Document:

Form of Stock Grant Certificates

 Exhibit 10.9 
 CELLU TISSUE HOLDINGS, INC. 
 2010 EQUITY
COMPENSATION PLAN 
 STOCK GRANT CERTIFICATE 
 This Stock Grant Certificate evidences a Stock Grant made pursuant to the Cellu Tissue Holdings, Inc. 2010 Equity Compensation Plan (“Plan”) of      shares of Stock to
            , who shall be referred to as “Director”, subject to the terms and conditions set forth in § 1 through § 11 of this Stock Grant Certificate.
This Stock Grant is granted effective as of             , which shall be referred to as the “Grant Date.” 
  

			
	CELLU TISSUE HOLDINGS, INC.
		
	By:	 	  

		
	Date:	 	  

 TERMS AND CONDITIONS 
 § 1. Plan and Stock Grant Certificate. This Stock Grant is subject to all of the terms and conditions set forth in this
Stock Grant Certificate and in the Plan. If a determination is made that any term or condition set forth in this Stock Grant Certificate is inconsistent with the Plan, the Plan shall control. All of the capitalized terms not otherwise defined in
this Stock Grant Certificate shall have the same meaning in this Stock Grant Certificate as in the Plan. A copy of the Plan will be made available to Director upon written request to the Chief Financial Officer of Cellu Tissue Holdings, Inc.
(“Cellu Tissue”). 
 § 2. Stockholder Status. If a dividend is paid in cash with respect to a share
of Stock after such share of Stock has been issued under this Stock Grant but before the first date Director’s interest in such share of Stock becomes completely non-forfeitable, Cellu Tissue shall delay the payment of such cash dividend until
his or her interest in such share of Stock becomes completely non-forfeitable and then shall pay such cash dividend (without interest) directly to such Director before the end of the 45 day period which starts on the date his or her interest in such
share of Stock becomes completely non-forfeitable. Director shall have the right to vote the Stock issued under this Stock Grant until Director’s right to such shares is forfeited or becomes nonforfeitable. If Director forfeits his or her
shares under § 3, Director shall at the same time forfeit his or her right to vote such shares and to receive ordinary cash dividends paid with respect to such shares. Any dividends or other distributions of property made with respect to
shares that remain subject to forfeiture under § 3 shall be held by Cellu Tissue, and Director’s right to receive such dividends or other property shall be forfeited or shall become nonforfeitable at same time the shares of Stock with
respect to which the dividends or other property are attributable are forfeited or become nonforfeitable. Except for the right to vote the shares of Stock subject to this Stock Grant which is described in this § 2, Director shall have no
rights as a stockholder with respect to such shares of Stock until Director’s interest in such shares has become nonforfeitable. 

 § 3. Vesting and Forfeiture. If Director remains in continuous service on
the Board through             , Director’s interest in 100% of the Stock subject to this Stock Grant shall become nonforfeitable on such date. If Director’s service on the Board
terminates for any reason except death before             , then he or she shall forfeit all shares of Stock subject to this Stock Grant. If Director dies before
             while serving on the Board, a prorata portion of Director’s interest in the Stock subject to this Grant (rounding down any fractional shares) shall become nonforfeitable
on the date of death, with the prorata portion determined based on the portion of the period completed at the time of death. 
 § 4. Change in Control. If there is a Change in Control on any date, (A) this Stock Grant shall become 100% vested (to the extent not already vested) in accordance with § 14.1 of the Plan (as in effect on
the Grant Date) on the date of the Change in Control and (B) the Board shall have the right (to the extent expressly required as part of such transaction) to cancel this Stock Grant after giving Director a reasonable period to take such action
as necessary or appropriate to receive the Stock subject to this Stock Grant. 
 § 5. Stock Certificates.
Cellu Tissue shall issue a stock certificate for the shares of Stock subject to this Stock Grant in the name of Director upon Director’s execution of the irrevocable stock power in favor of Cellu Tissue attached as Exhibit A. The Chief
Financial Officer of Cellu Tissue shall hold such stock certificate representing such shares and any distributions made with respect to such shares (other than ordinary cash dividends) until such time as Director’s interest in such shares has
become nonforfeitable or has been forfeited. As soon as practicable after the date as of which his or her interest in any shares becomes nonforfeitable under § 3, Cellu Tissue shall issue to Director a stock certificate reflecting the
shares in which his or her interest has become nonforfeitable on such date (together with any distributions made with respect to the shares that have been held by Cellu Tissue). If shares are forfeited, the shares (together with any distributions
made with respect to the shares that have been held by Cellu Tissue) automatically shall revert back to Cellu Tissue pursuant to the irrevocable stock power. 
 § 6. Nontransferable. No rights granted under this Stock Grant Certificate shall be transferable by Director. 
 § 7. Other Laws. Cellu Tissue shall have the right to refuse to transfer shares of Stock subject to this Stock Grant to
Director if Cellu Tissue acting in its absolute discretion determines that the transfer of such shares is (in the opinion of Cellu Tissue’s legal counsel) likely to violate any applicable law or regulation. 
 § 8. No Right to Continue Service. Neither the Plan, this Stock Grant Certificate, nor any related material shall give
Director the right to continue to service on the Board. 
 § 9. Governing Law. The Plan and this Stock Grant
Certificate shall be governed by the laws of the State of Delaware. 
 § 10. Binding Effect. This Stock Grant
Certificate shall be binding upon Cellu Tissue and Director and their respective heirs, executors, administrators and successors. 
  

