Document:

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                             W.P. CAREY & CO., INC.
                              EMPLOYMENT AGREEMENT

            THIS AGREEMENT, made the 7th day of April, 1997 between W.P. Carey &
Co., Inc. (the "Company"), a New York corporation at 50 Rockefeller Plaza, New
York, NY 10020, and John J. Park ("Executive").

                                  WITNESSETH:

            WHEREAS, Executive has been an officer of the Company in which
capacity his services have contributed materially to the successful operation of
the Company's business;

            WHEREAS, the Company wishes to assure itself of the continued
availability of Executive's services, and Executive is willing to give such
assurance in return for the benefits described herein;

            NOW, THEREFORE, intending to be legally bound hereby, the Company
hereby agrees to employ Executive, and Executive hereby agrees to be employed by
the Company upon the following terms and conditions:

            1. Office and Duties. Executive shall service the Company full time
in such positions and have such titles, duties and power with the Company and
its subsidiaries consistent with Executive's experience and abilities as may
from time to time be determined by the board of directors of the Company (the
"Board"), the Chairman of the Board or the Chief Executive Officer of the
Company. Executive will use his reasonable best energies and abilities and will
devote his full business time, except for vacation time and reasonable periods
of absence due to sickness, personal injury or other disability, to the duties
assigned to him and shall use his best efforts, judgment, skill and energy to
perform such services faithfully and diligently to further the business
interests of the Company, to improve and advance the business and interests of
the Company, to increase shareholder value and otherwise promote the best
interests of the Company's shareholders; provided that nothing contained herein
shall preclude Executive from (i) serving on the board of directors of any
business corporation with the consent of the Board, (ii) serving on the board
of, or working for, any charitable or community organization or (iii) pursuing
his personal financial and legal affairs, so long as such

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activities, Individually or collectively, do not interfere with the performance
of Executive's duties hereunder.

            2. Term. This Agreement shall be for a term commencing as of the
date hereof (the "Commencement Date") and ending on December 31,2000 unless
sooner terminated as hereinafter provided Unless either party elects to
terminate this Agreement at the end of the original or any renewal term by
giving the other party notice of such election at least 90 days before the
expiration of the then current term, this Agreement shall be deemed to have been
renewed for an additional one year period commencing on the day after the
expiration of the then current term. The period during which Executive is
employed pursuant to this Agreement, including any extension thereof in
accordance with the preceding sentence, shall be referred to as the "Employment
Period."

            3. Compensation.

            (a) Base Salary. During the Employment Period, Executive shall
receive an annual base salary ("Base Salary") at the same rate as in effect on
the date hereof, which shall be payable in accordance with the Company's
generally applicable payroll practices and policies. The Executive Committee
shall periodically review Executive's Base Salary in light of the salaries paid
to other officers of the Company, the performance of Executive, and Executive's
total compensation from the Company and the Company may, in its discretion,
increase such Base Salary by an amount it determines to be appropriate. Any such
increase shall not reduce or limit any other obligation of the Company
hereunder.

            (b) Incentive Compensation. During the term of the Employment
Period, Executive shall be eligible to participate in the Company's incentive
compensation programs (including, without limitation, any program for the
payment of commission income, disposition fees, and bonuses), as the same may be
amended by the Company from time to time, at a level determined by the Company's
Executive Committee, Without limiting the generality of the foregoing, Executive
shall be entitled to draw, in approximately equal monthly installments, against
such incentive compensation in an annual amount determined in accordance with
the practices and policies of the Company.

            4. Stock Option Grant. Effective as of January 1,1997, Executive
will receive the grant of an option pursuant to the Company's Stock Appreciation
Rights Plan in respect of 2,000 shares of the Common Stock of the notional
corporation described in such Stock Appreciation Rights Plan, subject to the
terms and conditions of such grant. Executive agrees and acknowledges that his
rights and obligations in respect of such option shall be governed by the terms
and conditions of the Stock Appreciation

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Rights Plan, including, without limitation, the provisions thereof relating to
the proportionate dilution of his interest by the grant, after the effective
date of his award, of awards to other employees wider the Stock Appreciation
Rights Plan or the Company's Partnership Equity Plan.

            5. Partnership Equity Plan. Effective as of January 1, 1995,
Executive has received an award pursuant to the Company's Partnership Equity
Plan of 1,500 shares of the Common Stock of the notional corporation described
therein. Executive agrees and acknowledges that his rights and obligations in
respect of the Equivalent Shares, as defined in the Partnership Equity Plan,
shall be governed by the term and conditions of the Partnership Equity Plan,
including, without limitation, the provisions thereof relating to the
proportionate dilution of his interest by the grant, after the effective date of
his award, of awards to other employees under the Stock Appreciation Rights Plan
or the Partnership Equity Plan.

            6. Benefits, Perquisites and Expenses.

            (a) Benefits. During the Employment Period, Executive shall be
eligible to participate in each employee benefit plan sponsored or maintained by
the Company, subject to the generally applicable provisions thereof. Nothing in
this Agreement shall in any way limit the Company's right to amend or terminate
any such plan in its discretion, so long as any such amendment does not impair
the rights of Executive without treating similarly situated executives in a
similar fashion.

            (b) Business Expenses. During the Employment Period, the Company
shall pay or reimburse Executive for all reasonable expenses incurred or paid by
Executive in the performance of Executive's duties hereunder, upon presentation
of expense statements or vouchers and such other information as the Company may
require and in accordance with the generally applicable policies and procedures
of the Company.

            (c) Indemnification. The Company shall indemnify Executive and hold
Executive harmless from and against any claim, loss or cause of action arising
from or out of Executive's performance of services as an officer, director or
Executive of the Company or any of its subsidiaries or in any other capacity in
which Executive serves at the request of the Company on the same basis as it
indemnifies its other officers. If, at any time, the Company has in effect any
policy providing any indemnity to the Company or third parties with respect to
the errors and omissions or other actions of officers or directors, the Company
shall cause Executive's errors, omissions or other actions to be covered under
such policy on the same terms and conditions as apply generally to all other
officers of the Company.

