Document:

Exhibit 10.9

 

 

MANAGEMENT AGREEMENT

 

among

 

RCS CAPITAL CORPORATION,

 

REALTY CAPITAL SECURITIES,
LLC,

 

RCS ADVISORY SERVICES, LLC,

 

AMERICAN NATIONAL STOCK TRANSFER, LLC

 

and

 

RCS CAPITAL MANAGEMENT, LLC

 

Dated as of [              ],
2013

 

 

    	 

    	 

    

 

MANAGEMENT
AGREEMENT, dated as of [               ], 2013,
among RCS Capital Corporation, a Delaware corporation (“PubCo”), Realty Capital Securities, LLC, a
Delaware limited liability company, RCS Advisory Services, LLC, a Delaware limited liability company, American National Stock
Transfer, LLC, a Delaware limited liability company, and RCS Capital Management, LLC, a Delaware limited liability
company (the “Manager”).

 

WITNESSETH:

 

WHEREAS, PubCo is a
newly formed corporation, with principal lines of business, operated through the Subsidiaries, that include a wholesale broker-dealer,
an investment banking and capital markets business and transaction management services provider, and a transfer agent;

 

WHEREAS, PubCo and
the Subsidiaries (collectively, the “Service Recipients”) desire to retain the Manager to implement the Service
Recipients’ business strategy and to provide executive and management services, all as described in further detail herein;
and

 

WHEREAS, the Manager
wishes to be retained to provide such services, on the terms and subject to the conditions set forth herein;

 

WITNESSETH:

 

NOW THEREFORE, in consideration
of the premises and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Section 1.
Definitions.

 

(a)          The
following terms shall have the meanings set forth in this Section 1(a):

 

“Advance”
has the meaning set forth in Section 16(n).

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by, or under common control with
such specified Person, (ii) any executive officer or general partner of such specified Person, (iii) any member of the board of
directors or board of managers (or bodies performing similar functions) of such specified Person, and (iv) any legal entity for
which such specified Person acts as an executive officer or general partner. For purposes of this definition, the terms “controlling”,
“controlled by”, or “under common control with” shall mean the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting securities,
by contract or credit arrangement, as trustee or executor, or otherwise.

 

“Agreement”
means this Management Agreement, as amended or supplemented from time to time.

 

“Automatic
Renewal Term” has the meaning set forth in Section 10(a).

 

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“Bankruptcy”
means, with respect to any Person, (i) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement
or readjustment, in any form, of its debts under Title 11 of the United States Code or any other U.S. federal or state or foreign
insolvency law, or such Person’s filing an answer consenting to or acquiescing in any such petition, (ii) the making by such
Person of any assignment for the benefit of its creditors, (iii) the expiration of 60 days after the filing of an involuntary petition
under Title 11 of the United States Code, an application for the appointment of a receiver for a material portion of the assets
of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under
any other U.S. federal or state or foreign insolvency law, provided that the same shall not have been vacated, set aside
or stayed within such 60-day period, or (iv) the entry against such Person of a final and non-appealable order for relief under
any bankruptcy, insolvency or similar law now or hereinafter in effect.

 

“Board”
means the board of directors of PubCo.

 

“Business
Day” means any day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required
to be open.

 

“Claim”
has the meaning set forth in Section 8(c).

 

“Closing Date”
means the date of closing of the Initial Public Offering.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common Stock”
means the Class A common stock, par value $0.001, of PubCo.

 

“Company Indemnified
Party” has meaning set forth in Section 8(b).

 

“Conduct Policies”
has the meaning set forth in Section 2(l).

 

“Confidential
Information” has the meaning set forth in Section 5(a).

 

“Core Earnings”
means the after-tax net income (loss), calculated in accordance with GAAP, excluding (i) non-cash equity compensation expense,
(ii) the Management Fee, (iii) the Incentive Compensation, (iv) acquisition fees, (v) financing fees, (vi) depreciation and
amortization, (vii) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting
period, regardless of whether such items are included in other comprehensive income or loss, or in net income, and (viii) one-time
events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Independent
Directors and approved by a majority of the Independent Directors.

 

“Correct Payor”
has the meaning set forth in Section 16(n).

 

“Effective
Termination Date” means the last day of the Initial Term or an Automatic Renewal Term, as the case may be, on which this
Agreement is terminated.

 

“Equity Incentive
Plans” means the equity incentive plans adopted by PubCo to provide incentive compensation to attract and retain qualified
directors, officers, advisors, consultants and other personnel, including the Manager and its Affiliates and personnel of the Manager
and its Affiliates, and any other Affiliates of PubCo.

 

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“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“GAAP”
means generally accepted accounting principles in effect in the United States on the date such principles are applied.

 

“Governing
Body” means, with respect to PubCo, the Board, and with respect to each Subsidiary, the managing member of such Subsidiary.

 

“Governing
Instruments” means, with regard to any entity, the articles of incorporation or certificate of incorporation and bylaws
in the case of a corporation, the partnership agreement in the case of a general or limited partnership, the certificate of formation
and operating agreement or limited liability company agreement in the case of a limited liability company, the declaration of trust
or other comparable trust instrument in the case of a trust, or similar governing documents, in each case as the same may be amended
from time to time.

 

“Incentive
Compensation” means the incentive management fee calculated and payable with respect to each calendar quarter (or part
thereof that this Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between: (i) the
product of (A) 20% and (B) the difference between (1) Core Earnings of PubCo for the previous 12-month period, and (2) the
product of (x) the weighted average of the issue price per share of the Common Stock of all of PubCo’s public offerings of
Common Stock multiplied by the weighted average number of shares of Common Stock outstanding (including, for the avoidance of doubt,
any restricted shares of Common Stock and any shares of Common Stock underlying other awards granted under one or more of PubCo’s
Equity Incentive Plans) in the previous 12-month period, and (y) 8%; and (ii) the sum of any Incentive Compensation paid to the
Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no Incentive
Compensation shall be payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar
quarters is greater than zero.

 

For purposes of calculating
the Incentive Compensation prior to the completion of a 12-month period during the term of this Agreement, Core Earnings shall
be calculated on the basis of the number of days that this Agreement has been in effect on an annualized basis.

 

If the Effective Termination
Date does not correspond to the end of a calendar quarter, the Manager’s Incentive Compensation shall be calculated for the
period beginning on the day after the end of the calendar quarter immediately preceding the Effective Termination Date and ending
on the Effective Termination Date, which Incentive Compensation shall be calculated using Core Earnings for the 12-month period
ending on the Effective Termination Date.

 

“Indemnified
Party” has the meaning set forth in Section 8(b).

 

“Independent
Director” means a member of the Board who is “independent” in accordance with PubCo’s Governing Instruments
and the rules of NYSE or such other securities exchange on which the shares of Common Stock are listed.

 

“Initial Payor”
has the meaning set forth in Section 16(n).

 

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“Initial Public
Offering” means PubCo’s sale of Common Stock to the public pursuant to the Registration Statement.

 

“Initial Term”
has the meaning set forth in Section 10(a).

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended.

 

“Last Appraiser”
has the meaning set forth in Section 6(g).

 

“Losses”
has the meaning set forth in Section 8(a).

 

“Management
Fee” means the management fee that is calculated and payable with respect to each calendar quarter (or part thereof that
this Agreement is in effect) in arrears (i) in an amount equal to 10% of the aggregate net income, calculated in accordance with
GAAP, of the Subsidiaries for the calendar quarter (or applicable part thereof) (if such amount is a positive number), and (ii)
subject to the aggregate net income, calculated in accordance with GAAP, of the Subsidiaries being positive for the current and
3 preceding calendar quarters.

 

For purposes of calculating
the Management Fee prior to the completion of quarterly period during the term of this Agreement, the net income of the Subsidiaries
shall be calculated on the basis of the number of days that this Agreement has been in effect during such quarter.

 

“Manager”
has the meaning set forth in the Preamble and shall include any successor in interest thereto.

 

“Manager Change
of Control” means a change in the direct or indirect (i) beneficial ownership of more than fifty percent (50%) of the
combined voting power of the Manager’s then outstanding equity interests, or (ii) power to direct or control the management
policies of the Manager, whether through the ownership of beneficial equity interests, common directors or officers, by contract
or otherwise. Manager Change of Control shall not include (i) public offerings of the equity interests of the Manager, or (ii)
any assignment of this Agreement by the Manager as permitted hereby and in accordance with the terms hereof.

