Document:

Exhibit

DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT
THIS AGREEMENT, dated as of the ____ day of ______, _____, is by and between Raymond James Financial, Inc., a Florida corporation (the “Company”), and _____________________ (the “Indemnitee”). 
WHEREAS, the Indemnitee is currently serving in one or more capacities as a director or officer of the Company or, at the request of, for the convenience of, or to represent the interests of, the Company, as a director, officer, employee, fiduciary, trustee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other entity or enterprise and, as such, is performing a valuable service to or on behalf of the Company; 
WHEREAS, the Company and the Indemnitee recognize the continued heightened risk of litigation and other claims being asserted in today’s environment against directors and officers of publicly-traded companies; 
WHEREAS, the Company has determined that preserving and enhancing its ability to retain and attract as directors and officers the most capable persons available is in the best interests of the Company and its shareholders; 
WHEREAS, the Company does not want capable persons available to serve as directors and/or officers of the Company to be dissuaded from serving in such roles due to concerns related to the continued heightened corporate litigation that has subjected directors and/or officers of publicly-traded companies to litigation risks and expenses; 
WHEREAS, the Florida Business Corporation Act, including without limitation Section 607.0850 thereof (the “FBCA”) empowers the Company to indemnify any person who is or was serving as a representative of the Company, or who is or was serving at the request of the Company, as a representative of another corporation or enterprise; 
WHEREAS, the FBCA and the Amended and Restated By-laws of the Company (the “By-laws”) expressly provide that the indemnification provisions set forth in the FBCA and the By-laws, respectively, are not exclusive and thereby contemplate that contracts may be entered into between the Company and members of the Company’s Board of Directors, officers and other persons with respect to indemnification; 
WHEREAS, the Company desires to provide the Indemnitee with specific contractual assurances of the Indemnitee’s rights to indemnification against litigation risks and expenses and to the advancement of expenses (regardless of, among other things, any amendment to the Restated Articles of Incorporation of the Company (the “Articles”) or the By-laws, or any change in the ownership of the Company or the composition of its Board of Directors); 
WHEREAS, the Company and the Indemnitee desire to enter into this Agreement in order to induce the Indemnitee to continue to serve the Company and in consideration for such continued service, and for the Indemnitee to rely upon the rights afforded under this Agreement in continuing to serve, or act on behalf of, the Company; and 
WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification, advancement of expenses and any other rights provided to, or for the benefit of, the Indemnitee by the Articles, the By-laws, the FBCA or other applicable law and any resolutions adopted pursuant thereto and shall not be deemed a substitute thereof, nor to diminish or abrogate any rights of the Indemnitee thereunder; 
NOW, THEREFORE, in consideration of the premises and intending to be legally bound hereby, the Company and the Indemnitee agree as follows: 
1.    Certain Definitions. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement: 
 
	
			
	 
	(a)
	Agreement: means this Indemnification Agreement, as amended from time to time hereafter in accordance with its terms. 

 

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	(b)
	Board of Directors: means the Board of Directors of the Company. 

 
	
			
	 
	(c)
	A Change in Control shall be deemed to have occurred upon any of the following events: 

(i)    A merger, recapitalization, consolidation, or other similar transaction to which the Company is a party, unless securities representing at least 50% of the combined voting power of the then-outstanding securities of the surviving entity or a parent thereof are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company’s outstanding voting securities immediately before the transaction; 
(ii)    A sale, transfer or disposition of all or substantially all of the Company’s assets, unless securities representing at least 50% of the combined voting power of the then-outstanding securities of the entity acquiring the Company’s assets or parent thereof are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company’s outstanding voting securities immediately before the transaction; 
(iii)    A merger, recapitalization, consolidation or other transaction to which the Company is a party or the sale, transfer or other disposition of all or substantially all of the Company’s assets if, in any such case, the members of the Company’s Board of Directors immediately prior to consummation of the transaction do not, upon consummation of the transaction, constitute at least a majority of the board of directors of the surviving entity or the entity acquiring the Company’s assets, as the case may be, or a parent thereof; or 
(iv)    During any period of twelve (12) consecutive months, a majority of the members of the Board of Directors ceases for any reason to be composed of individuals either (i) who were members of the Board of Directors on the first day of such period, (ii) whose election or nomination to the Board of Directors was approved by individuals referred to in clause (i) of this paragraph constituting at the time of such election or nomination at least a majority of the Board of Directors, or (iii) whose election or nomination to the Board of Directors was approved by individuals referred to in clauses (i) and (ii) of this paragraph constituting at the time of such election or nomination at least a majority of the Board of Directors. 
 
	
			
	 
	(d)
	Exchange Act: means the Securities Exchange Act of 1934, as amended. 

 
	
			
	 
	(e)
	Expenses: means all direct and indirect expenses, including fees and expenses of attorneys, fees and expenses of accountants, court costs, transcript costs, fees and expenses of experts, witness fees and expenses, travel expenses, printing and binding costs, telephone charges, delivery service fees, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents),  together with all other disbursements or expenses incurred in connection with (i) the investigation, preparation, prosecution, defense, settlement, mediation, arbitration and appeal of a Proceeding (as defined below), (ii) serving as an actual or prospective witness, or preparing to be a witness in a Proceeding, or other participation in, or other preparation for, any Proceeding, or otherwise being asked to participate in or respond to any discovery related to a Proceeding, (iii) any compulsory interviews or depositions related to a Proceeding, (iv) any non-compulsory interviews or depositions related to a Proceeding, subject to the person receiving advance written approval by the Company to participate in such interviews or depositions, (v) responding to, or objecting to, a request to provide discovery in any Proceeding, and (vi) establishing or enforcing a right to indemnification under this Agreement, the By-laws, the Articles, the FBCA, other applicable law or otherwise. Expenses shall also include any federal, state, local and foreign taxes imposed on such person as a result of the actual or deemed receipt of any payments under this Agreement.

