Document:

Exhibit

Exhibit 10.3

MANAGEMENT FEE AGREEMENT
This MANAGEMENT FEE AGREEMENT (the “Agreement”) is dated as of February 5, 2016 and is among Project Aurora Parent, Inc., a Delaware corporation (together with its permitted assigns, “Parent”), SolarWinds Intermediate Holdings II, Inc., a Delaware corporation (“US Midco II”), SolarWinds Intermediate Holdings I, Inc., a Delaware corporation (“US Midco”), SolarWinds Holdings, Inc., a Delaware corporation (“Holdings”), SolarWinds MSP Holdings Limited, a private limited company incorporated in England and Wales (“Foreign Parent I”), SolarWinds International Holdings, Ltd., an exempted company with limited liability organized under the laws of the Cayman Islands (“Foreign Parent II”), SolarWinds, Inc., a Delaware corporation (“SWI”, and collectively with Parent, US Midco II, US Midco, Holdings, Foreign Parent I and Foreign Parent II, the “Companies”), Silver Lake Management Company IV, L.L.C., a Delaware limited liability company (“SLMC”), Thoma Bravo, LLC, a Delaware limited liability company (“TBMC”), and Thoma Bravo Partners XI, L.P., a Delaware limited partnership (“TBPXIMC” and together with SLMC and TBMC, collectively, the “Managers”).
BACKGROUND
1.    Parent, an affiliate of the Managers, is the indirect parent of Holdings and Project Aurora Merger Corp., a Delaware corporation (“Merger Sub”).
2.    Holdings and Merger Sub entered into an Agreement and Plan of Merger, dated as of October 21, 2015 (as may be amended, supplemented or modified, the “Merger Agreement”), among Holdings, Merger Sub and SWI.
3.    In accordance with the Merger Agreement, Merger Sub, an indirect  subsidiary of Holdings, will merge with and into SWI (the “Merger”), with SWI surviving the Merger as an indirect subsidiary of Holdings and an indirect subsidiary of Parent.  
4.    In connection with the Merger, Holdings will undertake a restructuring of SWI, with each of Foreign Parent I and Foreign Parent II becoming a wholly-owned subsidiary of Holdings.
5.    The Managers have expertise in the areas of finance, strategy, investment, acquisitions and other matters relating to the Companies, their subsidiaries and their business and have facilitated the Merger and certain other related transactions (collectively, the “Transactions”) through their provision of financial and structural analysis, due diligence investigations, other advice and negotiation assistance with all relevant parties to the Transactions.  The Managers have also provided advice and negotiation assistance with relevant parties in connection with the financing of the Transactions as contemplated by the Merger Agreement.  
6.    The Companies desire to avail themselves, for the Term (as defined below) of this Agreement, of the Managers’ expertise in providing financial and structural analysis, due diligence investigations, corporate strategy, other advice and negotiation assistance, which the Companies believe will be beneficial to them, and the Managers desire to provide the services to 

the Companies as set forth in this Agreement in consideration of the payment of the fees described below.
7.    The rendering by the Managers of the services described in this Agreement has been made and will be made on the basis that the Companies will pay, or cause to be paid, the fees described below.
In consideration of the premises and agreements contained herein and of other good and valuable consideration, the sufficiency of which are hereby acknowledged, the parties agree as follows:
AGREEMENT
SECTION 1.    Appointment.  The Companies hereby engage the Managers to render the Services (as defined in Section 2(a)) on the terms and subject to the conditions of this Agreement. 
SECTION 2.    Services  .
(a)    Each Manager hereby severally as to itself only, and not jointly, agrees that until the expiration of the Term or the earlier termination of its obligations under this Section 2 pursuant to Section 3(d) or Section 7 hereof, it will render to the Companies or any of their subsidiaries, by and through itself and its affiliates and such of their respective officers, employees, representatives, agents and third parties as such Manager in its sole discretion may designate from time to time, monitoring, advisory and consulting services in relation to the affairs of the Companies and their subsidiaries, as and to the extent requested by the Companies, in each case as the Companies or their respective boards of directors (or similar governing bodies) shall reasonably and specifically request, including, without limitation, (i) advice regarding the structure, distribution and timing of private or public debt or equity offerings and advice regarding relationships with the Companies’ and their subsidiaries’ lenders and bankers, including in relation to the selection, retention and supervision of independent auditors, outside legal counsel, investment bankers or other financial advisors or consultants, (ii) advice regarding the strategy of the Companies and their subsidiaries, (iii) advice regarding the structuring and implementation of equity participation plans, employee benefit plans and other incentive arrangements for certain key executives of the Companies, (iv) general advice regarding dispositions and/or acquisitions, (v) advice regarding the business of the Companies and their subsidiaries and (vi) such other advice directly related or ancillary to the above services as may be reasonably requested by the Companies (collectively, the “Services”). 
(b)    Each Manager shall perform all services to be provided hereunder as an independent contractor to each of the Companies and not as partner, fiduciary, employee, agent, joint venturer or representative of any of the Companies.
(c)    Any advice or opinions provided by a particular Manager may not be disclosed or referred to by the Companies publicly or to any third party (other than to the stockholders of the Companies and their respective legal, tax, financial or other advisors and to the legal, tax, financial or other advisors of the Companies or their subsidiaries that are acting on behalf of the 

