Document:

exv10w8

Exhibit 10.8

FORM OF

CONSULTING AGREEMENT

     This CONSULTING AGREEMENT (as may be amended from time to time, this “Agreement”) is
entered into as of [       ], 2009 by and among AllianceBernstein L.P. (the “Advisor”),
Flexpoint Fund L.P., a Delaware limited partnership (the “Consultant”) and Foursquare
Capital Management, LLC, a Delaware limited liability company (the “Manager”).

     WHEREAS, Foursquare Capital Corp., a Maryland real estate investment trust (together with all
of its subsidiaries, the “Company”), has been established to invest in a portfolio of real
estate related assets, including certain types of mortgage-backed securities; and

     WHEREAS, the Manager has agreed to provide management services to the Company pursuant to a
management agreement, dated as of [       ], 2009 (as may be amended from time to time, the
“Management Agreement”), between the Company and the Manager; and

     WHEREAS, the Manager has retained the Advisor, pursuant to the Advisory Agreement, dated as of
[       ], 2009 (as may be amended from time to time, the “Advisory Agreement”), to
provide investment advisory and certain other portfolio services to the Company; and

     WHEREAS, the Advisor now wishes to retain the Consultant to provide certain consulting
services in connection with the Advisor’s investment advisory activities for the Manager, and the
Consultant is willing to provide such services to the Advisor as set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties hereto
as herein set forth, the parties covenant and agree as follows:

     1. Definitions. For purposes of this Agreement, terms used and not defined herein
shall have the meanings specified in the Management Agreement or the Advisory Agreement, as
applicable. The following terms shall have the indicated meanings:

          “Advisor” has the meaning set forth in the preamble.

          “Advisor Indemnified Party” has the meaning set forth in Section 8(e) of this
Agreement.

          “Advisory Agreement” has the meaning set forth in the recitals.

          “Agreement” has the meaning set forth in the preamble.

          “Bankruptcy” means, with respect to any Person, (a) the filing by such Person of a
voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form,
of its debts under Title 11 of the United States Code or any other federal, state or foreign
insolvency law, or such Person filing an answer consenting to or acquiescing in any such petition,
(b) the making by such Person of any assignment for the benefit of its creditors, (c) the
expiration of 60 days after the filing of an involuntary petition under Title 11 of the United
States Code, an application for the appointment of a receiver for a material portion of the assets
of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or
readjustment of its debts under any other federal, state or foreign insolvency law,
provided that the same shall not have been vacated, set aside or stayed within such 60 day

 

 

period, or (d) the entry against such Person of a final and non-appealable order for
relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

          “Board of Directors” has the meaning set forth in the Manager LLC Agreement.

          “Cause”
has the meaning set forth in Section 9(d) of this Agreement.

          “Company” has the meaning set forth in the recitals.

          “Conduct Policies” has the meaning set forth in Section 7(f) of this Agreement.

          “Confidential Information” shall mean any models, strategies or information relating
to the organization, finances, business, transactions or affairs of the Company, the Manager, the
Advisor, any Sub-Advisor, the Consultant or any of their respective Affiliates.

          “Consultant” has the meaning set forth in the preamble.

          “Consultant Fee” has the meaning set forth in Section 5(a) of this Agreement.

          “Consultant Indemnified Party” has the meaning set forth in Section 8(a) of this
Agreement.

          “Consultant Termination Fee” has the meaning set forth in Section 5(a) of this
Agreement.

          “Governing Instruments” has the meaning set forth in the Manager LLC Agreement.

          “Indemnitee” has the meaning set forth in Section 8(f) of this Agreement.

          “Indemnitor” has the meaning set forth in Section 8(h) of this Agreement.

          “Initial Payment Date” has the meaning set forth in the Manager LLC Agreement.

          “Manager” has the meaning set forth in the preamble.

          “Management Agreement” has the meaning set forth in the recitals.

          “Manager Indemnified Party” has the meaning set forth in Section 8(f) of this
Agreement.

          “Manager LLC Agreement” means the Amended and Restated Limited Liability Company
Agreement of the Manager dated as of [ ], 2009, as may be further amended.

          “NYSE” has the meaning set forth in the Manager LLC Agreement.

          “Sub-Advisors” means Greenfield Advisors, LLC and Rialto Capital Partners, LLC, and
“Sub-Advisor” means any one of them and any successor in interest to, or permitted assigns of, any
of them; provided, however, that no successor in interest to, or permitted assigns of, any
Sub-Advisor (other than an Affiliate thereof to which the relevant Sub-Advisory Agreement has been
assigned pursuant to its terms) shall be a Sub-Advisor unless such assignment is permitted pursuant
to the terms of the Sub-Advisory Agreement and the terms of the Manager LLC Agreement.
Sub-Advisors shall also include any
replacement or additional entity that, at the election of the Advisor acting (in each case)
with the consent

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of the Manager in accordance with the Manager LLC Agreement, becomes a Sub-Advisor
to the Advisor pursuant to a sub-advisory agreement with the Advisor in form and substance
substantially similar to the other Sub-Advisory Agreements and not materially more favorable to
such Sub-Advisor than such other Sub-Advisory Agreements are to the other Sub-Advisors.

     “Sub-Advisory Agreements” means the sub-advisory agreement, dated as of the date
hereof, among the Manager, the Advisor and Greenfield, and the sub-advisory agreement, dated as of
the date hereof, among the Manager, the Advisor and Rialto Capital Partners, LLC, as each such
agreement may be amended from time to time.

     2. Appointment of the Consultant. The Advisor hereby appoints the Consultant to
perform the services described herein. The Consultant shall provide the Advisor with such services
as are set forth in Section 4, as necessary or appropriate to assist the Advisor with respect to
its proper supervision and management of the assets of the Company.

     3. [Reserved].

     4. Services Provided by the Consultant.

          (a) The Consultant shall or shall cause its Affiliates to, as mutually agreed by the
Consultant and the Advisor, assist the Advisor in the Advisor’s sourcing, acquiring, managing and
disposing of residential and commercial real estate properties, loans and securities for the
Company and shall or shall cause its Affiliates to provide the Advisor with additional analysis
with respect to asset acquisition, asset management and disposition strategies for the Company.

          (b) Each party hereto acknowledges that, although the Consultant may elect to recommend
investments and Co-Investment opportunities for the Company to the Advisor or the Investment
Committee, as well as co-invest in such Co-Investment opportunities with the Company, neither the
Consultant nor any of its Affiliates shall be required to do so.

          (c) Each party hereto acknowledges that none of the officers or employees of the Consultant or
its Affiliates will be dedicated exclusively to the performance of the Consultant’s duties under
this Agreement and that such officers and employees of the Consultant or its Affiliates shall
devote such time to the performance of the Consultant’s duties hereunder as the Consultant
determines to be reasonably necessary for the performance of such services.

          (d) Notwithstanding anything contained herein to the contrary, the Consultant may cause any
services that would ordinarily be performed by a third party (including the services listed in
Section 4(a))to be rendered by the personnel of the Consultant or its Affiliates. In such
circumstances (subject as specified above and to Section 16 below) upon request by the Consultant,
the Advisor shall instruct the Company to directly pay or reimburse the Consultant for the cost of
such services (and the Advisor shall have no obligation therefor); provided that such costs
and reimbursements are no greater than those which would be payable to outside professionals or
consultants engaged to perform such services pursuant to agreements negotiated on an arm’s length
basis.

          (e) In performing its duties under this Section 4, the Consultant and its Affiliates shall be
entitled to rely reasonably on qualified experts and professionals (including, without limitation,
accountants, legal counsel and other service providers) hired by the Consultant or its Affiliates
at its expense or, if such expenses are within the then applicable expense budget of the Company or
are

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otherwise reimbursable to the Manager, the Advisor or the Consultant pursuant to the
Management Agreement, at the Company’s sole cost and expense.

