Document:

ex10-4.htm

EX-10.4

INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made and entered into this ___  day of May, 2010 by and between Optionable, Inc., a Delaware corporation (the “Corporation”), and Andrew Samaan (“Agent”).

WHEREAS, Agent will perform a valuable service to the Corporation in his capacity as a Director of the Corporation;

WHEREAS, the stockholders of the Corporation have adopted bylaws (the “Bylaws”) providing for the indemnification of the directors, officers, employees and other agents of the corporation, including persons servicing at the request of the Corporation in such capacities with other corporations or enterprises, as authorized by the Delaware General Corporation Law, as amended (the “DGCL”);

WHEREAS, the Bylaws and the DGCL, by their non-exclusive nature, permit contracts between the Corporation and its agents, officers, employees and other agents with respect to indemnification of such persons;  and

WHEREAS, in order to induce Agent to serve as a Director of the Corporation, the Corporation has determined and agreed to enter into this Agreement with Agent;

NOW, THEREFORE, in consideration of Agent's service as a Director of the Corporation, after the date hereof, the parties hereto agree as follows:

1.  Services to the Corporation.  Agent will serve, at the will of the Corporation or under separate contract, if any such contract exists, as a director, officer or other fiduciary of an affiliate of the Corporation (including any employee benefit plan of the Corporation) faithfully and to the best of his ability so long as he is duly elected and qualified in accordance with the provisions of the Bylaws or other applicable charter documents of the Corporation or such affiliate; provided, however, that Agent may at any time and for any reason resign from such position (subject to any contractual obligation that Agent may have assumed apart from this Agreement) and that the Corporation or any affiliate shall have no obligation under this Agreement to continue Agent in any such position.

2. Indemnity of Agent.  The Corporation hereby agrees to hold harmless and indemnify Agent to the fullest extent authorized, or permitted by the provisions of the Bylaws and the DGCL, as the same may be amended from time to time (but, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than the Bylaws or the DGCL permitted prior to adoption of such amendment).

3.  Additional Indemnity. In addition to and not in limitation of the indemnification otherwise, provided for herein, subject only to the exclusions set forth in Section 4 hereof, the Corporation hereby further agrees to hold harmless and indemnify Agent:

 

  

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(a) against any and all expenses (including attorneys' fees), witness fees, damages, judgments, fines and amounts paid settlement and any other amounts that Agent becomes legally obligated to pay because of any claim or claims made against or by him in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, arbitration, administrative or investigative (including an action by or in the right of the Corporation) to which Agent is, was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that Agent is, was or at any time becomes a director, officer, employee or other agent of the Corporation, or is or was serving or at anytime serves at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise; and

(b) otherwise to the fullest extent as may be provided to Agent by the Corporation under the non-exclusivity provisions of the DGCL and of the Bylaws.

4.  Limitations on Additional Indemnity. No indemnity pursuant to Section 3 hereof shall be paid by the Corporation:

(a)  on account of any claim against Agent for an accounting of profits made from the purchase or sale by Agent of securities of the Corporation pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar

provisions of any federal, state or local statutory law;

(b) on account of Agent's conduct that was knowingly fraudulent or deliberately dishonest or that constituted willful misconduct;

(c)  on account of Agent's conduct that constituted a breach of Agent's duty of loyalty to the Corporation or resulted in, any personal profit or advantage to which Agent was not legally entitled;

(d)  for which payment is actually made to Agent under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, bylaw or agreement, except in respect of any excess beyond payment under such insurance, clause, bylaw or agreement;

(e) if indemnification is not lawful (and, in this respect, both the Corporation and the Agent have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication); or

(f)  in connection with any proceeding (or part thereof) initiated by Agent, or any proceeding by Agent against the Corporation or its directors, officers, employees or other agents, unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the Corporation, (iii) such indemnification is provided by the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the DGCL, or (iv) the proceeding is initiated pursuant to the provisions of Section 9 hereof.

 

  

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5. Continuation of Indemnity.  All agreements and obligations of the Corporation contained herein shall continue during the period Agent is a director, officer, employee or other agent of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and shall continue thereafter so long as Agent shall be subject to any possible claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal, arbitration, administrative or investigative, by reason of the fact that Agent was serving in the capacity referred to herein.

