Document:

exv10w5

 

Exhibit 10.5

Form of Indemnification Agreement

          This Indemnification Agreement (this “Agreement”) is made as of _________, 200___by and
between Thomas Weisel Partners Group, Inc., a Delaware corporation (the “Company”), and
_______________(the “Individual”).

          WHEREAS, the Company and the Individual recognize the difficulty in obtaining directors’ and
officers’ liability insurance, the cost of such insurance and the limited scope of coverage of such
insurance;

          WHEREAS, the Company and the Individual further recognize the substantial increase in
corporate litigation in general, subjecting officers and directors to expensive litigation risks at
the same time as the availability and coverage of liability insurance has been severely limited;
and

          WHEREAS, the Company desires to attract and retain the services of highly qualified
individuals, such as the Individual, to serve as officers and directors of the Company and to
indemnify its officers and directors so as to provide them with the maximum protection permitted by
law.

          NOW, THEREFORE, the Company and the Individual hereby agree as follows:

     1. Indemnification; Presumptions.

          (a) The Company shall defend, indemnify and hold harmless the Individual from any Losses or
Expenses arising from any Claim relating to, or arising in whole or in part out of, any Covered
Event actually and reasonably incurred by the Individual to the fullest extent permitted by
applicable law on the date hereof, or to such greater extent as applicable law may thereafter
permit or authorize.

          (b) The termination of any Claim by judgment, order, settlement, conviction or upon a plea of
nolo contendre or its equivalent, shall not, of itself, create a presumption that the Individual
did not act in good faith and in a manner reasonably relied to be in or not opposed to the best
interests of the Company, and with respect to any criminal Claim, that Individual had reason to
believe his or her conduct was unlawful.

     2. Definitions.

          “Claim” means (a) any threatened, pending or completed action, suit, proceeding or
arbitration or other alternative dispute resolution mechanism, or (b) any inquiry, hearing or
investigation, whether conducted by the Company or any other Person, that Individual in good faith
believes might lead to the institution of any such action, suit, proceeding or arbitration or other
alternative dispute resolution mechanism, in each case whether civil, criminal, administrative or
other (whether or not the claims or allegations therein are groundless, false or fraudulent) and
includes, without limitation,

 

 

those brought by or in the name of the Company or any director or officer of the Company.

          “Company Agent” means any Person serving as a director, officer, partner, employee,
agent, trustee or fiduciary of the Company, any Subsidiary or any Other Enterprise.

          “Covered Event” means any event or occurrence on or after the date of this Agreement
related to the fact that the Individual is or was a Company Agent or related to anything done or
not done by the Individual in any such capacity, and includes, without limitation, any such event
or occurrence (a) arising from performance of the responsibilities, obligations or duties imposed
by ERISA or any similar applicable provisions of state or common law, or (b) arising from any
merger, consolidation or other business combination involving the Company, any Subsidiary or any
Other Enterprise, including without limitation any sale or other transfer of all or substantially
all of the business or assets of the Company, any Subsidiary or any Other Enterprise.

          “Expenses” includes attorneys’ fees and all other costs, travel expenses, fees of
experts, transcript costs, filing fees, witness fees, telephone charges, postage, copying costs,
delivery services fees and other expenses and obligations of any nature whatsoever paid or incurred
in connection with investigating, prosecuting or defending, being a witness in or participating in
(including on appeal), or preparing to prosecute or defend, be a witness in or participate in any
Claim, for which the Individual is or becomes legally obligated to pay.

          “Loss” means any amount which the Individual is legally obligated to pay as a result
of any Claim, including, without limitation (a) all judgments, penalties and fines, and amounts
paid or to be paid in settlement, and (b) all interest, assessments and other charges paid or
payable in connection therewith.