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 § 11. Headings and Sections. The headings contained in this Stock Grant
Certificate are for reference purposes only and shall not affect in any way the meaning or interpretation of this Stock Grant Certificate. All references to sections in this Stock Grant Certificate shall be to sections of this Stock Grant
Certificate unless otherwise expressly stated as part of such reference. 
  

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 Exhibit A 
 Irrevocable Stock Power 
 As a condition to the
issuance to the undersigned of a stock certificate for the              shares of Stock which were granted to the undersigned as a Stock Grant under the Cellu Tissue Holdings, Inc. 2010
Equity Compensation Plan in the Stock Grant Certificate dated             , the undersigned hereby assigns and transfers to Cellu Tissue Holdings, Inc., effective upon the occurrence of any
forfeiture event described in the Stock Grant Certificate, any then-unvested shares of Stock subject to such Stock Grant (together with any then-unvested dividends or other distributions of property made with respect to such shares) for purposes of
effecting any forfeiture called for under § 3 of the Stock Grant Certificate and does hereby irrevocably give Cellu Tissue Holdings, Inc. the power (without any further action on the part of the undersigned) to transfer such shares of
Stock (together with any dividends or other distributions of property made with respect to such shares) on its books and records back to Cellu Tissue Holdings, Inc. to effect any such forfeiture. This Irrevocable Stock Power shall expire
automatically with respect to the shares of Stock (and any dividends or other distributions of property made with respect to such shares) on the date such shares of Stock or dividends or other property are no longer subject to forfeiture under
§ 3 of such Stock Grant Certificate or, if earlier, immediately after such a forfeiture has been effected with respect to such shares of Stock and dividends or other property. 
  

	
	  

	
	  

	Date

 CELLU TISSUE HOLDINGS, INC. 
 2010 EQUITY COMPENSATION PLAN 
 KEY EMPLOYEE 

 STOCK GRANT CERTIFICATE 
 This Stock Grant Certificate evidences a Stock Grant made pursuant to the Cellu Tissue Holdings, Inc. 2010 Equity Compensation Plan (“Plan”) of
             shares of Stock to             , who shall be referred to as “Key Employee”, subject to the terms
and conditions set forth in § 1 through § 12 of this Stock Grant Certificate. This Stock Grant is granted effective as of             , which shall be referred to as the
“Grant Date.” 
  

			
	CELLU TISSUE HOLDINGS, INC.
		
	By:	 	  

		
	Date:	 	  

 TERMS AND CONDITIONS 
 § 1. Plan and Stock Grant Certificate. This Stock Grant is subject to all of the terms and conditions set forth in this
Stock Grant Certificate and in the Plan. If a determination is made that any term or condition set forth in this Stock Grant Certificate is inconsistent with the Plan, the Plan shall control. All of the capitalized terms not otherwise defined in
this Stock Grant Certificate shall have the same meaning in this Stock Grant Certificate as in the Plan. A copy of the Plan will be made available to Key Employee upon written request to the Chief Financial Officer of Cellu Tissue Holdings, Inc.
(“Cellu Tissue”). 
 § 2. Stockholder Status. If a dividend is paid in cash with respect to a share
of Stock after such share of Stock has been issued under this Stock Grant but before the first date Key Employee’s interest in such share of Stock becomes completely non-forfeitable, Cellu Tissue shall delay the payment of such cash dividend
until his or her interest in such share of Stock becomes completely non-forfeitable and then shall pay such cash dividend (without interest) directly to such Key Employee before the end of the 45 day period which starts on the date his or her
interest in such share of Stock becomes completely non-forfeitable. Key Employee shall have the right to vote the Stock issued under this Stock Grant until Key Employee’s right to such shares is forfeited or becomes nonforfeitable. If Key
Employee forfeits his or her shares under § 3, Key Employee shall at the same time forfeit his or her right to vote such shares and to receive ordinary cash dividends paid with respect to such shares. Any dividends or other distributions
of property made with respect to shares that remain subject to forfeiture under § 3 shall be held by Cellu Tissue, and Key Employee’s right to receive such dividends or other property shall be forfeited or shall become nonforfeitable
at same time the shares of Stock with respect to which the dividends or other property are attributable are forfeited or become nonforfeitable. Except for the right to vote the shares of Stock subject to this Stock Grant which

