Document:

Exhibit 4.2(b)

	  
	
THE ROYAL BANK OF SCOTLAND PLC

 

as Issuer,

 

THE ROYAL BANK OF SCOTLAND N.V.

 

(f/k/a ABN AMRO BANK N.V.)

 

as Original Issuer,

 

and

 

THE ROYAL BANK OF SCOTLAND GROUP PLC

 

as Guarantor,

 

RBS HOLDINGS N.V.

 

(f/k/a ABN AMRO HOLDING N.V.)

 

as Original Guarantor,

 

CITIBANK, N.A.

 

as Securities Administrator,

 

and

 

WILMINGTON TRUST COMPANY

 

as Trustee

	
 

FIRST SUPPLEMENTAL INDENTURE

 

to

 

INDENTURE

 

Dated as of September 15, 2006

 

ABN AMRO BANK N.V.,

 

as Issuer,

 

ABN AMRO HOLDING N.V.,

 

as Guarantor,

 

CITIBANK, N.A.

 

as Securities Administrator,

 

and

 

WILMINGTON TRUST COMPANY

 

as Trustee

	
 

	
 

	 	 
	
Linklaters LLP

1345 Avenue of the Americas

New York, NY 10105

 

	  
	
Telephone (+1) 212 903 9000

	  
	
Facsimile (+1) 212 903 9100

	  

  

  

  

 

FIRST SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”) dated as of December 7, 2012, among The Royal Bank of Scotland N.V., a public limited company incorporated under the laws of the Netherlands (formerly known as ABN Amro Bank N.V.) (the “Original Issuer”), The Royal Bank of Scotland plc, a public limited liability company incorporated under the laws of Scotland (the “Issuer”), RBS Holdings N.V., a public limited liability company incorporated under the laws of the Netherlands (formerly known as ABN Amro Holding N.V.) (the “Original Guarantor”), The Royal Bank of Scotland Group plc, a public limited liability company incorporated under the laws of Scotland (the “Guarantor”), Citibank N.A, as securities administrator (the “Securities Administrator”), and Wilmington Trust Company, as trustee (the “Trustee”).

 

Capitalized terms used herein and not otherwise defined have the meanings assigned to those terms in the Base Indenture (as defined below), unless the context otherwise requires.

 

WITNESSETH:

 

WHEREAS, the Original Issuer and the Original Guarantor have executed and delivered to the Trustee an Indenture, dated as of September 15, 2006 (the “Base Indenture”), to provide for the issuance of the Original Issuer’s Securities and the Original Guarantor’s Guarantee;

 

WHEREAS, Section 9.01 of the Base Indenture provides that any Person which acquires by sale, lease or conveyance substantially all the assets of the Issuer or the Guarantor (if other than the Issuer or the Guarantor) shall be incorporated under the law of, among other jurisdictions, a member state of the European Union and shall expressly assume the due and punctual payment of the principal of and interest on all the Securities, if any, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Base Indenture to be performed and observed by the Issuer or the Guarantor, by supplemental indenture satisfactory to the Trustee and the Securities Administrator, executed and delivered to the Trustee and the Securities Administrator by such legal entity, and the Issuer, the Guarantor, such Person or such successor legal entity shall not, immediately after such sale, lease or conveyance, be in default in the performance of any such covenant or condition;

 

WHEREAS, Section 8.01(b) of the Base Indenture permits the Issuer and the Guarantor to enter into a supplemental indenture to evidence the succession of another corporation to the Issuer or the Guarantor, as the case may be, and the assumption pursuant to Article 9 of the Base Indenture by the successor corporation of the due and punctual payment of the principal and interest on the Securities, if any, according to their tenor, and the due and punctual performance and observance of all of the covenants, agreements, conditions and 

 

  

  

  

 

obligations to be performed or observed by the Issuer or the Guarantor, as the case may be, under the Base Indenture and the other documents related thereto (together, the “Indenture Obligations”);