          “Other Enterprise” means any corporation (other than the Company or any Subsidiary),
partnership, joint venture, association, employee benefit plan, trust or other enterprise or
organization for which the Individual acts as a Company Agent at the request of the Company or any
Subsidiary. The Individual shall be deemed to be acting as a Company Agent of an Other Enterprise
at the request of the Company with respect to any Other Enterprise in which the Company or any
Subsidiary has an investment as to which the Individual shall act as a Company Agent from time to
time. The Individual shall be deemed to be acting as a Company Agent of an Other Enterprise at the
request of the Company, if the Individual acts as a Company Agent of an Other Enterprise at the
written or oral request of the Board of Directors of the Company or of any Subsidiary by which the
Individual is employed from time to time, or at the written or oral request of an Executive Officer
of the Company or of any Subsidiary by which the Individual is employed from time to time, or if
the Individual acts as a Company Agent of an Other Enterprise by reason of being requested,
elected, hired or retained to succeed to or assume the responsibilities of a Person who previously
acted as a Company Agent of an Other Enterprise at the request of the Company.

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          “Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or government (or any subdivision,
department, commission or agency thereof), and includes without limitation any “person”, as such
term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended.

          “Subsidiary” means any entity of which securities or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other persons performing
similar functions are now or hereafter owned, directly or indirectly, by the Company.

     3. Expenses; Indemnification Procedure.

          (a) Advancement of Expenses. Expenses incurred in defending a civil or criminal
action, suit or proceeding by the Individual, if the Individual is determined to be entitled to
indemnification pursuant to Section 1 hereof, shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of
the Individual to repay such amount if it shall ultimately be determined that the Individual is not
entitled to be indemnified by the Company as authorized by this Agreement (the “Undertaking”);
provided, however, that the Company shall not be required to advance expenses to the Individual in
connection with any proceeding (or part thereof) initiated by the Individual unless the proceeding
was authorized in advance by the Board of Directors of the Company; and provided further that no
advance shall be made by the Company to the Individual in any action, suit or proceeding, whether
civil, criminal, administrative or investigative, if a determination is reasonably and promptly
made (i) by a majority vote of disinterested directors or (ii) by independent legal counsel in a
written opinion, that the facts known to the decision-making party at the time such determination
is made demonstrate clearly and convincingly that the Individual acted in bad faith or in a manner
that the Individual did not believe to be in or not opposed to the best interests of the Company.
The Individual shall be entitled to receive interim payments of expenses pursuant to this Section
3(a) unless and until such defense may be finally adjudicated by court order or judgment from which
no further right of appeal exists.

          (b) Notice/Cooperation by the Individual. The Individual shall, as a condition
precedent to his or her right to be indemnified under this Agreement, give the Company notice in
writing as soon as practicable of any claim made against the Individual for which indemnification
will or could be sought under this Agreement. Notice to the Company shall be directed to the Chief
Executive Officer of the Company at its principal executive offices (or such other address as the
Company shall designate in writing to the Individual). In addition, the Individual shall give the
Company such information and cooperation as it may reasonably require.

          (c) Procedure. Any indemnification and advances determined proper in accordance with
this Agreement shall be made no later than 45 days after such determination. If a claim under this
Agreement, under any statute, or under any provision of the Company’s Certificate of Incorporation
or By-laws providing for indemnification,

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is not paid in full by the Company within 45 days after such determination, the Individual
may, but need not, at any time thereafter bring an action against the Company to recover the unpaid
amount of the claim and, subject to Section 14 of this Agreement, the Individual shall also be
entitled to be paid for the expenses (including attorneys’ fees) of bringing such action. It shall
be a defense to any such action (other than an action brought to enforce a claim for expenses
incurred in connection with any action, suit or proceeding in advance of its final disposition)
that the Individual has not met the standards of conduct which make it permissible under applicable
law for the Company to indemnify the Individual for the amount claimed.

          (d) Notice to Insurers. If, at the time of the receipt of a notice of a claim
pursuant to Section 3(b) hereof, the Company has directors’ and officers’ liability insurance in
effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all reasonable action to cause such insurers to pay, on behalf of the Individual,
all amounts payable as a result of such proceeding in accordance with the terms of such policies.

