Document:

exv10w32

Exhibit 10.32

BB&T Institutional Services

Custody Agreement

This agreement is made as of the date indicated on the signature page hereof by and between Allied
Capital Corporation (Client) and Branch Banking and Trust Company (BB&T). BB&T is hereby
authorized and requested to open and maintain a custody account, and to hold therein all cash from
time to time deposited with or collected by BB&T for such account, subject to the terms and
conditions set forth herein:

Section 1. Responsibility

	BB&T shall, with respect to the assests of the Client, have the following responsibilities:
	 
	 	(a)	 	Custody of cash and securities and the issuing of necessary receipts.
	 
	 	(b)	 	Collection of income and the remittance of this income as may be directed.
	 
	 	(c)	 	Collection and reinvestment of principal, provided that BB&T will not make
any investments or changes in investments without Client’s prior approval.
	 
	 	(d)	 	Client shall have sole responsibility for the investment, review, and
management of all Property held in this Account. BB&T shall make or settle all
purchases, sales, exchanges, investments and reinvestments of the Property held in
this account only upon receipt of, and pursuant to, Client’s instructions. BB&T shall
have no duty or obligation to review, or to make recommendations for, the investment
and reinvestment of any of the property held in this account, including uninvested
cash. BB&T shall have no power or authority to assign, hypothecate, pledge or
otherwise dispose of any security and investment except pursuant to the directive of
Client and only for Account of client.
	 
	 	(e)	 	BB&T is to provide Client with a “Summary and Statement of Investments” on a
monthly basis. Client hereby agrees that this “Transaction Summary” will be
sufficient to comply with rules and regulations regarding record keeping and
confirmation requirements for securities transactions, and that BB&T is not required
to send Client notification for each individual transaction. Client understands,
however, that it has the right to receive such notification if it so request at no
additional cost.

 

 

	 	(f)	 	BB&T will send to Client at least annually, within 60 days following the
close of each calendar year, a written accounting of all receipts and disbursements of
income and principal, including a schedule of all holdings in the account at the end
of each accounting period showing acquisition and current valuations.
	 
	 	(g)	 	BB&T shall be under no duty whatsoever in regard to the merit or soundness of
any investment, nor to render any investment advice or review whatsoever for Client’s
account. Client will direct all investment actions.

Section 2. Receipt and Disbursement of Money

	 	(a)	 	BB&T shall open and maintain a separate account or accounts in the name of
the Client, subject only to draft or order by BB&T acting pursuant to the terms of
this Agreement. BB&T shall hold in such account or accounts, subject to the
provisions hereof, all cash received by it from or for the account of the Client.
BB&T shall make payments of cash to, or for the account of, the Client from such cash
only (i) for the purchase of securities for the portfolio of the Client upon the
delivery of such securities to BB&T, registered in the name of the Client or in proper
form for transfer, (ii) for the purchase or redemption of shares of the capital stock
of the Client upon delivery thereof to BB&T, (iii) for the payment of interest,
dividends, taxes, management or supervisory fees or operating expenses (including,
without limitation thereto, fees for legal,-accounting end auditing services), (iv)
for payments in connection with the conversion, exchange or surrender of securities
owned or subscribed to by the Client held by or to be delivered to BB&T; or (v) for
other proper corporate purposes. Before making any such payment BB&T shall receive
(and may rely upon) an officers’ certificate requesting such payment and stating that
it is for a purpose permitted under the terms of items (i), (ii), (iii) or (iv) of
this subsection (a), and also, in respect of item (v), upon receipt of an officers’
certificate and a certified copy of a resolution of the Board of Directors or of the
Executive Committee of the Client signed by an officer of the Client and certified by
its Secretary or an Assistant Secretary, specifying the amount of such payment.
setting forth the purpose for which such payment is to be made, declaring such purpose
to be a proper corporate purpose, and naming the person or persons to whom such
payment is to be made, Optional: With respect to payments under (i), (iii) (except
dividends), or (v) of this paragraph, no payment shall be made unless the officers’
certificate is accompanied by, or BB&T has otherwise received, a copy of the broker’s
confirmation or the payees’ invoice, as appropriate.