 

“Manager Indemnified
Party” has the meaning set forth in Section 8(a).

 

“Manager Permitted
Disclosure Parties” has the meaning set forth in Section 5(a).

 

“Notice of
Proposal to Negotiate” has the meaning set forth in Section 10(c).

 

“NYSE”
means the New York Stock Exchange.

 

“Person”
means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal,
state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting
in such capacity on behalf of the foregoing.

 

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“Registration
Statement” means PubCo’s Registration Statement on Form S-1 (Registration No. 333-186819), as amended from time
to time, pursuant to which PubCo is conducting the Initial Public Offering.

 

“Regulation
FD” means Regulation FD as promulgated by the SEC.

 

“Reorganization”
has the meaning set forth in Section 11(b).

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Service Recipients”
has the meaning set forth in the Recitals.

 

“Subsidiary”
means: (i) Realty Capital Securities, LLC; (ii) RCS Advisory Services, LLC; and (iii) American National Stock Transfer, LLC, and
their respective successors thereto.

 

“Termination
Notice” has the meaning set forth in Section 10(b).

 

“Termination
Without Cause” has the meaning set forth in Section 10(b).

 

(b)          As
used herein, accounting terms relating to the Service Recipients not defined in Section 1(a) and accounting terms partly
defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them under GAAP. As used
herein, “calendar quarters” shall mean the periods from January 1 to March 31, April 1 to June 30, July 1 to
September 30 and October 1 to December 31 of the applicable year.

 

(c)          The
words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this
Agreement unless otherwise specified.

 

(d)          The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words
include, includes and including shall be deemed to be followed by the phrase “without limitation.”

 

Section 2.
Appointment and Duties of the Manager.

 

(a)          The
Service Recipients hereby appoint the Manager to implement their business strategy and provide executive and management services,
subject at all times to the terms and conditions set forth in this Agreement and to the supervision of, and such further limitations
or parameters as may be imposed from time to time by, the relevant Governing Body. The Manager hereby agrees to use its commercially
reasonable efforts to perform each of the duties set forth herein, provided that funds are made available by the Service Recipients
for such purposes as set forth in Section 7. The appointment of the Manager shall be exclusive to the Manager, except to
the extent that the Manager elects, in its sole and absolute discretion, subject to the terms of this Agreement, to cause the duties
of the Manager as set forth herein to be provided by third parties.

 

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(b)          The
Manager, in its capacity as such, at all times will be subject to the supervision and direction of the Governing Bodies, will act
in a manner that is in compliance with the Governing Instruments of the Service Recipients, and will have only such functions and
authority as the Governing Bodies may delegate to it, including, without limitation, managing each Service Recipient’s business
affairs in conformity with policies that are approved and adopted by the relevant Governing Body.

 

(c)          In
connection with its performance of its duties hereunder with respect to the Service Recipients’ operations, the Manager will
perform (or cause to be performed) such related services and activities as may be appropriate, which may include, without limitation:

 

(i)          administering
the day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the
management of each Service Recipient as may be agreed upon by the Manager and the relevant Governing Body, including, without limitation,
the collection of revenues and the payment of debts and obligations of the Service Recipients and maintenance of appropriate computer
services to perform such administrative functions;

 

(ii)         
engaging and supervising, on the Service Recipients’ behalf and at the Service Recipients’ expense, independent contractors
that provide legal and accounting services, and all other services (including transfer agent and registrar services) as may be
required relating to the Service Recipients’ operations or investments (or proposed operations or investments);

 

(iii)        providing
executive and administrative personnel, office space and office services required in rendering services to the Service Recipients;

 

(iv)        communicating
on the Service Recipients’ behalf with the holders of any of their equity or debt securities as required to satisfy the reporting
and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such
holders;

 

(v)         monitoring
each Service Recipient’s operating performance and providing periodic reports with respect thereto to the relevant Governing
Body, including comparative information with respect to such operating performance and budgeted or projected operating results;

 

(vi)        investing
and reinvesting any moneys and securities of the Service Recipients (including investing in short-term investments pending investment
in other investments, payment of fees, costs and expenses, or payments of dividends or distributions to their stockholders and
partners) and advising the Service Recipients as to their capital structure and capital raising;

 

(vii)       causing
the Service Recipients to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting
procedures and systems, internal controls and other compliance procedures and testing systems with respect to financial reporting
obligations and compliance with the applicable law, and to conduct quarterly compliance reviews with respect thereto;

 

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(viii)      assisting
the Service Recipients in qualifying to do business in all applicable jurisdictions and to obtain and maintain all appropriate
licenses;

 

(ix)         assisting
the Service Recipients in complying with all regulatory requirements applicable to the Service Recipients in respect of their business
activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual
undertakings and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by NYSE;

 

(x)          assisting
the Service Recipients in taking all necessary action to enable them to make required tax filings and reports, including soliciting
stockholders for required information to the extent required by applicable law;

 

(xi)         handling
and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or
negotiations) in which each Service Recipient may be involved or to which each Service Recipient may be subject arising out of
their day-to-day operations (other than with the Manager or its Affiliates), subject to such limitations or parameters as may be
imposed from time to time by the relevant Governing Body;

 

(xii)        using
commercially reasonable efforts to cause expenses incurred by or on behalf of each Service Recipient to be commercially reasonable
or commercially customary and within any budgeted parameters or expense guidelines set by the relevant Governing Body from time
to time;

 

(xiii)       arranging
marketing materials, advertising, industry group activities (such as conference participations and industry organization memberships)
and other promotional efforts designed to promote Service Recipients’ business;

 

(xiv)      performing
such other services as may be required from time to time for management and other activities relating to each Service Recipient’s
properties and business, as the relevant Governing Body shall reasonably request or the Manager shall deem appropriate under the
particular circumstances; and

 

(xv)       using
commercially reasonable efforts to cause the Service Recipients to comply with all applicable laws.

 

(d)          The
Manager may retain, for and on behalf, and at the sole cost and expense, of the Service Recipients, such services of the Persons
referred to in Section 7(b) as the Manager deems necessary or advisable in connection with the management and operations
of the Service Recipients. In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably
on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service
providers) hired by the Manager at the Service Recipients’ sole cost and expense.

 

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(e)          The
Manager shall refrain from any action that, in its sole judgment made in good faith, (i) would adversely and materially affect
the Service Recipients’ status as entities excluded from investment company status under the Investment Company Act, or (ii) would
violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Service Recipients or of any
exchange on which the securities of any Service Recipient may be listed or that would otherwise not be permitted by the applicable
Governing Instruments. If the Manager is ordered to take any action by a Governing Body, the Manager shall promptly notify such
Governing Body if it is the Manager’s judgment that such action would adversely and materially affect such status or violate
any such law, rule or regulation or Governing Instruments. Notwithstanding the foregoing, neither the Manager nor any of its Affiliates
shall be liable to Service Recipients, the Governing Bodies, or Service Recipients’ equityholders for any act or omission
by the Manager or any of its Affiliates, except as provided in Section 8 of this Agreement.

 

(f)          The
Service Recipients (including the Governing Bodies) agree to take all actions reasonably required to permit and enable the Manager
to carry out its duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to
allow the Manager to file any registration statement or other filing required to be made under the Securities Act, Exchange Act,
NYSE’s Rules, the Code or other applicable law, rule or regulation on behalf of the Service Recipients in a timely manner.
The Service Recipients further agree to use commercially reasonable efforts to make available to the Manager all resources, information
and materials reasonably requested by the Manager to enable the Manager to satisfy its obligations hereunder, including its obligations
to deliver financial statements and any other information or reports with respect to the Service Recipients.

 

(g)          The
Manager shall prepare, or, at the sole cost and expense of the Service Recipients, cause to be prepared, all reports, financial
or otherwise, with respect to the Service Recipients reasonably required by the relevant Governing Body in order for the Service
Recipients to comply with their Governing Instruments, or any other materials required to be filed with any governmental body or
agency, and shall prepare, or, at the sole cost and expense of the Service Recipients, cause to be prepared, all materials and
data necessary to complete such reports and other materials, including, without limitation, an annual audit of their books of account
by a nationally recognized independent accounting firm.

 

(h)          The
Manager shall prepare, or, at the sole cost and expense to the Service Recipients, cause to be prepared, regular reports for the
Governing Bodies to enable each Governing Body to review its Service Recipients’ performance and compliance with the policies
approved by the Governing Body.