          (e) Selection of Counsel. In the event the Company shall be obligated under Section
3(a) hereof to pay the expenses of any proceeding against the Individual, the Company, if
appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by
the Individual (such approval not to be unreasonably withheld), upon the delivery to the Individual
of written notice of its election so to do. After delivery of such notice, approval of such
counsel by the Individual and the retention of such counsel by the Company, the Company will not be
liable to the Individual under this Agreement for any fees of counsel subsequently incurred by the
Individual with respect to the same proceeding, provided that (i) the Individual shall have the
right to employ his or her counsel in any such proceeding at the Individual’s own expense and (ii)
if (A) the employment of counsel by the Individual has been previously authorized by the Company,
(B) the Individual shall have reasonably concluded that there may be a conflict of interest between
the Company and the Individual in the conduct of any such defense or (C) the Company shall not, in
fact, have employed counsel to assume the defense of such proceeding, then the fees and expenses of
the Individual’s counsel shall be at the expense of the Company.

     4. Additional Indemnification Rights; Nonexclusivity.

          (a) Scope. Notwithstanding any other provision of this Agreement, the Company hereby
agrees to indemnify the Individual to the fullest extent permitted by law, notwithstanding that
such indemnification is not specifically authorized by the other provisions of this Agreement, the
Company’s Certificate of Incorporation, its By-laws or by statute. In the event of any change in
any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify
a member of its board of directors or an officer, such changes, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall have no effect on this
Agreement or the parties’ rights and obligations hereunder.

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          (b) Nonexclusivity. The indemnification provided by this Agreement shall not be
deemed exclusive of any rights to which the Individual may be entitled under the Company’s
Certificate of Incorporation, its By-laws, any agreement, any vote of shareholders or disinterested
directors, the Delaware General Corporation Law, or otherwise, both as to action in the
Individual’s official capacity and as to action in another capacity while holding such office. The
indemnification provided under this Agreement shall continue as to the Individual for any action
taken or not taken while serving in an indemnified capacity even though he or she may have ceased
to serve in such capacity at the time of any action, suit or other covered proceeding.

     5. Partial Indemnification. If the Individual is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the expenses, judgments, fines
or penalties actually or reasonably incurred by him or her in the investigation, defense, appeal or
settlement of any civil or criminal action, suit or proceeding, but not, however, for the total
amount thereof, the Company shall nevertheless indemnify the Individual for the portion of such
expenses, judgments, fines or penalties to which the Individual is entitled.

     6. Mutual Acknowledgment. Both the Company and the Individual acknowledge that in
certain instances, Federal law or applicable public policy may prohibit the Company from
indemnifying its directors and officers under this Agreement or otherwise. The Individual
understands and acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of indemnification to
a court in certain circumstances for a determination of the Company’s right under public policy to
indemnify the Individual.

     7. Officer and Director Liability Insurance. The Company may, from time to time, make
the good faith determination whether or not it is practicable for the Company to obtain and
maintain a policy or policies of insurance with reputable insurance companies providing the
officers and directors of the Company with coverage for losses from wrongful acts, or to ensure the
Company’s performance of its indemnification obligations under this Agreement. Among other
considerations, the Company will weigh the costs of obtaining such insurance coverage against the
protection afforded by such coverage. In all policies of directors’ and officers’ liability
insurance, the Individual shall be named as an insured in such a manner as to provide the
Individual the same rights and benefits as are accorded to the most favorably insured of the
Company’s directors, if the Individual is a director; or of the Company’s officers, if the
Individual is not a director of the Company, but is an officer; or of the Company’s key employees,
if the Individual is not an officer or director, but is a key employee. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company
determines in good faith that such insurance is not reasonably available, if the premium costs for
such insurance are disproportionate to the amount of coverage provided, if the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient benefit, or if the
Individual is covered by similar insurance maintained by a Subsidiary or parent of the Company.
However, the Company’s decision whether or not

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to adopt and maintain such insurance shall not affect in any way its obligations to indemnify
the Individual under this Agreement or otherwise.

     8. Severability. Nothing in this Agreement is intended to require or shall be
construed as requiring the Company to do or fail to do any act in violation of applicable law. The
Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall
not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as
provided in this Section 8. If this Agreement or any portion hereof shall be invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify the
Individual to the fullest extent permitted by any applicable portion of this Agreement that shall
not have been invalidated, and the balance of this Agreement not so invalidated shall be
enforceable in accordance with its terms.

     9. Exceptions. Any other provision herein to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Claims Initiated by the Individual. To indemnify or advance expenses to the
Individual with respect to proceedings or claims initiated or brought voluntarily by the Individual
and not by way of defense, except with respect to proceedings brought to establish or enforce a
right to indemnification under this Agreement or any other statute or law, but such indemnification
or advancement of expenses may be provided by the Company in specific cases if the Board of
Directors of the Company has approved the initiation or bringing of such suit.