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Companies or their subsidiaries and are bound by obligations of confidentiality to the Companies or their subsidiaries), except upon the prior written consent of such Manager.
(d)    The Companies hereby grant each Manager and each Manager’s affiliates a non-exclusive license to use the Companies’ trademarks and logos in connection with describing such Manager’s (or its affiliates’) relationship with the Companies.
SECTION 3.    Management and Other Fees.
(a)    In consideration of the Services being rendered by the Managers, the Companies will pay, or will cause to be paid, subject to Section 3(f), to the Managers an aggregate annual non-refundable and irrevocable management fee (the “Management Fee”) of $10,000,000, that will accrue quarterly and be payable to the Managers in equal quarterly installments of $2,500,000 in arrears at the end of each calendar quarter, subject to adjustment from time to time as set forth below.  The initial Management Fee shall be pro rated to reflect the portion of the current calendar year which has elapsed prior to the Closing Date.  The Management Fee shall be payable regardless of the level of Services provided during any fiscal quarter and shall not be refundable under any circumstances.
(b)    In consideration of the Services being rendered by the Managers in connection with the consummation of any financing or refinancing (equity or debt), dividend, recapitalization, acquisition (including the acquisition of intellectual property assets), disposition or spin-off or split-off transactions involving the Companies or any of their direct or indirect subsidiaries (however structured), the Companies will pay, or cause to the paid, subject to Section 3(f), upon the mutual request of the Managers a customary management fee (the “Subsequent Management Fee”) not to exceed three percent (3%) of the aggregate size of such transaction. 
(c)    In the event the Companies or any of their subsidiaries enters into and consummates a business combination transaction with another entity, the Companies and the Managers will mutually agree, following good faith negotiations, on an appropriate increase in the Management Fee as warranted by the increase in the consolidated size of the Companies resulting from such business combination transaction.  Such increase in the Management Fee for the quarter in which such business transaction was consummated will be pro rated on the basis of the number of calendar days elapsed in the then applicable quarter in which such transaction is consummated.  
(d)    To the extent the Companies cannot pay, or cause to be paid, the Management Fee or any Subsequent Management Fee for any reason, including by reason of any prohibition on such payment pursuant to any applicable law or the terms of any agreement or indenture governing indebtedness of the Companies or their subsidiaries, the payment by the Companies or any of their subsidiaries to the Managers of the accrued and payable Management Fee or Subsequent Management Fee, as applicable, will be deferred and will be payable immediately on the earlier of (i) the first date on which the payment of such deferred Management Fee or Subsequent Management Fee is no longer prohibited under any such law, agreement or indenture applicable to the Companies and the Companies or their subsidiaries, as applicable, are otherwise able to make such payment, or cause such payment to be made and (ii) total or partial liquidation, dissolution or winding up of each of the Companies.  Notwithstanding anything to the contrary herein, under any applicable law 

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or under any contract applicable to the Companies or their subsidiaries, any forbearance of collection of the Management Fee or Subsequent Management Fee, as applicable, by the Managers shall not be deemed to be a subordination of such payments to any other person, entity or creditor of the Companies or their subsidiaries.  Any such forbearance shall be at Managers’, acting together, sole option and discretion.  Any installment of the Management Fee or Subsequent Management Fee, as applicable, not paid on the scheduled due date will bear interest payable at the time such late payment is made, at an annual rate of 10% compounded quarterly, from the due date until paid.
(e)    Notwithstanding anything to the contrary contained in this Agreement, unless the Managers, acting together, elect otherwise, in their sole discretion by the delivery of written notice to the Companies, in connection with the consummation of an initial public offering of any of the Companies (or another entity formed for such purpose) (an “IPO”), the Managers shall receive any remaining accrued and unpaid Management Fees or Subsequent Management Fees (including any accrued and unpaid installment payments thereof) payable by the Companies under this Agreement. In connection with the consummation of the IPO, the Companies shall pay, subject to Section 3(f), any accrued and unpaid Management Fees or Subsequent Management Fees (including any accrued and unpaid installment payments thereof) to the Managers (or their respective designees) which payment shall not be refundable under any circumstances and the Term shall end.
(f)    Each payment made pursuant to this Section 3 will be paid by wire transfer of immediately available funds to the accounts specified on Schedule I hereto, or to such other account(s) as the respective Manager may specify to the Companies in writing prior to such payment.  Each payment made pursuant to this Section 3 shall be allocated among the Managers as follows: (i) SLMC will be entitled to 50.0%, (ii) TBMC will be entitled to 40.73% and (iii) TBPXIMC will be entitled to 9.27% (collectively the “Initial Percentages”).
SECTION 4.    Reimbursements.  In addition to the amounts payable pursuant to this Agreement, the Companies will pay, or cause to be paid, directly, or reimburse each Manager and each of its affiliates for, their respective commercially reasonable Out-of-Pocket Expenses (as defined below). For the purposes of this Agreement, the term “Out-of-Pocket Expenses” means, without duplication, the out-of-pocket costs and expenses incurred by such Manager and its affiliates, whether incurred on, prior to or after the date hereof, in connection with (a) undertaking financial and structural analysis, due diligence investigations, corporate strategy and other advice and negotiation assistance necessary or desirable in order to enable the Transactions to be consummated (collectively the “Transaction Services”) and the Services or other services provided by them under this Agreement (including prior to the Closing (as defined in the Merger Agreement)), (b) in order to make Securities and Exchange Commission and other legally required filings relating to the ownership, directly or indirectly, of equity interests of the Companies, their controlling persons or their subsidiaries by such Manager or its affiliates, or (c) otherwise reasonably incurred by such Manager or its affiliates from time to time in the future in connection with the ownership or subsequent sale or transfer by such Manager or its affiliates of capital stock of the Companies, their controlling persons or its subsidiaries, including, in each case, without limitation, (i) fees and disbursements of any independent professionals and organizations, including independent accountants, outside legal counsel or consultants, retained by such Manager or any of its affiliates in connection with the Transaction Services or the Services, (ii) costs of any outside services or 

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independent contractors such as financial printers, couriers, business publications, on-line financial services or similar services, retained or used by such Manager or any of its affiliates for the benefit of the Companies, (iii) transportation, lodging, per diem costs, word processing expenses or any similar expense not associated with such Manager’s or its affiliates’ ordinary operations, (iv) fees and expenses incurred in attending Companies-related meetings and (v) tax compliance fees and expenses; provided that Out-of-Pocket Expenses shall not include sub-advisory fees or similar fees.  All payments or reimbursements for Out-of-Pocket Expenses will be made by wire transfer in same-day funds to the accounts specified on Schedule I hereto, or to such other account(s) as the respective Manager may specify to the Companies in writing prior to such payment promptly upon or as soon as practicable following request for payment or reimbursement in accordance with this Agreement and the Companies’ standard policy for reimbursement of expenses as it relates to the timing and documentation of such reimbursement, to the bank account indicated to the Companies by the relevant payee.  
SECTION 5.    Indemnification.  
(a)    To the extent permissible under applicable law, the Companies will, and will cause their Controlled Entities (as defined below) to, indemnify and hold harmless each Manager and its former, current and future direct or indirect equityholders, controlling persons, stockholders, directors, officers, employees, agents, affiliates (including Silver Lake Partners IV, L.P. with respect to SLMC and Thoma Bravo Fund XI, L.P. with respect to TBMC and TBPXIMC), members, managers, general or limited partners or assignees (each a “Related Party”) or any Related Party of any Related Party (each such person being an “Indemnified Party”) from and against any and all actions, suits, investigations, losses, claims, damages, liabilities and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim), including in connection with seeking indemnification, whether joint or several, related to, arising out of or in connection with the performance of the Transaction Services, the Services or other services contemplated by this Agreement or the engagement of such Manager pursuant to, and the performance by such Manager of the Transaction Services, Services or other services contemplated by, this Agreement, whether or not pending or threatened, whether or not an Indemnified Party is a party, whether or not resulting in any liability and whether or not such action, claim, suit, investigation or proceeding is initiated or brought by the Companies or any of their respective subsidiaries (the “Liabilities”); provided that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Companies hereby agree to make, and/or cause their Controlled Entities to make, the maximum contribution to the payment and satisfaction of each of the indemnified Liabilities which is permissible under applicable law.  The Companies will, and/or cause their Controlled Entities to, reimburse any Indemnified Party for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any action, claim, suit, investigation or proceeding for which the Indemnified Party would be entitled to indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto, subject to an undertaking that the Indemnified Party will return any such reimbursement to the Companies, or the applicable Controlled Entities, if it is determined by a 