6. Partial Indemnification. Agent shall be entitled under this Agreement to indemnification by the Corporation for a portion of the expenses (including attorneys' fees), witness fees, damages, judgments, fines and amounts paid in settlement and any other amounts that Agent becomes legally obligated to pay in connection with any action, suit or proceeding referred to in Section 3 hereof even if not entitled hereunder to indemnification for the total amount thereof, and the Corporation shall indemnify Agent for the portion thereof to which Agent is entitled.

7. Notification and Defense of Claim. Not later than thirty (30) days after receipt by Agent of notice of the commencement of any action, suit or proceeding, Agent will, if a claim in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation of the commencement thereof; but the omission so to notify the Corporation will not relieve it from any liability which it may have to Agent otherwise than under this Agreement.  With respect to any such action, suit or proceeding as to which Agent notifies the Corporation of the commencement thereof:

(a)  the Corporation will be entitled to participate therein at its own expense;

(b)  except as otherwise provided below, the Corporation may, at its option and jointly with any other indemnifying party similarly notified and electing to assume such defense, assume the defense thereof, with counsel reasonably satisfactory to Agent. After notice from the Corporation to Agent of its election to assume the defense thereof, the Corporation will not be liable to Agent under this Agreement for any legal or other expenses subsequently incurred by Agent in connection with the defense thereof except for reasonable costs of investigation or otherwise as provided below. Agent shall have the right to employ separate counsel in such action, suit or proceeding but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Agent unless (i) the employment of counsel by Agent has been authorized by the Corporation, (ii) Agent shall have reasonably concluded that there may be a conflict of interest between the Corporation and Agent in the conduct of the defense of such action or (iii) the Corporation shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and expenses of Agent's separate counsel shall be at the expense of the Corporation. The Corporation shall not be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the Corporation or as to which Agent shall have made the conclusion provided for in clause (ii) above; and

 

  

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(c)  the Corporation shall not be liable to indemnify Agent under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent, which shall not be unreasonably withheld. The Corporation shall be permitted to settle any action except that it shall not settle any action or claim in any manner which would impose any penalty or limitation on Agent without Agent's written consent, which may be given or withheld in Agent's sole discretion.

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8.  Expenses. The Corporation shall advance, prior to the full disposition of any proceeding, promptly following request therefor, all expenses incurred by Agent in connection with such proceeding upon receipt of an undertaking by or on behalf of Agent to repay said amounts if it shall be determined ultimately that Agent is not entitled to be indemnified under the provisions of this Agreement, the Bylaws, the DGCL or otherwise.

9.  Enforcement.  Any right to indemnification or advances granted by this Agreement to Agent shall be enforceable by or on behalf of Agent in any court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within ninety (90) days of request therefor. Agent, in such enforcement action, if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting his claim. It shall be a defense to any action for which a claim for indemnification is made under Section 3 hereof (other than an action brought to enforce a claim for expenses pursuant to Section 8 hereof, provided that the required undertaking has been tendered to the Corporation) that Agent is not entitled to indemnification because of the limitations set forth in Section 4 hereof. Neither the failure of the Corporation, (including its Board of Directors or its stockholders) to have made a determination prior to the commencement of such enforcement action that indemnification of Agent is proper in the circumstances, nor an actual determination by the Corporation (including its Board of Directors or its stockholders) that such indemnification is improper shall be a defense to the action or create a presumption that

Agent is not entitled to indemnification under this Agreement or otherwise.

10.  Subrogation.  In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of Agent, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Corporation effectively to bring suit to enforce such rights.

11.  Non-Exclusivity of Rights.  The rights conferred on Agent by this Agreement shall not be exclusive of any other right which Agent may have or hereafter acquire under any statute, provision of the Corporation's Articles of Incorporation or Bylaws, agreement, vote of stockholders or directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding office

  

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12. Survival of Rights.

(a) The rights conferred on Agent by this Agreement shall continue after Agent has ceased to be a director, officer, employee or other agent of the Corporation or to serve at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and shall inure to the benefit of Agent's heirs, executors and administrators.

(b) The Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place.

13. Severability.  Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions hereof. Furthermore, if this Agreement shall be invalidated in its entirety on any ground, then the Corporation shall nevertheless indemnify Agent to the fullest extent provided by the Bylaws, the DGCL or any other applicable law.

14.  Governing Law.  This Agreement shall be interpreted and enforced in accordance with the laws of the State of New York.

15.  Amendment and Termination.  No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties hereto.

16. Identical Counterparts. This Agreement may be executed in one or more original or facsimile counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement.