          (b) Lack of Good Faith. To indemnify the Individual for any expenses incurred by the
Individual with respect to any proceeding instituted by the Individual to enforce or interpret this
Agreement, if a court of competent jurisdiction determines that each of the material assertions
made by the Individual in such proceeding was not made in good faith or was frivolous.

          (c) Insured Claims. To indemnify the Individual for expenses or liabilities of any
type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties,
and amounts paid in settlement) which have been paid directly to the Individual by an insurance
carrier under a policy of officers’ and directors’ liability insurance maintained by the Company.

          (d) Claims Under Section 16(b). To indemnify the Individual for expenses and the
payment of profits arising from the purchase and sale by the Individual of securities in violation
of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor
statute.

          (e) To indemnify the Individual for any amounts paid or to be paid in settlement of any Claim
without the express prior written consent of the Company. Neither the Company nor the Individual
shall unreasonably withhold consent to any proposed settlement.

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     10. Construction of Certain Phrases. For purposes of this Agreement, references to
the “Company” shall include any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger which, if its separate existence had continued,
would have had power and authority to indemnify its directors, officers, and employees or agents,
so that if the Individual is or was a director, officer, employee or agent of such constituent
corporation, or is or was serving at the request of such constituent corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, the Individual shall stand in the same position under the provisions of this Agreement
with respect to the resulting or surviving corporation as the Individual would have with respect to
such constituent corporation if its separate existence had continued.

     11. Effectiveness. This Agreement shall be deemed to be effective as of the
commencement date of the Individual’s employment as an Officer or Director of the Company.

     12. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together constitute one and the same
instrument.

     13. Successors and Assigns. This Agreement shall be binding upon the Company and its
successors and assigns, and shall inure to the benefit of the Individual and the Individual’s
estate, heirs, legal representatives and assigns.

     14. Attorneys’ Fees. In the event that any action is instituted by the Individual
under this Agreement to enforce or interpret any of the terms hereof, the Individual shall be
entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred by
the Individual with respect to such action, unless as a part of such action, the court of competent
jurisdiction determines that each of the material assertions made by the Individual as a basis for
such action was made in bad faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement or to enforce or interpret any of the terms of this
Agreement, the Individual shall be entitled to be paid all court costs and expenses, including
attorneys’ fees, incurred by the Individual in defense of such action (including with respect to
the Individual’s counterclaims and cross-claims made in such action), unless as a part of such
action the court determines that each of the Individual’s material defenses to such action was made
in bad faith or was frivolous.

     15. Notice. Any and all notices or other communications or deliveries required or
permitted to be provided pursuant to this Agreement shall be in writing and shall be deemed to have
been effectively given (a) upon personal delivery to the party to be notified, (b) when sent by
confirmed telex or facsimile if sent during normal business hours of the party to be notified or,
if not, then on the next business day, (c) five business days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one business day after deposit
with a nationally recognized overnight courier, specifying next business day delivery, with written
verification of receipt. The address for notices to the Company shall be its principal executive
offices

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and the address for notices to the Individual shall be as shown on the signature page of this
Agreement, or as subsequently modified by written notice.

     16. Consent to Jurisdiction. The Company and the Individual each hereby irrevocably
consent to the jurisdiction of the courts of the State of Delaware for all purposes in connection
with any action or proceeding which arises out of or relates to this Agreement and agree that any
action instituted under this Agreement shall be brought only in the state courts of the State of
Delaware.

     17. Choice of Law. This Agreement shall be governed by and its provisions construed
in accordance with the laws of the State of Delaware.

     18. Modification. This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof. All prior negotiations, agreements and
understandings between the parties with respect thereto are superseded hereby. This Agreement may
not be modified or amended except by an instrument in writing signed by or on behalf of the parties
hereto.