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	(f)
	Indemnifiable Event: means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to or arising out of the fact that the Indemnitee is or was serving in an Official Capacity (as defined below), or by reason of an action or inaction by the Indemnitee in any such Official Capacity, whether the basis of such Proceeding is an alleged action in an Official Capacity or in any other capacity while serving in an Official Capacity and whether or not serving in any Official Capacity at the time any Losses are incurred for which indemnity or Expense Advance (as defined below) can be provided under this Agreement. 

 
	
			
	 
	(g)
	Independent Counsel: means a law firm, a member of a law firm, or an independent practitioner, that is experienced in matters of Florida corporate law and neither currently is, nor in the five (5) years previous to its selection has been, retained to represent (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to indemnification matters concerning the Indemnitee under this Agreement, the By-laws, the Articles, the FBCA, other applicable law or otherwise, or of other indemnified parties under similar indemnification agreements, constituent documents, the FBCA, other applicable law or otherwise) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above. 

 
	
			
	 
	(h)
	Losses: means all direct and indirect Expenses, losses, liabilities, damages, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes assessed on a person with respect to an employee benefit plan, and amounts paid or payable in connection with any judgment, award or settlement, including any interest, assessments, and any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any indemnification or expense advancement payments hereunder.

	 
	 
	 

	 
	(i)
	Official Capacity: means any and all past, present or future service by the Indemnitee as a director, officer, employee or agent of the Company or, serving at the request of the Company as a director, officer, employee, fiduciary, trustee, agent or other representative of an Other Enterprise (as defined below). 

 
	
			
	 
	(j)
	Other Enterprise: means another corporation, partnership, limited liability company, joint venture, trust, bank, association or other enterprise, whether for profit or not-for-profit, including, but not limited to, any subsidiaries or affiliates of the Company, any entities formed by the Company and any employee benefit plans maintained or sponsored by the Company. 

 
	
			
	 
	(k)
	Person: means any individual, corporation (profit or not-for-profit), firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity. 

 

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	(l)
	Proceeding: means any threatened, asserted, pending or completed claim, action, suit, investigation (including any internal investigation), inquiry, hearing, mediation, arbitration, other alternative dispute mechanism or any other proceeding, whether civil, criminal, administrative, regulatory, arbitrative, legislative, investigative or otherwise and whether formal or informal, or any appeal of any kind therefrom, including an action initiated by the Indemnitee to enforce the Indemnitee’s rights to indemnification or Expense Advance (as defined below) under this Agreement or any provision of the Articles, the By-laws, the FBCA or other applicable law, and whether instituted by or in the right of the Company, a governmental agency, the Board of Directors, any authorized committee thereof, a class of the Company’s security holders or any other party, and whether made pursuant to federal, state or other law, or any inquiry, hearing or investigation (including any internal investigation), whether formal or informal, whether instituted by or in the right of the Company, a governmental agency, the Board of Directors, any committee thereof, a class of the Company’s security holders, or any other party that the Indemnitee believes might lead to the institution of any such proceeding. 

 
	
			
	 
	(m)
	Serving at the Request of the Company: means any service to an Other Enterprise by the Indemnitee at the request of, for the convenience of, or to represent the interests of, the Company or any subsidiary or affiliate of the Company. For the purposes of this Agreement, the Indemnitee’s service to an Other Enterprise shall be presumed to constitute serving at the request of the Company, unless it is conclusively determined to the contrary by a majority vote of the directors of the Company then in office, excluding from such vote any interested director. With respect to such determination, it shall not be necessary for the Indemnitee to show any actual or prior request by the Company or its Board of Directors for such service to an Other Enterprise. 

 
2.    Agreement to Indemnify; Advancement of Expenses. 
(a)    Indemnification. Except as provided in Section 2(c) below, in the event that the Indemnitee was, is or becomes subject to, a party to or witness or other participant in, or is threatened to be made subject to, a party to or witness or other participant in, a Proceeding arising by reason of (or arising in part out of) an Indemnifiable Event, including, but not limited to, Proceedings brought by or in the right of the Company, Proceedings brought by third parties, and Proceedings in which the Indemnitee is solely a witness, the Company shall indemnify the Indemnitee, or cause such the Indemnitee to be indemnified, to the fullest extent permitted by the FBCA, as the same exists now or as it may be hereinafter amended, but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than the FBCA permitted the Company to provide prior to such amendment, against any and all Losses actually and reasonably incurred by the Indemnitee or on his or her behalf in connection with such Proceedings. If, in regard to any such Losses, (i) the Indemnitee shall be entitled to indemnification pursuant to Section 2(h) or Section 4, (ii) no determination with respect to the Indemnitee’s entitlement to indemnification is legally required as a condition to indemnification of the Indemnitee hereunder, or (iii) the Indemnitee has been determined pursuant to Section 2(e) to be entitled to indemnification hereunder, then payments of such Losses shall be made as soon as practicable but in any event no later than thirty (30) calendar days after the later of (A) the date on which written demand is presented to the Company pursuant to Section 2(d) or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) of this Section 2(a) is satisfied. 
(b)    Advancement of Expenses. Expenses incurred, or reasonably anticipated to be incurred, by or on behalf of the Indemnitee in connection with any Proceeding arising by reason of (or arising in part out of) an Indemnifiable Event shall be paid by the Company in advance of the final disposition of such Proceeding (“Expense Advance”). Except as provided in the following sentence, the Company shall promptly pay the amount of such Expenses to the Indemnitee, but in no event shall such payment be made later than ten (10) business days after the receipt by the Company of a written statement or statements from the Indemnitee requesting such advance or advances pursuant to this Section 2(b), together with a reasonable accounting of such Expenses. The right to Expense Advance shall not apply to any Proceeding against an officer, director or other agent of the Company brought by the Company and approved by a majority vote of the members of the Board of Directors then in office, excluding from such vote any interested director, which in good faith alleges willful misappropriation of corporate assets by such officer, director or other agent, 