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            7. Termination of Employment.

            (a) Early Termination of the Employment Period. Notwithstanding
Paragraph 2, the Employment Period shall end upon the earliest to occur of (i) a
termination of Executive's employment on account of Executive's death, (ii) a
Termination due to Disability, (iii) a Termination for Cause, (iv) a Termination
Without Cause, (v) a Termination for Good Reason or (vi) a Termination due to a
Change of Control.

            (b) Benefits Payable Upon Termination. Following the end of the
Employment Period pursuant to Paragraph 7(a), Executive (or, in the event of his
death, his surviving spouse, if any, or his estate) shall be paid the type or
types of compensation determined to be payable in accordance with the following
table at the times established pursuant to Paragraph 7(c);

<TABLE>
<CAPTION>
                                                Accrued
                         Earned Basic           Employee           Severance
                         Compensation           Benefits            Benefit
                         ------------           --------           ---------
<S>                      <C>                    <C>                <C>
Termination due            Payable               Payable               Not
to Death                                                             Payable

Termination due to         Payable               Payable               Not
Disability                                                           Payable

Termination                Payable               Payable               Not
for Cause                                                            Payable

Termination                Payable               Payable             Payable
Without Cause

Termination                Payable               Payable             Payable
with Good
Reason

Termination due to         Payable               Payable             Payable
a Change of
Control
</TABLE>

            (c) Timing of Payments. Earned Basic Compensation shall be paid in a
single lump sum as soon as practicable, but in no event more than 30 days
following the end of the Employment Period. Accrued Employee Benefits shall be
payable in accordance with the terms of the plan, policy, practice, program,
contract or agreement

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under which such benefits have accrued. Severance Benefits shall be paid at the
same time as Executive would have received his base salary had he continued to
be employed and for the period ending on the first to occur of (i) the first
anniversary of Executive's termination of employment and (ii) the date on which
Executive breaches any of the provisions of Paragraph 8. Notwithstanding the
foregoing, the Company may elect, at any time and in its discretion, to pay
Executive the present value of the remaining Severance Benefits payable
hereunder in a single lump sum amount with such present value to be calculated
using a discount rate equal to the one year Treasury bill rate as quoted in The
Wall Street Journal (or in such other reliable publication as the Independent
Committee, in its reasonable discretion, may determine to rely upon) on the
first business day of such year on which such publication is published.

            (d) Definitions. For purposes of Paragraphs 7 and 8, capitalized
terms have the following meanings:

            "Accrued Employee Benefits" means amounts which are vested or which
Executive is otherwise entitled to receive under the terms of or in accordance
with any plan, policy, practice or program of, or any contract or agreement
with, the Company or any of its subsidiaries, at or subsequent to the date of
his termination without regard to the performance by Executive of further
services or the resolution of a contingency.

            "Carey Affiliated Entities" means (i) the Carey Family, (ii) the
employees of the Company and its affiliates, (iii) any Controlled Entity and
(iv) the Carey Foundation.

            "Carey Family" means William P. Carey, his spouse and lineal
descendants and his brothers and brothers-in-law, sisters and sisters-in-law and
each of their lineal descendants.

            "Change of Control" shall mean a transaction as a result of which
the Carey Affiliated Entities (i) cease to be the beneficial owners of at least
50 percent of the combined voting power of all the outstanding voting securities
of the Company and (ii) are not otherwise in Effective Control of the Company.

            "Controlled Entity" means an entity (other than the Company) in
which William P. Carey, the Company or any other Controlled Entity, directly of
indirectly, owns a substantial equity interest and that is

      (i)   a corporation more than 50 percent of the value of the outstanding
            stock of which is owned directly or indirectly by the Carey Family
            and/or employees of the Company;

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      (ii)  a partnership more than 50 percent of the capital interest or
            profits interest in which is owned directly or indirectly by the
            Carey Family and/or employees of the Company;

      (iii) a limited liability company more than 50 percent of the ownership
            interests in which are owned directly or indirectly by the Carey
            Family and/or employees of the Company; or

      (iv)  a trust in which the Carey Family and/or employees of the Company
            together have 50 percent or more of the voting power or beneficial
            ownership interest.

The Controlled Entities as of September 30, 1996 are listed on Exhibit A
attached hereto. Notwithstanding the foregoing, in no event shall the Carey
Foundation be considered a Controlled Entity.

            "Controlling Shareholder(s)" means the person(s) who, at the
relevant time, hold of record a majority of the shares of the common stock of
the Company.

            "Earned Basic Compensation" means any salary or other compensation
(including without limitation disposition fees) due and payable, but unpaid, for
services rendered to the Company on or prior to the date on which the Employment
Period ends.

            "Effective Control" means the power to elect a majority of the
members of the Board, whether (i) by reason of the ownership of securities
representing more than 50% of the securities entitled to vote for the election
of directors (the "Voting Shares"), or (ii) pursuant to a shareholders
agreement, irrevocable proxy or otherwise controlling the right to vote a
majority of the Voting Shares. Notwithstanding the foregoing, if the Company is
merged with, into or otherwise combined with a Public Corporation or more than
50% of the assets of the Company are transferred to a Public Corporation, the
Carey Affiliated Entities shall be deemed to be in Effective Control of such
Public Corporation if a majority of the directors on the board of directors of
such Public Corporation:

      (x)   at the time of the merger, combination, sale or other transaction,
            were either

            (1)   officers of the Company or members of the Board or the board
                  of directors of an affiliate of the Company immediately prior
                  thereto or

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            (2)   nominated for election to the board of the Public Corporation
                  by the members of the Board, the board of directors of a Carey
                  Affiliated Entity or the persons who were the Controlling
                  Shareholder(s) immediately prior to such transaction with the
                  Public Corporation, or

      (y)   at any time following any such transaction, were nominated for
            election or elected by any of the Board, the board of directors of a
            Carey Affiliated Entity or the persons who were the Controlling
            Shareholder(s) immediately prior to such transaction with the Public
            Corporation.

