Document:

Form of Registration Rights Agreement

 Exhibit 10.4 
 REGISTRATION RIGHTS AGREEMENT 
 By and among 
 IMPERIAL CAPITAL GROUP, INC. 
 and 
 IMPERIAL CAPITAL GROUP HOLDINGS, LLC 
 and 
 ICGI HOLDINGS,
LLC 
 Dated as of [—], 2010 

 TABLE OF CONTENTS 
  

											
	 	 	 	 	 	 	 	  	 	  	Page
			
	ARTICLE I	 	DEFINITIONS AND OTHER MATTERS	  	1
				
		 	Section 1.1.	 	Definitions	  	1
				
		 	Section 1.2.	 	Definitions Generally	  	4
			
	ARTICLE II	 	REGISTRATION RIGHTS	  	4
				
		 	Section 2.1.	 	Registration	  	4
				
		 	Section 2.2.	 	Demand Registration	  	6
				
		 	Section 2.3.	 	Piggyback Registration	  	7
				
		 	Section 2.4.	 	Lock-Up Agreements	  	9
				
		 	Section 2.5.	 	Registration Procedures	  	9
				
		 	Section 2.6.	 	Indemnification by the Company	  	12
				
		 	Section 2.7.	 	Indemnification by Exercising Covered Person	  	13
				
		 	Section 2.8.	 	Conduct of Indemnification Proceedings	  	13
				
		 	Section 2.9.	 	Contribution	  	14
				
		 	Section 2.10.	 	Participation in Public Offering	  	14
				
		 	Section 2.11.	 	Other Indemnification	  	15
				
		 	Section 2.12.	 	Cooperation by the Company	  	15
				
		 	Section 2.13.	 	No Transfer of Registration Rights	  	15
				
		 	Section 2.14.	 	Parties in Interest	  	15
				
		 	Section 2.15.	 	Acknowledgement Regarding the Company	  	15
				
		 	Section 2.16.	 	Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities	  	15
			
	ARTICLE III	 	MISCELLANEOUS	  	16
				
		 	Section 3.1.	 	Entire Agreement	  	16
				
		 	Section 3.2.	 	Term of the Agreement; Termination of Certain Provisions	  	16
				
		 	Section 3.3.	 	Notices	  	16
				
		 	Section 3.4.	 	Amendment, Modification or Waiver	  	16
				
		 	Section 3.5.	 	Successors and Assigns; No Third Party Beneficiaries	  	17
				
		 	Section 3.6.	 	Counterparts	  	17
				
		 	Section 3.7.	 	Specific Performance	  	17
				
		 	Section 3.8.	 	Governing Law	  	17

  

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 TABLE OF CONTENTS 
 (continued) 
  

											
	 	 	 	 	 	  	Page
				
		 	Section 3.9.	 	Submission to Jurisdiction; Waivers	  	17
				
		 	Section 3.10.	 	Interpretation	  	18
				
		 	Section 3.11.	 	Severability	  	18

  

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 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of [—], 2010, by and among Imperial Capital Group, Inc., a Delaware corporation (the “Company”), Imperial Capital Group Holdings, LLC, a Delaware limited liability company (“ICGH
LLC”), and ICGI Holdings, LLC, a Delaware limited liability company (“ICGI Holdings,” and together with ICGH LLC, the “Covered Persons”). 
 RECITALS 
 WHEREAS, the Company intends to
consummate an initial public offering (the “IPO”) of shares of its Class A common stock, par value $0.01 per share (the “Common Stock”); 
 WHEREAS, the Company believes that it is in its best interest to increase its ownership of partnership interests of Imperial Capital Group,
L.P. (“ICG LP”) over time and agrees to exchange shares of Common Stock with ICGI Holdings for partnership interests of ICG LP held by ICGI Holdings from time to time, when requested by ICGI Holdings, commencing fourteen
(14) months after consummation of the IPO (an “Exchange”) and thereafter ICGI Holdings shall distribute such shares of Common Stock to its members; 
 WHEREAS, upon consummation of the IPO, ICGH LLC will be a member of ICGI Holdings, will beneficially own a majority of the partnership units of ICG LP held by ICGI Holdings and upon an Exchange will hold
shares of Common Stock; and 
 WHEREAS, the Company desires to grant certain registration rights to ICGH LLC and ICGI Holdings,
for the benefit of its members, with respect to the Common Stock as set forth herein. 
 NOW, THEREFORE, IN CONSIDERATION of the
mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Covered Persons agree as follows: 
 ARTICLE I 
 DEFINITIONS AND OTHER MATTERS 
 Section 1.1. Definitions. Capitalized terms used in this Agreement
without other definition shall, unless expressly stated otherwise, have the meanings specified in this Section 1.1: 
 (a) “Agreement” has the meaning ascribed to such term in the Preamble. 
 (b) “Common
Stock” has the meaning ascribed to such term in the Recitals. 
 (c) “Company” has the meaning
ascribed to such term in the Recitals. 
 (d) “Covered Persons” has the meaning ascribed to such term in the
Preamble. 

 (e) “Demand Notice” has the meaning ascribed to such term in
Section 2.2(a). 
 (f) “Demand Registration” has the meaning ascribed to such term in
Section 2.2(a). 
 (g) “Exercising Covered Person” has the meaning ascribed to such term in
Section 2.5. 
 (h) “Exchange” has the meaning ascribed to such term in the Recitals. 
 (i) “FINRA” means the Financial Industry Regulatory Authority. 
 (j) “Governmental Authority” means any national, local or foreign (including U.S. federal, state or local) or supranational
(including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or authority of competent jurisdiction. 
 (k) “ICGH LLC” has the meaning ascribed to such term in the Preamble. 
 (l) “ICGI Holdings” has the meaning ascribed to such term in the Preamble. 
 (m) “ICG LP” has the meaning ascribed to such term in the Recitals. 
 (n) “Indemnified Parties” has the meaning ascribed to such term in Section 2.6. 
 (o) “IPO” has the meaning ascribed to such term in the Recitals. 
 (p) “Maximum Offering Size” has the meaning ascribed to such term in Section 2.2(c). 
 (q) “Other Shares” has the meaning ascribed to such term in Section 2.1(b). 
 (r) “Piggyback Registration” has the meaning ascribed to such term in Section 2.3(a). 
 (s) “Primary Registrable Securities” has the meaning ascribed to such term in Section 2.1(a). 
 (t) “Primary Registration Statement” has the meaning ascribed to such term in Section 2.1(a). 
 (u) “Proceeding” means a suit, action or proceeding relating to this Agreement. 
 (v) “Public Offering” means an underwritten public offering pursuant to an effective registration statement under the
Securities Act, other than pursuant to a registration statement on Forms S-4 or S-8 or any similar or successor form. 
  

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 (w) “Registration Expenses” means any and all expenses incident to the
performance of or compliance with any registration or marketing of securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or
automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the
securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto,
(iv) security engraving and printing expenses, (v) internal expenses of the Company (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees
and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by
independent certified public accountants of any comfort letters requested pursuant to Section 2.5(h)), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration,
(viii) reasonable fees and expenses of not more than one counsel for the Exercising Covered Parties (as a group), (ix) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the
offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto, (x) fees and disbursements underwriters customarily paid by issuers or sellers of securities, but
excluding any underwriting fees, discounts and commissions attributable to the sale of the Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or
legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and
expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or
selling of the Registrable Securities, and (xiv) all out-of-pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with Section 2.5(l). 
 (x) “Registrable Securities” shall mean shares of Common Stock issuable to members of ICGI Holdings (including ICGH LLC) as
a result of an Exchange. 
 (y) “SEC” means the Securities and Exchange Commission. 
 (z) “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 (aa) “Seller Provided Information” has the meaning ascribed to such term in
Section 2.6. 
 (bb) “Shelf Registrable Securities” has the meaning ascribed to such term in
Section 2.1(b). 
 (cc) “Shelf Registration Statement” has the meaning ascribed to such term in
Section 2.1(b). 
  

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 (dd) “Takedown” has the meaning ascribed to such term in
Section 2.1(d). 
 Section 1.2. Definitions Generally. Wherever required by the context of this
Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such
agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 
 (a) the word
“or” is not exclusive; 
 (b) the words “including,” “includes,” “included” and
“include” are deemed to be followed by the words “without limitation”; 
 (c) the terms “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
 (d) the word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company,
partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 
 (e) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be
references to such exhibits, annexes and schedules to this Agreement. 
 ARTICLE II 
 REGISTRATION RIGHTS 
 Section 2.1. Registration. 
 (a) Between the date the Company becomes eligible to use a registration
statement on Form S-3 and the date which is fourteen (14) months after the date of the consummation of the IPO, the Company shall prepare and file a registration statement on Form S-3 (the “Primary Registration Statement”) with
the SEC providing for the offering and sale on a primary basis of all Registrable Securities (or such lesser number of Registrable Securities that the Company may determine to be offered and sold on a primary basis) (the “Primary Registrable
Securities”); provided, however, that for purposes of this Section 2.1 Primary Registrable Securities shall not include any Registrable Securities owned by ARCC Imperial LLC or its affiliates; provided further, however, that for
purposes of this Section 2.1 Shelf Registrable Securities shall include Registrable Securities owned by ARCC Imperial LLC or its affiliates. The Company shall use its commercially reasonable efforts to cause the Primary Registration Statement
to be declared effective under the Securities Act as promptly as reasonably practicable following the filing thereof with the SEC, and to keep the Primary Registration Statement continuously effective until the date that all Primary Registrable
Securities have been sold pursuant to the Primary Registration Statement or another registration statement covering the remaining Primary Registrable Securities is filed under the Securities Act;

  

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except that the Company shall not be obligated to take any action to keep the Primary Registration Statement continuously effective pursuant to this Section 2.1(a) and may suspend the
use of the prospectus included therein, on one occasion, pursuant to Section 2.1(b), Section 2.2(d) or this Section 2.1(a), upon notice to ICGI Holdings, during any period of six consecutive months for a
reasonable time specified in the notice but not exceeding an aggregate of 120 days (which period may not be extended or renewed), if the Company is in possession of material non-public information the disclosure of which during the period specified
in such notice the Company believes in good faith would not be in the best interests of the Company. 
 (b) To the extent that
the Company is unable to effect the registration of all Primary Registrable Securities on a Primary Registration Statement prior to the fourteen (14) month anniversary of the date of the consummation of the IPO, the Company shall prepare and
file a “shelf” registration statement on Form S-3 or other appropriate form (the “Shelf Registration Statement”) with the SEC providing for the offering and subsequent resale of, on a delayed or continuous basis pursuant
to Rule 415 (or any similar provision that may be adopted by the SEC) under the Securities Act, the number of Registrable Securities (other than Primary Registrable Securities) that the members of ICGI Holdings (including ICGH LLC and ARCC Imperial
LLC) may receive from the Company during the three year period following the anticipated time of effectiveness of such Shelf Registration Statement (the “Shelf Registrable Securities”). The Company shall use its commercially
reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly as reasonably practicable following the filing thereof with the SEC, and to keep the Shelf Registration Statement continuously
effective until the date that all Shelf Registrable Securities have been sold pursuant to the Shelf Registration Statement or another registration statement covering the remaining Shelf Registrable Securities is filed under the Securities Act;
except that the Company shall not be obligated to take any action to effect any such registration or to keep the Shelf Registration Statement continuously effective pursuant to this Section 2.1(b) and may suspend the use of the
prospectus included therein, on one occasion, pursuant to Section 2.1(a), Section 2.2(d) or this Section 2.1(b), upon notice to ICGI Holdings, during any period of six consecutive months for a reasonable time
specified in the notice but not exceeding an aggregate of 120 days (which period may not be extended or renewed), if (i) the Company shall determine in good faith that effecting the registration would materially and adversely affect an offering
of securities of the Company the preparation of which had then been commenced or (ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company believes in
good faith would not be in the best interests of the Company. The Shelf Registration Statement filed pursuant to this Section 2.1(b) may, subject to the provisions of Section 2.2(c), include other securities of the Company
with respect to which registration rights have been or may be granted, and may include securities being sold for the account of the Company (collectively, “Other Shares”). While the Company will not be obligated to effect any
registration pursuant to this Section 2.1(b) if the Company is not then eligible to use Form S-3 to effect such registration, it shall be obligated to comply with the provisions of this Section 2.1(b) as soon as practicable
following the fourteen (14) month anniversary of the consummation of the IPO upon becoming Form S-3 eligible. 
 (c) If at
least three years have elapsed since the Shelf Registration Statement was declared effective by the SEC, at the end of the third year, if requested by ICGI Holdings, the Company shall use its reasonable best efforts to promptly refile a new shelf
registration statement on Form S-3 pursuant to Rule 415 covering any Registrable Securities which remain unsold. 
  

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 (d) Upon a written request from ICGH LLC to effect an offering under the Primary
Registration Statement or the Shelf Registration Statement (a “Takedown”), the Company will, as soon as practicable, (x) deliver a request notice relating to the proposed Takedown to ICGI Holdings (and ICGI Holdings shall, in
turn, promptly notify its members of such notice) and (y) promptly (and in any event not later than thirty (30) days after receiving ICGH LLC’s request) supplement the prospectus included in the Primary Registration Statement or Shelf
Registration Statement, as applicable, as would permit or facilitate the sale and distribution of all or such portion of ICGH LLC’s Registrable Securities as are specified in such request together with the Registrable Securities requested to be
included in such Takedown by members of ICGI Holdings, on whose behalf ICGI Holdings shall notify the Company in writing within ten (10) business days after receipt of such request notice from the Company. The Registrable Securities requested
to be offered pursuant to such Takedown must have an anticipated aggregate price to the public (before any underwriting discounts and commissions) of not less than $[            ] million.
If the Company and/or the holders of any Other Shares request inclusion of Other Shares in a Takedown, such Other Shares shall be included in the Takedown if, and only if, inclusion of such Other Shares would not be reasonably likely to delay in any
material respect the timely effectuation of the Takedown or the sale of Registrable Securities pursuant to the Takedown. In the case of a request for or effectuation of a Takedown, all references in this Agreement to the effective date of a
registration statement shall be deemed to refer to the date of pricing of such Takedown and all references to registration shall be deemed to refer to the Takedown. 
 (e) The Company shall pay all Registration Expenses for the registrations permitted under Section 2.1. 
 Section 2.2. Demand Registration. 
 (a) To the extent that no Primary
Registration Statement or Shelf Registration Statement registering all Registrable Securities which are held by ICGI Holdings or its members or which are then eligible to be issued upon an Exchange is effective, ICGH LLC shall have the right at any
time on or following the fourteen (14) month anniversary of the IPO to deliver a written request to the Company (a “Demand Notice”) requiring that it effect the registration under the Securities Act of all or any portion of the
Registrable Securities specified in the Demand Notice provided that the Demand Notice covers the registration of Registrable Securities with estimated aggregate gross proceeds in excess of
$[            ] million (a “Demand Registration”) and specifies the intended method of disposition of the Registrable Securities subject of the Demand Notice. Upon receipt
of a Demand Notice, the Company shall use its commercially reasonable efforts to effect, as expeditiously as reasonably practicable, subject to the restrictions in Section 2.2(d), the registration under the Securities Act of the
Registrable Securities for which ICGH LLC has requested registration under this Section 2.2, (or such larger number of Registrable Securities of ICGH LLC as the Company shall determine in its discretion to include in such Demand
Registration), all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered. For so long as no Primary Registration Statement or Shelf
Registration Statement

  

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registering all Registrable Securities which are held by ICGI Holdings or its members or which are then eligible to be issued upon an Exchange is effective, ICGH LLC shall be entitled to an
unlimited number of Demand Registrations pursuant to this Section 2.2; provided, that (i) the Company shall not be obligated to effect more than one demand registration during any six-month period, and (ii) the Company shall
not be obligated to effect a Demand Registration in the event that a Piggyback Registration (as defined below) had been available to ICGH LLC and consummated within the 90 days preceding the date of the Demand Notice. 
 (b) At any time prior to the effective date of the registration statement relating to such registration, ICGH LLC may revoke such Demand
Registration request by providing a notice to the Company revoking such request. The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration. 
 (c) If a Demand Registration or a Takedown involves a Public Offering and the managing underwriter advises the Company and ICGH LLC that, in
its view, the number of Registrable Securities requested to be included in such registration exceeds the largest number of shares that can be sold without having an adverse effect on such offering, including the price at which such shares can be
sold (the “Maximum Offering Size”), the Company shall include in such registration a number of Registrable Securities equal to the Maximum Offering Size, in the following order of priority: 
 (i) first, all Registrable Securities requested to be registered in such Demand Registration or Takedown, allocated, if
necessary for the offering to not exceed the Maximum Offering Size, pro rata among the members of ICGI Holdings (including members participating in a Demand Registration pursuant to a Piggyback Registration described in Section 2.3) on
the basis of the relative number of shares of the Registrable Securities requested to be included in such registration; and 
 (ii) second, any securities proposed to be registered by the Company or any securities proposed to be registered for the account of any other persons, with such priorities among them as the Company shall
determine. 
 (d) Upon notice to ICGH LLC, on one occasion, pursuant to Section 2.1(a), Section 2.1(b)
or this Section 2.2(d), during any period of six consecutive months for a reasonable time specified in the notice but not exceeding an aggregate of 120 days (which period may not be extended or renewed), the Company may postpone
effecting a registration if (i) the Company shall determine in good faith that effecting the registration would materially and adversely affect an offering of securities of the Company the preparation of which had then been commenced or
(ii) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company believes in good faith would not be in the best interests of the Company. 
 Section 2.3. Piggyback Registration. 
 (a) Subject to any contractual obligations to the contrary, if the Company proposes at any time to register any of the equity securities issued by it under the Securities Act (other than a registration on
Form S-8 or S-4, or any successor forms, relating to shares of

  

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Common Stock issuable in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person or as a
recapitalization or reclassification of securities of the Company), whether or not for sale for its own account, the Company shall each such time give prompt notice at least 15 business days prior to the anticipated filing date of the registration
statement relating to such registration to ICGI Holdings (and ICGI Holdings shall, in turn, promptly notify its members of such notice) which notice shall set forth the rights of the members if ICGI Holdings under this Section 2.3 and
shall offer the members of ICGI Holdings the opportunity to include in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered as the members of ICGI Holdings may request (a
“Piggyback Registration”), subject to the provisions of Section 2.3(b) or, in the case of a Demand Registration, Section 2.2(c). Upon the request of ICGI Holdings on behalf of the members of ICGI Holdings
made within ten business days after the receipt of notice from the Company (which request shall specify the number of Registrable Securities intended to be registered by the members of ICGI Holdings), the Company shall use its commercially
reasonable efforts to effect the registration under the Securities Act of all the Registrable Securities that the Company has been so requested to register by ICGI Holdings to the extent necessary to permit the disposition of the Registrable
Securities so to be registered, provided that (i) if such registration involves a Public Offering, each member of ICGI Holdings participating in the registration must sell its Registrable Securities to the underwriters selected by the Company
on the same terms and conditions as apply, as applicable, to the Company or such other person for whose account such registration is being effected; provided that no member of ICGI Holdings included in any Public Offering shall be required to make
any representations and warranties to the Company or the underwriters (other than regarding ownership of shares, authority and intended method of distribution), or to undertake any indemnification obligations except as described in
Section 2.7 and (ii) if, at any time after giving notice of its intention to register any securities pursuant to this Section 2.3(a) and prior to the effective date of the registration statement filed in connection with
such registration, the Company shall determine for any reason not to register such securities, the Company shall give notice to ICGI Holdings and, thereupon, shall be relieved of its obligation to register any of the Registrable Securities in
connection with such Piggyback Registration. No registration effected under this Section 2.3 shall relieve the Company of its obligations to effect a Shelf Registration to the extent required by Section 2.1(b) or a Demand
Registration to the extent required by Section 2.2. The Company shall pay all Registration Expenses in connection with each Piggyback Registration. Notwithstanding any provision in this Section 2.3(a) or elsewhere in this
Agreement, all registration rights effected pursuant to a Takedown shall be governed by Section 2.1(d). 
 (b)
Subject to any contractual obligations to the contrary and except as provided in Section 2.3(c), if a Piggyback Registration involves a Public Offering and the managing underwriter advises the Company that, in its view, the number of securities
that the Company and the members of ICGI Holdings intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration a number of Registrable Securities equal to the Maximum Offering Size, in the
following order of priority: 
 (i) first, all securities proposed to be registered for the account of the
Company; 
  

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 (ii) second, all securities proposed to be registered pursuant to any demand
registration rights of third parties, other than pursuant to a Demand Registration; 
 (iii) third, all
Registrable Securities requested to be included in such registration by the members of ICGI Holdings (including ICGH LLC), pro rata in accordance with the number of Registrable Securities that such members have requested be included in the
registration, regardless of the number of securities held by such members; and 
 (iv) fourth, any securities
proposed to be registered for the account of any other Persons with such priorities among them as the Company shall determine. 
 (c) In the event of a Piggyback Registration on a Demand Registration which involves a Public Offering in which the number of securities proposed to be registered exceeds the Maximum Offering Size, Section 2.2(c) rather than
Section 2.3(b) shall determine the priority of securities to be included in such registration. 
 (d)
Notwithstanding any provision in this Section 2.3 or elsewhere in this Agreement, no provision relating to the registration of the Registrable Securities shall be construed as permitting the members of ICGI Holdings to effect a transfer
of securities that is otherwise prohibited by the terms of any agreement between ICGI Holdings or its members and the Company or any of its subsidiaries (including Imperial Capital Group, L.P.). The Company shall not be obligated to provide notice
or afford Piggyback Registration to ICGI Holdings pursuant to this Section 2.3 unless some or all of the Registrable Securities are permitted to be transferred under the terms of applicable agreements between ICGI Holdings or its members
and the Company or any of its subsidiaries. 
 Section 2.4. Lock-Up Agreements. If any registration of the
Registrable Securities shall be effected in connection with a Public Offering, neither the Company nor any member of ICGI Holdings (including ICGH LLC) shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any
shares of Common Stock or other security of the Company (except as part of such Public Offering) during the period beginning 14 days prior to the effective date of the applicable registration statement until the earlier of (i) such time as the
Company and the lead managing underwriter shall agree and reasonably request of the Exercising Covered Persons and (ii) 90 days following the effective date of the applicable registration statement. If (i) during the last 17 days of the
90-day period, the Company issues an earnings release or material news or a material event relating to the Company occurs or (ii) prior to the expiration of the 90-day period, the Company announces that it will release earnings results or
becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of the 90-day lock-up period, the restrictions imposed shall continue to apply until the expiration of the 18-day period beginning on
the issuance of the earnings release or the occurrence of the material news or material event, as applicable, unless the lead underwriter shall waive such extension. 
 Section 2.5. Registration Procedures. In the event a Covered Person properly exercises its rights under this Article II (on each occurrence, an “Exercising Covered
Person”), subject to the provisions of the applicable sections of Article II, the Company shall use its

  

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commercially reasonable efforts to effect the registration and the sale of the Registrable Securities, in accordance with the intended method of disposition thereof as promptly as practicable,
and, in connection with any such request (to the extent applicable, in the case of a registration pursuant to Section 2.1): 
 (a) The Company shall as expeditiously as reasonably practicable prepare and file with the SEC a registration statement on any form for which the Company then qualifies or that counsel for the Company
shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts to cause such
filed registration statement to become and remain effective, until all of the Registrable Securities included in such registration statement shall have actually been sold thereunder. The Company in its sole discretion may condition the inclusion of
Registrable Securities in a registration upon the timely provision by a holder selling Registrable Securities in such registration of such information as the Company may reasonably request relating to the disclosure requirements of Item 507 of
Regulation S-K (or any similar disclosure requirement applicable to such registration). 
 (b) Prior to filing a registration
statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to an Exercising Covered Person and each underwriter, if any, of the Registrable Securities covered by such registration statement, copies of
such registration statement as proposed to be filed, and thereafter the Company shall furnish to an Exercising Covered Person and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in
each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under
Rule 424 or Rule 430A under the Securities Act and such other documents as an Exercising Covered Person or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities subject to registration. An Exercising
Covered Person shall have the right to request that the Company modify any information contained in such registration statement, amendment and supplement thereto pertaining to an Exercising Covered Person or its members and the Company shall use its
all commercially reasonable efforts to comply with such request, provided, however, that the Company shall not have any obligation so to modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (c) After the filing of the registration statement, the Company shall (i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed
pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities covered by such registration statement during the applicable period in
accordance with the intended methods of disposition by the Exercising Covered Person or its members, as applicable, set forth in such registration statement or supplement to such prospectus and (iii) promptly notify the Exercising Covered
Person of any stop order issued or threatened by the SEC or any state securities commission and take all reasonable best efforts to prevent the entry of such stop order or to remove it if entered. 
  

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 (d) The Company shall use its commercially reasonable best efforts to (i) register or
qualify the Registrable Securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Exercising Covered Person or its members, as applicable, reasonably
(in light of the intended plan of distribution of the Exercising Covered Person or its members, as applicable,) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or
authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable an Exercising Covered Person or its members, as applicable, to
consummate the disposition of the Registrable Securities owned by such Exercising Covered Person or its members, as applicable, provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 2.5(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (e) The Company shall immediately notify an Exercising Covered Person, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not
contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to an Exercising Covered Person and
file with the SEC any such supplement or amendment. 
 (f) The Company shall select an underwriter or underwriters in connection
with any Public Offering; provided that, in the event of a Takedown or a Demand Registration, such underwriter or underwriters shall be reasonably acceptable to ICGH LLC. In connection with any Public Offering, the Company shall enter into customary
agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including,
to the extent necessary, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA. 
 (g) Subject to the execution of confidentiality agreements satisfactory in form and substance to the Company in the exercise of its good
faith judgment, the Company will give to ICGH LLC, its counsel and accountants (i) reasonable and customary access to its books and records and (ii) such opportunities to discuss the business of the Company with its directors, officers,
employees, counsel and the independent public accountants who have certified its financial statements, as shall be appropriate, in the reasonable judgment of counsel to ICGH LLC, to enable it to exercise its due diligence responsibility. 

(h) The Company shall use its commercially reasonable efforts to furnish to an Exercising Covered Person and to each such underwriter, if
any, a signed counterpart,

  

 - 11 - 

 
addressed to such Exercising Covered Person or such underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the
Company’s independent public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as such Exercising Covered Person therefor reasonably requests.

 (i) An Exercising Covered Person shall promptly furnish in writing to the Company such information regarding the distribution
of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required or advisable in connection with such registration. 
 (j) An Exercising Covered Person agrees that, upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 2.5(e), an Exercising Covered Person shall forthwith discontinue disposition of the Registrable Securities pursuant to the registration statement covering such Registrable Securities (and will notify its members who
are disposing of Registrable Securities pursuant to such registration statement to discontinue such disposition), until such Exercising Covered Person’s receipt and distribution to its members, as applicable, of the copies of the supplemented
or amended prospectus contemplated by Section 2.5(e), and, if so directed by the Company, such Exercising Covered Person shall deliver to the Company all copies, other than any permanent file copies, then in such Exercising Covered
Person or its members’ possessions, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such
registration statement shall be maintained effective (including the period referred to in Section 2.5(a)) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.5(e)
to the date when the Company shall make available to such Exercising Covered Person a prospectus supplemented or amended to conform with the requirements of Section 2.5(e). 
 (k) The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such registration statement on
any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 
 (l) The
Company shall have appropriate officers of the Company (i) prepare and make presentations at any “road shows” and before analysts, as the case may be, and (ii) otherwise use their commercially reasonable efforts to cooperate as
reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 Section 2.6. Indemnification by the Company. In the event of any registration of any securities of the Company under the Securities Act pursuant to this Article II, the Company will, and it hereby does, indemnify and hold
harmless, to the extent permitted by law, an Exercising Covered Person, its affiliates and its members and managing members (including any director, officer, affiliate, employee, agent and controlling Person of any of the foregoing), each other
person who participates as an underwriter in the offering or sale of such securities and each other person, if any, who controls such seller or any such underwriter within the meaning of the Securities Act (collectively, the “Indemnified
Parties”), against any and all losses, claims, damages or liabilities, joint or several, and expenses (including reasonable attorney’s fees and reasonable expenses of (i) investigation or (ii) enforcement of the Indemnified
Party’s rights

  

 - 12 - 

 
under this Section 2.6) to which such Indemnified Party may become subject under the Securities Act, common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions or proceedings in respect thereof, whether or not such Indemnified Party is a party thereto) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any registration
statement under which such securities were registered under the Securities Act, any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or (ii) any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and the Company will reimburse such Indemnified Party for
any legal or any other expenses reasonably incurred by it in connection with investigating or defending against any such loss, claim, liability, action or proceeding; provided, that the Company shall not be liable to any Indemnified Party in any
such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement or amendment or supplement thereto or in any such preliminary, final or summary prospectus in reliance upon and in conformity with written information related to a seller furnished to the Company by such seller in its capacity
as a selling stockholder through an instrument duly executed by such seller specifically stating that it is for use in the preparation thereof (“Seller Provided Information”). 
 Section 2.7. Indemnification by Exercising Covered Person. The Company may require, as a condition to including any Registrable
Securities in any registration statement filed in accordance with this Article II, that the Company shall have received an undertaking reasonably satisfactory to it from an Exercising Covered Person or any underwriter to indemnify and hold
harmless the Company and all other prospective sellers of the Registrable Securities with respect to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration statement, any preliminary, final or
summary prospectus contained therein, or any amendment or supplement, if such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with Seller Provided Information supplied by such
Exercising Covered Person (or in the case of ICGI Holdings, its members). Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or an Exercising Covered Person, or any of their
respective affiliates, directors, officers or controlling persons and shall survive the transfer of such securities by such person. In no event shall the liability of an Exercising Covered Person (or a member of an Exercising Covered Party)
hereunder be greater in amount than the dollar amount of the proceeds received by such Exercising Covered Person (or such member of an Exercising Covered Party) upon the sale of the Registrable Securities giving rise to such indemnification
obligation. 
 Section 2.8. Conduct of Indemnification Proceedings. Promptly after receipt by an Indemnified Party
hereunder of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article II, such Indemnified Party will, if a claim in respect thereof is to be made
against an indemnifying party, give written notice to the latter of the commencement of such action; provided, that the failure of the Indemnified Party to give notice as provided herein shall not relieve the indemnifying party of its obligations
under this Article II, except to the extent that the

  

 - 13 - 

 
indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an Indemnified Party, unless in such Indemnified Party’s reasonable
judgment a conflict of interest between such Indemnified Party and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other
indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the indemnifying party to such Indemnified Party of its election so to assume the defense
thereof, the indemnifying party will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No indemnifying
party will be required to consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof, the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in
respect to such claim or litigation. 
 Section 2.9. Contribution. If the indemnification provided for in this
Article II from the indemnifying party is unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and
Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made
by, or relates to information supplied by, such indemnifying party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a
party under this Section 2.9 as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 2.9 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 Section 2.10. Participation in Public Offering. A Covered Person (and each of its members in the case of ICGI Holdings) may not
participate in any Public Offering hereunder unless it (a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by such Covered Person, (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights; provided that no member of ICGI Holdings
included in any Public Offering shall be required to make any representations and warranties to the Company or the underwriters

  

 - 14 - 

 
(other than regarding ownership of shares, authority and intended method of distribution), or to undertake any indemnification obligations except as described in Section 2.7, and
(c) in the case of a member of ICGI Holdings, provides indemnity to ICGI Holdings substantially similar to that which is described in Section 2.7 for such member’s Seller Provided Information. 
 Section 2.11. Other Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall be
given by the Company and each Covered Person participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation or Governmental Authority other than the Securities Act.

 Section 2.12. Cooperation by the Company. If a Covered Person or a member thereof shall transfer any Registrable
Securities pursuant to Rule 144, the Company shall use its commercially reasonable efforts to cooperate with such Covered Person or member thereof and shall provide to such Covered Person or member thereof such information as it shall reasonably
request. 
 Section 2.13. No Transfer of Registration Rights. Except as set forth in Section 2.14, none
of the rights of any Covered Person (or its members) under this Article II shall be assignable by it to any person acquiring securities. 
 Section 2.14. Parties in Interest. Each Covered Person (and in the case of ICGI Holdings, each of its members, or persons or entities that would have been a member of ICGI Holdings but for the
fact that such person or entity exchanged 100% of its units of ICGI Holdings for Common Stock shall be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement by reason of its election to
participate in a registration under this Article II. To the extent Registrable Securities or membership units of ICGI Holdings are effectively transferred in accordance with the terms of the operating agreement of a Covered Person, the
transferee of such Registrable Securities shall be entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement. 
 Section 2.15. Acknowledgement Regarding the Company. All determinations permitted or required to be made by the Company under this Article II shall be made by the Company, the
determinations of which shall be final and binding. 
 Section 2.16. Mergers, Recapitalizations, Exchanges or Other
Transactions Affecting Registrable Securities. The provisions of this Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities, to any and all securities or capital stock of the Company or any
successor or assign of any such person (whether by merger, amalgamation, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend,
split, issuance, reverse split, combination, recapitalization, reclassification, merger, amalgamation, consolidation or otherwise. 
  

 - 15 - 

 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1. Entire
Agreement. This Agreement shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter.

 Section 3.2. Term of the Agreement; Termination of Certain Provisions. 
 (a) The term of this Agreement shall continue until the first to occur of (i) such time as a Covered Person or any of its members ceases
to hold any Registrable Securities and (ii) such time as the Agreement is terminated in writing by both Covered Persons. In the event the Agreement is terminated in writing by one Covered Person, such termination shall only terminate the
Agreement with respect to the rights and obligations of such Covered Person hereunder. 
 (b) Unless this Agreement is
theretofore terminated pursuant to Section 3.2(a) hereof, the Covered Persons shall be bound by the provisions of this Agreement with respect to any of its Registrable Securities until such time as such Covered Person ceases to hold any
Registrable Security. Thereafter, such Covered Person shall no longer be bound by the provisions of this Agreement other than Sections 2.6, 2.7, 2.8, 2.9 and 2.11 and Article III. 
 Section 3.3. Notices. All notices, consents, waivers and other communications required or permitted by this Agreement shall be
in writing and shall be deemed given to a party hereunder when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile with confirmation of transmission
by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the person (by name
or title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Parties): 
 If to the Company, ICGH LLC or ICGI Holdings: 
 2000 Avenue of the Stars

 9th Floor, South Tower 
 Los Angeles, California 90067 
 Attention: Jason Reese 
 Fax: (310) 777-3029 
 Section 3.4. Amendment, Modification or Waiver. 
 (a) This Agreement may be amended, modified, waived or
supplemented only by a written agreement signed by the Company, ICGH LLC and ICGI Holdings; provided, however, that any amendment, modification, waiver or supplement to Section 2.1(d) or Section 2.2 shall be signed
exclusively by ICGH LLC and any amendment, modification, waiver or supplement to Section 2.3 shall be signed by exclusively by ICGI Holdings unless such

  

 - 16 - 

 
amendment, modification, waiver or supplement has the effect of making such obligations materially more onerous to the Company, in which case Company approval shall be required. 
 (b) No failure or delay on the part of the Company or the Covered Persons in the exercise of any right hereunder shall impair such right or
be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. The
waiver by any party hereto of any breach of this Agreement shall not be construed as a waiver of any subsequent breach. 
 Section 3.5. Successors and Assigns; No Third Party Beneficiaries. 
 (a) This Agreement and all of the
provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their successors and permitted assigns, and except as provided in Section 2.14, neither this Agreement nor any of the rights, interests and
obligations hereunder shall be assigned or otherwise transferred, in whole or in part, by any party without the prior written consent of each of the parties. 
 (b) Other than as expressly provided herein, this Agreement is solely for the benefit of the parties and is not intended to confer upon any other persons any rights or remedies hereunder. 
 Section 3.6. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 Section 3.7. Specific Performance. The parties
acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they may be entitled
by law or equity. 
 Section 3.8. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware (other than the laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect,
performance and remedies. 
 Section 3.9. Submission to Jurisdiction; Waivers. With respect to any Proceeding, each
party irrevocably (i) consents and submits to the exclusive jurisdiction of the courts of the State of Delaware and any court of the U.S. located in the State of Delaware; (ii) waives any objection which such party may have at any time to
the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have
jurisdiction over such Party; (iii) consents to the service of process at the address set forth for notices in Section 3.3 herein; provided, however, that such manner of

  

 - 17 - 

 
service of process shall not preclude the service of process in any other manner permitted under applicable law; and (iv) waives, to the fullest extent permitted by applicable law, any and
all rights to trial by jury in connection with any Proceeding. 
 Section 3.10. Interpretation. The Article and
Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 Section 3.11. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
  

 - 18 - 

 IN WITNESS WHEREOF, the parties hereto have duly executed or caused to be duly executed this
Agreement as of the dates indicated. 
  

					
	IMPERIAL CAPITAL GROUP, INC.
		
	By:	 	  

		 	Name:	 	Jason W. Reese
		 	Title:	 	Chief Executive Officer
	
	IMPERIAL CAPITAL GROUP HOLDINGS, LLC
		
	By:	 	  

		 	Name:	 	Jason W. Reese
		 	Title:	 	Co-President
	
	IMPERIAL CAPITAL GROUP HOLDINGS, LLC
		
	By:	 	  

		 	Name:	 	Randall E. Wooster
		 	Title:	 	Co-President
	
	ICGI HOLDINGS, LLC
		
	By:	 	  

		 	Name:	 	Jason W. Reese
		 	Title:	 	Member of the Executive Committee

  

 - 19 -Form of Amended and Restated Limited Partnership Agreement

 Exhibit 10.5 
 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT

 OF 
 IMPERIAL CAPITAL GROUP, L.P. 
 Dated as of             
    , 2010 

 TABLE OF CONTENTS 
  

											
	 	 	 	  	Page
			
	ARTICLE I.	 	DEFINITIONS	  	1
			
	ARTICLE II.	 	FORMATION	  	7
				
		 	Section 2.1.	  	Formation	  	7
				
		 	Section 2.2.	  	Name	  	7
				
		 	Section 2.3.	  	Purpose	  	8
				
		 	Section 2.4.	  	Admission of the General Partner	  	8
				
		 	Section 2.5.	  	Principal Place of Business	  	8
				
		 	Section 2.6.	  	Term	  	8
				
		 	Section 2.7.	  	Filings; Agent for Service of Process	  	8
				
		 	Section 2.8.	  	Register	  	8
			
	ARTICLE III.	 	ORGANIZATION; CAPITAL AND INTERESTS	  	9
				
		 	Section 3.1.	  	Organization and Establishment of Partners	  	9
				
		 	Section 3.2.	  	Capital Accounts	  	9
				
		 	Section 3.3.	  	Interests of the Partners	  	9
				
		 	Section 3.4.	  	Documentation Regarding Interests	  	10
				
		 	Section 3.5.	  	Other Matters	  	10
				
	ARTICLE IV.	 		  	ALLOCATIONS	  	11
				
		 	Section 4.1.	  	Profits and Losses	  	11
				
		 	Section 4.2.	  	Special Allocations	  	11
				
		 	Section 4.3.	  	Allocations of Tax Items	  	12
				
		 	Section 4.4.	  	Other Allocation Rules	  	13
			
	ARTICLE V.	 	DISTRIBUTIONS	  	13
				
		 	Section 5.1.	  	Manner of Distributions	  	13
				
		 	Section 5.2.	  	Tax Priority Distributions	  	13
				
		 	Section 5.3.	  	Net Cash Flow	  	14
			
	ARTICLE VI.	 	GENERAL PARTNER	  	14
				
		 	Section 6.1.	  	Authority of the General Partner	  	14
				
		 	Section 6.2.	  	Powers of the General Partner	  	14
				
		 	Section 6.3.	  	Right to Rely upon General Partner	  	16
				
		 	Section 6.4.	  	Restrictions on Authority of General Partner	  	16

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

											
	 	 	 	  	Page
				
		 	Section 6.5.	  	Duties and Obligations of the General Partner	  	17
				
		 	Section 6.6.	  	Compensation and Expenses	  	17
				
		 	Section 6.7.	  	Signatures; Power of Attorney	  	18
			
	ARTICLE VII.	 	RECORDS AND ACCOUNTING	  	18
				
		 	Section 7.1.	  	Records and Accounting	  	18
				
		 	Section 7.2.	  	Tax Information	  	18
				
		 	Section 7.3.	  	Tax Returns	  	18
				
		 	Section 7.4.	  	Accounting Decisions	  	18
				
		 	Section 7.5.	  	Tax Elections	  	18
				
		 	Section 7.6.	  	Fiscal Year	  	19
				
		 	Section 7.7.	  	Tax Matters	  	19
			
	ARTICLE VIII.	 	AMENDMENTS; MEETINGS; VOTING	  	19
				
		 	Section 8.1.	  	Amendment	  	19
				
		 	Section 8.2.	  	Meetings of Partners	  	19
				
		 	Section 8.3.	  	Proxy of Partner	  	19
				
		 	Section 8.4.	  	Consent or Voting	  	19
			
	ARTICLE IX.	 	PARTNERS’ REPRESENTATION	  	20
			
	ARTICLE X.	 	TRANSFERS OF INTERESTS	  	20
				
		 	Section 10.1.	  	Restrictions on Partner’s Transfer of LP Units	  	20
				
		 	Section 10.2.	  	Permitted Transfers of LP Units	  	20
				
		 	Section 10.3.	  	Interest of the General Partner	  	20
			
	 ARTICLE XI.
	 	ADMISSION AND WITHDRAWAL OF PARTNERS	  	20
				
		 	Section 11.1.	  	Admission	  	20
				
		 	Section 11.2.	  	Withdrawal of Limited Partner	  	21
				
		 	Section 11.3.	  	Resignation of General Partner	  	21
				
		 	Section 11.4.	  	Successor General Partner	  	21
				
		 	Section 11.5.	  	Rights of Resigned General Partner	  	21
			
	ARTICLE XII.	 	DISSOLUTION AND LIQUIDATION	  	21
				
		 	Section 12.1.	  	Dissolution	  	21
				
		 	Section 12.2.	  	Winding-Up of Affairs	  	22

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

											
	 	 	 	  	Page
				
		 	Section 12.3.	  	Liquidating Distributions	  	22
			
	ARTICLE XIII.	 	MISCELLANEOUS	  	23
				
		 	Section 13.1.	  	Notices	  	23
				
		 	Section 13.2.	  	Binding Effect	  	23
				
		 	Section 13.3.	  	Construction	  	23
				
		 	Section 13.4.	  	Headings	  	23
				
		 	Section 13.5.	  	Severability	  	23
				
		 	Section 13.6.	  	Further Action	  	23
				
		 	Section 13.7.	  	No Other Beneficiaries	  	24
				
		 	Section 13.8.	  	Variation of Pronouns	  	24
				
		 	Section 13.9.	  	Governing Law	  	24
				
		 	Section 13.10.	  	Counterpart Execution	  	24
				
		 	Section 13.11.	  	Sole and Absolute Discretion	  	24
				
		 	Section 13.12.	  	Non-Arbitrability	  	24

  

 iii 

 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 IMPERIAL CAPITAL GROUP, L.P. 
 THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Imperial Capital Group, L.P. (formerly known as, and successor by statutory conversion to, Imperial Capital
Group, LLC) (the “Partnership”) is entered into and shall be effective as of the commencement of business on the      day of
                , 2010, by and between Imperial Capital Group, Inc., a Delaware corporation (the “Public Company” or the “General
Partner”), ICGI Holdings, LLC, a Delaware limited liability company (“ICGI Holdings” or the “Initial General Partner”) and Imperial Capital Group Holdings, LLC (the “ICGH LLC”), pursuant to
the provisions of the Act, on the terms and conditions set forth hereinafter. 
 WHEREAS, the Partnership has been formed by the
Initial General Partner and ICGH LLC by conversion of Imperial Capital Group, LLC into a limited partnership in order to facilitate transactions associated with the public offering of Class A common stock of the Public Company (the
“Public Offering”); 
 WHEREAS, the Public Company has been organized to undertake the Public Offering and to
acquire interests in the Partnership and manage the Partnership as its general partner; and 
 WHEREAS, as a condition of the
purchase and sale of interests in the Partnership to the Public Company and the admission of the Public Company to the Partnership as the general partner, the Public Company and ICGI Holdings have agreed to amend and restate the limited partnership
agreement of the Partnership as hereinafter set forth. 
 NOW, THEREFORE, the General Partner and ICGI Holdings, as the sole
Partners and holders of all of the interests in the Partnership, do hereby amend and restate the limited partnership agreement of the Partnership in its entirety as follows: 
 ARTICLE I. 
 DEFINITIONS 
 The following terms when used in this Agreement shall have the following meanings: 
 “Act” shall mean the Delaware Revised Uniform Partnership Act, 6 Del. C. § 17-101 et seq., as amended, and
any successor to such statute. 
 “Agreement” means this Amended and Restated Partnership Agreement of Imperial
Capital Group, L.P., as amended from time to time. Words such as “herein,” “hereinafter,” “hereof,” “hereto,” and “hereunder” refer to this Agreement as a whole, unless the context otherwise
requires. 

 “Capital Account” shall mean, with respect to any Partner, the Capital
Account maintained for such Partner in accordance with the following provisions: 
 (i) The Capital Account of each Partner
shall be increased by (i) the amount of any cash Capital Contribution by the Partner to the Partnership, (ii) the fair market value of any property contributed by the Partner to the Partnership (net of liabilities that the Partnership is
deemed to have assumed or taken subject to, under and pursuant to Section 752 of the Code) and (iii) allocations to the Partner of Partnership Profits and other items of income and gain pursuant to Article IV, including income and gain
exempt from tax, and income and gain described in Regulations Section 1.704-1(b)(2)(iv)(g), but excluding items of income and gain described in Regulations Section 1.704-1(b)(4)(i). 
 (ii) The Capital Account of each Partner shall be decreased by (i) the amount of any cash distributed to such Partner, (ii) the
fair market value of any property distributed to such Partner (net of any liabilities that such Partner is deemed to have assumed or taken subject to, under and pursuant to Section 752 of the Code), (iii) allocations to the Partner of
expenditures described in Section 705(a)(2)(B) of the Code, and (iv) allocations to the Partner of Partnership Losses and other items of loss and deduction pursuant to Article IV, including loss and deduction described in Regulations
Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (iii) above and items of loss and deduction described in Regulations Sections 1.704-1(b)(4)(i) and (iii). 
 (iii) A single Capital Account shall be maintained for each Partner, which Capital Account shall reflect all allocations, distributions, or
other adjustments required with respect to the interest in the Partnership owned by such Partner. 
 (iv) If, pursuant to
Regulations Section 1.704-1(b)(2)(iv)(d) or 1.704-1(b)(2)(iv)(f), property is reflected on the books of the Partnership at a book value that differs from the adjusted tax basis of such property, the Partners’ Capital Accounts shall be
adjusted in accordance with Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation. depletion, amortization, and gain or loss, as computed for book purposes, with respect to such property. 
 (v) Upon any transfer of all or part of an interest in the Partnership, as permitted by this Agreement, the Capital Account (or portion
thereof) of the transferor that is attributable to the transferred interest (or portion thereof) shall carry over to the transferee, as prescribed by Regulations Section 1.704-1(b)(2)(iv)(1). 
 (vi) Notwithstanding anything to the contrary in this definition, it is the intention of the Partners that the Capital Accounts of the
Partners be maintained strictly in accordance with the capital account maintenance requirements of Regulations Section 1.704-1(b)(2)(iv), and that such Capital Accounts be adjusted to the extent required by the provisions of such regulations or
any successor provisions thereto. 

 “Capital Contribution” means, with respect to any Partner, the amount of
money and the gross fair market value of any property (other than money) contributed to the Partnership with respect to the Interest in the Partnership held by such Partner pursuant to the terms of this Agreement. 
 “Carrying Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows: 
 (i) The initial Carrying Value of any asset contributed by a Partner to the Partnership shall be the gross fair
market value of such asset, as determined by the Partnership; 
 (ii) The Carrying Values of all Partnership assets shall be
adjusted to equal their respective gross fair market values, as determined by the General Partner, as of the following times: (a) the acquisition of an additional Interest in the Partnership by any new or existing Partner in exchange for more
than a de minimis Capital Contribution; (b) the distribution by the Partnership to a Partner of more than a de minimis amount of Property as consideration for the redemption of an Interest in the Partnership; (c) the liquidation of the
Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and (d) any other circumstance when the General Partner, in its discretion, determines that a revaluation of the Property of the Partnership is necessary to
properly reflect the economic relationship of the Partners to one another and the Partnership; 
 (iii) The Carrying Value of
any Partnership asset distributed to any Partner shall be the gross fair market value of such asset on the date of distribution; and 
 (iv) The Carrying Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that
such adjustments are taken into account pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Carrying Values shall not be adjusted pursuant to this clause (iv) to the extent the General Partner determines that an
adjustment pursuant to clause (ii) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (iv). 
 If the Carrying Value of an asset has been determined or adjusted pursuant to clause (i), clause (ii) or clause (iv) of this definition, such Carrying Value shall thereafter be adjusted by the
Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 
 “Certificate” means the certificate of limited partnership of the Partnership filed in accordance with the Act. 

 “Code” means the Internal Revenue Code of 1986, as amended from time to
time (or any corresponding provisions of succeeding law). 
 “Conversion Certificate” means the certificate of
conversion of ICG LLC into the Partnership filed in accordance with the Act. 
 “Depreciation” means, for each
fiscal year or other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Carrying Value of an asset differs from its
adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization or other
cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall
be determined with reference to such beginning Carrying Value using any reasonable method selected by the General Partner. 
 “Exchange Agreement” means that certain Exchange Agreement, dated as of                      , 2010, by and between the ICG
LLC, the Public Company and ICGI Holdings. 
 “Fiscal Year” of the Partnership means the calendar year.

 “GAAP” means generally accepted accounting principles in the United States. 
 “General Partner” means the General Partner or a successor General Partner appointed in accordance herewith. 
 “ICGI Holdings” is defined in the preamble to this Agreement. 
 “ICGI Holdings Common Units” means the membership interests that are designated as Common Units in the limited liability
company agreement of ICGI Holdings. 
 “ICGI Holdings Investor Member” shall mean ARCC Imperial LLC and any
Person to whom it has made an Investor Member Permitted Transfer (as defined in the ICGI Holdings Limited Liability Company Agreement dated                 , 2010, by
and among the members of ICGI Holdings). 
 “Initial General Partner” is defined in the preamble. 

“Interest” means an ownership interest in the Partnership by a Partner, including any and all benefits to which the
holder of such an Interest may be entitled as provided in this Agreement, together with all obligations of such Partner to comply with the terms and provisions of this Agreement. 

 “Liquidator” means the General Partner or its successor or, if none, such
other Person selected by a vote of the Partners to conduct the winding-up of the Partnership and distribution of its assets following dissolution of the Partnership. 
 “Limited Partner” means a Partner who is not a general partner. 
 “LP Units” means the units into which the Interests of the Partners are divided for purposes of this Agreement. LP Units shall be fungible, and each LP Unit shall have the same economic and voting rights as each other LP
Unit. 
 “Net Cash Flow” means the gross cash proceeds from Partnership operations and from sales or
refinancings attributable to Partnership assets less the portion thereof used to pay or establish reserves for all Partnership expenses, debt payments, capital improvements, replacements and contingencies, all as reasonably determined by the General
Partner. Net Cash Flow shall not be reduced by depreciation, amortization, cost recovery deductions or similar allowances, but shall be increased by any reductions of reserves previously established. 
 “Nonrecourse Liability” shall have the meaning set forth in Regulations Section 1.752-1(a)(2). 
 “Partner” means ICGI Holdings and the General Partner or any other Person who has become a Partner pursuant to the terms of
this Agreement and who has not ceased to be a Partner. “Partners” means all such Persons. 
 “Partner
Nonrecourse Debt” shall have the meaning ascribed to the term “Partner Nonrecourse Debt” in Regulations Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum Gain” shall mean an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner
Nonrecourse Debt were treated as a nonrecourse liability of the Partnership, determined in accordance with Regulations Sections 1.704-2(i)(2) and (3). 
 “Partner Nonrecourse Deductions” shall have the meaning set forth in Regulations Section 1.704-2(i)(2). The amount of Partner Nonrecourse Deductions with respect to a Partner
Nonrecourse Debt for a Fiscal Year of the Partnership equals the excess (if any) of the net increase (if any) in the amount of Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt during that Fiscal Year over the
aggregate amount of any distributions during that Fiscal Year to the Partner that bears (or is deemed to bear) the economic loss for such Partner Nonrecourse Debt to the extent such distributions are from the proceeds of such Partner Nonrecourse
Debt and are allocable to an increase in Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(2). 
 “Partnership” means Imperial Capital Group, L.P., the Delaware limited partnership organized pursuant to this Agreement.

 “Partnership Minimum Gain” shall mean the amount determined by computing
with respect to each nonrecourse liability of the Partnership the amount of gain (of whatever character), if any, that would be realized by the Partnership if it disposed (in a taxable transaction) of the property subject to such liability in full
satisfaction thereof, and by then aggregating the amounts so computed as set forth in Regulations Section 1.704-2(d). 
 “Person” means any individual, partnership, corporation, trust or other entity. 
 “Profits” and “Losses” means, for each fiscal year or other period, an amount equal to the Partnership’s taxable income or loss for such year or period, determined in accordance with Code
Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(i) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Profits or
Losses shall be added to such taxable income or loss; 
 (ii) Any expenditures of the Partnership described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable
income or loss; 
 (iii) In the event the Carrying Value of any Partnership asset is adjusted, the amount of such adjustment
shall be taken into account as if gain or loss from the disposition of such asset for purposes of computing Profits or Losses; 
 (iv) Gain or loss resulting from any disposition of Property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the property disposed of, notwithstanding
that the adjusted tax basis of such property differs from its Carrying Value; 
 (v) In lieu of the depreciation, amortization,
and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year or other period; and 
 (vi) Any items that are specially allocated pursuant to the provisions of Section 4.2 shall not be taken into account in computing
Profits or Losses. 
 “Property” means all real and personal property acquired by the Partnership and any
improvements thereto, and shall include both tangible and intangible property. 
 “Public Company” means
Imperial Capital Group, Inc., the Delaware corporation that has joined in this Agreement as General Partner. 

 “Public Company Common Stock” means Class A common stock, par value
$0.01 per share, of the Public Company. 
 “Public Offering” is defined in the recitals. 
 “Register” is defined in Section 2.8. 
 “Regulations” means the Income Tax Regulations promulgated under the Code, as such Regulations may be amended from time to time (including corresponding provisions of succeeding
regulations). 
 “Tax Priority” with respect to each LP Unit means, with respect to each year, an amount equal
to the sum of (i) the product of (A) the highest combined federal, state and local income tax rate, taking into account the federal deduction for state and local taxes, for individuals resident in California and (B) the amount of
allocations of taxable income (exclusive of net capital gain) to a LP Unit held by ICGI Holdings with respect to such year net of allocations of losses to such LP Unit to the extent such losses were not utilized in a prior year to offset allocations
of net income in respect of such LP Unit and (ii) the product of (A) the highest combined federal, state and local income tax rate, taking into account the federal deduction for state and local taxes, on long term capital gains for
individuals resident in California and (B) the amount of allocations of net capital gain to a LP Unit held by ICGI Holdings with respect to such year; provided, however, if the Tax Priority with respect to the Public Company is
not sufficient to enable the Public Company to pay (x) all of its actual federal, state, and local tax liability for any year and (y) any obligations under the Tax Receivable Agreement entered into by and between the Public Company and
ICGI Holdings, then the Tax Priority with respect to each LP Unit will be increased to an amount sufficient for the Public Company to pay such liabilities. 
 “Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge, hypothecation, or other disposition and, as a verb, voluntarily or involuntarily to transfer, sell,
assign, mortgage, give, create a security interest in or lien on, encumber, place in trust (voting or otherwise), pledge, hypothecate, or otherwise dispose of. 
 ARTICLE II. 
 FORMATION 
 Section 2.1. Formation. The Partnership was established as a limited partnership by the filing of the Certificate and the
Conversion Certificate with the Delaware Secretary of State and is and shall be governed by the provisions of the Act and upon the terms and conditions set forth in this Agreement. 
 Section 2.2. Name. The name of the Partnership is Imperial Capital Group, L.P., and all business of the Partnership shall be
conducted in such name. 

 Section 2.3. Purpose. The purpose of the Partnership is any lawful act or
activity for which limited partnerships may be formed under the Act. 
 Section 2.4. Admission of the General
Partner. By their execution of this Agreement, the Partners admit the Public Company as general partner; and the Initial General Partner withdraws as a general partner, but continues as a limited partner with respect to its Interest in the
Partnership. The parties shall cause the prompt filing of an amendment to the Certificate to reflect such admission and withdrawal. 
 Section 2.5. Principal Place of Business. The principal place of business of the Partnership shall be at such place as the General Partner may designate. The General Partner may change the principal place of business of the
Partnership to any other place upon fifteen (15) days notice to the remaining Partners. 
 Section 2.6. Term.
The term of the Partnership commenced upon the filing of the Certificate as described in Section 2.7(a) and shall continue until the winding up and liquidation of the Partnership, and the completion of its business following a dissolution
event, as provided in Article XII hereof. 
 Section 2.7. Filings; Agent for Service of Process. 
 (a) The Certificate of the Partnership and the Conversion Certificate were filed as required by and in conformance with Section 17-206
of the Act on                 , 2010. The General Partner shall further cause to be executed, filed and recorded and shall cause to be published, if required by law,
such other certificates or other instruments as may be necessary or desirable under the laws of any state in which the Partnership does business. 
 (b) The address to which the Secretary of State shall send service of process is The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. 
 (c) Upon the dissolution and following the wind-up and liquidation of the Partnership, the General Partner shall promptly execute and cause
to be filed a certificate of cancellation of its Certificate in accordance with the Act and the laws of any other states or jurisdictions in which the Partnership may have filed certificates or other instruments. 
 Section 2.8. Register. The General Partner shall cause to be maintained in the principal office of the Partnership a register
setting forth the name, address and number of LP Units of each Partner and such other information as the General Partner may deem necessary or desirable (the “Register”). The Register shall not be part of this Agreement. The General
Partner shall from time to time update the Register as necessary to accurately reflect the information therein. Any reference in this Agreement to the Register shall be deemed a reference to the Register as in effect from time to time. Subject to
the terms of this Agreement, the General Partner may take any action authorized hereunder in respect of the Register without any need to obtain the consent of any other Partner. No action of any Limited Partner shall be required to amend or update
the Register. 

 ARTICLE III. 
 ORGANIZATION; CAPITAL AND INTERESTS 
 Section 3.1. Organization and
Establishment of Partners. 
 (a) ICGI Holdings and ICGH LLC have caused the conversion of ICG LLC into the Partnership, with
ICGI Holdings being the Initial General Partner; and the capital of ICG LLC has become the capital of the Partnership. The Public Company has thereupon acquired LP Units from ICGI Holdings, and the parties have joined in this Agreement to admit the
Public Company as general partner, acknowledge the withdrawal of ICGI Holdings as general partner and continuation as a holder of LP Units and Limited Partner, and acknowledge the withdrawal of ICGH LLC as a Partner upon its transfer of its LP Units
to ICGI Holdings. ICGI Holdings acknowledges that it is not entitled to any reimbursement of expenses for its services as general partner. Following such admissions and withdrawals, the Public Company will make a Capital Contribution to the
Partnership in exchange for additional LP Units. 
 (b) To establish the members of the Partnership as described in paragraph
(a) of this Section, by their execution of this Agreement: 
 (i) The parties do hereby admit the Public Company as
General Partner, and the Public Company does hereby accept and assume the responsibilities of general partner of the Partnership, 
 (ii) ICGI Holdings does hereby withdraw as Initial General Partner and acknowledge its continuation as a Limited Partner; and 
 (iii) ICGH LLC does hereby withdraw as a Limited Partner, effective upon its transfer of its LP Units to ICGI Holdings. 
 Section 3.2. Capital Accounts. A separate Capital Account shall be established and maintained for each Partner to reflect the economic interest of each Partner in the Partnership. 

Section 3.3. Interests of the Partners. 
 (a) The Partners’ interests in the Partnership are represented by LP Units, and a record of the number of LP Units held by the Partners from time to time shall be maintained in the Register.

 (b) It is the intention of the Partners that, unless otherwise determined by the board of directors of the Public Company,
including a majority of the independent directors of such board, so long as ICGI Holdings owns LP Units, the number of outstanding LP Units shall equal the sum of the number of outstanding ICGI Holdings Common Units plus the number of outstanding
shares of the Public Company Common Stock, and each of the Public Company, ICGI Holdings and the Partnership agrees to cooperate to effect the intent of this sentence. To

 
this end, if the Public Company raises capital for the Partnership by offering Public Company Common Stock to the public for cash or issues Public Company Common Stock to employees of the
Partnership or directors of the Public Company pursuant to the terms of any Public Company equity incentive plan, upon receipt of such cash by the Partnership from the Public Company and in consideration for the services of such employees or
directors, additional LP Units shall be issued to the Public Company by the Partnership. In the event that the Public Company shall: (i) subdivide the outstanding shares of Public Company Common Stock into a greater number of shares;
(ii) combine the outstanding shares of Public Company Common Stock into a smaller number of shares; (iii) pay a dividend or make a distribution on shares of Public Company Common Stock in the form of shares of Public Company Common Stock;
(iv) make a distribution on shares of Public Company Common Stock in shares of its share capital other than Public Company Common Stock or (v) issue by reclassification of the outstanding shares of Public Company Common Stock any shares of
its share capital, then the number of LP Units and ICGI Holdings Common Units would be proportionately adjusted to the extent necessary to preserve the economic rights of the Public Company and ICGI Holdings in the Partnership, with such adjustment
to be determined in good faith by the Public Company Board in consultation with ICGI Holdings. Similarly, if any shares of the Public Company Common Stock are issued subject to restrictions resulting in forfeiture to the Public Company or are
otherwise redeemed by the Public Company, a corresponding number of LP Units of the Partnership shall be surrendered to the Partnership by the Public Company for cancellation. Notwithstanding anything to the contrary contained herein, the Public
Company, ICGI Holdings and the Partnership shall not take any action which would cause the ICGI Holdings Investor Member to beneficially own in excess of 5% of the Public Company or any subsidiary of the Public Company. 
 Section 3.4. Documentation Regarding Interests. The Partners’ Interests shall be documented and recorded by an entry on the
Partnership’s books and shall not be certificated or otherwise documented except as may be determined by the General Partner. If any Transfer of a Partner’s Interest is permitted pursuant to the terms of this Agreement, such Transfer shall
after receipt by the General Partner of all required documentation thereof be made by a proper entry on the books of the Partnership, including the Register. Any Transfer which is required pursuant to the terms of the Exchange Agreement upon a
Change of Control (as defined in the Exchange Agreement) may be effected by the General Partner without further action by the Transferring Partner. 
 Section 3.5. Other Matters. 
 (a) No Limited Partner shall be liable
for the debts, liabilities, contracts or any other obligations of the Partnership by reason of this Agreement. 
 (b) Except as
otherwise provided by this Agreement any other agreements between or among the Partners or applicable state law, no Partner shall be required to make any additional Capital Contributions to the Partnership or lend any funds to the Partnership; and
no Partner shall have any personal liability for the repayment of any Capital Contributions of any other Partner. 

 (c) Except as expressly provided herein, no Partner shall be entitled to receive any
distribution of money or other property prior to the dissolution and liquidation of the Partnership. 
 ARTICLE IV. 

ALLOCATIONS 
 Section 4.1. Profits and Losses. Subject to the provisions of Section 4.2, Profits and Losses, and each item thereof, shall be allocated among the Partners in accordance with the number of LP Units held by each. 

Section 4.2. Special Allocations. 
 (a) Minimum Gain Chargeback. Notwithstanding Section 4.1, if there is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner shall be specially allocated items of
Partnership income and gain for such Fiscal Year (and, if necessary, in subsequent fiscal years) in an amount equal to the portion of such Partner’s share of the net decrease in Partnership Minimum Gain that is allocable to the disposition of
Partnership property subject to a Nonrecourse Liability, which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(g)(2). Allocations pursuant to this Section 4.2(a) shall be made in proportion to
the amounts required to be allocated to each Partner under this Section 4.2(a). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f). This Section 4.2(a) is intended to comply with the
minimum gain chargeback requirements contained in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (b) Chargeback of Minimum Gain Attributable to Partner Nonrecourse Debt. Notwithstanding Section 4.1 of this Agreement, if there is a net decrease in Partnership Minimum Gain attributable to a Partner Nonrecourse Debt, during
any Fiscal Year, each Partner who has a share of the Partnership Minimum Gain attributable to such Partner Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated
items of Partnership income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Partner’s share of the net decrease in Partnership Minimum Gain attributable to such Partner
Nonrecourse Debt that is allocable to the disposition of Partnership property subject to such Partner Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations
pursuant to this Section 4.2(b) shall be made in proportion to the amounts required to be allocated to each Partner under this Section 4.2(b). The items to be so allocated shall be determined in accordance with Regulations
Section 1.704-2(i)(4). This Section 4.2(b) is intended to comply with the minimum gain chargeback requirement contained in Regulations Section 1.704-2(i)(4), and shall be interpreted consistently therewith. 

 (c) Nonrecourse Deductions. Notwithstanding Section 4.1, any nonrecourse
deductions (as defined in Regulations Section 1.704-2(b)(1)) for any Fiscal Year or other period shall be specially allocated to the Partners in accordance with their LP Units. 
 (d) Partner Nonrecourse Deductions. Notwithstanding Section 4.1, those items of Partnership loss, deduction, or Code
Section 705(a)(2)(B) expenditures which are attributable to Partner Nonrecourse Debt for any Fiscal Year or other period shall be specially allocated to the Partner who bears the economic risk of loss with respect to the Partner Nonrecourse
debt to which such items are attributable in accordance with Regulations Section 1.704-2(i). 
 (e) Qualified Income
Offset. Notwithstanding Section 4.1, if a Partner unexpectedly receives any adjustments, allocations, or distributions described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), or any other event creates a deficit
balance in such Partner’s Capital Account in excess of such Partner’s share of Partnership Minimum Gain, items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate such
excess deficit balance as quickly as possible. Any special allocations of items of income and gain pursuant to this Section 4.2(e) shall be taken into account in computing subsequent allocations of income and gain pursuant to this Article IV so
that the net amount of any item so allocated and the income, gain, and losses allocated to each Partner pursuant to this Article IV to the extent possible, shall be equal to the net amount that would have been allocated to each such Partner pursuant
to the provisions of this Section 4.2(e) if such unexpected adjustments, allocations, or distributions had not occurred. 
 (f) Limitation on Losses. Notwithstanding Section 4.1, loss allocations to a Partner shall be made only to the extent that such loss allocations will not create a deficit Capital Account balance for that Partner in excess of an
amount, if any, equal to such Partner’s share of Partnership Minimum Gain that would be realized on a foreclosure of the Partnership’s property. Any loss not allocated to a Partner because of the foregoing provision shall be allocated to
the other Partners (to the extent the other Partners are not limited in respect of the allocation of losses under this Section 4.2(f)). 
 (g) Curative Allocations. Any special allocations of items of income, gain, loss or deduction pursuant to Sections 4.2 hereof shall be taken into account in computing subsequent allocations of
Profits and Losses pursuant to Section 4.1 hereof, so that the net amount of any items so allocated and the gain, loss and any other item allocated to each Partner pursuant to Section 4.1 hereof shall, to the extent possible, be equal to
the net amount that would have been allocated to each such Partner pursuant to the provisions of this Article IV if such special allocations had not occurred. 
 Section 4.3. Allocations of Tax Items. 
 (a) Items of income,
deduction, gain and loss that are recognized by the Partnership for federal income tax purposes shall be allocated among the Partners consistent with the allocations of such items under Sections 4.1 and 4.2. To the extent appreciation or

 
depreciation in asset values is reflected in Capital Accounts prior to recognition for tax purposes, allocations shall be made in accordance with the principles and provisions of Code
Section 704(c). 
 (b) All items of federal income tax credit and items of tax credit recapture shall be allocated among
the Partners in accordance with the Partners’ interests in the Partnership as of the time the tax credit or credit recapture arises, as provided in Regulation Section 1.704-1(b)(4)(ii). 
 (c) Allocations pursuant to this Section 4.3 are solely for purposes of federal, state and local taxes. As such, they shall not affect
or in any way be taken into account in computing a Partner’s Capital Account or share of Profits, Losses, or distributions pursuant to any provision of this Agreement. 
 Section 4.4. Other Allocation Rules. 
 (a) It is the intention of the Partners that all allocations provided in this Agreement be made in accordance with Code Section 704(b), and Regulation Section 1.704-1; and, notwithstanding
anything to the contrary contained herein, the General Partner may provide for the allocation of any item or items, for tax purposes or otherwise, including the allocation of any item or items to the Partners as may be necessary to be consistent
therewith. 
 (b) In the event of a change in ownership of LP Units and for purposes of determining the Profits, Losses or any
other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily, monthly or other basis, as determined by the General Partner using any permissible method under Code Section 706 and the Regulations
thereunder. 
 ARTICLE V. 
 DISTRIBUTIONS 
 Section 5.1. Manner of Distributions. All
distributions to the Partners shall be made to the holders of the LP Units as reflected in the Register on the record date for the distribution and in proportion to the number of LP Units held by each Partner. 
 Section 5.2. Tax Priority Distributions. Subject to the availability of Net Cash Flow and in accordance with Section 5.1,
the General Partner shall distribute to the Partners on an annual or more frequent basis with respect to each year amounts necessary to satisfy the accrued Tax Priority with respect to the LP Units of the Partners for such year, such distributions
to occur at the earlier of (i) within 105 days following the end of such year or (ii) such other date as may be necessary to enable the Public Company to pay on a timely basis all applicable federal, state and local income taxes for such
year. 

 Section 5.3. Net Cash Flow. Net Cash Flow in excess of amounts distributable
pursuant to Section 5.2 shall be distributed among the Partners in the manner provided in Section 5.1 and at such times as the General Partner determines, in its sole discretion. 
 ARTICLE VI. 
 GENERAL PARTNER 
 Section 6.1. Authority of the General Partner. The General Partner shall have full and complete charge of all affairs of the
Partnership, and the management and control of the Partnership’s business and its investments and other assets shall rest exclusively with the General Partner, subject to the terms and conditions set forth in this Agreement. The General Partner
shall have all of the rights and powers of a general partner as provided under the Act and as otherwise provided by law; and any action taken by the General Partner in connection with the Partnership shall constitute the act of, and serve to bind,
the Partnership. The General Partner undertakes to fulfill its responsibilities as such and agrees to devote such of its time and activity as in its judgment it deems necessary for the management of the affairs of the Partnership. 
 Section 6.2. Powers of the General Partner. Subject to the provisions of Section 6.4, the General Partner shall manage the
business of the Partnership and shall have all of the rights and powers which may be possessed by a general partner under the Act including, without limitation, the right and power to: 
 (a) invest, hold, sell and otherwise deal in any and all corporate equities and obligations, such as bonds, bank loans or other payables,
including lower rated or unrated securities; options, futures and options on futures; commodities; real estate investment trusts and publicly traded master limited partnerships; securities of non-U.S. issuers; public or private investment funds; and
all other types of securities, financial instruments, commodities or derivatives of any kind now or hereafter available; 
 (b)
acquire by purchase, lease or otherwise any real or other personal property which may be necessary, convenient, or incidental to the accomplishment of the purposes of the Partnership; 
 (c) deal in any Partnership Property, whether real property or personal property; 
 (d) operate, maintain, finance, improve, construct, own, grant options with respect to, sell, convey, assign, mortgage and lease any real
estate and any personal property necessary, convenient, or incidental to the accomplishment of the purposes of the Partnership; 
 (e) execute any and all agreements, contracts, documents, certifications, and instruments necessary or convenient in connection with the management, maintenance and operation of Property, or in connection with managing the affairs of the
Partnership, including

 
executing amendments to the Agreement and the Certificate in accordance with the terms of the Agreement pursuant to any power of attorney granted by the Partners to the General Partner;

 (f) borrow money and issue evidences of indebtedness necessary, convenient or incidental to the accomplishment of the
purposes of the Partnership, and secure the same by mortgage, pledge, or other lien on any Property; 
 (g) execute, in
furtherance of any or all of the purposes of the Partnership, any deed, lease, mortgage, deed of trust, mortgage note, promissory note, bill of sale, contract or other instrument purporting to convey or encumber any or all of the Property;

 (h) prepay in whole or in part, refinance, recast increase, modify or extend any liabilities affecting the Property and in
connection therewith execute any extensions or renewals of encumbrances on any or all of the Property; 
 (i) care for and
distribute funds to the Partners by way of cash, income, return of capital or otherwise, all in accordance with the provisions of this Agreement; and perform all matters in furtherance of the objectives of the Partnership or this Agreement

 (j) appoint officers and agents of the Partnership and delegate to such Persons authority granted to the General Partner
hereunder; 
 (k) contract on behalf of the Partnership for the employment and services of employees and/or independent
contractors, such as lawyers and accountants, and delegate to such Persons the duty to manage or supervise any of the Property or operations of the Partnership, and enter into agreements with respect to their activities on behalf of the Partnership;

 (l) engage in any kind of activity and perform and carry out contracts of any kind necessary or incidental to, or in
connection with, the accomplishment of the purposes of the Partnership, as may be lawfully carried on or performed by a limited partnership under the laws of each state in which the Partnership is then formed or qualified; 
 (m) vote securities held by the Partnership; 
 (n) make any and all elections for federal, state and local tax purposes including, without limitation, any election, if permitted by applicable law: (i) to adjust the basis of property pursuant to
Code Sections 754, 734(b), and 743(b), or comparable provisions of state or local law, in connection with transfers of Interests by the Partners and distributions of property by the Partnership; (ii) to extend the statute of limitations for
assessment of tax deficiencies against the Partners with respect to adjustments to the Partnership’s federal, state, or local tax returns; and (iii) to represent the Partnership and the Partners before taxing authorities or courts of
competent jurisdiction in tax matters affecting the Partnership and the Partners in their capacities as Partners and to execute any agreements or other documents relating to or affecting such tax matters, including agreements or other documents that
bind the Partners with respect to such tax matters or otherwise affect the rights of the Partnership or the Partners; 

 (o) take, or refrain from taking, all actions, not expressly proscribed or limited by this
Agreement as may be necessary or appropriate to accomplish the purposes of the Partnership; 
 (p) institute, prosecute, defend,
settle, compromise, and dismiss lawsuits or other judicial or administrative proceedings brought on or in behalf of, or against the Partnership or the Partners in connection with activities arising out of, connected with, or incidental to this
Agreement, and to engage counsel or others in connection therewith; and 
 (q) acquire and enter into any contract of insurance
which the General Partner reasonably deems necessary and proper for the protection of the Partnership, for the conservation of any asset of the Partnership, or for any purpose beneficial to the Partnership. 
 Section 6.3. Right to Rely upon General Partner. Any Person dealing with the Partnership may rely (without duty of further
inquiry) upon a certificate signed by the General Partner as to: 
 (a) the identity of the General Partner or any other
Partner; 
 (b) the existence or nonexistence of any fact or facts which constitute a condition precedent to acts by the General
Partner or which are in any other manner germane to the affairs of the Partnership; 
 (c) the Partners who are authorized to
execute and deliver any instrument or document of the Partnership; or 
 (d) any act or failure to act by the Partnership or any
other matter whatsoever involving the Partnership or any Partner. 
 Section 6.4. Restrictions on Authority of General
Partner. Except with the prior written consent of all of the Partners, the General Partner shall not have the authority to: 
 (a) do any act in contravention of this Agreement; 
 (b) knowingly perform any act that would subject any Partner to
personal liability for debts or obligations of the Partnership in any jurisdiction; 
 (c) engage in any activity which
substantially changes the nature of the Partnership’s business; 
 (d) effect a split, reverse split or other modification
of the LP Units or number thereof other than as expressly contemplated by Section 3.3(b) of this Agreement, provided that the General Partner shall not consent to any such action without the prior approval of the stockholders of the General
Partner; 

 (e) convert the Partnership, by whatever means, into a corporation or another form of
business entity; or 
 (f) dissolve or liquidate the Partnership. 
 Section 6.5. Duties and Obligations of the General Partner. The General Partner shall: 
 (a) take all actions which may be necessary or appropriate (i) for the continuation of the Partnership’s valid existence as a
limited partnership under the laws of the State of Delaware and (ii) for the accomplishment of the Partnership’s purposes, including the acquisition, development maintenance, preservation and operation of Property in accordance with the
provisions of this Agreement and applicable laws and regulations; 
 (b) devote to the Partnership such time as may be necessary
for the proper performance of all duties hereunder in the discretion of the General Partner; 
 (c) be under a fiduciary duty to
conduct the affairs of the Partnership in the best interests of the Partnership, including the safekeeping and use of all of the Property and the use thereof for the exclusive benefit of the Partnership; 
 (d) use its reasonable efforts to cause the Partnership to be formed, reformed, qualified or registered under assumed or fictitious name
statutes or similar laws in any state or country in which the Partnership owns property or transacts business if such formation, reformation, qualification or registration is necessary in order to protect the limited liability of the Limited
Partners or to permit the Partnership lawfully to own property or transact business; and 
 (e) manage and control the affairs
of the Partnership and in doing so use its reasonable efforts to carry out the purpose of the Partnership for the benefit of all of the Partners and in exercising its powers, recognize its fiduciary responsibility to the Partnership. 
 Section 6.6. Compensation and Expenses. 
 (a) No Partner shall receive any salary, fee or draw for services rendered to or on behalf of the Partnership. 
 (b) The General Partner may charge the Partnership for expenses reasonably incurred in connection with the Partnership’s business and operations. For avoidance of doubt, the Partners acknowledge that
the General Partner has been formed to provide access by the Partnership to the capital markets and ICGI Holdings has been formed to assure a continuity in management of the Partnership during the transition to public ownership through the General
Partner. The Partners acknowledge and agree that the expenses of operation and maintenance of the General Partner and ICGI Holdings, including the expenses of ICGI Holdings’ independent auditors incurred in connection with the preparation of
ICGI Holdings’ tax returns or the audit of ICGI Holdings’ financial statements, shall be borne by the Partnership as an expense of

 
operations pursuant hereto; provided, that any out-of-pocket cash expenses (other than the expenses of ICGI Holdings’ auditors for the above-described tax returns and audits) related to the
operation and maintenance of ICGI Holdings shall be borne solely by ICGI Holdings and its members. 
 Section 6.7.
Signatures; Power of Attorney. Subject to the limitations imposed by Section 6.4, the signature of the General Partner shall be necessary and sufficient to convey title to any real property owned by the Partnership or to execute any
promissory notes, trust deeds, mortgages or other instruments of hypothecation. All of the Partners agree that a copy of appropriate provisions of this Agreement may be shown to the appropriate parties in order to confirm the same, and further agree
that the signature of the General Partner shall be sufficient to execute any documents necessary to effectuate this or any other provision of this Agreement. 
 ARTICLE VII. 
 RECORDS AND ACCOUNTING 
 Section 7.1. Records and Accounting. Proper and complete records and books of account of the business of the Partnership shall
be maintained at the Partnership’s principal place of business. All books and records of the Partnership shall be kept in accordance with GAAP. 
 Section 7.2. Tax Information. Prior to the day on which the Partnership’s tax return for such fiscal year is filed, the General Partner shall cause to be delivered to each Person who was
a Partner at any time during such fiscal year all information necessary for the preparation of such Partner’s federal income tax return, including a statement showing such Partner’s distributive share of the Partnership’s income,
gains, losses, deductions, credits and tax preferences for the taxable year of the Partnership ending within or with its taxable year for federal income tax purposes, and the amount of any distribution made to or for the account of such Partner
pursuant to this Agreement; provided, however, that within ninety (90) days after the end of each fiscal year, the General Partner shall cause to be delivered to each such Person an estimate of all such information. 
 Section 7.3. Tax Returns. The General Partner shall cause all required federal and state and local information returns for the
Partnership to be prepared and timely filed with the appropriate authorities. 
 Section 7.4. Accounting Decisions.
All decisions as to accounting principles used for financial reporting and tax accounting purposes shall be made by the General Partner on a basis that is acceptable to the Partnership’s accountants notwithstanding any other provisions to the
contrary contained in this Agreement. 
 Section 7.5. Tax Elections. 
 (a) The General Partner shall cause the Partnership to elect, pursuant to Code Section 754 of the Code, to adjust the basis of
Partnership property upon the transfer of an Interest or distribution of property as provided by the Code. 

 (b) The General Partner may, from time to time, make such other tax elections as it deems
necessary, in its sole discretion to carry out the business of the Partnership or the purposes of this Agreement. 
 Section 7.6. Fiscal Year. The Fiscal Year of the Partnership shall be the calendar year. 
 Section 7.7. Tax Matters. The General Partner shall act for the Partnership as “tax matters partner” for purposes of Section 6231(a)(7) of the Code. 
 ARTICLE VIII. 
 AMENDMENTS; MEETINGS; VOTING 
 Section 8.1. Amendment. Except as otherwise required by law or as provided elsewhere in this Agreement, this Agreement may be
amended in any respect only with the consent of the General Partner and a majority in interest of the remaining Partners. 
 Section 8.2. Meetings of Partners. Meetings for purposes of voting shall be called by the General Partner who shall be required to give written notice thereof to all Partners entitled to vote at such meeting no less than ten
(10) days and no more than thirty (30) days prior to the date of such meeting. Any such notice shall state briefly the purpose of the meeting, which shall be held at a reasonable time and at the principal office of the Partnership or such
other location as shall be stated in the notice. 
 Section 8.3. Proxy of Partner. Each Partner may authorize any
Person or Persons to act for it by proxy on all matters in which a Partner is entitled to participate, including waiving notice of any meeting or voting or participating at a meeting. Every proxy must be signed by the Partner or its
attorney-in-fact. Every proxy shall be revocable at the pleasure of the Partner executing it. 
 Section 8.4. Consent or
Voting. 
 (a) All voting shall be based on the LP Units outstanding and not the number of Partners. 
 (b) In the event that the consent or vote of the Partners shall be required for any action hereunder and no specific proportion is stated
herein, the affirmative vote of the Partners holding more than fifty percent (50%) of the total number of LP Units outstanding shall be required for such action. Where a consent or vote of a specified percentage of Partners or Interests is
required, the affirmative vote of Partners holding at least such specified percentage of the total number of LP Units outstanding shall be required. 