     5. Compensation of the Consultant.

          (a) For the services to be rendered, the Advisor shall pay to the Consultant each quarter a
consulting fee computed in accordance with the terms of Schedule A attached hereto (the
“Consultant Fee”), with such Consultant Fee (which may include the common stock of the
Company and the cash/stock ratio of which shall be the same for the Advisor Fee, the Sub-Advisory
Fee and the Consultant Fee paid respectively to the Advisor, the Sub-Advisors and the Consultant)
to be paid on the relevant Fee Payment Date (as defined in Schedule A hereto). The transfer by the
Advisor (or the Manager on its behalf) to the Consultant of any of the Company’s common stock as
part of the Consultant Fee shall be on the same basis as described with respect to the Incentive
Fee to be paid to the Manager pursuant to Section 9(b) of the Management Agreement and shall, at
all times, be subject to the following: (1) the ownership of such shares by the Consultant does not
violate the limit on ownership of the Company’s common stock set forth in the Company’s Governing
Instruments, after giving effect to any waiver from such limit that the Board of Directors may
grant to the Consultant in the future, (2) the transfer of such shares by the Advisor (or the
Manager acting on its behalf) to the Consultant complies with all applicable restrictions under
U.S. federal securities laws and the rules of the NYSE, and (3) the Consultant shall have substantially the same registration rights and obligations with
respect to such shares as shall be provided to the Manager pursuant to the agreement referred to in
Section 9(b)(i)(3) of the Management Agreement. If the Consultant serves for less than the
whole of any period specified, its compensation shall be prorated accordingly. In addition, if, at
any time the Manager receives payment of the Termination Fee (as defined in the Management
Agreement), the Advisor shall pay to the Consultant the “Consultant Termination Fee”
computed in accordance with the terms of Schedule A attached hereto.

          (b) Each party hereto agrees that all amounts payable to the Consultant by the Advisor or the
Manager pursuant to this Agreement or the Management Agreement, respectively, during the term of
this Agreement, including, without limitation, the Consultant Fee, any Consultant Termination Fee
or any reimbursement of eligible expenses to the Consultant hereunder, shall, until prior written
notice is provided to the contrary by the Consultant to the other parties hereto, be paid instead
by the Manager (acting at all times in accordance with the Manager LLC Agreement, including the
obtaining of any required approvals or consents pursuant thereto) directly to the Consultant and
such outstanding amounts owing to the Consultant by the Manager or the Advisor during the term of
this Agreement shall be deemed to be satisfied upon such payment by the Manager to the Consultant
and, likewise, any of the foregoing amounts or payments made by the Manager on behalf of the
Advisor hereunder shall reduce and be a credit against any corresponding fees or expenses (as the
case may be) payable to the Advisor by the Manager under the Advisory Agreement.

          (c) In the event that a Bankruptcy of the Advisor occurs, to the extent that any compensation
or amounts relating to reimbursements of eligible expenses to the Consultant that would have been
payable by the Advisor to the Consultant remains unpaid, or the Advisor cannot pay such
compensation or amounts to the Consultant as a result of such Bankruptcy, the Manager rather than
the Advisor shall, to the extent permitted by applicable law, be obligated to make such payments to
the Consultant.

     6. Representations and Warranties of the Parties. Each party to this Agreement
covenants, represents and warrants to each other party as of the date hereof that:

          (a) it is a limited partnership or limited liability company, as the case may be, duly
organized and validly existing under the laws of the state of its formation and has full capacity
and

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authority to enter into this Agreement and to perform its obligations and duties and to
provide the services required of it under this Agreement;

          (b) this Agreement has been duly and validly authorized, executed and delivered on behalf of
such party and is a valid and binding agreement of such party enforceable in accordance with its
terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting rights of creditors, and the party will deliver to any other party hereto such
evidence of such authority as such other party may reasonably request, whether by way of a
certified resolution or otherwise;

          (c) the terms of this Agreement do not violate any material obligation by which such party is
bound, whether arising by contract, operation of law or otherwise, the violation of which would
have a material adverse effect on the Company or the Manager or the ability of such party to
perform its obligations and duties and to provide the services required of it under this Agreement;

          (d) it has obtained or made all material governmental approvals or registrations or licenses
required under applicable law to authorize the performance of its obligations under this Agreement,
except for failures to be so approved, registered or licensed that could not, individually or in
the aggregate, have a material adverse effect on the Company or the Manager or on the ability of
such party to perform its obligations and duties and to provide the services required of it under
this Agreement, and it is not aware of any legal or financial impediments to performing its
obligations under this Agreement that it has not disclosed in writing to the other party;

          (e) it has or shall promptly obtain all required trained personnel that it reasonably
determines to be necessary or appropriate to perform its obligations under this Agreement;

          (f) it owns or is licensed or sublicensed or has a right to use software programs and data
processing hardware that are necessary for it to perform its obligations under this Agreement, and
to the best of its knowledge such software programs and data processing hardware do not infringe
upon or constitute an infringement on or misappropriation of any valid United States patent,
copyright, trademark, trade secret or other proprietary rights of any third party. During the term
of this Agreement, to the extent that it does not own, license, sublicense or have a contractual
right to such software necessary to perform its obligations under this Agreement, it will purchase,
license, sublicense or obtain right to use such software at its own expense;

          (g) to its knowledge, it is not on any Federal excluded parties, debarment, or suspension
lists;

          (h) it is not subject to any pending or, to its knowledge, contemplated current enforcement
actions that are likely to materially impair its ability to provide the services contemplated under
this Agreement, or that are likely to pose a material reputational risk to the Company or each
other party in performing its obligations under this Agreement; and

          (i) if doing business with the Treasury or another Federal agency, it is not, and will not
during the term of this Agreement be, in any kind of probationary status, and is, and will during
the term of this Agreement be, addressing and resolving any identified deficiencies in performance.

     7. Additional Representations and Warranties and Covenants.

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          (a) The Advisor represents and warrants to each other party hereto as of the date hereof and
as of each day during the term of this Agreement that it is a duly registered investment adviser
with the Securities and Exchange Commission pursuant to the Advisers Act.

          (b) The Advisor covenants to the Consultant that during the term hereof:

     (i) it will comply in all material respects with its obligations under the
Advisory Agreement; and

     (ii) it will promptly provide to the Consultant all information, reports and
materials provided by the Advisor to the Company or to the Manager or received by
the Advisor pursuant to the Advisory Agreement in connection with the Company and/or
its business, operations or investments or potential investments and all material
communications between the Advisor and the Treasury.

          (c) The Consultant covenants to each other party hereto that it will maintain during the term
of this Agreement, directly or indirectly through any Affiliates performing the services hereunder,
the necessary operational resources and capacity to perform in all material respects the services
contemplated to be performed by it pursuant to Section 4(a).

          (d) The Manager represents and warrants to each other party hereto as of the date hereof that
it has not conducted any activities or incurred any liabilities or obligations, except in each case
in connection with the Company and as disclosed in writing to the Consultant.

          (e) The Manager covenants to each other party hereto that during the term of this Agreement,
(i) it will comply in all material respects with all of its obligations under the Management
Agreement and the Advisory Agreement, (ii) it will promptly provide to the Consultant all
information, reports and materials provided by the Manager to the Company or received by the
Manager pursuant to the Management Agreement or otherwise in connection with the Company and/or its
business, operations or investments or potential investments and all material communications
between the Manager and the Treasury, and (iii) it will (acting at all times in accordance with the
Manager LLC Agreement, including the obtaining of any required approvals or consents pursuant
thereto, and to the extent permitted by applicable law) comply with its payment obligation to the
Consultant set forth in Section 5(b).

          (f) The Consultant acknowledges receipt of the Company’s Code of Business Conduct and Ethics
and Policy on Insider Trading and Communications Policy (collectively, the “Conduct
Policies”) and the Consultant agrees (i) to implement policies and procedures reasonably
designed to inform employees of the Consultant and its Affiliates who provide services to the
Advisor, the Manager or the Company of the Conduct Policies and to ensure that such employees are
in substance held to at least the standards of conduct to those set forth in the Conduct Policies
and (ii) to comply with the Conduct Policies in its performance of the services hereunder or such
comparable policies as shall in substance hold it to at least the standards of conduct set forth in
the Conduct Policies.

