Damon Inc. Enters into Indemnification Agreement with Chief Financial Officer

On December 16, 2024, Damon Inc. (NASDAQ: DMN) announced entering into an Indemnification Agreement with its Chief Financial Officer and director, Bal Bhullar. The agreement follows the approval by the Board of a form of indemnification agreement for the company’s directors and executive officers.

Under the terms of the Indemnification Agreement, Damon Inc. is obligated to indemnify each Indemnitee, subject to specific limitations, for liabilities incurred in connection with their roles as officers or directors of the company. This agreement is expected to be extended to the other current directors and certain executive officers, including the interim Chief Executive Officer, and will be utilized for future directors and officers.

While the summary provided here is concise, the full details of the Indemnification Agreement can be accessed in Exhibit 10.2, attached to the Current Report on Form 8-K filed by Damon Inc. with the Securities and Exchange Commission on December 10, 2024.

Additionally, on the same day, the board and the compensation committee of Damon Inc. approved compensation for its non-executive directors. This includes a US$60,000 annual base retainer per director, a US$25,000 additional annual retainer for the lead director, a US$20,000 extra annual retainer for each director serving as chair of a board committee, and one-time director onboarding fees of US$23,333 and US$30,625 for Karan Sodhi and Shashi Triphathi, respectively.

These recent developments highlight Damon Inc.’s commitment to governance and compensation practices, ensuring the alignment of interests between the company and its key leadership team members.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Grafiti’s 8K filing here.

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