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wrongful disclosure of confidential information, or any other willful and deliberate breach in bad faith of such officer’s, director’s or other agent’s duty to the Company or its shareholders. The obligation of the Company to make an Expense Advance pursuant to this Section 2(b) shall be conditioned upon delivery to the Company of an undertaking in writing by or on behalf of the Indemnitee in which the Indemnitee undertakes and agrees to repay to the Company any advances made pursuant to this Section 2(b) if and to the extent that it shall ultimately be determined (in accordance with this Section 2 or by final judicial determination from which there is no further right to appeal, as applicable) that the Indemnitee is not entitled to be indemnified by the Company for such amounts. The Company shall make the advances contemplated by this Section 2(b) regardless of the Indemnitee’s financial ability to make repayment, and regardless of whether indemnification of the Indemnitee by the Company will ultimately be required. Any advances pursuant to this Section 2(b) shall be unsecured and interest-free. Except as expressly set forth in this Section 2(b), the Company shall not impose on the Indemnitee additional conditions to Expense Advance or require from the Indemnitee additional undertakings regarding repayment. Advancements shall include any and all reasonable Expenses incurred, or reasonably anticipated to be incurred, pursuing an action to enforce the Indemnitee’s right of Expense Advance pursuant to this Agreement or any provision of the Articles, the By-laws, the FBCA or other applicable law, including Expenses incurred preparing and forwarding statements to the Company to support the Expense Advances claimed pursuant to this Agreement. 
(c)    Indemnification Exclusions. Notwithstanding anything in this Agreement to the contrary, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement: 
(i) in connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee (which shall not be deemed to include counterclaims or affirmative defenses), including any Proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company, any entity that the Company controls, any of the directors, officers, or employees thereof, other indemnitees or any third party, unless (A)  the Board of Directors, by an affirmative vote of a majority of the members of the Board of Directors then in office, excluding from such vote any interested director,, expressly authorized the commencement of the Proceeding (or any part of the Proceeding), prior to the commencement of such Proceeding, (B) it is a Proceeding referenced in Section 2(f) or 3 below, (C) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under the FBCA or other applicable law, or (D) as otherwise required by applicable law; 
(ii) if a final adjudication by a court of competent jurisdiction from which there is no further right to appeal determines that such indemnification is prohibited by applicable law; 
(iii) on account of any Proceeding for an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or
(iv) on account of any Proceeding for any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case (A) under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”)), or (B) under any incentive compensation recoupment or “clawback” policy of the Company in effect from time to time, or the payment to the Company of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act). 
Notwithstanding any other provision of this Agreement to the contrary, no indemnification shall be provided hereunder to any such person if a final adjudication by a court of competent jurisdiction adverse to the Indemnitee, and from which there is no further right to appeal, establishes that (i) his or her acts or omissions were committed in bad faith or were the result of active and deliberate dishonesty and, in either case, such conduct was material to the cause of action so adjudicated, (ii) he or she received an Improper Personal Benefit (as defined below), or (iii) with respect to any criminal action or proceeding, including, but not limited to, any violations of the U.S. federal securities laws, he or she had reasonable cause to believe his or her conduct was unlawful. “Improper Personal Benefit” shall mean a person’s receipt of a personal gain in fact, in connection with such person’s service in an Official Capacity, in the form of a financial profit, monies or other advantage not also accruing to the benefit of the Company or to the shareholders 

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generally and which is unrelated to his or her usual compensation by the Company for serving as a director or officer, including, but not limited to: (1) the diversion of a corporate opportunity, and (2) the use or communication of confidential information relating to the Company or its business or affairs for the purpose of generating a profit from trading in the Company’s securities or providing a benefit to a third party, including, without the express written consent of the Board of Directors, assisting a third party who is seeking to change the composition of the Board of Directors, management of the Company or the policies or strategic direction of the Company. 
(d)    Request for Indemnification. To obtain indemnification under this Agreement, the Indemnitee shall deliver to the Secretary, the General Counsel or the Chairman of the Board of the Company a written request for indemnification, including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification hereunder. The Secretary, General Counsel or Chairman of the Board of the Company shall, promptly upon receipt of such a request for indemnification, notify the Board of Directors in writing that the Indemnitee has requested indemnification. 
(e)    Determination of an Indemnitee’s Right to Indemnification. Upon written request by the Indemnitee for indemnification pursuant to the first sentence of Section 2(d), a determination, if required by applicable law, with respect to the Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods: (i) by majority vote of a quorum consisting of directors who are not parties to such Proceeding (“Disinterested Directors”), (ii) if such a quorum of Disinterested Directors cannot be obtained, by majority vote of a committee duly designated by the Board of Directors (all directors, whether or not Disinterested Directors, may participate in such designation) consisting solely of two or more Disinterested Directors, (iii) if such a committee cannot be designated, by any Independent Counsel selected (A) by the Board of Directors (as prescribed in clause (i) above), (B) by the committee of the Board of Directors (as prescribed in clause (ii) above), or (C) if a quorum of the Board of Directors cannot be obtained under clause (i) above and the committee cannot be designated under clause (ii) above, by majority vote of the full Board of Directors (in which directors who are parties to the Proceeding may participate), in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee, or (iv) if such Independent Counsel determination cannot be obtained, by majority vote of a quorum of shareholders consisting of shareholders who are not parties to such Proceeding, or if no such quorum is obtainable, by a majority vote of shareholders who are not parties to such Proceeding, using such directors’, committee members’, Independent Counsel’s or shareholders’, as the case may be, reasonable best efforts to make such determination as promptly as is reasonably practicable under the circumstances, as to whether the Indemnitee is entitled to be indemnified under applicable law. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within thirty (30) calendar days after such determination. The Indemnitee shall reasonably cooperate with the Person or Persons making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such Person or Persons upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by the Indemnitee in so cooperating with the Person or Persons making such determination shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. Any determination by the Company that the Indemnitee is entitled to indemnification (including by its directors, committee members, shareholders or any Independent Counsel) shall be conclusive and binding on the Company and the Indemnitee. The Company agrees that all costs incurred by the Company in making the determination under this Section 2(e) shall be borne solely by the Company, including, but not limited to, the costs of legal counsel (including any Independent Counsel serving under this Section 2(e)), proxy solicitations and judicial determinations. 
(f)    Enforcement of Rights. If (x) the Company (including by its directors, committee members, shareholders or any Independent Counsel) determines that the Indemnitee is not entitled to be indemnified in whole or in part under applicable law, (y) any amount of Losses is not paid in full by the Company according to Section 2(a) after a determination is made pursuant to Section 2(e) that the Indemnitee is entitled to be indemnified, or (z) any amount of Expense Advance is not paid in full by the Company according to Section 2(b) after a request and an undertaking pursuant to Section 2(b) have been received by the Company, in each case, the Indemnitee shall have the right to commence litigation in any court in the State of Florida having subject matter jurisdiction thereof and in which 