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court, in a final judgment from which no appeal may be taken, that such Indemnified Party is not entitled to indemnification.  The Companies agree that they will not, and will cause their Controlled Entities not to, without the prior written consent of the Indemnified Party, settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated hereby (if any Indemnified Party is a party thereto or has been threatened to be made a party thereto) unless such settlement, compromise or consent includes an unconditional release of the Indemnified Party from all liability, without future obligation or prohibition on the part of the Indemnified Party, arising or that may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability on the part of the Indemnified Party.  The Companies will not be liable under the foregoing indemnification provision with respect to any particular loss, claim, damage, liability, cost or expense of an Indemnified Party that is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted from the gross negligence, willful misconduct, bad faith or fraud of such Indemnified Party or as otherwise provided under applicable law.  The attorneys’ fees and other expenses of an Indemnified Party shall be paid by the Companies or by their Controlled Entities as they are incurred upon receipt, in each case, of an undertaking by or on behalf of the Indemnified Party to repay such amounts if it is finally judicially determined that the Liabilities in question resulted from the gross negligence, willful misconduct, bad faith or fraud of such Indemnified Party or the Indemnified Party is otherwise not entitled to indemnification.  For the avoidance of doubt, in no event shall the Companies or any of their respective subsidiaries have any liability to any Indemnified Party for any Liabilities arising from any failure to agree to any conditions, restrictions, obligations or requirements in connection with applicable antitrust laws, except to the extent such failure arises in connection with a transaction in which the Companies or any of their respective subsidiaries are party.
(b)    The Companies acknowledge and agree that the Companies shall, and to the extent applicable shall cause the Controlled Entities to, be fully and primarily responsible for the payment to the Indemnified Parties in respect of Liabilities in connection with any Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance with (as applicable) the terms of (i) General Corporation Law of the State of Delaware, (ii) this Agreement, (iii) any other agreement between the Companies or any Controlled Entity and the Indemnified Parties pursuant to which the Indemnified Parties are indemnified, (iv) the laws of the jurisdiction of incorporation or organization of any Controlled Entity and/or (v) the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Controlled Entity ((i) through (vi) collectively, the “Indemnification Sources”), irrespective of any right of recovery the Indemnified Parties may have from any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Companies, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Companies or any Controlled Entity) from whom an Indemnified Party may be entitled to indemnification with respect to which, in whole or in part, the Companies or any Controlled Entity may also have an indemnification obligation (collectively, the “Indemnified Party-Related Entities”).  The Companies waive, relinquish and release all Indemnified Party-Related Entities from any and all claims against the Indemnified Party-Related Entities for contribution, subrogation or any other recovery and under no circumstance shall the Companies or any Controlled Entity be entitled to 

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any right of subrogation or contribution by the Indemnified Party-Related Entities and no right of advancement or recovery the Indemnified Party may have from the Indemnified Party-Related Entities shall reduce or otherwise alter the rights of the Indemnified Party or the obligations of the Companies or any Controlled Entity under the Indemnification Sources.  In the event that any of the Indemnified Party-Related Entities shall make any payment to the Indemnified Party in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Companies shall, and to the extent applicable shall cause the Controlled Entities to, reimburse the Indemnified Party-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnified Party-Related Entity, (y) to the extent not previously and fully reimbursed by the Companies and/or any Controlled Entity pursuant to clause (x), the Indemnified Party-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnified Party against the Companies and/or any Controlled Entity, as applicable, and (z) the Indemnified Party shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnified Party-Related Entities effectively to bring suit to enforce such rights.  The Companies and each Indemnified Party agree that each of the Indemnified Party-Related Entities shall be third-party beneficiaries with respect to this Section 5(b) entitled to enforce this Section 5(b) as though each such Indemnified Party-Related Entity were a party to this Agreement.  The Companies shall cause each of the Controlled Entities to perform the terms and obligations of this paragraph as though each such Controlled Entity was a party to this Agreement.  
(c)    For purposes of this Agreement, the term (i) “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation, any Liabilities for which the Indemnified Party shall be entitled to indemnification from both (1) the Companies and/or any Controlled Entity pursuant to the Indemnification Sources, on the one hand, and (2) any Indemnified Party-Related Entity pursuant to any other agreement between any Indemnified Party-Related Entity and the Indemnified Party pursuant to which the Indemnified Party is indemnified, the laws of the jurisdiction of incorporation or organization of any Indemnified Party-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, limited liability company or operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Indemnified Party-Related Entity, on the other hand, and (ii) the term “Controlled Entity” shall mean any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise controlled by the Companies.
(d)    The rights of an Indemnified Party to indemnification hereunder will be in addition to any other rights and remedies any such person may have under any other agreement or instrument to which each Indemnified Party is or becomes a party or is or otherwise becomes a beneficiary or under any law or regulation.
SECTION 6.    Accuracy of Information.  The Companies shall furnish or cause to be furnished to each Manager such information as such Manager believes reasonably appropriate to render the Services and other services contemplated by this Agreement and to comply with the Securities and Exchange Commission or other legal requirements relating to the beneficial 