            "Independent Committee" shall mean the committee initially comprised
of George Stoddard, Charles Townsend and Warren Wintrub and as it may thereafter
be constituted from time to time in accordance with this provision. If any
member of the initial Independent Committee (or any successor thereto appointed
in accordance with this provision) ceases to a member of the Independent
Committee for whatever reason, the successor to such person on the Independent
Committee shall be appointed by the Controlling Shareholders from the members of
the Board or the boards of directors of the Company's affiliates, subject to the
approval of such appointment by the then remaining members of the Independent
Committee, provided, however, that no member of the Independent Committee shall
be a member of the Carey Family. The Controlling Shareholders shall have the
right to remove any member of the Independent Committee from office at any time
such person is no longer a member of the Board or of the board of directors of
any of the Carey Affiliated Entities.

            "Public Corporation" means a company with at least one series of
securities registered under Section 12 of the Securities Exchange Act of 1934,
as amended.

            "Severance Benefits" means monthly payments until the earliest of
the following dates:

      (i)   the first anniversary of Executive's termination of employment and

      (ii)  the date the Company's obligation to pay Severance Benefits ceases
            as a result of Executive's breach any of the provisions of Paragraph
            8;

in an amount equal to the sum of (x) the Executive's monthly base salary as in
effect immediately prior to his termination of employment and (y) an amount
equal to one-twelfth of any commissions, disposition fees, and other incentive
payments (including bonuses) paid to the Executive during the 12 month period
ended as of the last calendar

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month ended immediately prior to such termination of employment;. The amount
payable as Severance Benefits, however, shall be reduced by an amount equal to
75 percent of each dollar paid to the Executive for services, whether as an
employee, consultant or otherwise, during the period Severance Benefits are
payable.

            "Termination for Cause" means a termination of Executive's
employment by the Company as a result of Executive's

      (i)   dishonesty or disloyally;

      (ii)  refusal to perform his duties in good faith or otherwise fail to
            carry out the express and lawful instructions of the Chairman, Chief
            Executive Officer or the Board;

      (iii) gross negligence or wilful and intentional misconduct;

      (iv)  engaging in conduct constituting a felony or other crime involving
            moral turpitude;

      (v)   alcohol or drug addiction, provided that, to the extent required
            thereunder, any termination as a result of such addiction may only
            occur after the Company shall have attempted to make reasonable
            accommodations (or shall have determined that no such reasonable
            accommodation is possible under the circumstances) pursuant to the
            Americans with Disabilities Act of 1990, as amended;

      (vi)  breach of his fiduciary duties to the Company or its shareholders,
            including, without limitation, the Controlling Shareholder(s); or

      (vii) any other material violation by Executive of the terms and
            conditions of this Agreement or any agreement between the Company
            and such Executive.

Notwithstanding the foregoing, (x) in the case of subclause (i), (ii) or (vi),
any determination as to whether an Executive has been disloyal or dishonest,
refused to perform his duties or breached his fiduciary duties shall be made by
the Independent Committee and (y.) in the case of subclauses (iii) and (vii),
the Company shall not have the right to terminate an Executive's employment in a
Termination for Cause if the alleged action or omission by the Executive either
(A) has not resulted and is not reasonably expected to result in material harm
to the business, operations or reputation of the Company or (B) was undertaken
or omitted by Executive in good faith after

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consultation with his supervisor and in a manner which was understood to be
consistent with the course of action determined following such consultation,
which in either case shall be determined by the Independent Committee prior to a
Change of Control and (z) following any Change of Control, subclauses (i), (ii),
and (vi) shall automatically be deleted from the definition of a Termination for
Cause, without any further action by the Company or the Executive, In making any
determination hereunder, the Independent Committee shall take into consideration
the materiality and relevance to the Company of Executive's action or conduct,
and such determination shall be final and binding on Executive and the Company.

            "Termination due to a Change of Control" means the Executive's
voluntary termination of employment prior to the first anniversary of a Change
of Control of the Company upon written notice delivered not less than ten
business days prior to the effective date of Participant's termination of
employment.

            "Termination due to Disability" means a termination of Executive's
employment by the Company because Executive has been incapable of substantially
fulfilling the positions, duties, responsibilities and obligations set forth in
this Agreement because of physical, mental or emotional incapacity resulting
from injury, sickness or disease for a period of (i) at least four consecutive
months or (ii) more than six months in any twelve month period. Any question as
to the existence, extent or potentiality of Executive's disability upon which
Executive and the Company cannot agree shall be determined by a qualified,
independent physician selected by the Independent Committee. The determination
of any such physician shall be final and conclusive for all purposes of this
Agreement.

            "Termination with Good Reason" means, prior to a Change of Control,
any termination of Executive's employment on account of a material breach by the
Company of any of its material obligations to Executive hereunder. Following a
Change of Control, "Termination with Good Reason" shall mean a termination of
employment by Executive within 90 days following (i) a material adverse change
in Executive's duties and responsibilities as an Executive; (ii) a reduction in
Executive's base salary (other than a proportionate adjustment applicable
generally to similarly situated Company Executives); or (iii) the relocation of
Executive's principal place of business to a location more than thirty-five
miles outside of Manhattan; provided that a termination following a Change of
Control shall not be treated as a Termination with Good Reason if Executive
shall have consented in writing to the occurrence of the event giving rise to
the claim of Termination with Good Reason. A Termination for Good Reason must be
effected by a written notice from Executive setting forth in detail the conduct
alleged to be the basis for such termination, provided that, prior to the
occurrence of a Change of Control, Executive shall not have the right to
terminate his employment hereunder pursuant to a

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Termination with Good Reason (i) if, within the ten-business day period
following receipt of Executive's written notice, the Company shall have cured
the conduct alleged to have caused the material breach and (ii) unless Executive
actually terminates employment within 30 days following the end of the Company's
cure period. Notwithstanding the foregoing, if the Company disputes whether a
breach has occurred, or whether any breach is material, the Independent
Committee shall decide, in good faith, whether the alleged conduct by the
Company entitles Executive to quit pursuant to a Termination with Good Reason
and the time period referred to in subclause (ii) in the immediately preceding
sentence shall not end earlier than 10 days following the date on which the
Independent Committee notifies Executive of its decision. Prior to the
occurrence of a Change of Control, the determination by the Independent
Committee as to Executive's eligibility for a "Termination with Good Reason"
shall be final and binding on Executive and the Company.