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venue is proper, either challenging any such prior determination, which shall not be binding upon such court in said proceeding, or any aspect thereof (including the legal or factual bases therefor), seeking to recover the unpaid amount of Losses or Expense Advance, as applicable, and/or otherwise seeking to enforce the Company’s obligations under this Agreement. The Company hereby consents to service of process and to appear in any such proceeding. If the Indemnitee commences legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law, any such judicial proceeding shall be conducted in all respects as a de novo trial, on the merits, any prior determination that the Indemnitee is not entitled to be indemnified under applicable law shall not be binding on the court and shall not prejudice the Indemnitee in said proceeding, the Indemnitee shall continue to be entitled to receive Expense Advance, and the Indemnitee shall not be required to reimburse the Company for any Expense Advance, unless and until a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed) that the Indemnitee is not entitled to be so indemnified under applicable law. The Company shall also be solely responsible for paying all costs incurred by it in defending any Proceeding made pursuant to this Section 2(f) challenging its determination or seeking its payment by the Company.  
(g)    Binding Nature of a Determination. If a Determination shall have been made pursuant to Section 2(e) that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to Section 2(f). 
(h)    Effect of the Indemnitee Being Successful on the Merits. To the extent that the Indemnitee has been successful on the merits or otherwise, either (i) in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any claim, issue or matter therein, including dismissal with or without prejudice, or (ii) in prosecution of any Proceeding to enforce the Company’s obligations under this Agreement pursuant to Section 2(f), the Indemnitee shall be indemnified by the Company against all Losses actually and reasonably incurred in connection therewith, notwithstanding an earlier determination by the Company (including by its directors, committee members, shareholders or any Independent Counsel) that the Indemnitee is not entitled to indemnification under applicable law. For purposes of this Agreement, the term “successful on the merits or otherwise” shall include, but not be limited to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against the Indemnitee without any express finding of liability or guilt against the Indemnitee, (ii) the expiration of one-hundred twenty (120) calendar days after the making of any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a settlement, and (iii) the settlement of any Proceeding pursuant to which the Indemnitee is obligated to pay less than $100,000. 
3.    Indemnification for Expenses of the Indemnitee in Enforcing Rights. To the fullest extent allowable under the FBCA and other applicable law, the Company shall also indemnify, or cause the indemnification of, the Indemnitee against any and all Expenses and, if requested by the Indemnitee, shall advance such Expenses to the Indemnitee subject to and in accordance with Sections 2(b) and (f), which are actually and reasonably incurred by the Indemnitee in connection with any Proceeding brought by the Indemnitee for (i) indemnification or an Expense Advance by the Company under any provision of this Agreement, under any other agreement that the Indemnitee is a party to, or under any provision of the Articles, the By-laws, the FBCA or other applicable law now or hereafter in effect, in each case, relating to the Indemnitee’s rights to indemnification or Expense Advance, and/or (ii) recovery under any director’s and officer’s liability or other insurance policies maintained by the Company, regardless of, in the case of (i) or (ii), whether the Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance or insurance recovery, as the case may be. The Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that any such Proceeding brought by the Indemnitee was frivolous or was not made in good faith. 
 
4.    Partial Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Losses in respect of a Proceeding relating in whole or in part to an Indemnifiable Event but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled hereunder. 
5.    Burdens of Proof and Persuasion. In any judicial proceeding brought under Section 2(f) above, the Company shall have the burden of proof and the burden of persuasion to establish, by clear and convincing evidence, that the Indemnitee is not entitled to indemnification or Expense Advance pursuant to this Agreement. 

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6.    Presumptions and Effect of Certain Proceedings. 
(a)    In connection with any determination, pursuant to Section 2(e), concerning the Indemnitee’s right to indemnification, the Person or Persons making such determination shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification under this Agreement if the Indemnitee has submitted a request for indemnification in accordance with Section 2(d) above, and, except where any required undertaking under Section 2(b) has not been delivered to the Company, anyone seeking to overcome this presumption shall have the burden of proof and burden of persuasion, by clear and convincing evidence. 
(b)    The Indemnitee shall be deemed to have met the applicable standard of conduct and to be entitled to indemnification under the FBCA for any action or omission to act undertaken (i) in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person as to matters the Indemnitee reasonably believes are within such other Person’s professional or expert competence, or (ii) on behalf of the Company in furtherance of the interests of the Company in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants; provided, however that the Indemnitee has no reasonable cause to believe that such legal counsel or accountants were not selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company or an Other Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification or advancement of Expenses under this Agreement. Whether or not the foregoing provisions of this Section 6(b) are satisfied, it shall in any event be presumed that the Indemnitee has at all times acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence. 
(c)    For purposes of this Agreement, the termination of any Proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 
7.    Failure to Act Not a Defense. Neither the failure of the Company (including by its directors, committee members, shareholders or any Independent Counsel) to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Company (including by its directors, committee members, shareholders or any Independent Counsel) that the Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be indemnified under applicable law, shall be a defense in any action brought under Section 2(f) hereof to the Indemnitee’s claim for indemnification or Expense Advance or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief. 
8.    Access to Information. The Indemnitee shall be entitled to access such information in the possession of the Company as may be reasonably necessary to enforce the Indemnitee’s rights under this Agreement. 
9.    Non-exclusivity, Etc. The rights of the Indemnitee hereunder to indemnification and Expense Advance shall be in addition to, but not exclusive of, any other rights the Indemnitee may have at any time under the By-laws or the Articles, the FBCA, other applicable law, any insurance policy where the Indemnitee is an insured thereunder or any other agreement, vote of shareholders or directors (or a committee of directors), or otherwise, both as to actions in the Indemnitee’s Official Capacity and as to actions in any other capacity. The right to be indemnified or to receive advancement of Expenses under this Agreement (i) is a contract right based upon good and valuable consideration, pursuant to which the Indemnitee may sue to enforce, (ii) is, and is intended to be, retroactive and shall be available as to events occurring prior to the date of this Agreement, and (iii) shall continue after any rescission or restrictive modification of this Agreement as to events occurring prior thereto. 