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ownership, directly or indirectly, by such Manager or its respective affiliates and their respective members, officers and employees of equity securities of the Companies or any controlling person or subsidiary thereof (all such information so furnished, the “Information”). The Companies recognize and confirm that each Manager and its affiliates (a) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the Services and other services contemplated by this Agreement without having independently verified the same, (b) do not assume responsibility for the accuracy or completeness of the Information and such other information and (c) are entitled to rely upon the Information without independent verification.
SECTION 7.    Term.  This Agreement will become effective as of the Closing  and (except as otherwise provided herein) will continue until the seventh anniversary of the date hereof, provided that thereafter the Agreement shall automatically extend for one year periods unless otherwise agreed by each of the parties hereto (the “Term”).  Notwithstanding the foregoing, the Managers, acting together, may end the Term at any time by providing at least thirty (30) days advance written notice to the Companies.  In the event of willful misconduct, bad faith, gross negligence or fraud by a Manager or their affiliates (a “Defaulting Manager”) in the course of performing the Services or other services which the Companies and such Manager agree will be provided under the Agreement, the Companies may end the Term with respect such Defaulting Manager, provided that the Term shall not expire with respect to the Managers which are not a Defaulting Manager and, notwithstanding anything to the contrary herein, thereafter such non-Defaulting Managers shall, proportionately based on their relative Initial Percentages, in the aggregate be entitled to 100% of any Management Fee (including as modified or adjusted pursuant to Section 3(c)) or Subsequent Management Fee.  Notwithstanding anything to the contrary set forth herein, (x) the expiration of the Term will not affect the obligations of the Companies to pay, or cause to be paid, any amounts accrued but not yet paid as of the date of such expiration and (y) the provisions of Sections 3(d), 3(f), 4, 5, 6, 7, 8 and 9 hereof will survive the expiration of the Term or any other termination of this Agreement.  The Management Fee and any Subsequent Management Fee, if any, will be pro rated with respect to the calendar quarter in which the Term expires or in which the Agreement is terminated.
SECTION 8.    Disclaimer, Release and Limitation of Liability.
(a)    Disclaimer; Standard of Care.  None of the Managers nor any of their affiliates makes any representation or warranty, express or implied, in respect of the Services to be provided hereunder.  In no event shall any Manager or any Indemnified Party be liable to the Companies or any of their affiliates for any act, alleged act, omission or alleged omission that does not constitute willful misconduct, bad faith, gross negligence or fraud of such Manager or any Indemnified Party as determined by a final, non-appealable determination of a court of competent jurisdiction.
(b)    Freedom to Pursue Opportunities.  In recognition that (i) the Managers and their affiliates (other than the Companies and their subsidiaries) performing the Services or other services under this Agreement (each of the Managers and each such affiliate collectively, the “Manager Group”) currently have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which a member of the Manager Group may 

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serve as an advisor, a director or in some other capacity, (ii) in recognition that members of the Manager Group have myriad duties to various investors and partners and in anticipation that the Companies, on the one hand, and the members of the Manager Group (or one or more of their respective affiliates, associated investment funds or portfolio companies), on the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, (iii) in recognition of the benefits to be derived by the Companies hereunder, and (iv) in recognition of the difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions of this Section 8(b) are set forth to regulate, define and guide the conduct of certain affairs of the Companies as they may involve the Managers.  Except as the Managers may otherwise agree in writing after the date hereof: 
(i)    Each member of the Manager Group (including each of their associated investment funds and portfolio companies) shall have the right:  (A) to directly or indirectly engage in any business (including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Companies and their subsidiaries); (B) to directly or indirectly do business with any client or customer of the Companies and their subsidiaries; (C) to take any other action that such Manager believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 8(b); and (D) not to present potential transactions, matters or business opportunities to the Companies or any of their subsidiaries, and to pursue, directly or indirectly, any such opportunity for themselves, and to direct any such opportunity to another person (other than any such potential transaction, matter or business opportunity that is expressly offered or presented to a member of the Manager Group primarily because of such party’s relationship to the Companies).
(ii)    Except as specified in Section 8(b)(i) hereof, no member of the Manager Group shall have any duty (contractual or otherwise) to communicate or present any corporate opportunities to the Companies or any of their affiliates or to refrain from any actions specified in Section 8(b)(i) hereof, and the Companies, on their own behalf and on behalf of their affiliates, hereby irrevocably waives any right to require the Managers or any of their affiliates to act in a manner inconsistent with the provisions of this Section 8(b).
(iii)    No member of the Manager Group shall be liable to the Companies or any of their affiliates for breach of any duty (contractual or otherwise), other than the obligation to act in accordance with the implied covenant of good faith and fair dealing, by reason of any activities or omissions of the types referred to in this Section 8(b) or of any such person’s participation therein.
(c)    Release.  The Companies, on behalf of themselves and that of their Controlled Entities, hereby irrevocably and unconditionally release and forever discharge each Manager and each other Indemnified Party from any and all liabilities, claims and causes of action related to or arising out of or in connection with the Transactions, the Transaction Services, the Services or other services contemplated by this Agreement or the engagement of such Manager pursuant to, and the performance by such Manager of the Services or other services contemplated by, this Agreement 

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that the Companies or any Controlled Entity may have suffered or incurred, or may claim to have suffered or incurred, on or after the date hereof, except with respect to any act or omission that constitutes willful misconduct, bad faith, gross negligence or fraud of such Managers or Indemnified Party as determined by a final, non-appealable determination of a court of competent jurisdiction.  For avoidance of doubt, such release shall only apply to any acts or omissions of each Manager or any Indemnified Party occurring prior to the effectiveness of this Agreement.        
(d)    Limitation of Liability.  In no event will any Manager or any Indemnified Party be liable to the Companies or any of their affiliates (i) for any indirect, special, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third-party claims (whether based in contract, tort or otherwise), related to or arising out of or in connection with the Transaction Services, the Services or other services contemplated by this Agreement or the engagement of such Manager pursuant to, and the performance by such Manager of the Services or other services contemplated by, this Agreement that the Companies may have suffered or incurred, or may claim to have suffered or incurred, on or after the date hereof, except with respect to any act or omission that constitutes gross negligence, willful misconduct, bad faith or fraud as determined by a final, non-appealable determination of a court of competent jurisdiction or (ii) for an amount in excess of the fees actually received by such Manager hereunder.
SECTION 9.    Miscellaneous.
(a)    No amendment or waiver of any provision of this Agreement, or consent to any departure by any party hereto from any such provision, will be effective unless it is in writing and signed by each of the parties hereto. Any amendment, waiver or consent will be effective only in the specific instance and for the specific purpose for which given. The waiver by any party of any breach of this Agreement will not operate as or be construed to be a waiver by such party of any subsequent breach.
(b)    Any notices or other communications required or permitted hereunder shall be made in writing and will be sufficiently given if delivered personally or sent by facsimile or e-mail, with confirmed receipt, or by overnight courier, addressed as follows or to such other address of which the parties may have given written notice:
	
	
	if to the Managers:

	 

	c/o Silver Lake Partners
9 West 57th Street, 32nd Floor
New York, New York 10019
Attention: Andrew Schader
Facsimile:  (212) 981-3566 
Email: Andy.Schader@silverlake.com

	 

	and

	 

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	c/o Thoma Bravo, LLC 
600 Montgomery Street, 32nd Floor 
San Francisco, California 94111 
Attention:  Seth Boro; Robert Sayle 
Facsimile: (415) 392-6480 
Email: sboro@thomabravo.com; rsayle@thomabravo.com

	 

	with a copy (which shall not constitute notice) to:

	 

	Ropes & Gray LLP 
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199 
Attention:  Alfred O. Rose
Facsimile: (617) 235-0096 
Email: alfred.rose@ropesgray.com

	 

	and

	 

	Kirkland & Ellis LLP
300 N. LaSalle Street
Chicago, Illinois 60654
Attention: Gerald T. Nowak, P.C.; Corey D. Fox
Facsimile: (312) 862-2200
Email: gnowak@kirkland.com; cfox@kirkland.com

	 

	if to the Companies:

	 

	c/o SolarWinds, Inc.
7171 Southeast Parkway
Building 400
Austin, Texas 78735
Attention: Jason Bliss, SVP, General Counsel
Facsimile: (512) 682-9301
Email: generalcounsel@solarwinds.com

Unless otherwise specified herein, such notices or other communications will be deemed received (i) on the date delivered, if delivered personally or sent by facsimile with confirmed receipt, and (ii) one business day after being sent by overnight courier.
(c)    This Agreement and the agreements and documents referred to herein and other documents dated as of, or with effect as of, the date hereof related to the subject matter hereof constitute the entire agreement among the parties with respect to the subject matter hereof, and supersedes all previous oral and written (and all contemporaneous oral) negotiations, commitments, agreements and understandings relating hereto.

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(d)    This Agreement will be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to conflict of law rules or provisions (whether of the state of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.
(e)    Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York County, New York, for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise.  Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above.  Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction.  Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 9(b) hereof is reasonably calculated to give actual notice.
(f)    Each of the parties hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury with respect to any action, proceeding or counterclaim (whether based upon contract, tort or otherwise) directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby. 
(g)    Neither this Agreement nor any of the rights or obligations hereunder may be assigned by the Companies or any Manager without the prior written consent of each of the Managers; provided, however, that each Manager may assign or transfer its duties or interests hereunder to any of its affiliates (other than any portfolio companies affiliated with such Manager) at the sole discretion of such Manager.  Subject to the foregoing, the provisions of this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the next sentence, no person or party other than the parties hereto and their respective successors or permitted assigns is intended to be a beneficiary of this Agreement.  The parties acknowledge and agree that (i) each of the Indemnified Party Related Entities shall be third 

12

party beneficiaries with respect to Section 5 hereof and (ii) each of the Indemnified Parties shall be third-party beneficiaries with respect to Sections 5 and 8 hereof, in each case entitled to enforce such provisions as though each such Indemnified Party Related Entity or Indemnified Party, as applicable, were a party to this Agreement.  
(h)    This Agreement may be executed by one or more parties to this Agreement on any number of separate counterparts (including by facsimile), and all of said counterparts taken together will be deemed to constitute one and the same instrument.
(i)    Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.
(j)    Each payment made, or cause to be made, by the Companies pursuant to this Agreement shall be paid by wire transfer of immediately available federal funds to the accounts specified on Schedule I hereto, or to such other account(s) as the respective Manager may specify to the Companies in writing prior to such payment.
[signature page follows]

13

IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Management Fee Agreement as of the date first written above.
	
		
	SILVER LAKE MANAGEMENT 
COMPANY IV, L.L.C.

	 
	 

	By:
	/s/ Kenneth Y. Hao

	Name:
	Kenneth Y. Hao

	Title:
	Managing Partner & Managing Director

[Management Fee Agreement]

	
		
	THOMA BRAVO, LLC

	 
	 

	By:
	/s/ Seth Boro

	Name:
	Seth Boro

	Title:
	Authorized Signatory

	 
	 

	THOMA BRAVO PARTNERS XI, L.P.

	 
	 

	By:
	Thoma Bravo, LLC

	Its:
	General Partner

	 
	 

	By:
	/s/ Seth Boro

	Name:
	Seth Boro

	Title:
	Authorized Signatory

[Management Fee Agreement]

	
		
	PROJECT AURORA PARENT, INC.

	 
	 

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Vice President

	 
	 

	SOLARWINDS INTERMEDIATE HOLDINGS II, INC.

	 
	 

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Vice President

	 
	 

	SOLARWINDS INTERMEDIATE HOLDINGS I, INC.

	 
	 

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Vice President

	 
	 

	SOLARWINDS HOLDINGS, INC.

	 
	 

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Vice President

	 
	 

	SOLARWINDS MSP HOLDINGS LIMITED

	 
	 

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Director

	 
	 

	SOLARWINDS INTERNATIONAL HOLDINGS, LTD.

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Director

	 
	 

[Management Fee Agreement]

	
		
	SOLARWINDS, INC.

