Document:

Document

  Exhibit 10.19

Confidential Treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as “***”. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.
AGREEMENT No AGREEMENT No MT4/GCG-07
Date: 9 August 2007
This agreement (hereinafter referred to as “the Agreement”) is made by and between Gain Capital Group, LLC with its principal office located at 550 Hills Drive, Bedminster, N.J. 07921 United States duly represented by its Corporate Operating Officer Chris Calhoun (hereinafter referred to as “the Licensee”) and MetaQuotes Software Corp., #28 Parliament Street, P.O. Box CB-12345, Nassau, Bahamas, duly represented by its General Director Renat Fatkhullin (hereinafter referred to as “the Licensor”). The Licensor and the Licensee may herein-below be jointly referred to as lithe Parties’” and each one in particular, as “a Party”.
WHEREAS:
•The Licensor is a legal owner of exclusive property rights and copyright to MetaTrader trading information system, a computer software package (hereinafter referred to as “the System”), properly registered by the Licensor with the Russian Patent and Trademark Office (“Rospatent”) (Certificate No. 200361 1699 dated July 17, 2003), intended for the provision of brokerage service to customers engaged in Internet trading;
•The Licensor is a legal owner of the MetaTrader trademark, properly registered by the Licensor with the Russian Patent and Trademark Office (“Rospatent”) (Certificate No 2003611699 dated July 17’” 2003);
•The Licensee intends to acquire from the Licensor property rights for the use of the System as intended by this Agreement,
NOW, THEREFORE, the Parties have agreed as follows:
1. SUBJECT OF THE AGREEMENT
1.1. The Licensor shall grant the Licensee property rights for the use of the System as intended by this Agreement.
1.2. Licensee shall be entitled to manufacture copies of the System and perform their copying (hereinafter referred to as “the Licensed Number of Copies”) onto computers (servers, workstations, terminals, portable computers and other digital electronic devices), owned by the Licensee and the third parties approved by the Licensor in accordance with the terms and conditions stipulated in this Agreement.
2. DELIVERY SET
•MetaTrader Server (trading server);
•MetaTrader Data Center (proxy server);
•MetaTrader Manager (Manager/Broker workstation);
•MetaTrader Administrator (Administrator workstation);
•MetaTrader (Client terminal);
•MetaTrader4 Manager API, MetaTrader4 Server API, Datafeed API
All the System components shall be delivered in the form of installation distribution disks and the user manuals shall be built into the software.
Further documentation and technical instructions shall be posted on the MetaQuotes Support Center website at http://support.metaquotes.net. MetaQuotes Support Center access accounts shall be provided after the completion of the Registration Questionnaire (Supplement No. 1).

Registration details required for the conclusion of trading server and client terminal provision contracts shall also be provided in the Questionnaire (Supplement No. 1).
3. DELIVERY TIMES AND PROCEDURE
3.1. The System shall be delivered to the Licensee within three weeks following the execution of this Agreement.
3.2. The delivery shall be affected by a transmission of the System over the Internet to the Licensee’s address in accordance with the terms and conditions of this Agreement.
3.3. All the subsequent upgrades of the System shall be conducted automatically via the inbuilt LiveUpdate service from the liveupdate.metaquotes.net authorized server.
3.4. At the Licensee’s choice, the Licensor may perform a remote installation and primary setup of the System server components on the Licensee’s equipment.
4. RIGHTS AND OBLIGATIONS OF THE PARTIES
4.1. The Licensor shall grant the Licensee a right of use of the Licensed Number of Copies of each System component:
•One working copy of the server (MetaTrader Server);
•One backup copy of the server;
•One demo copy of the server (for training accounts of the ‘demo’ group);
•Unlimited number of copies of proxy servers (Meta Trader Data Center);
•Unlimited number of copies of manager terminals (MetaTrader Manager);
•Unlimited number of copies of administrator terminals (MetaTrader Administrator);
•Unlimited number of copies of MetaTrader client terminals.
The Licensee undertakes to use only the above-mentioned copies of the server components of the MetaTrader Server software. Use of additional copies shall be authorized by the Licensor. Copies of the installed server component may be located at the server sites, either leased or owned by the Licensee. No other installations of the server components are permitted, and the Licensee unconditionally agrees that the breach of this term will entitle the Licensor to termination of this Agreement without any conditions or limitations.
4.2. The Licensee shall pay for the right of use of the System in accordance with the provisions of par. 5. The Licensor shall only extend the Licensee’s right of use of the System subject to the Licensee’s compliance with the provisions of par. 5.
4.3. The Licensor undertakes to correct errors identified in the System software. Such errors shall be corrected within a minimal reasonable time, which, however, shall not exceed 3 (three) days from the date of the submission of an error report file to Licensor.
4.4. The Licensor shall provide free twenty-four-hour technical support of the System for the first 6 (six) months of the date of     execution hereof. After the expiration of such 6 (six) months period the technical support shall be provided on a fee basis. The technical support fee might be increased on annual bases.
4.5. Maintenance and warranty service shall be conducted remotely, by transmission and update of the System modules through the LiveUpdate service. In cases where the remote warranty service proves impossible and, as a consequence, the physical presence of the Licensor’s staff at the Licensee’s premises becomes necessary, the related travel and accommodation costs shall be borne by the Licensee.
4.6. The Licensee shall not interfere with the operation of the server components of the LiveUpdate automatic service, which accesses only the Iiveupdate.metaquotes.net server in order to perform the following tasks:
• transmission of notification (the notification details include the name of the company, the server release number and the list of IP addresses attached to the trading server) at the launch of the MetaTrader Server;
• checking and loading of the files of System updates (archived, encrypted and signed with the Licensor’s digital signature);