 

(i)          Officers,
employees and agents of the Manager and its Affiliates may serve as directors, officers, agents, nominees or signatories for the
Service Recipients, to the extent permitted by their respective Governing Instruments, by any resolutions duly adopted by the relevant
Governing Body. When executing documents or otherwise acting in such capacities for the Service Recipients, such Persons shall
indicate in what capacity they are executing on behalf of the applicable Service Recipient. Without limiting the foregoing, while
this Agreement is in effect, the Manager will provide PubCo with a management team, including a Chief Executive Officer and President
or similar positions, along with appropriate support personnel, to provide the management services to be provided by the Manager
to PubCo hereunder, who shall devote such of their time to the management of PubCo as necessary and appropriate, commensurate with
the level of activity of PubCo from time to time.

 

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(j)          The
Manager, at its sole cost and expense, shall maintain reasonable and customary “errors and omissions” insurance coverage
and other customary insurance coverage in respect to its obligations and activities under, or pursuant to, this Agreement, naming
the Service Recipients as additional insured.

 

(k)          The
Manager, at its sole cost and expense, shall provide such internal audit, compliance and control services as may be required for
the Service Recipients to comply with applicable law (including the Securities Act and Exchange Act), regulation (including SEC
regulations) and the rules and requirements of NYSE and as otherwise reasonably requested by the Service Recipients or the Board
from time to time.

 

(l)          The
Manager acknowledges receipt of PubCo’s Affiliated Transactions Best Practices Policy (the “Conduct Policies”)
and agrees to require the persons who provide services to the Service Recipients to comply with such Conduct Policies in the performance
of such services hereunder or such comparable policies as shall in substance hold such persons to at least the standards of conduct
set forth in the Conduct Policies.

 

(m)          The
Manager, at its sole cost and expense, shall maintain any required registration of the Manager or any Affiliate with the SEC under
the Investment Advisers Act of 1940, as amended, or with any state securities authority in any state in which the Manager or its
Affiliate is required to be registered as an investment advisor under applicable state securities laws.

 

Section
3. Additional Activities of the Manager; Restrictions.

 

(a)          Except
as provided in Section 3(b), nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates or any
of their respective officers, directors or employees, from engaging in other businesses or from rendering services of any kind
to any other Person, whether or not the commercial objectives or policies of any such other Person are similar to those of the
Service Recipients or (ii) in any way bind or restrict the Manager or any of its Affiliates or any of their respective officers,
directors or employees from buying, selling or trading any securities or commodities for their own accounts or for the account
of others for whom the Manager or any of its Affiliates, officers, directors or employees may be acting.

 

(b)          While
information and recommendations supplied to the Service Recipients shall, in the Manager’s reasonable and good faith judgment,
be appropriate under the circumstances and in light of the commercial objectives and policies of the Service Recipients, they may
be different from the information and recommendations supplied by the Manager or any Affiliate of the Manager to others. The Service
Recipients shall be entitled to equitable treatment under the circumstances in receiving information, recommendations and any other
services, but the Service Recipients recognize that are not entitled to receive preferential treatment as compared with the treatment
given by the Manager or any Affiliate of the Manager to others. The Service Recipients shall have the benefit of the Manager’s
best judgment and effort in rendering services hereunder and, in furtherance of the foregoing, the Manager shall not undertake
activities that, in its good faith judgment, will adversely affect the performance of its obligations under this Agreement.

 

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Section
4. Bank Accounts. At the direction of each Governing Body, the Manager may establish and maintain one or more
bank accounts in the name of the relevant Service Recipient, and may collect and deposit into any such account or accounts, and
disburse funds from any such account or accounts, under such policies, terms and conditions as the relevant Service Recipient may
establish and its Governing Body may approve. The Manager shall from time to time render appropriate accountings of such collections
and payments to each Governing Body and, upon request, shall provide information regarding such accountings to the auditors of
the Service Recipients.

 

Section
5. Records; Confidentiality.

 

(a)          The
Manager shall maintain appropriate books of accounts and records relating to services performed hereunder, and such books of account
and records shall be accessible for inspection by representatives of the Service Recipients at any time during normal business
hours. The Manager shall keep confidential any and all non-public information, written or oral, obtained by it in connection with
the services rendered hereunder (“Confidential Information”) and shall not use Confidential Information except
in furtherance of its duties under this Agreement or disclose Confidential Information, in whole or in part, to any Person other
than (i) to its Affiliates, officers, directors, employees, agents, representatives or advisors who need to know such Confidential
Information for the purpose of rendering services hereunder, (ii) to appraisers, financing sources and others in the ordinary
course of the Service Recipients’ business ((i) and (ii) collectively, “Manager Permitted Disclosure Parties”),
(iii) in connection with any governmental or regulatory filings of the Service Recipients, or filings with NYSE or other applicable
securities exchanges or markets, or disclosure or presentations to Company investors (subject to compliance with Regulation FD),
(iv) to governmental officials having jurisdiction over the Service Recipients, (v) as requested by law or legal process to which
the Manager or any Person to whom disclosure is permitted hereunder is a party, or (vi) with the consent of the applicable Service
Recipient with respect to whom the Confidential Informaiton relates to. The Manager agrees to inform each of its Manager Permitted
Disclosure Parties of the non-public nature of the Confidential Information and to obtain agreement from such Persons to treat
such Confidential Information in accordance with the terms hereof.

 

(b)          Nothing
herein shall prevent any Manager Permitted Disclosure Party from disclosing Confidential Information (i) upon the order of any
court or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency
or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy hereunder, or (iv) to its legal
counsel or independent auditors; provided, however, that with respect to clauses (i) and (ii), it is agreed that,
so long as not legally prohibited, the Manager will provide the applicable Service Recipient with prompt written notice of such
order, request or demand so that such Service Recipient may seek, at its sole expense, an appropriate protective order and/or waive
the Manager Permitted Disclosure Party compliance with the provisions of this Agreement. If, failing the entry of a protective
order or the receipt of a waiver hereunder, the Manager Permitted Disclosure Party is required to disclose Confidential Information,
the Manager Permitted Disclosure Party may disclose only that portion of such information that is legally required without liability
hereunder; provided, however, that the Manager Permitted Disclosure Party agrees to exercise its commercially reasonable
efforts to obtain reliable assurance that confidential treatment will be accorded such information.

 

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(c)          Notwithstanding
anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Confidential
Information that (A) is available to the public from a source other than the Manager, (B) is released in writing by a Service Recipient
to the public (except to the extent exempt under Regulation FD) or to persons who are not under similar obligation of confidentiality
to such Service Recipient, or (C) is obtained by the Manager from a third-party which, to the best of the Manager’s
knowledge, does not constitute a breach by such third-party of an obligation of confidence with respect to the Confidential Information
disclosed. The provisions of this Agreement shall survive the expiration or earlier termination of this Agreement for a period
of one year.

 

Section
6. Compensation. 

 

(a)          For
services rendered under this Agreement, the Subsidiaries shall pay the Management Fee and the Incentive Compensation to the Manager.
The Manager will not receive any compensation for the period prior to the Closing Date other than expenses incurred and reimbursed
pursuant to Section 7.

 

(b)          The
Management Fee and the Incentive Compensation shall be payable in arrears, in quarterly installments commencing with the quarter
in which this Agreement is executed. The Manager shall compute each quarterly installment of the Management Fee and the Incentive
Compensation promptly following PubCo’s filing of a Quarterly Report on Form 10-Q with the SEC with respect to the calendar
quarter for which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall
thereafter promptly be delivered to the Governing Bodies and, upon such delivery, payment of such installment of the Management
Fee and the Incentive Compensation shown therein shall be due and payable by the Service Recipients, in cash, no later than the
date which is ten Business Days after the date of delivery to the Governing Bodies of such computations.

 

Section
7. Expenses of the Service Recipients.

 

(a)          The
Manager shall be responsible for the expenses related to any and all personnel of the Manager and its Affiliates who provide services
to the Service Recipients pursuant to this Agreement (including, without limitation, each of the officers of the Service Recipients
and any directors of the Service Recipients who are also directors, officers, employees or agents of the Manager or any of its
Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans
of such personnel, and costs of insurance with respect to such personnel.