 
is described in this § 2, Key Employee shall have no rights as a stockholder with respect to such shares of Stock until Key Employee’s interest in such shares has become
nonforfeitable. 
 § 3. Vesting and Forfeiture. Key Employee shall vest in this Stock Grant as follows:

  

	 	1.	[    % of the shares of Stock (rounding down to the nearest whole number) shall vest on
            , provided Key Employee remains an employee of Cellu Tissue or a Subsidiary or Parent of Cellu Tissue from the Grant Date through such date; 

  

	 	2.	    % of the shares of Stock (rounding down to the nearest whole number) shall vest on
            , provided Key Employee remains an employee of Cellu Tissue or a Subsidiary or Parent of Cellu Tissue from the Grant Date through such date; 

  

	 	3.	    % of the shares of Stock (rounding down to the nearest whole number) shall vest on
            , provided Key Employee remains an employee of Cellu Tissue or a Subsidiary or Parent of Cellu Tissue from the Grant Date through such date; and 

  

	 	4.	the balance of the shares of Stock shall vest on             , provided Key Employee remains an employee of
Cellu Tissue or a Subsidiary or Parent of Cellu Tissue from the Grant Date through such date.] 

 If Key
Employee’s employment terminates for any reason before all shares of Stock vest, Key Employee shall forfeit the unvested shares. A transfer of employment between Cellu Tissue and a Subsidiary or Parent of Cellu Tissue or between Subsidiaries of
Cellu Tissue shall not be treated as a termination of employment under this § 3. 
 § 4. Change in
Control. If (1) there is a Change in Control on any date and the Plan and this Stock Grant are continued in full force and effect or there is an assumption of the Plan and this Stock Grant in connection with such Change in Control and
(2) Key Employee is terminated at Cellu Tissue’s initiative for reasons other than Cause or is terminated at Key Employee’s initiative for Good Reason within the Protection Period, then this Stock Grant shall become 100% vested (to
the extent not already vested) on the date his or her employment so terminates in accordance with § 14.2 of the Plan as in effect on the Grant Date. If there is a Change in Control on any date and the Plan and all outstanding Options, Stock
Appreciation Rights and Stock Grants granted under the Plan are not continued in full force and effect or there is no assumption or substitution of the Options, Stock Appreciation Rights and Stock Grants (with their terms and conditions unchanged)
in connection with such Change in Control, (A) this Stock Grant shall become 100% vested (to the extent not already vested) in accordance with § 14.1 of the Plan (as in effect on the Grant Date) on the date of the Change in Control
and (B) the Board shall have the right (to the extent expressly required as part of such transaction) to cancel this Stock Grant after giving Key Employee a reasonable period to take such action as necessary or appropriate to receive the Stock
subject to this Stock Grant. 
  

