement from Indemnitee requesting such advance or advances, whether prior to or
after final disposition of such Proceeding. Such statement will reasonably evidence the Expenses incurred by Indemnitee and will
include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if
it is ultimately determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 will be unsecured and interest free.

 

6.                  
Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement
to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the
State of Delaware. Accordingly, the parties agree that the following procedures and presumptions will apply in the event of any
question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)               
To obtain indemnification under this Agreement, Indemnitee will submit to the Company a written request with 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. 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. Notwithstanding the foregoing, any failure of Indemnitee
to provide such a request to the Company, or to provide such a request in a timely fashion, will not relieve the Company of any
liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests
of the Company.

 

(b)              
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof,
Indemnitee’s entitlement to indemnification will be determined in the specific case:

 

		(1)	by one of the following four methods, which will be at the election of the Board, unless a Change
in Control has occurred:

 

(i)                
by a majority vote of the Disinterested Directors, even though less than a quorum;

 

(ii)              
by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though
less than a quorum;

 

    4

     

    

 

(iii)            
 if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written
opinion to the Board, a copy of which will be delivered to the Indemnitee; or

 

(iv)             
if so directed by the Board, by the stockholders of the Company; or

 

		(2)	if a Change in Control has occurred, by Independent Counsel in a written opinion to the Board,
a copy of which will be delivered to the Indemnitee.

 

Disinterested Directors are those members
of the Board who are not parties to the action, suit, or proceeding that indemnification is sought by Indemnitee.

 

(c)               
If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b)
hereof, the Independent Counsel will be selected as provided in this Section 6(c). The Independent Counsel will be selected
by the Board and notify the Indemnitee by written notice. Within ten days after such written notice of selection has been given,
Indemnitee may deliver to the Company a written objection to such selection. But, such objection may only be asserted on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined
in Section 13 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 a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit. If no Independent Counsel will have been selected and not objected
to within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof,
either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction
for resolution of any objection made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment
of a person selected by the court or by such other person as the court designates to serve as Independent Counsel. The person with
respect to whom all objections are so resolved or the person so appointed will act as Independent Counsel under Section 6(b)
hereof. The Company will pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel
in connection with acting pursuant to Section 6(b) hereof, and the Company will pay all reasonable fees and expenses incident
to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.
In no event will Indemnitee be liable for fees and expenses incurred by such Independent Counsel.

 

(d)              
In making a determination with respect to entitlement to indemnification under this Agreement, the person or persons
or entity making such determination will presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking
to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither
the failure of the Company (including by its Board 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 Board 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.

 

(e)                Indemnitee
will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the
Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers
of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or
records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other
expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any
director, officer, agent or employee of the Enterprise will not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are
satisfied, it will in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she
reasonably believed to be in, or not opposed to, the best interests of the Company. Anyone seeking to overcome this
presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

    5

     

    

 

(f)                
If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled
to indemnification has not made a determination within 60 days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification will be deemed to have been made and Indemnitee will be entitled to such indemnification
absent (1) 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 (2) a prohibition of such indemnification
under applicable law. Such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person,
persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional
time to obtain or evaluate documentation and/or information relating thereto. The provisions of this Section 6(f) will not
apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b)
of this Agreement and if (1) within 15 days after receipt by the Company of the request for such determination, the Board or the
Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an
annual meeting to be held within 75 days after such receipt and such determination is made at that annual meeting, or (2) a special
meeting of stockholders is called within 15 days after such receipt for the purpose of making such determination, such meeting
is held for such purpose within 60 days after having been so called and such determination is made at that special meeting.

 

(g)               
Indemnitee will cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company will act
reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this
Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with
the person, persons or entity making such determination will be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)              
The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits
a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to
which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation,
settlement of such action, claim or proceeding with or without payment of money or other consideration) it will be presumed that
Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
will have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)                
The termination of any Proceeding or of any claim, issue or matter in any Proceeding, 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 he or she reasonably believed to be in, or not opposed to, the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

    6

     

    

 

7.                  
 Remedies of Indemnitee.

 

(a)               
In the event that (1) a determination is made pursuant to Section 6 hereof that Indemnitee is not entitled to
indemnification under this Agreement, (2) advancement of Expenses is not timely made pursuant to Section 5 hereof, (3) no
determination of entitlement to indemnification is made pursuant to Section 6(b) hereof within 90 days after receipt by
the Company of the request for indemnification, (4) payment of indemnification is not made pursuant to this Agreement within ten
days after receipt by the Company of a written request for such payment, or (5) payment of indemnification is not made within ten
days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have
been made pursuant to Section 6 hereof, Indemnitee will be entitled to an adjudication in an appropriate court of the State
of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee
will commence such proceeding seeking an adjudication within one year following the date on which Indemnitee first has the right
to commence such proceeding pursuant to this Section 7(a) hereof. The Company will not oppose Indemnitee’s right to
seek any such adjudication.

 

(b)              
In the event that a determination has been made pursuant to Section 6(b) hereof that Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this Section 7 will be conducted in all respects as a
de novo trial on the merits, and Indemnitee will not be prejudiced by reason of the adverse determination under Section 6(b)
hereof.

