Document:

Exhibit 10.4

Exhibit 10.4

ICG GROUP, INC.

DIRECTOR DEFERRED STOCK UNIT PROGRAM

(As amended and restated, effective as of June 20, 2011)

ICG Group, Inc. (f/k/a Internet Capital Group, Inc.) (the “Company”) generally pays each
non-management member of its Board of Directors (“Non-Management Director”) an annual retainer fee
(“Directors Fees”). The ICG Group, Inc. Director Deferred Stock Unit Program (the “Program”)
provides each Non-Management Director with the opportunity to defer receipt of all or any portion
of their Directors Fees (“Deferral Fees”) for a particular calendar year in exchange for stock
units that will be credited to an account that is maintained by the Company on their behalf under
the Program. Each stock unit credited to the account for a Non-Management Director will be
converted to an equivalent number of shares of common stock of the Company when such Non-Management
Director ceases as a member of the Board of Directors of the Company. Non-Management Directors
receive dividend equivalents on the stock units credited to their account under the Program until
such stock units are converted to shares of common stock of the Company. The Company intends that
the Program will be operated and maintained in accordance with the requirements of §409A of the
Internal Revenue Code of 1986, as amended (the “Code”). The following sets forth the terms and
conditions of the Program, effective as of January 1, 2010. This document is intended to
constitute the governing plan document for the Program and shall apply to all Deferral Fees
credited to a Non-Management Director’s account as of January 1, 2010, as well as any Deferral Fees
credited to a Non-Management Director’s account after January 1, 2010.

To elect to participate in the Program with respect to Directors Fees to be earned during a
particular calendar year, a Non-Management Director must make an irrevocable election by
filing a Deferral Election Form (the “Election Form”) with the Company no later than the later of
December 31 of the calendar year prior to the calendar year for which the deferral applies or 30
days after election to the board of directors, to receive, in exchange for deferring the receipt of
all or a portion of his or her Directors Fees to be earned after the election is made in such
calendar year to receive stock units, which are phantom rights that will be credited to an account
(the “Account”) for the Non-Management Director’s benefit on the books of the Company. The stock
units will be converted to shares of common stock of the Company when the Non-Management Director
terminates service from the Board of Directors of the Company (the “Board”). The Account for each
Non-Management Director shall consist of separate sub-accounts that will reflect the number of
stock units that are credited for the Directors Fees that are deferred under the Program for a
particular calendar year. The number of stock units that will be credited to the Non-Management
Director’s Account for a particular calendar year will be equal to the Non-Management Director’s
deferred Directors Fees divided by the “fair market value” of a share of the Company’s common stock
(the “Stock”) as of the date on which the Directors Fees otherwise would have been paid. The stock
units credited to the Non-Management Director’s Account are hereinafter referred to as the
“Deferral Shares”. At all times, the Non-Management Director will be fully vested in the Deferral
Shares credited to the Account for the Non-Management Director’s benefit under the Program. For
purposes of the Program, “fair market value” will be defined as: if the Stock is publicly traded,
then the fair market value per share shall be determined as follows: (x) if the principal trading
market for the Stock is a national securities exchange, the last reported sale price thereof on the
preceding date or, if there were no trades on that date, the latest preceding date upon which a
sale was reported, or (y) if the Stock is not principally traded on a national securities exchange,
the mean between the last reported “bid” and “asked” prices of a share on the preceding date, as
reported by the National Daily Quotation Bureau, Inc. or as reported in a customary financial
reporting service, as applicable and as the Committee determines. If the Stock is not publicly
traded or, if publicly traded, is not subject to reported transactions or “bid” or “asked”
quotations as set forth above, the fair market value per share shall be as determined in good faith
by the Board; provided that, if the Stock is publicly traded, the Board may make such discretionary
determinations where the shares have not been traded for 10 trading days.

 

1

 

At the time of the Non-Management Director’s election to defer, the Non-Management Director
must designate in the Election Form the form in which the Deferral Shares credited to his or her
Account will be paid for the relevant calendar year, which form may be in either a single sum
distribution, or in substantially equal annual installments paid over a period of time, not to
exceed five years (six installments). Each calendar year a Non-Management Director may elect a
different form of payment for the Directors Fees deferred under the Program for such calendar year.
Unless otherwise provided in this Program, the Deferral Shares credited to the Non-Management
Director’s Account will commence to be converted to an equivalent number of shares of Stock and
distributed to the Non-Management Director in the form designated by the Non-Management Director in
his or her Election Form as soon as administratively practicable following the date on which such
Non-Management Director terminates service as a director on the Board, but within 30 days following
such termination. If the Non-Management Director elected as the form of distribution annual
installments, the first installment will be distributed to the Non-Management Director within 30
days following his or her termination of service as director on the Board and each subsequent
installment shall be paid to such Non-Management Director within 30 days on each anniversary of
such termination of service. The number of shares of Stock that will be distributed in each
installment will be determined by taking the total number of Deferral Shares credited to the
Non-Management Directors sub-account for such calendar year and dividing such by the number of
annual installments selected by the Non-Management Director. If no form is selected, the
Non-Management Director will be deemed to have selected single sum distribution.

A new Election Form must be completed each year for a Non-Management Director to defer
Directors Fees to be earned in the following calendar year. A Non-Management Director’s execution
of any Election Form shall constitute acknowledgement that all decisions and determinations by the
Company will be final and binding on the Company, the Non-Management Director and any other persons
having or claiming an interest hereunder. A Non-Management Director’s participation in the Program
will automatically terminate on the date the Non-Management Director ceases to be a member of the
Board of Directors of the Company and is no longer entitled to receive Directors Fees from the
Company. Only Non-Management Directors may participate in the Program.

If the Company distributes a cash dividend to its stockholders, the Company will pay the
Non-Management Director, at the same time that such cash dividend is paid to the Company’s
stockholders, a cash payment that is equal in value to the amount of cash that would have been paid
to the Non-Management Director as a dividend if he or she actually owned the shares of Stock
represented by the Deferral Shares. Each cash payment shall be deemed as a separate payment for
purposes of §409A of the Code.

Notwithstanding anything in this Program to the contrary or election as to form made by the
Non-Management Director in his Election Form or Special Election Form, as applicable, if a Change
of Control (as defined below) occurs prior to the date on which the Non-Management Director
receives distribution of the Deferral Shares credited to his or her Account, all of the Deferral
Shares credited to his or her Account shall be converted to an equivalent number of shares of Stock
and distributed to the Non-Management Direct in a single sum upon the occurrence of the Change of
Control. For purposes of this Program, Change of Control shall have the same meaning as such term
is defined in the Company’s 2005 Omnibus Equity Compensation Plan; provided, however, that for
purposes of this Program a Change of Control shall not be deemed to have occurred if the Change of
Control does not constitute a change in the ownership or effective control of the Company, or in
the ownership of a substantial portion of the assets of the Company within the meaning of §409A of
the Code and its corresponding regulations.

 

2

 

If a Non-Management Director experiences an “unforeseeable emergency,” the Non-Management
Director may request a distribution of the Deferral Shares credited to his or her Account in such
amount that is reasonably necessary to satisfy the emergency, plus an amount to pay any applicable
taxes that are reasonably anticipated to result from the distribution. To be eligible for such
distribution, the Non-Management Director must submit a written request to the Company for such distribution on
account of an unforeseeable emergency and the Company will have to determine that the
Non-Management Director has experienced an unforeseeable emergency. A distribution on account of
determination by the Company that the Non-Management Director has experienced an unforeseeable
emergency will be made within 30 days following such determination. For purposes of this Program,
“unforeseeable emergency” means a severe financial hardship to the Non-Management Director
resulting from (i) an illness or accident of the Non-Management Director, the Non-Management
Director’s spouse, the Non-Management Director’s beneficiary or the Non-Management Director’s
eligible dependents; (ii) loss of the Non-Management Director’s property due to casualty (including
the need to rebuild a home following damage to a home not otherwise covered by insurance, for
example, not as a result of a natural disaster); or (iii) other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond Non-Management Director’s control,
to the extent permitted under Treas. Reg. section §1.409A-3(i)(3)(i). Cash needs arising from
foreseeable events such as the purchase of a house or education expenses for children are not
considered to be the result of an unforeseeable emergency. Notwithstanding anything in this
Program to the contrary, any payment under this paragraph will be subject to the rules under
Treasury Regulation §1.409A-3(i)(3), and if the Non-Management Director receives a distribution of
Stock in a calendar year by reason of an unforeseeable emergency, any election the Non-Management
Director has made under this Program for the remaining portion of the year will be cancelled and
the Non-Management Director will be prohibited from making an election under this Program for the
next calendar year. With respect to any future calendar year, if the Non-Management Director
desires to participate in the Program for such calendar year the Non-Management Director must make
a new deferral election in accordance with the procedures described in this Program prior to the
relevant calendar year.

If the Non-Management Director dies before the Non-Management Director’s Account has been
fully paid out, the beneficiary designated on the Non-Management Director’s Election Form will
receive a distribution of a number of shares of Stock equal to the remaining Deferral Shares
credited to the Non-Management Director’s Account as soon as administratively practicable after the
Non-Management Director’s death, but within 60 days following such date. If the Non-Management
Director’s beneficiary predeceases the Non-Management Director or if, for some reason, the
Non-Management Director has not designated a beneficiary, the Non-Management Director’s Deferral
Shares will be paid to the Non-Management Director’s surviving spouse, or, if none, the
Non-Management Director’s estate.

To satisfy the Company’s obligations to issue shares of Stock under the Program, the Board
will issue the shares under the Company’s 1999 Equity Compensation Plan, the Company’s 2005 Omnibus
Equity Compensation Plan or such other equity compensation plan adopted by the Company, as
determined by the Board, pursuant to grants under such plans for purposes of this Program.

Each Non-Management Director is solely responsible for all tax consequences that result from
his or her participation in the Program.

This Program may be amended, suspended or terminated at any time by the Company; provided,
however, that no amendment, suspension or termination will adversely affect a Non-Management
Director’s rights, unless required to comply with applicable law, including §409A of the Code. If
the Board terminates the Program, Participants shall be entitled to a distribution of their benefit
under the Program if the termination is on account of a permitted distribution event under Treas.
Reg. §1.409A-3(j)(4)(ix)(A), (B), (C) or (D) and the requirements, as applicable, of such
regulations are met with respect to the termination of the Program and distribution of benefits
hereunder.

The Program is intended to comply with the applicable requirements of §409A of the Code and
its corresponding regulations and related guidance, and shall be administered in accordance with
§409A of the Code to the extent §409A of the Code applies to the Program. Notwithstanding anything
in the
Program to the contrary, elections to defer Directors Fees under the Program, and
distributions from the Program, may only be made in a manner and upon an event permitted by §409A
of the Code. To the extent that any provision of the Program would cause a conflict with the
requirements of §409A of the Code, or would cause the administration of the Program to fail to
satisfy the requirements of §409A of the Code, such provision shall be deemed null and void to the
extent permitted by applicable law. Other than on a valid Election Form or Special Election Form,
in no event shall a Non-Management Director, directly or indirectly, designate the calendar year of
payment. Each subaccount maintained for a Non-Management Director for a particular calendar year
shall be deemed as a separate account for purposes of §409A of the Code with respect to subaccounts
for other calendar years.

 

3Exhibit 10.8

Exhibit 10.8

Restricted Share Agreement

On this, the
 _____ 
day of
 _____, 20_____, Internet Capital Group Operations, Inc, a Delaware
corporation (together with ICG Group, Inc., a Delaware corporation, (collectively the “Company”)),
hereby grants to
 _____ 
a Restricted Share Award (the “Award”), of
 _____ 
shares (the
“Shares”) of the common stock in the Company subject to the restrictions below and pursuant to and
subject to the terms and conditions of the ICG 2005 Omnibus Equity Compensation Plan, as amended
(the “Plan”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Plan.

General Provisions

	 	1.	 	Vesting and Term.

(a) Except as provided in Paragraph 1(b) below, you will vest in your right to the Shares
granted under this Award according to the following vesting schedule

	 	 	 
	
 _____, 20XX
	 	
 _____ 

	
 _____, 20XX
	 	
 _____ 

	
 _____, 20XX
	 	
 _____ 

	
 _____, 20XX
	 	
 _____ 

(b) Vesting upon Termination.

(1) Termination of Service on Account of Involuntary Termination without Cause. If after the
first vesting date noted above you incur a Termination of Service on account of an involuntary
termination without Cause, you will receive pro-rated vesting at the rate of 2.083% per month
through your termination date.

(2) Termination of Service on Account of Death, Disability, or Retirement. If after the first
vesting date noted above you incur a Termination of Service on account of death, your Disability,
or your Retirement, you will receive pro-rated vesting at the rate of 2.083% per month through your
termination date.

(3) Termination of Service on Account of Cause. No Shares shall be vested on an accelerated
basis if you incur a Termination of Service on account of Cause.

(4) Termination of Service for Any Other Reason. No Shares shall be vested on an accelerated
basis if you incur a Termination of Service on account of any reason other than that listed above
in this Paragraph 1(b).

Additional Provisions

2. Non-Transferability of Award. During the period before the Shares vest, you may not
assign, transfer, pledge or otherwise dispose of the Shares prior to vesting. Any attempt to
assign, transfer, pledge or otherwise dispose of the unvested Shares contrary to the provisions
hereof, and the levy of any execution, attachment or similar process upon the unvested Shares,
shall be null and void and without effect.

 

 

 

3. Right to Vote and to Receive Dividends. You will have the right to vote unvested Shares
and receive any dividends or other distributions paid on unvested Shares. In the event of a
dividend or distribution payable in stock or other property or a reclassification, split up or
similar event during the period in which the Shares are unvested, the shares or other property
issued or delivered with respect to the unvested Shares shall be subject to the same terms and
conditions relating to vesting as the Shares to which they relate.

4. Forfeiture of Shares. If you incur a Termination of Service for any reason before the
Shares are fully vested, the Shares that are not then vested shall be forfeited and must be
immediately returned to the Company. In addition, if the Committee determines, in good faith, that
you have breached any non-compete, non-solicitation or confidentiality agreement with the Company
at any time, you will immediately forfeit all unvested Shares and all vested Shares, and all Shares
must be immediately returned to the Company.

5. Change of Control. The provisions of the Plan applicable to a Change of Control shall
apply to the Shares, and, in the event of a Change of Control, the Committee may take such actions
as it deems appropriate pursuant to the Plan.

6. Incorporation by Reference; Definitions. This Award shall be subject to the terms,
conditions and limitations of the Plan, which are incorporated herein by reference. In the event
of any contradiction, distinction or difference between this Award Agreement and the terms of the
Plan, the terms of the Plan will control. Except as otherwise defined in this Award Agreement, the
terms used in this Award Agreement shall have the meanings set forth in the Plan. The Award is
subject to the interpretations, regulations and determinations concerning the Plan established from
time to time by the Committee in accordance with the provisions of the Plan, including, but not
limited to, provisions pertaining to (i) rights and obligations with respect to the withholding of
taxes, (ii) the registration, qualification or listing of the shares, (iii) changes in
capitalization of the Company, and (iv) other requirements of applicable law. The Committee shall
have the authority to interpret and construe the Award pursuant to the terms of the Plan, its
decisions shall be conclusive as to any questions arising hereunder, and your acceptance of this
Award is you agreement to be bound by the interpretations and decisions of the Committee with
respect to this Award and the Plan.

7. Issuance of Certificates.

(a) The Company will hold non-certificated shares until the Shares vest.

(b) When you obtain a vested right to the Shares, the vested Shares shall be issued to you in
electronic form, free of the restrictions under Paragraph 1 of this Award.

8. Withholding. You are required to pay to the Company, or make other arrangements
satisfactory to the Company to provide for the payment of, any federal, state, local or other taxes
that the Company is required to withhold with respect to the grant or vesting of this Award.
Subject to Committee approval, you may elect to satisfy any tax withholding obligation of the
Company
with respect to this Award by having shares withheld up to an amount that does not exceed the
minimum applicable withholding tax rate for federal (including FICA), state, local and other tax
liabilities.

9. No Employment or Other Rights. This Award shall not confer upon you any right to be
retained by or in the employ or service of the Company or its parent or subsidiaries, and shall not
interfere in any way with the right of the Company or its parent or subsidiaries to terminate your
employment or service at any time. The right of the Company or its parent or subsidiaries to
terminate at will your employment or service at any time for any reason is specifically reserved.

 

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10. Assignment by Company. The rights and protections of the Company hereunder shall extend to
any successors or assigns of the Company and to the Company’s parent or subsidiaries and
affiliates. This Award may be assigned by the Company without your consent.

11. Governing Law. This Agreement shall be deemed to be made under and shall be construed in
accordance with the laws of the State of Delaware.

12. Notice. All notices hereunder shall be in writing, and if to the Company or the Committee,
shall be delivered to the Board of Directors of the Company or mailed to its principal office,
addressed to the attention of the Board of Directors; and if to you, shall be delivered personally
sent by facsimile transmission or mailed to you at the address appearing in the records of the
Company. Such addresses may be changed at any time by written notice to the other party given in
accordance with this Paragraph 12.

	 	 	 	 	 
	 	 	Internet Capital Group operations, Inc.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
Walter
W. Buckley, III
	 

	 	 	 	Chief Executive Officer

	 	 	 	 	 
	Attest:	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Philip A. Rooney
	 	 
	 

	 	Vice President, Treasury and Tax	 	 

I hereby accept the Share Award described in this Restricted Share Agreement. I have read the
terms of the Plan and this Restricted Share Agreement, and agree to be bound by the terms of the
Plan and this Restricted Share Agreement and the interpretations of the Committee with respect
thereto.

	 	 	 	 	 	 	 
	 	 	Accepted:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

                     (Grantee)
	 	 

 

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