     8. Limits of Responsibility; Indemnification.

          (a) The Consultant assumes no responsibility under this Agreement other than to render the
services called for under this Agreement in good faith and shall not be responsible for any action
of the Manager, the Advisor or the Company in following or declining to follow any advice or
recommendations of the Consultant. The Consultant and any person controlling or controlled by or
under common control with the Consultant and any Affiliates of the foregoing and their respective officers,

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stockholders, members, managers, partners, personnel and directors and any Person
who was any of the foregoing at any time during the term of this Agreement (each, a “Consultant
Indemnified Party”) will not be liable to the Advisor, the Manager or the Company for any
investment decision or any acts or omissions by any such Person (including, without limitation,
trade errors that may result from ordinary negligence, such as errors in the investment decision
making process or in the trade process) performed pursuant to or in accordance with this Agreement,
except by reason of acts or omissions constituting bad faith, willful misconduct, gross negligence
or reckless disregard of the Consultant’s duties under this Agreement as determined by a final
non-appealable order of a court of competent jurisdiction.

          (b) The Advisor shall, to the fullest extent lawful, reimburse, indemnify and hold each
Consultant Indemnified Party harmless of and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in
respect of or arising, directly or indirectly, from any acts or omissions of the Advisor
constituting the Advisor’s bad faith, willful misconduct, gross negligence or reckless disregard of
the Advisor’s duties under this Agreement as determined by a final non-appealable order of a court
of competent jurisdiction, provided that the Advisor shall not have any obligation to
reimburse or indemnify any Consultant Indemnified Party for any expense, loss, damage, liability,
demand, charge or claim resulting from actions or inactions of any third party, including, without
limitation, the Manager or the Company.

          (c) The Manager shall, to the fullest extent lawful, reimburse, indemnify and hold each
Consultant Indemnified Party harmless of and from any and all expenses, losses, damages,
liabilities, demands, charges and claims of any nature whatsoever (including attorney’s fees) in
respect of or arising, directly or indirectly, from any acts or omissions of the Manager
constituting the Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of
the Manager’s duties under the Management Agreement as determined by a final non-appealable order
of a court of competent jurisdiction, provided that the Manager shall not have any
obligation to reimburse or indemnify any Consultant Indemnified Party for any expense, loss,
damage, liability, demand, charge or claim resulting from actions or inactions of any third party,
including, without limitation, the Advisor or the Company.

          (d) Notwithstanding the foregoing and any other provision to the contrary contained in this
Agreement, if the Company is providing an indemnity to any Consultant Indemnified Party with
respect to the same claim as any Consultant Indemnified Party may claim indemnification for under
Sections 8(b) or 8(c), the Consultant Indemnified Party shall be required to first look for
satisfaction of its claims under the indemnity provided by the Company and the provisions of
Sections 8(b) or 8(c) shall not apply with respect to such claim, but only to the extent that such
other indemnity covers such claim and only up to the amount the Consultant Indemnified Party
recovers thereunder.

          (e) The Consultant shall, to the fullest extent lawful, reimburse, indemnify and hold the
Advisor, its officers, stockholders, members, managers, partners, directors, personnel and any
Person controlling or controlled by or under common control with the Advisor and any Affiliates of
the foregoing (including the Advisor’s Voting Member on the Investment Committee) and any Person
who was any of the foregoing at any time during the term of this Agreement, (each, an “Advisor
Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities,
demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or
arising from acts of the Consultant constituting bad faith, willful misconduct, gross negligence or
reckless disregard of its duties under this Agreement as determined by a final non-appealable order
of a court of competent jurisdiction.

          (f) The Consultant shall, to the fullest extent lawful, reimburse, indemnify and hold the
Manager, its officers, stockholders, members, managers, partners, directors, personnel and any
Person controlling or controlled by or under common control with the Manager and any Affiliates of
the

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foregoing and any Person who was any of the foregoing at any time during the term of this
Agreement (each, a “Manager Indemnified Party” and together with each Advisor Indemnified
Party and each Consultant Indemnified Party, an “Indemnitee”), harmless of and from any and
all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever
(including attorneys’ fees) in respect of or arising from acts of the Consultant constituting bad
faith, willful misconduct, gross negligence or reckless disregard of its duties under this
Agreement as determined by a final non-appealable order of a court of competent jurisdiction.

          (g) Notwithstanding the foregoing and any other provisions to the contrary contained in this
Agreement, the Consultant shall not have any obligation to reimburse or indemnify any Advisor
Indemnified Party or Manager Indemnified Party for any expense, loss, damage, liability, demand,
charge or claim resulting from the direct or indirect actions or inactions of any third party,
including, without limitation, the Advisor, the Manager or the Company. Notwithstanding the
foregoing and any other provisions to the contrary in this Agreement, if the Company is providing
an indemnity to any Advisor Indemnified Party or Manager Indemnified Party with respect to the same
claim as any Advisor Indemnified Party or Manager Indemnified Party may claim indemnification for
under Sections 8(e) or 8(f), as the case may be, the Advisor Indemnified Party or the Manager
Indemnified Party, as the case may be, shall be required to first look for satisfaction of their
claims under the indemnity provided by such other party and the provisions of Sections 8(e) or
8(f), as the case may be, shall not apply with respect to such claim, but only to the extent that
such other indemnity covers such claim and only up to the amounts the Advisor Indemnified Party or
the Manager Indemnified Party, as the case may be, recovers thereunder.

          (h) Each Indemnitee will promptly notify the party against whom an indemnity is claimed (the
“Indemnitor”) of any claim for which it seeks indemnification; provided,
however, that the failure to so notify the Indemnitor will not relieve the Indemnitor from
any liability which it may have hereunder except to the extent such failure actually prejudices the
Indemnitor. The Indemnitor shall have the right to assume the defense and settlement of such
claim; provided, that the Indemnitor notifies the Indemnitee of its election to assume such
defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the
claim. In such case, the Indemnitee will not settle or compromise such claim, and the Indemnitor
will not be liable for any such settlement made without the Indemnitor’s prior written consent. If
the Indemnitor is entitled to, and does, assume such defense by delivering the aforementioned
notice to the Indemnitee, the Indemnitee will (i) have the right to approve the Indemnitor’s
counsel (which approval will not be unreasonably withheld, delayed or conditioned), (ii) be
obligated to cooperate in furnishing evidence and testimony and in any other manner in which the
Indemnitor may reasonably request and (iii) be entitled to participate in (but not control) the
defense of any such action with its own counsel and at its own expense. The Indemnitor shall not,
without the prior written consent of an Indemnitee, consent to entry of judgment or effect any
settlement of any claim pending or threatened proceeding in respect of which such Indemnitee is or
could have been a party and indemnity could have been sought hereunder by such Indemnitee, unless
such judgment or settlement includes an unconditional release of such Indemnitee from all liability
arising out of such claim or proceeding and does not include any statement of admission of fault,
culpability or failure to act by or on behalf of such Indemnitee.

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

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     9. Duration and Termination.

          (a) Unless this Agreement is earlier terminated in accordance with its terms, this Agreement
shall remain in effect until the date that is the third anniversary of the date hereof and shall be
automatically renewed for a one-year term on such third anniversary date and on each one-year
anniversary date thereafter if the Management Agreement is renewed on such date.

          (b) This Agreement shall terminate (i) on any date on which the Management Agreement or the
Advisory Agreement is terminated, (ii) on any date that is mutually agreed by the parties hereto or
(iii) on the Initial Payment Date; provided, however, that in any event and notwithstanding the
contrary provisions of the Advisory Agreement, if the Advisory Agreement were to remain in effect
upon the termination of the Management Agreement, then this Agreement shall continue in effect.

          (c) The Consultant may terminate this Agreement effective as of any date on or following the
third anniversary of the date hereof by delivering 180 days’ prior written notice to the Advisor.