 

WHEREAS, the Issuer and the Guarantor have furnished the Trustee and the Securities Administrator with an Officer’s Certificate, a Guarantor’s Officer’s Certificate and an Opinion of Counsel pursuant to Section 8.04 of the Base Indenture stating that this First Supplemental Indenture executed pursuant to Article 8 of the Base Indenture complies with the applicable provisions of the Base Indenture;

 

WHEREAS, the Original Issuer and the Original Guarantor have requested that the Trustee and the Securities Administrator execute and deliver this First Supplemental Indenture and all requirements necessary to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been done and performed, and the execution and delivery of this First Supplemental Indenture has been duly authorized in all respects; and

 

NOW THEREFORE, with respect to the Securities and the Guarantee issued under the Indenture prior to, on or after the date hereof, the  Original Issuer, Original Guarantor, Issuer, Guarantor, Securities Administrator and the Trustee mutually covenant and agree as follows:

 

ARTICLE 1

 

ASSUMPTION OF INDENTURE OBLIGATIONS AND CONFIRMATION OF GUARANTEE

 

Section 1.1    Assumption of Indenture Obligations. Pursuant to Section 9.01 of the Base Indenture, the Issuer hereby expressly assumes, as of the Effective Date (as defined below), all of the Indenture Obligations.  The Issuer assumes, as of the Effective Date, from the Original Issuer the obligation to make due and punctual payment of the principal of and interest on all the Securities, if any, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Base Indenture to be performed or observed by the Original Issuer.

 

Section 1.2    Confirmation of Guarantee.  The Guarantor expressly assumes, as of the Effective Date, all of the Indenture Obligations. The Guarantor assumes, as of the Effective Date, from the Original Guarantor the obligation to make due and punctual payment of the principal of and interest on all the Securities, if any, according to their tenor and in accordance with the terms of the Guarantee, and the due and punctual performance and observance of all of the covenants and conditions of the Base Indenture to be performed or observed by the Original Guarantor.  The Guarantor further confirms that its Guarantees as Guarantor under the Indenture shall apply to the obligations of the Issuer under the Indenture.

 

  

  

  

 

Section 1.4    Notices.  The address to which notifications to the Issuer or the Guarantor by the Trustee, the Securities Administrator or by any Holder shall be sent pursuant to Section 11.04 of the Base Indenture shall be RBS Gogarburn, P.O. Box 1000, Edinburgh, EH12 1HQ (Attention: Group Secretariat) or at any other address which may be furnished in writing to the Trustee and the Securities Administrator by the Issuer or the Guarantor.

 

ARTICLE 2

 

MISCELLANEOUS

 

Section 2.1    Relation to Indenture.  This First Supplemental Indenture constitutes an integral part of the Indenture.

 

Section 2.2    Severability.  In case any provision of this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 2.3    Headings.  The Article and Section headings of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Second Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 2.4    Governing Law.  This First Supplemental Indenture shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law.

 

Section 2.5    Counterparts.  This First Supplemental Indenture may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.  Facsimile, .pdf or other electronic signatures on counterparts of this First Supplemental Indenture shall be deemed original signatures with all rights accruing thereto.

 

Section 2.6    Concerning the Trustee and the Securities Administrator. Neither the Trustee nor the Securities Administrator assumes any responsibility for the correctness of the recitals contained herein.  In entering into this First Supplemental Indenture the Indenture Trustee and the Securities Administrator shall be entitled to the benefit of every provision of the Indenture limiting the liability of or affording rights, benefits, protections, immunities or indemnities to the Indenture Trustee or the Securities Administrator, as applicable, as if they were set forth herein mutatis mutandis.

 

  

  

  

 

Section 2.7    Effective Date. This First Supplemental Indenture shall take effect as of December 10, 2012 (the “Effective Date”) and shall have no effect prior to such date.