 

(c)               
If a determination has been made pursuant to Section 6(b) hereof that Indemnitee is entitled to indemnification,
the Company will be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent
(1) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement
not materially misleading in connection with the application for indemnification, or (2) a prohibition of such indemnification
under applicable law.

 

(d)              
In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights
under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability
insurance policies maintained by the Company, the Company will pay on his or her behalf, in advance, any and all expenses (of the
types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him or
her in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of expenses or insurance recovery.

 

(e)               
The Company will be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate in any such court
that the Company is bound by all the provisions of this Agreement. The Company will indemnify Indemnitee against any and all Expenses
and, if requested by Indemnitee, will (within ten days after receipt by the Company of a written request therefore) advance, to
the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought
by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f)                
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under
this Agreement will be required to be made prior to the final disposition of the Proceeding.

 

    7

     

    

 

8.                  
 Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)               
The rights of indemnification as provided by this Agreement will not be deemed 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, a resolution of Board, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision
of this Agreement will limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in
the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate
of Incorporation, Bylaws and this Agreement, it is the intent of the parties of this Agreement that Indemnitee will enjoy all greater
benefits so afforded by such change. No right or remedy in this Agreement conferred is intended to be exclusive of any other right
or remedy, and every other right and remedy will be cumulative and in addition to every other right and remedy given under this
Agreement or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under
this Agreement, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)              
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors,
officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the Company
will procure such insurance policy or policies under which the Indemnitee will be covered in accordance with its or their terms
to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies.
If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company has director and officer
liability insurance in effect, the Company will give prompt notice of the commencement of such proceeding 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.

 

(c)               
The Company acknowledges that Indemnitee has or may have in the future certain rights to indemnification, advancement
of expenses, or insurance provided by other entities or organizations (collectively, the “Secondary Indemnitors”).
The Company hereby agrees that (1) it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any
obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by Indemnitee are secondary), (2) it will be required to advance the full amount of expenses incurred by Indemnitee and
will be liable for the full amount of all Expenses, judgments, penalties, fines, and amounts paid in settlement to the extent legally
permitted and as required by the terms of this Agreement, the Company’s Certificate of Incorporation or Bylaws (or any other
agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors,
and (3) it irrevocably waives, relinquishes, and releases the Secondary Indemnitors from any and all claims against the Secondary
Indemnitors for contribution, subrogation, or any other recovery of any kind in respect thereof. The Company further agrees that
no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has
sought indemnification from the Company will affect the foregoing and the Secondary Indemnitors will have a right of contribution
and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms of this Section
8(c).

 

(d)               Except
as provided in Section 8(c), in the event of any payment under this Agreement, the Company will be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee (other than against the Secondary Indemnitors), who
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.

 

    8

     

    

 

(e)               
Except as provided in Section 8(c), the Company will not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable under this Agreement if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

 

(f)                
Except as provided in Section 8(c), the Company’s obligation to indemnify or advance Expenses under this
Agreement to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise will be reduced
by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise.

 

9.                  
Exceptions to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company will not be obligated
under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)               
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity
provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided,
that the foregoing will not affect the rights of Indemnitee or the Secondary Indemnitors in Section 8(c);

 

(b)              
for 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 or similar provisions of state statutory law or common law;

 

(c)               
in connection with any Proceeding (or any part of any Proceeding) 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 (1) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (2) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law;

 

(d)              
with respect to remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that
such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the SEC
believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in the
last paragraph of this Section 9);

 

(e)               
a final judgment or other final adjudication is made that Indemnitee’s conduct was in bad faith, knowingly fraudulent
or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination);

 

(f)                
in connection with any claim for reimbursement of the Company by Indemnitee of any bonus or other incentive-based or
equity-based compensation or of any profits realized by 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 or Section 954 of the Dodd-Frank 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), if Indemnitee is
held liable therefor (including pursuant to any settlement); or

 

    9

     

    

 

(g)               
 on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of
loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled.

 

For purposes of this
Section 9, a final judgment or other adjudication may be reached in either the underlying proceeding or action in connection
with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement.

 

Any provision herein
to the contrary notwithstanding, the Company will not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee
or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities
Act, or in any registration statement filed with the SEC under the Securities Act. Indemnitee acknowledges that paragraph (h) of
Item 512 of Regulation S-K promulgated under the Securities Act currently generally requires the Company to undertake, in connection
with any registration statement filed under the Securities Act, to submit the issue of the enforceability of Indemnitee’s
rights under this Agreement in connection with any liability under the Securities Act on public policy grounds to a court of appropriate
jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically agrees that any such undertaking
will supersede the provisions of this Agreement and to be bound by any such undertaking.