• transmission of the accumulated error record files in text format (in zip archives). The Licensor guarantees that the LiveUpdate service does not perform any other tasks and does not transmit any other information.
4.7. The Licensor warrants operational efficiency only with respect to the System copies received by the Licensee under this Agreement. Licensee shall accept the delivery of the System with all its in-built components and options.
4.8. As the Licensor does not provide services of an Internet provider or computer equipment installation and monitoring services, it cannot be held liable for any communication and/or equipment failures, delays in reporting of transactions in accounting books or their confirmation or any faults in electric circuits.
4.9. The Licensor shall not be liable for any legal actions or claims of the Licensee’s customers arising from the relations between the Licensee and its customers, relating to the operation of the System or the use by the Licensee and its customers of the Expert Advisors written using the in-built MetaQuotes Language.
4.10. Where the Licensee develops its own software using MetaTrader Server API, it shall obtain Licensor’s written permission for its use in conjunction with the System. Other than this, The Licensor does not guarantee operational efficiency of a System with additional modules developed on the basis of MetaTrader Server API without an expert examination by the Licensor.
4.11. No Licensor’s permit is required for the development by the Licensee of its own software using other MetaTrader API except in the cases where the development is for MetaTrader Server API.
4.12. The Licensor may provide the Licensee with additional White Label licenses for the MetaTrader client terminal subject to execution of an additional Agreement.
4.13. The Licensee consents to posting its corporate name on the Licensor’s web servers in its capacity of the Licensor’s customer.
4.14. The Licensee shall not withhold information directly relating to the Licensor’s copyright and its other proprietary rights in the System.
5. PAYMENT TERMS AND PAYMENT PROCEDURE
5.1. In consideration of the grant to the Licensee of the property rights mentioned in the Agreement, the Licensee shall pay the Licensor a royalty in the amount of *** (***) in accordance with the following schedule:
5.1.1. *** (***) from the date of signing this agreement, and
5.1.2 *** to be paid in installments of *** *** and following each month on the first of each month for the following *** after initial monthly payment.
5.1.3. The cost to offer services to any White Label Partner would be *** (***) per month for technical support fees plus a one-time setup fee of *** (***).
5.2. Payment of the monthly fee for the technical support starts *** after contract execution and is equal to ***.
5.3. Invoices issued by the Licensor are payable within *** days of the date of their receipt. In case of any delay in the payment owed, a penalty is charged at the *** *** per each day of the delay. The total of the penalty cannot exceed the total amount of the payment owed.
5.4. A delay in payment for more than *** after receipt of an invoice shall be considered a material breach of the terms of the     Agreement.
6. EFFECTIVE TERMS OF THE AGREEMENT
6.1. The Agreement shall be deemed to be effective from the moment of its execution by both Parties and shall stay in force until the full discharge by the Parties of their respective obligations.
6.2. The Agreement may be terminated subject to mutual consent of the Parties.
6.3. A material breach of the Agreement by any of the Parties may provide proper grounds for termination by the other Party in a manner prescribed by Russian Federation law law.