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10.    Change in Applicable Law. To the extent that a change in the FBCA or the interpretation thereof (whether by statute or judicial decision) permits broader indemnification or advancement of Expenses than is provided under the terms of the Articles, the By-laws and this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change in law. In the event of any change in the FBCA (whether by statute or judicial decision) which narrows the right of a corporation incorporated in the State of Florida to indemnify a member of its board of directors, an officer, or other agent, such changes, to the extent not required by applicable law to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 
 11.    Representations and Warranties of the Company. The Company hereby represents and warrants to the Indemnitee as follows: 
(a)    Authority. The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company. 
(b)    Enforceability. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally. 

12.    Maintenance of D&O Insurance. 
(a)    The Company represents that it presently has in force and effect directors’ and officers’ liability insurance covering the directors and certain officers of the Company (“D&O Insurance”) as set forth on Annex A hereto (the “Insurance Policies”). The Company further represents that the Indemnitee is covered as an insured under the Insurance Policies. 
(b)    The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to maintain a policy or policies of insurance with reputable insurance companies providing D&O Insurance and whether its D&O Insurance has the appropriate policy limits, retentions, terms and breadth of coverage. Among other considerations, the Company will weigh the costs of obtaining or maintaining such D&O Insurance coverage against the protection afforded by such coverage. All decisions as to whether and to what extent the Company maintains D&O Insurance shall be made by the Board of Directors in its sole and absolute discretion. 
(c)    In all policies of D&O Insurance, the Indemnitee shall, at all times, be covered as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors or officers, as applicable. 
(d)    Notwithstanding the foregoing, except as provided in Section 12(b) and as provided below in Section 12(f) in the event of a Change in Control, the Company shall have no obligation pursuant to this Agreement to maintain D&O Insurance coverage at least comparable to that provided by the Insurance Policies. 
(e)    Promptly after (i) learning of facts and circumstances which may give rise to a Proceeding, the Company shall notify its D&O Insurance carriers, if such notice is required by the applicable insurance policies, and any other insurance carrier providing applicable insurance coverage to the Company, of such facts and circumstances, or (ii) receiving notice of a Proceeding, whether from the Indemnitee, or otherwise, the Company shall give prompt notice to its D&O Insurance carriers, and any other insurance carriers providing applicable insurance coverage to the Company, in the case of each of (i) and (ii), in accordance with the requirements of the respective insurance policies. The Company shall, thereafter, take all necessary or appropriate action to cause such insurance carriers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding, in accordance with the terms of the applicable insurance policies. 
(f)    Prior to any Change in Control, the Company shall obtain a prepaid, fully-earned and non-cancellable “tail” directors’ and officers’ liability insurance policy in respect of acts or omissions occurring at or prior to the Change 

9

in Control with a claims period of six (6) years from the effective date of the Change in Control, covering the Indemnitee, to the extent that the Indemnitee is covered by D&O Insurance immediately prior to the Change in Control, with the coverage and amounts and containing terms and conditions that are not less advantageous to the directors and officers of the Company and its subsidiaries than those of the D&O Insurance in effect immediately prior to such Change in Control. Any such tail policy may not be amended, modified, cancelled or revoked after the Change in Control by the Company or any successor thereto in any manner that is adverse to the Indemnitee.
13.    Covenant Not To Sue, Limitation of Actions and Release of Claims. To the extent permitted by applicable law, 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 the Indemnitee, the Indemnitee’s spouse, heirs, executors, or personal or legal representatives, administrators or estate after the expiration of two (2) 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 (2) year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern. 
14.    Modifications and Waiver. Except as provided in Section 10 with respect to changes in the FBCA that broaden the right of the Indemnitee to be indemnified by the Company and Section 15 which provides for the Indemnitee to be afforded the benefit of a more favorable term or terms included in other indemnification agreements, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, or 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. 
15.    More Favorable Indemnification Agreements. In the event the Company or any of its subsidiaries enters into an indemnification agreement with another director or executive officer of the Company or any of its subsidiaries or affiliates containing a term or terms more favorable to the Indemnitee than the terms contained herein, the Indemnitee shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms shall be deemed incorporated by reference herein as if set forth in full herein. 
 
16.    Subrogation. In the event of any payment to or on behalf of the Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of contribution or recovery of the Indemnitee against other persons, and the Indemnitee shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents reasonably necessary to enable the Company effectively to bring suit to enforce such rights. 
17.    No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Proceeding to the extent the Indemnitee has otherwise actually received payment (whether under any statute, insurance policy, any provision of the By-laws, any provision of the Articles, vote of shareholders or directors (or a committee of directors), determination of Independent Counsel, other agreement or otherwise) of the specific amounts otherwise indemnifiable hereunder. The Company’s obligation of indemnification or Expense Advance hereunder to the Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, Board of Directors’ committee member, employee, agent or other representative of any other Person shall be reduced by any amount the Indemnitee has actually received as indemnification or advancement of Expenses from such Person. 
18.    Notification and Defense of Proceedings. 
(a)    As soon as reasonably practicable after receipt by the Indemnitee of notice that he or she is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which the Indemnitee intends to seek indemnification or Expense Advance hereunder, the Indemnitee shall provide to the Secretary, the General Counsel or the Chairman of the Board of the Company written notice thereof, including, to the extent reasonably available to the Indemnitee, the nature of, and the facts underlying, such Proceeding or matter and such other documentation and information as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Without limiting the generality of the foregoing, the Indemnitee agrees to promptly notify 

