Document:

Form of Limited Liability Company Operating Agreement

 Exhibit 10.6 
 LIMITED LIABILITY COMPANY AGREEMENT 
 FOR

 ICGI HOLDINGS, LLC 
 As of                     , 20     
 THE SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR REGISTERED NOR QUALIFIED UNDER ANY STATE
SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION IS NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH HEREIN. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	ARTICLE I.	  	DEFINITIONS	  	1
			
	 ARTICLE II.
	  	ORGANIZATIONAL MATTERS	  	9
			
	 Section 2.1.
	  	 Formation
	  	9
			
	 Section 2.2.
	  	 Name
	  	9
			
	 Section 2.3.
	  	 Term
	  	9
			
	 Section 2.4.
	  	 Office and Agent
	  	10
			
	 Section 2.5.
	  	 Purpose of the Company
	  	10
			
	 Section 2.6.
	  	 No State-Law Partnership
	  	10
			
	 Section 2.7.
	  	 Investment Representations of the Members
	  	10
			
	 Section 2.8.
	  	 Requirements Regarding Spousal Consent
	  	10
			
	 ARTICLE III.
	  	CAPITAL	  	10
			
	 Section 3.1.
	  	 Initial Capital
	  	10
			
	 Section 3.2.
	  	 Classes and Series of Membership Units
	  	11
			
	 Section 3.3.
	  	 Interests Not Certificated
	  	11
			
	 Section 3.4.
	  	 No Interest
	  	11
			
	 Section 3.5.
	  	 Return of Capital Contributions
	  	11
			
	 ARTICLE IV.
	  	MEMBERS	  	12
			
	 Section 4.1.
	  	 Limited Liability
	  	12
			
	 Section 4.2.
	  	 Admission of Additional Members
	  	12
			
	 Section 4.3.
	  	 Withdrawal
	  	12
			
	 Section 4.4.
	  	 Transactions With The Company
	  	12
			
	 Section 4.5.
	  	 Members Are Not Agents
	  	12
			
	 Section 4.6.
	  	 Voting Rights
	  	12
			
	 Section 4.7.
	  	 Approval by Members
	  	13
			
	 Section 4.8.
	  	 Meetings of Members
	  	13
			
	 ARTICLE V.
	  	MANAGEMENT AND CONTROL OF THE COMPANY	  	14
			
	 Section 5.1.
	  	 Management of the Company by the Executive Committee
	  	14
			
	 Section 5.2.
	  	 Members of the Executive Committee
	  	14
			
	 Section 5.3.
	  	 Powers of the Executive Committee
	  	14

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 Section 5.4.
	  	 Reliance on Reports and Information by Members of the Executive Committee
	  	15
			
	 Section 5.5.
	  	 Performance of Duties; Liability of Members of the Executive Committee
	  	15
			
	 Section 5.6.
	  	 Votes, Consents or Approvals of the Executive Committee
	  	15
			
	 Section 5.7.
	  	 Meetings of the Executive Committee
	  	15
			
	 Section 5.8.
	  	 Consent of Majority-in-Interest
	  	16
			
	 Section 5.9.
	  	 Officers
	  	16
			
	 Section 5.10.
	  	 Limited Liability
	  	16
			
	 ARTICLE VI.
	  	ALLOCATIONS AND DISTRIBUTIONS	  	17
			
	 Section 6.1.
	  	 Economic Allocations
	  	17
			
	 Section 6.2.
	  	 Special Allocations
	  	17
			
	 Section 6.3.
	  	 Allocations of Tax Items
	  	19
			
	 Section 6.4.
	  	 Distributions with respect to Membership Units
	  	19
			
	 Section 6.5.
	  	 Tax Priority Distributions
	  	19
			
	 Section 6.6.
	  	 Other Distribution Provisions
	  	20
			
	 ARTICLE VII.
	  	TRANSFER AND ASSIGNMENT OF INTERESTS	  	20
			
	 Section 7.1.
	  	 Transfer and Assignment of Interests
	  	20
			
	 Section 7.2.
	  	 Further Restrictions on Transfers of Interests
	  	20
			
	 Section 7.3.
	  	 Right of First Refusal
	  	21
			
	 Section 7.4.
	  	 Substitution of Members
	  	22
			
	 Section 7.5.
	  	 Permitted Transfers; Effectiveness of Permitted Transfers
	  	22
			
	 Section 7.6.
	  	 Members’ Right of Redemption of Common Units
	  	22
			
	 Section 7.7.
	  	 Transfers Following Death or Disability of Employee Member
	  	23
			
	 Section 7.8.
	  	 No Effect to Transfers in Violation of Agreement
	  	24
			
	 ARTICLE VIII.
	  	BUY SELL PROVISIONS APPLICABLE TO EMPLOYEE MEMBERS	  	24
			
	 Section 8.1.
	  	 Purchase Rights
	  	24
			
	 Section 8.2.
	  	 Purchase Price
	  	26
			
	 Section 8.3.
	  	 Payment of Purchase Price
	  	26
			
	 Section 8.4.
	  	 Closing of Purchase of Terminated Member’s Interest
	  	26

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 Section 8.5.
	  	 Purchase Terms Varied by Agreement
	  	27
			
	 Section 8.6.
	  	 Damages Not Precluded
	  	27
			
	 Section 8.7.
	  	 Divorce or Death of a Member’s Spouse
	  	27
			
	 ARTICLE IX.
	  	ACCOUNTING, RECORDS, REPORTING TO MEMBERS	  	28
			
	 Section 9.1.
	  	 Books and Records
	  	28
			
	 Section 9.2.
	  	 Information Rights of Members
	  	28
			
	 Section 9.3.
	  	 Tax Matters and Other Filings
	  	28
			
	 Section 9.4.
	  	 Bank Accounts
	  	28
			
	 ARTICLE X.
	  	DISSOLUTION AND WINDING UP	  	29
			
	 Section 10.1.
	  	 Dissolution
	  	29
			
	 Section 10.2.
	  	 Winding Up
	  	29
			
	 Section 10.3.
	  	 Distributions in Kind
	  	29
			
	 Section 10.4.
	  	 Order of Application of Assets upon Dissolution
	  	29
			
	 Section 10.5.
	  	 Compliance with Regulations
	  	30
			
	 Section 10.6.
	  	 Certificate of Cancellation
	  	30
			
	 ARTICLE XI.
	  	INDEMNIFICATION AND INSURANCE	  	30
			
	 Section 11.1.
	  	 Authorization
	  	30
			
	 Section 11.2.
	  	 Exculpation
	  	31
			
	 Section 11.3.
	  	 Insurance
	  	31
			
	 ARTICLE XII.
	  	CONFIDENTIALITY AND NON-USE	  	31
			
	 Section 12.1.
	  	 Restrictions on Disclosure
	  	31
			
	 Section 12.2.
	  	 Restrictions on Use
	  	32
			
	 ARTICLE XIII.
	  	COVENANT TO PRESERVE GOOD WILL OF THE LIMITED PARTNERSHIP	  	32
			
	 Section 13.1.
	  	 Preservation of Good Will
	  	32
			
	 Section 13.2.
	  	 Certain Consequences of Breach
	  	33
			
	 Section 13.3.
	  	 Certain Remedies, Including Equitable Relief
	  	34
			
	 Section 13.4.
	  	 Reduction of Scope
	  	34
			
	 Section 13.5.
	  	 Independent Obligations
	  	34

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 ARTICLE XIV.
	  	MISCELLANEOUS	  	35
			
	 Section 14.1.
	  	 Complete Agreement; Effect
	  	35
			
	 Section 14.2.
	  	 Governing Law
	  	35
			
	 Section 14.3.
	  	 Binding Effect
	  	35
			
	 Section 14.4.
	  	 Parties in Interest
	  	35
			
	 Section 14.5.
	  	 Pronouns; Statutory References
	  	35
			
	 Section 14.6.
	  	 Headings
	  	35
			
	 Section 14.7.
	  	 Interpretation
	  	35
			
	 Section 14.8.
	  	 References to this Agreement
	  	36
			
	 Section 14.9.
	  	 Severability
	  	36
			
	 Section 14.10.
	  	 Additional Documents and Acts
	  	36
			
	 Section 14.11.
	  	 Notices
	  	36
			
	 Section 14.12.
	  	 Amendments
	  	36
			
	 Section 14.13.
	  	 Multiple Counterparts
	  	36
			
	 Section 14.14.
	  	 Special Power of Attorney
	  	36

  

 -iv- 

 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 ICGI
HOLDINGS, LLC 
 This Limited Liability Company Agreement (this “Agreement”), of ICGI Holdings, LLC (the
“Company”) is made as of                     , 2010, by and among the parties listed on the signature pages hereof (the
“Members”). 
 WITNESSETH: 
 WHEREAS, the Members have organized the Company and contributed to the Company their entire interests in, and the goodwill of, Imperial Capital Group, LLC (“ICG LLC”) in order
to facilitate the conversion of ICG LLC into a limited partnership (the “Limited Partnership”), and the subsequent sale of their beneficial interests in, and the said goodwill of, the Limited Partnership to Imperial
Capital Group, Inc. (the “Public Company”) incident to and following the initial public offering of common stock of the Public Company.
 NOW, THEREFORE, the Members set forth their limited liability company agreement for the Company under the laws of the State of Delaware upon the terms and subject to the conditions hereinafter set forth.

 ARTICLE I. 
 DEFINITIONS 
 When used in this Agreement, the following terms shall have the meanings set forth below (all terms used
in this Agreement that are not defined in this Article I shall have the meanings set forth elsewhere in this Agreement): 
 “Accredited Investor” has the meaning assigned to such term under Regulation D promulgated pursuant to Section 4(2) of the Securities Act. 
 “Act” shall mean the Delaware Limited Liability Company Act, codified in Title 6 of the Delaware Code, Section 18-101 et seq., as the same may be amended from time to time.

 “Affiliate” with respect to any Person, shall mean any Person, directly or indirectly, controlling or
controlled by such Person, whether such control is effected pursuant to contract or otherwise. 
 “Applicable Federal
Rate” shall have the meaning set forth in Section 8.1(a). 
 “Agreement” shall have the meaning
set forth in the Preamble, but shall include amendments made from time to time. 
 “Book Value” shall have the
meaning set forth in Section 8.1(a). 
  

 1 

 “Buy/Sell Units” shall have the meaning set forth in Section 8.1(a).

 “Capital Account” shall mean, with respect to any Member, the Capital Account maintained for such Member in
accordance with the following provisions: 
 (i) The Capital Account of each Member shall be increased by (a) the amount
of any cash Capital Contribution by the Member to the Company, (b) the fair market value of any property contributed by the Member to the Company (net of liabilities that the Company is deemed to have assumed or taken subject to, under and
pursuant to Section 752 of the Code) and (c) allocations to the Member of Company Profits and other items of income and gain pursuant to Article VI, including income and gain exempt from tax, and income and gain described in Regulations
Section 1.704¬1(b)(2)(iv)(g), but excluding items of income and gain described in Regulations Section 1.704-1(b)(4)(i). 
 (ii) The Capital Account of each Member shall be decreased by (a) the amount of any cash distributed to such Member, (b) the fair market value of any property distributed to such Member (net of any liabilities that such Member is
deemed to have assumed or taken subject to, under and pursuant to Section 752 of the Code), (c) allocations to the Member of expenditures described in Section 705(a)(2)(B) of the Code, and (d) allocations to the Member of Company
Losses and other items of loss and deduction pursuant to Article VI, including loss and deduction described in Regulations Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (c) above and items of loss and deduction
described in Regulations Sections 1.704-1(b)(4)(i) and (iii). 
 (iii) A single Capital Account shall be maintained for each
Member, which Capital Account shall reflect all allocations, distributions, or other adjustments required with respect to the interest in the Company owned by such Member; provided that subaccounts shall be maintained for each class and series of
Membership Units owned by a Member to properly account for such Membership Units. 
 (iv) If, pursuant to Regulations
Section 1.704-1(b)(2)(iv)(d) or 1.704-1(b)(2)(iv)(f), property is reflected on the books of the Company at a book value that differs from the adjusted tax basis of such property, the Members’ Capital Accounts shall be adjusted in
accordance with Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation. depletion, amortization, and gain or loss, as computed for book purposes, with respect to such property. 
 (v) Upon any transfer of all or part of an interest in the Company, as permitted by this Agreement, the Capital Account (or portion
thereof) of the transferor that is attributable to the transferred interest (or portion thereof) shall carry over to the transferee, as prescribed by Regulations Section 1.704-1(b)(2)(iv)(1). 
 (vi) Notwithstanding anything to the contrary in this definition, it is the intention of the Members that the Capital Accounts of the
Members be maintained strictly in accordance with the capital account maintenance requirements of Regulations Section 1.704-1(b)(2)(iv), and that such Capital Accounts be adjusted to the extent required by the provisions of such regulations or
any successor provisions thereto. 
  

 2 

 “Capital Contribution” shall mean the capital contributions of the Members
actually made pursuant to Sections 3.2 and 3.3 hereof. 
 “Carrying Value” shall mean, with respect to any
asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (i) The initial Carrying Value of
any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as determined by the Company; 
 (ii) The Carrying Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined by the Executive Committee, as of the following times: (a) the issuance of an additional Common Units in
the Company to any new or existing Member; (b) the redemption of Membership Units; (c) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and (d) any other circumstance when the
Executive Committee, in its discretion, determines that a revaluation of the assets of the Company is necessary to properly reflect the economic relationship of the Members to one another and the Company; 
 (iii) The Carrying Value of any Company asset distributed or deemed distributed to any Member shall be the gross fair market value of such
asset on the date of distribution; and 
 (iv) The Carrying Values of Company assets shall be increased (or decreased) to
reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m); provided, however, that Carrying Values shall not be adjusted pursuant to this clause (iv) to the extent the Executive Committee determines that an adjustment pursuant to clause (ii) above is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iv). 
 If the Carrying Value
of an asset has been determined or adjusted pursuant to clause (i), clause (ii) or clause (iv) of this definition, such Carrying Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for
purposes of computing Profits and Losses. 
 “Cash Proceeds” shall mean the cash proceeds received by the
Company as the result of the Initial Sale. 
 “Cause” shall mean, with respect to any Employee Member, conduct
of such Person which in the reasonable opinion of the Executive Committee consists of any of the following (i) refusal or failure (after reasonable notice that such refusal or failure would result in termination of such Person’s
employment) to perform, to the satisfaction of the Executive Committee or of the officer assigned supervisory authority (the “Designated Officer”) over such Person, any material duties reasonably and legally assigned to such Person
by the Executive Committee or the Designated Officer, (ii) a material breach of the terms of any employment agreement with the Limited Partnership or any of its Affiliates or any other material legal obligation to the Limited Partnership or any
of its

  

 3 

 
Affiliates, (iii) failure to perform any of such Person’s material obligations under any confidentiality agreement between such Person and the Company or any of its Affiliates,
(iv) willful misconduct in the execution of such Person’s assigned duties with the Limited Partnership or its Affiliates, (v) a material breach of obligations under this Agreement, including the obligations set forth in Sections 12.1,
12.2 and 13.1; (vi) conviction of or a plea of nolo contendere to a felony or other serious crime, (vii) a repeated and intemperate use of alcohol or drugs, (viii) engaging in business practices which are unethical or reflect
materially adversely on the Limited Partnership or its Affiliates, (ix) misappropriation of assets of the Limited Partnership or its Affiliates or (x) repeated absences from work during normal business hours for reasons other than
Disability, subject to applicable law. 
 “Certificate” shall mean the Certificate of Formation for the Company
originally filed with the Delaware Secretary of State and as amended from time to time. 
 “Code” shall mean
the Internal Revenue Code of 1986, as amended. 
 “Common Units” shall have the meaning set forth in
Section 3.2. 
 “Company” shall mean ICGI Holdings, LLC, the Delaware limited liability company organized
pursuant to this Agreement. 
 “Company Minimum Gain” shall mean the amount determined by computing with
respect to each nonrecourse liability of the Company the amount of gain (of whatever character), if any, that would be realized by the Company if it disposed (in a taxable transaction) of the property subject to such liability in full satisfaction
thereof, and by then aggregating the amounts so computed as set forth in Regulations Section 1.704-2(d). 
 “Contribution Agreement” shall mean that certain agreement dated             , 2010, by and between the Company and the Members pursuant to which the Members have
contributed their interests in ICG LLC to the Company in exchange for Common Units. 
 “DGCL” shall mean the
Delaware General Corporation Law, as amended from time to time. 
 “Depreciation” means, for each fiscal year
or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for
federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery
deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined
with reference to such beginning Carrying Value using any reasonable method selected by the Executive Committee. 
  