7. DISPUTE RESOLUTION
7.1. Any disputes arising between the Parties shall be settled through negotiations between them. In the case where a dispute cannot be resolved through negotiations of the Parties, it shall be resolved in the manner prescribed by the current law of Russian Federation.
7.2. Any other issues which are not addressed by this Agreement shall be governed by the current law of Russian Federation.
8. CONFIDENTIALITY PROVISIONS
8.1. Unless otherwise required by law, the Licensee shall observe the conditions of confidentiality with respect to this Agreement and its specific provisions and recognize their commercial value for the Licensor. On this basis, the Licensee shall not disclose the contents of this Agreement to non-affiliated third parties.
8.2. Each of the Parties agrees that, within the effective term of this Agreement, as well as after its expiration, it will treat as confidential and not use for its own purposes or disclose without the prior written consent of the other Party to any third party any confidential information, including, without limitation, any operational or technical data, know-how or other information, business and strategic plans, discoveries, production methods, designs, financial and accounting information, sales and marketing data, customer lists and information, except for the cases where such information:
• exists in the public domain, or
• if already available to such Party at the moment of its disclosure, or
• subsequently passes into the public domain other than through the violation of this Agreement, or
• is subsequently made available by such Party to a third party in a legal manner as required by law.
8.3. Provisions of this Article 8 shall survive the effective term of this Agreement.
8.4. The Licensee shall be required to obtain preliminary written Licensor’s consent (and the Licensor shall not unreasonably withhold such consent) for the disclosure of Confidential materials to third parties in cases where the Licensee is able to prove that it is liable under the law to proceed to such disclosure due to performance of other obligations unrelated to this Agreement.
9. MATERIALS OWNED BY THE LICENSOR
9.1. The “Materials owned by the Licensor” include:
• Licensor’s technical designs, any upgrades of such materials and any parts of such materials in any form, or
• any other information or data, whether in written, graphical or machine-readable form, relating to Licensor’s technical designs received by the Licensee from the Licensor, or
• Licensor’s technical documentation, articles and news obtained from the MetaQuotes Support Center website (http://support.metaquotes.net).
9.2. The Licensee acknowledges that the Materials owned by the Licensor are confidential proprietary information and constitute assets which are valuable for the Licensor. The Licensee shall not use any Materials owned by the Licensor for any purposes other than for the purposes specifically mentioned in the Agreement.
9.3. The Licensee agrees not to disclose or provide any Materials owned by the Licensor or any part thereof, in any form, to any persons other than its employees and employees of the Licensor, agents and other duly authorized persons. The Licensee agrees to take appropriate steps to perform its obligations under this Agreement with respect to copying, modification, protection and integrity of such Materials owned by the Licensor.
9.4. The Licensee shall not perform any disassembling or decompilation of any program entities of the System or attempt otherwise to create, use or modify any software provided by the Licensor, unless such activities are permitted by the conditions of this Agreement.
9.5. The Licensee’s obligations envisaged by this Article 9 shall survive the effective term of this Agreement and continue in force after its termination.

10. MISCELLANEOUS
10.1. Any amendments to this Agreement shall be invalid unless made in written form and executed by both Parties.
11. DETAILS OF THE PARTIES
									
			
	THE LICENSEE
		THE LICENSOR

			
	GAIN Capital Group, LLC
		MetaQuotes Software Corp.

									
			
	550 Hills Drive
		#28 Parliament Street,

	Bedminster, NJ 07921
		P.O. Box CB-12345,

	U.S.A.
		Nassau, Bahamas

			
	Tel: 1.908.731.0750
		Tel.: +7 843 5700037

	Fax: 1.908.731.0788
		+ 357 25875 134

			Fax: +7 843 5700037 ext. 105

			
	COO: Chris Calhoun
		Director: Renat Fatkhullin

			
	/s/ Chris Calhoun
		

SUPPLEMENT No. 1 REGISTRATION QUESTIONNAIRE
									
			
	1. General company information
		
	Company name
		Gain Capital Group, LLC

	Email address of the technical support unit
		
			
	2. General client terminal information
		
	Full mailing address of the company (country, city, ZIP code, correct address)
		550 Hills Drive Bedminster,