 

 

	 	(b)	 	BB&T is hereby authorized to endorse and collect all checks, drafts or other
orders for the payment of money received by BB&T for the account of the Client.

Section 3. Receipt of Securities

BB&T shall hold in a separate account, and physically segregated at all times from those of any
other persons, firms or Clients. pursuant to the provisions hereof, all securities received by it
for or for the account of the Client. All such securities are to be held or disposed of by BB&T
for, and subject at all times to the instructions of, the Client pursuant to the terms of this
Agreement. BB&T shall have no power or authority to assign, hypothecate, pledge or otherwise
dispose of any such securities and investments, except pursuant to the directive of the Client and
only for the account of the Client as set forth in Sec. 4 of this Agreement.

Section 4. Transfer, Exchange, Redelivery, etc. of Securities

BB&T shall have sole power to release or deliver any securities of the Client held by it pursuant
to this Agreement. BB&T agrees to transfer, exchange, or deliver any securities held by it
hereunder only (i) for sales of such securities for the account of the Client upon receipt by BB&T
of payment therefor, (ii) when such securities are called, redeemed or retired or otherwise become
payable, (iii) for examination by any broker selling any such securities in accordance with “street
delivery” custom, (iv) in exchange for or upon conversion into other securities alone or other
securities and cash whether pursuant to any plan or merger, consolidation, reorganization,
recapitalization or readjustment, or otherwise, (v) upon conversion of such securities pursuant to
their terms into other securities, (vi) upon exercise of subscription, purchase or other similar
rights represented by such securities, (vii) for the purpose of exchanging interim receipts or
temporary securities for definitive securities, (viii) for the purpose of redeeming in-kind shares
of capital stock of the Client upon delivery thereof to BB&T, or (ix) for other proper corporate
purposes. As to any deliveries made by BB&T pursuant to items (ii), (iv), (v), (vi) and (vii),
securities or cash receivable in exchange therefor shall be deliverable to BB&T. Before making any
such transfer, exchange or delivery, BB&T shall receive (a) a writing signed or initialed by Client
or by Client’s authorized representative or, (b) a copy of a confirmation from a broker, (c) notice
of an affirmed confirmation given electronically via The Depository Trust Company (“DTC”)
institutional delivery system, or (d) instructions given orally or electronically by any individual
BB&T reasonably believes to be Client or Client’s authorized representative.

Section 5. BB&T’s Acts Without Instructions

Unless and until BB&T receives an officers’ certificate to the contrary, BB&T shall:

(i) Present for payment all coupons and other income items held by it for the account of the Client
which call for payment upon presentation and hold the cash received by it

 

 

upon such payment for the account of the Client; (ii) Collect interest and cash dividends received, with
notice to the Client, to the account of the Client; (iii) Hold for the account of the Client
hereunder all stock dividends, rights and similar securities issued with respect to any securities
held by it hereunder.

Section 6. Voting and Other Action

Neither BB&T nor any nominee of BB&T shall vote any of the securities held hereunder by or for the
account of the Client, except in accordance with the instructions contained in an officers’
certificate. BB&T shall promptly deliver, or cause to be executed and delivered, to the Client all
notices, proxies and proxy soliciting materials with relation to such securities such proxies to be
executed by the registered holder of such securities (if registered otherwise than in the name of
the Client), but without indicating the manner in which such proxies are to be voted.

BB&T shall transmit promptly to the Client all written information (including, without limitation,
pendency of calls and maturities of securities end expirations of rights in connection therewith)
received by BB&T from issuers of the securities being held for the Client. With respect to tender
or exchange offers, BB&T shall transmit promptly to the Client all written information received by
the BB&T from issuers of the securities whose tender or exchange is sought and from the party (or
his agents) making the tender or exchange offer.