 4 

 “Designated Officer” shall have the meaning set forth in the definition of
Cause appearing elsewhere in this Article. 
 “Disability” with respect to any Employee Member means
(i) disability (or a similar term) as defined in any long-term disability insurance policy of the Limited Partnership applicable, from time to time, to such Member; or (ii) if no such policy exists or the policy is not applicable to such
Member, the failure of such Member to perform his or her duties for the Limited Partnership, by reason of his or her physical or mental illness, incapacity or disability, for a period of at least one hundred eighty (180) days; and
“Disabled” shall mean having a Disability. 
 “Distributable Cash” shall mean, with respect to
any Fiscal Year or other period, the sum of all cash receipts of the Company from the Limited Partnership and from any and all sources, exclusive of Cash Proceeds, Tax Priority Distributions received from the Limited Partnership, and Tax Benefit
Payments received from the Public Company, less all cash disbursements and a reasonable allowance for working capital and such other reserves as may be determined by the Executive Committee, in its sole discretion. Distributable Cash shall not be
reduced by depreciation, amortization, cost recovery deductions or similar allowances, but shall be increased by any reductions of reserves previously established. 
 “Employee Member” shall mean any Member that is also an employee of the Limited Partnership or any of its Affiliates (and shall include Tenured Employee Members, whether or not still so
employed, and any Person who, as of the date hereof, is an employee of the Limited Partnership or any of its Affiliates, but who has transferred such Person’s Membership Units to a trust or similar estate planning vehicle as a permitted
transferree). As founders of the Company, Jason Reese and Randall Wooster shall not be considered Employee Members for purposes of this Agreement. 
 “Employee Member Termination Event” shall have the meaning set forth in Section 8.1(a). 
 “Exchange Agreement” shall mean that certain Exchange Agreement dated
                    , 2010, by and between the Public Company, the Company and Imperial Capital Group, LLC. 
 “Executive Committee” shall mean the committee which manages the Company in accordance with Article V. 
 “Fiscal Year” shall mean the Company’s fiscal year, which shall be the calendar year. 
 “GAAP” shall mean United States generally accepted accounting principles, consistently applied. 
 “ICG LLC” shall mean Imperial Capital Group, LLC, a Delaware limited liability company that has been converted by the
Company to the Limited Partnership. 
  

 5 

 “Initial Sale” shall mean the Company’s sale of LP Units to the Public
Company incident to the closing of the initial public offering of Public Company Common Stock. 
 “Investor
Member” shall mean ARCC Imperial LLC and any Person to whom it has made an Investor Member Permitted Transfer. 
 “Investor Member Permitted Transfer” shall mean, with respect to an Investor Member, (i) a transfer of Lock-Up Securities to corporations, partnerships, limited liability companies or other entities that directly or
indirectly, through one or more intermediaries, control, are controlled by, or are under common control with, the Investor Member; provided, that (a) Merrill Lynch, JMP Securities LLC and Imperial Capital, LLC shall have received a signed
lock-up agreement for the balance of the lockup period from each transferee, (b) such transfer is not required to be reported in any public report or filing with the Securities and Exchange Commission, or otherwise, and (c) the Investor
Member does not otherwise voluntarily effect any public filing or report regarding such transfer, (ii) a transfer of Lock-Up Securities, as necessary, based on the advice of counsel, to preserve the undersigned’s status as a regulated
investment company under the Code, if applicable, or (iii) an encumberance of Lock-Up Securities as required by the terms of any secured revolving credit facility to which the undersigned is a party. For purposes of this definition,
“Lock-Up Securities” shall have the meaning given to such term in the Investor Member Lock-Up Agreement dated                     ,
2010, and executed by the Investor Member for delivery to Merrill Lynch, Pierce, Fenner & Smith Incorporated and JMP Securities LLC. 
 “Limited Partnership” shall mean Imperial Capital Group, LP, a Delaware limited partnership. 
 “LP Unit” shall mean an interest in the Limited Partnership as unitized pursuant to the limited partnership agreement thereof as of the date of this Agreement. 
 “LP Unit Sale Date” shall mean the date upon which the Public Company purchases LP Units from the Company for cash in a
transaction that generates Cash Proceeds. 
 “LP Unit Exchange Date” shall mean the date upon which the Company
transfers LP Units to the Public Company in exchange for Public Company Common Stock. 
 “Majority-in-Interest”
shall mean, as of any date, the number of Common Units held by Members (other than Terminated Members) which exceeds fifty percent (50%) of the aggregate of all Common Units held by Members who are not Terminated Members on such date.

 “Member” shall mean each Person who (a) (i) is an initial signatory to this Agreement,
(ii) has been admitted to the Company as a Member in accordance with this Agreement or (iii) is an assignee who has become a Member in accordance with Article VII and (b) has not transferred all of its Membership Units. 
  

 6 

 “Member Nonrecourse Debt” shall have the meaning ascribed to the term
“Partner Nonrecourse Debt” in Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum
Gain” shall mean an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a nonrecourse liability of the Company, determined in accordance
with Regulations Sections 1.704-2(i)(2) and (3). 
 “Member Nonrecourse Deductions” shall have the meaning set
forth in Regulations Section 1.704-2(i)(2). The amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for a Fiscal Year of the Company equals the excess (if any) of the net increase (if any) in the amount of Member
Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt during that Fiscal Year over the aggregate amount of any distributions during that Fiscal Year to the Member that bears (or is deemed to bear) the economic loss for such
Member Nonrecourse Debt to the extent such distributions are from the proceeds of such Member Nonrecourse Debt and are allocable to an increase in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Regulations Section 1.704-2(i)(2). 
 “Membership Units” shall have the meaning set forth
in Sections 3.1 and 3.2. 
 “Nonrecourse Liability” shall have the meaning set forth in Regulations
Section 1.752-1(a)(2). 
 “Offering Date” means the date of the closing of the initial public offering of
the Public Company, being                     , 2010. 
 “Option Notice” shall have the meaning set forth in Section 7.3(a). 
 “Optionees” shall have the meaning set forth in Section 7.3. 
 “Percentage
Interest” shall mean, as of any date and with respect to each Member holding Common Units, that fraction, expressed as a percentage, having as its numerator the number of Common Units then held by such Member and having as its denominator
the number of Common Units then held by all Members. 
 “Person” shall mean an individual, general partnership,
limited partnership, limited liability company, limited liability partnership, corporation, trust, estate, real estate investment trust or any other entity. 
 “Profits” and “Losses” means, for each fiscal year or other period, an amount equal to the Company’s taxable income or loss for such year or period, determined in
accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following
adjustments: 
 (i) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in
computing Profits or Losses shall be added to such taxable income or loss; 
  

 7 

 (ii) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated
as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss; 
 (iii) In the event the Carrying Value of any Company asset is adjusted, the amount of such adjustment shall be taken into account as gain
or loss from the disposition of such asset for purposes of computing Profits or Losses; 
 (iv) Gain or loss resulting from any
disposition of Property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the property disposed of, notwithstanding that the adjusted tax basis of such property
differs from its Carrying Value; 
 (v) In lieu of the depreciation, amortization, and other cost recovery deductions taken
into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year or other period; and 
 (vi) Any items that are specially allocated pursuant to the provisions of Section 6.2 shall not be taken into account in computing Profits or Losses. 
 “Public Company” shall mean Imperial Capital Group, Inc., a Delaware corporation, and any successor entity, whether by
merger, reorganization or otherwise. 
 “Public Company Common Stock” shall mean Class A common stock of
the Public Company, including that received or receivable by the Company in exchange for the Company’s transfer to the Public Company of LP Units in accordance with exchange rights granted to the Company under the Exchange Agreement.

 “Purchase Price” shall have the meaning set forth in Section 8.1(a). 
 “Purchasing Members” shall have the meaning set forth in Section 8.1(a). 
 “Redemption Notice” shall have the meaning set forth in Section 7.6(a). 
 “Redemption Price” for each Common Unit shall mean one share of Public Company Common Stock. 
 “Redemption Right” shall have the meaning set forth in Section 7.6(a). 
 “Regulations” shall mean the final, temporary or proposed regulations of the United States Department of Treasury
promulgated under the Code. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

 

 8 

 “Spousal Interest” shall have the meaning set forth in Section 8.6.

 “Tax Benefit Payment” is a payment made to the Company under the Tax Receivable Agreement. 
 “Tax Benefit Units” shall have the meaning set forth in Section 3.2. 
 “Tax Priority Distributions” amounts received as distributions from the Limited Partnership for the purpose of paying taxes
attributable to the Company’s distributable share of taxable income of the Limited Partnership. 
 “Tax Receivable
Agreement” shall mean the Tax Receivable Agreement, dated             , 2010, by and between the Public Company and the Company. 
 “Tenured Employee Member” shall mean any Member that has been employed by the Limited Partnership (or ICG LLC) or any of
its Affiliates for at least 10 years. 
 “Tenured Employee Member Termination Event” shall have the meaning set
forth in Section 8.1(a). 
 “Termination Date” shall have the meaning set forth in Section 8.1(a).

 “Termination Event” shall have the meaning set forth in Section 8.1(a). 
 “Termination Notice” shall have the meaning set forth in Section 8.1(a). 
 ARTICLE II. 
 ORGANIZATIONAL MATTERS 
 Section 2.1. Formation. Pursuant to the Act, the Members formed a Delaware
limited liability company under the laws of the State of Delaware by filing the Certificate with the Delaware Secretary of State and entering into the Original Agreement. The existence of the Company shall be perpetual unless sooner terminated as
hereinafter provided. The rights and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision of this Agreement than
they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control. 
 Section 2.2. Name. The name of the Company shall be “ICGI Holdings, LLC.” The business of the Company may be conducted under that name or, upon compliance with applicable laws, any other name that the Executive
Committee deems appropriate or advisable. The Executive Committee shall direct the officers of the Company to file any fictitious name certificates and similar filings, and any amendments thereto, that the Executive Committee considers appropriate
or advisable. 
 Section 2.3. Term. The term of this Agreement shall be co-terminus with the period of duration of
the Company, unless sooner terminated as hereinafter provided. 
  

 9 

 Section 2.4. Office and Agent. The Company shall continuously maintain an office
and registered agent in the State of Delaware as required by the Act. The registered office of the Company shall be located at the
                                , or at such other place as the Executive Committee may
determine. The Company also may have such offices, anywhere within and without the State of Delaware as the Executive Committee from time to time may determine, or the business of the Company may require. The registered agent shall be as stated in
the Certificate or as otherwise determined by the Executive Committee. 
 Section 2.5. Purpose of the Company. The
purpose of the Company is to engage in any lawful activity for which a limited liability company may be organized under the Act, including, without limitation, to hold and administer LP Units of the Limited Partnership and Class B common stock of
the Public Company associated with such LP units and to enter into the transactions and agreements necessary and incident to the initial public offering of shares of the Public Company Common Stock. 
 Section 2.6. No State-Law Partnership. The Members intend that the Company not be a partnership (including, without limitation,
a limited partnership) or joint venture, and that no Member be an agent, partner or joint venturer of any other Member, for any purposes other than federal and state tax purposes, and this Agreement shall not be construed to suggest otherwise.

 Section 2.7. Investment Representations of the Members. Each of the Members, by joining in this Agreement, does
represent that (i) he or she is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act, and (ii) he or she is acquiring Membership Units for his or her own account,
solely for investment, and not with a view to the resale or distribution thereof within the meaning of the Securities Act. 
 Section 2.8. Requirements Regarding Spousal Consent. Notwithstanding any other provision of this Agreement to the contrary, no Member who is a natural Person residing in California, Texas or another community property state
shall have the right to (i) participate in the Initial Sale and the allocations and distributions of Cash Proceeds, or (ii) exercise Redemption Rights as provided in Section 7.6, unless and until such Member’s spouse has executed
and delivered to the Company a Spousal Consent in the form attached to this Agreement. 
 ARTICLE III. 
 CAPITAL 
 Section 3.1. Initial Capital. Each of the Members has contributed to the Company as his Capital Contribution such Member’s interest in ICG LLC (or the Limited Partnership) in exchange for membership interests
(“Membership Units”) of the Company in accordance with the provisions of the Contribution Agreement. The names, addresses, ICG LLC membership interests contributed to the Company and number, classes and series of Membership Units of
the Company received in exchange therefor of each of the Members shall be reflected in the books and records of the Company. 
  

 10 

 Section 3.2. Classes and Series of Membership Units. The Membership Units in the
Company shall be divided into two classes: the Common Units and the Tax Benefit Units, and the Tax Benefit Units may be divided into series as provided herein. The foregoing classes of Membership Units shall have the following respective and
relative rights: 
 (a) The Common Units shall be the only Units with the right to vote on any matter submitted for a vote, or
requiring the consent or approval, of the Members. The holders of Tax Benefit Units shall have no voting, consent or approval rights as a result of their ownership of Tax Benefit Units. 
 (b) The Common Units shall represent an interest in both Profits and capital of the Company, exclusive of Profits and capital attributable
to Tax Benefit Payments, each with equal rights to share therein. 
 (c) Tax Benefit Units shall represent an interest in
Profits and capital of the Company attributable to Tax Benefit Payments. Tax Benefit Units shall be issued to the Members pro rata in accordance with their Common Units redeemed or deemed redeemed effective as of the LP Unit Sale Date and to the
Exchanging Members pro rata in accordance with their Common Units redeemed on each LP Unit Exchange Date. Tax Benefit Units shall be issued in series, with each series corresponding to, and being entitled to distributions with respect to, any Tax
Benefit Payments to be received by the Company with respect to LP Units sold or exchanged (and Common Units redeemed) on the LP Unit Sale Date or any LP Unit Exchange Date, as applicable. Tax Benefit Units of any Member shall expire and be cancelled
by the Company when no remaining Tax Benefit Payments are receivable by the Company with respect thereto. 
 (d) Upon the LP
Unit Sale Date, the number of outstanding Common Units of the Company plus the number of outstanding shares of the Public Company Common Stock shall equal the number of outstanding LP Units of the Limited Partnership. It is the intent of the Members
that this relationship remain constant throughout the term of the Company. In the case of any redemption of Common Units by the Company as authorized by Section 7.6, it is intended that the redemption purchase price be provided to the Company
through the transfer of a corresponding number of LP Units to the Public Company in exchange for shares of Public Company Common Stock that will be distributed to the redeeming Member in cancellation of the Common Units so redeemed. Other
adjustments to the number of Common Units outstanding may be made from time to time as determined by the Executive Committee to be necessary to properly reflect the relative interests of the Members. 
 Section 3.3. Interests Not Certificated. Unless otherwise determined by the Executive Committee, the Members’ interests and
the Units representing the same shall be documented and recorded solely by an entry on the Company’s books. 
 Section 3.4. No Interest. No Member shall be entitled to receive any interest on its Capital Contributions. 
 Section 3.5. Return of Capital Contributions. Except as may be specifically provided in this Agreement (including pursuant to Section 7.6): no Member shall have the right to withdraw any Capital Contributions or to demand
and receive property of the Company; no Member shall have the right to any distribution in return for its Capital Contribution; and no Member shall be entitled to receive out of Company property any part of its Capital Contribution until all
liabilities of the Company have been paid or provided for. 
  