 

(b)          The
Service Recipients shall pay all of their costs and expenses and shall reimburse the Manager or its Affiliates for expenses of
the Manager and its Affiliates incurred on behalf of the Service Recipients, excepting only those expenses that are specifically
the responsibility of the Manager pursuant to Section 7(a) of this Agreement. Without limiting the generality of the foregoing,
it is specifically agreed that the following costs and expenses of the Service Recipients shall be paid by the Service Recipients
and shall not be paid by the Manager or Affiliates of the Manager:

 

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(i)          expenses
in connection with the issuance of securities of the Service Recipients and transaction costs incident to the acquisition, disposition
and financing of the investments of the Service Recipients;

 

(ii)         costs
of legal, tax, accounting, consulting, auditing and other similar services rendered for the Service Recipients by providers retained
by the Manager or, if provided by the Manager’s personnel, in amounts which are no greater than those which would be payable
to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length
basis;

 

(iii)        the
compensation and expenses of the Service Recipients’ directors and the cost of liability insurance to indemnify the Service
Recipients’ directors and officers;

 

(iv)        costs
associated with the establishment and maintenance of any the Service Recipient’s credit facilities, other financing arrangements,
or other indebtedness of a Service Recipient (including commitment fees, accounting fees, legal fees, closing and other similar
costs) or any of Service Recipient’s securities offerings;

 

(v)         expenses
connected with communications to holders of securities of the Service Recipients and other bookkeeping and clerical work necessary
in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements
of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the
SEC, the costs payable by PubCo to any transfer agent and registrar in connection with the listing and/or trading of PubCo’s
securities on any exchange, the fees payable by PubCo to any such exchange in connection with its listing, costs of preparing,
printing and mailing PubCo’s annual report to PubCo’s stockholders and proxy materials with respect to any meeting
of PubCo’s stockholders;

 

(vi)        costs
associated with any computer software or hardware, electronic equipment or purchased information technology services from third-party
vendors that is used for the Service Recipients;

 

(vii)       expenses
incurred by managers, officers, personnel and agents of the Manager for travel on the Service Recipients’ behalf and other
out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, financing,
refinancing, sale or other disposition of an investment or establishment and maintenance of any Service Recipient's securitizations
or any Service Recipient’s securities offerings;

 

(viii)      costs
and expenses incurred with respect to market information systems and publications, research publications and materials, and settlement,
clearing and custodial fees and expenses;

 

(ix)         compensation
and expenses of the Service Recipients’ custodian and transfer agent, if any;

 

    	13

    	 

    

 

(x)          the
costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory agency;

 

(xi)         all
taxes and license fees;

 

(xii)        all
insurance costs incurred in connection with the operation of the the Service Recipients’ business except for the costs attributable
to the insurance that the Manager elects to carry for itself and its personnel;

 

(xiii)       costs
and expenses incurred in contracting with third parties;

 

(xiv)      all
other costs and expenses relating to the Service Recipients’ business and operations, including, without limitation, the
costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of investments, including appraisal,
reporting, audit and legal fees;

 

(xv)       expenses
relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites and facilities, maintained
for the Service Recipients or the investments of the Service Recipients separate from the office or offices of the Manager;

 

(xvi)      expenses
connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by
a Governing Body to or on account of holders of PubCo’s securities or those of a Subsidiary, as applicable;

 

(xvii)     any
judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against PubCo or any Subsidiary,
or against any trustee, director, partner, member or officer of PubCo or of any Subsidiary in his capacity as such for which PubCo
or any Subsidiary is required to indemnify such trustee, director, partner, member or officer by any court or governmental agency;
and

 

(xviii)    all
other expenses actually incurred by the Manager (except as otherwise specified herein) which are reasonably necessary for the performance
by the Manager of its duties and functions under this Agreement.

 

(c)          Costs
and expenses incurred by the Manager on behalf of the Service Recipients shall be reimbursed monthly to the Manager. The Manager
shall prepare a written statement in reasonable detail documenting the costs and expenses of the Service Recipients and those incurred
by the Manager on behalf of the Service Recipients during each month, and shall deliver such written statement to the Service Recipients
within 30 days after the end of each month. The Service Recipients shall pay all amounts payable to the Manager pursuant to this
Section 7(c) within five Business Days after the receipt of the written statement without demand, deduction, offset or delay.
Cost and expense reimbursement to the Manager shall be subject to adjustment at the end of each calendar year in connection with
the annual audit of PubCo. The provisions of this Section 7 shall survive the expiration or earlier termination of this
Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination.

 

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Section
8. Limits of the Manager’s Responsibility.

 

(a)          The
Manager assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and
shall not be responsible for any action of the Governing Bodies in following or declining to follow any advice or recommendations
of the Manager. The Manager and its Affiliates, and the directors, officers, employees, partners, members, stockholders, other
equity holders, agents and representatives of the Manager and its Affiliates (each, a “Manager Indemnified Party”),
will not be liable to PubCo, any Subsidiary, the Governing Bodies, PubCo’s stockholders or any Subsidiary’s stockholders,
partners or members for any acts or omissions by any Manager Indemnified Party performed in accordance with and pursuant to this
Agreement, except by reason of any act or omission constituting bad faith, willful misconduct or gross negligence in the performance
of duties under this Agreement on the part of such Manager Indemnified Party. The Service Recipients shall, to the full extent
lawful, reimburse, indemnify and hold harmless each Manager Indemnified Party, of and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) (collectively “Losses”)
in respect of or arising from any acts or omissions of such Manager Indemnified Party performed in good faith under this Agreement
and not constituting bad faith, willful misconduct or gross negligence in the performance of duties on the part of such Manager
Indemnified Party under this Agreement. In addition, the Service Recipients shall advance funds to a Manager Indemnified Party
for legal fees and other costs and expenses incurred as a result of any claim, suit, action or proceeding for which indemnification
is being sought, provided, however, that such Manager Indemnified Party undertakes to repay the advanced funds to the Service
Recipients, together with the applicable legal rate of interest thereon, in cases in which such Manager Indemnified Party is found
pursuant to a final and non-appealable order or judgment to not be entitled to indemnification under this Agreement.

 

(b)          The
Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Service Recipients, and their respective directors,
officers and stockholders and each Person, if any, controlling PubCo or any Subsidiary (each, a “Company Indemnified Party”;
a Manager Indemnified Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “ Indemnified
Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions of the Manager constituting
bad faith, willful misconduct or gross negligence of duties of the Manager under this Agreement or (ii) any claims by the Manager’s
employees relating to the terms and conditions of their employment by the Manager.

 

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(c)          In
case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified Party in respect
of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall give prompt written
notice thereof to the indemnifying party, which notice shall include all documents and information in the possession of or under
the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall specifically
state that indemnification for such Claim is being sought under this Section; provided, however, that the failure of the
Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s rights other than
pursuant to this Section. Upon receipt of such notice of Claim (together with such documents and information from such Indemnified
Party), the indemnifying party shall, at its sole cost and expense, in good faith defend any such Claim with counsel reasonably
satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party pursuant to the
next succeeding sentence of this Section 8(c), also represent the indemnifying party in such investigation, action or proceeding.
In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified Party reasonably
determines that the conduct of its defense by the indemnifying party could be materially prejudicial to its interests, (ii) the
indemnifying party refuses to assume such defense (or fails to give written notice to the Indemnified Party within ten days of
receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii) the indemnifying party shall have failed,
in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying party may settle any
Claim against such Indemnified Party without such Indemnified Party’s consent, provided (i) such settlement is without any
Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any admission of liability or culpability
by such Indemnified Party and (iii) the indemnifying party obtains an effective written release of liability for such Indemnified
Party from the party to the Claim with whom such settlement is being made, which release must be reasonably acceptable to such
Indemnified Party, and a dismissal with prejudice with respect to all claims made by the party against such Indemnified Party in
connection with such Claim. The applicable Indemnified Party shall reasonably cooperate with the indemnifying party, at the indemnifying
party’s sole cost and expense, in connection with the defense or settlement of any Claim in accordance with the terms hereof.
If such Indemnified Party is entitled pursuant to this Section 8(c) to elect to defend such Claim by counsel of its own
choosing and so elects, then the indemnifying party shall be responsible for any good faith settlement of such Claim entered into
by such Indemnified Party. Except as provided in the immediately preceding sentence, no Indemnified Party may pay or settle any
Claim and seek reimbursement therefor under this Section 8(c).

 

(d)          The
provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement.

 

Section
9. No Joint Venture. The Service Recipients and the Manager are not partners or joint venturers with each other
and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of
them.

 

Section
10. Term; Renewal; Termination Without Cause.