 ARTICLE IX. 
 PARTNERS’ REPRESENTATION 
 Each Partner represents and warrants that
(a) its Interest is acquired for investment and not with a view to the resale or other distribution thereof, (b) it is understood that none of the Interests have been registered under the Securities Act of 1933 or any similar legislation
in any other country or jurisdiction, and that there may be no market for any Interest, and (c) the Interest is obtained without the benefit of any representation, warranty, or other assurance with respect to the financial condition or
prospects of the Partnership or its Partners or other representatives thereof. 
 ARTICLE X. 
 TRANSFERS OF INTERESTS 
 Section 10.1. Restrictions on Partner’s Transfer of LP Units. Except as provided in Section 10.2, no Partner may Transfer all or any portion of its LP Units or any rights or entitlements derived therefrom at any time
or howsoever acquired without the written consent of the remaining Partners, which consent may be denied for any reason whatsoever. For avoidance of doubt, a change of control of the Public Company shall not constitute a Transfer of LP Units for
purposes of this Agreement. 
 Section 10.2. Permitted Transfers of LP Units. LP Units may be Transferred from time
to time by ICGI Holdings to the Public Company in exchange for Public Company Common Stock pursuant to and in accordance with the Exchange Agreement. 
 Section 10.3. Interest of the General Partner. No General Partner may transfer all or any portion of its Interest to any Person without the prior written consent of the remaining Partners,
which consent may be denied for any reason whatsoever. For avoidance of doubt, a change of control of the Public Company shall not constitute a Transfer of the Interest of the General Partner for purposes of this Agreement. 
 ARTICLE XI. 
 ADMISSION AND WITHDRAWAL OF PARTNERS 
 Section 11.1. Admission. Except (i) as provided in
Section 3.1 or (ii) in connection with a pro rata distribution to the members of ICGI Holdings or its successor entity, if any, no Person, other than an existing Partner, shall be admitted as a Partner of the Partnership. Any Person to be
admitted as a Partner shall execute such documents and instruments, including an agreement to be bound by the terms of this Agreement, and shall satisfy such other conditions as the General Partner shall require. 

 Section 11.2. Withdrawal of Limited Partner. Except as provided in
Section 3.1, no Limited Partner shall be permitted to withdraw from the Partnership without the consent of the General Partner and an approving vote of the remaining Partners. 
 Section 11.3. Resignation of General Partner. Upon ninety (90) days prior written notice, any General Partner may resign.
In the event of the resignation of a General Partner, a successor General Partner shall be appointed as provided in Section 11.4 below. 
 Section 11.4. Successor General Partner. If the General Partner ceases to act as General Partner, the successor General Partner shall be selected by the majority vote of the Partners. The
successor General Partner shall become a General Partner upon its written acceptance of the appointment and written agreement to be bound as a General Partner under the terms of this Agreement. In the event a successor General Partner is designated
and accepts the designation, the successor General Partner shall assume all the duties and obligations of the predecessor General Partner set forth in this Agreement 
 Section 11.5. Rights of Resigned General Partner. 
 (a) The resignation
of a General Partner shall not affect its right to reimbursement for expenses incurred. 
 (b) A resigned General Partner (which
term, for purposes of this section, shall include its successors and assigns) shall continue to have the rights and obligations of a Partner with respect to its LP Units, if any. 
 ARTICLE XII. 
 DISSOLUTION AND LIQUIDATION 
 Section 12.1. Dissolution. The Partnership shall continue until the occurrence of any one or more of the following events:

 (a) such time that the General Partner, with an approving vote of the remaining Partners, determines to dissolve the
Partnership; or 
 (b) upon the bankruptcy, resignation, dissolution, or withdrawal of the General Partner, or upon the
occurrence of any event which, under the provisions of the Act, would cause a dissolution; provided, however, that upon such an occurrence, no dissolution shall occur if the Partners, by a majority vote, elect to continue the business of the
Partnership and appoint a successor General Partner in accordance with Section 11.4. 
 No Partner has the right, on account of any
dissolution of the type described in this Section 12.1, to have the Partnership’s assets applied to discharge its liabilities. 

 Section 12.2. Winding-Up of Affairs. Upon the dissolution of the Partnership in
accordance with the provisions of this Agreement, the Partnership shall immediately commence winding up its affairs and shall file a notice of dissolution or cancellation. The winding-up of the affairs of the Partnership and the distribution of its
assets shall be conducted exclusively by the Liquidator, who is hereby authorized to do all acts authorized by law for these purposes. Without limiting the generality of the foregoing, the Liquidator, in carrying out such winding-up and
distribution, shall have full power and authority to sell all or any of the Partnership assets or to distribute the same in kind to the Partners. Any assets distributed in kind shall be subject to all operating agreements or other agreements
relating thereto which shall survive the termination of the Partnership. Following the winding-up of the Partnership, the proceeds from liquidation of Partnership assets shall be applied and distributed as set forth in Section 12.3. 

Section 12.3. Liquidating Distributions. 
 (a) Following dissolution of the Partnership and incident to the winding-up of the Partnership’s affairs, all debts and liabilities of the Partnership shall be discharged in the order of priority
provided by law. The fair market value of the respective remaining assets of the Partnership shall then be determined; with the fair market value of any assets other than cash being determined by an independent appraiser selected by the Liquidator
with the approval of a majority vote of the Partners. Thereupon, the assets of the Partnership shall be distributed to the Partners in proportion to the number of LP Units held by each Partner in relation to the aggregate number of outstanding LP
Units. For purposes of such allocation only, it shall be assumed that the assets of the Partnership other than cash had been sold for an amount equal to their fair market value as determined above, and that the income, gain or loss from such sale
had been allocated in accordance with Article IV. Each Partner shall receive its share of the assets in cash or in kind, and the proportion of such share that is received in cash may vary from Partner to Partner, all as the Liquidator may decide.
Except as provided below, if such distributions are insufficient to return to any Partner the full amount of its Capital Contributions, such Partner shall have no recourse against the Partnership or any other Partner. 
 (b) The proceeds of liquidation and any unliquidated assets of the Partnership shall be distributed as provided in Section 12.3(a). Any
reserves established by the Liquidator in the course of such distribution shall be held for so long as the Liquidator shall deem necessary in a special account maintained by the Liquidator for the purpose of paying contingent or unforeseen
liabilities or obligations. At the time the Liquidator determines that there is no longer a need for the reserve, it shall be distributed in the order of priority established in Section 12.3(a). The distribution of the reserve shall commence
where the initial distribution of the assets of the Partnership ended. For purposes of this Section 12.3, expenses of dissolution and liquidation shall be treated as debts and obligations of the Partnership. 

 ARTICLE XIII. 
 MISCELLANEOUS 
 Section 13.1. Notices. All notices, consents,
approvals, requests, demands or other communications (“notices”) which any of the parties to this Agreement may desire to be required to give hereunder, shall be in writing and shall be deemed properly given if (i) hand
delivered, (ii) sent by private or public mail carrier which provides evidence of delivery, (iii) sent by United States, certified or registered mail, postage prepaid, return receipt requested, (iv) sent by facsimile transmission or
(v) sent by electronic mail, in each case addressed as follows: 
 (a) to the Partnership, or the General Partner, at the
principal place of business of the Partnership or to such other addresses as may be designated by the General Partner by notice to all Partners pursuant to the terms of this Section; and 
 (b) to Partners at the address set forth on the signature page hereto or to such other addresses as may be designated by the respective
Partners by notice to the Partnership from time to time and reflected in the Register. 
 Any distribution made, or notice given, to a Partner
at its last known address as shown on the records of the Partnership shall be considered effective three (3) days after deposit in any post office or branch post office, regularly maintained by the United States government and shall completely
satisfy the obligations of the Partnership hereunder in respect of such distribution or notice. Any notice to be given by any Partner may be given by counsel or attorney-in-fact for that Partner. 
 Section 13.2. Binding Effect. Unless otherwise provided herein, every covenant, term, and provision of this Agreement shall be
binding upon and inure to the benefit of the Partners and their respective heirs, legatees, legal representatives, successors, transferees, and assigns, and shall inure to the benefit of the Partnership, its successors and assigns. 
 Section 13.3. Construction. Every covenant, term, and provision of this Agreement shall be construed simply according to its
fair meaning and not strictly for or against the Partnership or any Partner. 
 Section 13.4. Headings. Section and
other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision hereof. 
 Section 13.5. Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is
illegal or invalid for any reason whatsoever, such legality or invalidity shall not affect the validity or legality of the remainder of this Agreement. 
 Section 13.6. Further Action. Each Partner, upon the request of the General Partner, agrees to perform all further acts and execute, acknowledge, and deliver any documents which may be
reasonably necessary, appropriate, or desirable to carry out the provisions of this Agreement. 

 Section 13.7. No Other Beneficiaries. The rights and obligations of the Partners
under this Agreement are for the exclusive benefit of the Partners, and no creditor or other party having dealings with the Partnership shall have any right or claim hereunder. 
 Section 13.8. Variation of Pronouns. All pronouns and any variations thereof shall be deemed to refer to masculine, feminine, or
neuter, singular or plural, as the identity of Partner or Partners may require. 
 Section 13.9. Governing Law. The
laws of the State of Delaware shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the Partners. In the event this Agreement is in conflict with any other agreement among any
of the parties hereto, the provisions of this Agreement shall prevail. 
 Section 13.10. Counterpart Execution. This
Agreement may be executed in any number of counterparts with the same effect as if all of the Partners had signed the same document. All counterparts shall be construed together and shall constitute one agreement. 
 Section 13.11. Sole and Absolute Discretion. Except as otherwise provided in this Agreement, all actions which the General
Partner may take and all determinations which the General Partner may make pursuant to this Agreement may be taken and made at the sole and absolute discretion of the General Partner. In the event there shall be more than one General Partner, all
such actions and determinations shall be taken and made by the unanimous vote of all General Partners. 
 Section 13.12.
Non-Arbitrability. Notwithstanding any other provision of this Agreement or any rules or regulations of any regulatory body, no controversy, claim, or breach arising out of or relating to this Agreement shall be submitted for settlement to a
panel of arbitrators, and the Partners agree that any such disputes shall be determined only by a court having jurisdiction thereof in accordance with this Agreement. 
 [Signatures appear on the following page.] 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date and year
first above set forth. 
  

									
	GENERAL PARTNER:	 		 	IMPERIAL CAPITAL GROUP, INC.
			
		 		 	Facsimile No.: (310) 777-3000
				
		 		 	By:	 	  

		 		 		 	Name:	 	Jason Reese
		 		 		 	Title:	 	Chief Executive Officer
			
	LIMITED PARTNER:	 		 	ICGI HOLDINGS, LLC
	And to signify its withdrawal as Initial General Partner as provided in Section 2.4.	 		 	
			
		 		 	Facsimile No.: (310) 777-3000
				
		 		 	By:	 	  

		 		 		 	Name:	 	Jason Reese
		 		 		 	Title:	 	Member of the Executive Committee
			
	WITHDRAWING LIMITED PARTNER:	 		 	IMPERIAL CAPITAL GROUP HOLDINGS, LLC
	To signify its withdrawal as a Limited Partner following its transfer of its LP Units to ICGI Holdings, LLC	 		 	Facsimile No.: (310) 777-3000
				
		 		 	By:	 	  

		 		 		 	Name:	 	Jason Reese
		 		 		 	Title:	 	Co-President
				
		 		 	By:	 	  

		 		 		 	Name:	 	Randall Wooster
		 		 		 	Title:	 	Co-President

 Signature Page to Amended and
Restated Limited Partnership Agreement of ICG LP

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