Section 7. Termination or Assignment

This Agreement may be terminated by the Client, or by BB&T, on sixty days’ notice, given in
writing and sent by registered mail to BB&T or to the Client, as the case may be. Upon
any termination of this Agreement, BB&T shall not deliver cash, securities or other property of the
Client to the Client, but may deliver them to a bank or trust company in or near the City of
Washington, D.C. of its own selection, having an aggregate capital, surplus and undivided profits,
as shown by its last published report of not less than five hundred thousand dollars ($500,000) as
a custodian for the Client to be held under terms similar to those of this Agreement; provided,
however, that BB&T shall not be required to make any such delivery or payment until full payment
shall have been made by the Client of all liabilities constituting a charge on or against the
properties then held by BB&T or on or against BB&T, and until full payment shall have been made to
BB&T of all its fees, compensation, costs and expenses.

This Agreement may not be assigned by BB&T without the consent of the Client, authorized or
approved by a resolution of its Board of Directors.

Section 8. Compensation

For services hereunder, please review Fee Agreement/Fee Schedule provided under
separate attachment.

 

 

Section 9. Liability

BB&T shall be liable only for losses caused by gross negligent management or actual
wrongdoing; and in the exercise of its discretionary powers BB&T shall not be limited by rules
applying to trusts and similar fiduciary relationships. BB&T has no responsibility for the acts of
agents (other than regular employees) provided it uses reasonable care in selecting them. It is
understood and agreed that BB&T shall be under no duty to take any action other than herein
specified with respect to any securities or other property at any time deposited hereunder unless
specifically agreed to by BB&T in writing or to appear in or to defend any suit with respect
thereto unless requested by the undersigned in writing and identified to its satisfaction.

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Allied Capital Corporation	 	Branch Banking and Trust Company	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Miriam G. Krieger

Senior Vice President & Corporate Secretary
	 	 	 	 

BB&T Representative

Vice President & Trust Officer
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	52-1081052	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Client Tax ID #	 	 	 	 	 	 

Branch Banking and Trust Company hereby accepts the foregoing designation and agrees to act as
custodian in accordance with the terms and conditions set forth this                      day of                                         ,
2008.exv10w1

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE

     This Separation Agreement and Release (hereinafter this “Agreement”) is entered into this 8th
day of February 2008 (hereinafter the “Effective Date”), by and between Vocus, Inc. (hereinafter
“Vocus”) and Robert Lentz (hereinafter “Employee”).

     WHEREAS, Employee has been employed by Vocus as Chief Technology Officer; and

     WHEREAS, Employee and Vocus are parties to an Employment Agreement dated December 6, 2005
(hereinafter the “Employment Agreement”) which is attached hereto as Exhibit A and is hereby
incorporated by reference; and

     WHEREAS, Vocus and Employee have agreed that Employee will cease to be employed by VOCUS after
February 8, 2008; and

     WHEREAS, Vocus and Employee desire to resolve all outstanding issues or future issues of any
kind and reach a full and final settlement as to the Employment Agreement and all other issues
relating to Employee’s employment with Vocus.

     NOW THEREFORE, for and in consideration of the foregoing and of the terms, conditions and
agreements set forth herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, Employee and Vocus agree as follows:

I. RESIGNATION. Effective as of February 8, 2008, Employee voluntarily resigns from his position
as Chief Technology Officer, and Vocus hereby accepts his resignation (hereinafter the “Resignation
Date”). It is agreed that effective as of the Resignation Date, the Employee has no further
privileges, duties, or obligations in his capacity as Chief Technology Officer. The parties agree
that the payment of any sums after the Resignation Date by Vocus to Employee pursuant to this
Agreement shall not be considered wages, and Employee shall be responsible for any tax liability
associated with any payments made to him pursuant to this Agreement. Vocus shall, however,
withhold the ordinary and customary federal and state taxes to such extent as required by law.

II. CONSIDERATION.

     (A) Health Benefits. Employee, and his qualified beneficiaries, may be eligible for
benefit continuation under Vocus’ group health plan in accordance with the provisions of the
federal Consolidated Budget Reconciliation Act (“COBRA”). Vocus will pay One Hundred (100%) of
Employee’s and Employee’s qualified beneficiaries’ COBRA costs, including all premiums, for a
period of twelve (12) months following the Resignation Date. Thereafter, Employee and/or
Employee’s qualified beneficiaries shall

 

 

be responsible for the full cost of COBRA coverage should they elect to continue such
coverage.