 

(a)          This
Agreement shall become effective on the Closing Date and shall continue in operation, unless terminated in accordance with the
terms hereof, until the tenth anniversary of the Closing Date (the “Initial Term”). After the Initial Term,
this Agreement shall be deemed renewed automatically for successive five-year periods (each, an “Automatic Renewal Term”)
unless the Service Recipients or the Manager elect not to renew this Agreement in accordance with Section 10(b) or Section 10(d),
respectively.

 

(b)          Notwithstanding
any other provision of this Agreement to the contrary, upon written notice provided to the Manager no later than 180 days prior
to the expiration of the Initial Term or any Automatic Renewal Term (the “Termination Notice”), the Service
Recipients may, without cause, in connection with the expiration of the Initial Term or the then current Automatic Renewal Term,
decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”) upon the affirmative vote
of at least two-thirds of the Independent Directors that includes a finding by such two-thirds of the Independent Directors that
either (1) there has been unsatisfactory performance by the Manager that is materially detrimental to the Service Recipients taken
as a whole or (2) the Management Fee or the Incentive Compensation payable to the Manager are not fair, subject to Section 10(c)
below. The Service Recipients may terminate this Agreement for cause pursuant to Section 12 even after providing a
Termination Notice.

 

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(c)          Notwithstanding
the provisions of Section 10(b), if the reason for nonrenewal specified in the Termination Notice is that two-thirds of
the Independent Directors have determined that the Management Fee or the Incentive Compensation payable to the Manager are unfair,
the Service Recipients shall not have the foregoing nonrenewal right in the event the Manager agrees that it will continue to perform
its duties hereunder during the Automatic Renewal Term that would commence upon the expiration of the Initial Term or then current
Automatic Renewal Term at a fee that at least two-thirds of the Independent Directors determine to be fair; provided, however,
that Manager shall have the right to renegotiate the Management Fee and/or the Incentive Compensation (as applicable), by delivering
to the Service Recipients, not less than 120 days prior to the pending Effective Termination Date, written notice (a “Notice
of Proposal to Negotiate”) of its intention to renegotiate the Management Fee (and/or Incentive Compensation). Thereupon,
the Service Recipients and the Manager shall endeavor to negotiate the Management Fee (and/or Incentive Compensation) in good faith.
Provided that the Service Recipients and the Manager agree to a revised Management Fee, Incentive Compensation or other compensation
structure within 60 days following the Service Recipients’ receipt of the Notice of Proposal to Negotiate, the Termination
Notice from the Service Recipients shall be deemed of no force and effect, and this Agreement shall continue in full force and
effect on the terms stated herein, except that the Management Fee, Incentive Compensation or other compensation structure shall
be the revised Management Fee, Incentive Compensation or other compensation structure as then agreed upon by the Service Recipients
and the Manager. The Service Recipients and the Manager agree to execute and deliver an amendment to this Agreement setting forth
such revised Management Fee, Incentive Compensation or other compensation structure promptly upon reaching an agreement regarding
same. In the event that the Service Recipients and the Manager are unable to agree to a revised Management Fee, Incentive Compensation
or other compensation structure during such 60-day period, this Agreement shall terminate on the Effective Termination Date.

 

(d)          No
later than 180 days prior to the expiration of the Initial Term or the then current Automatic Renewal Term, the Manager may deliver
written notice to the Service Recipients informing them of the Manager’s intention to decline to renew this Agreement, whereupon
this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement
next following the delivery of such notice.

 

(e)          Except
as set forth in this Section 10, a nonrenewal of this Agreement pursuant to this Section 10 shall be without any
further liability or obligation of either party to the other, except as provided in Section 5, Section 7, Section
8 and Section 14.

 

(f)          The
Manager shall cooperate with the Service Recipients in executing an orderly transition of the management of the Service Recipients’
consolidated assets to a new manager.

 

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Section
11. Assignment.

 

(a)          Assignment
by the Manager. This Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Manager,
unless such assignment is consented to in writing by the Service Recipients with the consent of a majority of the Independent Directors.
Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the
Manager shall be liable to the Service Recipients for all acts or omissions of the assignee under any such assignment. In addition,
the assignee shall execute and deliver to the Service Recipients a counterpart of this Agreement naming such assignee as the Manager.
Notwithstanding the foregoing, the Manager may, without the approval of the Independent Directors, (i) assign this Agreement to
an Affiliate of the Manager and (ii) delegate to one or more of its Affiliates the performance of any of its responsibilities hereunder
so long as it remains liable for any such Affiliate’s performance, in each case so long as assignment or delegation does
not require the Service Recipients’ approval under the Investment Company Act (but if such approval is required, the Service
Recipients shall not unreasonably withhold, condition or delay their consent). Nothing contained in this Agreement shall preclude
any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement.

 

(b)          Assignment
by the Service Recipients. This Agreement shall not be assigned by the Service Recipients without the prior written consent
of the Manager, except in the case of (i) assignment by a Service Recipient to another organization which is a successor (by merger,
consolidation, purchase of assets, or other transaction) to such Service Recipient in which case such successor organization shall
be bound under this Agreement and by the terms of such assignment in the same manner as such Service Recipient is bound under this
Agreement; or (ii) pursuant to the Reorganization, in which in the successor entity shall be bound under this Agreement and by
the terms of such assignment in the same manner as the Subsidiaries are bound under this Agreement. As used herein, the term “Reorganization”
shall mean a transaction or series of related transactions pursuant to which an entity (the ownership interests of which are held
by the same Persons and in the same relative proportions as the ownership interests of the Subsidiaries immediately prior to the
transaction(s)) is interposed as the direct owner of all ownership interests of the Subsidiaries.

 

Section
12. Termination for Cause.

 

(a)          The
Service Recipients may terminate this Agreement effective upon 30 days’ prior written notice of termination from the Service
Recipients to the Manager if (i) the Manager, its agents or its assignees breaches any material provision of this Agreement and
such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the
same be remedied in such 30-day period (or 45 days after written notice of such breach if the Manager takes steps to cure such
breach within 30 days of the written notice), (ii) there is a commencement of any proceeding relating to the Manager’s Bankruptcy
or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary
bankruptcy petition, (iii) any Manager Change of Control which a majority of the Independent Directors determines is materially
detrimental to PubCo and the Subsidiaries taken as a whole, (iv) the dissolution of the Manager, or (v) the Manager commits fraud
against any Service Recipient, misappropriates or embezzles funds of any Service Recipient, or acts, or fails to act, in a manner
constituting bad faith, willful misconduct or gross negligence in the performance of its duties under this Agreement; provided,
however, that if any of the actions or omissions described in this clause (v) are caused by an employee and/or officer of the
Manager or one of its Affiliates and the Manager takes all necessary and appropriate action against such person and cures the damage
caused by such actions or omissions within 30 days of the Manager’s actual knowledge of its commission or omission, the Service
Recipients shall not have the right to terminate this Agreement pursuant to this Section 12(a)(v).

 

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(b)          The
Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Service Recipients
in the event that any Service Recipient shall default in the performance or observance of any material term, condition or covenant
contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such
default and requesting that the same be remedied in such 30-day period.

 

(c)          The
Manager may terminate this Agreement if any Service Recipient becomes required to register as an investment company under the Investment
Company Act, with such termination deemed to occur immediately before such event.

 

Section
13. Action Upon Termination. From and after the effective date of termination of this Agreement pursuant to Sections
10, 11, or 12, the Manager shall not be entitled to compensation for further services hereunder,
but shall be paid all compensation accruing to the date of termination. Upon any such termination, the Manager shall forthwith:

 

(a)          after
deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to each Service Recipient
all money collected and held for the account of such Service Recipient pursuant to this Agreement;

 

(b)          deliver
to the Governing Bodies a full accounting, including a statement showing all payments collected by it and a statement of all money
held by it, covering the period following the date of the last accounting furnished to the Governing Bodies with respect to the
Service Recipients; and

 

(c)          deliver
to the Governing Bodies all property and documents of the Service Recipients then in the custody of the Manager.

 

Section
14. Release of Money or Other Property Upon Written Request.

