WESTSIDE ENERGY
CORPORATION
INDEMNIFICATION
AGREEMENT
THIS
INDEMNIFICATION AGREEMENT (this "Agreement") is made and entered
into as of the ____ day of _____________________, 200___ by and
between Westside Energy Corporation, , a Nevada corporation (the
"Corporation"), and ________________________
("Indemnitee").
WHEREAS,
Indemnitee is currently serving or is about to begin serving as a
director and/or an Officer of the Corporation and/or in another
Corporate Status, and Indemnitee is willing, subject to, among
other things, the Corporation's execution and performance of this
Agreement, to continue in or assume such capacity or capacities;
and
WHEREAS, the
Bylaws of the Corporation provide that the Corporation shall
indemnify and may advance expenses to all directors and Officers of
the Corporation in the manner set forth therein, and the
Corporation's Certificate of Incorporation provides for limitation
of liability for directors; and
WHEREAS, in
order to induce Indemnitee to provide services as contemplated
hereby, the Corporation has deemed it to be in its best interest to
enter into this Agreement with Indemnitee;
NOW, THEREFORE,
in consideration of Indemnitee's agreement to provide services to
the Corporation and/or certain of its affiliates as contemplated
hereby, the mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto stipulate and agree as
follows;
ARTICLE
I
CERTAIN
DEFINITIONS
As used herein,
the following words and terms shall have the following respective
meanings (whether singular or plural):
"Certificate of
Incorporation" means the Amended and Restated Certificate of
Incorporation of the Corporation (as it may be further amended or
restated from time to time).
"Change of
Control" means:
(i) The acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"))
(a "Person") of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 35% or more of either
(1) the then outstanding shares of common stock of the Corporation
(the "Outstanding Corporation Common Stock") or (2) the combined
voting power of the then outstanding voting securities of the
Corporation entitled to vote generally in the election of directors
(the "Outstanding Corporation Voting Securities"); provided
however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change of Control: (A) any
acquisition directly from the Corporation, (B) any acquisition by
the Corporation, (C) any acquisition by any employee benefit plan
(or related trust) sponsored or maintained by the Corporation or
any entity controlled by the Corporation or (D) any acquisition by
any entity pursuant to a transaction which complies with clauses
(1), (2) and (3) of subsection (iii) of this definition;
or
(ii) Individuals who, as of the date hereof,
constitute the Board (the "Incumbent Board") cease for any reason
to constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to the date
hereof whose election, or nomination for election by the
Corporation's stockholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the
Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result of
an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person
other than the Board; or
(iii) Consummation of a reorganization, merger
or consolidation or sale or other disposition of all or
substantially all of the assets of the Corporation (a "Business
Combination"), in each case, unless, following such Business
Combination, (1) all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the
Outstanding Corporation Common Stock and Outstanding Corporation
Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the
combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the
case may be, of the entity resulting from such Business Combination
(including, without limitation, an entity that as a result of such
transaction owns the Corporation or all or substantially all of the
Corporation's assets either directly or through one or more
subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination, of the
Outstanding Corporation Common Stock and Outstanding Corporation
Voting Securities, as the case may be, (2) no Person (excluding any
entity resulting from such Business Combination or any employee
benefit plan (or related trust) of the Corporation or such entity
resulting from such Business Combination) beneficially owns,
directly or indirectly, 35% or more of, respectively, the then
outstanding shares of common equity of the entity resulting from
such Business Combination or the combined voting power of the then
outstanding voting securities of such entity except to the extent
that such ownership existed prior to the Business Combination, and
(3) at least a majority of the members of the board of directors of
the corporation, or the similar managing body of a non-corporate
entity, resulting from such Business Combination were members of
the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board, providing for such
Business Combination; or
(iv) Approval by the stockholders of the
Corporation of a complete liquidation or dissolution of the
Corporation, other than a liquidation or dissolution in connection
with a transaction to which subsection (iii) applies.
"Corporate
Status" describes the status of Indemnitee as a director, Officer,
employee, agent or fiduciary of the Corporation or of any other
corporation, partnership, limited liability company, association,
joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the request of the
Corporation.
"Court" means
any district court of the State of Nevada or any other court of
competent jurisdiction.
"Designated
Professional Capacity" shall include, but not be limited to, a
physician, nurse, psychologist or therapist, registered surveyor,
registered engineer, registered architect, attorney, certified
public accountant or other person who renders such professional
services within the course and scope of his employment, who is
licensed by appropriate regulatory authorities to practice such
profession and who, while acting in the course of such employment,
committed or is alleged to have committed any negligent acts,
errors or omissions in rendering such professional services at the
request of the Corporation or pursuant to his employment
(including, without limitation, rendering written or oral opinions
to third parties).
"NRS" means the
Nevada Revised Statutes.
"Expenses"
shall include all reasonable attorneys' fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, and all other
disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or
defend, investigating, or being or preparing to be a witness in a
Proceeding.