 

 

 [Signature page follows]

 

 

 

 

 

  

  

  

 

In witness whereof, the parties hereto have caused this First Supplemental Indenture to be duly executed, all as of the date first above written.

 

THE ROYAL BANK OF SCOTLAND PLC, as Issuer

 

	 	 
	 	 
	 	 	 	 
	 	 	 	 
	By:   	 /s/ Michael Geslak	 
	 	Name:    	Michael Geslak	 
	 	Title: 	Authorized Signatory	 

 

 

 

RBS N.V., as Original Issuer

 

	 	 
	 	 
	 	 	 	 
	 	 	 	 
	By:   	 /s/ Michael Geslak	 
	 	Name:    	Michael Geslak	 
	 	Title: 	Authorized Signatory	 

  

 

 

 

 

 

[Signature Page to First Supplemental Indenture]

 

  

  

  

 

THE ROYAL BANK OF SCOTLAND GROUP PLC, as Guarantor

 

	 	 
	 	 
	 	 	 	 
	 	 	 	 
	By:   	 /s/ Michael Geslak	 
	 	Name:    	Michael Geslak	 
	 	Title: 	Authorized Signatory	 

 

 

 

 

RBS HOLDINGS N.V., as Original Guarantor

 

	 	 
	 	 
	 	 	 	 
	 	 	 	 
	By:   	 /s/ Michael Geslak	 
	 	Name:    	Michael Geslak	 
	 	Title: 	Authorized Signatory	 

 

 

 

 

 

[Signature Page to First Supplemental Indenture]

 

  

  

  

 

CITIBANK, N.A., as Securities Administrator

 

	 	 
	 	 
	 	 	 	 
	 	 	 	 
	By:   	 /s/ Wafaa Orfy	 
	 	Name:    	Wafaa Orfy	 
	 	Title: 	Vice President	 

  

 

 

 

 

 

[Signature Page to First Supplemental Indenture]

 

  

  

  

 

WILMINGTON TRUST COMPANY,  as Trustee

 

	 	 
	 	 
	 	 	 	 
	 	 	 	 
	By:   	 /s/ Michael G. Oller, Jr	 
	 	Name:    	Michael Geslak	 
	 	Title: 	Assistant Vice President	 

 

 

 

 

 

[Signature Page to First Supplemental Indenture]Exhibit 10.1

 

FEIHE INTERNATIONAL, INC.

INDEMNIFICATION AGREEMENT

This Indemnification
Agreement (“Agreement”) is dated as of [●] and effective as of [●], by and between Feihe International,
Inc., a Utah corporation (the “Company”), and [●] (“Indemnitee”). For purposes of this
Agreement, the “Company” shall be deemed to include Feihe International, Inc. and its subsidiaries, as appropriate.

WHEREAS, the Indemnitee
currently serves as a director of the Company and/or a member of various committees of the Company’s board of directors (the
“Board”), including the Audit Committee, the Compensation Committee, the Nominating/Corporate Governance Committee
and the Special Committee;

WHEREAS, increased
corporate litigation has subjected directors to litigation risks and expenses, and the limitations on the availability of director
liability insurance have made it increasingly difficult for the Company to attract and retain such persons;

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

WHEREAS, Indemnitee
does not regard the current protection available as adequate under the present circumstances, and the Indemnitee may not be willing
to continue to serve in such capacities without additional protection;

WHEREAS, in order
to induce Indemnitee to continue to provide services to the Company, the Company wishes to provide for the indemnification of,
and advancement of expenses to, Indemnitee to the maximum extent permitted by law;

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee
to the fullest extent permitted by applicable law so that Indemnitee will continue to serve the Company free from undue concern
that he or she will not be so indemnified; and

WHEREAS, the Company’s
governing documents permit it to indemnify its directors to the fullest extent permitted by law and permit it to make other indemnification
arrangements and agreements and this Agreement is a supplement to and in furtherance of the governing documents of the Company
and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights
of Indemnitee thereunder.

