SEC Contract Filing

Filing Date: 2016-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>6
<FILENAME>afco-ex107_391.htm
<DESCRIPTION>EX-10.7
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.7</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">INDEMNIFICATION AGREEMENT</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THIS INDEMNIFICATION AGREEMENT (&#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is made and entered into as of the 19th day of October, 2015, (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;) by and between American Farmland Company, a Maryland corporation (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), and Lindsey B. Sichel (&#8220;<font style="text-decoration:underline;">Indemnitee</font>&#8221;).</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, at the request of the Company, Indemnitee currently serves as a director on the Company&#8217;s board of directors (&#8220;<font style="text-decoration:underline;">Board of Directors</font>&#8221;) and/or as an officer of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, as an inducement to Indemnitee to continue to serve as such director and/or officer, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by the Company&#8217;s charter (the &#8220;<font style="text-decoration:underline;">Charter</font>&#8221;), the Company&#8217;s bylaws (the &#8220;<font style="text-decoration:underline;">Bylaws</font>&#8221;) and applicable law; and</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section 1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Definitions</font>.&nbsp;&nbsp;For purposes of this Agreement:</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font>&#8220;<font style="text-decoration:underline;">Change in Control</font>&#8221; shall mean any of the following occurring after the Effective Date:</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i)<font style="margin-left:36pt;">any &#8220;person,&#8221; including a &#8220;group&#8221; (as such terms are used in Sections</font>&#160;13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the &#8220;<font style="text-decoration:underline;">Exchange Act</font>&#8221;), but excluding the Company, any entity controlling, controlled by or under common control with the Company as of the Effective Date, including any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity, and Indemnitee or any affiliate of Indemnitee and any &#8220;group&#8221; (as such term is used in Section 13(d)(3) of the Exchange Act) of which Indemnitee or any affiliate of Indemnitee is a member), is or becomes the &#8220;beneficial owner&#8221; (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of either (A) the combined voting power of the Company&#8217;s then outstanding securities or (B) the then outstanding shares of common stock of the Company (in either such case, other than as a result of an acquisition of securities directly from the Company); or</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii)<font style="margin-left:36pt;">any consolidation or merger of the Company resulting in the voting securities of the Company outstanding immediately prior to the consolidation or merger representing (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent)