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Exhibit 10.10    
    

 
 

Indemnification Agreement    
    

        This INDEMNIFICATION AGREEMENT, effective as of February    , 2004, is entered into by and between Cherokee International Corporation, a Delaware
corporation (the "Company"), and                        (the "Indemnitee"). 

        WHEREAS,
it is essential to the Company to retain and attract as directors and officers the most capable persons available; 

        WHEREAS,
Indemnitee is a director or officer of the Company; 

        WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies in today's
environment; 

        WHEREAS,
basic protection against undue risk of personal liability of directors and officers heretofore has been provided through insurance coverage providing reasonable protection at
reasonable cost, and Indemnitee has relied on the availability of such coverage; but as a result of substantial changes in the marketplace for such insurance it has become increasingly more difficult
to obtain such insurance on terms providing reasonable protection at reasonable cost; 

        WHEREAS,
the By-Laws of the Company require the Company to indemnify and advance expenses to its directors and officers in certain circumstances and the Indemnitee has been
serving and continues to serve as a director or officer of the Company in part in reliance on such By-Laws; 

        WHEREAS,
in recognition of Indemnitee's need for substantial protection against personal liability in order to enhance Indemnitee's continued service to the Company in an effective
manner, the increasing difficulty in obtaining satisfactory director and officer liability insurance coverage, and Indemnitee's reliance on the aforesaid By-Laws, and in part to provide
Indemnitee with specific contractual assurance that the protection promised by such By-Laws will be available to Indemnitee (regardless of, among other things, any amendment to or
revocation of such By-Laws or any change in the composition of the Company's Board of Directors or acquisition transaction relating to the Company), the Company wishes to provide in this
Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, and, to the
extent insurance is maintained, for the continued coverage of Indemnitee under the Company's directors' and officers' liability insurance policies; 

        NOW,
THEREFORE, in consideration of the premises and of Indemnitee continuing to serve the Company directly or, at its request, another enterprise, and intending to be legally bound
hereby, the parties hereto agree as follows: 

        1.     Certain Definitions: 

        (a)   "Affiliate" of any specified person means any other person, directly or indirectly, controlling or controlled by or under
direct or indirect common control with such specified person. For the purposes of this definition, "control" when used with respect to any person means
the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing. 

        (b)   "Change of Control" means the occurrence of any of the following events: 

        (i)    any
"person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")), other than one or more Permitted Holders, is or becomes the beneficial owner (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause (i) such person shall be deemed to have beneficial ownership of
all shares that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more 

 

than
35% of the total voting power of the then outstanding Voting Stock of the Company; provided,  however, that no Change of Control shall be deemed to have
occurred under this paragraph (i) if the Permitted Holders either
(a) beneficially own (as defined above), directly or indirectly, (x) in the aggregate more than 40% of the total voting power of the then outstanding Voting Stock of the Company and
(y) a greater percentage of the total voting power of the then outstanding Voting Stock of the Company than any other person or (b) have the right or ability by voting power, contract or
otherwise to elect or designate for election a majority of the Company's Board of Directors; 

        (ii)   during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (together with any new
members of the Board of Directors whose election by such Board of Directors or whose nomination for election by the equityholders of the Company was approved by a vote of the majority of the members
of the Board of Directors of the Company then still in office who were either members of the Board of Directors at the beginning of such period or whose election or nomination for election was
previously so approved including new members of the Board of Directors designated in or provided for in an agreement regarding the merger, consolidation or sale, transfer or other conveyance, of all
or substantially all of the assets of the Company, if such agreement was approved by a vote of such majority of members of the Board of Directors) cease for any reason to constitute a majority of the
Board of Directors then in office; 

        (iii)  the
adoption by the holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in
compliance with this Indenture) by way of merger, consolidation or otherwise; or 

        (iv)  the
merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company, or the sale of all or substantially all
the assets of the Company and its subsidiaries, taken as a whole, to another Person (other than to a subsidiary of the Company or to one or more Permitted Holders or any entity controlled by one or
more Permitted Holders), in which, in the case of any such merger, consolidation or sale, the securities of the Company that are outstanding immediately prior to such transaction and that represent
100% of the aggregate Voting Stock of the Company are changed into or exchanged for cash, securities or property; provided,  however, that no Change of
Control shall be deemed to have occurred under this paragraph (iv) if pursuant to such transaction the securities of
the Company are changed into or exchanged for, in addition to any other consideration, securities of the surviving Person that represent immediately after such transaction, (a) at least 30% of
the aggregate voting power of the Voting Stock of the surviving Person and (b) a greater percentage of the Voting Stock of the surviving Person than the percentage of such Voting Stock
beneficially owned by any other person (as defined in paragraph (i) above). 

        (c)   Claim: any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation, whether
instituted by the Company or any other party, that Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative,
investigative or other. 

        (d)   Expenses: include attorneys' fees and all other costs, expenses and obligations paid or incurred in connection with
investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in, any Claim relating to any Indemnifiable Event. 

        (e)   Indemnifiable Event: any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee,
agent or fiduciary of the Company, or is or was serving at the request 

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of
the Company as a director, officer, employee, trustee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason of
anything done or not done by Indemnitee in any such capacity. 

        (f)    Independent Legal Counsel: an attorney or firm of attorneys, selected in accordance with the provisions of
Section 3, who shall not have otherwise performed services for the Company or Indemnitee within the last three years (other than with respect to matters concerning the rights of Indemnitee
under this Agreement, or of other indemnitees under similar indemnity agreements). 

        (g)   "Permitted Holders" means Cherokee Investor Partners, LLC, GFI Energy Ventures LLC, OCM Principal Opportunities Fund,
L.P., GFI Two LLC, Oxford Cherokee Inc., RIT Capital Partners plc, OCM/GFI Power Opportunities Fund, L.P., OCM/GFI Cherokee Investments II, Inc., GSC Recovery II, L.P., GSC Recovery IIA,
L.P., GSC Partners CDO Fund, Limited, GSC Partners CDO Fund II, Limited, and their respective Affiliates. 

        (h)   Reviewing Party: any appropriate person or body consisting of a member or members of the Company's Board of Directors or
any other person or body appointed by the Board who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel. 

        (i)    Voting Stock: of a person means all classes of any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated), equity of such person (including any preferred stock, limited liability company interests or partnership interests but
excluding any debt securities convertible into or exchangeable for such equity) then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of
directors (or similar persons), managers or trustees thereof. 

        2.     Basic Indemnification Arrangement. 

        (a)   In
the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a
Claim by reason of (or arising in
part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee to the fullest extent permitted by law as soon as practicable but in any event no later than thirty days after written
demand is presented to the Company, against any and all Expenses, judgments, fines, penalties 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, penalties or amounts paid in settlement) of such Claim. If so requested by Indemnitee, the Company shall advance to the fullest extent
permitted by law (within two business days of such request) any and all Expenses to Indemnitee (an "Expense Advance"). Notwithstanding anything in this
Agreement to the contrary, Indemnitee shall not be entitled to indemnification pursuant to this Agreement in connection with any Claim initiated by Indemnitee unless the Board of Directors has
authorized or consented to the initiation of such Claim. 

        (b)   Notwithstanding
the foregoing, (i) the obligations of the Company under Section 2(a) shall be subject to the condition that the Reviewing Party shall not
have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 2 hereof is involved) that Indemnitee would not be permitted to be indemnified
under applicable law, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 2(a) shall be subject to the condition that, if, when and to the extent that
the Reviewing Party determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to
reimburse the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to
secure a determination that Indemnitee should be indemnified under applicable law, any determination 

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made
by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any
Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). If there has not been a Change in Control,
the Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of the Company's
Board of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal Counsel referred to in Section 2 hereof. If there has been
no determination by the Reviewing Party or if the Reviewing Party determines that Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee
and the Company agree that any dispute regarding the right to indemnification shall be litigated exclusively in Delaware Chancery Court and each of the Indemnitee and the Company hereby consents to
service of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee. 

        3.     Change in Control. The Company agrees that if there is a Change in Control of the Company (other than a Change in Control
which has been approved by a majority of the Company's Board of Directors who were directors immediately prior to such Change in Control) then with respect to all matters thereafter arising concerning
the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or Company By-law now or hereafter in effect relating to Claims for
Indemnifiable Events, the Company shall seek legal advice only from Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld).
Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable
law. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys' fees),
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

        4.     Indemnification for Additional Expenses. The Company shall indemnify Indemnitee against any and all expenses (including
attorneys' fees) and, if requested by Indemnitee, shall (within two business days of such request) advance such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action
brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement or Company By-law now or hereafter in effect
relating to Claims for Indemnifiable Events and/or (ii) recovery under any directors' and officers' liability insurance policies maintained by the Company, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be. 

        5.     Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of the Expenses, judgments, fines, penalties and amounts paid in settlement of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the
merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without prejudice,
Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 

        6.     Burden of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is
entitled to be indemnified hereunder the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 

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        7.     No Presumptions. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment,
order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing
Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee
has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified
under applicable law shall be a defense to Indemnitee's claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. 

        8.     Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have
under the Company's By-Laws or the Delaware General Corporation Law or otherwise. To the extent that a change in the Delaware General Corporation Law (whether by statute or judicial
decision) permits greater indemnification by agreement than would be afforded currently under the Company's By-Laws 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. 

        9.     Liability Insurance. To the extent the Company maintains an insurance policy or policies providing directors' and
officers' liability insurance, 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 Company director
or officer. 

        10.   Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of
the Company against Indemnitee, Indemnitee's spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any
claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however,
that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern. 

        11.   Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver. 

        12.   Subrogation. In the event of 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 shall do everything that may be necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such rights. 

        13.   No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with
any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, By-law or otherwise) of the amounts otherwise indemnifiable
hereunder. 

        14.   Binding Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of
the Company, spouses, heirs, executors and personal and legal representatives. 

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This
Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer or director of the Company or of any other enterprise at the Company's request. 

        15.   Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof
(including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the validity
and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by
law. 

        16.   Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws. 

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        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement this    day of February, 2004. 

	 	 	By:	 	 
 Name:

Title:
	

 	
 	

 	
 	

 [Indemnitee]

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Exhibit 10.10

Indemnification AgreementQuickLinks
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Exhibit 10.18    
    

 
 

CHEROKEE INTERNATIONAL CORPORATION    
    

FEBRUARY 2004 STOCK PLAN  

        1.    Establishment.    There is hereby adopted the February 2004 Stock Plan (hereinafter called the "Plan") of
Cherokee International Corporation (the "Corporation"). 

        2.    Stock Subject to the Plan.    The total number of shares of common stock, par value $0.001 ("Common Stock"),
reserved and available for issuance under the Plan shall be 12,825 shares. Such shares of Common Stock may consist, in whole or in part, of authorized and unissued shares or treasury shares. 

        3.    Administration of the Plan.    The Plan shall be administered by the Board of Directors of the Corporation (the
"Board"). The Board may from time to time determine which eligible employees shall be granted awards of Common Stock ("Stock Awards") under the Plan; the number of shares for which such awards shall
be granted; and all other terms and conditions of such awards to be granted. The Board shall have the sole authority, in its absolute discretion, to adopt, amend, and rescind such rules and
regulations as, in its opinion, may be advisable in the administration of the Plan, to construe and interpret the Plan, the rules and regulations, and to make all other determinations deemed necessary
or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Board shall be final and binding on all grantees of Common Stock under the Plan and on other
interested parties. 

        4.    Eligibility.    Persons eligible for Stock Awards under the Plan are those employees of the Corporation or its
subsidiaries designated from time to time by the Board. 

        5.    Stock Awards.    As consideration for past services, the Board may grant shares of Common Stock to eligible
recipients as set forth in Section 4 hereof. 

        6.    Amendment, Suspension or Termination of the Plan.    The Board may at any time suspend or terminate this Plan,
and may amend it from time to time in such respects as it may deem advisable. 

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Exhibit 10.18

CHEROKEE INTERNATIONAL CORPORATION

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