			N.J. 07921 USA

	Telephone/Fax (including the country code)
		
			www.gaincapital.com;

	Corporate website
		www.forex.com

	Full correct name of the terminal
		Forex Trader. Meta

	Abbreviated name of the terminal
		Forex Trader. Meta

			
	3. Technical administrator contact details
		
	Full name
		Andrew Haines

	Email
		ahaines@gaincapital.com

	Telephone (including the country code)
		908-212-3908 (US)

	ICQ / MSN
		
			
	4. Servers
		
	IP addresses of trading servers (list, separated by commas)
		TBD

	Default SMTP server
		TBD

			
	5. Access accounts of MetaQuotes Support Center
		
	Full name, email and login
		Andrew Haines

			Neil Wilkinson

	Full name, email and login
		nwilkinson@gaincapital.com

			Ravi Srikantan

	Full name, email and login
		rsrikantan@gaincapital.com

	Passwords will be generated and sent to the indicated emailing addresses.
		
			
	6. Payment Coordinator
		
	Full name
		Dave Cromartie

	Email
		dcromartie@gaincapital.com

	Telephone (including the country code)
		908-212-3923

	ICQ / MSNDocument

Exhibit 10.20

DIRECTOR INDEMNIFICATION AGREEMENT
     This Agreement made and entered into [___], 2009 (“Agreement”), by and between GAIN Capital Holdings, Inc., a Delaware corporation (the “Company”) and [___] (the “Indemnitee”).
     WHEREAS, it is essential to the Company that it be able to retain and attract as directors the most capable persons available;
     WHEREAS, increased corporate litigation has subjected directors to litigation risks and expenses, and the limitations on the availability of directors and officers liability insurance have made it increasingly difficult for the Company to attract and retain such persons;
     WHEREAS, the Company desires to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to full indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of any such by-laws or any change in the ownership of the Company or the composition of its Board of Directors); and
     WHEREAS, the Company and Indemnitee desire to enter into this Agreement in order for Indemnitee to rely upon the rights afforded under this Agreement in accepting and continuing in Indemnitee’s position as a director of the Company.
     NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
1. Definitions.
     (a) “Corporate Status” describes the status of a person who is serving or has served (i) as a director of the Company, including as a member of any committee thereof, (ii) in any capacity with respect to any employee benefit plan of the Company, or (iii) as a director, manager, partner, trustee, officer, employee, or agent of any other Entity at the request of the Company. For purposes of subsection (iii) of this Section 1(a), an officer or director of the Company who is serving or has served as a director, manager, partner, trustee, officer, employee or agent of a Subsidiary (as defined below) shall be deemed to be serving at the request of the Company.
     (b) “Entity” shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization or other legal entity.
     (c) “Expenses” shall mean all fees, costs and expenses incurred in connection with any Proceeding (as defined below) and any taxes arising in connection therewith, including, without limitation, reasonable attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements and retainers incurred by Indemnitee pursuant to Sections 9 and 11(c) of this Agreement), reasonable fees and disbursements of expert witnesses, private investigators and professional advisors (including, without limitation, accountants and
investment bankers), court costs, transcript costs, reasonable fees of experts, reasonable travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services and other disbursements and expenses.
     (d) “Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have the meanings ascribed to those terms in Section 3(a) below.
     (e) “Liabilities” shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.
     (f) “Proceeding” shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 11 of this Agreement to enforce Indemnitee’s rights hereunder.
     (g) “Subsidiary” shall mean any corporation, partnership, limited liability company, joint venture, trust or other Entity of which the Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interest of such Entity, or (B) 50% or more of the outstanding voting capital stock or other voting equity interest of such Entity.
2. Services of Indemnitee. This Agreement shall not be deemed to constitute an agreement of employment nor shall it impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