"Independent
Counsel" means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is,
nor in the five years previous to his selection or appointment has
been, retained to represent: (i) the Corporation or Indemnitee in
any matter material to either such party or (ii) any other party to
the Proceeding giving rise to a claim for indemnification
hereunder.
"Matter" is a
claim, a material issue or a substantial request for
relief.
"Officer" means
the president, the treasurer, the secretary, and each vice
president of the Corporation and any other corporation,
partnership, limited liability company, association, joint venture,
trust, employee benefit plan or other enterprise for which such
person is or was serving in such position at the request of the
Corporation (and all variants of the preceding positions such as
assistant treasurer, assistant secretary, senior vice president,
and similar modifications), in each case elected or appointed
pursuant to proper corporate authority, and each other person
designated by the President of the Corporation from time to time as
constituting an "Officer."
"Proceeding"
includes any action, suit, arbitration, alternate dispute
resolution mechanism, investigation administrative hearing or any
other proceeding, whether civil, criminal, administrative or
investigative, except one initiated by Indemnitee pursuant to
Section 6.1 (Adjudication) of this Agreement to enforce his rights
under this Agreement.
ARTICLE
II
SERVICES BY
INDEMNITEE
Section
2.1. Services by Indemnitee . Indemnitee agrees to serve or continue to
serve in his current capacity or capacities as a director, Officer,
employee, agent or fiduciary of the Corporation. Indemnitee may
also serve, as the Corporation may reasonably request from time to
time, as a director, Officer, employee, agent or fiduciary of any
other corporation, partnership, limited liability company,
association, joint venture, trust, employee benefit plan or other
enterprise in which the Corporation has an interest. Indemnitee and
the Corporation each acknowledge that they have entered into this
Agreement as a means of inducing Indemnitee to serve the
Corporation in such capacities. Indemnitee may at any time and for
any reason resign from such position or positions (subject to any
other contractual obligation or any obligation imposed by operation
of law). The Corporation shall have no obligation under this
Agreement to continue Indemnitee in any such position for any
period of time and shall not be precluded by the provisions of this
Agreement from removing Indemnitee from any such position at any
time.
ARTICLE
III
INDEMNIFICATION
Section
3.1. General . The
Corporation shall, to the fullest extent permitted by applicable
law in effect on the date hereof, and to such greater extent as
applicable law may thereafter permit, indemnify and hold Indemnitee
harmless from and against any and all losses, liabilities, claims,
damages and, subject to Section 3.2 (Expenses), Expenses,
whatsoever arising out of any event or occurrence related to the
fact that Indemnitee is or was a director or an Officer (including
as an Officer acting in his Designated Professional Capacity) of
the Corporation or is or was serving in another Corporate
Status.
Section
3.2. Expenses . If
Indemnitee is, by reason of his Corporate Status, a party to and is
successful, on the merits or otherwise, in any Proceeding, he shall
be indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith. If
Indemnitee is not wholly successful in such Proceeding but is
successful, on the merits or otherwise, as to any Matter in such
Proceeding, the Corporation shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by him or on his behalf
relating to such Matter. The termination of any Matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed
to be a successful result as to such Matter. To the extent that the
Indemnitee is, by reason of his Corporate Status, a witness in any
Proceeding, he shall be indemnified against all Expenses actually
and reasonably incurred by him or on his behalf in connection
therewith.
ARTICLE
IV
ADVANCEMENT OF
EXPENSES
Section
4.1. Advances . In
the event of any threatened or pending action, suit or proceeding
in which Indemnitee is a party or is involved and that may give
rise to a right of indemnification under this Agreement, following
written request to the Corporation by Indemnitee, the Corporation
shall promptly pay to Indemnitee amounts to cover expenses
reasonably incurred by Indemnitee in such proceeding in advance of
its final disposition upon the receipt by the Corporation of (i) a
written undertaking executed by or on behalf of Indemnitee
providing that Indemnitee will repay the advance if it shall
ultimately be determined that Indemnitee is not entitled to be
indemnified by the Corporation as provided in this Agreement and
(ii) satisfactory evidence as to the amount of such
expenses.
Section
4.2. Repayment of Advances or Other Expenses
. Indemnitee agrees that Indemnitee
shall reimburse the Corporation for all expenses paid by the
Corporation in defending any civil, criminal, administrative or
investigative action, suit or proceeding against Indemnitee in the
event and only to the extent that it shall be determined pursuant
to the provisions of this Agreement or by final judgment or other
final adjudication under the provisions of any applicable law that
Indemnitee is not entitled to be indemnified by the Corporation for
such expenses.
ARTICLE
V
PROCEDURE FOR DETERMINATION
OF
ENTITLEMENT TO
INDEMNIFICATION
Section
5.1. Request for Indemnification . To obtain indemnification, Indemnitee shall
submit to the Secretary of the Corporation a written claim or
request. Such written claim or request shall contain sufficient
informa
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