17.  Headings.  The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof.

18. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand to the party to whom such communication was directed, (ii) upon the third business day after the date on which such communication was mailed if mailed by certified or registered mail with postage prepaid or (iii) by confirmed email or facsimile:

 

  

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(a) If to Agent, at the address indicated on the signature page hereof.

(b) If to the Corporation, to the address indicated on the signature page hereof.

With a copy to:

 

McCormick & O’Brien, LLP

9 East 40th Street

Fourth Floor

New York, NY 10016

Facsimile: (212)504-9574

Telephone: (212)286-4471

Attention: Charles F. McCormick, Esq.

E-mail:  charles@mcoblaw.com

or to such other address as may have been furnished by either party to the other.

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

 

	
OPTIONABLE, INC

	
AGENT

	  
	  	  	  
	
By:_________________________________

	
____________________________

	  
	
Brad O’Sullivan, Chief Executive Officer

	
Andrew Samaan

	  
	  	  	  
	
Address:

	
Address:

	  
	
Date:

	
Date:

	  

 

 

6exhibit.htm

    FIRST AMENDMENT TO CREDIT
AGREEMENT

     

    This
First Amendment to Credit Agreement is made as of this 29th June, 2010, by and
among LEXINGTON REALTY TRUST, a real estate investment trust formed under the
laws of the State of Maryland (the “Trust”), LEPERCQ CORPORATE INCOME FUND L.P.,
a limited partnership formed under the laws of the State of Delaware (“LCIF”),
LEPERCQ CORPORATE INCOME FUND II L.P., a limited partnership formed under the
laws of the State of Delaware (“LCIFII”) and NET 3 ACQUISITION L.P., a limited
partnership formed under the laws of the State of Delaware (“Net 3”;
collectively with the Trust, LCIF and LCIFII, the “Borrowers” and each a
“Borrower”), KEYBANK NATIONAL ASSOCIATION, as Agent (the “Agent”), and each of
the various Lenders party to the Credit Agreement set forth below:

     

    W I T N E S S E T
H:

     

    WHEREAS,
reference is hereby made to that certain Credit Agreement dated as of February
13, 2009 (the “Credit Agreement”; unless otherwise defined herein, capitalized
terms shall have the meanings provided in the Credit Agreement) entered into by
and between the Trust, LCIF, LCIFII and Net 3, as Borrowers, KeyBank National
Association, as Agent, and the various Lenders; and

     

    WHEREAS,
the Borrowers, the Agent and the Lenders have agreed to amend and modify the
Credit Agreement as set forth herein.

     

    NOW,
THEREFORE, it is agreed by and among the Borrowers, the Agent and the Lenders as
follows:

     

    1. Section
2.15(a) of the Credit Agreement is hereby deleted in its entirety and shall be
replaced by the following:

     

    “(a)           RESERVED.”

     

    2. Section
2.15(b) of the Credit Agreement is hereby deleted in its entirety and shall be
replaced by the following:

     

    “(b)           With
the prior consent of the Agent, the Borrowers shall have the right at any time
and from time to time during the term of this Agreement to request increases in
the amount of the Revolving Facility (provided that after giving effect to any
increases in the Revolving Facility pursuant to this Section, the aggregate
amount of the Revolving Facility Commitments may not exceed $335,000,000.00) by
providing written notice to the Agent, which notice shall be irrevocable once
given.  Each such increase in the Revolving Facility must be in an
aggregate minimum amount of $10,000,000.00 and must not exceed an aggregate
maximum amount of $250,000,000.00.”

     

    3. Effective
as of the date hereof, the Revolving Facility Amount is hereby increased to One
Hundred Seventy Five Million Dollars ($175,000,000.00).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. By its
execution below, TD Bank, N.A. hereby (a) issues its Revolving Loan Commitment
to the Borrower in the amount of $25,000,000.00, (b) agrees to become a
Revolving Lender under the Credit Agreement, and (c) acknowledges that it shall
have all of the rights and remedies and be subject to all of the obligations of
a Revolving Lender under the Credit Agreement.

     

    5. The
Borrowers represent and warrant to the Lenders that after giving effect to this
Amendment (a) the representations and warranties of the Borrower and each other
Loan Party contained in the Loan Agreement or any other Loan Document are true
and correct in all material respects on and as of the date hereof, except to the
extent that such representations and warranties (i) relate solely to an earlier
date (in which case such representation and warranties shall have been true and
correct in all material respects on and as of such earlier date) and (ii) have
been modified to reflect events occurring after the date of the Loan Agreement,
as same have been disclosed publicly or  in writing to the Agent on or
before the date hereof or are permitted or not prohibited under the Loan
Documents, and (b)
no event has occurred and is continuing which constitutes a Default or an Event
of Default.