 11 

 ARTICLE IV. 
 MEMBERS 
 Section 4.1. Limited Liability. Except to the extent of its
Capital Contributions or as otherwise provided by law, no Member shall be personally liable for any debt, obligation or liability of the Company, whether that liability or obligation arises in contract, tort or otherwise. 
 Section 4.2. Admission of Additional Members. Additional Persons may be admitted as Members as the Executive Committee may
decide from time to time and as approved by a Majority-in-Interest in accordance with the terms of this Agreement. Such Persons must first execute an instrument satisfactory to the Executive Committee accepting and adopting the terms and provisions
of this Agreement. Any additional Members shall obtain Membership Units and will participate in the management, Profits, Losses, and distributions of the Company upon the terms contained in this Agreement. Upon the admission of each such Person, the
Executive Committee shall direct the officers of the Company to (i) to reflect the name, address, Capital Contribution, Membership Units and Percentage Interest of such additional Member, and the revised Percentage Interests of the existing
Members in the books and records of the Company, and (ii) make such other filings, and take such other action, as the Executive Committee deems necessary, appropriate or convenient in connection with the admission of such additional Member.
Notwithstanding the foregoing, substitute Members may only be admitted in accordance with Section 7.4. 
 Section 4.3.
Withdrawal. Unless required by law or governmental rule, regulation or order, no Member may withdraw as a Member of the Company, except as expressly provided in this Agreement (including Article VII and Article VIII) or as otherwise approved
by the Executive Committee. 
 Section 4.4. Transactions With The Company. Subject to any limitations set forth in
this Agreement and with the prior approval of the Executive Committee after full disclosure of the Member’s involvement, a Member may lend money to and transact other business with the Company. Subject to other applicable law, such Member has
the same rights and obligations with respect thereto as a Person who is not a Member. 
 Section 4.5. Members Are Not
Agents. Pursuant to Section 5.1, the management of the Company is vested in the Executive Committee. No Member, acting solely in the capacity of a Member, is an agent of the Company nor can any Member in such capacity bind nor execute any
instrument on behalf of the Company. 
 Section 4.6. Voting Rights. Except as expressly provided in this Agreement
or the Act, no Member, acting solely in the capacity of a Member, shall take part in or interfere in any manner whatsoever with the management, conduct or control of the business or affairs of the Company; provided, however, that Members shall have
the right to vote on, consent or disapprove matters to the limited extent specifically provided for in this Agreement or as expressly required by the Act. 
  

 12 

 Section 4.7. Approval by Members. Except as may be expressly set forth in this
Agreement, in all matters in which a vote, approval or consent of the Members is required, a vote, consent or approval of Members holding a Majority-in-Interest shall be sufficient to authorize or approve such act. 
 Section 4.8. Meetings of Members. 
 (a) Date, Time and Place of Meetings of Members. Meetings of Members shall be held when called by the Executive Committee, including upon demand of Members in accordance with Section 4.8(b),
at such date, time and place within or outside the State of Delaware as the Executive Committee may fix from time to time. Unless otherwise required by law, written notice of any meeting shall be given not less than two (2) nor more than thirty
(30) days before the date of the meeting to each Member entitled to vote at such meeting. 
 (b) Power to Call
Meetings. Unless otherwise prescribed by the Act or by the Certificate, meetings of the Members may be called by the Executive Committee, and shall be called upon written demand of Members holding more than thirty-five percent (35%) of the
issued and outstanding Membership Units, for the purpose of addressing any matters on which the Members may vote. 
 (c)
Action by Written Consent Without a Meeting. Any action that may be taken at a meeting of Members may be taken without a meeting if a consent in writing setting forth the action so taken is signed and delivered to the Company within sixty
(60) days of the record date for that action by Members having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting at which all Members entitled to vote on that action were present and
voted. All such consents shall be filed with the Executive Committee or the secretary, if any, of the Company and shall be maintained in the Company records. Any Member giving a written consent, or the Member’s proxy holders, may revoke the
consent by a writing received by the Executive Committee or secretary, if any, of the Company before written consents of the number of votes required to authorize the proposed action have been filed. Unless the consents of all Members entitled to
vote have been solicited in writing, (i) notice of any Member approval of an amendment to the Certificate or this Agreement, a dissolution of the Company, a merger of the Company or any other action that adversely affects the Members, without a
meeting by less than unanimous written consent shall be given at least ten (10) days before the consummation of the action authorized by such approval, and (ii) prompt notice shall be given of the taking of any other action approved by
Members without a meeting by less than unanimous written consent, to those Members entitled to vote who have not consented in writing. 
 (d) Proxies. Every Member entitled to vote on any other matter shall have the right to do so either in person or by one or more agents authorized by a written proxy signed by the Person and filed with the Executive Committee or the
secretary, if any, of the Company. A proxy shall be deemed signed if the Member’s name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission, electronic transmission or otherwise) by the

  

 13 

 
Member or the Member’s attorney-in-fact. A proxy may be transmitted by an oral telephonic transmission if it is submitted with information from which it may be determined that the proxy was
authorized by the Member or the Member’s attorney-in-fact. A validly executed proxy which does not state that it is irrevocable shall continue in full force and effect unless (i) revoked by the Person executing it, before the vote pursuant
to that proxy, by a writing delivered to the Company stating that the proxy is revoked, or by a subsequent proxy executed by, or attendance at the meeting and voting in person by, the Person executing the proxy; or (ii) written notice of the
death or incapacity of the maker of that proxy is received by the Company before the vote pursuant to that proxy is counted; provided, however, that no proxy shall be valid after the expiration of eleven (11) months from the date of the proxy,
unless otherwise provided in the proxy. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of DGCL Section 212. 
 (e) Record Date. The record date for the purpose of determining the Members entitled to notice of a Member’s meeting, for
demanding a special meeting, for voting, or for taking any other action shall be the twentieth (20th) day prior to the date of the meeting or other action. 
 ARTICLE V. 
 MANAGEMENT AND CONTROL OF THE COMPANY 
 Section 5.1. Management of the Company by the Executive Committee. The business, property and affairs of the Company shall be
managed exclusively by the Executive Committee, which shall be the “manager” of the Company within the meaning of Section 18-101(10) of the Act. Except for situations in which the approval of the Members is expressly required by the
Certificate, the Act or this Agreement, the Executive Committee shall have full, complete and exclusive authority, power, and discretion to manage and control the business, property and affairs of the Company, to make all decisions regarding those
matters and to perform any and all other acts or activities customary or incident to the management of the Company’s business, property and affairs. 
 Section 5.2. Members of the Executive Committee. The Executive Committee shall have two (2) members. The initial members of the Executive Committee shall be Jason Reese and Randall
Wooster. The number of members of the Executive Committee may be changed from time to time by the unanimous consent of the members of the Executive Committee. Each member of the Executive Committee shall hold office until a successor is appointed or
until the member resigns, dies or is otherwise unable to serve. If a vacancy exists on the Executive Committee for any reason, including expansion of the number of members of the Executive Committee, an individual to fill such vacancy shall be
elected by the vote of a Majority-in-Interest of the Members. Members of the Executive Committee need not be Members. 
 Section 5.3. Powers of the Executive Committee. Without limiting the generality of Section 5.1, but subject to the express limitations set forth elsewhere in this Agreement, the Executive Committee shall have all necessary
powers to manage and carry out the purposes, business, property, and affairs of the Company, including, without limitation, to exercise the rights of the Company under the Exchange Agreement and Tax Receivable Agreement as

  

 14 

 
contemplated by such agreements without reference to the Members, except as contemplated by Section 7.6 hereof. Notwithstanding the general grant of authority to the Executive Committee, the
members of the Executive Committee shall not cause or permit expenses to be incurred or borne by the Company that are not for the benefit of the Members in relation to their interests in the Limited Partnership held through the Company. 

Section 5.4. Reliance on Reports and Information by Members of the Executive Committee. Each member of the Executive
Committee shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company or the Executive Committee by any other Member or member of the Executive
Committee or any officer, employee or agent of the Company or the Limited Partnership, or by any other Person as to matters which the member of the Executive Committee reasonably believes are within such other Person’s professional or expert
competence and who has been selected by or on behalf of the Company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any other facts pertinent to the
existence and amount of assets from which distributions to Members might properly be paid. 
 Section 5.5. Performance
of Duties; Liability of Members of the Executive Committee. The members of the Executive Committee shall perform their managerial duties in good faith, in a manner they reasonably believe to be in the best interests of the Company and its
Members, and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances. In accordance with Section 11.2, a member of the Executive Committee who so performs the duties
required of the Executive Committee shall not have any liability by reason of being or having been a member of the Executive Committee. 
 Section 5.6. Votes, Consents or Approvals of the Executive Committee. Except as otherwise provided in this Agreement or in the Act, in all matters in which a vote, approval or consent of the
Executive Committee is required, a vote, consent or approval of a majority of the members on the Executive Committee shall be sufficient to authorize or approve such matters. 
 Section 5.7. Meetings of the Executive Committee. 
 (a) Date, Time and Place of Meetings. The Executive Committee shall hold meetings from time to time during the Fiscal Year as the Executive Committee deems appropriate. Executive Committee meetings
may be called by any one (1) member of the Executive Committee upon ten (10) days’ written notice to the other members of the Executive Committee. Executive Committee meetings may be held at such date, time and place within or without
the State of Delaware as the Executive Committee may deem appropriate from time to time. 
 (b) Action. At all meetings
of the Executive Committee, the presence in person or by proxy of a majority of the members of the Executive Committee shall constitute a quorum for the transaction of business by the Executive Committee. Each Executive Committee member shall be
obligated to make reasonable efforts to attend meetings of the Executive Committee called in accordance with the procedures set forth in this Section 5.7. 
  

 15 

 (c) Action by Written Consent Without a Meeting. Any action that may be taken at a
meeting of the Executive Committee may be taken without a meeting if a consent in writing setting forth the action so taken is signed and delivered to the Company by a majority of the members of the Executive Committee. All such consents shall be
filed with the secretary, if any, of the Company and shall be maintained in the Company records. 
 Section 5.8. Consent
of Majority-in-Interest. Notwithstanding the generality of Section 5.3, and in addition to any other actions requiring the consent of the Members as provided herein, the Executive Committee shall not have the authority to do any of the
following acts without the prior written consent of Members holding a Majority-in-Interest, which actions shall also require the consent of the Executive Committee: 
 (a) cause or permit the Company to liquidate or dissolve; 
 (b) cause or permit
the Company to enter into any merger, consolidation or similar transaction or effect any reorganization, recapitalization or other fundamental change in the capital structure of the Company; 
 (c) cause or permit the Company to change the nature of its business; and 
 (d) cause or permit the Company to offer or sell any Membership Units or other securities of the Company in any public or private
transaction; provided that this shall not inhibit the Company’s issuance of Tax Benefit Units to the Members as contemplated by Section 3.2(c). 
 Section 5.9. Officers. The Executive Committee may appoint officers of the Company from time to time. The officers of the Company, if deemed necessary by the Executive Committee, may include,
but need not be limited to, a chairperson, president, secretary, and chief financial officer. The officers shall serve at the pleasure of the Executive Committee, subject to all rights, if any, of an officer under any contract of employment. Any
individual may hold any number of offices. No officer need be a resident of the State of Delaware or citizen of the United States. The officers shall exercise such powers and perform such duties as specified in this Agreement and as shall be
determined from time to time by the Executive Committee. 
 Section 5.10. Limited Liability. No person who is a
member of the Executive Committee or officer or both a member of the Executive Committee and officer of the Company shall be personally liable under any judgment of a court, or in any other manner, for any debt, obligation, or liability of the
Company, whether that liability or obligation arises in contract, tort, or otherwise, solely by reason of being a member of the Executive Committee or officer or both a member of the Executive Committee and officer of the Company. 
  

 16 

 ARTICLE VI. 
 ALLOCATIONS AND DISTRIBUTIONS 
 Section 6.1. Economic Allocations.

 (a) Profits and Losses derived from the sale of LP Units to the Public Company that result in the receipt of Cash Proceeds
shall be allocated to the Members in accordance with their Common Units. 
 (b) Profits and Losses derived from the transfer of
LP Units to the Public Company pursuant to the Exchange Agreement in exchange for Public Company Common Stock shall be allocated to the Member or Members who have exercised their redemption rights pursuant to Section 7.6 and are entitled to
receive the distribution of such Public Company Common Stock in accordance with the number of Common Units subject of redemption thereunder. 
 (c) Profits and Losses derived from Tax Benefit Payments shall be allocated among the Members in accordance with their holdings of the respective series of Tax Benefit Units 
 (d) Except as provided in the paragraphs (a), (b) and (c) of this Section, Profits and Losses shall be allocated among the Members
in accordance with their Percentage Interests. 
 Section 6.2. Special Allocations. 
 (a) Minimum Gain Chargeback. Notwithstanding Section 6.1, if there is a net decrease in Company Minimum Gain during any Fiscal
Year, each Member shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent fiscal years) in an amount equal to the portion of such Member’s share of the net decrease in Company Minimum
Gain that is allocable to the disposition of Company property subject to a Nonrecourse Liability, which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(g)(2). Allocations pursuant to this
Section 6.2(a) shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2(a). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f). This
Section 6.2(a) is intended to comply with the minimum gain chargeback requirements contained in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (b) Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. Notwithstanding Section 6.1 of this Agreement, if there
is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in
accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member’s share
of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is

  

 17 

 
allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations
Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2(b) shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2(b). The items to be so allocated shall be determined in
accordance with Regulations Section 1.704-2(i)(4). This Section 6.2(b) is intended to comply with the minimum gain chargeback requirement contained in Regulations Section 1.704-2(i)(4), and shall be interpreted consistently therewith.

 (c) Nonrecourse Deductions. Notwithstanding Section 6.1, any nonrecourse deductions (as defined in Regulations
Section 1.704-2(b)(1)) for any Fiscal Year or other period shall be specially allocated to the Members in proportion to their Percentage Interests. 
 (d) Member Nonrecourse Deductions. Notwithstanding Section 6.1, those items of Company loss, deduction, or Code Section 705(a)(2)(B) expenditures which are attributable to Member
Nonrecourse Debt for any Fiscal Year or other period shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse debt to which such items are attributable in accordance with Regulations
Section 1.704-2(i). 
 (e) Qualified Income Offset. Notwithstanding Section 6.1, if a Member unexpectedly
receives any adjustments, allocations, or distributions described in Regulations Section 1.704-I(b)(2)(ii)(d)(4), (5) or (6), or any other event creates a deficit balance in such Member’s Capital Account in excess of such
Member’s share of Company Minimum Gain, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate such excess deficit balance as quickly as possible. Any special allocations of
items of income and gain pursuant to this Section 6.2(e) shall be taken into account in computing subsequent allocations of income and gain pursuant to this Article VI so that the net amount of any item so allocated and the income, gain, and
losses allocated to each Member pursuant to this Article VI to the extent possible, shall be equal to the net amount that would have been allocated to each such Member pursuant to the provisions of this Section 6.2(e) if such unexpected
adjustments, allocations, or distributions had not occurred. 
 (f) Limitation on Losses. Notwithstanding
Section 6.1, loss allocations to a Member shall be made only to the extent that such loss allocations will not create a deficit Capital Account balance for that Member in excess of an amount, if any, equal to such Member’s share of Company
Minimum Gain that would be realized on a foreclosure of the Company’s property. Any loss not allocated to a Member because of the foregoing provision shall be allocated to the other Members (to the extent the other Members are not limited in
respect of the allocation of losses under this Section 6.2(f)). 
 (g) Curative Allocations. Any special allocations
of items of income, gain, loss or deduction pursuant to Sections 6.2 hereof shall be taken into account in computing subsequent allocations of Profits and Losses pursuant to Section 6.1 hereof, so that the net amount of any items so allocated
and the gain, loss and any other item allocated to each Member pursuant to Section 6.1 hereof shall, to the extent possible, be equal to the net amount that would have been allocated to each such Member pursuant to the provisions of this
Article VI if such special allocations had not occurred. 
  

 18 

 Section 6.3. Allocations of Tax Items. 
 (a) Items of income, deduction, gain and loss that are recognized by the Company for federal income tax purposes shall be allocated among the
Members consistent with the allocations of such items under Sections 6.1 and 6.2. To the extent appreciation or depreciation in asset values is reflected in Capital Accounts prior to recognition for tax purposes, allocations shall be made in
accordance with the principles and provisions of Section 704(c) of the Code. 
 (b) All items of federal income tax credit
and items of tax credit recapture shall be allocated among the Members in accordance with the Members’ interests in the Company as of the time the tax credit or credit recapture arises, as provided in Regulation Section 1.704-1(b)(4)(ii).

 (c) Allocations pursuant to this Section 6.3 are solely for purposes of federal, state and local taxes. As such, they
shall not affect or in any way be taken into account in computing a Member’s Capital Account or share of Profits, Losses, or distributions pursuant to any provision of this Agreement. 
 Section 6.4. Distributions with respect to Membership Units. Subject to applicable law and any limitations contained elsewhere
in this Agreement, the Executive Committee shall from time to time distribute assets of the Company to the Members in accordance with the following: 
 (a) Distributable Cash shall be distributed to the Members at such times as the Executive Committee may decide, in its sole discretion. Each distribution of Distributable Cash shall be made to the Members
in accordance with the number of Common Units held by each. 
 (b) Cash Proceeds shall be distributed to the Members promptly
following receipt in accordance with their Common Units and in redemption and cancellation of a number of Common Units corresponding to the number of LP Units sold to generate such Cash Proceeds. 
 (c) Public Company Common Stock received by the Company pursuant to a transfer of LP Units to, and exchange of LP Units with, the Public
Company pursuant to the Exchange Agreement shall be distributed to the Member or Members who have exercised their redemption rights pursuant to Section 7.6 promptly following receipt in accordance with their interests and in exchange for and in
cancellation of Common Units of such Members. 
 (d) Tax Benefit Payments shall be allocated among the Members holding the
series of Tax Benefit Units to which the respective payments are attributable and shall be distributed to such Members as determined from time to time in the sole discretion of the Executive Committee, but in each case in proportion to the amounts
of Tax Benefit Payments allocated to the respective Members. 
 Section 6.5. Tax Priority Distributions. The
Executive Committee shall distribute to the Members promptly following receipt the amount of all Tax Priority Distributions which amounts shall be allocated and distributed among the Members in accordance with their Common Units. Distributions
pursuant to this Section shall be accounted for as advances of amounts distributable pursuant to Section 6.4. 
  