          (d) If any one or more of the following events or circumstances (each, a “Cause”)
shall occur:

	 	(i)	 	the Consultant sells or otherwise disposes of all of its equity
interest in the Manager (including, without limitation, pursuant to Section 9.5
of the Manager LLC Agreement), unless such sale or other disposition is to an
Affiliate of the Consultant and is made in accordance with the Manager LLC
Agreement;
	 
	 	(ii)	 	the Consultant materially breaches any provision of this
Agreement and such breach has a material adverse effect on the Manager, the
Advisor or the Company or on their respective businesses, assets or operations
and such breach shall continue for a period of 30 days after written notice
thereof specifying such breach and requesting that the same be remedied in such
30-day period (or 45 days after written notice of such breach if the Consultant
takes material steps to cure such breach within 30 days of the written notice);
	 
	 	(iii)	 	a material representation or warranty made by the Consultant
herein proves to have been not true and correct when made or deemed made
hereunder which will have a material adverse effect on the Manager, the Advisor
or the Company or their respective businesses, assets or operations;
	 
	 	(iv)	 	a Bankruptcy of the Consultant occurs;
	 
	 	(v)	 	the Consultant knowingly engages in any act of fraud,
misappropriation of funds, or embezzlement against the Manager or the Company;
	 
	 	(vi)	 	the Consultant acts, or fails to act, in a manner constituting
gross negligence in the performance of its duties under this Agreement;
	 
	 	(vii)	 	a final, non-appealable judgment is entered giving effect to a
conviction of the Consultant or any of its officers or directors of a felony
(including a plea of nolo contendere) under the laws of the United States or a
state thereof or the laws of

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	 	 	 	any other jurisdiction in which it conducts business and such conviction has
a material adverse effect on the Consultant’s ability to perform its
obligations and duties hereunder; or
	 
	 	(viii)	 	a final, non-appealable judgment is entered giving effect to a conviction of
the Consultant or any of its officers or directors of a material violation of
any securities laws or regulations promulgated thereunder, or any regulations
applicable to the Consultant’s business, and the consequences of such violation
and conviction have or will have a material adverse effect on the Consultant’s
ability to perform its obligations and duties hereunder,

then the Advisor shall have the right, subject to obtaining the consent to such
action required by Section 3.3 of the Manager LLC Agreement, by 30 business days’
notice to the Consultant with a copy to the Manager, to terminate this Agreement
(and the Consultant’s role as such), whereupon this Agreement shall terminate;
provided, however, that notwithstanding anything to the contrary herein, or in the
Manager LLC Agreement, in the event of a sale of the Consultant’s equity interest
in the Manager pursuant to Section 9.5 of the Manager LLC Agreement, this Agreement
shall automatically terminate on the Initial Payment Date (as defined in the
Manager LLC Agreement). If the Agreement is terminated pursuant to this Section
9(d), no Consultant Termination Fee will be paid to the Consultant.

          (e) From and after the effective date of any termination of this Agreement, the Consultant
shall be paid all compensation accruing to the date of termination (including (i) any Consultant
Termination Fee pursuant to Section 5 and (ii) in the event that the Consultant has served for less
than the whole of any period, any compensation prorated pursuant to Section 5) and will continue to
be reimbursed for all eligible expenses in accordance with Section 16 accrued prior to the
effective date of any termination of this Agreement.

     10. Custody. The Consultant shall not be responsible for any custodial arrangements
involving any assets of the Company or for the payment of any custodial charges and fees, nor shall
the Consultant have possession or custody of any such assets.

     11. Confidential Information. Each party hereby covenants with and undertakes to the
other party that, save as may be required by law or by any regulatory authority or agency or as may
otherwise be contemplated by this Agreement, it shall keep secret and confidential and shall not
disclose to any Person (other than the Company, the Manager, the Advisor, any Sub-Advisor and the
Consultant) any Confidential Information (as defined below), provided, however,
that (a) it shall not be required to keep secret and confidential any Confidential Information
which has properly entered the public domain otherwise than through the default of such party, and
(b) any party hereto may disclose Confidential Information (i) to any advisors, legal counsel,
accountants and other professional advisors retained in connection with such party’s business; (ii)
to appraisers, financing sources and other real estate-related service providers and to such
party’s (and its Affiliates’) partners, members, shareholders, officers, directors and employees in
the ordinary course of such party’s (or its Affiliate’s) business; (iii) to governmental officials
or agencies having jurisdiction over the relevant party; (iv) in connection with any governmental
or regulatory exchange filings of the relevant party or its Affiliates; (v) as required by law or
legal process to which the Company, the Manager, Advisor, the Sub-Advisor, the Consultant or any
party to whom disclosure is permitted hereunder is a party; (vi) with the written consent of the
other party hereto; or (vii) to the extent such information is otherwise publicly available through
the actions of a Person other than any party to this Agreement. In addition, any proprietary
information developed by the

10

 

Advisor, the Consultant or their respective Affiliates in connection with this Agreement
may be used by such party or an Affiliate thereof in its ordinary course of business.

     12. Publicity and Disclosure. The Consultant shall not make use of the Manager’s
name, the Advisor’s or any Sub-Advisor’s name, the name or names of the Company or the
“AllianceBernstein” name or logo in any advertising, signage, promotional material, press release,
Web page, publication, media interview, or other public statement, without the prior written
consent of the Advisor and, if relating to the use of a Sub-Advisor’s name, that Sub-Advisor,
except solely to disclose that the Consultant is acting as consultant to the Advisor. None of the
parties hereto shall make statements to the media or issue press releases regarding any of its
services under this Agreement without the prior written consent of the other parties to this
Agreement, except solely to disclose that the Consultant is acting as consultant to the Advisor.
The Consultant hereby agrees and authorizes the Manager’s and the Advisor’s use of the Consultant’s
or its Affiliate’s name or names in any advertising, signage, promotional material, press release,
Web page, publication, media interview, or other public statements, solely to disclose the fact
that the Consultant is acting as consultant to the Advisor. Except as provided in the foregoing
sentence, neither the Advisor nor the Manager shall make use of the Consultant’s or its Affiliate’s
name or the “Flexpoint” name or logo in any advertising, signage, promotional material, press
release, Web page, publication, media interview, or other public statement without the prior
written consent of the Consultant.

     13. Notices. Unless otherwise specified herein, all notices delivered pursuant to
this Agreement shall be deemed duly given when received by a party at its address appearing on
Schedule B. The Advisor may rely upon any notice (written or oral) from any Person which
the Advisor reasonably believes to be an authorized representative of the Consultant.

     14. No Partnership. Nothing in this Agreement shall be construed to make the Advisor,
on the one hand, and the Consultant, on the other hand, partners or joint venturers or impose any
liability as such on either of them and nothing in this Agreement shall be construed to make the
Consultant an employee or an agent of the Advisor.

     15. Assignment. No party hereto may assign any of its rights or obligations under
this Agreement to any other party without the consent of the other parties, provided that
any party may assign or delegate any of its rights or obligations under this Agreement without
consent to an Affiliate that is capable of satisfactorily performing the obligations of such party
that are specified in this Agreement. The Advisor shall have no obligation to provide any consent
that is required hereunder unless it shall have first obtained any consent required under the
Advisory Agreement.

     16. Allocation of Charges and Expenses. The Consultant shall furnish at its own
expense all necessary services, facilities and personnel in connection with its responsibilities
hereunder, including all legal fees and disbursements; provided, however, that the
Consultant (or its Affiliates) shall be reimbursed by the Manager for any out of pocket expenses
and other expenses incurred by the Consultant (or its Affiliates) in connection with the
performance of the Consultant’s duties hereunder, in each case to the extent (and only to the
extent) that such type of expense (i) is or would have been reimbursable to the Manager, the
Advisor or the Consultant by the Company if the Manager had been performing the relevant services
under the Management Agreement, but instead the Consultant (or its Affiliates) is performing such
services hereunder, (ii) is included in a budget of the Manager or the Company that has been
approved by the Manager, in accordance with Section 3.3 of the Manager LLC Agreement, or (iii) is
otherwise approved pursuant to the Manager LLC Agreement (including Section 5.4 thereof).

11

 

     17. Invalid Provisions. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under present or future law, such provision shall be fully severable, and
this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part of this Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid
or unenforceable provision or its severance from this Agreement.