            "Termination Without Cause" means any termination by the Company of
Executive's employment with the Company other than (i) a Termination due to
Disability, (ii) a Termination due to death or (iii) a Termination for Cause.

            (e) Full Discharge of Company Obligations. The amounts payable to
Executive pursuant to this Paragraph 7 following termination of his employment
(including amounts payable with respect to Accrued Employee Benefits) Shall be
in full and complete satisfaction of Executive's rights under this Agreement and
any other claims he may have in respect of his employment by the Company or any
of its subsidiaries. Such amounts shall constitute liquidated damages with
respect to any and all such rights and claims and, upon Executive's receipt of
such amounts, the Company shall be released and discharged from any and all
liability to Executive in connection with this Agreement or otherwise in
connection with Executive's employment with the Company and its subsidiaries.
Nothing contained in this paragraph shall be construed as limiting Executive's
claims against the Company or any of its subsidiaries with respect to
non-employment related torts.

            8. Non-Competition, Confidential Information, Etc.

            (a) Noncompetition. During the term of this Agreement, as the same
may be renewed and extended, and for a period of

      (i) 18 months following the termination of Executive's employment for any
      reason other than a Termination with Good Reason, a Termination Without
      Cause or a Termination due to Disability, or

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      (ii) 12 months following the termination of Executive's employment due to
      the expiration of the term of this Agreement due to Executive's election
      not to renew the term hereof, a Termination with Good Reason or a
      Termination Without Cause,

Executive shall not, without the written consent of the Company, directly or
indirectly, as a stockholder owning beneficially or of record more than 5% of
the outstanding shares of any class of stock of any issuer, or as an officer,
director, employee, partner, consultant, joint venturer, proprietor, or
otherwise, engage in or become interested in any Competing Business in the
United States or in any other jurisdiction in which the Company is actively
engaged in business or with respect to which, at the time of Executive's action
(or, if Executive is not an employee of the Company at such time, the date his
employment with the Company terminated), the Company had taken material steps
toward becoming actively engaged in such business. For purpose of this
Agreement, the term "Competing Business" shall mean any business which is
engaged in (i) the business of structuring, obtaining the financing for, or
otherwise implementing or facilitating long-term financing of corporate property
using leasing arrangements ("Leasing Transactions") or (ii) any other business
activity of a type and kind that, at the relevant time, is conducted by the
Company and which accounts for ten percent (10%) or more of either the Company's
gross revenues or net after tax income ("Other Material Activities"); provided
that nothing in this Agreement shall preclude Executive from providing services
to any Competing Business so long as such services do not relate, directly or
indirectly, to Leasing Transactions or Other Material Activities. Without
limiting the generality of the foregoing, Executive acknowledges and agrees that
the Company is engaged in business in each state of the United States, and each
possession of the United States. Notwithstanding the foregoing, following a
Change of Control, (i) if Executive terminates his employment in a Termination
for Good Reason or is terminated by his employer other than in a Termination for
Cause, all restrictions imposed on Executive pursuant to this paragraph shall
cease to be effective at the date of his termination of employment and (ii) the
only activities that will be treated as Other Material Activities shall be those
business activities, if any, that, immediately prior to the Change of Control
were Other Material Activities, and at the time of the alleged competitive
activity, are Other Material Activities for the Company. The Company and
Executive acknowledge and agree that the provisions of this Paragraph 8(a) are
intended to protect the legitimate business interests of the Company and not to
restrain the ability of Executive to obtain gainful employment. The Company
agrees that this Paragraph 8(a) should not be interpreted to preclude Executive
from raising capital or seeking to structure financial transactions in respect
of investments of a type or nature not undertaken by the Company and its
affiliates, even if such other investments compete for investment funds from the
same sources of funds as the Company looks to for its transactions (e.g., this
Paragraph 8(a) will not preclude Executive from participating in

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the structure, financing or implementation of a venture capital fund or
mezzanine debt fund, even if the potential investors in such funds include some
or all of the same persons or entities as would generally invest in a
transaction sponsored or promoted by the Company).

            (b) Confidential Information. During the term of this Agreement and
at all times thereafter, Executive shall not, without the written consent of the
Company, use for his personal benefit, or disclose, communicate or divulge to,
or use for any company other than the Company or its subsidiaries or affiliates,
any Confidential Information (as defined below) that had been made known to
Executive or learned or acquired by Executive while in the employ of Company or
its subsidiaries or affiliates, unless such information has become public other
than by reason of Executive's breach of this covenant. Confidential Information
shall mean

      (i)   information not in the public domain (or in the public domain as a
            result of a breach by Executive or another executive of the Company
            who is also bound by a similar confidentiality clause) regarding the
            business methods, business policies, procedures, techniques,
            research or developments projects or results, trade secrets, or
            other processes of or developed by the Company;

      (ii)  any names and addresses of customers or clients or any data on or
            relating to past, present or prospective customers or clients not in
            the public domain (or in the public domain as a result of a breach
            by Executive or another executive of the Company who is also bound
            by a similar confidentiality clause); and

      (iii) any other material information not in the public domain (or in the
            public domain as a result of a breach by Executive or another
            executive of the Company who is also bound by a similar
            confidentiality clause) relating to or dealing with the business
            operations or activities of the Company which has been designated by
            the Company as confidential or which, if disclosed to any third
            party, would result in a material adverse effect to the Company.

            (c) Company Property. Promptly following Executive's termination of
employment, Executive shall return to the Company all property of the Company,
and all copies thereof in Executive's possession or under his control.

            (d) Nonsolicitation Employees. Executive agrees that for a period of
two years after the termination of his employment with the Company, he will not
and

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will not assist or encourage any other person to (i) employ, hire, engage or be
associated (as a shareholder, partner, employee, consultant or in a similar
capacity) with any employee or other person connected with the Company who
rendered services as a professional, including, without limitation, all persons
who provide direct and substantial services with respect to Leasing Transactions
or Other Material Activities (the "Restricted Employees"), at the time of such
termination or during any part of the six months (three months, in the case of
any employee who was not also an officer of the Company) preceding such
termination of employment, (ii) induce any Restricted Employees to leave the
employ of the Company or any of its affiliates, or (iii) solicit the employment
of any Restricted Employees on his own behalf or on behalf of any other business
enterprise.

            (e) Injunctive Relief. Executive agrees and acknowledges that the
remedies at law for any breach by him of the provisions of this Paragraph 8 will
be inadequate and that the Company shall be entitled to obtain injunctive relief
against him from a court of competent jurisdiction in the event of any such
breach. If any such court of competent jurisdiction shall determine that the
restrictions contained in this Paragraph 8 are unreasonable as to time or
geographical area, such court shall reform said restrictions to the extent
necessary in the opinion of such court to make them reasonable and enforceable.

            9.    Miscellaneous.

            (a) Indulgences, Etc. Neither the failure nor any delay on the part
of either party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence.

            (b) Controlling Law. This Agreement and all questions relating to
its validity, interpretation, performance and enforcement shall be governed by
and construed in accordance with the laws of the State of New York
notwithstanding any conflicting choice-of-law provisions.

            (c) Notices. All notices, requests, demands and other communications
required or permitted under this Agreement and the transactions contemplated
herein shall be in writing and shall be deemed to have been given when delivered
in person or when deposited in the United States mail in a postpaid envelope by
registered or certified mail, return receipt requested or by 24-hour courier
service.

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            (d) Binding Effect. This Agreement shall be binding on, and shall
inure to the benefit of, the Company and any person or entity that succeeds to
the interest of the Company (regardless of whether such succession does or does
not occur by operation of law) by reason of the sale of all or a portion of the
Company's stock, a merger, consolidation or reorganization involving the Company
or a sale of the assets of the business of the Company in which Executive
performs a majority of his services, unless the Company otherwise elects in
writing to retain responsibility for the duties and obligations of the Company
(and the benefits conveyed to the Company) under this Agreement. This Agreement
shall also inure to the benefit of Executive's heirs, executors, administrators
and legal representatives.

            (e) Assignment. Except as provided under Paragraph (d), neither this
Agreement nor any of the rights of obligations hereunder shall be assigned or
delegated by any party hereto without the prior written consent of the other
party.

            (f) Execution in Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed to be an original as against the
party whose signature appears thereon, and both of which shall together
constitute one and the same instrument. This Agreement shall become binding when
one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories.

            (g) Severability; Reformation. In the event that one or more of the
provisions of this Agreement shall become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby. In the event any of
Paragraph 8(a), (b), (c) or (d) is not enforceable in accordance with its terms,
Executive and the Company agree that such Paragraph shall be reformed to make
such Paragraph enforceable in a manner which provides the Company the maximum
rights permitted at law.

            (h) Entire Agreement. This Agreement contains the entire
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements and
understandings, inducements or conditions, express or implied, oral or written,
except as herein contained. The express terms hereof control and supersede any
course of performance and/or usage of the trade inconsistent with any of the
terms hereof. This Agreement may not be modified or amended other than by an
agreement in writing.

            (i) Shareholder Rights. Whenever in this Agreement reference is made
to the interests of the Company's shareholders and there exists or may exist a
conflict in the

                                       14
<PAGE>

interests of such shareholders, the Independent Committee shall determine the
action or conduct that is in the interests of shareholders.

            (j) Paragraph Headings. The paragraph headings in this Agreement are
for convenience only; they form no part of this Agreement and shall not affect
its interpretation.

            (k) Gender, Etc. Words used herein, regardless of the number and
gender specifically used, shall be deemed construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the
context requires.

            (l) Number of Days. In computing the number of days for purposes of
this Agreement, all days shall be counted, including Saturdays, Sundays and
holidays; provided, however, that if the final day of any time period falls on a
Saturday, Sunday or holiday, then the final day shall be deemed to be the next
day which is not a Saturday, Sunday or holiday.

            (m) Prevailing Parties. Following a Change of Control, any party
which prevails in a lawsuit pertaining to the enforcement or interpretation of
any provision of this Plan shall be entitled to recover all reasonable
attorney's fees incurred by such party with respect to the lawsuit, in addition
to any other remedies to which the party is entitled under the law, from the
opposing party to such lawsuit.

            (n) Independent Committee. The terms of this Agreement shall be
interpreted by the Independent Committee. The Independent Committee shall keep
records of actions taken at its meetings. Two members of the Independent
Committee shall constitute a quorum at any meeting, and the acts of a majority
of the members present at any meeting at which a quorum is present, or acts
approved in writing by a majority of the Independent Committee, shall be the
acts of the Independent Committee. When determining whether an Executive's
employment may be terminated by the Company in a Termination for Cause or by
the Executive in a Termination with Good Reason, the Independent Committee
shall provide the Executive an opportunity to be heard on such issue, and shall
render its decision in writing within 60 days of being presented with the
question. Prior to the occurrence of a Change of Control, any action

                                       15
<PAGE>

taken by the Independent Committee with respect to the interpretation of this
Agreement shall be final, conclusive and binding.

            IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered on the date first above written.

                                             W.P. CAREY & CO., INC.