 19 

 Section 6.6. Other Distribution Provisions. 
 (a) All distributions shall be made only to the Persons who, according to the books and records of the Company, are the holders of record of
the Membership Units in respect of which such distributions are made on the actual date of distribution. 
 (b) If there is a
change in the respective Percentage Interests of the Members during any Fiscal Year, the Executive Committee shall use its reasonable best efforts to ensure that the allocations required by Section 6.1 hereof to be made in accordance with such
percentages for such Fiscal Year are made for the elapsed portion of the Fiscal Year ending on the day such change occurred (or as soon thereafter as practicable) based upon the Percentage Interests among the Members before such change, and such
allocations shall be made for the remainder of the Fiscal Year based upon the Percentage Interests among the Members after such change. 
 (c) Neither the Company nor any member of the Executive Committee shall incur any liability for making distributions in accordance with this Section. 
 ARTICLE VII. 
 TRANSFER AND ASSIGNMENT OF INTERESTS 
 Section 7.1. Transfer and Assignment of Interests. Except as set
forth in Sections 7.5(a), 7.6 and 7.7 and Article VIII hereof, no Member shall be entitled to transfer, assign, convey, sell, encumber or in any way alienate all or any part of its Membership Units except with the prior written consent of the
Executive Committee, which consent may be given or withheld, conditioned or delayed (as allowed by this Agreement or the Act), as the Executive Committee may determine in its sole discretion. For avoidance of doubt and except as specifically
excepted from this restriction above, no transfer will be permitted pursuant to this Section other than for (i) legitimate estate planning purposes of the Member or (ii) to one or more of the remaining Members pursuant to Section 7.3.
After the consummation of any transfer of any Membership Units, the Membership Units so transferred shall continue to be subject to the terms and provisions of this Agreement and any further transfers shall be required to comply with all the terms
and provisions of this Agreement. 
 Section 7.2. Further Restrictions on Transfers of Interests. In addition to
other restrictions contained in this Agreement, no transfer of all or any part of a Member’s Membership Units may be made unless and until the Executive Committee shall have either received or waived (in whole or in part) each of the following
(to the extent applicable to the proposed transfer): 
 (a) An opinion of responsible counsel (who may be counsel for the
Company), reasonably satisfactory in form and substance to the Executive Committee to the effect that: 
 (i) such transfer
would not violate the Securities Act or any state securities or blue sky laws applicable to the Company or the Membership Units to be transferred; 
  

 20 

 (ii) such transfer would not cause the Company to lose its status as a partnership for
federal income tax purposes; and 
 (iii) such transfer would not cause a termination of the Company for federal income tax
purposes; 
 (b) The agreement in writing of such transferee to comply with all of the terms and provisions of this Agreement;

 (c) An investor questionnaire, or such other evidence as may be reasonably requested by the Executive Committee, establishing
the qualification of the transferee as an Accredited Investor; and 
 (d) Any other information or documents as may be
reasonably requested by the Executive Committee, in its absolute discretion. 
 Section 7.3. Right of First Refusal.
Each time a Member proposes to transfer Membership Units to one or more of the remaining Members (other than an Investor Member Permitted Transfer), such Member shall first offer such Membership Units to the remaining Members (exclusive of the
Investor Member) who are then holding Common Units (the “Optionees”) as a group in accordance with the following provisions: 
 (a) The Member proposing to transfer Membership Units shall deliver a written notice (the “Option Notice”) to the Company for the benefit of the Optionees stating (i) such
Member’s bona fide intention to transfer such Membership Units, (ii) the Membership Units to be transferred, and (iii) the purchase price and terms of payment for which the Member proposes to transfer such Membership Units.

 (b) The Company shall deliver the Option Notice to the Optionees, who shall have the right to purchase the Membership Units
described therein, and the transferring Member may transfer the Membership Units described in the Option Notice to the Optionees who elect to exercise their right of purchase in proportion to their respective Common Units, or otherwise as they may
agree with the consent of the Executive Committee and to the extent any such Optionee elects not to exercise his or her full right of purchase. Any such transfer (i) shall be completed within thirty (30) days after the Company’s
delivery of the Option Notice to the Optionees, (ii) shall be made on terms no more favorable to any Optionee than offered to the Optionees as a group, and (iii) shall comply with Sections 7.1 and 7.2. If such Membership Units are not so
transferred, the transferring Member must give notice in accordance with this Section 7.3 prior to any other or subsequent transfer of such Membership Units. 
 (c) Notwithstanding the provisions of Section 7.3(b), to the extent of cash available to the Company for such purpose and as determined by the Executive Committee, the Company may exercise the
purchase right of the Optionees on their behalf and, in such case, shall immediately register the Membership Units so purchased in the names of the Optionees. In any such case, no Optionee shall have the right not to participate in such purchase,
and the Company shall distribute (or be deemed to distribute) the Membership Units acquired among the Optionees in accordance with their interests. 
  

 21 

 Section 7.4. Substitution of Members. A transferee of any Membership Unit shall
have the right to become a substitute Member only if (i) the requirements of Sections 7.1 and 7.2 relating to consent of the Executive Committee, securities law and tax law requirements hereof are met (ii) such Person executes an
instrument satisfactory to the Executive Committee accepting and adopting the terms and provisions of this Agreement, and (iii) such person pays any reasonable expenses in connection with its admission as a new Member. 
 Section 7.5. Permitted Transfers; Effectiveness of Permitted Transfers. 
 (a) Notwithstanding anything to the contrary herein, an Investor Member may transfer all or any portion of a Membership Unit, provided such
transfer is an Investor Member Permitted Transfer. 
 (b) Any permitted transfer of all or any portion of a Membership Unit
shall be effective only upon the requirements of Sections 7.1 and 7.2 having been met. The Executive Committee shall provide the Members with written notice of such transfer as promptly as possible after satisfaction of such requirements. Any
transferee of a Membership Unit shall take subject to the restrictions on transfer imposed by this Agreement. 
 Section 7.6. Members’ Right of Redemption of Common Units. 
 (a) Each Member shall have the right, but
not the obligation, to sell, and the Company shall be obligated to redeem such Member’s Common Units at the Redemption Price (the “Redemption Right”). To exercise the Redemption Right, the Member must give written notice thereof to
the Company (the “Redemption Notice”). The Redemption Notice shall (i) be signed by the Member (or the Member’s permitted transferee) or, if applicable, an authorized officer thereof, (ii) set forth the Member’s intent
to exercise the Redemption Right and state the total number of Common Units to be sold to and redeemed by the Company pursuant to the Redemption Right, (iii) include such other provisions and representations as the Company may from time to time
reasonably require, and (iv) be mailed or delivered in accordance with Section 14.12 of the Agreement. Once given, the Redemption Notice shall be irrevocable by the Member. 
 (b) For each Member, other than the Investor Members, Redemption Notices may be given to the Company with respect to a percentage of the
Common Units owned as of the date hereof in accordance with the following schedule: 
 (i) Commencing on the fourteen month
anniversary of the Offering Date, 32.5% (less the percentage of such Member’s Common Units redeemed with Cash Proceeds); 
 (ii) Commencing on the second anniversary of the Offering Date, 55% (less the percentage of such Member’s Common Units previously redeemed); 
 (iii) Commencing on the third anniversary of the Offering Date, 77.5% (less the percentage of such Member’s Common Units previously redeemed); and 
  

 22 

 (iv) Commencing on the fourth anniversary of the Offering Date, 100% (less the percentage
of such Member’s Common Units previously redeemed). 
 The Company shall provide each Member with a written schedule reflecting the number
of such Member’s Common Units that will become redeemable on each anniversary of the Offering Date. Further, the Company and the Public Company may establish reasonable procedures to assure that the exercise and implementation of the redemption
rights do not become inordinately burdensome for the Public Company from an administrative perspective while at the same time preserving the benefits to the Members of the redemption rights granted hereunder. 
 (c) Notwithstanding the foregoing, no Member shall have the right to exercise a Redemption Right prior to the expiration of at least six
months following such Members admission to the Company (or ICG LLC, as predecessor to the Company). 
 (d) Notwithstanding
anything to the contrary herein, each Investor Member shall have the right at any time from and after the six month anniversary of the Offering Date to deliver a Redemption Notice to the Company with respect to any or all of its Common Units.

 (e) Within ten (10) business days after its receipt of a Redemption Notice in accordance herewith, the Company shall
transfer to the Public Company, pursuant to the Exchange Agreement, a number of LP Units corresponding to the Common Units subject of the Redemption Notice in exchange for a corresponding number of shares of Public Company Common Stock. Upon receipt
of such shares of Public Company Common Stock, the Company shall distribute such shares to the redeeming Member who has delivered such Redemption Notice in complete redemption of the Common Units subject of the Redemption Notice. 
 (f) Tax Benefit Units shall be issued to any redeeming Member whose redemption has resulted in the Company’s exchanging LP Units for
Public Company Common Stock and becoming entitled to Tax Benefit Payments under the terms of the Exchange Agreement and Tax Receivable Agreement. 
 (g) The Members acknowledge that, under the Exchange Agreement, upon a Change of Control (as defined therein), the Company is obligated to exchange all of its LP Units for shares of Public Company Common
Stock. 
 Section 7.7. Transfers Following Death or Disability of Employee Member. In the event that the employment
with the Limited Partnership and its Affiliates of an Employee Member (other than a Tenured Employee Member) terminates by reason of the Employee Member’s death or Disability and in the event of the death or Disability of a Tenured Employee
Member, notwithstanding the otherwise optional nature of Section 7.6, the Disabled Employee Member (or the Employee Member’s successors-in-interest), his legal representative and permitted transferees who hold Common Units shall exercise
the right of redemption and exchange granted pursuant to Section 7.6 at the earliest dates authorized by Section 7.6(b), and the Company is hereby authorized to effect any such redemption and exchange and to remit to the Employee Member,
his successors-in-interest, his legal representative and permitted transferees, as applicable, the Public Company Common Stock to be received in exchange

  

 23 

 
therefor in cancellation of such Common Units. The Executive Committee may, in its sole discretion, waive the application of this provision to any Person. 
 Section 7.8. No Effect to Transfers in Violation of Agreement. Any transfer of all or any part of a Membership Unit in violation
of this Article VII shall be null and void and the purported transferee shall not become either a Member or a holder of a Membership Unit. 
 ARTICLE VIII. 
 BUY SELL PROVISIONS 
 APPLICABLE TO EMPLOYEE MEMBERS 
 Section 8.1. Purchase Rights. 
 (a) For purposes of this Article, the
following terms shall have the following meanings: 
 (i) “Applicable Federal Rate” shall mean the
“mid-term” rate, annual compounding, published each month by the Internal Revenue Service in accordance with section 1274(d) of the Internal Revenue Code. 
 (ii) “Book Value” of an Employee Member’s Buy-Sell Units shall mean the book value of the share of the Limited Partnership’s assets that underlie such Buy-Sell Units determined
in accordance with GAAP, which for avoidance of doubt, shall not include any share, or otherwise be increased by, any tax basis adjustment resulting from a transfer of LP Units and the election of the Limited Partnership under Section 754 of
the Code or any increase or decrease arising out of a revaluation of the Company’s or the Limited Partnership’s assets for purposes of maintaining the Capital Accounts of the Members in accordance with the Regulations. 
 (iii) “Buy-Sell Units” shall mean the Common Units of a Terminated Member (including both an Employee Member who has
suffered an Employee Member Termination Event and a Tenured Employee Member who has suffered a Tenured Employee Member Termination Event) and such Member’s permitted transferees, that have not, as of the Termination Date, become subject to a
Redemption Right pursuant to Section 7.6(b), whether or not such Redemption Right has been exercised. 
 (iv)
“Employee Member Termination Event” shall mean the termination of the employment with the Limited Partnership and its Affiliates of an Employee Member who is not a Tenured Employee Member for whatever reason, including, without
limitation, voluntary resignation or retirement or termination by the Limited Partnership for Cause or for any or no reason; provided that an Employee Member Termination Event shall not include termination of employment of the Employee Member by
reason of death or Disability. 
 (v) “Purchase Price” shall mean the amount determined in accordance with
Section 8.2. 
  

 24 

 (vi) “Purchasing Members” shall mean, with respect to each Termination
Event, the Members other than the Terminated Member and the Investor Member. 
 (vii) “Spousal Interest” is
defined in Section 8.6. 
 (viii) “Tenured Employee Member Termination Event” shall mean either
(A) the termination of a Tenured Employee Member’s employment with the Limited Partnership and its Affiliates for Cause, or (B) the breach by a Tenured Employee Member of its obligations under Section 12.1, Section 12.2 or
Section 13.1. 
 (ix) “Termination Date” shall mean, in the case of an Employee Member Termination Event,
the effective date of the Employee Member’s termination of employment with the Limited Partnership and its Affiliates and, in the case of a Tenured Employee Member Termination Event, the date of the Termination Notice sent by the Limited
Partnership or the Company, as applicable, to the Tenured Employee Member with respect to such Termination Event. 
 (x)
“Terminated Member” shall mean an Employee Member (including a Tenured Employee Member) who has suffered a Termination Event. 
 (xi) “Termination Event” shall mean either an Employee Member Termination Event or a Tenured Employee Member Termination Event, as applicable. 
 (xii) “Termination Notice” shall mean the written notice given by the Limited Partnership or the Company, as applicable,
to an Employee Member of a Termination Event with respect thereto. 
 (b) Effective as of the Termination Date with respect to
an Employee Member Termination Event, the Purchasing Members shall purchase the Buy/Sell Units of the Terminated Member and permitted transferees, and the Terminated Member and permitted transferees shall be obligated to sell the Buy/Sell Units to
the Purchasing Members as provided in the Article VIII. 
 (c) Effective as of the Termination Date with respect to a Tenured
Employee Member Termination Event, the Purchasing Members shall purchase the Buy/Sell Units of the Terminated Member and permitted transferees, and the Terminated Member and permitted transferees shall be obligated to sell the Buy/Sell Units to such
Purchasing Members as provided in this Article VIII. 
 (d) The obligations of the Purchasing Members to purchase the Buy/Sell
Units of a Terminated Member and permitted transferees shall be in proportion to their Common Units, or otherwise as they may agree, with the consent of the Executive Committee. 
 (e) Notwithstanding the provisions of Section 8.1(d), to the extent of cash available to the Company for such purpose and as determined
by the Executive Committee, the Company may exercise the purchase obligation of the Purchasing Members on their behalf and, in such case, shall immediately register the Buy/Sell Units in the names of the Purchasing Members and distribute (or be
deemed to distribute) the Buy/Sell Units acquired among the

  

 25 

 
Purchasing Members in accordance with their interests. In any such case, no Purchasing Member shall have the right to assume the obligation to purchase of any other Purchasing Member. 