	 
	 

	By:
	/s/ Jason W. Bliss

	Name:
	Jason W. Bliss

	Title:
	Senior Vice President

[Management Fee Agreement]

Schedule 1
Wire Information
Silver Lake Management Company IV, L.L.C.:
Silicon Valley Bank
3003 Tasman Drive
Santa Clara, CA 95054
ABA Number:    121140399
Swift Code:         SVBKUS6S
Account Number:            3300977735
Account Name: Silver Lake Management Company IV, L.L.C.
Thoma Bravo, LLC:
Bank Name:    JPMorgan Chase Bank
Address:     270 Park Ave, New York, NY 10017 
ABA:    021-000-021(WIRES), 071-000-013 (CHECKS/ACH)
Account #    789691755
Account name:    Thoma Bravo, LLC
Thoma Bravo Partners XI, L.P.:
Bank Name:    JPMorgan Chase Bank
Address:     270 Park Ave, New York, NY 10017 
ABA:    021-000-021(WIRES), 071-000-013 (CHECKS/ACH)
Account #    559641829
Account name:    Thoma Bravo Partners XI, LPExhibit

Exhibit 10.4
Execution Version

INDEMNIFICATION AGREEMENT
Indemnification Agreement, dated as of _______________, 201_, between SolarWinds Corporation, a Delaware corporation (the "Company"), and -- the director listed on the signature page hereto ("Indemnitee").
WHEREAS, qualified persons are reluctant to serve corporations as directors or otherwise unless they are provided with broad indemnification and insurance against claims arising out of their service to and activities on behalf of the corporations; and
WHEREAS, the Company has determined that attracting and retaining such persons is in the best interests of the Company's stockholders and that it is reasonable, prudent and necessary for the Company to indemnify such persons to the fullest extent permitted by applicable law and to provide reasonable assurance regarding insurance;
NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:
1.Defined Terms; Construction.
(a)Defined Terms. As used in this Agreement, the following terms shall have the following meanings:
"Corporate Status" means the status of a person who is or was a director (or a member of any committee of a board of directors), officer, employee or agent (including without limitation a manager of a limited liability company) of the Company or any of its subsidiaries, or of any predecessor thereof, or is or was serving at the request of the Company as a director (or a member of any committee of a board of directors), officer, employee or agent (including without limitation a manager of a limited liability company) of another entity, or of any predecessor thereof, including service with respect to an employee benefit plan.
"Determination" means a determination that either (x) there is a reasonable basis for the conclusion that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a particular standard of conduct (a "Favorable Determination") or (y) there is no reasonable basis for the conclusion that indemnification of Indemnitee is proper in the circumstances because Indemnitee met a particular standard of conduct (an "Adverse Determination"). An Adverse Determination shall include the decision that a Determination was required in connection with indemnification and the decision as to the applicable standard of conduct.
"DGCL" means the General Corporation Law of the State of Delaware, as amended from time to time.
"Expenses" means all attorneys' fees and expenses, retainers, court, arbitration and mediation costs, transcript costs, fees and expenses of experts, witnesses and public relations consultants, bonds, costs of collecting and producing documents, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, appealing or otherwise participating in a Proceeding.

"Independent Legal Counsel" means an attorney or firm of attorneys competent to render an opinion under the applicable law, selected in accordance with the provisions of Section 5(e), who has not performed any services (other than services similar to those contemplated to be performed by Independent Legal Counsel under this Agreement) for the Company or any of its subsidiaries or for Indemnitee within the last three years.
"Proceeding" means a threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, including without limitation a claim, demand, discovery request, formal or informal investigation, inquiry, administrative hearing, arbitration or other form of alternative dispute resolution, including an appeal from any of the foregoing.
(b)Construction. For purposes of this Agreement,
(i)References to the Company and any of its "subsidiaries" shall include any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise that before or after the date of this Agreement is party to a merger or consolidation with the Company or any such subsidiary or that is a successor to the Company as contemplated by Section 8(e) (whether or not such successor has executed and delivered the written agreement contemplated by Section 8(e)).
(ii)References to "fines" shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan.
(iii)References to a "witness" in connection with a Proceeding shall include any interviewee or person called upon to produce documents in connection with such Proceeding.
2.Agreement to Serve.
Indemnitee agrees to serve as a director of the Company or one or more of its subsidiaries and in such other capacities as Indemnitee may serve at the request of the Company from time to time, and by its execution of this Agreement the Company confirms its request that Indemnitee serve as a director and in such other capacities. Indemnitee shall be entitled to resign or otherwise terminate such service with immediate effect at any time, and neither such resignation or termination nor the length of such service shall affect Indemnitee's rights under this Agreement. This Agreement shall not constitute an employment agreement, supersede any employment agreement to which Indemnitee is a party or create any right of Indemnitee to continued employment or appointment.
3.Indemnification.
(a)General Indemnification. The Company shall indemnify Indemnitee, to the fullest extent permitted by applicable law in effect on the date hereof or as amended to increase the scope of permitted indemnification, against Expenses, losses, liabilities, judgments, fines, penalties and amounts paid in settlement (including all interest, taxes, assessments and other charges in connection therewith) incurred by Indemnitee or on Indemnitee's behalf in connection

2

with any Proceeding in any way connected with, resulting from or relating to Indemnitee's Corporate Status.
(b)Additional Indemnification Regarding Expenses. Without limiting the foregoing, in the event any Proceeding is initiated by Indemnitee, the Company, any of its subsidiaries or any other person to enforce or interpret this Agreement or any rights of Indemnitee to indemnification or advancement of Expenses (or related obligations of Indemnitee) under the Company's or any such subsidiary's certificate of incorporation, bylaws or other organizational agreement or instrument, any other agreement to which Indemnitee and the Company or any of its subsidiaries are party, any vote of stockholders or directors of the Company or any of its subsidiaries, the DGCL, any other applicable law or any liability insurance policy, the Company shall indemnify Indemnitee against Expenses incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding in proportion to the success achieved by Indemnitee in such Proceeding and the efforts required to obtain such success, as determined by the court presiding over such Proceeding.
(c)Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Expenses, losses, liabilities, judgments, fines, penalties and amounts paid in settlement incurred by Indemnitee, but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for such portion.
(d)Nonexclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the certificate of incorporation, bylaws or other organizational agreement or instrument of the Company or any of its subsidiaries, any other agreement, any vote of stockholders or directors, the DGCL, any other applicable law or any liability insurance policy, provided that to the extent that Indemnitee is entitled to be indemnified by the Company under this Agreement and by any stockholder of the Company or any affiliate of any such stockholder (other than the Company or any of its subsidiaries) under any other agreement or instrument, or by any insurer under a policy maintained by any such stockholder or any affiliate of any such stockholder (other than the Company or any of its subsidiaries), the Company and any of its subsidiaries which have indemnification obligations as a result of the Indemnitee’s Corporate Status shall be the indemnitor(s) of first resort (i.e., the obligations of the Company and its subsidiaries, as applicable, hereunder shall be primary, and the obligations of such stockholder, any affiliate of such stockholder (other than the Company or any of its subsidiaries) or insurer shall be secondary). Any such stockholder or any affiliate of any such stockholder (other than the Company or any of its subsidiaries) shall be entitled to enforce the Company's obligation to provide indemnification in accordance with the priorities set forth in this Section 3(d) directly against the Company, and each such stockholder or any affiliate of such stockholder (other than the Company or any of its subsidiaries) shall constitute an express intended third party beneficiary under this Agreement for such purpose. In the event that any such stockholder or any affiliate of any such stockholder (other than the Company or any of its subsidiaries) makes indemnification payments or advances to Indemnitee in respect of any Expenses, losses, liabilities, judgments, fines, penalties or amounts paid in settlement for which the Company would also be obligated pursuant to this Agreement, (i) such stockholder and any affiliate of such stockholder (other than the Company or any of its subsidiaries) shall be fully subrogated to all rights of Indemnitee with respect to such payment and (ii) the Company shall reimburse such stockholder or any affiliate of such stockholder (other than the Company or any of its subsidiaries) in full on demand.

