SEC Contract Filing

Filing Date: 2023-04-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>11
<FILENAME>ea176318ex10-5_oakwoods.htm
<DESCRIPTION>INDEMNITY AGREEMENTS, DATED MARCH 28, 2023, BY AND AMONG THE COMPANY, AND THE DIRECTORS AND OFFICERS OF THE COMPANY
<TEXT>
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.5</B></P>

<P STYLE="margin: 0pt; text-align: right">&nbsp;</P>
<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FORM OF INDEMNITY AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This INDEMNITY AGREEMENT (this &ldquo;<B><I>Agreement</I></B>&rdquo;)
is made as of March 28, 2023, by and between Oak Woods Acquisition Corporation, a Cayman Limited Copmany (the &ldquo;<B><I>Company</I></B>&rdquo;),
and <FONT STYLE="font-family: Times New Roman, Times, Serif">John O&rsquo;Donnell </FONT><FONT STYLE="font-size: 10pt">(&ldquo;<B><I>Indemnitee</I></B>&rdquo;).</FONT></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, highly competent persons have become
more reluctant to serve publicly held corporations as directors, officers or in other capacities unless they are provided with adequate
protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their
service to and activities on behalf of such corporations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Board of Directors of the Company (the &ldquo;<B><I>Board</I></B>&rdquo;) has determined that, in order to attract and retain
qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect
persons serving the Company and its Subsidiaries (as defined below) from certain liabilities. Although the furnishing of such
insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the
Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at
higher premiums and with more exclusions. At the same time, directors, officers and other persons in service to corporations or
business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or business enterprise itself. The Certificate of
Incorporation (the &ldquo;<B><I>Charter</I></B>&rdquo;) and the Amended Memorandum and Articles of Association (the
&ldquo;<B><I>M&amp;As</I></B>&rdquo;) of the Company require indemnification of the officers and directors of the Company.
Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Cayman Copmanies Act (2021), as revised
(&ldquo;<B><I>CCA</I></B>&rdquo;).</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>WHEREAS</B>, the uncertainties
relating to such 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</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 shareholders
and that the Company should act to assure such persons that there will be increased certainty of such 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>WHEREAS</B>, it is reasonable, prudent and necessary
for the Company contractually to obligate itself to indemnify, hold harmless, exonerate 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 protected against liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, this Agreement is a supplement to and in
furtherance of the Charter and M&amp;As 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.</P>

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

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