                                             BY /s/ W. P. Carey
                                                ----------------------

                                             /s/ JOHN J. PARK
                                             ----------------------
                                             EXECUTIVE

                                       16
<PAGE>

                                    Exhibit A

CONTROLLED ENTITIES

Carey Corporate Property, Inc.

Seventh Carey Corporate Property, Inc.

Eighth Carey Corporate Property, Inc.

Ninth Carey Corporate Property, Inc.

Carey Fiduciary Advisors, Inc.

Carey Property Advisors, L.P.

Carey Financial Corporation

W.P. Carey Advisors, Inc.

Carey Fairview Corporation

W.P. Carey Advisors, L.P.EX-10.1

 

Exhibit 10.1

FORM OF INDEMNIFICATION AGREEMENT

               This
AGREEMENT is made and entered into this ___ day of ___________, by and
between OpenTV Corp., a corporation organized under the laws of the British Virgin Islands (the
“Company”), and ___(“Indemnitee”).

               WHEREAS, the Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve the Company and its related entities;

               WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other
claims routinely being asserted against directors and officers of public companies in today’s
environment, and the attendant costs of defending even wholly frivolous claims;

               WHEREAS, it has become increasingly difficult to obtain insurance against the risk of personal
liability of officers and directors on terms providing reasonable protection at reasonable cost;
and

               WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal
liability in order to enhance Indemnitee’s service to the Company in an effective manner, the
increasing difficulty in obtaining and maintaining satisfactory insurance coverage, the Company
wishes to provide in this Agreement for the indemnification of and the advancing of expenses
(whether partial or complete) to Indemnitee to the fullest extent permitted by law and as set forth
in this Agreement, and, to the extent insurance is maintained, for the continued coverage of
Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

               NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements
contained herein the parties hereto agree as follows:

               1. Certain Definitions:

               (a) Change in Control: shall be deemed to have occurred if, on or
after the date of this Agreement, (i) any “person” (as such term is used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or a corporation
owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company prior to such corporation’s becoming
a “beneficial owner” (as defined below) of 20% or more of the Voting Securities of the
Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under such Act),
directly or indirectly, of securities of the Company representing 20% or more of the total
voting power represented by the Company’s then outstanding Voting Securities (other than any
such person or any affiliate thereof, singly or collectively, that is such a 20% beneficial
owner as of the date hereof), or (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the Board of Directors of the
Company and any new director whose election by the Board of Directors or nomination for
election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3)
of the directors then still in office who either were directors at the beginning of the
period or whose election or nomination for election was previously so approved, cease for
any reason to constitute a majority thereof, or (iii) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation, other than a
merger or consolidation which would result in the Voting Securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving entity) at least
50% of the total voting power represented by the Voting Securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, or the
stockholders of the Company approve a plan of complete liquidation of the Company or an
agreement for the sale or disposition by the Company of (in one transaction or a series of
transactions) all or substantially all the Company’s assets.

 

 

               (b) Charter Documents: the Articles of Association of the Company and
Memorandum of Association of the Company.

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

               (d) Expenses: include attorneys’ fees and all other costs, expenses
and obligations paid or incurred in connection with investigating, defending, being a
witness in or participating in (including on appeal), or preparing for an investigation or
preparing to defend, be a witness in or participate in any Claim relating to any
Indemnifiable Event and any federal, state, local or foreign taxes imposed as a result of
the actual or deemed receipt of any payments under the Agreement.

               (e) Expense Advance: a payment to Indemnitee pursuant to Section 3 of
Expenses in advance of the settlement of or final judgment in any Claim.

               (f) Indemnifiable Event: any event or occurrence related to the fact
that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company,
or any subsidiary of the Company, or is or was serving at the request of the Company as a
director, officer, employee, trustee, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason
of anything done or not done by Indemnitee in any such capacity.

               (g) Independent Legal Counsel: an attorney or firm of attorneys,
selected in accordance with the provisions of Section 4, who shall not have otherwise
performed services for the Company or Indemnitee within the last three years (other than
with respect to matters concerning the rights of indemnity under this Agreement, or of other
indemnities under similar indemnification agreements or under the Charter Documents).

               (h) Reviewing Party: any appropriate person or body consisting of a
member or members of the Board of Directors of the Company or any other independent and
impartial person or body appointed by the Board of Directors of the Company, and approved by
Indemnitee (which approval shall not be unreasonably withheld or delayed) who is not a party
to the particular Claim for which Indemnitee is seeking indemnification, or Independent
Legal Counsel.

               (i) Voting Securities: any securities of the Company which vote
generally in the election of directors.

               2. Basic Indemnification Arrangement.

               (a) In the event Indemnitee was, is or becomes a party to or witness or other
participant in, or is threatened to be made a party to or witness or other participant in, a
Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall
indemnify Indemnitee to the fullest extent permitted by law as soon as practicable but in
any event no later than thirty days after written demand is presented to the Company,
against any and all Expenses, judgments, fines, penalties and amounts paid or payable in
settlement (including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses) related to such Claim.

               (b) Notwithstanding the foregoing, (i) the obligations of the Company under
Section 2(a) shall be subject to the condition that the Reviewing Party shall not have
determined, which determination shall, in all cases, be in a written opinion specifying in
reasonable detail the reasons therefor, that Indemnitee would not be permitted to be
indemnified under applicable law, and (ii) the obligation of the Company to make an Expense
Advance pursuant to Section 3(a) shall be subject to the condition that,

2

 

if, when and to the extent that the Reviewing Party determines by rendering such
written opinion that Indemnitee would not be permitted to be so indemnified under applicable
law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to
reimburse the Company) for all such amounts theretofore paid; provided,
however, that if Indemnitee has commenced or thereafter commences legal proceedings
in a court of competent jurisdiction to secure a determination that Indemnitee should be
indemnified under applicable law, any determination made by the Reviewing Party that
Indemnitee would not be permitted to be indemnified under applicable law shall not be
binding and Indemnitee shall not be required to reimburse the Company for any Expense
Advance until a final judicial determination is made with respect thereto (as to which all
rights of appeal therefrom have been exhausted or lapsed). Indemnitee’s obligation to
reimburse the Company for any Expenses shall be unsecured and shall not accrue interest
thereon in any respect.

               (c) If there has not been a Change in Control, the Reviewing Party shall be
selected by the Board of Directors of the Company and approved by Indemnitee (which approval
shall not be unreasonably withheld or delayed). If there has been such a Change in Control
(other than a Change in Control which has been approved by a majority of the Board of
Directors of the Company who were directors immediately prior to such Change in Control),
the Reviewing Party shall be the Independent Legal Counsel referred to in Section 4 hereof.
If there has been no determination by the Reviewing Party or if the Reviewing Party
determines that Indemnitee substantively would not be permitted to be indemnified in whole
or in part under applicable law, Indemnitee shall have the right to commence litigation in
any court having subject matter jurisdiction thereof and in which venue is proper seeking an
initial determination by the court or challenging any such determination by the Reviewing
Party or any aspect thereof, including the legal or factual bases therefor, and the Company
hereby consents to service of process and agrees to appear in any such proceeding and hereby
waives any objection that venue in any court is not proper. Any determination by the
Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

               (d) Notwithstanding any other provision of this Agreement other than Section
11 hereof, to the extent that Indemnitee has been successful on the merits or otherwise,
including, without limitation, the dismissal of an action without prejudice, in defense of
any Claim, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in
connection therewith.

               3. Expense Advances.

               (a) Upon receipt of a written undertaking by or on behalf of Indemnitee to
repay such amounts if it shall ultimately be determined that Indemnitee is not entitled to
be indemnified therefore by the Company hereunder under applicable law, the Company shall
make Expense Advances to Indemnitee.

               (b) Any obligation to repay any Expense Advances hereunder pursuant to a
written undertaking by Indemnitee shall be unsecured and no interest shall be charged
thereon.

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

3

 

               5. Indemnification for Additional Expenses. The Company shall, subject to
Section 11, indemnify Indemnitee against any and all expenses (including attorneys’ fees,
disbursements and other charges) and, if requested by Indemnitee, shall (within ten business days
of such request) advance such expenses to Indemnitee, which are incurred by Indemnitee in
connection with any action brought by Indemnitee for (i) indemnification or Expense Advance by the
Company under this Agreement or any other agreement or Charter Document now or hereafter in effect
relating to Claims for Indemnifiable Events or (ii) recovery under any directors’ and officers’
liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the
case may be. The Company acknowledges that the right of recovery of Indemnitee under any
director’s and officers’ liability insurance policies are personal to Indemnitee and shall not be
considered assets of the Company’s estate under applicable bankruptcy laws and in no event shall
the Company seek to interfere with, or otherwise adversely affect, Indemnitee’s right of recovery,
if any, under any such policy. If, and to the extent that, the Company determines to change its
domicile or jurisdiction of incorporation, the Company shall take such actions, in connection
therewith, to preserve, in all respects, the indemnity protections and benefits provided to
Indemnitee hereunder to the fullest extent permitted under the laws of such new domicile or
jurisdiction of incorporation.

               6. Indemnification Procedures.

               (a) All indemnity payments and payments of Expenses (including without
limitation Expense Advances) by the Company to Indemnitee pursuant to this Agreement shall
be made to the fullest extent permitted by law as soon as practicable after written demand
by Indemnitee therefor is presented to the Company, but in no event later than thirty (30)
days after such written demand by Indemnitee is presented to the Company, except in the case
of Expense Advances, which shall be made no later than ten (10) business days after such
written demand by Indemnitee is presented to the Company.

               (b) Indemnitee shall give the Company notice in accordance with Section 12 of
this Agreement as soon as practicable of any Claim made against Indemnitee for which
indemnification and/or Expense Advances, will or could be sought under this Agreement;
provided, however, that the failure to so notify the Company shall not
relieve the Company of its obligations hereunder except to the extent such failure has
materially prejudiced the Company. In addition, each of Indemnitee and the Company shall
give the other party such information related to the claim and cooperation as the other
party may reasonably require and as shall be within such party’s power.

               (c) If, at the time of the receipt by the Company of a notice of a Claim
pursuant to Section 6(b) hereof, the Company has liability insurance in effect which may
cover such Claim, the Company shall give prompt notice of the commencement of such Claim to
the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter use commercially reasonable efforts to cause such insurers to pay,
on behalf of Indemnitee, all amounts payable as a result of such Claim in accordance with
the terms of such policies.

               (d) For purposes of this Agreement, the termination of any claim, action,
suit or proceeding, by judgment, order, settlement (whether with or without court approval)
or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a
presumption that Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not permitted by
applicable law. In addition, neither the failure of the Reviewing Party to have made a
determination as to whether Indemnitee has met any particular standard of conduct or had any
particular belief, nor an actual determination by the Reviewing Party that Indemnitee has
not met such standard of conduct or did not have such belief, prior to the commencement of
legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be
indemnified under applicable law shall be a defense to Indemnitee’s claim or create a
presumption that Indemnitee has not met any particular standard of conduct or did not have
any particular belief. In connection with any determination by the Reviewing Party or
otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the burden of
proof shall be on the Company to establish that Indemnitee is not so entitled.

4

 

               (e) In the event the Company shall be obligated hereunder to provide
indemnification for or make any Expense Advances with respect to the Expenses of any Claim,
the Company, if appropriate, shall be entitled to assume the defense of such Claim with
counsel approved by Indemnitee (which approval shall not be unreasonably withheld) upon the
delivery to Indemnitee of written notice of the Company’s election to do so. After delivery
of such notice, approval of such counsel by Indemnitee and the retention of such counsel by
the Company, the Company will not be liable to Indemnitee under this Agreement for any fees
or expenses of separate counsel subsequently retained by or on behalf of Indemnitee with
respect to the same Claim; provided, that Indemnitee shall have the right to employ
Indemnitee’s separate counsel in any such Claim at Indemnitee’s expense if (A) the
employment of separate counsel by Indemnitee has been previously authorized by the Company,
(B) counsel for the Indemnitee shall have reasonably concluded that there may be a conflict
of interest between the Company and Indemnitee in the conduct of any such defense, and shall
have indicated the basis for such determination to the Company, subject to matters of
attorney-client privilege or (C) the Company shall not continue to retain such counsel to
defend such Claim, then the reasonable fees and expenses of Indemnitee’s separate counsel
shall be Expenses for which Indemnitee may receive indemnification or Expense Advances
hereunder.

