Exhibit 2.4
INDEMNIFICATION
AGREEMENT
This Indemnification Agreement (this “
Agreement ”), made as of October 20, 2006, among
Wireless Holdings, Inc., a Florida corporation (the “
Company ”) and Joseph Hess (the “
Indemnitee ” or “ Director
”).
RECITALS:
WHEREAS, Mr. Hess is willing to continue to
serve as a director of the Company on the condition that in his
capacity as a director of the Company after the Effective Time, he
be indemnified to the fullest extent permitted by law;
and
WHEREAS, concurrently with the execution of this
Agreement, the Director is agreeing to continue to serve as a
director of the Company after the Effective Time until his
resignation as a director of the Company is effective upon
compliance by the Company with the provisions of Section 14(f) of
the Securities Exchange Act of 1934, as amended (the “
Exchange Act ”), and Rule 14f-1 promulgated
thereunder.
NOW, THEREFORE, in consideration of the premises
and the covenants herein contained, the Company and the Indemnitee
hereby agree as follows:
1.
Agreement to
Serve . The
Director agrees to continue to serve as a director of the Company
after the Effective Time hereof until his resignation as a director
of the Company is effective upon compliance by the Company with
Section 14(f) of the Exchange Act and Rule 14f-1 promulgated
thereunder.
2.
Definitions . As used in this Agreement:
(a) “ Code ” means the Internal
Revenue Code of 1986, as amended.
(b) “ Effective Time ” shall
have the same meaning as in the Agreement of Merger and Plan of
Reorganization, dated as of the date hereof, among the Company,
Wireless Acquisition Holdings Corp. and H2Diesel, Inc.
(c) “ Expenses ” includes,
without limitation, all costs, expenses and obligations (including
attorneys’ fees and disbursements, court costs, travel
expenses and fees of experts) incurred or paid in connection with
investigating, defending, being a witness in or participating in,
or preparing to defend, any Proceeding, whether conducted by the
Company or otherwise, including, without limitation, any
Proceeding, action or process for the purpose of establishing
Indemnitee’s right to indemnification under this Agreement
and any amounts paid in settlement by or on behalf of
Indemnitee.
(d) “ Independent Legal Counsel
” means legal counsel who or which has not provided or
performed services for the Company, any of its directors, officers
or the Indemnitee for the last three years and is not otherwise
representing any party to any Proceeding, other than legal services
rendered as an independent legal counsel in any prior determination
regarding indemnification under this Agreement or any similar
agreement with any other director or officer.
(e) “ Official Capacity ” means
the elective or appointive office in the Company held by the
director and/or officer.
(f) “ Person ” shall mean any
individual, corporation, partnership, joint venture, limited
liability company or other entity.
(g) “ Proceeding ” includes any
threatened, pending or completed action, suit or proceeding,
whether of a civil, criminal, administrative, arbitrative or
investigative nature (including all appeals therefrom), or any
inquiry or investigation that could lead to such an action, suit or
proceeding.
(h) References to “ other enterprise
” shall include employee benefit plans; references to “
fines ” shall include any excise tax assessed with
respect to any employee benefit plan; references to “
serving at the request of the Company ” shall include
any service as a director, officer, employee or agent of the
Company that imposes duties on, or involves services by, such
director, officer, employee or agent with respect to an employee
benefit plan, its participants or beneficiaries; and a person who
is determined to have acted in good faith and in a manner he
reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner “ he reasonably believed to be in or not
opposed to the best interests of the Company ,” as
referred to in this Agreement.
3.
Indemnity . The Company shall indemnify the Indemnitee to
the fullest extent permitted by law if the Indemnitee was, is or
becomes a party to or is threatened to be made a party to or
otherwise involved (as a witness or otherwise) in any Proceeding
because the Director is or was, after the Effective Time, a
director, officer, employee, trustee, agent or fiduciary of the
Company or is or was serving, after the Effective Time, at the
request of the Company as a director, officer, partner, venturer,
proprietor, trustee, employee, agent or similar functionary of
another foreign or domestic corporation, partnership, joint
venture, sole proprietorship, trust or other enterprise, against
all Expenses, judgments, amounts paid in settlement, fines and
penalties (including excise and similar taxes) (each, a “
Claim ” and collectively, “ Claims
”) incurred by the Indemnitee in connection with the defense
or settlement of such Proceeding, but only if it is determined
pursuant to Section 4 that the Director acted in good faith
and (a) in the case of conduct in his Official Capacity, in a
manner he reasonably believed to be in the best interests of the
Company; (b) in all other cases, in a manner he reasonably believed
to be in or not opposed to the best interests of the Company and
(c) in the case of a criminal proceeding, had no reasonable cause
to believe that his conduct was unlawful. No indemnification will
be made to the Indemnitee with respect to any Proceeding relating
to any actions and/or omissions occurring prior to, and including,
the Effective Time or in which the Director shall have been found
liable for willful or intentional misconduct in the performance of
his duty to the Company or for any grossly negligent act or
omission. The termination of any such Proceeding by judgment, order
of court, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, determine that Indemnitee
did not act in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company or, with
respect to any criminal proceeding, that such person had reasonable
cause to believe that his conduct was unlawful. The Indemnitee
shall be deemed to have been found liable in respect of any claim,
issue or matter only after they have been so adjudged by a court of
competent jurisdiction after exhaustion of all appeals
therefrom. The Indemnitee shall, as a condition
precedent to be indemnified under this
Agreement, give to the Company notice in
writing as soon as practicable of any Claims made against the
Indemnitee for which indemnity will or could be subject under this
Agreement.
4.
Right of Indemnitee to
Indemnification Upon Application; Procedure Upon
Application .
Any indemnification under Section 3 shal
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