     18. Counterparts. This Agreement may be executed in two or more counterparts, each
one of which shall be deemed to be an original.

     19. GOVERNING LAW. TO THE EXTENT FEDERAL LAW DOES NOT APPLY, THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING ANY
CONFLICT OF LAW PRINCIPLES.

     20. Entire Agreement. This Agreement constitutes the entire agreement of the parties
with respect to the subject matter hereof and supersedes any prior agreements or understandings
among the parties hereto pertaining thereto.

     21. Other Advisors. Each of the Consultant and the Advisor shall have the right to
engage any legal, tax, financial or other advisors in connection with their duties under this
Agreement, including any Affiliates of the relevant party.

     22. Conflicts. Nothing in this Agreement shall (i) prevent the Consultant or any of
its officers, stockholders, members, managers, partners, personnel, directors, agents, any Person
controlling or controlled by or under common control with the Consultant, or any Affiliates of any
of the foregoing, from engaging in other businesses or from rendering services of any kind to any
other Person, including, without limitation, rendering consulting services to others investing in
any type of business (including, without limitation, investments that meet the principal investment
objectives of the Company), whether or not the investment objectives or policies of any such other
Person or entity are similar to those of the Company or (ii) in any way bind or restrict the
Consultant or any of its officers, stockholders, members, managers, partners, personnel, directors,
agents, any Person controlling or controlled by or under common control with the Consultant, or any
Affiliates of any of the foregoing, from buying, selling or trading any securities or investments
for their own accounts or for the account of others for whom the Consultant or any of its officers,
stockholders, members, managers, partners, personnel, directors, agents, any Person controlling or
controlled by or under common control with the Consultant, or any Affiliates of any of the
foregoing, may be acting.

     23. Amendments. This Agreement, and the terms hereof, may not be modified, amended or
supplemented other than by an agreement in writing signed by the parties hereto. The Manager
agrees it will not give its consent to any amendment, modification or supplement of the Management
Agreement, the Advisory Agreement, the Sub-Advisory Agreements or this Agreement except in
accordance with Section 3.3 of the Manager LLC Agreement. The Advisor agrees it will not give its
consent to any amendment, modification or supplement of the Advisory Agreement, the Sub-Advisory
Agreements or this Agreement except in accordance with Section 3.3 of the Manager LLC Agreement.

     24. Survival. All representations and warranties made hereunder, and in any document,
certificate or statement delivered pursuant hereto or in connection herewith, as well as the
provisions of Section 8 shall survive the execution and delivery of this Agreement.

12

 

     25. Remedies. Any remedies provided for in this Agreement shall be cumulative in
nature and shall be in addition to any other remedies whatsoever (whether by operation of law,
equity, contract or otherwise) which any party may have.

     26. TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION HEREUNDER.

     27. Non-Exclusivity. Nothing in this Agreement shall be read or interpreted to
prevent the Advisor from engaging other consultants (including the Sub-Advisors or Affiliates of
the Advisor or the Sub-Advisors) to perform functions that are identical to or different from the
functions to be provided by the Consultant hereunder or to prevent the Company, the Manager or the
Advisor from separately engaging and compensating the Consultant or any of its Affiliates to
perform services that are outside the scope of the services to be performed by the Consultant
hereunder, subject, however, to complying and in accordance with the terms of the Manager LLC
Agreement.

[Signature page follows.]

13

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective representatives as of the date first above written.

	 	 	 	 	 
	 	ALLIANCEBERNSTEIN L.P.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FLEXPOINT FUND L.P.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FOURSQUARE CAPITAL MANAGEMENT, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

14

 

SCHEDULE A

     1. Consultant Fee.

     The Consultant Fee with respect to each quarter shall be paid to the Consultant by the Manager
on behalf of the Advisor (unless otherwise directed by the Consultant pursuant to Section 5(b) of
this Agreement) on the Fee Payment Date for such quarter in an amount equal to (A) x (B), where

     “A” is equal to the amount of the Advisor Fee (as defined in the Advisory Agreement)
for such quarter prior to giving effect to the Sub-Advisor/Consultant Amounts (as defined in and
deducted in computing such Advisor Fee on Schedule A to the Advisory Agreement) for such quarter,

     “B” is equal to the Percentage Interest (as defined in the Manager LLC Agreement) of
the Consultant or its Affiliate that is a Member (as defined in the Manager LLC Agreement) of the
Manager as modified from time to time pursuant to the Manager LLC Agreement.

     The “Fee Payment Date” for any quarter shall mean the fifth business day after the
date of delivery to the Board of Directors of the Company of the computations made by the Manager
to calculate the Management Fee and the Incentive Fee (if any) that are paid by the Company to the
Manager after the end of such fiscal quarter (or such earlier date on which the Management Fee and
the Incentive Fee with respect to such quarter were actually paid in accordance with Section 9(e)
of the Management Agreement).

     2. Consultant Termination Fee.

     The Consultant Termination Fee shall be equal to (A-B) x (C), where:

     “A” is equal to the amount of Termination Fee (as defined in the Management Agreement)
received by the Manager under the Management Agreement,

     “B” is equal to any unreimbursed expenses of and required to be paid by the Manager
itself (and not the Advisor nor any of their respective Affiliates) in connection with the
termination of the Management Agreement and approved in a budget of the Manager in accordance with
Section 3.3 of the Manager LLC Agreement and/or otherwise approved thereunder and any Purchase
Payments (as defined in the Manager LLC Agreement) to be made pursuant to the Manager LLC Agreement
out of the Termination Fee, and

     “C” is equal to the Percentage Interest (as defined in the Manager LLC Agreement) of
the Consultant or its Affiliate that is a Member (as defined in the Manager LLC Agreement) of the
Manager as modified from time to time pursuant to the Manager LLC Agreement.

     The Consultant Termination Fee shall be paid to the Consultant by the Manager on behalf of the
Advisor (unless otherwise directed by the Consultant pursuant to Section 5(b) of this Agreement) no
later than the business day following the day on which the Manager received the Termination Fee.

15

 

SCHEDULE B

Notice Details.

For the Advisor:

AllianceBernstein, L.P

1345 Avenue of the Americas

New York, New York 10105

Attention: Jeffrey Phlegar

For the Consultant:

c/o Flexpoint Ford, LLC

676 North Michigan Avenue, Suite 3300

Chicago, Illinois 60611

Attention: Stephen H. Haworth

For the Manager:

Foursquare Capital Management, LLC

1345 Avenue of the Americas

New York, New York 10105

Attention: Chief Executive Officer

16exv10w10

Exhibit 10.10

ADMINISTRATIVE SERVICES AGREEMENT

dated as of September [     ], 2009

between

FOURSQUARE CAPITAL MANAGEMENT, LLC

and

ALLIANCEBERNSTEIN L.P.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I            DEFINITIONS
	 	 	1	 
	 
	Section 1.1 Definitions
	 	 	1	 
	 
	ARTICLE II            SERVICES
	 	 	2	 
	 
	Section 2.1 Services
	 	 	2	 
	 
	Section 2.2 Standard of Care
	 	 	2	 
	 
	Section 2.3 Modification of Services
	 	 	2	 
	 
	Section 2.4 Cooperation
	 	 	2	 
	 
	Section 2.5 Personnel and Subcontracting of Services
	 	 	2	 
	 
	ARTICLE III            TERM AND TERMINATION
	 	 	3	 
	 
	Section 3.1 Term
	 	 	3	 
	 
	Section 3.2 Effect of Termination
	 	 	3	 
	 
	ARTICLE IV            COMPENSATION
	 	 	3	 
	 
	Section 4.1 Compensation
	 	 	3	 
	 
	Section 4.2 Invoicing and Payment
	 	 	3	 
	 
	Section 4.3 Disputed Amounts
	 	 	4	 
	 
	ARTICLE V            MISCELLANEOUS
	 	 	4	 
	 
	Section 5.1 Representations and Warranties
	 	 	4	 
	 
	Section 5.2 Indemnification
	 	 	4	 
	 
	Section 5.3 Notices
	 	 	5	 
	 
	Section 5.4 Amendments and Waivers
	 	 	5	 
	 
	Section 5.5 Headings
	 	 	5	 
	 
	Section 5.6 Counterparts
	 	 	6	 
	 
	Section 5.7 Entire Agreement
	 	 	6	 
	 
	Section 5.8 Governing Law
	 	 	6	 
	 
	Section 5.9 Resolution of Disputes
	 	 	6	 
	 
	Section 5.10 Waiver of Jury Trial
	 	 	7	 
	 
	Section 5.11 Assignment
	 	 	7	 
	 
	Section 5.12 Binding Nature
	 	 	7	 
	 
	Section 5.13 Severability
	 	 	7	 
	 
	Section 5.14 No Right of Setoff
	 	 	8	 
	 
	Section 5.15 Specific Performance
	 	 	8	 
	 
	Section 5.16 Construction
	 	 	8	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 5.17 Management Agreement
	 	 	8	 
	 