NOW, THEREFORE,
in consideration of the foregoing and Indemnitee’s agreement to continue to provide services to the Company from and after
the date hereof, the Company and Indemnitee hereby agree as set forth below.

		1.	Certain Definitions. 

(a)           
“Claim” shall mean 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, whether formal or informal, investigative or other. 

    	 

    	 

    
(b)           
References to the “Company” shall include, in addition to the Company,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company
(or any of its wholly owned subsidiaries) is a party 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. 

(c)            
“Expenses” shall mean 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, to be a witness in or to participate in, any action, suit, proceeding,
alternative dispute resolution mechanism, hearing, inquiry or investigation, whether formal or informal. 

(d)           
“Expense Advance” shall mean an advance payment of Expenses to Indemnitee
pursuant to Section 3(a). 

(e)            
“Indemnifiable Event” shall mean any event or occurrence related to the
fact that Indemnitee is or was a director (or a member of any committee of the Board), 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 (or a member of
any committee of the Board), 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. 

(f)            
“Independent Directors” shall mean those members of the Board consisting
of directors who are not parties to the Claim. 

(g)            
“Independent Legal Counsel” shall mean an attorney or firm of attorneys,
selected in accordance with the provisions of Section 3(e) 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). 

(h)           
“Other Liabilities” shall mean 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 any Claim regarding any Indemnifiable Event 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. 

(i)             
References to “other enterprises” 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; and if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee
benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement. 

(j)             
“Reviewing Party” shall mean an election made from among the following:
(i) those members of the Board who are Independent Directors even though less than a quorum; (ii) a committee of Independent Directors
designated by a majority of the Independent Directors, even though less than a quorum; or (iii) Independent Legal Counsel selected
by the Indemnitee and approved by the Company (which approval shall not be unreasonably withheld).

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		2.	Indemnification. 

(a)           
Indemnification of Expenses and Other Liabilities. 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 Claim by reason of (or arising in part out of) any Indemnifiable
Event against Expenses and Other Liabilities, including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses. Indemnitee hereby agrees to repay to the Company all amounts advanced to Indemnitee hereunder
if it is ultimately determined that Indemnitee is not entitled to indemnification hereunder. Other than in respect of Expense Advances
paid in accordance with Section 3(a) hereof, such payment of Expenses shall be made by the Company as soon as practicable but in
any event no later than fifteen (15) business days after written demand by Indemnitee therefor is presented to the Company. 

(b)           
Determination of Right to Indemnification. Unless otherwise provided in Section 11
hereof, the Company shall indemnify Indemnitee pursuant to Section 2(a) if Indemnitee has not failed to meet the applicable standard
of conduct for indemnification. With respect to all matters arising concerning whether or not the Indemnitee has met the applicable
standard of conduct, the Indemnitee shall be entitled to select the Reviewing Party. The Reviewing Party shall determine whether
and to what extent Indemnitee would be permitted to be indemnified under applicable law and the Company and Idemnitee agree to
abide by such determination, which, if made by Independent Legal Counsel shall be made in a written opinion. 

(c)            
Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement
other than Section 11 hereof, 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 Claim regarding any Indemnifiable Event, Indemnitee
shall be indemnified against all Expenses incurred by Indemnitee in connection therewith. 

		3.	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
fifteen (15) business days after written demand by Indemnitee therefor to the Company. Indemnitee hereby agrees to repay to the
Company all amounts advanced to Indemnitee hereunder if it is ultimately determined that Indemnitee is not entitled to indemnification
hereunder. The Company’s obligation to advance Expenses shall terminate with respect to any Claim as to which the Indemnitee
shall have entered a plea of guilty or nolo contendere, or an equivalent plea acknowledging guilt. 