10

the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information, or other documents relating to any Proceeding or matter which may be subject to indemnification hereunder.  The omission by the Indemnitee to so notify the Company as provided in this subsection will not relieve the Company from any liability which it may have to the Indemnitee hereunder or otherwise unless the interests of the Company are actually and materially prejudiced by such omission. 
(b)    The Company shall be entitled, at its option and expense, either to participate in the defense of any Proceeding relating to an Indemnifiable Event or, upon written notice to the Indemnitee, to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee and after delivery of such notice, the Company shall not be liable to the Indemnitee under this Agreement for any fees or expenses of counsel subsequently incurred by the Indemnitee with respect to such Proceeding; provided that (i) the Indemnitee shall have the right to retain separate counsel in respect of such Proceeding at the Indemnitee’s expense or, if previously authorized in writing by the Company, at the Company’s expense, and (ii) if the Indemnitee believes, after consultation with counsel selected by the Indemnitee, that (A) the use of counsel chosen by the Company to represent the Indemnitee would present such counsel with an actual or potential conflict of interest, (B) the named parties in any such Proceeding (including any impleaded parties) include the Company or any subsidiary of the Company and the Indemnitee, and the Indemnitee reasonably concludes that there may be one or more legal defenses available to him or her that are different from or in addition to those available to the Company or any subsidiary of the Company, or (C) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then the Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Proceeding) at the Company’s expense. 
(c)    The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding relating to an Indemnifiable Event effected without the Company’s prior written consent and the Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Proceeding relating to an Indemnifiable Event which the Indemnitee is or has been threatened to be made a party or has otherwise been a participant in such Proceeding, including, but not limited to, as a witness, unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on all claims that are the subject matter of such Proceeding; provided, however that neither the Company nor the Indemnitee shall unreasonably withhold its or his or her consent to any proposed settlement; and provided that, notwithstanding anything to the contrary contained herein, the Indemnitee may withhold consent to any settlement or compromise which (i) includes an admission of fault on the part of the Indemnitee, (ii) permanently or temporarily bars the Indemnitee from serving as a director or officer of a public company, (iii) permanently or temporarily bars the Indemnitee from engaging in any professional occupation or business activity, or (iv) does not include, as an unconditional term thereof, the full release of the Indemnitee from all liability in respect of the Proceeding, which release shall be in form and substance reasonably satisfactory to the Indemnitee. 
19.    Contribution. 
(a)    Whether or not the indemnification provided in Section 2 of this Agreement is available, in respect of any Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in the Proceeding that is the basis for the Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring the Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against the Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in the Proceeding that is the basis for the Proceeding) unless such settlement provides for a full and final release of all claims asserted against the Indemnitee, which release shall be in form and substance reasonably satisfactory to the Indemnitee. 
(b)    Without diminishing or impairing the obligations of the Company set forth in Section 19(a), if, for any reason, the Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement relating to any Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by the Indemnitee in proportion to the relative 

11

benefits received by the Company and all officers, directors or employees of the Company other than the Indemnitee who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to applicable law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than the Indemnitee who are jointly liable with the Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and the Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company other than the Indemnitee who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their conduct is active or passive. 
(c)    The Company hereby agrees to fully indemnify and hold the Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Company other than the Indemnitee who may be jointly liable with the Indemnitee. 
20.    Services of the Indemnitee. This Agreement shall not be deemed to constitute an agreement of employment between the Company or any of its affiliates and any Indemnitee nor shall it impose any obligation on the Indemnitee or the Company or any of its affiliates to continue the Indemnitee’s service to the Company. The Indemnitee specifically acknowledges that the Indemnitee’s employment with the Company or any of its affiliates is at will, and that the Indemnitee may be discharged at any time for any reason, with or without cause, and with or without severance compensation, except as may be otherwise provided in a written employment or similar agreement between the Indemnitee and the Company or any of its affiliates or other applicable formal severance policies duly adopted by the Board of Directors or other employer of the Indemnitee. The Indemnitee, if a member of the Board of Directors, hereby agrees to serve or continue to serve as a director of the Company, for so long as the Indemnitee is duly elected or appointed or until the Indemnitee tenders his or her resignation or is removed in accordance with the Articles, the By-laws and applicable law. 
21.    Binding Effect, Successors. This Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of applicable law) and (b) binding on and shall inure to the benefit of the personal and legal representatives, spouses, heirs, executors and administrators of the Indemnitee. This Agreement shall continue in effect for the benefit of the Indemnitee and such personal and legal representatives, assigns, spouses, heirs, executors and administrators regardless of whether the Indemnitee continues to serve as an officer, director or other representative or agent of the Company or any other Person at the request of the Company. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a significant portion, of the business and/or assets of the Company and/or its subsidiaries, by written agreement in form and substance reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Except as otherwise provided in this Section 21, neither this Agreement nor any duties or responsibilities pursuant hereto may be assigned by the Company to any other Person without the express prior written consent of the Indemnitee. 
22.    Entire Agreement. This Agreement constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement, including, but not limited to, any previous forms of director’s and officer’s indemnification agreements adopted by the Board of Directors and/or entered into by the Company with the Indemnitee; provided, however, that this Agreement is supplemental to and in furtherance of the rights provided to, or for the benefit of, the Indemnitee, by the Articles, the By-laws, the FBCA, any other applicable law and any insurance policy where the Indemnitee is an insured thereunder, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of the Indemnitee thereunder. 

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23.    Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable by any court of competent jurisdiction for any reason whatsoever, (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by applicable law, and (ii) to the fullest extent possible, the provisions of this Agreement (including all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed or deemed reformed so as to give the maximum effect to the intent of the parties hereto manifested by the provision held invalid, illegal or unenforceable and to give the maximum effect to the unaffected terms of this Agreement. 
24.    Specific Performance. The Company and the Indemnitee agree that a monetary remedy for breach of this Agreement may be inadequate, impracticable and difficult to prove, and further agree that such breach may cause the Indemnitee irreparable harm. Accordingly, the parties hereto agree that the Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that, by seeking injunctive relief and/or specific performance, the Indemnitee shall not be precluded from seeking or obtaining any other relief to which the Indemnitee may be entitled. The Company and the Indemnitee further agree that the Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of the Indemnitee by the court, and the Company hereby waives any such requirement of such a bond or undertaking. 