	Section 5.18 Confidentiality
	 	 	8	 
	 
	Section 5.19 Third-Party Beneficiary
	 	 	8	 

List of Schedules

SCHEDULE A — SERVICES

 

 

ADMINISTRATIVE SERVICES AGREEMENT

     This ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”), dated as of September [     ],
2009, is entered into by and between ALLIANCEBERNSTEIN L.P., a Delaware limited partnership
(“AllianceBernstein”), and FOURSQUARE CAPITAL MANAGEMENT, LLC, a Delaware limited liability
company and subsidiary of AllianceBernstein (the “Manager”).

     WHEREAS, Foursquare Capital Corp., a Maryland corporation that has elected to be taxed as a
real estate investment trust (the “Company”), has retained the Manager to provide certain
investment advisory and management services pursuant to a Management Agreement, dated as of the
date hereof, by and between the Company and the Manager (the “Management Agreement”).

     WHEREAS, the Manager is authorized under the Management Agreement to retain third parties to
assist it in fulfilling its obligations under the Management Agreement.

     WHEREAS, the parties have agreed to enter into this Agreement in order to provide the Company
and its subsidiaries with access to the expertise and resources of AllianceBernstein in certain
areas and to assist the Manager in providing certain services and support to the Company and its
subsidiaries.

     NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained
in this Agreement, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. As used in this Agreement, the following terms shall have
the following meanings:

     “Advisory Agreement” means the advisory agreement, dated as of the date hereof,
between AllianceBernstein and the Manager.

     “Agreement” shall have the meaning specified in the preamble hereto.

     “AllianceBernstein” shall have the meaning specified in the preamble hereto.

     “Company” shall have the meaning specified in the preamble hereto.

     “Governmental Entity” shall mean any court, administrative or regulatory agency,
entity, authority or commission or other governmental agency, entity, authority, commission or
instrumentality (whether local, municipal, state, federal, national, supra-national or otherwise).

     “Fee Monthly Installment” shall have the meaning specified in Section 4.2(a).

     “Management Agreement” shall have the meaning specified in the preamble hereto.

     “Management Services” shall mean the Services designated as “Management Services” to
be provided by AllianceBernstein as provided in Schedule A.

     “Manager” shall have the meaning specified in the preamble hereto.

 

 

     “Person” shall mean any individual, corporation, association, partnership, limited
liability company, joint venture, unincorporated organization, trust, trustee, executor,
administrator or other legal representative, Governmental Entity, or other entity or organization.

     “Personnel Services” shall mean the services to be provided by AllianceBernstein
provided in Schedule A.

     “Service” or “Services” shall mean each of the services described in
Schedule A to be provided by AllianceBernstein pursuant to the terms and conditions of this
Agreement.

     “Term” shall have the meaning specified in Section 3.1(a).

ARTICLE II

SERVICES

     Section 2.1 Services. Subject to the terms of this Agreement, including, but not
limited to Sections 2.5 and 3.1, AllianceBernstein shall provide, or shall cause
one or more of AllianceBernstein’s subsidiaries or affiliates to provide, to the Manager, the
Services together with any other services that may be reasonably requested by the Manager so as to
perform and discharge its duties and obligations under the Management Agreement during the Term.
The parties have set forth on Schedule A a summary of some of the Services to be provided
and a description of the Services.

     Section 2.2 Standard of Care. AllianceBernstein shall provide and shall cause its
subsidiaries to provide the Services exercising the same degree of care, priority and diligence as
it exercises in performing the same or similar services for itself and its subsidiaries.

     Section 2.3 Modification of Services. Schedule A identifies the Services to
be provided by AllianceBernstein and, subject to the mutual agreement of the parties hereto acting
reasonably, it may be amended from time to time in accordance with Section 5.4, to add any
additional Services or to modify or delete Services. During the Term, Service upgrades and
improvements which AllianceBernstein provides to its own internal organizations shall be made
available to the extent that the parties agree that Schedule A shall be amended as and if
necessary to reflect such upgrades and/or improvements.

     Section 2.4 Cooperation. The Manager shall, in a timely manner, take all such actions
as may be reasonably necessary or desirable in order to enable or assist AllianceBernstein in the
provision of the Services, including providing necessary information and specific written
authorizations and consents, and AllianceBernstein shall be relieved of its obligations hereunder
to the extent that the Manager’s failure to take any such action renders performance by
AllianceBernstein of such obligations unlawful or impracticable.

     Section 2.5 Personnel and Subcontracting of Services. In providing the Services,
AllianceBernstein, as it deems necessary or appropriate in its sole discretion, may (a) use the
personnel of AllianceBernstein or its affiliates, (b) employ on a short-term or long-term basis the
services of third parties to the extent such third party services are reasonably necessary for the
efficient performance of any of such Services and (c) may delegate to one or more third parties any
accounting and administrative services comprising the Services.

- 2 -

 

ARTICLE III

TERM AND TERMINATION

     Section 3.1 Term.

     (a) This Agreement shall become effective on the date hereof and shall remain in force until
the earlier to occur of (1) the termination of the Management Agreement and (2) the expiration and
non-renewal of the term of the Management Agreement (the “Term”).

     (b) The Manager may discontinue using any Service and delete such Service that
AllianceBernstein is providing from Schedule A by giving AllianceBernstein ninety (90) days
notice thereof. In the event any Service is terminated by the Manager, Schedule A shall be
amended to reflect the deletion of the Service.

     Section 3.2 Effect of Termination.

     (a) The Manager specifically agrees and acknowledges that all obligations of AllianceBernstein
hereunder shall immediately cease upon the expiration of the Term as described in Section
3.1(a) above, provided, however, that AllianceBernstein shall continue to provide to the
Manager any services necessary for the Manager to discharge any of the Manager’s obligations to the
Company following termination of the Management Agreement. Upon the cessation of
AllianceBernstein’s obligation to provide any Services, the Manager shall immediately cease using,
directly or indirectly, such Service (including any and all software of AllianceBernstein or third
party software provided through AllianceBernstein, telecommunications services or equipment, or
computer systems or equipment).

     (b) Upon termination of a Service with respect to which AllianceBernstein holds books, records
or files, including current or archived copies of computer files, owned by or evidencing business,
investment, financial and/or operational information of the Company or the Manager,
AllianceBernstein will return all of such books, records or files to the Company or the Manager,
respectively, as soon as reasonably practicable as well as comply with any reasonable request for
cooperation made by the Company or the Manager for AllianceBernstein to assist it or a new manager
of the Company in accessing, understanding and utilizing such books, records or files; provided,
however, that AllianceBernstein may make a copy, at its expense, of such books, records or files
for archival purposes only.

     (c) Without prejudice to the survival of the other agreements of the parties, the following
obligations shall survive the termination of this Agreement: the obligations of each party under
Sections 3.2(a) and 3.2(b), Article IV and Sections 5.2,
5.8, 5.9, 5.10, 5.14 and 5.16.

ARTICLE IV

COMPENSATION

     Section 4.1 Compensation. As consideration for the provision of the Services, the
Manager shall pay AllianceBernstein the fee for the Services as set forth on Schedule A (the
“Services Fee”).