3

(e)Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated under the Agreement to indemnify Indemnitee:
(i)For Expenses incurred in connection with Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, counterclaim or crossclaim, except (x) as contemplated by Section 3(b), (y) in specific cases if the board of directors of the Company has approved the initiation or bringing of such Proceeding, and (z) as may be required by law.
(ii)For an accounting of profits arising from the purchase and sale by the Indemnitee of securities within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute.
(f)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 the Indemnitee, who shall execute such documents and do such acts as the Company may reasonably request to secure such rights and to enable the Company effectively to bring suit to enforce such rights, provided that the Company shall not be entitled to contribution or indemnification from or subrogation against any stockholder of the Company, any affiliate of any such stockholder (other than the Company or any of its subsidiaries) or any insurer under a policy maintained by any such stockholder or any affiliate of such stockholder (other than the Company or any of its subsidiaries).
4.Advancement of Expenses.
The Company shall pay all Expenses incurred by Indemnitee in connection with any Proceeding in any way connected with, resulting from or relating to Indemnitee's Corporate Status, other than a Proceeding initiated by Indemnitee for which the Company would not be obligated to indemnify Indemnitee pursuant to Section 3(e)(i), in advance of the final disposition of such Proceeding and without regard to whether Indemnitee will ultimately be entitled to be indemnified for such Expenses and without regard to whether an Adverse Determination has been made, except as contemplated by the last sentence of Section 5(f). Indemnitee shall repay such amounts advanced only if and to the extent that it shall ultimately be determined in a decision by a court of competent jurisdiction from which no appeal can be taken that Indemnitee is not entitled to be indemnified by the Company for such Expenses. Such repayment obligation shall be unsecured and shall not bear interest. The Company shall not impose on Indemnitee additional conditions to advancement or require from Indemnitee additional undertakings regarding repayment.
5.Indemnification Procedure.
(a)Notice of Proceeding; Cooperation. Indemnitee shall give the Company notice in writing as soon as practicable of any Proceeding for which indemnification will or could be sought under this Agreement, provided that any failure or delay in giving such notice shall not relieve the Company of its obligations under this Agreement unless and to the extent that (i) none of the Company and its subsidiaries are party to or aware of such Proceeding and (ii) the Company is materially prejudiced by such failure.
(b)Settlement. The Company will not, without the prior written consent of Indemnitee, which may be provided or withheld in Indemnitee's sole discretion, effect any

4

settlement of any Proceeding against Indemnitee or which could have been brought against Indemnitee unless such settlement solely involves the payment of money by persons other than Indemnitee and includes an unconditional release of Indemnitee from all liability on any matters that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters. The Company shall not be obligated to indemnify Indemnitee against amounts paid in settlement of a Proceeding against Indemnitee if such settlement is effected by Indemnitee without the Company's prior written consent, which shall not be unreasonably withheld.
(c)Request for Payment; Timing of Payment. To obtain indemnification payments or advances under this Agreement, Indemnitee shall submit to the Company a written request therefor, together with such invoices or other supporting information as may be reasonably requested by the Company and reasonably available to Indemnitee. The Company shall make indemnification payments to Indemnitee no later than 30 days, and advances to Indemnitee no later than 10 days, after receipt of the written request of Indemnitee.
(d)Determination. The Company intends that Indemnitee shall be indemnified to the fullest extent permitted by law as provided in Section 3 and that no Determination shall be required in connection with such indemnification. In no event shall a Determination be required in connection with advancement of Expenses pursuant to Section 4 or in connection with indemnification for Expenses incurred as a witness or incurred in connection with any Proceeding or portion thereof with respect to which Indemnitee has been successful on the merits or otherwise. Any decision that a Determination is required by law in connection with any other indemnification of Indemnitee, and any such Determination, shall be made within 30 days after receipt of Indemnitee's written request for indemnification, as follows:
(i)Unless otherwise requested by Indemnitee pursuant to Section 5(d)(ii) below, (w) by a majority vote of the directors of the Company who are not parties to such Proceeding, even though less than a quorum, with the advice of Independent Legal Counsel, or (x) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, with the advice of Independent Legal Counsel, or (y) if there are no such directors, or if such directors so direct, by Independent Legal Counsel in a written opinion to the Company and Indemnitee, or (z) by the stockholders of the Company.
(ii)If requested by written notice of Indemnitee to the Company, by Independent Legal Counsel in a written opinion to the Company and Indemnitee.
The Company shall pay all Expenses incurred by Indemnitee in connection with a Determination.
(e)Independent Legal Counsel. Independent Legal Counsel shall be selected by the board of directors of the Company and approved by Indemnitee. The Company shall pay the fees and expenses of Independent Legal Counsel and indemnify Independent Legal Counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising out of or relating to its engagement.

