SEC Contract Filing

Filing Date: 2019-02-11

Document Content:
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<TYPE>EX-10.5
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<FILENAME>d701455dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit&nbsp;10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indemnification Agreement (this &#147;<B><I>Agreement</I></B>&#148;), dated the 8th day of February, 2019, is by and between PetroQuest
Energy, Inc., a Delaware corporation (the &#147;<B><I>Corporation</I></B>&#148;), and [_______________], an individual (&#147;<B><I>Indemnitee</I></B>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Competent
and experienced persons are reluctant to serve or to continue to serve as directors, managers and/or officers of legal entities or in other capacities unless they are provided with adequate protection through insurance or indemnification (or both)
against claims and actions against them arising out of their service to and activities on behalf of the entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The current
uncertainties relating to the availability of adequate insurance have increased the difficulty for companies of attracting and retaining competent and experienced persons to serve in such capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Board of Directors of the Corporation (the &#147;<B><I>Board of Directors</I></B>&#148;) has determined that enhancing the ability of
the Corporation to retain and attract as directors and/or officers the most capable persons is in the best interests of the Corporation, and that the Corporation therefore should seek to assure such persons that indemnification and insurance
coverage is available, at the Corporation&#146;s own expense, on an ongoing basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. As a supplement to and in the furtherance of the
Corporation&#146;s Amended and Restated Certificate of Incorporation (as may be amended or restated from time to time, the &#147;<B><I>Certificate of Incorporation</I></B>&#148;), the Corporation&#146;s Amended and Restated Bylaws (as may be amended
or restated from time to time, the &#147;<B><I>Bylaws</I></B>&#148;), and the organizational documents of any direct or indirect subsidiary of the Corporation (such organizational documents, together with the Certificate of Incorporation and the
Bylaws, the &#147;<B><I>Constituent Documents</I></B>&#148;), it is reasonable, prudent, desirable and necessary for the Corporation contractually to obligate itself to indemnify, and to pay in advance expenses and losses on behalf of, directors and
officers to the fullest extent permitted by law so that they will serve or continue to serve the Corporation free from undue concern that they will not be so indemnified and that their expenses will not be so paid in advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. This Agreement is not a substitute for, nor does it diminish or abrogate any rights of Indemnitee under, the Constituent Documents or any
resolutions adopted pursuant thereto (including any contractual rights of Indemnitee that may exist under any other agreement, as a matter of law or otherwise, both as to actions in the Indemnitee&#146;s capacity as an Indemnitee, and as to actions
in any other capacity). In the event of conflict of any provision(s) of any Constituent Document and this Agreement, the provision(s) of the Constituent Document and this Agreement shall be interpreted together in the manner that is most favorable
to the Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F. Indemnitee is or will be a director, manager and/or officer of the Corporation or one of its direct or indirect
subsidiaries and his or her willingness to serve or continue to serve in such capacity is predicated, in substantial part, upon the Corporation&#146;s willingness to indemnify him or her to the fullest extent permitted by the laws of the State of
Delaware and upon the other undertakings set forth in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">G. Indemnitee may have certain rights to indemnification and/or
insurance provided by the Other Indemnitors (as defined below), which Indemnitee and the Other Indemnitors intend to be secondary to the primary obligation of the Corporation to indemnify Indemnitee as provided herein, with
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the Corporation&#146;s acknowledgement and agreement to the foregoing being a material condition to Indemnitee&#146;s willingness to serve on the Board of Directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW,
THEREFORE</B>, in consideration of the premises and covenants c