               7. Nonexclusivity; Subsequent Change in Law. The rights of Indemnitee
hereunder shall be in addition to any other rights Indemnitee may have from time to time under the
Charter Documents or the laws of the British Virgin Islands or otherwise, and nothing contained in
this Agreement shall derogate or limit Indemnitee’s rights to indemnification as provided under the
Charter Documents or under applicable law. To the extent that a change in the laws of the British
Virgin Islands (whether by statute or judicial decision) permits greater indemnification by
agreement than would be afforded currently under the Charter Documents and this Agreement, it is
the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. In the event of any change in any applicable law, statute or rule that
narrows the right of a corporation organized under the laws of the British Virgin Islands to
indemnify a member of its board of directors or an officer, employee, agent or fiduciary, such
change, to the extent not otherwise required by such law, statute or rule to be applied to this
Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder
except as set forth in Section 11(a) hereof. If, and to the extent that, the Company determines to
change its domicile or jurisdiction of incorporation, the Company shall take such actions, in
connection therewith, to preserve, in all respects, the indemnity protections and benefits provided
to Indemnitee hereunder to the fullest extent permitted under the laws of such new domicile or
jurisdiction of incorporation.

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

               9. Partial Indemnity. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Expenses, judgments,
fines, penalties and amounts paid in settlement of a Claim but not, however, for all of the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled.

               10. Liability Insurance. To the extent the Company maintains an insurance
policy or policies providing directors’ and officers’ liability insurance, Indemnitee shall be
covered by such policy or policies, in accordance with its or their terms, to the maximum extent of
the coverage available for any Company director or officer.

               11. Exceptions. Notwithstanding any other provision of this Agreement, the
Company shall not be obligated pursuant to the terms of this Agreement:

               (a) To indemnify or make Expense Advances to Indemnitee with respect to
Claims arising out of acts, omissions or transactions for which Indemnitee is prohibited
from receiving indemnification under applicable law.

5

 

               (b) To indemnify or make Expense Advances to Indemnitee with respect to
Claims initiated or brought voluntarily by Indemnitee and not by way of defense,
counterclaim or crossclaim, except (i) with respect to actions or proceedings brought to
establish or enforce a right to indemnification under this Agreement or any other agreement
or insurance policy or under the Charter Documents now or hereafter in effect relating to
Claims for Indemnifiable Events, (ii) in specific cases if the Board of Directors of the
Company has approved the initiation or bringing of such Claim, or (iii) as otherwise
required under the laws of the British Virgin Islands, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, Expense Advances, or
insurance recovery, as the case may be.

               (c) To indemnify Indemnitee for any Expenses incurred by Indemnitee with
respect to any action instituted (i) by Indemnitee to enforce or interpret this Agreement,
if a court having jurisdiction over such action determines that each of the material
assertions made by Indemnitee as a basis for such action was not made in good faith or was
frivolous, or (ii) by or in the name of the Company to enforce or interpret this Agreement,
if a court having jurisdiction over such action determines that each of the material
defenses asserted by Indemnitee in such action was made in bad faith or was frivolous.

               (d) To indemnify Indemnitee for Expenses, judgments, fines, penalties and the
payment of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any
similar successor statute.

               12. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given (i) upon delivery if
delivered by hand to the party to whom such communication was directed or sent via facsimile, with
confirmation of receipt, or (ii) upon the third business day after the date on which such
communication was mailed if mailed by certified or registered mail with postage prepaid.

               (a) If to Indemnitee, at the address indicated on the signature page hereof.

               (b) If to the Company, to:

OpenTV Corp.

275 Sacramento Street

San Francisco, CA 94111

Attn: General Counsel

               or to such other address as may have been furnished to Indemnitee by the Company.

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

               14. Subrogation. In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee,
who shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights; provided however, that the Company shall not enforce any of such
rights in any manner or at any time as would prevent or delay payment to Indemnitee of all amounts
owing to him or prevent Indemnitee from making an assignment of such rights for the benefit of
creditors of the Company in connection with a bankruptcy filing.

               15. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective successors (including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business or assets of the Company),

6

 

assigns, spouses, heirs, executors and personal and legal representatives, and any such
successor shall expressly assume, in written agreement in form and substance reasonably
satisfactory to Indemnitee, all of the Company’s obligations hereunder to the same extent, and in
substantially the same manner, as the Company prior to such succession. This Agreement shall
continue in effect regardless of whether Indemnitee continues to serve as a director or officer of
the Company or of any other enterprise at the Company’s request.

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

               17. Effective Date. This Agreement shall be effective as of the date hereof
and shall apply to any claim for indemnification by Indemnitee on or after such date.

               18. Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the British Virgin Islands applicable to contracts made and
to be performed in such state without giving effect to the principles of conflicts of laws thereof.
The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of
the State of California, County of San Francisco for all purposes in connection with any action or
proceeding which arises out of or relates to this Agreement.

               19. Integration and Entire Agreement. This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous written and oral
negotiations, commitments, understandings and agreements relating to the subject matter hereof
between the parties hereto.

               20. No Construction as Employment Agreement. Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in the employ of the
Company or any of its subsidiaries or affiliated entities.

7

 

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

OPENTV CORP.

By:_______________________________

Name:

Title:

INDEMNITEE:

By:_______________________________

Name:

SIGNATURE PAGE TO INDEMNIFICATION AGREEMENT

8

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