25.    Notices. All notices, requests, demands, consents and other communications hereunder to any party shall be in writing and either delivered in person or sent by U.S. mail, overnight courier or by e-mail or other electronic transmission, addressed to such party at the address set forth below or such other address as may hereafter be designated on the signature pages of this Agreement or in writing by such party to the other parties, and shall be effective only upon receipt by such party: 
 
	
			
	 
	(a)
	If to the Company, to:

Raymond James Financial, Inc. 
800 Carillon Parkway
St. Petersburg, FL 33716
Attention: Jonathan N. Santelli
Executive Vice President – General Counsel and Secretary
Fax: 866-208-0522 
E-mail: Jonathan.Santelli@Raymondjames.com  
 
	
			
	 
	(b)
	If to the Indemnitee, to the address set forth on Annex B hereto. 

26.    Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart’s signature page of this Agreement, by facsimile, electronic mail in portable document format (.pdf) or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, has the same effect as delivery of an executed original of this Agreement for all purposes. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 
27.    Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. 

13

28.    Conflict With Governing Documents. To the fullest extent permitted by the FBCA and other applicable law, in the event of a conflict between the terms of this Agreement and the terms of the Articles or the By-laws, the terms of this Agreement shall govern and prevail. 
29.    Cooperation and Intent. The Company shall cooperate in good faith with the Indemnitee and use its reasonable best efforts to ensure that, to the fullest extent permitted by the FBCA and other applicable law, the Articles, the By-laws and the terms of this Agreement, the Indemnitee is indemnified and/or reimbursed for Losses described herein and receives the Expense Advance. 
30.    Noninterference. The Company shall not seek or agree to any order of any court or other governmental authority that would prohibit, limit, 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, limiting, or otherwise interfering, with the performance of the Company’s indemnification, advancement of Expenses or other obligations under this Agreement. 
31.    Validity of Agreement. The Company shall be precluded from asserting in any Proceeding, including, without limitation, any action under Section 2(f) above, that the provisions of this Agreement are not valid, binding or enforceable or that there is insufficient consideration for this Agreement and shall stipulate in any judicial proceeding that the Company is bound by all the provisions of this Agreement. 
32.    Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of Florida, as applied to contracts between residents of the State of Florida entered into and to be performed entirely within such state without giving effect to the principles of conflicts of choice of laws of the State of Florida or any other jurisdiction that would require the application of the laws of another jurisdiction. 
33.    Consent to Jurisdiction. The Company and the Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought exclusively in a state court of the State of Florida, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of such state court of the State of Florida for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in such state court of the State of Florida, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in such state court of the State of Florida has been brought in an improper or inconvenient forum. 

 

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

	 
	RAYMOND JAMES FINANCIAL, INC.

	 
	 
	 

	 
	By:
	 
	 

	 
	Name:
	 
	Jonathan N. Santelli

	 
	Title:
	 
	Executive Vice President, General Counsel and Secretary

	 
	 

	 
	 

	 
	 

	 
	INDEMNITEE:

	 
	 

	 
	 

	 
	Name:

[Signature Page to Indemnification Agreement]

15Exhibit 4.2

 

NEITHER THIS SECURITY NOR THE
SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

 

	No. [    ]	February 28, 2019

 

NeuroOne
Medical Technologies Corporation

Common
Stock Purchase Warrant

_________________

This
Certifies That, for value received, [ ], or his/her/our registered assigns (the “Holder”),
is entitled to subscribe for and purchase from NeuroOne
Medical Technologies Corporation, a Delaware corporation (the “Company”), at any time commencing
on February 28, 2019 and expiring on December 28, 2023 (such period, the “Warrant Exercise Term”), the
Shares at the Exercise Price (each as defined in Section 1 below).

This Warrant is
issued in connection with the conversion of the Holder’s 8% convertible promissory note (the “Note”),
pursuant to Section 3.1(a) of the Note. The Note was issued in a private placement of the Company’s 8% convertible
notes, which were sold to investors between October 2017 and May 2018 (the “Series 3 Notes”). Capitalized
terms used and not otherwise defined herein shall have the respective meanings assigned to such terms in the Note.

This Warrant is
subject to the following terms and conditions:

1.       Shares.
The Holder has, subject to the terms set forth herein, the right to purchase, at any time during the Warrant Exercise Term, up
to [ ] shares of Company’s common stock, par value $0.001 per share (the “Common Stock”), at a
per share exercise price of $3.00 (as the same may be adjusted as provided in Section 3 hereof, the “Exercise
Price”). The shares of Common Stock received upon any exercise of this Warrant are referred to herein as the “Shares”.

2.       Exercise
of Warrant. 

(a)       Exercise.
This Warrant may be exercised by the Holder at any time during the Warrant Exercise Term, in whole or in part, by delivering to
the Company at its principal office, or at such other office as the Company may designate (i) the notice of exercise attached as
Exhibit A hereto (the “Notice of Exercise”), duly
executed by the Holder and (ii) this Warrant certificate, accompanied by (iii) payment, in cash or by wire transfer of immediately
available funds or by check payable to the order of the Company of the amount obtained by multiplying the number of Shares designated
in the Notice of Exercise by the Exercise Price (the “Purchase Price”). For purposes hereof, “Exercise
Date” shall mean the date on which all deliveries required to be made to the Company upon exercise of this Warrant
pursuant to this Section 2(a) shall have been made. In no event shall the Company be required to net cash settle any Warrant
exercise.

    1 

     

    

 

(b)       Redemption.