5

(f)Consequences of Determination; Remedies of Indemnitee. The Company shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse Determination is made, or if for any other reason the Company does not make timely indemnification payments or advances of Expenses, Indemnitee shall have the right to commence a Proceeding before a court of competent jurisdiction to challenge such Adverse Determination and/or to require the Company to make such payments or advances. Indemnitee shall be entitled to be indemnified for all Expenses incurred in connection with such a Proceeding in accordance with Section 3(b) and to have such Expenses advanced by the Company in accordance with Section 4. If Indemnitee fails to timely challenge an Adverse Determination, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been upheld by a final judgment of a court of competent jurisdiction from which no appeal can be taken, then, to the extent and only to the extent required by such Adverse Determination or final judgment, the Company shall not be obligated to indemnify or advance Expenses to Indemnitee under this Agreement.
(g)Presumptions; Burden and Standard of Proof. In connection with any Determination, or any review of any Determination, by any person, including a court:
(i)It shall be a presumption that a Determination is not required.
(ii)It shall be a presumption that Indemnitee has met the applicable standard of conduct and that indemnification of Indemnitee is proper in the circumstances.
(iii)The burden of proof shall be on the Company to overcome the presumptions set forth in the preceding clauses (i) and (ii), and each such presumption shall only be overcome if the Company establishes that there is no reasonable basis to support it.
(iv)The termination of any Proceeding by judgment, order, finding, 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 indemnification is not proper or that Indemnitee did not meet the applicable standard of conduct or that a court has determined that indemnification is not permitted by this Agreement or otherwise.
(v)Neither the failure of any person or persons to have made a Determination nor an Adverse Determination by any person or persons shall be a defense to Indemnitee's claim or create a presumption that Indemnitee did not meet the applicable standard of conduct, and any Proceeding commenced by Indemnitee pursuant to Section 5(f) shall be de novo with respect to all determinations of fact and law.
6.Directors and Officers Liability Insurance.
(a)Maintenance of Insurance. So long as the Company or any of its subsidiaries maintains liability insurance for any directors, officers, employees or agents of any such person, the Company shall ensure that Indemnitee is covered by such insurance in such a manner as to

6

 provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company's and its subsidiaries' then current directors and officers.
(b)Notice to Insurers. Upon receipt of notice of a Proceeding pursuant to Section 5(a), the Company shall give or cause to be given prompt notice of such Proceeding to all insurers providing liability insurance in accordance with the procedures set forth in all applicable or potentially applicable policies. The Company shall thereafter take all necessary action to cause such insurers to pay all amounts payable in accordance with the terms of such policies.
7.Exculpation, etc.
(a)Limitation of Liability. Indemnitee shall not be personally liable to the Company or any of its subsidiaries or to the stockholders of the Company or any such subsidiary for monetary damages for breach of fiduciary duty as a director of the Company or any such subsidiary; provided, however, that the foregoing shall not eliminate or limit the liability of the Indemnitee (i) for any breach of the Indemnitee's duty of loyalty to the Company or such subsidiary or the stockholders thereof; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; (iii) under Section 174 of the DGCL or any similar provision of other applicable corporations law; or (iv) for any transaction from which the Indemnitee derived an improper personal benefit. If the DGCL or such other applicable law shall be amended to permit further elimination or limitation of the personal liability of directors, then the liability of the Indemnitee shall, automatically, without any further action, be eliminated or limited to the fullest extent permitted by the DGCL or such other applicable law as so amended.
(b)Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company or any of its subsidiaries against Indemnitee or Indemnitee's estate, spouses, heirs, executors, personal or legal representatives, administrators or assigns after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period, provided that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.
8.Miscellaneous.
(a)Non-Circumvention. The Company shall not seek or agree to any order of any court or other governmental authority that would prohibit or otherwise interfere, and shall not take or fail to take any other action if such action or failure would reasonably be expected to have the effect of prohibiting or otherwise interfering, with the performance of the Company's indemnification, advancement or other obligations under this Agreement.
(b)Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such 

7

provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
(c)Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, (ii) on the first business day following the date of dispatch if delivered by a recognized next-day courier service or (iii) on the third business day following the date of mailing if delivered by domestic registered or certified mail, properly addressed, or on the fifth business day following the date of mailing if sent by airmail from a country outside of North America, to Indemnitee or the Company at the address set forth below, or in either case as subsequently modified by written notice.
If to Indemnitee: at the last known address on the records of the Company.
If to the Company:
	
	
	SolarWinds Corporation
7171 Southwest Parkway, Building 400
Austin, Texas 78735
Attention: General Counsel
Email: general_counsel@solarwinds.com

	 

	c/o Thoma Bravo, LLC
600 Montgomery Street, 20th Floor
San Francisco, California 94111
Attention: Seth Boro

	 Robert Sayle

	Facsimile.:  (415) 392-6480
Email:  sboro@thomabravo.com; rsayle@thomabravo.com

	 

	c/o Silver Lake Partners
9 West 57th Street, 32nd Floor
New York, NY 10019
Attention:  Andrew J. Schader
Facsimile: (212) 981-3566
Email: andy.schader@silverlake.com

(d)Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by all 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.

8

(e)Successors and Assigns. This Agreement shall be binding upon the Company and its respective successors and assigns, including without limitation any acquiror of all or substantially all of the Company's assets or business and any survivor of any merger or consolidation to which the Company is party, and shall inure to the benefit of and be enforceable by Indemnitee and Indemnitee's estate, spouses, heirs, executors, personal or legal representatives, administrators and assigns. The Company shall require and cause any such successor, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement as if it were named as the Company herein, and the Company shall not permit any such purchase of assets or business, acquisition of securities or merger or consolidation to occur until such written agreement has been executed and delivered. No such assumption and agreement shall relieve the Company of any of its obligations hereunder, and this Agreement shall not otherwise be assignable by the Company.
(f)Choice of Law; Consent to Jurisdiction. This Agreement shall be governed by and its provisions construed in accordance with the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware, without regard to the conflict of law principles thereof. The Company and Indemnitee each hereby irrevocably consents to the jurisdiction of the courts of the State of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the State of Delaware.
(g)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, provided that the provisions hereof shall not supersede the provisions of the Company's certificate of incorporation, bylaws or other organizational agreement or instrument, any other agreement, any vote of stockholders or directors, the DGCL or other applicable law, to the extent any such provisions shall be more favorable to Indemnitee than the provisions hereof.
(h)Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.
[Remainder of this page intentionally left blank]

9

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
	
		
	SOLARWINDS CORPORATION

	 
	 

	 
	 

	By:
	 

	Name:
	Jason W. Bliss

	Title
	VP, General Counsel & Assistant
Secretary

	
		
	AGREED TO AND ACCEPTED:

	 
	 

	 
	 

	By:
	 

	 
	Name:     [Director Name]

	 
	Title:     Director

[Signature Page to Director Indemnification Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]