(f) Notwithstanding the date of closing as provided in Section 8.4, the purchase and sale of the Buy/Sell Units shall be as of the
Termination Date, and the Terminated Member and such Person’s permitted transferees shall have no rights as a Member or as a holder of Membership Units with respect to the Buy/Sell Units from and after such date, other than the right to receive
payment of the Purchase Price in accordance herewith. 
 Section 8.2. Purchase Price. 
 (a) The Purchase Price for the Buy/Sell Units of the Terminated Member shall equal the Book Value of the Buy/Sell Units to be purchased by
the Purchasing Members as of the last day of the month immediately preceding the Termination Date. The Purchase Price shall be calculated by the chief financial officer of the Company within thirty (30) days of the Termination Event, and a
written statement of the amount thereof, including reasonable computational detail, shall be delivered to each of the Terminated Member and such Person’s permitted transferees, the Executive Committee and the Purchasing Members. 
 (b) The Purchase Price when determined in accordance herewith shall be binding upon the Terminated Member, his permitted transferees and on
the Purchasing Members, absent manifest error. 
 Section 8.3. Payment of Purchase Price. The Purchase Price shall
be paid by the Purchasing Members (or the Company on behalf of the Purchasing Members) by either of the following methods, as determined by the Executive Committee in its sole discretion: 
 (a) The total Purchase Price for the Buy/Sell Units of the Terminated Member and his permitted transferees in cash at the closing; or

 (b) At least one-fifth ( 1/5) of the Purchase Price for the Buy/Sell Units of the
Terminated Member and his permitted transferees in cash at the closing and the balance of the Purchase Price in no more than four equal annual principal installments, plus accrued interest, payable each year on the anniversary date of the closing.
The unpaid principal balance shall accrue interest at the Applicable Federal Rate, plus two percent (2%) per annum, but the Purchasing Members (or the Company on their behalf) shall have the right to prepay in full or in part at any time
without penalty. The obligation of the Purchasing Members to pay the balance due shall be evidenced by an unsecured promissory note of each in favor of the Terminated Member or his permitted transferees, as applicable. 
 Section 8.4. Closing of Purchase of Terminated Member’s Interest. The closing for the purchase and sale of a Terminated
Member’s Buy/Sell Units (including the portion held by permitted transferees) pursuant to this Article VIII shall be held at 10:00 a.m. at the principal office of Company on the later of the date that is (i) fifteen (15) days after
the determination of the Purchase Price and (ii) sixty (60) days after the Termination Date, except that if the closing date falls on a Saturday, Sunday or legal holiday, then the closing shall be held on the next succeeding business day.
At the closing, the Buy/Sell Units shall be transferred to the

  

 26 

 
Purchasing Members in the records of the Company, and the Terminated Member or his permitted transferees shall become creditors of the Purchasing Members with respect to the Purchase Price
without any further action by such Terminated Member or his permitted transferees, provided that the Executive Committee may require a general release of the Purchasing Members and the Company (excepting only claims with respect to the Purchase
Price and any Tax Benefit Units or other Common Units held by the Terminated Member following the closing) as a condition of delivery of the Purchase Price. 
 Section 8.5. Purchase Terms Varied by Agreement. Nothing contained herein is intended to prohibit Members from agreeing with the Company upon other terms and conditions for the purchase by the
Purchasing Members (or the Company on behalf of the Purchasing Members) of the Membership Units of any Member desiring to withdraw, in whole or in part, as a Member. 
 Section 8.6. Damages Not Precluded. The purchase and sale of the Buy/Sell Units in accordance with this Article shall not preclude the Company from seeking damages for losses suffered by the
Company or the Purchasing Members if the Termination Event results from a breach by the Terminated Member of Section 12.1, Section 12.2 or Section 13.1 of this Agreement. 
 Section 8.7. Divorce or Death of a Member’s Spouse. In the event of the divorce of an Employee Member or the death of an
Employee Member’s spouse, as a result of which the Employee Member (or the trust established to hold the Employee Member’s Membership Units) does not succeed to all of his or her spouse’s community property interest, if any, in the
Membership Units held by such Employee Member (or such trust) (the “Spousal Interest”), there shall be deemed to have occurred a Termination Event with respect to the Employee Member, and the Spousal Interest shall be deemed to
constitute the Buy/Sell Units for purposes of this Article. In such event, the Spousal Interest shall be purchased from the spouse or his or her beneficiaries, as applicable, by the Company for the benefit of the Purchasing Members in accordance
with the terms set forth in this Article VIII, subject to the following provisions: 
 (a) The Purchase Price for the Spousal
Interest shall be determined pursuant to Section 8.2, but to the extent inclusive of Tax Benefit Units shall be determined by reference to the positive balance in the Capital Account (or subaccount) attributable thereto. 
 (b) The date of death or the effective date of the divorce, as applicable, shall be deemed the Termination Date; and 
 (c) The Employee Member who has suffered the divorce or whose spouse has died (or the trust established to hold the Employee Member’s
Membership Units) may, within sixty (60) days of the effective date of the divorce or the date of death, as applicable, elect to be the sole purchaser of the Spousal Interest in lieu of the Purchasing Members (or the Company on their behalf).

  

 27 

 ARTICLE IX. 
 ACCOUNTING, RECORDS, REPORTING TO MEMBERS 
 Section 9.1. Books and
Records. The books and records of the Company shall be kept, and the financial position and the results of its operations recorded, in accordance with GAAP. The Company’s books and records shall be maintained at the principal place of
business of the Company or at the offices of any provider of administrative or similar services to the Company as the Executive Committee may select. The books and records of the Company shall reflect all the Company transactions and shall be
appropriate and adequate for the Company’s business. 
 Section 9.2. Information Rights of Members. Members
shall have the right to examine the books and records of the Company as provided in Section 18-305 of the Act. Any request, inspection or copying by a Member under this Section 9.2 may be made by that Person or that Person’s agent or
attorney. 
 Section 9.3. Tax Matters and Other Filings. 
 (a) As necessary from time to time, the Executive Committee shall appoint a Member to serve as “tax matters partner,” which Member
shall have the powers and responsibilities provided in Code Section 6221, et seq. 
 (b) The Executive Committee shall have
the authority to make on behalf of the Company any and all elections for federal, state or local tax purposes. 
 (c) The
Executive Committee shall cause to be prepared at least annually, at Company expense, information necessary for the preparation of the Members’ and other Membership Unit holders’ federal and state income tax returns. The Executive
Committee shall use commercially reasonable efforts to send or cause to be sent to each Member or Membership Unit holder no later than June 30 of each year or as soon thereafter as is reasonably practicable such information as is necessary to
complete federal and state income tax or information returns (and estimates of such information to the extent not already provided no later than 120 days following the end of the applicable fiscal year). 
 (d) The Executive Committee, at Company expense, shall cause the income tax returns for the Company to be prepared and timely filed with the
appropriate authorities. The Executive Committee, at Company expense, shall also cause to be prepared and timely filed, with appropriate federal and state regulatory and administrative bodies, amendments to, or restatements of, the certificates and
all reports required to be filed by the Company with those entities under the Act or other then current applicable laws, rules, and regulations. 
 Section 9.4. Bank Accounts. The Executive Committee shall cause the officers of the Company to maintain the funds of the Company in one or more separate bank accounts in the name of the
Company, and shall not permit the funds of the Company to be commingled in any fashion with the funds of any other Person. 
  

 28 

 ARTICLE X. 
 DISSOLUTION AND WINDING UP 
 Section 10.1. Dissolution. The Company
shall be dissolved, its assets shall be disposed of, and its affairs wound up on the first to occur of the following: 
 (a)
Upon the entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act; or 
 (b) Upon adoption of a
resolution to dissolve the Company by the Executive Committee with the consent of a Majority-in-Interest of the Members. 
 Section 10.2. Winding Up. Upon the occurrence of any event specified in Section 10.1, the Company shall continue solely for the purpose of winding up its affairs in an orderly manner, liquidating its assets, and satisfying
the claims of its creditors. The Executive Committee shall be responsible for overseeing the winding up and liquidation of the Company, shall take full account of the assets and liabilities of the Company, shall either cause its assets to be sold or
distributed, and if sold as promptly as is consistent with obtaining the fair market value thereof, shall cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed as provided in Section 10.5. The Persons
winding up the affairs of the Company shall give written notice of the commencement of winding up by mail to all known creditors and claimants whose addresses appear on the records of the Company. The Executive Committee shall be entitled to
reasonable compensation for such services in winding up the affairs of the Company. 
 Section 10.3. Distributions in
Kind. Any non-cash asset distributed to one or more Members shall first be valued at its fair market value to determine the Profits or Losses that would have resulted if such asset were sold for such value, such Profits or Losses shall then be
allocated pursuant to Article VI, and the Members’ Capital Accounts shall be adjusted to reflect such allocations. The amount distributed and charged to the Capital Account of each Member receiving an interest in such distributed asset shall be
the fair market value of such interest (net of any liability secured by such asset that such Member assumes or takes subject to). The fair market value of such asset shall be determined by the Executive Committee or, if any Member objects, by an
independent appraiser (any such appraiser must be recognized as an expert in valuing the type of asset involved) selected by the Executive Committee or liquidating trustee and approved by the Members. 
 Section 10.4. Order of Application of Assets upon Dissolution. Company assets not previously distributed to the Members, or the
proceeds therefrom to the extent the assets are non-cash assets and the Executive Committee elects to liquidate the same, to the extent sufficient therefor, shall be applied and distributed in the following order: 
 (i) To the payment and discharge of all of the Company’s debts and liabilities to Persons other than Members; 
 (ii) To the establishment of any reserve which the Executive Committee may deem reasonably necessary for any contingent liabilities or
obligations of the Company; such reserve may be paid over by the Executive Committee to any bank or other

  

 29 

 
acceptable party, as escrow agent, to be held for disbursement in payment of any of the aforementioned liabilities and, at the expiration of such reasonable period as shall be determined by the
Executive Committee, for distribution of the balance, in the manner hereinafter provided in this Section 10.4; 
 (iii) To
the payment and discharge of all of the Company’s debts and liabilities to Members that are creditors of the Company; 
 (iv) To the holders of Tax Benefit Units in amounts equal to the positive balances in their Capital Accounts (or subaccounts) attributable to such Tax Benefit Units; and 
 (v) To the holders of Common Units, in equal shares; provided that the amount distributable to each Member shall be limited to the positive
balance in the Capital Account of such Member after taking into account allocations of Profits and Losses for the Company’s fiscal year during which liquidation occurs. 
 Such liquidating distributions shall be made by the end of the Company’s taxable year in which the Company is liquidated, or, if later, within ninety (90) days after the date of such
liquidation. 
 Section 10.5. Compliance with Regulations. All payments to the Members upon the winding and
dissolution of Company shall be strictly in accordance with the positive capital account balance limitation and other requirements of Regulations Section 1.704-1(b)(2)(ii)(d). 
 Section 10.6. Certificate of Cancellation. Upon the dissolution and completion of the winding up of the Company, the Executive
Committee shall cause the officers of the Company to execute and file with the Office of the Secretary of State of Delaware a Certificate of Cancellation as provided by Section 18-203 of the Act. 
 ARTICLE XI. 
 INDEMNIFICATION AND INSURANCE 
 Section 11.1. Authorization. The Company shall, to the maximum and
broadest extent permitted by Delaware law, indemnify each member of the Executive Committee and each Investor Member against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceeding
arising by reason of the fact that, in the case of a member of the Executive Committee, any such Person is or was a member of the Executive Committee or, in the case of a Investor Member, is or was a Member or an agent of the Company. The Company
shall, to the maximum and broadest extent permitted by Delaware law, advance expenses incurred by any member of the Executive Committee or any Investor Member in defending any such proceeding. The Company shall have the authority, to the maximum and
broadest extent permitted by Delaware law, to indemnify each of its Members, officers, employees and agents other than the members of the Executive Committee and the Investor Member against expenses, judgments, fines, settlements and other amounts
actually and reasonably incurred in connection with any proceeding arising by reason of the fact that any such person is or was an agent of the Company. The Company shall have the authority, to the maximum and broadest extent permitted by Delaware
law, to advance expenses incurred by any Member, officer, employee or agent of the Company other than a member of the Executive Committee in defending any proceeding. 
  

 30 

 Section 11.2. Exculpation. No member of the Executive Committee, Member,
officer, agent or employee shall have any liability to the Company or any Member for any loss or damage sustained by the Company or any Member, unless the loss or damage shall have been the result of fraud, deceit or intentional misconduct, or a
knowing violation of law by such Person. 
 Section 11.3. Insurance. The Company shall have the power to purchase
and maintain insurance on behalf of any Person who is or was an agent of the Company against any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as an agent,
whether or not the Company would have the power to indemnify such Person against such liability under the provisions of Section 11.1 or under applicable law. 
 ARTICLE XII. 
 CONFIDENTIALITY AND NON-USE 
 Section 12.1. Restrictions on Disclosure. Each of the Members covenants and agrees for itself and its successors and assigns
that it shall not, unless authorized in writing by the Executive Committee, disclose to any Person and shall hold in the strictest of confidence any confidential or proprietary information with respect to the Company, the Limited Partnership or its
Affiliates and their business and affairs, whether of a technical, financial, commercial or other nature, received directly or indirectly from the Company, the Limited Partnership or its Affiliates or any other Member, except: 
 (a) to employees, attorneys, accountants and other professionals of such Member to whom, and only to the extent that, such disclosure is
necessary in furtherance of the purposes of this Agreement; provided, however, that the disclosing party shall be responsible for ensuring that such Persons comply with the confidentiality and non-use undertakings in this Article XII and shall take
reasonable precautions to ensure such compliance whether by agreement, establishment of internal regulations, or otherwise; 
 (b) to the extent required by applicable law or regulatory requirements or by judicial or administrative process, but in the event of required disclosure, any Member (other than an Investor Member) from which disclosure is required or
sought shall seek the assistance of the other Members to protect information in which such Members have an interest to the maximum extent achievable; and 
 (c) to the extent that the disclosing party can establish that the information: (i) was generally available in the public domain, provided such availability was not the result of a violation of this
Agreement; or (ii) was disclosed to the general public with the written approval of the Members opposing the disclosure. 
 The foregoing
shall not limit the disclosure of the tax treatment or tax structure of the Company or any transactions undertaken by the Company, including in the context of an audit by any tax authority. 
  

 31 

 Section 12.2. Restrictions on Use. Each Member covenants and agrees for itself
and its successors and assigns that it shall not use any proprietary or confidential information of the Company, the Limited Partnership or its Affiliates received from any of them or any other Member or Members, except as specifically provided in
this Agreement or as otherwise expressly authorized in writing by the Company. 
 ARTICLE XIII. 
 COVENANT TO PRESERVE GOOD WILL 
 OF THE LIMITED PARTNERSHIP 
 Section 13.1. Preservation of Good Will.

 (a) Each of the Members (and each member of the Executive Committee) acknowledges that its joining in this Agreement is
incident to its sale of its interest in ICG LLC and its good will in exchange for Common Units of the Company with materially different and improved rights to liquidity than the Members had prior to such transaction. Further, such transaction was in
anticipation of the Company’s conversion of ICG LLC into the Limited Partnership and the sale of the Members’ beneficial interests in the Limited Partnership to the Public Company in exchange for the Cash Proceeds and Public Company Common
Stock. In consideration of the sale of its interest in ICG LLC to the Company and the Public Company’s acquisition of (and agreement to acquire) the LP Units and the Company’s redemption of (and agreement to redeem) the Member’s
Common Units to give effect to the Public Company’s acquisition, each of the Employee Members and each member of the Executive Committee agrees to comply with the covenants set forth in Section 13.1(b). 
 (b) Except as otherwise expressly provided in this Agreement or with the prior written consent of the Executive Committee (or, in the case
of a member of the Executive Committee, the prior written consent of a majority of the independent directors of the board of directors of the Public Company), which consent may be withheld in the sole and absolute discretion of the Executive
Committee or the majority of independent directors, as applicable, no Employee Member or member of the Executive Committee, as applicable, shall do any of the following, directly or indirectly, during the periods indicated below, acting alone or as
a member of a partnership or other business entity or as a holder of any security of any class of any business entity (provided, however, that nothing herein shall prohibit a Member or member of the Executive Committee from holding less than one
percent (1%) of the outstanding amount of any security listed on a national securities exchange or NASDAQ of any corporation or other business entity): 
 (i) During the term of such Employee Member’s employment with the Limited Partnership or its Affiliates or during the term of service on the Executive Committee, as applicable, and for two
(2) years thereafter, request, induce or attempt to influence any Person who is a client of or supplier to the Limited Partnership or any of its Affiliates to limit, curtail or cancel its business with the Limited Partnership or any of its
Affiliates; and, for purposes hereof, a “client” shall include any Person who has been solicited by the Limited Partnership or any of its Affiliates to become a client during the 6 month period prior to such termination of

  

 32 

 
employment or service on the Executive Committee whether or not such Person has signed an engagement agreement with the Limited Partnership or any of its Affiliates; 
 (ii) During the term of such Employee Member’s employment with the Limited Partnership or its Affiliates or during the term of service
on the Executive Committee, as applicable, and for two (2) years thereafter, request, induce or attempt to influence any current or future Member, member of the Executive Committee, officer, employee, consultant, agent or representative of the
Limited Partnership or any of its Affiliates to (i) terminate his, her or its employment, consulting or business relationship with the Limited Partnership or any of its Affiliates or (ii) commit any act that, if committed by the Member or
member of the Executive Committee, would constitute a breach of any provision of this Agreement; 
 (iii) During the term of
such Employee Member’s employment with the Limited Partnership or its Affililates or during the term of service on the Executive Committee, as applicable, and for one (1) year thereafter, become employed by or render services to any Person
that competes with the Limited Partnership or any of its Affiliates; 
 (iv) During the term of such Employee Member’s
employment with the Limited Partnership or its Affiliates or during the term of service on the Executive Committee, as applicable, accept employment from, enter into a consulting agreement with or participate in any enterprise other than the Limited
Partnership or any of its Affiliates; or 
 (v) During the term of service on the Executive Committee, serve on the board of
directors, board of trustees, advisory board or any other similar body of an enterprise that competes with the Limited Partnership or its Affiliates in the financial services industry. 
 It is expressly acknowledged and agreed that the Investor Members are permitted hereunder to own, manage, control or participate in businesses that compete with the Limited Partnership. 
 Section 13.2. Certain Consequences of Breach. In the event that the Executive Committee (or, in the case of a member of the
Executive Committee, a majority of the independent directors of the board of directors of the Public Company) determines, in their sole discretion, that any Employee Member or member of the Executive Committee has breached any provision of Sections
12.1, 12.2 or 13.1, such Employee Member or member of the Executive Committee, upon delivery of notice of such determination by the Executive Committee or the Public Company on behalf of the Executive Committee in accordance with Section 14.11,
(i) shall immediately resign as a Member of the Limited Partnership, if applicable, (ii) shall immediately resign as a member of the Executive Committee, if applicable, (iii) shall immediately resign all positions and offices with the
Limited Partnership and its Affiliates and the Company held by such Member or member of the Executive Committee, (iv) shall return to an officer or representative of the Public Company all confidential or proprietary information of the Limited
Partnership and its Affiliates and the Company, in whatever form, and (v) sign and deliver to a representative of the Public Company a certificate confirming that such Member or member of the Executive Committee has delivered to a
representative of the Public Company all confidential or proprietary information of the Limited Partnership and its Affiliates and the Company. 
  