[Signature page follows]

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

	 	 	 	 	 
	 	 	THOMAS WEISEL PARTNERS GROUP, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:
	 
	 	 	 	 
	AGREED TO AND ACCEPTED AS OF

THE DATE FIRST ABOVE WRITTEN:
	 	 	 	 
	 
	 	 	 	 
	INDIVIDUAL:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	(Address)
	 	 	 	 

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Exhibit 10.6

FORM OF TAX INDEMNIFICATION AGREEMENT

          THIS TAX INDEMNIFICATION AGREEMENT (this “Agreement”), dated as of ____________, 200_, is entered
into by and between Thomas Weisel Partners Group, Inc. (the “Company”) and the individuals and
entities listed on the signature page hereof (collectively, the “Indemnitees”).

          WHEREAS, each of the Indemnitees is currently or was formerly a member of Thomas Weisel
Partners Group LLC (“TWPG”);

          NOW, THEREFORE, the parties agree as follows:

          1. Definitions.

          (a) “Covered Period” means, with respect to an Indemnitee, any taxable year of the Indemnitee
for which, as of the date hereof, a taxing authority is not precluded by the applicable statute of
limitations from assessing a liability for Tax with respect to a TWPG Item.

          (b) “Increased Taxes” means, with respect to each Indemnitee, an amount, determined by the
Company in its sole discretion, equal to the excess of (i) the excess of Taxes payable by the
Indemnitee in respect of TWPG Items for all Covered Periods over the Taxes in respect of TWPG Items
shown as payable on Returns for all such periods as originally filed (or as amended prior to the
date hereof) over (ii) the amount of any Tax benefits (including deductions, credits or refunds)
estimated by the Company, in its sole discretion, to be available to such Indemnitee in any period
as a result of the increase in Taxes described in clause (i) of this definition; provided, however,
that, unless otherwise determined by the Company, in its sole discretion, any adjustments arising
from (I) an Indemnitee’s individual circumstances, (II) correlative adjustments resulting from
Returns as originally filed and (III) the issuance of any membership interests in TWPG to an
Indemnitee, including without limitation any adjustments arising from any difference or perceived
difference between the assumed value of such membership interests at the time of issuance and their
fair market value at such time, shall not be taken into account in determining Increased Taxes.

          (c) “Return” means any report, information statement or return relating to, or required to be
filed in connection with, any Tax.

          (d) “Tax” means any tax, including any interest, penalty or addition to tax, imposed by any
U.S. federal, state, local or other government, or any agency or political subdivision thereof.

          (e) “TWPG Item” means, with respect to an Indemnitee, any item of income, gain, loss,
deduction, credit or credit recapture directly relating to any activity of TWPG or any Affiliate
and required to be reflected in a Return filed by TWPG or any

 

 

Affiliate, but only if (i) the item is required to be reflected in a U.S. federal, state or
local or other Return filed by such Indemnitee or (ii) such Indemnitee is required to make a Tax
payment to any taxing authority in respect of such item.

          2. Indemnity Obligation. (a) The Company hereby agrees to indemnify each Indemnitee against
and to pay to, or on behalf of, each Indemnitee an amount equal to such Indemnitee’s Increased
Taxes.

          (b) If the Company determines, in its sole discretion, that the initial determination of
Increased Taxes was incorrect (whether by reason of a subsequent examination by a taxing authority
or otherwise), the Company shall make an additional payment to the Indemnitee or the Indemnitee
shall make a payment to the Company equal to the difference between (i) the payment previously made
pursuant to Section 2(a) hereof and (ii) the payment that would have been made had such original
determination been correct. If more than one payment is to be made pursuant to this Section 2(b),
the later payments shall take into account the effect of any prior payments.

          (c) Notwithstanding anything to the contrary contained herein, the Company shall be permitted,
but not required, to advance the full amount of Taxes immediately payable by an Indemnitee in
circumstances in which the Increased Taxes are less than the initial Tax payment (e.g., because the
Tax payment gives rise to a tax benefit in the same or subsequent years). The Company shall be
permitted, if it so elects, to charge interest on any advance made pursuant to this Section 2(c) at
the applicable U.S. federal rate for the date such advance is made as described in Section
7872(f)(2)(B) of the Internal Revenue Code.