3. Agreement to Indemnify. The Company agrees to indemnify Indemnitee as follows:
     (a) Subject to the exceptions contained in Section 4(a) below, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”).
     (b) To the extent permitted by applicable law and subject to the exceptions contained in Section 4(b) below, if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses.
     (c) To the extent permitted by applicable law, if Indemnitee was or is called as an expert witness to any Proceeding in which the Company is a party or which is otherwise related to the Company’s business to which the Indemnitee is not a party, Indemnitee shall be indemnified by the Company against all Expenses incurred by Indemnitee in connection with such Proceeding.
4. Exceptions to Indemnification. Indemnitee shall be entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances other than the following:
     (a) If indemnification is requested under Section 3(a) and it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder.
     (b) If indemnification is requested under Section 3(b) and
     (i) it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder; or
     (ii) it has been adjudicated finally by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that Indemnitee received an improper personal benefit, no Indemnifiable Expenses shall be paid with respect to such claim, issue or matter unless the court of law or another court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper.
5. Procedure for Payment of Indemnifiable Amounts. Indemnitee shall submit to the Company a written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of this Agreement and the basis for the claim. The Company shall pay such Indemnifiable Amounts to Indemnitee within ten (10) calendar days of receipt of the request. At the request of the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder.
6. Notification and Defense of Proceedings. If any Proceeding is brought against Indemnitee in respect of which indemnity may be sought under this Agreement:
     (a) Indemnitee will promptly notify the Company in writing of the commencement thereof, and the Company and any other indemnifying party similarly notified will be entitled to participate therein at its own expense or to assume the defense thereof and to engage counsel reasonably satisfactory to Indemnitee; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from indemnification hereunder unless the Company’s ability to defend against such Proceeding is materially and adversely prejudiced thereby. Notice to the Company shall be directed to the Chief Executive Officer of the Company at the address shown in Section 21 of this Agreement (or such other address as the Company shall designate in writing to Indemnitee pursuant to Section 21). Notice shall be deemed received three (3) business days after the date postmarked if sent by domestic certified or registered mail, properly addressed; otherwise notice shall be deemed received when such notice shall actually be received by the Company. Indemnitee shall have the right to engage his or her own counsel in connection with any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of Indemnitee unless (i) the Company shall not have assumed the defense of the Proceeding and employed counsel for such defense, or (ii) the named parties to any such action (including any impleaded parties) include both Indemnitee and the Company, and Indemnitee shall have reasonably concluded that joint representation is inappropriate under applicable standards of professional conduct due to a material conflict of interest between Indemnitee and the Company, in either of which events the reasonable fees and expenses of such counsel to Indemnitee shall be borne by the Company, subject to Section 9.

     (b) The Company shall not be liable to indemnify Indemnitee for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, and the Company shall not settle any Proceeding in a manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent; provided, however, that neither the Company nor Indemnitee will unreasonably withhold its consent to any proposed settlement; and provided further, that if a Proceeding is settled by Indemnitee with the Company’s written consent, or if there be a final judgment or decree for the plaintiff in connection with the Proceeding by a court of competent jurisdiction, the Company shall indemnify and hold harmless Indemnitee from and against any and all Indemnifiable Losses incurred by reason of such settlement or judgment. The Company shall not, without the prior written consent of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of the Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee.
7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
8. Effect of Certain Resolutions. Neither the settlement nor termination of any Proceeding nor the failure of the Company to award indemnification or to determine that indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s action was unlawful.
9. Agreement to Advance Expenses; Conditions. The Company shall pay to Indemnitee all Indemnifiable Expenses incurred by Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding, as the same are incurred. To the extent required by Delaware law, Indemnitee hereby undertakes to repay the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this Agreement to indemnification with respect to such Indemnifiable Expenses. This undertaking is an unlimited general obligation of Indemnitee.
10. Procedure for Advance Payment of Expenses. Indemnitee shall submit to the Company a written request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 9 of this Agreement, together with documentation evidencing that Indemnitee has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 9 shall be made no later than ten (10) calendar days after the Company’s receipt of such request and receipt of the documentation described above.
11. Remedies of Indemnitee.
     (a) Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under Sections 3 and 5 above or a request for an advancement of Indemnifiable Expenses under Sections 9 and 10 above and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition a court of law to enforce the Company’s obligations under this Agreement.
     (b) Burden of Proof. In any judicial proceeding brought under Section 11(a) above, the Company shall have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder.
     (c) Expenses. The Company agrees to reimburse Indemnitee in full for any Expenses incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by Indemnitee under Section 11(a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith.
     (d) Validity of Agreement. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Section 11(a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient
5

consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.
     (e) Failure to Act Not a Defense. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 11(a) above, and shall not create a presumption that such payment or advancement is not permissible.
12. Representations and Warranties of the Company. The Company hereby represents and warrants to Indemnitee as follows:
     (a) Authority. The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company.
     (b) Enforceability. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally.
13. Insurance.
     (a) The Company shall, as promptly as practicable following the date hereof, obtain and maintain directors and officers’ liability insurance coverage on terms reasonably satisfactory to the Indemnitee of at least $5,000,000, covering, among other things, violations of federal or state securities laws (and immediately prior to the consummation of an Initial Public Offering the level of coverage shall be increased to at least $10,000,000). In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s officers and directors. As used herein, the term “Initial Public Offering” shall mean the Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act of 1933, as amended (or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time) covering the offer and sale by the Company of its common stock.
     (b) If, at the time of the receipt of a notice of a Proceeding pursuant to Section 6(a) of this Agreement, the Company has director and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.
14. Contract Rights Not Exclusive. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, the Company’s by-laws or certificate of incorporation, any insurance policy purchased or maintained by the Indemnitee or the Fund Indemnitors (as defined below) or any other agreement, vote of stockholders or directors (or a committee of directors), or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other capacity as a result of Indemnitee’s serving as a director of the Company.
15. Successors. This Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives, executors and administrators after Indemnitee has ceased to have Corporate Status.
16. Subrogation. In the event of any payment of Indemnifiable Amounts under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the Company, all reasonable action necessary to secure such rights, including the execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. In no event, however, shall the Company or any other person have any right of recovery, through subrogation or otherwise, against (i) Indemnitee, (ii) the Fund Indemnitors, or (iii) any insurance policy purchased or maintained by Indemnitee or the Fund Indemnitors.

17. Change in Law. To the extent that a change in Delaware law (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under the terms of the by-laws of the Company and this Agreement, Indemnitee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent. In the event of any change in Delaware law (whether by statute or judicial decision) which narrows the right of a Delaware corporation to indemnify a member of its Board of Directors, an officer, or other corporate agent, such changes, to the extent not otherwise required by applicable law to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder.
18. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties.
19. Indemnitee as Plaintiff. Except as provided in Section 11(c) of this Agreement and in the next sentence, Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee consented to the initiation of such Proceeding. This Section shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.
20. Modifications and Waiver. Except as provided in Section 17 above with respect to changes in Delaware law that broaden the right of Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver.
21. General Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:
If to Indemnitee, to:
[________]
[________] 
[________] 
[________]
If to the Company, to:
GAIN Capital Holdings, Inc.     
550 Hills Drive, Suite 210 
Bedminster, New Jersey 07921 
Attention: Chief Executive Officer
or to such other address as may have been furnished in the same manner by any party to the others.
21. Governing Law. This Agreement shall be governed by and construed and enforced under the laws of the State of Delaware without giving effect to the provisions thereof relating to conflicts of law.
22. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.
23. Primacy of Indemnification. The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by investment funds managed by entities referred to as “[___]” and their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), and that the Company will not assert that the Indemnitee must seek expense advancement or reimbursement, or indemnification, from any Fund Indemnitor before the Company must perform its expense advancement and reimbursement, and indemnification obligations, under this Agreement. No advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which 

Indemnitee has sought indemnification from the Company shall affect the foregoing. The Fund Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery which Indemnitee would have had against the Company if the Fund Indemnitors had not advanced or paid any amount to or on behalf of Indemnitee. If for any reason the a court of competent jurisdiction determines that the Fund Indemnitors are not entitled to the subrogation rights described in the preceding sentence, the Fund Indemnitors shall have a right of contribution by the Company to the Fund Indemnitors with respect to any advance or payment by the Fund Indemnitors to or on behalf of the Indemnitee. The Company and Indemnitee agree that each Fund Indemnitor is a third party beneficiary of this Agreement.
[END OF TEXT]

 

    IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written

			
	GAIN CAPITAL HOLDINGS, INC.
	By:
	Name:      Glenn Stevens
	Title:        Chief Executive Officer

			
	INDEMNITEE
	

[Signature Page to Director Indemnification Agreement]

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