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 § 5. Stock Certificates. Cellu Tissue shall issue a stock certificate for
the shares of Stock subject to this Stock Grant in the name of Key Employee upon Key Employee’s execution of the irrevocable stock power in favor of Cellu Tissue attached as Exhibit A. The Chief Financial Officer of Cellu Tissue shall
hold such stock certificate representing such shares and any distributions made with respect to such shares (other than ordinary cash dividends) until such time as Key Employee’s interest in such shares has become nonforfeitable or has been
forfeited. As soon as practicable after the date as of which his or her interest in any shares becomes nonforfeitable under § 3, Cellu Tissue shall issue to Key Employee a stock certificate reflecting the shares in which his or her
interest has become nonforfeitable on such date (together with any distributions made with respect to the shares that have been held by Cellu Tissue). If shares are forfeited, the shares (together with any distributions made with respect to the
shares that have been held by Cellu Tissue) automatically shall revert back to Cellu Tissue pursuant to the irrevocable stock power. 
 § 6. Nontransferable. No rights granted under this Stock Grant Certificate shall be transferable by Key Employee. 
 § 7. Other Laws. Cellu Tissue shall have the right to refuse to transfer shares of Stock subject to this Stock Grant to Key Employee if Cellu Tissue acting in its absolute discretion
determines that the transfer of such shares is (in the opinion of Cellu Tissue’s legal counsel) likely to violate any applicable law or regulation. 
 § 8. No Right to Continue Employment. Neither the Plan, this Stock Grant Certificate, nor any related material shall give Key Employee the right to continue to employment with Cellu
Tissue or a Parent or Subsidiary of Cellu Tissue. 
 § 9. Governing Law. The Plan and this Stock Grant
Certificate shall be governed by the laws of the State of Delaware. 
 § 10. Binding Effect. This Stock Grant
Certificate shall be binding upon Cellu Tissue and Key Employee and their respective heirs, executors, administrators and successors. 
 § 11. Headings and Sections. The headings contained in this Stock Grant Certificate are for reference purposes only and shall not affect in any way the meaning or interpretation of this Stock Grant Certificate. All
references to sections in this Stock Grant Certificate shall be to sections of this Stock Grant Certificate unless otherwise expressly stated as part of such reference. 
 § 12. Withholding. Key Employee consents and agrees that any tax withholding required as a result of the transfer of the shares of Stock to Key Employee or any dividends or other
payments made with respect to the shares of Stock shall be withheld from his or her regular cash compensation, from the shares of Stock or pursuant to such other means as Cellu Tissue deems reasonable and appropriate under the circumstances.

  

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 Exhibit A 
 Irrevocable Stock Power 
 As a condition to the
issuance to the undersigned of a stock certificate for the             shares of Stock which were granted to the undersigned as a Stock Grant under the Cellu Tissue Holdings, Inc. 2010
Equity Compensation Plan in the Stock Grant Certificate dated             , the undersigned hereby assigns and transfers to Cellu Tissue Holdings, Inc., effective upon the occurrence of any
forfeiture event described in the Stock Grant Certificate, any then-unvested shares of Stock subject to such Stock Grant (together with any then-unvested dividends or other distributions of property made with respect to such shares) for purposes of
effecting any forfeiture called for under § 3 of the Stock Grant Certificate and does hereby irrevocably give Cellu Tissue Holdings, Inc. the power (without any further action on the part of the undersigned) to transfer such shares of
Stock (together with any dividends or other distributions of property made with respect to such shares) on its books and records back to Cellu Tissue Holdings, Inc. to effect any such forfeiture. This Irrevocable Stock Power shall expire
automatically with respect to the shares of Stock (and any dividends or other distributions of property made with respect to such shares) on the date such shares of Stock or dividends or other property are no longer subject to forfeiture under
§ 3 of such Stock Grant Certificate or, if earlier, immediately after such a forfeiture has been effected with respect to such shares of Stock and dividends or other property. 
  

	
	  

	
	  

	DateForm of Contribution Agreement

 Exhibit 10.1 
 CONTRIBUTION AGREEMENT 
 by and among 
 THE MEMBERS OF IMPERIAL CAPITAL GROUP, LLC 
 and 
 ICGI HOLDINGS, LLC 
 Dated as of [—], 2010 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
			
	ARTICLE I	 	DEFINITIONS	  	1
				
	 SECTION
	 	1.1.	  	Definitions	  	1
				
	 SECTION
	 	1.2.	  	General	  	3
			
	ARTICLE II	 	REPRESENTATION AND WARRANTIES	  	4
				
	 SECTION
	 	2.1.	  	Representations and Warranties of the ICG LLC Members	  	4
			
	ARTICLE III	 	CONTRIBUTIONS	  	5
				
	 SECTION
	 	3.1.	  	Initial Contribution	  	5
				
	 SECTION
	 	3.2.	  	Conversion to a Limited Partnership	  	5
				
	 SECTION
	 	3.3.	  	Secondary Contribution	  	6
			
	ARTICLE IV	 	MISCELLANEOUS	  	6
				
	 SECTION
	 	4.1.	  	Entire Agreement	  	6
				
	 SECTION
	 	4.2.	  	Expenses	  	6
				
	 SECTION
	 	4.3.	  	Notices	  	6
				
	 SECTION
	 	4.4.	  	Amendment, Modification or Waiver	  	7
				
	 SECTION
	 	4.5.	  	Successors and Assigns; No Third Party Beneficiaries	  	7
				
	 SECTION
	 	4.6.	  	Counterparts	  	7
				
	 SECTION
	 	4.7.	  	Specific Performance	  	7
				
	 SECTION
	 	4.8.	  	Governing Law	  	7
				
	 SECTION
	 	4.9.	  	Submission to Jurisdiction; Waivers	  	8
				
	 SECTION
	 	4.10.	  	Interpretation	  	8
				
	 SECTION
	 	4.11.	  	Severability	  	8

  