 33 

 Section 13.3. Certain Remedies, Including Equitable Relief. Each of the Members
agrees that in the event of a breach of any provision of Section 12.1, Section 12.2 or Section 13.1, the Executive Committee and the Public Company may, in their sole discretion and in addition to any other remedy that they may have
under law, equity or this Agreement, exercise any one or more of the following remedies: 
 (a) Each Member and each member of
the Executive Committee agree that the Company and the Public Company have no adequate remedy at law for any breach or threatened or attempted breach of the covenants and agreements set forth in Sections 12.1, 12.2 and 13.1; and, accordingly, each
Member and each member of the Executive Committee also agree that the Company and the Public Company may, in addition to the other remedies that may be available to them under this Agreement or at law, commence proceedings in equity for an
injunction temporarily or permanently enjoining the Member or member of the Executive Committee, as applicable, from breaching or threatening or attempting any such breach of such covenants and agreements; and for purposes of any such proceeding in
equity, it shall be presumed that the remedies at law available to the Company and the Public Company would be inadequate and that they would suffer irreparable harm as a result of the violation of any provision hereof by the Member or member of the
Executive Committee, as applicable. 
 (b) In addition to any other remedy available to the Company and the Public Company at
law or in equity, upon a breach by an Employee Member (and, in the case of a Tenured Employee Member, whether or not still employed) of any covenant contained in Section 13.1, it is acknowledged that the Purchasing Members shall purchase any
Buy/Sell Units of such Employee Member, his legal representative and permitted transferees in accordance with Article VIII. 
 (c) In the case of any proceeding commenced in respect of Section 13.1, each party to such proceeding shall bear its own fees, costs and expenses (including fees and disbursements of counsel) incurred in connection with such proceeding
and any appeals therefrom. 
 Section 13.4. Reduction of Scope. Each Employee Member and each member of the
Executive Committee agree that if the scope of the covenant set forth in Section 13.1 is deemed by any court to be overly broad, the court may reduce the scope hereof to that which it deems reasonable under the circumstances. If any one or more
provisions of Section 13.1 are held to be invalid or unenforceable, the validity and enforceability of the remaining provisions shall not be affected thereby. 
 Section 13.5. Independent Obligations. Each Employee Member and each member of the Executive Committee agree that the covenants and agreements of such Member or member of the Executive
Committee, as applicable, set forth in Section 13.1 are independent of all other covenants, representations, warranties and agreements of the parties set forth in this Agreement, and no default, breach or failure to perform by any party to the
Agreement shall constitute an excuse or other justification for the Employee Member or member of the Executive Committee, as applicable, to fail to observe fully its covenants and agreements under Section 13.1. No course of dealing between the
Company, the Limited Partnership and its Affiliates, on the one hand, and the Employee Member or member of the Executive Committee, as applicable, on the

  

 34 

 
other hand, and no delay by the Company or the Public Company in exercising any right, power or remedy under Section 13.1, in equity or at law, shall constitute a waiver of, or otherwise
prejudice, any such right, power or remedy. 
 ARTICLE XIV. 
 MISCELLANEOUS 
 Section 14.1. Complete Agreement;
Effect. The provisions of this Agreement shall govern and take precedence over the terms of any other agreement entered into by the Company or the Executive Committee and a Member prior to the date hereof and/or prior to the date when the Member
joins in this Agreement to the extent that the terms of such other agreement conflict or are inconsistent with the provisions hereof. 
 Section 14.2. Governing Law. This Operating Agreement and the rights of the parties hereunder will be governed by, interpreted, and enforced in accordance with the laws of the State of Delaware. 
 Section 14.3. Binding Effect. Subject to the provisions of this Agreement relating to transferability, this Agreement will be
binding upon and inure to the benefit of the Members, and their respective permitted successors and assigns. 
 Section 14.4. Parties in Interest. Except as expressly provided in the Act, nothing in this Agreement shall confer any rights or remedies under or by reason of this Agreement on any Persons other than the Members, the members of
the Executive Committee and their respective successors and assigns nor shall anything in this Agreement relieve or discharge the obligation or liability of any third person to any party to this Agreement, nor shall any provision give any third
person any right of subrogation or action over or against any party to this Agreement; provided, that the Public Company is a third-party beneficiary of Article XII and Article XIII of this Agreement, and the Public Company shall have the right to
enforce all legal and equitable remedies set forth in Section 13.3 hereof. 
 Section 14.5. Pronouns; Statutory
References. All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine, or neuter, singular or plural, as the context in which they are used may require. Any reference to the Code, the Regulations, the Act, DGCL
or other statutes or laws will include all amendments, modifications, or replacements of the specific sections and provisions concerned. 
 Section 14.6. Headings. All headings herein are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any provision of this
Agreement. 
 Section 14.7. Interpretation. In the event any claim is made by any Member relating to any conflict,
omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular Member or its counsel. 
  

 35 

 Section 14.8. References to this Agreement. Numbered or lettered articles,
sections and subsections herein contained refer to articles, sections and subsections of this Agreement unless otherwise expressly stated. 
 Section 14.9. Severability. If any provision of this Agreement or the application of such provision to any person or circumstance shall be held invalid, the remainder of this Agreement or the
application of such provision to persons or circumstances other than those to which it is held invalid shall not be affected thereby. 
 Section 14.10. Additional Documents and Acts. Each Member agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out
and perform all of the terms, provisions, and conditions of this Agreement and the transactions contemplated hereby. 
 Section 14.11. Notices. Any notice to be given or to be served upon the Company or any party hereto in connection with this Agreement must be in writing (which may include facsimile) and will be deemed to have been given and
received when delivered to the address specified by the party to receive the-notice. Such notices will be given to a Member at the address specified in the records of the Company. Any party may, at any time by giving five (5) days’ prior
written notice to the other parties, designate any other address in substitution of the foregoing address to which such notice will be given. 
 Section 14.12. Amendments. All amendments to this Agreement shall be made by the affirmative vote of Members holding not less than eighty percent (80%) of the issued and outstanding
Membership Units, and any such amendments shall be in writing and signed by Members holding not less than eighty percent (80%) of the issued and outstanding Membership Units; provided, that any amendment to Article XII or Article XIII shall
require the written consent of the Public Company. 
 Section 14.13. Multiple Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 Section 14.14. Special Power of Attorney. 
 (a) Each Member (other than
the Investor Members) hereby makes, constitutes and appoints the Executive Committee, with full power of substitution and resubstitution, its true and lawful attorney for it and in its name, place and stead and for its use and benefit, to sign,
execute, certify, acknowledge, file and record the Certificate, to sign, execute, certify, acknowledge, file and record all instruments amending, restating or canceling the Certificate, as the same may hereafter be amended or restated, that may be
appropriate, and to sign, execute, certify, acknowledge, file and record such other agreements, instruments or documents as may be necessary or advisable (a) to reflect the admission to the Company of any additional Member in the manner
prescribed in this Agreement; (b) to reflect the transfer of any Membership Units in the manner prescribed in this Agreement; and (c) which may be required of the Company or of the Members by the laws of the State of Delaware or any other
jurisdiction. 
 (b) The power of attorney granted pursuant to this Section 14.14: 
 (i) is a special power of attorney coupled with an interest and is irrevocable; 
  

 36 

 (ii) may be exercised by such attorney-in-fact by listing the Member executing any
agreement, certificate, instrument or document with the single signature of such attorney-in-fact acting as attorney-in-fact for it; and 
 (iii) shall survive any delivery of an assignment by the Member of its Membership Units, except that where the transferee thereof is admitted as a Member, the power of attorney shall survive the delivery
of such assignment as to the assignor Member for the sole purpose of enabling such attorney-in-fact to execute, acknowledge and file any such agreement, certificate, instrument or document as is necessary to effect such admission. 
 (c) The Executive Committee may exercise the special power of attorney granted in Section 14.14(a) by facsimile signatures of a
majority of the members of the Executive Committee. 
 (d) Members who are natural persons and residents of New York shall
execute and deliver to the Company a separate special power of attorney in a form provided by counsel to the Company. 
 [Signature pages follow] 
  

 37 

 IN WITNESS WHEREOF, the undersigned Members, intending to be legally bound hereby, have duly
executed this Agreement as of the date first written above. 
 [SIGNATURE BLOCKS OF MEMBERS] 

 SPOUSAL CONSENT 
 FOR EMPLOYEE MEMBER INTEREST 
 I, being the spouse of
a party to the Limited Liability Company Agreement dated                     , 2010 (the “LLC Agreement”) of ICGI Holdings, LLC, a Delaware
limited liability company (the “Company”) who is an Employee Member, do hereby consent to the provisions of the LLC Agreement and acknowledge and certify on my own behalf that: 
  

	 	1.	I have read the LLC Agreement and understand its contents. 

  

	 	2.	I am aware that, by the provisions of the LLC Agreement, under certain limited circumstances my spouse agrees to sell to the other Members, or otherwise grants to the
other Members an option to purchase, part or all of his or her limited liability company interest in the Company (“LLC Interest”), including my community property interest (if any) in such LLC Interest. 

  

	 	3.	I am aware that, by the provisions of the LLC Agreement, upon my death or in the event that my spouse and I are divorced, I or my legal representatives may be required
to sell my community property interest (if any) in the LLC Interest of my spouse to the Members of the Company if my spouse does not succeed to such community property interest. 

  

	 	4.	I hereby consent to the sale of my community property interest (if any) pursuant to the terms and conditions of the LLC Agreement, approve of the provisions of the LLC
Agreement and agree that my spouse’s LLC Interest and my interest in it are subject to the provisions of the LLC Agreement. I promise that I will not take action at any time to hinder the operation of the LLC Agreement with respect to my
spouse’s LLC Interest and my interest in it, in accordance with the terms of the LLC Agreement. 

  

	 	5.	I have been given the opportunity to retain and consult with separate legal counsel with respect to the LLC Agreement and my community property interest (if any) in the
LLC Interest of my spouse. 

 In the case of any inconsistency between this Spousal Consent and the provisions of
the LLC Agreement, the provisions of the LLC Agreement shall control. 
 Witness my signature this      day
of                     , 2010. 
  

			
	Signature:	 	 

			
	Print Name:	 	 

			
	Print Name of Spouse:	 	 

  

 1 

 SPOUSAL CONSENT 
 FOR EMPLOYEE MEMBER INTEREST HELD IN TRUST 
 I, being
the spouse of an Employee Member of ICGI Holdings, LLC, a Delaware limited liability company (the “Company”) whose interest in the Company (“LLC Interest”) has been transferred to and is held by a trust (the “Trust”)
that is now party to the Limited Liability Company Agreement dated             , 2010 (the “LLC Agreement”) of the Company, do hereby consent to the provisions of the LLC
Agreement and acknowledge and certify on my own behalf that: 
  

	 	1.	I have read the LLC Agreement and understand its contents. 

  

	 	2.	I am aware that, by the provisions of the LLC Agreement, under certain limited circumstances the Trust agrees to sell to the other Members, or otherwise grants to the
other Members an option to purchase, part or all of its LLC Interest, including my community property interest (if any) in such LLC Interest. 

  

	 	3.	I am aware that, by the provisions of the LLC Agreement, upon my death or in the event that my spouse and I are divorced, I or my legal representatives may be required
to sell my community property interest (if any) in the LLC Interest of the Trust to the Members of the Company if the Trust or my spouse does not succeed to such community property interest. 

  

	 	4.	I hereby consent to the sale of my community property interest (if any) pursuant to the terms and conditions of the LLC Agreement, approve of the provisions of the LLC
Agreement and agree that the LLC Interest of the Trust and my interest in it are subject to the provisions of the LLC Agreement. I promise that I will not take action at any time to hinder the operation of the LLC Agreement with respect to the
Trust’s LLC Interest and my interest in it, in accordance with the terms of the LLC Agreement. 

  

	 	5.	I have been given the opportunity to retain and consult with separate legal counsel with respect to the LLC Agreement and my community property interest (if any) in the
LLC Interest of the Trust. 

 In the case of any inconsistency between this Spousal Consent and the provisions of
the LLC Agreement, the provisions of the LLC Agreement shall control. 
 Witness my signature this      day
of                     , 2010. 
  

			
	Signature:	 	 

			
	Print Name:	 	 

			
	Print Name of Spouse:Form of Employment Agreement (Jason W. Reese).

 Exhibit 10.8 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (the “Agreement”), dated as of             , 2010, by and between Imperial Capital Group, L.P., a Delaware limited partnership (“ICG LP”), and Jason W. Reese
(“Executive”). 
 WHEREAS, Executive, together with Randall E. Wooster, manage the business and operations of ICG LP
(or its predecessor) pursuant to a management agreement between ICG LP and Imperial Capital Group Holdings, LLC; 
 WHEREAS such
management agreement will be assigned by Imperial Capital Group Holdings, LLC to ICG LP and terminated by ICG LP in exchange for certain consideration payable to Imperial Capital Group Holdings, LLC, in connection with the consummation of the
Initial IPO; 
 WHEREAS, subject to the consummation of the Initial IPO of Imperial Capital Group, Inc. (“Imperial
Capital”), the general partner of ICG LP, ICG LP desires to secure for itself and its Affiliates the continuing services of Executive by employing Executive, and Executive desires to provide such continuing services as an employee of ICG LP, in
each case, pursuant to the terms and conditions hereof. 
 NOW, THEREFORE, in consideration of the promises and the mutual
covenants herein contained, ICG LP, Imperial Capital (solely for purposes of Section 10(p)) and Executive hereby agree as follows: 
 1.
Term of Employment. Subject to the consummation of the Initial IPO, Executive shall be employed by ICG LP for the period commencing on the Effective Date and ending on the third annual anniversary thereof (such period, the “Employment
Term”) on the terms and conditions set forth herein. Commencing on the initial anniversary of the Effective Date and on each annual anniversary thereafter (each an “Extension Date”), the Employment Term shall be automatically extended
for an additional one-year period, unless either ICG LP or Executive provides the other party with written notice before an Extension Date that the Employment Term shall not be so extended. For the avoidance of doubt, it is intended that, unless
either party has provided written notice to the other before an Extension Date that the Employment Term shall not be so extended, the remaining length of the Employment Term shall always be no less than two years. 
 2. Position and Duties. During the Employment Term, Executive shall serve as the Chief Executive Officer of ICG LP. In such position, Executive shall
report solely and directly to the Board of Directors of Imperial Capital (the “Board”), and all employees of ICG LP and its subsidiaries, other than Randall E. Wooster, shall report either directly or indirectly to Executive. Without
limiting the foregoing, Executive shall have such executive and managerial duties and authority as shall be determined from time to time by the Board as are commensurate with Executive’s positions. During the Employment Term, Executive shall
also serve, without additional compensation, as Chairman of the Board of Directors and Chief Executive Officer of 

 Imperial Capital. During the Employment Term, Executive shall devote Executive’s full business time and
attention (exclusive of periods of illness or vacation) to the performance of Executive’s duties hereunder and shall not engage in any other business, profession or occupation for compensation without the prior written consent of the Board.
Notwithstanding the foregoing, Executive may manage his personal investments, be involved in charitable and professional activities (including serving on charitable and professional boards), and, with the consent of the Board, serve on for-profit
boards of directors and advisory committees, so long as such service does not materially interfere with the performance of Executive’s duties hereunder or violate Section 7 hereof. Any boards that Executive serves on as of the Effective
Date shall be deemed to have been approved by the Board. 
 3. Salary and Annual Bonus. 
  