          3. Procedural Matters. (a) The Company (or its designee) shall, at the Company’s expense,
represent TWPG, each Affiliate and each Indemnitee in any examination of (or other proceeding
relating to) TWPG’s or Affiliate’s Returns for all taxable years and, in the case of an Indemnitee,
in any examination of (or other proceeding relating to) the Indemnitee’s Returns for any Covered
Period to the extent the examination relates to a TWPG Item with respect to which the Company is
required to indemnify the Indemnitee. Each Indemnitee shall, to the extent reasonably requested,
promptly cooperate with the Company (or its designee) in such matters including, without
limitation, by providing a duly executed Internal Revenue Service Form 2848 (or successor form) or
similar form applicable for state, local or other Tax purposes.

          (b) To the extent permitted by law, the Company may make all Tax payments required to be made
pursuant to this Agreement directly to the relevant taxing authority on behalf of the Indemnitee
and shall promptly notify the Indemnitee that such payments have been made. To the extent the
Company does not elect to make such Tax payments directly to the taxing authority, the Company
shall either make any required payments to the Indemnitee or deliver to the Indemnitee a check made
out in the amount of the required payments payable to the applicable taxing authority, in either
case within thirty (30) days of receiving notice that the Indemnitee has paid Increased Taxes.

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          (c) To the extent permitted by law, each Indemnitee shall direct the relevant taxing authority
to pay any refund in respect of Taxes for any Covered Period directly to the Company and these
refunds shall be credited against the Indemnitee’s obligation to make payments to the Company under
Sections 2(b), 2(d) and 3(e) (or returned to the Indemnitee if the Indemnitee does not owe any
amounts to the Company). The Indemnitee shall notify the Company within thirty (30) days of the
receipt by such Indemnitee of a refund of Taxes in respect of any TWPG Item for any Covered Period.

          (d) An Indemnitee will forfeit any right to receive any payments under this Agreement (and
promptly refund to the Company any amounts previously paid by the Company to, or on behalf of, such
Indemnitee under this Agreement) if such Indemnitee (i) takes any action independent of the Tax
Matters Partner (as defined in Section 6231(a)(7) of the Internal Revenue Code) or the Company on
any examination or other proceeding in respect of TWPG’s Returns, (ii) takes any position in any
Return or other Tax filing inconsistent with the position taken by TWPG or the Company, (iii) fails
to cooperate fully with the Company or the Tax Matters Partner in pursuing any contest or other
proceeding in respect of Taxes or fails to permit the Company or the Tax Matters Partner to file
amended returns on behalf of such Indemnitee, if so requested by the Company, (iv) fails to provide
the Company or its designee upon request with a duly executed Internal Revenue Service Form 2848
(or successor form) or similar form applicable for state, local or other Tax purposes or (v) fails
to notify the Company of the receipt of a refund of Taxes as required by Section 3(d) hereof.

          (e) Each Indemnitee agrees to promptly and timely file Returns which are required to be filed
by such Indemnitee and which include any TWPG Item, and to timely pay the Taxes shown as due on
such Returns. To the extent permitted by law, each Indemnitee agrees to report any item on such
Returns, and to take positions in any other Tax filings, in a manner consistent with the positions
taken by TWPG, the Company or an Affiliate.

          4. Determinations. The Company shall make all determinations necessary to administer this
Agreement including, without limitation, determinations of (i) eligibility for payment, (ii) the
amount of any payment to be made by the Company and (iii) the amount of any refund to be paid to
the Company by an Indemnitee. Any such determinations by the Company shall, absent manifest error,
be final, binding and conclusive on the Indemnitee.

          5. Arbitration. (a) Without diminishing the finality and conclusive effect of any
determination by the Company of any matter under this Agreement which is provided herein to be
determined by the Company, and subject to the provisions of paragraphs (b) and (c) below, any
dispute, controversy or claim arising out of or relating to or concerning the provisions of this
Agreement shall be finally settled by arbitration in New York City before, and in accordance with
the rules then obtaining of, the NASD or, if the NASD declines to arbitrate the matter, the
American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules of
the AAA.