     Section 4.2 Invoicing and Payment.

     (a) Invoices. On the first business day of each month during the Term,
AllianceBernstein, together with its affiliates and/or subsidiaries providing Services, will submit
one invoice to the Manager

- 3 -

 

for all Services to be provided by AllianceBernstein during such month. Each invoice shall
include (i) a summary list of the previously agreed upon Services for which one-twelfth (1/12) of
the Services Fee is due and payable (the “Fee Monthly Installment”) with respect to the
preceding monthly period, and (ii) together with documentation supporting each of the invoiced
amounts that are covered and/or not covered (as the case may be) by the Services Fee. The total amount set forth on such
summary list, namely the Fee Monthly Installment, and any additional invoiced amounts shall equal
the invoice total and shall be provided under separate cover apart from the invoice. All invoices
shall be sent to the attention of the Manager at the address set forth in Section 5.3 or to
such other address as the Manager shall have specified by notice in writing to AllianceBernstein.

     (b) Payment. Payment of all invoices in respect of Services Fees shall be made by
check or electronic funds transmission in U.S. Dollars, without any offset or deduction of any
nature whatsoever, within thirty (30) days of the invoice date. Invoices unpaid as of such date
shall accrue interest at an annual rate of 12%. All payments shall be made to AllianceBernstein at
the account designated by AllianceBernstein or its affiliate or subsidiary.

     Section 4.3 Disputed Amounts. In the event the Manager disputes the accuracy of any
invoice, the Manager shall pay the undisputed portion of such invoice and the parties shall within
five (5) business days meet and seek to resolve the disputed amount of the invoice. If the Manager
fails to pay any undisputed amount owed under this Agreement, the Manager shall correct such
failure promptly following notice of the failure, and shall pay AllianceBernstein interest on the
amount paid late at an annual interest rate equal to 12% prorated for the number of days such
overdue amounts are outstanding.

ARTICLE V

MISCELLANEOUS

     Section 5.1 Representations and Warranties. Each of the parties to this Agreement
represents and warrants to the other party that it has the requisite limited liability company
power and authority to enter into this Agreement and to consummate the transactions contemplated by
this Agreement. Each of the parties to this Agreement further represents and warrants to the other
party that the execution and delivery of this Agreement by such first party and the consummation by
such party of the transactions contemplated hereby and thereby have been duly authorized by all
necessary action on the part of such party.

     Section 5.2 Indemnification.

     (a) Indemnification by AllianceBernstein AllianceBernstein shall, to the full extent
lawful, reimburse, indemnify and hold the Manager, its members, officers and employees and each
other Person, if any, controlling the Manager, harmless for and from any and all expenses, losses,
damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable
attorneys’ fees and disbursements), in respect of or arising out of AllianceBernstein’s or any of
its members’, directors’, officers’ or employees’ bad faith, willful misconduct or gross negligence
resulting in a material breach (beyond any applicable cure period) of AllianceBernstein’s
obligations under this Agreement.

     (b) Indemnification by the Manager. The Manager shall, to the full extent lawful,
reimburse, indemnify and hold each of AllianceBernstein, its shareholders, partners, directors,
officers and employees and each other Person, if any, controlling AllianceBernstein harmless for
and from any and all losses, damages, liabilities, demands, charges and claims of any nature
whatsoever (and any expenses relating thereto, including reasonable attorneys’ fees and
disbursements) in respect of or arising out of AllianceBernstein’s performance of the services for
the Manager provided hereunder; provided that such

- 4 -

 

loss was not caused by AllianceBernstein’s or any of its shareholders’, directors’, partners’,
officers’ or employees’ bad faith, willful misconduct, gross negligence or material breach (beyond
any applicable cure period) of its duties under this Agreement.

     Section 5.3 Notices.

     All notices, requests and other communications to any party hereunder shall be in writing
(including facsimile transmission) and shall be given (i) by personal delivery to the appropriate
address as set forth below (or at such other address for the party as shall have been previously
specified in writing to the other party), (ii) by reliable overnight courier service (with
confirmation) to the appropriate address as set forth below (or at such other address for the party
as shall have been previously specified in writing to the other party), or (iii) by facsimile
transmission (with confirmation) to the appropriate facsimile number set forth below (or at such
other facsimile number for the party as shall have been previously specified in writing to the
other party) with follow-up copy by reliable overnight courier service the next business day:

     If to AllianceBernstein, to:

AllianceBernstein L.P.

1345 Avenue of The Americas

New York, NY 10105

Attention: General Counsel

Telephone: (212) 969-1646

Facsimile: (212) 969-1334

     If to the Manager, to:

Foursquare Capital Management, LLC

1345 Avenue of The Americas

New York, NY 10105

Attention: Chief Financial Officer

Telephone: (212) 823-7303

Facsimile: (212) [•]

     All such notices, requests and other communications shall be deemed received on the date of
receipt by the recipient thereof if received prior to 5 p.m. (New York City time) and such day is a
business day in the place of receipt. Otherwise, any such notice, request or communication shall
be deemed not to have been received until the next succeeding business day in the place of receipt.

     Section 5.4 Amendments and Waivers. Subject to the provisions of Section
5.19, this Agreement (including Schedule A) may not be modified or amended except by an
instrument or instruments in writing signed by an authorized officer of each party. Except as
otherwise provided in this Agreement, any failure of any of the parties to comply with any
obligation, covenant, agreement or condition herein may be waived by the party entitled to the
benefits thereof only by a written instrument signed by an authorized officer of the party granting
such waiver, but such waiver or failure to insist upon strict compliance with such obligation,
covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any
subsequent or other failure.

     Section 5.5 Headings. The table of contents and the article, section, paragraph and
other headings contained in this Agreement are inserted for convenience of reference only and shall
not affect in any way the meaning or interpretation of this Agreement.

- 5 -

 

     Section 5.6 Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed to be an original, but all of which together shall constitute one and
the same agreement.

     Section 5.7 Entire Agreement. This Agreement and the Schedules hereto constitute the
entire agreement between the parties hereto with respect to the subject matter hereof, and
supersede and cancel all prior agreements, negotiations, correspondence, undertakings,
understandings and communications of the parties, oral and written, with respect to the subject
matter hereof.

     Section 5.8 Governing Law. THIS AGREEMENT, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OR CHOICE OF LAWS.

     Section 5.9 Resolution of Disputes. All disputes arising out of or relating to this
Agreement or the breach, termination or validity thereof or the parties’ performance hereunder
(“Dispute”) shall be resolved as provided by this Section 5.9.

     (a) Negotiation of Disputes.

          (i) Any party shall give the other party written notice of any Dispute. The parties shall
attempt to resolve such Dispute promptly by negotiation between executive officers (or the
equivalent) who have authority to settle the Dispute and who are at a higher level of management
than the persons with direct responsibilities for administration of this Agreement.

          (ii) Within 15 days after delivery of the notice, the party receiving the notice shall submit
to the other a written response. The notice and the response shall include: (A) a statement of
each party’s position and a summary of arguments supporting that position and (B) the name and
title of the executive officer (or the equivalent) who will represent that party and of any other
person who will accompany the executive officer (or the equivalent) during the negotiations.
Within 30 days after delivery of the disputing party’s notice, the executive officers (or the
equivalent) of both parties shall meet at a mutually acceptable time and place, and thereafter as
often as they reasonably deem necessary, to attempt to resolve the Dispute.

     (b) Arbitration.

          (i) If the Dispute has not been resolved by negotiation between the executive officers (or the
equivalent) within 45 days of the disputing party’s notice requesting negotiation, or if the
parties fail to meet within 30 days from delivery of said notice, such Dispute shall on the demand
of any party, be finally settled under the Rules of Arbitration of the Center for Public Resources
(“CPR”) then in effect, except as modified herein or by mutual agreement of the parties.

          (ii) The arbitration shall be held in New York, New York. The arbitration proceedings shall
be conducted, and the award shall be rendered, in the English language.

          (iii) There shall be three arbitrators selected pursuant to the CPR rules from the CPR
national and regional panels. All arbitrators shall be neutral, disinterested, independent and
impartial.