	 	(a)	Base Salary. During the Employment Term, ICG LP shall pay Executive a base salary at the annual rate of $1,000,000, payable in regular installments in accordance
with ICG LP’s usual payroll practices for similarly situated senior executives of ICG LP. The Board shall review Executive’s base salary and other compensation at least once per annum, and may increase, but not decrease, Executive’s
annual base salary. Executive’s annual base salary, as in effect from time to time, shall hereinafter be referred to as the “Base Salary.” 

  

	 	(b)	Annual Bonus. During the Employment Term (or portion thereof), Executive shall be eligible to receive a bonus (the “Annual Bonus”), as determined
pursuant to the ICG LP [Annual Bonus Plan] (or any similar or successor plan) (collectively, the “Bonus Plan”), and on the basis of Executive’s or ICG LP’s attainment of objective financial or other goals established by the
Compensation Committee of the Board (the “Compensation Committee”) in its sole good faith discretion and in consultation with Executive. The Annual Bonus for each fiscal year shall be paid to Executive no later than the March 15th
following the completion of such fiscal year. In addition, Executive shall be eligible to participate in any other bonus or compensation plan or program that may be established by the Compensation Committee for senior executives and that covers
Executive (even if such plan or program does not provide for qualified performance-based bonuses within the meaning of Section 162(m) of the Code), at a level commensurate with Executive’s positions. 

 4. Equity Participation. Executive shall be entitled to participate in, and to be granted awards consisting of, shares of Common Stock pursuant to
the 2010 Equity Incentive Plan of Imperial Capital Group, Inc. (the “2010 Equity Plan”), as the Compensation Committee shall determine from time to time at a level commensurate with Executive’s position, which Common Stock shall be
subject to restrictions and such other terms and conditions not inconsistent with this Agreement (the “Restricted Stock”) and as are set forth in the agreement evidencing such award of Restricted Stock (the 2010 Equity Plan and the
agreement evidencing such award being referred to herein as the “Equity Award Documents”). Among other things, the Equity Award Documents shall provide that the Restricted Stock will vest as to at least 25% of the total number of shares of
Restricted Stock granted to Executive on each anniversary of the grant date; provided that the Restricted Stock shall also be 100% vested upon (i) the occurrence of a Change in Control, (ii) the death of Executive, (iii) termination
of Executive by ICG LLP other than for

  

 2 

 
Cause, (iv) termination of Executive by ICG LLP for Disability or (v) Executive’s resignation for Good Reason. 
 5. Employee Benefits. 
  

	 	(a)	General. During the Employment Term, Executive shall be entitled to participate in or be eligible to receive benefits under ICG LP’s employee benefit plans
and payroll practices, as in effect from time to time, including, without limitation, any medical and dental insurance, vision, life insurance, short-term and long-term disability or death benefits and 401(k) plans or other fringe benefits
(collectively, “Employee Benefits”), on a basis no less favorable then that which is available to other senior executives of ICG LP. 

  

	 	(b)	Expense Reimbursement. ICG LP shall reimburse Executive for all reasonable business expenses incurred by Executive in the performance of his duties hereunder;
provided, that such expenses are incurred and accounted for in accordance with ICG LP’s policies and procedures. All such payments shall be made by ICG LLP within 60 days of ICG LLP’s receipt of appropriate documentation establishing
Executive’s payment of the expenses for which he seeks reimbursement. 

 6. Termination of Employment. The Employment
Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason. Notwithstanding any other provision of this Agreement, the provisions of this Section 6 shall exclusively govern Executive’s
rights, and ICG LP’s obligations, upon Executive’s termination of employment with ICG LP; provided that: (i) Executive’s rights with respect to Executive’s awards under the 2010 Equity Plan shall be governed solely by
the terms of the 2010 Equity Plan and the agreements and other documents governing such awards (including the Equity Award Documents); and (ii) Executive’s rights with respect to the amount and time of payment of any Employee Benefits
shall be governed by the documents governing such Employee Benefits. 
  

	 	(a)	For Cause by ICG LP or For Any Reason Other than Good Reason by Executive. The Employment Term and Executive’s employment (i) may be terminated by ICG
LP for Cause or as a result of Executive’s Disability and (ii) shall terminate upon Executive’s death or upon Executive’s resignation without Good Reason; provided that before ICG LP may terminate Executive for Cause, the
Board shall deliver to Executive a written notice of ICG LP’s intent to terminate him for Cause, which notice shall include with specificity the reasons for such termination, and ICG LP shall provide Executive a hearing in person (together with
counsel) before the full Board. If after such hearing, the Board gives written notice to Executive confirming that a majority of the members of the full Board (excluding Executive) voted after the hearing to terminate him for Cause, Executive’s
employment shall thereupon be terminated for Cause. If Executive’s employment is terminated by ICG LP for Cause or as a result of Disability, upon Executive’s death or if Executive resigns without Good Reason, Executive (or in the event of
his death, Executive’s estate) shall be entitled to receive: 

 (A) the Base Salary through
the date of termination, payable on the normal payroll date for such Base Salary; 
  

 3 

 (B) any Annual Bonus earned, but unpaid, as of the date of termination for
the immediately preceding fiscal year and, except when Executive’s employment is terminated by ICG LP for Cause or upon Executive’s resignation without Good Reason, a pro-rata portion of the Annual Bonus for the fiscal year in which
Executive’s termination occurs (provided any applicable performance-based requirements under Section 162(m) of the Code are complied with), which shall be paid at the time set forth in Section 3; and 
 (C) reimbursement for any unreimbursed business expenses that have been properly incurred by Executive prior to the date of
Executive’s termination and that are or have been submitted in accordance with the applicable ICG LP policy, which reimbursement shall be paid promptly and in any event within 60 days after submission in accordance with ICG LP policy, provided
that Executive shall submit all outstanding unreimbursed business expenses no later than 45 days following the date of termination; 
 For purposes of this Agreement, the amounts described in the preceding clauses (A) through (C) hereof payable at the times provided herein are referred to as the “Accrued Rights”.

  

	 	(b)	By ICG LP Without Cause or by Executive for Good Reason. The Employment Term and Executive’s employment may be terminated by ICG LP without Cause or by
Executive’s resignation for Good Reason. If Executive’s employment is terminated by ICG LP without Cause or as a result of Executive’s resignation for Good Reason, Executive shall be entitled to receive from ICG LP:

 (A) the Accrued Rights; and 
 (B) subject to Executive’s continued compliance with the provisions of Sections 7 and 8 of this Agreement, and subject
to Executive’s execution and non-revocation of the “Release” within 30 days after receipt, which shall be delivered to Executive within 10 days following the termination of Executive’s employment and which shall be substantially
in the form attached hereto as Exhibit A (the expiration of the Release revocation period, following execution of the Release by Executive and without revocation by Executive during such period, the “Release Effective Date”): 

(1) two (2) times the sum of (i) the Base Salary and (ii) the average of the Annual Bonuses earned or
payable to Executive with respect to the last three fiscal years completed prior to the termination of Executive’s employment (such aggregate calculated amount being the “Base Severance”), which Base Severance shall be payable in
equal, or substantially equal, payments over the twenty-four month period commencing on the Date of Termination in accordance with ICG LP’s normal payroll practices, provided that the first payment shall be made on the first payroll date
that occurs following the Release Effective Date, and shall include any amounts that would have otherwise been due under this paragraph prior to such first payment date; and provided, further, that in the event that the Date of Termination
occurs during the period commencing on the Effective Date and ending on December 31 of the year in which the third anniversary of the Effective Date occurs, the Base Severance shall be deemed to be $8,000,000; and 
  

 4 

 (2) continue to provide, at ICG LP’s expense, Executive (and his
eligible dependents) with the medical, dental, vision and life insurance coverage in which he (or his dependents) was participating as of the Date of Termination (at a level then in effect with respect to coverage and employee premiums) until the
second anniversary of the Date of Termination. If such coverage cannot be provided on a tax-advantaged basis under ICG LP’s program, ICG LP shall reimburse Executive for the cost of such coverage actually obtained and incurred independently by
Executive during such two year period plus an amount sufficient for Executive to pay all federal, state or local income or employment taxes imposed upon the receipt of the reimbursement plus the receipt of the amount itself, but the cost of such
coverage to be reimbursed shall not exceed the cost for such coverage to a similarly-situated senior executive under the program, and all reimbursements for the cost of such coverage and the taxes shall be made by ICG LP no later than the end of the
second taxable year of Executive following the taxable year in which Executive’s Date of Termination occurs. 
  

	 	(c)	Change of Control. Notwithstanding any provision of this Agreement to the contrary (including, for the avoidance of doubt, Section 6(a)), if a Change in
Control shall occur and Executive voluntarily terminates his employment at anytime within six (6) months following such Change in Control, then Executive shall be entitled to receive the amounts and benefits provided in Section 6(b) as if
Executive had resigned for Good Reason; provided that if the Change in Control shall constitute a change in control within the meaning of Section 409A of the Code, then the Base Severance shall be paid in one lump sum payment on the
first payroll date that occurs following the later of (i) the Change in Control, or (ii) the Release Effective Date (instead of in installments over the twenty-four month period following the date of termination of Executive’s
employment). Immediately prior to the occurrence or consummation of any transaction that could constitute or that could result in a Change in Control that would not constitute a change in control within the meaning of Section 409A of the Code,
ICG LP shall establish at its cost and expense an irrevocable grantor trust described in Revenue Procedure 92-64, 1992-2 C.B. 422 (sometimes known as a “rabbi trust”) with an institution and pursuant to an agreement as shall be mutually
acceptable to ICG LP and Executive, which trust agreement shall provide for the payment of any amounts, at the times and under the circumstances that amounts may thereafter be payable as provided in Section 6, and simultaneously with the
occurrence or consummation of the transaction constituting or that could result in the Change in Control, ICG LP shall transfer to the institution serving as trustee of such trust an amount as shall at least equal the amounts payable to Executive
pursuant to this Section 6 following such Change in Control. 

  

	 	(d)	 Notice and Date of Termination. Any purported termination of Executive’s employment by ICG LP or by Executive shall be communicated by
written “Notice of Termination” to the other party hereto in accordance with Section 10(g) hereof. For purposes of this Agreement, “Notice of Termination” shall mean a notice that shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. “Date of Termination”
shall mean (i) if Executive’s employment is terminated by his death, the date of his death; (ii) if Executive’s employment is terminated as a result of Disability, the date provided in the

  

 5 

	 	 
Notice of Termination; and (iii) if Executive’s employment is terminated pursuant to Sections 6(b) or 6(c), the date specified in the Notice of Termination (or if no such date is
specified, the last day of Executive’s active employment with the Company), in each case as provided in accordance with this Agreement. If the Date of Termination is specified in a Notice of Termination, in no event shall the Date of
Termination be earlier than the date the Notice of Termination was given pursuant to Section 10(g). 

 7. Certain
Restrictive Covenants. 
  

	 	(a)	During the Employment Term and, except in the case where the Employment Term has ended as a result of ICG LP electing not to extend the Employment Term pursuant
to Section 1 hereof, during the 24-month period following the Date of Termination (the Employment Term and, if applicable, the 24-month period following the Date of Termination, the “Restricted Term”), Executive shall not
without the Board’s prior written consent (i) directly or indirectly whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business
organization, entity or enterprise whatsoever (“Person”), (ii) solicit or assist in soliciting in competition with ICG LP or any of its Affiliates, the business of any current or actively being pursued prospective customer, client,
partner, member, or (iii) invest or engage in, have any equity interest in, or manage or operate (whether as a director, officer, employee, agent, representative, security holder, consultant or otherwise) any business that competes with the
business of ICG LP or any of its Affiliates (including, without limitation, businesses which ICG LP or any of its Affiliates had specific plans to conduct in the future and as to which Executive was aware of such planning, and which were not
terminated or abandoned by the relevant entity’s board of directors more than one year prior to the date of Executive’s termination (“Specific Plans”)) in any geographical area that is within 50 miles of any geographical area
where ICG LP or any of its Affiliates actually does (or has Specific Plans to) provide its products or services (a “Competitive Business”); provided that: (x) Executive shall be permitted to acquire a passive stock or equity
interest in such a Competitive Business provided the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such a Competitive Business; (y) Executive shall be permitted to acquire any
investment through a mutual fund, private equity fund or other pooled account that is not controlled by Executive and in which he has less than a five percent (5%) interest; or (z) Executive may provide services to a subsidiary, division
or Affiliate of a Competitive Business if such subsidiary, division or Affiliate is not itself engaged in a Competitive Business and Executive does not provide services to, or have any responsibilities regarding, the Competitive Business. At any
time during the Restricted Term following the Date of Termination, Executive may request in writing that the Board consent to Executive’s direct or indirect engagement in, ownership of an equity interest in, or management or operation of
(whether as a director, officer, employee, agent, representative, security holder, consultant or otherwise) any Competitive Business, which request the Board shall consider in good faith based upon the Board’s reasonable and good faith
determination of the potential impact of Executive’s involvement in such Competitive Business on ICG LP and its Affiliates. 

  

 6 

	 	(b)	During the 12 month period following the Date of Termination, Executive shall not, directly or indirectly recruit or otherwise solicit or induce any executive employee,
director or consultant of or to ICG LP to terminate his or its employment or arrangement with ICG LP or otherwise change its relationship with ICG LP, provided that nothing in this Section 7(b) shall prohibit Executive from providing
employment, personal or other references for any such Person or general advertising for employees by Executive or any Person of which Executive is an employee or Affiliate. 

  

	 	(c)	Executive shall not intentionally disparage ICG LP, any of its practices, or any of the directors, officers, or employees of ICG LP or its Affiliates, whether orally,
in writing or otherwise, at any time. ICG LP and its Affiliates (including without limitation the directors of any of its Affiliates) shall not intentionally disparage Executive, whether orally, in writing or otherwise, at any time. Notwithstanding
the foregoing, nothing in this Section 7(c) shall (i) limit the ability of ICG LP or Executive, as applicable, to provide truthful testimony as required by law or any judicial or administrative process or Executive from making normal
commercial competitive type statements in a competitive business situation not based on his employment with ICG LP, or (ii) prevent any Person from (x) responding publicly to incorrect, disparaging or derogatory public statements to the
extent reasonably necessary to correct or refute such public statement or (y) making any truthful statement to the extent necessary with respect to any litigation, arbitration or mediation involving this Agreement, including, but not limited
to, the enforcement of this Agreement. 

  

	 	(d)	Executive agrees that all strategies, methods, processes, techniques, marketing plans, merchandising schemes, themes, layouts, mechanicals, trade secrets, copyrights,
trademarks, patents, ideas, specifications and other material or work product (“Intellectual Property”) that Executive creates, develops or assembles during the Employment Term in connection with his employment hereunder shall become the
permanent and exclusive property of ICG LP to be used in any manner it sees fit, in its sole discretion. Executive shall not communicate to ICG LP any ideas, concepts, or other intellectual property of any kind (other than that required in his
capacity as an officer of ICG LP) which (i) were earlier communicated to Executive in confidence by any third party as proprietary information, or (ii) Executive knows or has reason to know is the proprietary information belonging to
Executive or any third party. All Intellectual Property created or assembled in connection with Executive’s employment hereunder shall be the permanent and exclusive property of ICG LP, and Executive will and hereby does assign any rights
therein to ICG LP. ICG LP and Executive mutually agree that all Intellectual Property and work product created in connection with this Agreement, which is subject to copyright, shall be deemed to be “work made for hire,” and that all
rights to copyrights shall be vested in ICG LP. If for any reason ICG LP cannot be deemed to have commissioned “work made for hire,” and its rights to copyright are thereby in doubt, then Executive agrees not to claim to be the proprietor
of the work prepared for ICG LP, and agrees to and hereby does irrevocably assign to ICG LP, at ICG LP’s expense, all rights in the copyright of the work prepared for ICG LP. 