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 CONTRIBUTION AGREEMENT 
 This CONTRIBUTION AGREEMENT (this “Agreement”), dated as of [—], 2010, by
and among the members of Imperial Capital Group, LLC listed on the signature page hereto (each a “ICG LLC Member” and collectively the “ICG LLC Members”) and ICGI Holdings, LLC, a Delaware limited liability company
(“ICGI Holdings” and together with the ICG LLC Members, the “Parties” and each a “Party”). 
 RECITALS 
 WHEREAS, Imperial Capital Group, Inc., a Delaware
corporation (“ICGI”), intends to consummate an initial public offering (the “IPO”) of shares of its Class A common stock, par value $0.01 per share (the “Common Stock”); 
 WHEREAS, in connection with the IPO, each member of Imperial Capital Group, LLC desires to contribute all of its membership interests of
Imperial Capital Group, LLC (“ICG LLC Membership Units”) to ICGI Holdings in exchange for ICGI Holdings membership interests as further described in Article III of this Agreement, which exchange constitutes a transaction for
valuable consideration; 
 WHEREAS, in connection with the IPO, upon completion of the Initial Contribution (as defined below),
ICGI Holdings will convert Imperial Capital Group, LLC into a Delaware limited partnership and convert the ICG LLC Membership Units into limited partnership interests (“LP Units”) of Imperial Capital Group, L.P. (“ICG
LP”) as further described in Section 3.2 of this Agreement (the “Conversion”); and 
 WHEREAS, it is intended that ICGI, ICGI Holdings and Imperial Capital Group, LLC enter into an Exchange Agreement dated as of [—], 2010 (the “Exchange Agreement”) pursuant
to which certain of the LP Units of ICG LP held by ICGI Holdings as a result of the Contributions and the Conversion will be sold by ICGI Holdings to ICGI in exchange for cash and the right to future payments pursuant to the Tax Receivable Agreement
dated as of [—], 2010 by and between ICGI and ICGI Holdings (the “Tax Receivable Agreement”). 
 NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the Parties hereby agree as
follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. As used in this Agreement,
the following terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Agreement” has the meaning assigned to such term in the preamble to this Agreement, and includes any amendments or modifications to this Agreement after the date hereof. 

 “Business Day” means any calendar day that is not a Saturday, Sunday or
other calendar day on which banks are required or authorized to be closed in the City of New York. 
 “Common
Stock” has the meaning assigned to such term in the recitals. 
 “Contributions” means the Initial
Contribution together with the Secondary Contribution. 
 “Conversion” has the meaning assigned to such term in
the recitals. 
 “Exchange Agreement” has the meaning assigned to such term in the recitals. 
 “Governmental Authority” means any national, local or foreign (including U.S. federal, state or local) or supranational
(including European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or authority of competent jurisdiction. 
 “ICGH LLC” means Imperial Capital Group Holdings, LLC. 
 “ICGI” has the meaning assigned to such term in the recitals. 
 “ICGI Holdings” has the meaning assigned to such term in the preamble to this Agreement. 
 “ICGI Holdings Limited Liability Company Agreement” means the Limited Liability Company Agreement of ICGI Holdings dated as
of [—], 2010, entered into by and among the signatories thereto, as same may be amended from time to time. 
 “ICGI Holdings Units” has the meaning assigned to the term “Common Units” in the ICGI Holdings Limited Liability Company Agreement. 
 “ICG LLC Limited Liability Company Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of
Imperial Capital Group, LLC, dated as of March 20, 2009, as same may be amended from time to time. 
 “ICG LLC
Member” or “ICG LLC Members” has the meaning assigned to such term in the preamble to this Agreement. 
 “ICG LLC Membership Units” has the meaning assigned to such term in the recitals. 
 “ICG
LP” has the meaning assigned to such term in the recitals. 
 “Initial Contribution” has the meaning
assigned to such term in Section 3.1. 
 “Initial ICG LP Contribution and Exchange” has the meaning
assigned to such term in the Exchange Agreement. 
 “IPO” has the meaning assigned to such term in the
recitals. 
 “IPO Closing Date” means the date of the closing of the IPO. 
  