 

10.              
Duration of Agreement. All agreements and obligations of the Company contained herein will continue during the period
Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise) and
will continue thereafter so long as Indemnitee will be subject to any Proceeding (or any proceeding commenced under Section
7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement will be
binding upon and inure to the benefit of and be enforceable by the parties of this Agreement and their respective successors (including
any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

11.              
Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time
to time provide security to Indemnitee for the Company’s obligations under this Agreement through an irrevocable bank line
of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without
the prior written consent of the Indemnitee.

 

12.              
Enforcement.

 

(a)               
The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed
on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

 

(b)              
Other than as provided in this Agreement, 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.

 

13.              
Definitions. For purposes of this Agreement:

 

(a)                “Beneficial
Owner” has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that
Beneficial Owner will exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company
approving a merger of the Company with another entity.

 

    10

     

    

 

(b)              
“Board” means the Board of Directors of the Company.

 

(c)               
“Change in Control” means the earliest to occur after the date of this Agreement of any of
the following events:

 

		(1)	Acquisition of Stock by Third Party. Any Person is or becomes the Beneficial Owner (as defined
above), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s
then outstanding securities;

 

		(2)	Change in Board. During any period of two 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 clause (1), (2) or (3) of this definition of Change in Control) 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;

 

		(3)	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 or other
governing body of such surviving entity;

 

		(4)	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

 

		(5)	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, whether or not the Company is then subject to such reporting requirement.

 

(d)              
“Corporate Status” describes the status of a person who is or was a director, officer, employee,
agent or fiduciary of the Company or of any other corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

 

(e)               
“Disinterested Director” means a non-executive director of the Company who is not and was
not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

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(f)                
 “Dodd-Frank Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

 

(g)               
“Enterprise” means the Company and any other corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request
of the Company as a director, officer, employee, agent or fiduciary.

 

(h)              
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(i)                
“Expenses” includes all documented and reasonable attorneys’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness
in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also will include
Expenses incurred in connection with any appeal resulting from any Proceeding 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, including without limitation
the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.
Expenses, however, will not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(j)                
“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 (1) the Company
or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements) or (2) any other party to the Proceeding giving rise
to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term “Independent Counsel”
will 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.
The Company hereby agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel
against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

(k)              
“Person” for purposes of the definition of Beneficial Owner and Change in Control set forth
above, will have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person will
exclude (1) the Company, (2) any trustee or other fiduciary holding securities under an employee benefit plan of the Company and
(3) 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.

 

(l)                 “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or
in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director
of the Company, by reason of any action taken by him or her or of any inaction on his or her part while acting as an officer
or director of the Company, or by reason of the fact that he or she 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; in each case whether or not he or she is acting or serving in any such capacity at the time any liability or
expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the
date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to
enforce his or her rights under this Agreement.

 

    12

     

    

 

(m)            
“Sarbanes-Oxley Act” will mean the Sarbanes-Oxley Act of 2002, as amended.

 

(n)              
“SEC” will mean the U.S. Securities and Exchange Commission.

 

(o)               
“Securities Act” will mean the Securities Act of 1933, as amended.

 

14.              
Severability. The invalidity or unenforceability of any provision hereof will in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee
indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any
applicable law, such provision will be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve
such conflict.

 

15.              
Modification and Waiver. No supplement, modification, termination or amendment of this Agreement will be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or will
constitute a waiver of any other provisions hereof (whether or not similar) nor will such waiver constitute a continuing waiver.

 

16.              
Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise
receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification covered under this Agreement. The failure to so notify the Company will not relieve the
Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that
such failure or delay materially prejudices the Company.

 

17.              
Notices. All notices and other communications given or made pursuant to this Agreement will be in writing and will be
deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or
facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five
days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
will be sent:

 

(a)               
To Indemnitee at the address on the books and records of the Company.

 

(b)              
To the Company at:

 

      5:01 Acquisition Corp.

      501 Second Street, Suite 350

      San
Francisco, CA 94107

      finance@5amventures.com

      Attention: Galya Blachman, PhD, Esq.

 

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.               Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile
signature, electronic mail (including .pdf
or any electronic signature complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com)
or other transmission method and in two or more counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument and be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

    13

     

    

 

19.              
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and will not be deemed
to constitute part of this Agreement or to affect the construction thereof.

 

20.              
Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties will be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in
connection with this Agreement will be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”),
and not in any other state or federal court in the United States of America or any court in any other country, (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) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware,
irrevocably Corporation Service Company as its agent in the State of Delaware for acceptance of legal process in connection with
any such action or proceeding against such party with the same legal force and validity as if served upon such party personally
within the State of Delaware, (d) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court,
and (e) 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.

 

21.               
Waiver of Claims to Trust Account. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees
that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any
monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company
and holders of shares issued in such offering (the “Trust Account”), and hereby waives any Claim it may
have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such
trust account for any reason whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto
will only be able to be satisfied by the Company if (i) the Company has sufficient funds outside of the Trust Account to satisfy
its obligations hereunder or (ii) the Company completes an initial business combination.

  

[Signature
Page To Follow]

 

    14

     

    

 

The parties hereto
have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	5:01 Acquisition
    Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	INDEMNITEE
	 	 
	 	Name:

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