  

	 	(e)	 ICG LP and Executive expressly acknowledge and agree that the agreements and covenants contained in this Section 7 are reasonable. In the event,
however, that any

  

 7 

	 	 
agreement or covenant contained in this Section 7 shall be determined by any court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement
is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially
determine or indicate to be enforceable. 

  

	 	(f)	ICG LP and Executive expressly acknowledge and agree that the agreements and covenants contained in this Section 7 are reasonable. In the event, any court of
competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions
contained herein. 

  

	 	(g)	Any limitation on Executive’s activities or any forfeiture of benefits, equity or compensation based on violation of limitations on Executive’s activities
shall not be based on any limitation that is any broader than those set forth in this Section 7. 

 8. Confidential
Information. Except as Executive deems necessary (or, in good faith, desirable) to be disclosed in connection with the performance of Executive’s duties hereunder or as specifically set forth in this Section 8, Executive shall, in
perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any non-public, proprietary or
confidential information, including, without limitation, trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances,
investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals,
concerning the past, current or future business, activities and operations of ICG LP or any of its Affiliates and/or any third party that has disclosed or provided any of the same to ICG LP or any of its Affiliates on a confidential basis (the
“Confidential Information”). “Confidential Information” shall not include any information that is (a) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any
breach of other confidentiality obligations by third parties; or (b) received by Executive in good faith from a third party (which is unaffiliated with ICG LP and its Affiliates) who had received such information without breach of any
confidentiality obligation. Additionally, Executive shall not be liable for disclosures of “Confidential Information” if required by law or legal process to be disclosed, provided that Executive shall: use his best efforts to give prompt
written notice to ICG LP of such requirement; notify the requesting entity or authority that such information is subject to disclosure limitations belonging to ICG LP and/or its Affiliates and request from such entity or authority a delay in any
such production so that ICG LP and/or its Affiliates may seek appropriate legal protections, if any; disclose no more information than is so required; and cooperate with any attempts by ICG LP to obtain a protective order or similar treatment. The
parties hereby stipulate and agree that as between them the foregoing matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of ICG LP (and any successor or
assignee of ICG LP). Upon termination of Executive’s employment with ICG LP for any reason, Executive will promptly deliver to ICG LP all correspondence, drawings, manuals, letters, notes, notebooks, reports,

  

 8 

 
programs, plans, proposals, financial documents, or any other documents concerning ICG LP’s customers, business plans, designs, marketing or other business strategies, products or processes,
provided that Executive may retain (i) papers and other materials of a personal nature, including, but not limited to, photographs, correspondence, personal diaries, calendars and personal rolodexes, personal files and personal telephone books,
(ii) information showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed for tax purposes, (iv) copies of plans, programs and agreements relating to his
employment, or termination thereof, with ICG LP and (v) copies of minutes, presentation materials and personal notes from any meeting of the Board, or any committee thereof, while he was a member of the Board, provided, however, that nothing in
the foregoing provisions (i) through (v), inclusive, shall entitle Executive to retain any confidential, proprietary or trade secret information belonging to ICG LP or its Affiliates, including but not limited to detailed customer lists,
preferences or information 
 9. Specific Performance. It is recognized and acknowledged by Executive and ICG LP that a breach by either
party of such party’s covenants contained in Sections 7 and 8 will cause irreparable damage to ICG LP or Executive, as applicable, and its or his goodwill or reputation, the exact amount of which will be difficult or impossible to ascertain,
and that the remedies at law for any such breach will be inadequate. Accordingly, the parties agree that in the event a party breaches any covenant contained in Sections 7 and 8, in addition to any other remedy which may be available at law or in
equity (or under any other agreement between ICG LP and Executive), the other party will be entitled to specific performance and injunctive relief, in addition to any remedies at law, and without posting any bond, ICG LP shall be entitled to cease
making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may
then be available. 
 10. Miscellaneous. 
  

	 	(a)	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of laws
principles thereof. 

  

	 	(b)	Entire Agreement/Amendments. Subject to the consummation of the Initial IPO, this Agreement contains the entire understanding of the parties with respect to the
employment of Executive by ICG LP, and this Agreement shall supersede all prior agreements (including verbal agreements) between Executive and the ICG LP with respect to the subject of this Agreement; provided that Executive’s rights
with under the 2010 Equity Plan to the extent not inconsistent with the express provisions hereof shall be governed solely by the Equity Documents. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the
parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 

  

	 	(c)	 No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver
of such party’s rights or

  

 9 

	 	deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

  

	 	(d)	Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

  

	 	(e)	Assignment. This Agreement, and all of each party’s rights, duties and obligations hereunder, shall not be assignable or delegable by either party. Any
purported assignment or delegation by either party in violation of the foregoing shall be null and void ab initio and of no force and effect. ICG LP will require any successor (whether direct or indirect, by purchase, merger, consolidation, transfer
or otherwise) to all or substantially all of the assets of ICG LP to expressly assume and agree to perform this Agreement in the same manner and to the same extent that ICG LP would be required to perform hereunder. 

  

	 	(f)	Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators,
successors, heirs, distributes, devisees and legatees. 

  

	 	(g)	Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement,
or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 

  

	 	    	If to the ICG LP: 

 Imperial Capital Group, LLC 
 2000 Avenue of the Stars 
 9th Floor, South Tower 
 Los Angeles, CA 90067 
 Telephone: (310) 246-3700

 Facsimile: 
 Attention: General Counsel 
  

	 	    	If to Executive: To the most recent address of Executive set forth in the personnel records of the ICG LP. 

  

	 	(h)	 Executive Representation. Executive hereby represents to ICG LP that the execution and delivery of this Agreement by Executive and ICG LP and
the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene,

  

 10 

	 	 
the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 

  

	 	(i)	Cooperation. Following the Employment Term, Executive shall reasonably cooperate with ICG LP in connection with any action or proceeding (or any appeal from any
action or proceeding) which relates to events occurring during Executive’s employment hereunder (other than any action or proceeding with respect to this Agreement). ICG LP shall reimburse all reasonable costs and expenses of Executive as
a result of such cooperation, including lost wages, travel costs and legal fees to the extent Executive reasonably believes that separate representation is warranted, and any reimbursement must be made on or before the last day of the year following
the year in which the expense was incurred. Executive’s entitlement to reimbursement of expenses, including legal fees pursuant to this Section 10(i), shall in no way affect Executive’s rights to be indemnified and/or advanced
expenses in accordance with ICG LP’s or any Affiliates corporate documents, insurance policies and/or in accordance with this Agreement. In no event shall Executive be required to act against the best interests of any new employer or new
business venture in which he is a partner or active participant, and any request for such cooperation shall take into account (i) the significance of the matters at issue in the litigation, arbitration, proceeding or investigation and
(ii) Executive’s other personal and business commitments.

  

	 	(j)	Withholding Taxes. ICG LP may withhold from any amounts payable under this Agreement such federal, state and local income and employment taxes as may in ICG
LP’s judgment be required to be withheld pursuant to any applicable law or regulation. 

  

	 	(k)	Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. 

  

	 	(l)	 Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s termination
of employment with ICG LP Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of
employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then ICG LP will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such
payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with ICG LP (or the earliest date as is permitted under Section 409A of the Code) and
(ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral
will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an
accelerated or additional tax. In the event that payments under this Agreement are deferred pursuant to this Section 10(l) in order to prevent any accelerated tax or additional tax under Section 409A of the Code, then such

  

 11 

	 	payments shall be paid at the time specified under this Section 10(l) (together with interest for any additional deferral period resulting from this
Section 10(l) at the applicable federal rate under Section 7872(f)(2)(A) of the Code in effect on the date of termination). ICG LP shall consult with Executive in good faith regarding the implementation of this Section 10(l);
provided that neither the ICG LP nor any of its employees or representatives shall have any liability to Executive with respect thereto. Notwithstanding anything to the contrary herein, a termination of employment shall not be deemed to have
occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of
Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms shall mean separation from service. In
addition, the entitlement to any series of payments provided for in this Agreement shall be treated as multiple payments rather than a single payment for purposes of Section 409A. 

  

	 	(m)	No Mitigation. Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or
otherwise and the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of subsequent employment of Executive following the termination of his employment hereunder.

  

	 	(n)	Resignation as Member of Board. If Executive’s employment with ICG LP is terminated for any reason, Executive hereby agrees to resign, as of the date of
such termination and to the extent applicable, as a member of the Board and the board of directors or managers (and any committees thereof) of any of ICG LP’s Affiliates. 

  

	 	(o)	Arbitration. Any controversy, dispute, or claim arising out of, in connection with, or in relation to, the interpretation, performance or breach of this
Agreement, other than injunctive relief under Section 9 hereof, shall be settled exclusively by arbitration conducted in Los Angeles, California, by and in accordance with the applicable rules of the American Arbitration Association (the
“Rules”). Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; provided that such arbitrator must be experienced in deciding cases concerning the matter
which is the subject of the dispute. Each of the parties hereto agrees to treat as confidential the results of any arbitration (including, without limitation, any findings of fact and/or law made by the arbitrator) and not to disclose such results
to any unauthorized person. The parties intend that this agreement to arbitrate be valid, enforceable and irrevocable. With respect to any arbitration hereunder, each party shall pay its own legal fees and expenses; provided that (i) ICG
LP shall pay the reasonable legal fees and expenses of Executive if the arbitrator determines there was no reasonable basis for ICG LP’s claim or position, and (ii) Executive shall pay the reasonable legal fees and expenses of ICG LP if
the arbitrator determines there was no reasonable basis for Executive’s claim or position; provided, further, that the parties agree to share the cost of the arbitrator’s fees in any event. Nothing in this arbitration
provision shall prevent the parties from seeking injunctive, equitable and/or other appropriate relief to enforce Section 9 in a court of competent jurisdiction. 

  

 12 

	 	(p)	Obligations of Imperial Capital. Imperial Capital shall indemnify Executive in accordance with the terms of the Imperial Capital by-laws (or other provisions of
its governance documents) as in effect on the Effective Date except to the extent that such indemnification would be a violation of applicable law. In addition, during the Employment Term, Imperial Capital shall nominate Executive for a seat on the
Board upon the expiration of Executive’s current term as a director, and upon the expiration of each subsequent term thereafter (or, in the event that Executive is not elected to the Board at any annual meeting of Imperial Capital’s annual
meeting of stockholders, at not less than one annual meeting following the first annual meeting at which he is not elected). 

  

	 	(q)	Indemnification. ICG LP shall indemnify Executive to the full extent provided in ICG LP’s partnership agreement in connection with Executive’s
activities as an officer of ICG LP. 

  

	 	(r)	Modification. No change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the parties hereto.

  

	 	(s)	Survival. Notwithstanding the termination of the Employment Term, the provisions of Sections 6, 7, 8, 9 and 10 of this Agreement shall survive any such
termination. 

  

	 	(t)	Defined Terms. For purposes of this Agreement, the following capitalized terms shall have their respective meanings set forth below: 

 “Affiliate” shall mean with respect to any Person, any other Person that controls, is controlled by, or is under
common control with such Person. The term “control,” as used in this Agreement, means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise. “Controlled” and “controlling” have meanings correlative to the foregoing. For the avoidance of doubt, Imperial Capital is in control of ICG LP. 
 “Cause” shall mean the occurrence of any of the following: 
 (A) Executive’s willful and continued failure (other than by reason of incapacity due to physical or mental illness)
to perform the material and lawful duties of his employment after notice from ICG LP of such failure and his inability or unwillingness to correct such failure (prospectively) within 10 days following such notice; 
 (B) Executive’s conviction of, or plea of no contest to, a felony involving fraud or moral turpitude; 
 (C) Executive’s intentional commission at any time in the performance of his duties hereunder of any act of fraud,
embezzlement, misappropriation of ICG LP property, moral turpitude or breach of fiduciary duty against ICG LP that has a material adverse effect on ICG LP or Affiliate thereof; or 
  

 13 

 (D) Executive’s willful material violation of ICG LP’s statement
of corporate policy and code of conduct at any time after such statement and code have been adopted by the Board and have been set forth in writing and delivered to Executive; 
 provided, that in the case of (A) above, no act, or failure to act, on Executive’s part shall be considered
“willful” unless done, or omitted to be done, by him in bad faith or without reasonable belief that his action or omission was in the best interest of ICG LP or any of its Affiliates. Notwithstanding the foregoing, no act, omission or
circumstance shall be deemed grounds to constitute “Cause” ninety (90) days following the occurrence of or, if later, the date the Board had knowledge of, such act, omission or circumstance, unless the Board has given Executive
written notice thereof prior to such date. 
 “Change in Control” shall have the meaning assigned to
such term in the 2010 Equity Plan as of the date of this Agreement. 
 “Code” shall mean the Internal
Revenue Code of 1986, as amended, and the Treasury Regulations thereunder as in effect at the time of reference. 
 “Common Stock” shall mean the Class A common stock, $0.01 par value, of Imperial Capital. 
 “Disability” shall mean that Executive has become physically or mentally incapacitated and is therefore unable for a period of 180 consecutive days or for an aggregate of 180 days in any consecutive twelve month period to perform
substantially all of Executive’s material duties. Any question as to the existence of the Disability of Executive as to which Executive and ICG LP cannot agree shall be determined in writing by a qualified independent physician mutually
acceptable to Executive and ICG LP. All costs associated with the determination by the qualified independent physician shall be paid by ICG LP. If Executive and ICG LP cannot agree as to a qualified independent physician, each shall appoint such a
physician and those two physicians shall select a third who shall make such determination in writing. To the extent applicable, all costs associated with the appointment and determination by the third physician shall be paid by ICG LP. The
determination of Disability made in writing to ICG LP and Executive shall be final and conclusive for all purposes of this Agreement. 
 “Effective Date” shall mean the date upon which the Initial IPO is consummated. 
 “Good Reason” shall mean the occurrence of any of the following: 
 (A) a failure of ICG LP to continue Executive in the position of, and with the titles of, Chief Executive Officer; 
 (B) a material diminution or undue dilution in the nature or scope of Executive’s employment responsibilities, duties
or authority, a material 
  

 14 

 interference with the discharge of Executive’s responsibilities,
duties or authority or the assignment to Executive of duties or responsibilities that are materially and adversely inconsistent with his then position; 
 (C) a failure of Executive to be elected to the Board of Directors of Imperial Capital at any annual meeting of Imperial Capital’s stockholders that occurs during the Employment Term (unless
Executive is prohibited from serving as a member of the Board by any applicable law, rule or regulation (including without limitation any rule promulgated by any national securities exchange on which the Company’s shares are listed)) or to be
elected as the Chairman of the Board of Directors of Imperial Capital; 
 (D) a material breach by ICG LP of
any term of this Agreement; 
 (E) a failure of ICG LP to timely make any material payment or provide any
material benefit under this Agreement, or ICG LP’s reduction of any compensation or equity or any material reduction of any benefits that Executive is eligible to receive under this Agreement; or 
 (F) a relocation by more than 50 miles of ICG LP’s principal offices from 2000 Avenue of the Stars, Los Angeles, CA
90067 without Executive’s prior written consent; 
 provided that the occurrence of any of the
foregoing events in (A), (B), (C), (D) or (E) shall constitute Good Reason only if ICG LP fails to cure such event within 60 days after receipt from Executive of written notice of such occurrence; provided, further, that Good
Reason shall cease to exist following 60 days after the later of its occurrence or Executive’s knowledge thereof, unless Executive has given ICG LP written notice thereof prior to such date. 
 “Initial IPO” shall mean the consummation of the sale to the public of the Common Stock contemplated by and
pursuant to the Registration Statement on Form S-1 filed with the Securities and Exchange Commission, as amended, pursuant to Registration Number 333-162614. 
 [Remainder of page left intentionally blank.] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	IMPERIAL CAPITAL GROUP, L.P.
	
	 
	By:
	Its:
	
	EXECUTIVE
	
	 
	
	

 And for the purpose of joining in, and being bound by, 
 Section 10(p) of this Agreement (but not otherwise). 
  

			
	IMPERIAL CAPITAL GROUP, INC.
	
	 
	By:
	Its:

  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]