          (iv) In rendering an award, the arbitral tribunal shall be required to follow the substantive
law of the jurisdiction designated by the parties herein. This arbitration agreement and any award
rendered thereunder shall be governed by the United Nations Convention on the Recognition and

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Enforcement of Foreign Arbitral Awards, 1958, and the Federal Arbitration Act, 9 USC (Section)
1 et seq. The arbitral tribunal shall not be empowered to award damages in excess of compensatory
damages except in the case of fraud, and each party hereby irrevocably waives any right to recover
punitive, exemplary or similar damages with respect to any dispute except in the case of fraud.

          (v) The award shall be final and binding upon the parties and shall be the sole and exclusive
remedy between the parties with regard to any claim or counterclaim submitted to the arbitral
tribunal. Judgment upon any award may be entered in any court having jurisdiction thereof.

          (vi) By agreeing to arbitration, the parties do not intend to deprive any court of its
jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of
arbitration proceedings and the enforcement of any award. Without prejudice to such provisional
remedies as may be available under the jurisdiction of a national court, the arbitral tribunal
shall have full authority to grant provisional remedies or to order the parties to request that a
court modify or vacate any temporary or preliminary relief issued by a such court, and to award
damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. The
parties hereby unconditionally and irrevocably submit to the non-exclusive jurisdiction of the
state or federal courts located in New York, New York for the purpose of any preliminary relief in
aid of arbitration, or for enforcement of any award, and hereby waive any objection to such
jurisdiction including without limitation objections by reason of lack of personal jurisdiction,
improper venue, or inconvenient forum.

     (c) Notwithstanding the foregoing, any Dispute regarding the following is not required to be
negotiated or arbitrated prior to seeking relief from a court of competent jurisdiction: breach of
any obligation of confidentiality, infringement, misappropriation or misuse of any intellectual
property right. The parties acknowledge that their remedies at law for such a breach or threatened
breach would be inadequate and, in recognition of this fact, upon such breach or threatened breach,
either party, without posting any bond, and in addition to all other remedies which may be
available, shall be entitled to immediately seek or obtain equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy which may then be available.

     Section 5.10 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 5.11 Assignment. This Agreement may not be assigned by either party without
the written consent of the other party and the Company. No such assignment shall relieve either
party of any of its rights and obligations hereunder.

     Section 5.12 Binding Nature. This Agreement shall be binding upon and inure solely to
the benefit of the parties hereto and their respective successors and permitted assigns.

     Section 5.13 Severability. This Agreement shall be deemed severable; the invalidity
or unenforceability of any term or provision of this Agreement shall not affect the validity or
enforceability of this Agreement or of any other term hereof, which shall remain in full force and
effect, for so long as the economic or legal substance of the transactions contemplated by this
Agreement is not affected in any manner materially adverse to any party. If it is ever held that
any restriction hereunder is too broad to permit enforcement of such restriction to its fullest
extent, each party agrees that such restriction may be enforced to the maximum extent permitted by
law, and each party hereby consents and agrees that such scope may be judicially modified
accordingly in any proceeding brought to enforce such restriction.

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     Section 5.14 No Right of Setoff. Neither party hereto nor any affiliate thereof may
deduct from, set off, holdback or otherwise reduce in any manner whatsoever against any amounts
such Person may owe to the other party hereto or any of it affiliates any amounts owed by such
other party or its affiliates to the first party or its affiliates.

     Section 5.15 Specific Performance. The parties hereto agree that irreparable damage
would occur in the event that any provision of this Agreement was not performed in accordance with
the terms hereof and that the parties shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.

     Section 5.16 Construction.

     (a) For the purposes hereof, (i) words in the singular shall be held to include the plural and
vice versa and words of one gender shall be held to include the other genders as the context
requires, (ii) the words “hereof,” “herein,” and “herewith” and words of similar import shall,
unless otherwise stated, be construed to refer to this Agreement as a whole (including the
Schedules hereto) and not to any particular provision of this Agreement, and article, section,
paragraph, exhibit and Schedule references are to the articles, sections, paragraphs, and exhibits
and Schedules of this Agreement unless otherwise specified, (iii) the words “including” and words
of similar import when used in this Agreement shall mean “including, without limitation,” unless
otherwise specified, (iv) the word “or” shall not be exclusive and (v) AllianceBernstein and the
Manager will be referred to herein individually as a “party” and collectively as “parties” (except
where the context otherwise requires).

     (b) The parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.

     (c) Any reference to any federal, state, local or non-U.S. statute or law shall be deemed also
to refer to all rules and regulations promulgated thereunder, unless the context otherwise
requires.

     Section 5.17 Management Agreement. AllianceBernstein acknowledges that it has
received and reviewed a copy of the Management Agreement and understands the services required of
the Manager thereunder.

     Section 5.18 Confidentiality. AllianceBernstein agrees to maintain in confidence any
information received by AllianceBernstein regarding the Company, its business and assets; provided,
however, that AllianceBernstein’s confidentiality obligations do not apply to information which (i)
was or becomes generally available to the public on a non-confidential basis, (ii) was within
AllianceBernstein’s possession, custody or control prior to it being furnished to AllianceBernstein
by or on behalf of the Company, or (iii) AllianceBernstein is compelled to disclose by judicial or
administrative requirements of law.

     Section 5.19 Third-Party Beneficiary. The parties agree that the Company shall be a
third-party beneficiary of this Agreement and shall be entitled to enforce the terms hereof as if a
party hereto and shall be subject to the terms and conditions of Sections 5.9 and
5.10 in connection with the enforcement of such terms. No amendment or modification or
waiver may be made or given with respect to this Agreement without the prior written consent of the
Company.

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     Except as set forth in this Section 5.19, nothing in this Agreement, express or
implied, is intended to or shall confer upon any other Person or Persons any rights, benefits or
remedies of any nature whatsoever under or by reason of this Agreement.

[The remainder of this page is intentionally left blank.]

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     IN WITNESS WHEREOF, the parties have caused this Administrative Services Agreement to be duly
executed as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	FOURSQUARE CAPITAL MANAGEMENT, LLC
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AllianceBernstein L.P., its managing member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AllianceBernstein Corporation, its general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	Title:	 	 

	 	 	 	 	 	 	 	 	 
	 	 	ALLIANCEBERNSTEIN L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AllianceBernstein Corporation, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

[Signature Page to Administrative Services Agreement]

 

 

SCHEDULE A

Summary Description of Services:

Management Services

	 	–	 	Asset and securities valuation;
	 
	 	–	 	Risk management;
	 
	 	–	 	Accounting and administrative services;
	 
	 	–	 	Asset management services;
	 
	 	–	 	Trade allocation and execution;
	 
	 	–	 	Legal, regulatory and compliance functions;
	 
	 	–	 	Investor relations; and
	 
	 	–	 	Information technologies.

Personnel Services

	 	–	 	Providing sufficient personnel resources to enable the Manager to perform
its obligations under the Management Agreement, the costs of which shall not be included
in the Services Fee except that: AllianceBernstein shall be
reimbursed for (i) the allocable share of the compensation of consultants and employees retained
by AllianceBernstein to provide in-house legal and accounting resources, based
upon the time spent by such consultants and/or employees on the affairs of the Company;
and (ii) any Chief Financial Officer provided by AllianceBernstein to the Manager that
will be dedicated exclusively to the Company (but excluding the interim Chief
Financial Officer provided by AllianceBernstein until such time as such
exclusively dedicated Chief Financial Officer for the Company is retained) as
approved by a majority of the independent directors of the Company.

Services Fee:

The annual amount payable hereunder for AllianceBernstein’s Services shall be the actual allocable
costs incurred by AllianceBernstein in providing such Services. AllianceBernstein agrees that it
shall not charge any fees for providing Services prior to the time that the Company’s common shares
of beneficial interest become listed on a stock exchange or admitted for trading on an automated
quotation system. AllianceBernstein shall have the right to commence charging for its provision of
Services from and after the time of such listing or inclusion.

A-1

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