 

The Manager agrees
that any money or other property of a Service Recipient held by the Manager shall be held by the Manager as custodian for such
Service Recipient, and the Manager’s records shall be appropriately and clearly marked to reflect the ownership of such money
or other property by such Service Recipient. Upon the receipt by the Manager of a written request signed by a duly authorized officer
of a Service Recipient requesting the Manager to release to such Service Recipient any money or other property then held by the
Manager for the account of such Service Recipient under this Agreement, the Manager shall release such money or other property
to such Service Recipient within a reasonable period of time, but in no event later than 60 days following such request. Upon delivery
of such money or other property to such Service Recipient, the Manager shall not be liable to such Service Recipient, such Service
Recipient’s Governing Body, or such Service Recipient’s stock- or equity-holders or partners for any acts or omissions
by such Service Recipient in connection with the money or other property released to such Service Recipient in accordance with
this Section 14. A Service Recipient shall indemnify the Manager, its directors, officers, stockholders, employees and agents
against any and all Losses which arise in connection with the Manager’s proper release of such money or other property to
such Service Recipient in accordance with the terms of this Section 14. Indemnification pursuant to this provision shall
be in addition to any right of the Manager to indemnification under Section 8 of this Agreement.

 

    	19

    	 

    

 

Section
15. Representations and Warranties.

 

(a)          Each
Service Recipient hereby represents and warrants to the Manager as follows:

 

(i)          The
Service Recipient is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the corporate
power and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct
the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures
to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations,
assets or financial condition of the Service Recipient.

 

(ii)         The
Service Recipient has the corporate power and authority and the legal right to make, deliver and perform this Agreement and all
obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions
hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any
other Person and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any governmental authority is required by the Service Recipient in connection with this Agreement or the execution,
delivery, performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has
been, and each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Service
Recipient, and this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder
will constitute, the legally valid and binding obligation of the Service Recipient enforceable against the Service Recipient in
accordance with its terms.

 

(iii)        The
execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any
provision of any existing law or regulation binding on the Service Recipient, or any order, judgment, award or decree of any court,
arbitrator or governmental authority binding on the Service Recipient, or the Governing Instruments of, or any securities issued
by, the Service Recipient or of any contract or other agreement, instrument or undertaking to which the Service Recipient is a
party or by which the Service Recipient or any of its assets may be bound, the violation of which would have a material adverse
effect on the business operations, assets or financial condition of the Service Recipient, and will not result in, or require,
the creation or imposition of any lien or any of its property, assets or revenues pursuant to the provisions of any such contract
or other agreement, instrument or undertaking.

 

    	20

    	 

    

 

(b)          The
Manager hereby represents and warrants to the Service Recipients as follows:

 

(i)          The
Manager is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the limited liability
company power and authority and the legal right to own and operate its assets, to lease the property it operates as lessee and
to conduct the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the
laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification,
except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on
the business operations, assets or financial condition of the Manager.

 

(ii)         The
Manager has the limited liability company power and authority and the legal right to make, deliver and perform this Agreement and
all obligations required hereunder and has taken all necessary corporate action to authorize this Agreement on the terms and conditions
hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any
other Person and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any governmental authority is required by the Manager in connection with this Agreement or the execution, delivery,
performance, validity or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and
each instrument or document required hereunder will be, executed and delivered by a duly authorized officer of the Manager, and
this Agreement constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute,
the legally valid and binding obligation of the Manager enforceable against the Manager in accordance with its terms.

 

(iii)        The
execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate any
provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Manager, or the Governing Instruments of, or any securities issued by, the Manager or
of any contract or other agreement, instrument or undertaking to which the Manager is a party or by which the Manager or any of
its assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial
condition of the Manager, and will not result in, or require, the creation or imposition of any lien or any of its property, assets
or revenues pursuant to the provisions of any such contract or other agreement, instrument or undertaking.

 

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Section
16. Miscellaneous.

 

(a)          Notices.
All notices, requests, communications and demands to or upon the respective parties hereto to be effective shall be in writing
(including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when
delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery
by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return
receipt requested, addressed as set forth below (or to such other address as may be hereafter notified by the respective parties
hereto in accordance with this Section 16):

 

	A Service Recipient:	405 Park Avenue, 15th Floor
	 	New York, NY 10022
	 	Facsimile No.:  (212) 421-5799
	 	Attention:	Legal Counsel
	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Facsimile No.:  (212) 969-2900
	 	Attention:	Peter M. Fass, Esq.
	 	 	James P. Gerkis, Esq.
	 	 
	The Manager:	405 Park Avenue, 15th Floor
	 	New York, NY 10022
	 	Facsimile No.:  (212) 421-5799
	 	Attention:	Legal Counsel
	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Facsimile No.:  (212) 969-2900
	 	Attention:  	Peter M. Fass, Esq.
	 	 	James P. Gerkis, Esq.

 

(b)          Binding
Nature of Agreement; Successors and Assigns; No Third Party Beneficiaries. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns as provided
herein. Except as provided in this Agreement with respect to indemnification of Indemnified Parties hereunder, nothing in this
Agreement shall confer any rights upon any Person other than the parties hereto and their respective heirs, legal representatives,
successors and permitted assigns.

 

(c)          Integration.
This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede
any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

 

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(d)          Additional
Subsidiaries. The parties agree that (i) any subsidiary of the Company, (ii) any partnership the general partner of which is
the Company or any subsidiary of the Company, or (iii) any limited liability company the managing member of which is the Company
or any subsidiary of the Company, in each case formed after the date of this Agreement, may become party to this Agreement, upon
written agreement of the parties hereto, as a “Subsidiary” hereunder. The parties agree that they will renegotiate
the amount of compensation paid to the Manager under this Agreement in good faith (and amend the Agreement accordingly, in the
manner contemplated by Section 16(e) below) upon the joinder of any such additional entity to this Agreement as a “Subsidiary”
hereunder.

 

(e)          Amendments.
This Agreement, nor any terms hereof, may not be amended, supplemented or modified except in an instrument in writing executed
by the parties hereto.

 

(f)          GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE
PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT
COURT LOCATED IN THE BOROUGH OF MANHATTAN, FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE LAYING OF VENUE IN SUCH COURT.

 

(g)          WAIVER
OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

(h)          Survival
of Representations and Warranties. All representations and warranties made hereunder, and in any document, certificate or statement
delivered pursuant hereto or in connection herewith, shall survive the execution and delivery of this Agreement.

 

(i)          No
Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

 

    	23

    	 

    

 

(j)          Costs
and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements of counsel and
accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement, and all matters
incident thereto. If any party hereto initiates any legal action arising out of or in connection with this Agreement, the prevailing
party shall be entitled to recover from the other party all reasonable attorneys’ fees, expert witness fees and expenses
incurred by the prevailing party in connection therewith.

 

(k)          Section
Headings. The section and subsection headings in this Agreement are for convenience in reference only and shall not be deemed
to alter or affect the interpretation of any provisions hereof.

 

(l)          Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in any number of separate
counterparts, and all of which taken together shall be deemed to constitute one and the same instrument.

 

(m)          Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

(n)          Cost
Sharing. As among the Subsidiaries, 30 days after the end of each quarter, the Subsidiaries shall allocate the amount of
all compensation paid to the Manager under this Agreement, including the Management Fee, the Incentive Compensation and reimbursements
of the Manager’s costs and expenses pursuant to Section 7, based on the percentage of time that the Manager spent
during the applicable period in rendering services hereunder to each such Subsidiary, as determined by the Independent Directors,
or based on any other reasonable method as determined in the sole discretion of the Independent Directors. If a Subsidiary (the
“Initial Payor”) is determined to have made a payment to the Manager that was properly payable by another Subsidiary
(the “Correct Payor”) (the amount of such payment, an “Advance”), interest shall accrue on
the Advance at an annual rate equal to the applicable federal rate for short-term borrowings in effect on the date the Initial
Payor paid the Advance, from the date the Initial Payor paid the Advance through (and including) the date the Correct Payor repaid
such Advance to the Initial Payor. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

    	24

    	 

    

 

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

 

	 	RCS Capital Corporation
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	REALTY CAPITAL SECURiTIES, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	RCS ADVISORY SERVICES, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	AMERICAN NATIONAL STOCK TRANSFER, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	RCS Capital Management, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	25Exhibit 10.10

 

INDEMNIFICATION AGREEMENT

 

INDEMNIFICATION AGREEEMENT dated as of [            ],
2013 (this “Agreement”), between RCS Capital Company, a Delaware corporation (the “Company”),
and [            ] (“Indemnitee”).  Certain
terms which are used but not otherwise defined herein are defined in Section 2.

