SEC Contract Filing

Filing Date: 2024-11-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>10
<FILENAME>ea022225301ex10-5_co2energy.htm
<DESCRIPTION>INDEMNITY AGREEMENT, DATED AS OF NOVEMBER 20, 2024, BY AND BETWEEN THE COMPANY AND EACH OF THE OFFICERS AND DIRECTORS OF THE COMPANY
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>CO2 ENERGY
TRANSITION CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Indemnity
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>This
Indemnity Agreement</B></FONT> (the &ldquo;<B>Agreement</B>&rdquo;) is made and entered into as of November 20, 2024 between CO2 Energy
Transition Corp., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and each of the signatories to this Agreement (each an &ldquo;<B>Indemnitee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>A. </B>Highly competent
persons have become more reluctant to serve corporations as directors or 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>B. </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 Bylaws and Amended and Restated Certificate of Incorporation (the &ldquo;Certificate of Incorporation&rdquo;) of the Company
require indemnification of the executive officers and directors of the Company and permit indemnification of other officers and certain
other persons. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (&ldquo;<B>DGCL</B>&rdquo;).
The Bylaws, Certificate of Incorporation, and the DGCL expressly provide that their respective indemnification provisions are not exclusive,
and contemplate that contracts may be entered into between the Company and members of the Board, officers, and other persons with respect
to indemnification;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>C. </B>The uncertainties
relating to such liability insurance and to indemnification have increased the difficulty of attracting and retaining such persons;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>D. </B>The Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company&rsquo;s stockholders,
and that the Company should act to assure such persons that there will be increased certainty of protection in the future;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>E. </B>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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>F. </B>This Agreement is
a supplement to and in furtherance of the Company&rsquo;s By