SEC Contract Filing

Filing Date: 2021-07-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.42
<SEQUENCE>17
<FILENAME>ex_258921.htm
<DESCRIPTION>EXHIBIT 10.42
<TEXT>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b>Exhibit 10.42</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>INDEMNIFICATION AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">This Indemnification Agreement (the &#8220;Agreement&#8221;) is made by and between Andrea Small-Howard (the &#8220;Director&#8221;) and GB Sciences, Inc., a Nevada corporation (the &#8220;Company&#8221;) (jointly the &#8220;Parties&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Recitals</b></p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Director is or was a member of the board of directors (the &#8220;Board&#8221;) of the Company.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">B.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company does not at this time and has not at prior times during the Director&#8217;s service, had directors and officers and insurance (&#8220;D&amp;O Insurance&#8221;).</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Now therefore, in consideration of the obligations and promises made herein, the Parties agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Agreement</b></p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Willingness to Serve</u>. The Director has been willing to serve on the Board, even in the absence of D&amp;O Insurance, in exchange for the rights of indemnification set forth herein.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Indemnification</u>. The Company hereby indemnifies the Director against any loss, damage, cost or expense, including without limitation, legal fees, court costs, judgments, fines and amounts paid in settlement, actually and reasonably incurred by the Director, by reason of the fact he or she was a director, officer or agent of the Company, to the fullest extent allowed under Nevada law. For this right of indemnification to be effective with regard to any suit, action or proceeding, the Director must notify the Company within five calendar days of any suit, action or proceeding brought against the Director, and the Company must be allowed to defend or co-defend the suit, action or proceeding. In order for the Company to indemnify the Director against the payment of the settlement of any claim, the Company must have been given the opportunity to help negotiate and approve the settlement.</p>
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