 

RECITALS

 

WHEREAS, highly competent persons have become
more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with
adequate protection through insurance and/or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that, in order to attract and retain qualified individuals, the Company shall maintain
on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from
certain liabilities;

 

WHEREAS, although the furnishing of such
insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the
Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at
higher premiums and with more exclusions;

 

WHEREAS, directors, officers and other persons
in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation
relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself;

 

WHEREAS, the Amended and Restated Certificate
of Incorporation of the Company (as the same may be amended from time to time, the “Certificate of Incorporation”)
requires indemnification of the officers and directors of the Company;

 

WHEREAS, Indemnitee may also be entitled
to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”);

 

WHEREAS, the Certificate of Incorporation
and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate
that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 

WHEREAS, the uncertainties relating to such
insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has determined that the
increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders
and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

    	 

    	 

    

 

WHEREAS, it is reasonable, prudent and necessary
for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest
extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will
not be so indemnified;

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the Certificate of Incorporation and any resolutions adopted pursuant thereto, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee does not regard the
protection available under the Certificate of Incorporation and insurance as adequate in the present circumstances, and may not
be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such
capacity; and

 

WHEREAS, Indemnitee is willing to serve,
continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified;

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.  Services to the
Company.  Indemnitee agrees to serve as a [director] [and officer] of the Company.  Indemnitee also hereafter
may serve as an Agent of another Enterprise at the request of the Company.  Indemnitee may at any time and for any reason
resign from any such position (subject to any other contractual obligation or any obligation imposed by operation of law).  The
foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve in any of
the foregoing capacities.

 

Section 2.  Definitions.  As
used in this Agreement:

 

(a)          References
to “Agent” shall mean any person who is or was a director, officer, trustee, partner, manager, employee, agent
or fiduciary of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, including
such person serving in such capacity as a director, officer, trustee, partner, manager, employee, agent or fiduciary of another
corporation, partnership, limited liability company, joint venture, trust or other Enterprise at the request of, for the convenience
of, or to represent the interests of the Company or a subsidiary of the Company.

 

(b)          A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of
any of the following events:

 

i.            Any
Person (as defined below) other than RCAP Holdings, LLC or its affiliates is or becomes the Beneficial Owner, directly or indirectly,
of securities of the Company representing 15 percent (15%) or more of the combined voting power of the Company’s then outstanding
securities unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from
a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

 

    	2

    	 

    

 

ii.         During
any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the
beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered
into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv))
whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

 

iii.         The
effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation that would
result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined
voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with
the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

iv.         The
approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

v.           There
occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below),
whether or not the Company is then subject to such reporting requirement.

 

For purposes of this Section 2(b), the following terms
shall have the following meanings:

 

(A)         “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(B)         “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that
Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of
the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company.

 

(C)         “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however,
that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company
approving a merger of the Company with another entity.

 

    	3

    	 

    

 

(c)          
“Corporate Status” describes the status of a person who is or was an Agent of the Company or of any other corporation,
limited liability company, partnership or joint venture, trust or other Enterprise that such person is or was serving at the request
of the Company.

 

(d)          “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(e)          “Enterprise”
shall mean the Company or any other corporation, limited liability company, partnership, joint venture, trust or other enterprise
of which Indemnitee is or was serving at the request of the Company as a director, officer or other Agent.

 

(f)          “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, excise taxes and penalties arising under, relating to or in connection with the Employee Retirement Income Security
Act of 1974, as amended, and all other disbursements or expenses of the types customarily incurred in connection with, or as a
result of, prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise
participating in, a Proceeding.  Expenses also shall include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other
appeal bond or its equivalent, (ii) Expenses incurred in connection with recovery under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee is ultimately determined to be entitled
to such indemnification, advancement of Expenses or insurance recovery, as the case may be, and (iii) for purposes of Section
14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement, by litigation or otherwise.  The parties agree that for the purposes of any advancement
of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included
in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively
to be reasonable.  Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments
or fines against Indemnitee.

 

(g)          “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  The Company agrees
to pay the reasonable fees and expenses of Independent Counsel referred to above and to fully indemnify such counsel against any
and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

    	4

    	 

    

 

(h)          The
term “Proceeding” shall include any threatened, pending or completed action, suit, claim, counterclaim, cross
claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee
was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is
or was a director or officer of the Company or other Agent, by reason of any action taken by him (or a failure to take action by
him) or of any action (or failure to act) on his part while acting pursuant to his Corporate Status, in each case whether or not
serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement or advancement
of Expenses can be provided under this Agreement.  If Indemnitee believes in good faith that a given situation may lead
to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

 

(i)          References
to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise
tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall
include any service as a director or officer of the Company or other Agent that imposes duties on, or involves services by, such
director, officer or other Agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who
acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of
an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

Section 3.  Indemnity in Third-Party
Proceedings.  The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the
right of the Company to procure a judgment in its favor.  Pursuant to this Section 3, Indemnitee shall be indemnified
to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines
and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that
his conduct was unlawful.  The parties hereto intend that this Agreement shall provide to the fullest extent permitted
by applicable law for indemnification in excess of that expressly permitted by statute, including any indemnification provided
by the Certificate of Incorporation, the by-laws of the Company, vote of its stockholders or disinterested directors or applicable
law.

 

    	5

    	 

    

 

Section 4.  Indemnity in Proceedings
by or in the Right of the Company.  The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right
of the Company to procure a judgment in its favor.  Pursuant to this Section 4, Indemnitee shall be indemnified
to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf
in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company.  No indemnification for Expenses shall
be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged
by a court to be liable to the Company, unless and only to the extent that the Chancery Court or any other Delaware Court in which
the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

Section 5.  Indemnification
for Expenses of a Party That is Wholly or Partly Successful.  Notwithstanding any other provisions of this Agreement,
to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is
successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part,
the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved
claim, issue or matter to the fullest extent permitted by applicable law.  For purposes of this Section 5 and
without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 6.  Indemnification
For Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the fullest extent permitted
by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise asked to participate
in any aspect of a Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith.

 

Section 7.  Partial Indemnification.  If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses,
but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled.

 

Section 8.  Additional Indemnification.

 

(a)          Notwithstanding
any limitation in Section 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted
by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or
in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments,
fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

    	6

    	 

    

 

(b)          For
purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by applicable law” shall include:

 

i.            to
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

 

ii.         to
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 9.  Exclusions.  Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification payment in
connection with any claim made against Indemnitee:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)          for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, or (ii) any
reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits
realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any
such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

 

(c)          except
as provided in Section 14(d), in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers,
employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation
or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable
law.

 

    	7

    	 

    

 

Section 10.  Advances of Expenses.  Notwithstanding
any provision of this Agreement to the contrary (other than Section 14(d)), the Company shall advance, to the fullest extent
not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not
initiated by Indemnitee, and such advancement shall be made within 30 days after the receipt by the Company of a statement or statements
requesting such advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses
but, in the case of invoices received in connection with the provision of legal services, shall not be required to include any
references to legal work performed or to other expenditures made that would cause Indemnitee to waive any privilege accorded by
applicable law), whether prior to or after final disposition of any Proceeding.  Advances shall be unsecured and interest
free.  Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to
Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.  In accordance
with Section 14(d), advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right
of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.  The
Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute
an undertaking providing that Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined that Indemnitee is not entitled to be indemnified by the Company.  No other form of undertaking shall be required
other than the execution of this Agreement.  This Section 10 shall not apply to any claim made by Indemnitee for
which indemnity is excluded pursuant to Section 9.

 

Section 11.  Procedure for
Notification and Defense of Claim.

 

(a)          Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof.  The
written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding,
in each case, to the extent known to Indemnitee.  To obtain indemnification under this Agreement, Indemnitee shall submit
to the Company a written request, including therein or therewith such documentation and information as is reasonably available
to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following
the final disposition of such Proceeding.  The failure by Indemnitee to notify the Company hereunder will not relieve
the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay
in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement.  The Secretary
of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee
has requested indemnification.

 

(b)          The
Company shall be entitled to participate in the Proceeding at its own expense.

 

(c)          The
Company shall not settle any Proceeding (in whole or in part) if such settlement would impose any Expense, judgment, fine or limitation
on Indemnitee for which Indemnitee is not entitled to be indemnified for hereunder without Indemnitee’s prior written consent.

 

    	8

    	 

    

 

Section 12.  Procedure Upon
Application for Indemnification.

 

(a)          Upon
written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case:  (i) if a Change in Control shall
have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii)
if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if
so directed by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten days after such determination.  Indemnitee shall cooperate with the person,
persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise
protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination.  Any
costs or Expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.  The
Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification,
including a description of any reason or basis for which indemnification has been denied.