     

    6. Each
Borrower represents and warrants as follows:

     

    
      	
              (a)  

            	
              It
      has taken all necessary action to authorize the execution, delivery and
      performance of this Amendment.

            

    

     

    
      	
              (b)  

            	
              This
      Amendment has been duly executed and delivered by each Borrower and
      constitutes the Borrower’s legal, valid and binding obligations,
      enforceable in accordance with its
terms.

            

    

     

    
      	
              (c)  

            	
              No
      consent, approval, authorization or order of, or filing, registration or
      qualification with, any court or governmental authority or third party is
      required in connection with the execution, delivery or performance by each
      Borrower of this Amendment

            

    

     

    7. Except as
expressly amended hereby, the remaining terms and conditions of the Credit
Agreement shall continue in full force and effect.  All future
references to the “Credit Agreement” shall be deemed to be references to the
Credit Agreement as amended by this Amendment.  It is intended that
this Amendment, which may be executed in multiple counterparts, shall be
governed by and construed in accordance with the laws of the State of New
York.

     

    8. This
Amendment shall be binding upon and inure to the benefit of the successors and
assigns of the parties hereto.

     

    9. For the
purpose of facilitating the execution of this Amendment as herein provided and
for other purposes, this Amendment may be executed simultaneously in any number
of counterparts, each of which counterparts shall be deemed to be an original,
and such counterparts shall constitute and be one and the same
instrument.  Facsimile signatures shall have the same legal effect as
originals

     

    -2-

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned has executed and delivered this Agreement under
seal as of the date first written above.

     

    
      	 
      	
              LEXINGTON
      REALTY TRUST

               

              By:           _/s/ Joseph S.
      Bonventre_______________

              Name:      Joseph
      Bonventre

              Title:        Executive
      Vice President

               

            
	 
      	
               

              LEPERCQ
      CORPORATE INCOME FUND L.P.

              LEPERCQ
      CORPORATE INCOME FUND II L.P.

              NET
      3 ACQUISITION L.P.

               

              Each
      By:  LEX GP-1 Trust, its sole general partner

               

              By:            _/s/ Joseph S.
      Bonventre_________

              Name:       Joseph
      Bonventre

              Title:         Vice
      President

               

            

    

    

    

    

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          -3-

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	 
      	
              KEYBANK
      NATIONAL ASSOCIATION, as Agent, as a Lender

               

              By:           /s/ Jane E. McGrath

              Name:      Jane
      E. McGrath

              Title:        Vice
      President

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              NORDDEUTSCHE
      LANDESBANK GIROZENTRALE, NEW YORK BRANCH

               

              By:           /s/
      Joseph Bassil

              Name:      Joseph
      Bassil

              Title:        Managing
      Director

               

               

              By:           /s/ Dirk Ziemer

              Name:      Dirk
      Ziemer

              Title:        Senior
      Director

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              SUMITOMO
      MITSUI BANKING CORPORATION

               

              By:           /s/
      William G. Karl

              Name:      William
      G. Karl

              Title:        General
      Manager

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              WELLS
      FARGO BANK, NATIONAL ASSOCIATION

               

              By:           /s/
      Matt Ricketts

              Name:      Matt
      Ricketts

              Title:        Vice
      President

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              BRANCH
      BANKING AND TRUST COMPANY

               

              By:           /s/ Ahaz Armstrong

              Name:      Ahaz
      Armstrong

              Title:        Assistant
      Vice President

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              RBS
      CITIZENS, N.A. D/B/A CHARTER ONE

               

              By:           /s/
      Erin L. Mahon

              Name:     
      Erin L. Mahon

              Title:        Assistant
      Vice President

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              U.S.
      BANK NATIONAL ASSOCIATION

               

              By:           /s/ Michael E. Hussey

              Name:      Michael
      E. Hussey

              Title:        Senior
      Vice President

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              BANK
      OF AMERICA, N.A.

               

              By:           /s/ Kurt Mathison

              Name:      Kurt
      Mathison

              Title:        Vice
      President

               

               

            

    

    

    

    

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              LENDER:

               

            
	 
      	
              TD
      BANK, N.A.

               

              By:           /s/ Brian S. Welch

              Name:      Brian
      S. Welch

              Title:        Vice
      President

               

               

            

    

    

    

    

    

    

    1227721.2

    
      
        
          -12-

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