     (B) Stock Options. Notwithstanding any provisions set forth in any plan documents or
agreements, any stock options granted by Vocus to Employee as of the Resignation Date shall
continue to vest for twelve (12) months following the Resignation Date, in accordance with the
terms and conditions (other than the vesting terms) of the applicable plan documents associated
with any such stock options, provided that such continued vesting shall only occur if Employee
continues acting as a strategic consultant as set forth in Section III(A) below.

III. CONSULTANT AND BOARD OF DIRECTORS.

     (A) Employee agrees that from the Resignation Date through February 8, 2009 (hereinafter the
“Consultation Period”), and for no additional compensation other than as provided in this
Agreement, Employee shall continue as a strategic consultant of Vocus and, as such, shall make
himself available to provide such advice and assistance as Vocus may from time to time reasonably
request during the Consultation Period. Provided, however, that Employee shall not be required to
work more than eight (8) hours per day, two (2) days per week, eight (8) days per month or
ninety-six (96) days per year as a strategic consultant during the Consultation Period. During the
Consultation Period, Employee shall report directly to Vocus’ Chief Executive Officer. The parties
agree that during the Consultation Period the relation created by this Agreement is that of
contractee and independent contractor. Employee shall not be an employee of Vocus during the
Consultation Period. During the Consultation Period Employee shall have control over the manner
and means of performing his job functions as a Strategic Consultant and shall complete it according
to his own means and methods of work.

     (B) Employee agrees to continue to serve as a member of Vocus’ Board of Directors until his
current term as a member of the company’s Board of Directors terminates. For the remainder of his
term as a member of Vocus’ Board of Directors, Employee shall not receive any compensation beyond
the compensation set forth herein and, hereby, waives any rights to any monetary or equity based
consideration normally paid to non-employee members of the company’s Board of Directors.

     (C) Vocus shall promptly reimburse Employee for all appropriate and reasonable expenses
incurred by Employee in performing services under this Agreement as a member of Vocus’ Board of
Directors and as a strategic consultant, provided that Employee properly accounts for those
expenses in accordance with Vocus’ policies as they may be amended during the course of this
Agreement.

IV. GENERAL RELEASE BY EMPLOYEE. Except as set forth in Paragraph V below or as otherwise set
forth in this Agreement, Employee on his own behalf and for his spouse, heirs, successors, assigns,
executors and representatives of any kind, hereby releases and forever discharges Vocus, its
subsidiaries and affiliates, and its

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and their present and former employees, directors, officers, agents, shareholders, and insurers and
each of their respective predecessors, heirs, executors, administrators, successors and assigns
(collectively, the “Released Parties”), from any and all claims, demands, rights, liabilities, and
causes of action of any kind or nature, known or unknown, arising prior to or on the execution date
of this Agreement, including but not limited to any claims, demands, rights, liabilities and causes
of action arising or having arisen out of or in connection with his employment or his termination
of employment with Vocus. This release specifically includes, but is not limited to, a release of
any and all claims pursuant to the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. § 621
et seq.

V. CLAIMS NOT WAIVED OR RELEASED. This Agreement does not waive any claims that Employee may have
(a) under any worker’s compensation law; (b) under any plan currently maintained by Vocus that
provides for retirement benefits; (c) under any law or any policy or plan currently maintained by
Vocus that provides health insurance continuation or conversion rights; (d) that Employee by law
may not waive; (e) not arising out of or in connection with his employment or the termination of
his employment; (f) for indemnity for third party claims against Employee for actions taken while
he was an employee or director of Vocus, as provided under Vocus by-laws or otherwise; (g) for any
claims relating to relating to any stock options granted to Employee by Vocus; and (h) for any
claims relating to any breach of this Agreement by Vocus.

VI. INDEMNIFICATION. Vocus will indemnify and save Employee harmless from and against every claim,
demand, liability, cost (including attorneys’ fees), charge, suit, judgment and expense of any
nature which Employee may pay or incur as a consequence of serving as a strategic consultant.