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 “IPO Pricing Time” means the time at which the Pricing Committee of
ICGI’s board of directors approves the offering price of the Common Stock to be sold in the IPO. 
 “LP
Units” has the meaning assigned to such term in the recitals. 
 “Party” or “Parties”
has the meaning assigned to such term in the preamble to this Agreement. 
 “Proceeding” means a suit, action
or proceeding relating to this Agreement. 
 “Registration Statement” means the registration statement on Form
S-1 of ICGI under the Securities Act of 1933, relating to the Common Stock to be issued in the IPO, as amended or supplemented through the time such registration statement is declared effective by the U.S. Securities and Exchange Commission.

 “Secondary Contribution” has the meaning assigned to such term in Section 3.3. 
 “Tax Receivable Agreement” has the meaning assigned to such term in the recitals. 
 SECTION 1.2. General. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and
the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from
time to time. When used herein: 
 (a) the word “or” is not exclusive; 
 (b) the words “including,” “includes,” “included” and “include” are deemed to be followed by the
words “without limitation”; 
 (c) the terms “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
 (d) the word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company, partnership or other legal entity or a Governmental Authority; and 
 (e) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement,
and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 
  

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 ARTICLE II 
 REPRESENTATION AND WARRANTIES 
 SECTION 2.1.
Representations and Warranties of the ICG LLC Members. 
 (a) Each ICG LLC Member severally represents and warrants to
ICGI Holdings, as of the date hereof and as of the effective time of the Initial Contribution, and ICGH LLC represents and warrants to ICGI Holdings, as of the effective time of the Secondary Contribution, that, except as specifically disclosed in
writing to ICGI Holdings on or prior to the date hereof, (i) this Agreement constitutes the legal, valid and binding obligation of such ICG LLC Member, enforceable against such ICG LLC Member in accordance with its terms (subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles); (ii) neither the execution and delivery of this Agreement
by such ICG LLC Member nor the consummation of the transactions contemplated herein conflicts with or results in a breach of any of the terms, conditions or provisions of any agreement or instrument to which such ICG LLC Member is a party or by
which the material assets of such ICG LLC Member are bound, or constitutes a default under any of the foregoing, or violates any law or regulation; (iii) there are no actions, suits or proceedings pending, or, to the knowledge of such ICG LLC
Member, threatened against or affecting such ICG LLC Member or such ICG LLC Member’s assets in any court or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality which,
if adversely determined, would impair the ability of such ICG LLC Member to perform such ICG LLC Member’s obligations under this Agreement; (iv) the performance of this Agreement will not violate any order, writ, injunction, decree or
demand of any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality to which such ICG LLC Member is subject; and (v) no statement, representation or warranty made by such ICG
LLC Member in this Agreement, nor any information provided by such ICG LLC Member in writing expressly for inclusion in the Registration Statement contains or will contain any untrue statement of a material fact or omits or will omit to state a
material fact necessary in order to make the statements, representations or warranties contained herein or such information provided therein not misleading; and 
 (b) Each ICG LLC Member severally represents and warrants to ICGI Holdings, as of the effective time of the Initial Contribution, except as specifically disclosed in writing to ICGI Holdings on or prior
to the date hereof, that (i) such ICG LLC Member has good, valid and marketable title to such ICG LLC Member’s ICG LLC Membership Units to be contributed to ICGI Holdings pursuant to Article III hereof, free and clear of any pledge,
lien, security interest, charge, claim, equity or encumbrance of any kind, other than pursuant to this Agreement and the ICG LLC Limited Liability Company Agreement, and (ii) the number of ICG LLC Membership Units set forth on such ICG LLC
Member’s signature page hereto constitutes all of the ICG LLC Membership Units owned by such ICG LLC Member. 
 (c) ICGH
LLC represents and warrants to ICGI Holdings and each ICG LLC Member, as of the effective time of the Secondary Contribution, that (i) ICGH LLC will have good, valid and marketable title to its ICG LP Units to be contributed to ICGI Holdings
pursuant to Article III hereof, free and clear of any pledge, lien, security interest, charge, claim, equity or

  

 -4- 

 
encumbrance of any kind, other than pursuant to this Agreement, and (ii) the number of ICG LP Units set forth on ICGH LLC’s signature page hereto constitutes all of the ICG LP Units
owned by ICGH LLC immediately prior to the Secondary Contribution. 
 Each ICG LLC Member shall promptly notify ICGI Holdings of
any breaches of any representations and warranties set forth in this Section 2.1 which occur, or of which it becomes aware, between the date hereof and as of the effective time of the Initial Contribution. 
 SECTION 2.2. Representations and Warranties of ICGI Holdings. 
 (a) ICGI Holdings represents that it has the requisite limited liability company power and authority and has taken all actions necessary in
order to execute, deliver and perform this Agreement and to consummate the transactions contemplated by this Agreement. 
 (b)
ICGI Holdings represents that this Agreement has been duly executed and delivered by it and constitutes the legal, valid and binding obligation of ICGI Holdings enforceable in accordance with the terms hereof (subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles)(assuming the due execution and delivery hereof by the ICG LLC Members).