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          (b) Notwithstanding the provisions of Section 5(a), and in addition to its right to submit any
dispute or controversy to arbitration, the Company may bring an action or special proceeding in a
state or federal court of competent jurisdiction sitting in the City of New York, whether or not an
arbitration proceeding has theretofore been or is ever initiated, for the purpose of temporarily,
preliminarily, or permanently enforcing the provisions of this Agreement, or to enforce an
arbitration award, and, for the purposes of this Section 5(b), each Indemnitee (i) expressly
consents to the application of Section 5(c) to any such action or proceeding, (ii) agrees that
proof will not be required that monetary damages for breach of the provisions of this Agreement
would be difficult to calculate and that remedies at law would be inadequate and (iii) irrevocably
appoints the General Counsel of the Company as the Indemnitee’s agent for service of process in
connection with any such action or proceeding, who shall promptly advise the Indemnitee of any such
service of process.

          (c) (i) THE INDEMNITEE AND THE COMPANY HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN THE CITY OF NEW YORK OVER ANY SUIT, ACTION,
OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT THAT IS NOT OTHERWISE
ARBITRATED OR RESOLVED ACCORDING TO SECTION 5(a) HEREOF. This includes any suit, action or
proceeding to compel arbitration or to enforce an arbitration award. The Indemnitee and the
Company acknowledge that the forum designated by this Section 5(c) has a reasonable relation to
this Agreement, and to the Indemnitee’s relationship to the Company. Notwithstanding the
foregoing, nothing herein shall preclude the Company from bringing any action or proceeding in any
other court for the purpose of enforcing the provisions of this Section 5.

          (i) The agreement of the Indemnitee and the Company as to forum is independent of the law that
may be applied in the action, and the Indemnitee and the Company agree to such forum even if the
forum may under applicable law choose to apply non-forum law. The Indemnitee and the Company
hereby waive, to the fullest extent permitted by applicable law, any objection which the Indemnitee
or the Company now or hereafter may have to personal jurisdiction or to the laying of venue of any
such suit, action or proceeding brought in any court referred to in Section 5(c)(i). The
Indemnitee and the Company undertake not to commence any action arising out of or relating to or
concerning this Agreement in any forum other than a forum described in this Section 5(c). The
Indemnitee and the Company agree that, to the fullest extent permitted by applicable law, a final
and non-appealable judgment in any such suit, action, or proceeding in any such court shall be
conclusive and binding upon the Indemnitee and the Company.

          6. Notices. Any notice under this Agreement shall be in writing and shall be deemed to have
been given upon the delivery or mailing thereof, as the case may be, if delivered personally or
sent by certified mail, return receipt requested, postage prepaid, to the following address:

-4-

 

Notice to the Company:

Thomas Weisel Partners Group, Inc.

One Montgomery Street

San Francisco, California 94104

Attn.: Director of Taxation

Notice to an Indemnitee:

          At the last address appearing on the Company’s business records.

          7. Indemnitee Addresses. Each Indemnitee hereby agrees to provide prompt notice to the
Company of any change in the address and telephone and telecopy numbers of such Indemnitee.

          8. Entire Agreement. This Agreement represents the entire understanding between the Company
and each Indemnitee with respect to the subject matter hereof and supersedes all prior negotiations
among the parties hereto with respect to such subject matter.

          9. Amendments. The Company will be permitted to amend this Agreement in any respect, so long
as such amendment does not materially adversely affect the amount which an Indemnitee is entitled
to receive from the Company pursuant to this Agreement.

          10. Miscellaneous. (a) This Agreement shall inure solely to the benefit the Company and its
successors and assigns and the Indemnitees and their respective heirs, executors, administrators
and successors, and no other person shall acquire or have any right under or by virtue of this
Agreement.

          (b) This Agreement will be governed by and construed in accordance with the laws of the State
of New York.

          (c) If any provision of this Agreement is finally held to be invalid, illegal or unenforceable
(whether in whole or in part), such provision shall be deemed modified to the extent, but only to
the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall
not be affected thereby.

          11. Execution in Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all such counterparts shall together constitute but
one and the same instrument.

-5-

 

          In witness whereof, the Company and each Indemnitee have executed this Agreement as of the day
and year first above written.

	 	 	 	 	 
	 	 	THOMAS WEISEL PARTNERS GROUP, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	NOMURA AMERICA INVESTMENT, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	EACH PERSON LISTED ON ANNEX I HERETO
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:

Title: Attorney-in-Fact

-6-

 

Annex I

List of Other TWPG Members

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