 

(b)          If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a), the
Independent Counsel shall be selected as provided in this Section 12(b).  If a Change in Control shall not have
occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising
him of the identity of the Independent Counsel so selected.  If a Change in Control shall have occurred, the Independent
Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event
the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the
Independent Counsel so selected.  In either event, Indemnitee or the Company, as the case may be, may, within ten days
after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of Independent Counsel, and the objection shall set forth with particularity
the factual basis of such assertion.  Absent a proper and timely objection, the person so selected shall act as Independent
Counsel.  If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as
Independent Counsel unless and until such objection is withdrawn or the Chancery Court has determined that such objection is without
merit.  If, within 20 days after the later of submission by Indemnitee of a written request for indemnification pursuant
to Section 11(a) and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition the Chancery Court for resolution of any objection which shall have been made
by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom all
objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a).  Upon
the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a), Independent Counsel shall be discharged
and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    	9

    	 

    

 

(c)          If
the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be paid and
only the disputed portion withheld pending resolution of such dispute.

 

Section 13.  Presumptions and
Effect of Certain Proceedings.

 

(a)          In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 11(a), and the Company shall,
to the fullest extent not prohibited by applicable law, have the burden of proof to overcome that presumption in connection with
the making by any person, persons or entity of any determination contrary to that presumption.  Neither the failure of
the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has
not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

 

(b)          Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to
have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however,
that such 60-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons or entity
making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining
or evaluating of documentation and/or information relating thereto; provided, further, that the foregoing provisions
of this Section 13(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 12(a) and if (A) within 15 days after receipt by the Company of the request for such determination the
Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be
held within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called
within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60
days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 12(a).

 

    	10

    	 

    

 

(c)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of
itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

(d)          For
purposes of any determination of good faith, and without creating any presumption as to a lack of good faith if the following circumstances
do not exist, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books
of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers
of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records
given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected
with the reasonable care by the Enterprise.  The provisions of this Section 13(d) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct
set forth in this Agreement.

 

(e)          The
knowledge and/or actions, or failure to act, of any director or officer of the Company or other Agent shall not be imputed to Indemnitee
for purposes of determining the right to indemnification under this Agreement.

 

Section 14.  Remedies of Indemnitee.

 

(a)          Subject
to Section 14(e), if (i) a determination is made pursuant to Section 12 that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 12(a) within 90 days after receipt by the Company
of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7
or the last sentence of Section 12(a) within ten days after receipt by the Company of a written request therefor, (v) payment
of indemnification pursuant to Section 3, 4 or 8 is not made within ten days after a determination has been
made that Indemnitee is entitled to indemnification, or (vi) if the Company or any other person takes or threatens to take any
action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to
deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall
be entitled to an adjudication by a court of his entitlement to such indemnification or advancement of Expenses.  Alternatively,
Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules of the American Arbitration Association.  Indemnitee shall commence such proceeding seeking an adjudication or
an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 14(a); provided, however, that the foregoing clause shall not apply in respect of
a proceeding brought by Indemnitee to enforce his rights under Section 5.  The Company shall not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration.

 

    	11

    	 

    

 

(b)          If
a determination shall have been made pursuant to Section 12(a) that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.  In
any judicial proceeding or arbitration commenced pursuant to this Section 14, the Company shall have the burden of proving
Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c)          If
a determination shall have been made pursuant to Section 12(a) that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

 

(d)          The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions
of this Agreement.  It is the intent of the Company that, to the fullest extent permitted by applicable law, Indemnitee
not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s
rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the
benefits intended to be extended to Indemnitee hereunder.  The Company shall, to the fullest extent permitted by applicable
law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten days after receipt by
the Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are
incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advancement of Expenses from
the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the
Company if, in the case of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly
successful on the underlying claims, then such indemnification shall be only to the extent Indemnitee is successful on such underlying
claims or otherwise as permitted by applicable law, whichever is greater.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

    	12

    	 

    

 

Section 15.  Non-Exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)          The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the
Company’s Amended and Restated By-laws (as the same may be amended from time to time, the “By-Laws”), any agreement,
a vote of stockholders or a resolution of directors, or otherwise, and (ii) shall be interpreted independently of, and without
reference to, any such other rights to which Indemnitee may at any time be entitled.  No amendment, alteration or repeal
of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of
any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.  To
the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Certificate of Incorporation and this Agreement, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right
or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

 

(b)          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers or
other Agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to
the maximum extent of the coverage available for any such director, officer or other Agent under such policy or policies.  If,
at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may
be, to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such Proceeding in accordance with the terms of such policies.

 

(c)          In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)          The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement
is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise.

 

(e)          The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as an Agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification
or advancement of Expenses from such other Enterprise.

 

    	13

    	 

    

 

Section 16.  Duration of Agreement.  This
Agreement shall continue until and terminate upon the later of:  (a) ten years after the last date on which Indemnitee
shall have served as a director, officer, or other Agent, of the Company or of any other Enterprise and (b) one year after the
final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement
of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 14 relating thereto.  The
rights to indemnification and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding
upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue
as to an Indemnitee who has ceased to be a director, officer or other Agent of the Company or of any other Enterprise, and shall
inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives.

 

Section 17.  Severability.  If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:  (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted
by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give
the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
(including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Section 18.  Enforcement.

 

(a)          The
Company expressly acknowledges and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director or officer of the Company.

 

(b)          This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation,
the By-Laws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder.

 

Section 19.  Amendment and
Waiver.  No provision of this Agreement may be amended unless such amendment is approved in writing by each of the
parties hereto.  No provision of this Agreement may be waived unless such waiver is in writing and signed by the party
against whom the waiver is to be effective.  No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative
and not exclusive of any rights or remedies provided by law.

 

Section 20.  Notice by Indemnitee.  Indemnitee
agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses
covered hereunder.  The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise.

 

    	14

    	 

    

 

Section 21.  Notices.  All
notices, requests, consents and other communications hereunder (each, a “Notice”) to any party shall be in writing
and shall be delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section
21) or nationally recognized overnight courier, addressed to such party at the address or facsimile number set forth below
or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties:

 

(a)          If
to Indemnitee:

 

[                                         ]

 

(b)          If
to the Company to:

 

405 Park Avenue, 15th Floor

New York, NY 10022

Facsimile No.:  (212) 421-5799

Attention: Legal Counsel

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Facsimile No.:  (212) 969-2900

 

Attention:  Peter M. Fass, Esq.

                  James P. Gerkis, Esq.

 

or at such other location for a party as shall be specified
to the other party by like Notice.  All such Notices shall only be duly given and effective upon receipt (or refusal
of receipt).

 

Section 22.  Contribution.  To
the fullest extent permitted under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction
(s).

 

    	15

    	 

    

 

Section 23.  Governing Law;
Consent to Jurisdiction.  This Agreement shall be governed by, construed and enforced in accordance with the laws
of the State of Delaware, without regard to the conflicts of law rules of such state.  Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 14(a), the parties hereto agree that any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated
hereby shall be brought only in the Chancery Court of the State of Delaware (the “Chancery Court”), and not
in any other state or federal court in the United States of America or any court in any other country, and each of the parties
hereby irrevocably consents to the jurisdiction of the Chancery Court and of the appropriate appellate courts therefrom (the “Delaware
Courts”) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any Delaware Court or that
any such suit, action or proceeding brought in any Delaware Court has been brought in an inconvenient forum.  Process
in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction
of any Delaware Court.

 

Section 24.  Counterparts.  This
Agreement may be executed (including by facsimile transmission with counterpart pages) in separate counterparts, each of which
shall be deemed an original and all of which shall, taken together, be considered one and the same agreement, it being understood
that both parties need not sign the same counterpart.

 

Section 25.  Miscellaneous.  For
the purposes of this Agreement, the words “it”, “he,” “his” or “himself” shall
be interpreted to include the masculine, feminine and corporate or other entity form.  The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement.  The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof.  Any singular term in this Agreement
shall be deemed to include the plural, and any plural term the singular.  Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”,
whether or not they are in fact followed by those words or words of like import.  “Writing”, “written”
and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.  References
to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance
with the terms thereof.  References to any Person include the successors and assigns of that Person.  References
from or through any date mean, unless otherwise specified, from and including or through and including, respectively.

 

    	16

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed as of the date first above written.

 

	 	RCS CAPITAL CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[                           ]

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