 (c) ICGI Holdings represents that after the consummation of the transaction contemplated by this Agreement, it will have
                     ICGI Holdings Units issued and outstanding. 
 ARTICLE III 
 CONTRIBUTIONS 
 SECTION 3.1. Initial Contribution. Each of the ICG LLC Members hereby contributes to ICGI Holdings the number of ICG LLC Membership
Units set forth on such ICG LLC Member’s signature page hereto in exchange for the number of ICGI Holdings Units set forth on such signature page (all such contributions, collectively the “Initial Contribution”), each such
contribution to be effective immediately following the IPO Pricing Time, without any further action on the part of any of the ICG LLC Members; provided that the contribution by ICGH LLC of the number of ICG LLC Membership Units set forth on ICGH
LLC’s signature page hereto across from the heading “ICG LLC Membership Units Excluded from Initial Contribution” shall not occur in the Initial Contribution but shall instead occur pursuant to Section 3.3 hereof. At the
effective time of the Initial Contribution, ICGI Holdings shall reflect on its books and records the issuance to each ICG LLC Member of the number of ICGI Holdings Units set forth on such ICG LLC Member’s signature page hereto and admit such
ICG LLC Member as an ICGI Holdings Member pursuant to the ICGI Holdings Limited Liability Company Agreement. The Parties shall treat the Initial Contribution as a tax-free transaction for applicable tax purposes. 
 SECTION 3.2. Conversion to a Limited Partnership. On the first Business Day following the effective time of the Initial Contribution,
ICGI Holdings and ICGH LLC shall take all actions necessary to convert ICG LLC into ICG LP, a Delaware limited partnership, and the holders of ICG LLC membership interests shall thereafter hold LP Units of ICG LP as the result of the Conversion,
with ICGI Holdings being the initial general partner and ICGH LLC being the initial limited partner. 
  

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 SECTION 3.3. Secondary Contribution. ICGH LLC hereby contributes to ICGI Holdings the
number of LP Units of ICG LP set forth on ICGH LLC’s signature page hereto in exchange for the number of ICGI Holdings Units set forth under the heading “Secondary Contribution” on ICGH LLC’s signature page hereto (the
“Secondary Contribution”), such contribution to be effective immediately following the Initial ICG LP Contribution and Exchange, without any further action on the part of ICGH LLC. At the effective time of the Secondary
Contribution, ICGI Holdings shall reflect on its books and records the issuance to ICGH LLC of the number of ICGI Holdings Units set forth on ICGH LLC’s signature page hereto with respect to the Secondary Contribution. 
 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.1. Entire Agreement. This Agreement, the Exchange Agreement, the Tax
Receivable Agreement, the ICGI Holdings Limited Liability Company Agreement and the Limited Partnership Agreement of ICG LP shall constitute the entire agreement among the Parties with respect to the subject matter hereof and shall supersede all
previous negotiations, commitments and writings with respect to such subject matter. 
 SECTION 4.2. Expenses. Except as
expressly set forth in this Agreement or the side letter, dated the date hereof, between Imperial Capital Group, Inc. and ARCC Imperial Corporation, all third party fees, costs and expenses paid or incurred in connection with the transactions
contemplated by this Agreement will be paid by the Party incurring such fees, costs or expenses. 
 SECTION 4.3. Notices.
All notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight
courier service (costs prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the
following addresses and facsimile numbers and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Parties): 
 If to an ICG LLC Member: 
 To the addresses set forth on the books and records of ICG LLC. 
  