(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; provided however that the failure to so provide
notice to the Company shall not relieve the Company from any liability that it may have to Indemnitee hereunder unless the Company’s
ability to participate in the defense of such claim was materially and adversely affected by such failure. Notice to the Company
shall be directed to the Chief Financial 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, to the extent that doing
so is consistent with the exercise of the Indemnitee’s rights under the federal and state Constitutions. Company shall provide
Indemnitee with such information and cooperation as Indemnitee may reasonably require, to the extent that doing so is consistent
with the Company’s obligation to cooperate with regulatory or law enforcement agencies. 

    	3

    	 

    
(c)            
No Presumptions; Burden of Proof. For purposes of this Agreement, the termination
of any Claim 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. 

(d)           
Notice to Insurers. If, at the time of the receipt by the Company of a notice of a
Claim pursuant to Section 3(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 Claim in accordance with the terms of such policies. The Company shall keep Indemnitee
reasonably informed as to the status of all relevant insurance matters. 

(e)            
Selection of Counsel. In the event the Company shall be obligated hereunder to pay
the Expenses of any Claim, the Company, if appropriate, shall be entitled to assume the defense of such Claim with counsel approved
by Indemnitee (not to be unreasonably withheld) upon the delivery to Indemnitee of written notice of the Company’s 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 Claim; provided that, (i) Indemnitee shall have the right to employ Indemnitee’s separate counsel in
any such Claim at Indemnitee’s own expense and (ii) if (A) the employment of separate 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 Claim, then the fees and expenses of Indemnitee’s separate counsel shall be considered an Expense. 

		4.	Additional Indemnification Rights; Non-exclusivity; Company Obligations
Primary. 

(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 Articles of Incorporation, the Company’s Bylaws (as now or hereafter in effect) 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 right of a Utah 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 right of a Utah corporation 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 except as set forth in
Section 11(a) hereof. 

(b)           
Non-exclusivity. The indemnification provided by this Agreement shall be in addition
to any rights to which Indemnitee may be entitled under the Company’s Articles of Incorporation, its Bylaws (as now hereafter
in effect), any other agreement, any vote of shareholders or disinterested directors, any applicable law, 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. 

 

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(c)            
Company Obligations Primary. The Company hereby acknowledges that Indemnitee may have
rights to indemnification for Expenses and Other Liabilities provided by a third party (“Other Indemnitor”).
The Company agrees with Indemnitee that the Company is the indemnitor of first resort of Indemnitee with respect to matters for
which indemnification is provided under this Agreement and that the Company will be obligated to make all payments due to or for
the benefit of Indemnitee under this Agreement without regard to any rights that Indemnitee may have against the Other Indemnitor.
The Company hereby waives any equitable rights to contribution or indemnification from the Other Indemnitor in respect of any
amounts paid to Indemnitee hereunder. The Company further agrees that no payment of Expenses or Other Liabilities by the Other
Indemnitor to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder, and that the Company shall
be obligated to repay the Other Indemnitor for all amounts so paid or reimbursed to the extent that the Company has an obligation
to indemnify Indemnitee for such Expenses or Other Liabilities hereunder. 

		5.	Contribution. 

(a)           
Whether or not the indemnification provided in Section 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 shall, unless indemnification would not be available as a result
of Section 11 hereof, 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 shall 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. 

(b)           
Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be 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 shall contribute to the amount of expenses (including attorneys’
fees), 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 from which such action, suit or proceeding arose; provided, however, that the proportion
determined on the basis of relative benefit may, to the extent necessary to conform to law, 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 events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other
equitable considerations which the 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, shall be determined by reference to, among other things,
the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive. 

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

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(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 other than the reasons set forth in Section 11 hereof,
the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses and Other Liabilities, 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 (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such proceeding; and/or (ii) the relative fault of
the Company (and its directors (other than Indemnitee) officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s). 

6.    
Settlement. 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 shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit
or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof. 