VII. NOTICES. Any notice to be given under this Agreement will be in writing, and will be deemed
to have been duly given: (a) when delivered personally; (b) by facsimile, upon confirmation of
receipt; (c) one day after delivery by overnight courier; or (d) on the fifth day following the
date of deposit in the United States mail if sent first class, postage prepaid, by registered or
certified mail. The addresses for such notices will be as follows:

     For notices and communications to Vocus:

Vocus, Inc.

4296 Forbes Boulevard

Lanham, MD 20706

Facsimile: (301) 459-2827

Attention: Legal Dept.

     For notices and communications to Robert Lentz:

Robert Lentz

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[address]

[address]

Facsimile:                     
     
     

VIII. PREVIOUS AGREEMENTS. With the exception of the Indemnification Agreement executed by and
between the parties dayed December 5, 2005, and as otherwise specifically provided in this
Agreement and Section 18 of the Employment Agreement, the Employment Agreement and all other
agreements between the parties are hereby terminated and all rights and obligations thereunder are
of no further force or effect. The parties hereto agree and acknowledge that all notices required
pursuant to the Employment Agreement as a condition of Employee’s resignation of his employment
with Vocus have been provided and/or are hereby waived by Vocus. Employee understands and agrees
that this document and the provisions of the Employment Agreement incorporated herein by reference
contain the entire agreement between Employee and Vocus relating to his ongoing involvement with
Vocus, that this Agreement supersedes and displaces any prior agreements (other than the provisions
of the Employment Agreement incorporated by reference and the Indemnification Agreement, which
shall continue to cover and apply to all activies of Employee in his role as a member of Vocus’
Board of Directors) and discussions between Employee and Vocus relating to such matters and that he
may not rely on any such prior agreements and discussions.

IX. GOVERNING LAW. This Agreement will be construed under and governed by the laws of the State of
Maryland, without reference to its conflicts of law principles.

X. VOLUNTARY AGREEMENT. Employee acknowledges and states that he has read and understands this
Agreement and has entered into it knowingly and voluntarily with the assistance and upon the advice
of counsel of his choice.

XI. CONSIDERATION AND REVOCATION PERIOD. Employee hereby acknowledges that, among other rights, he
is waiving and releasing any rights he may have under ADEA, that he was given a copy of this
Agreement and was given twenty-one (21) days to review it and consider whether to sign it (even if
he chose not to take the full twenty-one (21) days), and that he was encouraged by Vocus to consult
an attorney during said twenty-one (21) day period about this Agreement.  Employee further
acknowledges that the consideration given for this release of claims is in addition to anything of
value to which he was already entitled and that the release does not relate to claims under the
ADEA that may arise after this Agreement is executed.  Employee further understands that for a
period of seven (7) days following his execution of this Agreement, he may revoke this Agreement by
doing so in writing and that the Agreement will remain revocable until the revocation period has
expired without revocation.  Any revocation must be delivered to Vocus in accordance with the
Notice provisions set forth in Paragraph VI.

4

 

XII. WAIVER AND MODIFICATION. Neither this Agreement nor any term or condition hereof, including,
without limitation, the terms and conditions in this Paragraph XI may be waived or modified in
whole or in part as against Vocus or Employee, except by written instrument duly executed, in the
case of waiver, by the party waiving compliance or, in the case of a modification, by Vocus and
Employee and expressly stating that it is intended to operate as a waiver or modification, as
applicable, of this Agreement.

XIII. SEVERABILITY. In the event that any court or arbitration panel having jurisdiction shall
determine that any restrictive covenant or other provision contained in this Agreement shall be
unreasonable or unenforceable in any respect, then such covenant or other provision shall be deemed
limited to the extent that such court or arbitration panel deems it reasonable and enforceable, and
so limited shall remain in full force and effect together with all other provisions of this
Agreement. In the event that such court or arbitration panel shall deem any such covenant or other
provision wholly unenforceable, the remaining covenants or other provisions of this Agreement shall
nevertheless remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date written below.

	 	 	 	 	 	 	 
	Vocus, Inc.	 	Robert Lentz
	 
	 	 	 	 	 	 
	By:	 	 	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 

5

 

EXHIBIT A

EMPLOYMENT AGREEMENT

6

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