 -6- 

 If to ICGI Holdings: 
 ICGI Holdings, LLC 
 2000 Avenue of the Stars 
 9th Floor, South Tower 
 Los Angeles, California 90067 
 Attention: Jason Reese 
 Fax: (310) 777-3029 
 SECTION 4.4. Amendment, Modification or Waiver. This Agreement may be amended, modified, waived or supplemented, in whole or in part,
as to any ICG LLC Member party hereto by a written agreement signed by each ICG LLC Member and ICGI Holdings; provided that any such amendment shall also require the written consent of ICGI. No failure or delay on the part of any Party in the
exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other
or further exercise thereof or of any other right. The waiver by such Parties of any breach of this Agreement shall not be construed as a waiver of any subsequent breach. 
 SECTION 4.5. Successors and Assigns; Third Party Beneficiaries. 
 (a) This
Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns, but neither this Agreement nor any of the rights, interests and obligations hereunder shall be
assigned or otherwise transferred, in whole or in part, by any Party without the prior written consent of each of the Parties. 
 (b) ICGI shall be a third-party beneficiary of this Agreement, and shall have the right to enforce all legal and equitable remedies as set forth herein. 
 SECTION 4.6. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 SECTION 4.7. Specific Performance. The Parties acknowledge and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent or cure
breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they may be entitled by law or equity. 
 SECTION 4.8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
(other than the laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect, performance and remedies. 
  

 -7- 

 SECTION 4.9. Submission to Jurisdiction; Waivers. With respect to any Proceeding,
each Party irrevocably (i) consents and submits to the exclusive jurisdiction of the courts of the State of Delaware and any court of the U.S. located in the State of Delaware; (ii) waives any objection which such party may have at any
time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does
not have jurisdiction over such Party; (iii) consents to the service of process at the address set forth for notices in Section 6.3 herein; provided, however, that such manner of service of process shall not preclude the service of process
in any other manner permitted under applicable law; and (iv) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 
 SECTION 4.10. Interpretation. The Article and Section headings contained in this Agreement are solely for the purpose of reference,
are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 SECTION 4.11. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that
transactions contemplated hereby are fulfilled to the extent possible. 
  

 -8- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the
date first above written. 
  

					
	ICGI HOLDINGS, LLC
		
	By:	 	  

		 	Name:	 	Jason Reese
		 	Title:	 	Member of Executive Committee
		
		 	[Signatures Blocks of ICG LLC Members]

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the
date first above written. 
 ICG LLC Membership Units Contributed in the Initial Contribution:
                     
 ICGI Holdings Units Issued upon Effectiveness of the Initial Contribution:                      
  

	
	[Name of Member]
	
	  

	[Name]

 SPOUSAL CONSENT 
 The undersigned represents that the undersigned is the spouse of 
  

					
		 	      [Name of Member]       	 	
		 	name of spouse	 	

 and that the undersigned is familiar with the terms of this Agreement, pursuant to which [Name of Member] is
contributing all of [his][her] membership interests of Imperial Capital Group, LLC to ICGI Holdings, LLC in exchange for ICGI Holdings, LLC membership interests as further described in Article III of this Agreement. The undersigned hereby
consents to the transactions contemplated by this Agreement, approves the provisions of this Agreement and agrees that the undersigned’s community property interest, if any, in the ICG LLC Membership Units transferred pursuant to this Agreement
is subject to the provisions of this Agreement. The undersigned further agrees that the undersigned will take no action to hinder operation of this Agreement on the undersigned’s community property interest in any of such ICG LLC membership
interests. 
             , 2010 
  

	
	  

	Name

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the
date first above written. 
 ICG LLC Membership Units Contributed in the Initial Contribution:
                     
 ICGI Holdings Units Issued upon Effectiveness of the Initial Contribution:                      
 ICG LLC Membership Units Excluded from Initial Contribution:
                     
 Secondary Contribution 
 ICG LP Units Contributed in the Secondary Contribution:
                     
 ICGI Holdings Units Issued upon Effectiveness of the Secondary Contribution:                      
  

			
	IMPERIAL CAPITAL GROUP HOLDINGS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 SPOUSAL CONSENT 
 The undersigned represents that the undersigned is the spouse of 
  

					
		 	      [Name of Member]      	 	
		 	name of spouse	 	

 and that the undersigned is familiar with the terms of this Agreement, pursuant to which [Name of Member] is
contributing all of [his][her] membership interests of Imperial Capital Group, LLC to ICGI Holdings, LLC in exchange for ICGI Holdings, LLC membership interests as further described in Article III of this Agreement. The undersigned hereby
consents to the transactions contemplated by this Agreement, approves the provisions of this Agreement and agrees that the undersigned’s community property interest, if any, in the ICG LLC Membership Units transferred pursuant to this Agreement
is subject to the provisions of this Agreement. The undersigned further agrees that the undersigned will take no action to hinder operation of this Agreement on the undersigned’s community property interest in any of such ICG LLC membership
interests. 
  

					
		 		 	  

	            , 2010	 		 	Name

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