7.    
No Duplication of Payments. The Company shall not be liable under this Agreement to
make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received
payment (under any insurance policy, provision of the Company’s Articles of Incorporation, Bylaw (as now or hereafter in
effect) or otherwise) of the amounts otherwise indemnifiable hereunder. 

8.    
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement
to indemnification by the Company for some or a portion of Expenses or Other Liabilities incurred in connection with any Claim,
but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such
Expenses and Other Liabilities to which Indemnitee is entitled. 

9.    
No Imputation. The knowledge or actions, or failure to act, of any director, officer,
agent or employee of the Company or the Company itself shall not be imputed to Indemnitee for purposes of determining the right
to indemnification under this Agreement. 

10.
Liability Insurance. For the duration of Indemnitee’s service as a director or
officer or other agent of the Company, and thereafter for so long as Indemnitee shall be subject to any pending or possible Claim
by reason of any Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope and
amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of liability insurance
providing coverage for directors and officers of the Company that are at least substantially comparable in scope and amount to
that provided by the Company’s current policies of directors’ and officers’ 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 provided 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. 

    	6

    	 

    
11.
Exceptions. Notwithstanding any other provision of this Agreement, 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
if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is prohibited by applicable
law. 

(b)           
Claims Initiated by Indemnitee. To indemnify Expenses or Other Liabilities or advance
Expenses to Indemnitee with respect to Claims initiated or brought voluntarily by Indemnitee and not by way of defense, except
(i) with respect to actions or proceedings brought to establish or enforce a right to indemnification under this Agreement or any
other agreement or insurance policy or under the Company’s Articles of Incorporation or Bylaws now or hereafter in effect
relating to Claims for Indemnifiable Events, (ii) in specific cases if the Board has approved the initiation or bringing of such
Claim, or (iii) as otherwise required under any applicable law, 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 or Other Liabilities 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. 

(d)           
Claims Under Section 16(b). To indemnify Indemnitee for 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, or any similar successor statute; provided that the Company shall advance Expenses in connection with Indemnitee’s
defense of a claim under Section 16(b), which advances shall be repaid to the Company if it is ultimately determined that Indemnitee
is not entitled to indemnification of such Expenses. 

12.
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 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-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. 

13.
Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall constitute an original. 

14.
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, assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company),
spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect,
and whether by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business
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, officer,
employee, agent or fiduciary (as applicable) of the Company or of any other enterprise at the Company’s request. 

15.
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 a court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous. 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. 

    	7

    	 

    
 16.
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 signed for by the party addressed, on the date of such delivery, 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. 

17.
Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent
to the jurisdiction of the courts of the State of Utah for all purposes in connection with any action or proceeding which arises
out of or relates to this Agreement and agree not to commence any litigation relating thereto except in such courts. 

18.
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. 

19.
Choice of Law. This Agreement shall be governed by and its provisions construed and
enforced in accordance with the laws of the State of Utah as applied to contracts between Utah residents entered into and to be
performed entirely within the State of Utah. 

20.
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.

21.
Amendment and Termination. Due to the uncertain application of any statutes of limitations
that may govern any Claim, this Agreement shall be of indefinite duration. 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 to be or shall constitute a waiver of any other provisions hereof (whether or not similar), nor
shall such waiver constitute a continuing waiver. 

22.
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. If the Company and Indemnitee have previously entered
into an indemnification agreement providing for indemnification of Indemnitee by the Company, the parties’ entry into this
Indemnification Agreement shall be deemed to amend and restate such Indemnification Agreement to read in its entirety as, and to
be superseded by, this Indemnification Agreement. 

23.
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 or affiliated
entities.

    	8

    	 

    

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

  

	FEIHE INTERNATIONAL, INC.
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 

 

	 	AGREED TO AND ACCEPTED
	 	 
	 	INDEMNITEE:
	 	 
	 	
        Name: [●]

        Title: [●]

 

Signature Page to Feihe International, Inc.

Indemnification Agreement

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