(i)All
of the outstanding Warrants (but not less than all) may be redeemed, at the option of the Company, at any time beginning after
the one-year anniversary of the date hereof and during the Warrant Exercise Term upon notice to the Holder at the price of $3.00
per Warrant (the “Redemption Price”), provided that the VWAP (as defined below) of the Common Stock is
at least 200% of the Exercise Price for 20 consecutive Trading Days prior to the date on which notice of the redemption is given.
“VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(A) if the Common Stock is then listed or quoted on a Trading Market (other than the OTC Bulletin Board or OTC Markets, Inc.),
the daily volume weighted average price of the Common Stock for such date (or the nearest preceding Trading Day) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (B) if the Common Stock is then quoted on the OTC Bulletin Board, the
volume weighted average price of the Common Stock for such date (or the nearest preceding Trading Day) on the OTC Bulletin Board,
(C) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are
then reported on OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (D) in all other cases, the fair market value of a share of
Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. “Trading
Day” means a day on which the principal Trading Market is open for trading. “Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange
(or any successors to any of the foregoing), the OTC Bulletin Board or OTC Markets, Inc.

(ii)The
Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed
by first class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption Date to the Holders to
be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the Holder received such notice.

(iii)The
notice of redemption shall contain the information necessary to calculate the number of Shares to be received upon exercise of
the Warrants, including the VWAP calculations. On and after the Redemption Date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption Price.

    2 

     

    

 

(c)       Issuance
of Certificates. As soon as practicable after the exercise of this Warrant, in whole or in part, in accordance with Section
2(a) hereof, the Company, at its expense, shall cause to be issued in the name of and delivered to the Holder (i) a certificate
or certificates for the number of validly issued, fully paid and non-assessable Shares to which the Holder shall be entitled upon
such exercise and, if applicable and (ii) a new warrant of like tenor to purchase all of the Shares that may be purchased pursuant
to the portion, if any, of this Warrant not exercised by the Holder. The Holder shall for all purposes hereof be deemed to have
become the Holder of record of such Shares on the date on which the Notice of Exercise and payment of the Purchase Price in accordance
with Section 2(a) hereof were delivered and made, respectively, irrespective of the date of delivery of such certificate
or certificates, except that if the date of such delivery, notice and payment is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of record of such Shares at the close of business on the next
succeeding date on which the stock transfer books are open. Shares purchased hereunder shall be transmitted by the transfer agent
to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Shares to or resale of the Shares by the Holder
or (B) the Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and
otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three Trading
Days after the latest of (A) the delivery to the Company of the Notice of Exercise and (B) surrender of this Warrant (if required).

 

3.       Adjustment
of Exercise Price and Number of Shares. 

(a)       Adjustment
for Reclassification, Consolidation or Merger. If while this Warrant, or any portion hereof, remains outstanding and unexpired
there shall be (i) a reorganization or recapitalization (other than a combination, reclassification, exchange or subdivision of
shares otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another corporation or other
entity in which the Company shall not be the surviving entity, or a reverse merger in which the Company shall be the surviving
entity but the shares of the Company’s capital stock outstanding immediately prior to the merger are converted by virtue
of the merger into other property, whether in the form of securities, cash or otherwise, or (iii) a sale or transfer of the Company’s
properties and assets as, or substantially as, an entirety to any other corporation or other entity in one transaction or a series
of related transactions, then, as a part of such reorganization, recapitalization, merger, consolidation, sale or transfer, unless
otherwise directed by the Holder, all necessary or appropriate lawful provisions shall be made so that the Holder shall thereafter
be entitled to receive upon exercise of this Warrant during the Warrant Exercise Term and upon payment of the Exercise Price then
in effect, the greatest number of shares of capital stock or other securities or property that a holder of the Shares deliverable
upon exercise of this Warrant would have been entitled to receive in such reorganization, recapitalization, merger, consolidation,
sale or transfer if this Warrant had been exercised immediately prior to such reorganization, recapitalization, merger, consolidation,
sale or transfer, all subject to further adjustment as provided in this Section 3. If the per share consideration payable
to the Holder for Shares in connection with any such transaction is in a form other than cash or marketable securities, then the
value of such consideration shall be determined in good faith by the Board. The foregoing provisions of this paragraph shall similarly
apply to successive reorganizations, recapitalizations, mergers, consolidations, sales and transfers and to the capital stock or
securities of any other corporation that are at the time receivable upon the exercise of this Warrant. In all events, appropriate
adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder
after the transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably
may be, in relation to any shares or other property deliverable or issuable after such reorganization, recapitalization, merger,
consolidation, sale or transfer upon exercise of this Warrant.

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(b)       Adjustments
for Split, Subdivision or Combination of Shares. If the Company shall at any time subdivide (by any stock split, stock dividend,
recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock subject to acquisition hereunder, then,
after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will
be proportionately reduced and the number of shares of Common Stock subject to acquisition upon exercise of the Warrant will be
proportionately increased. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification
or otherwise) the shares of Common Stock subject to acquisition hereunder, then, after the record date for effecting such combination,
the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of shares of
Common Stock subject to acquisition upon exercise of the Warrant will be proportionately decreased.

(c)       Adjustments
for Dividends in Stock or Other Securities or Property. If while this Warrant, or any portion hereof, remains outstanding and
unexpired, the holders of any class of securities as to which purchase rights under this Warrant exist at the time shall have received
or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without
payment therefor, other or additional stock or other securities or property (other than cash) of the Company by way of dividend,
then and in each case, this Warrant shall represent the right to acquire, in addition to the number of shares of such class of
security receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the amount of
such other or additional stock or other securities or property (other than cash) of the Company that such holder would be entitled
to receive had it been the holder of record of the class of security receivable upon exercise of this Warrant on the record date
fixed for the determination of stockholders eligible to receive such dividend, giving effect to all adjustments called for by the
provisions of this Section 3 that occur from such record date to the date of such exercise.

(d)       [Reserved.]

(e)       Notice
of Adjustments. Upon any adjustment of the Exercise Price and any increase or decrease in the number of Shares purchasable
upon the exercise of this Warrant, then, and in each such case, the Company, within 30 days thereafter, shall give written notice
thereof to the Holder at the address of such Holder as shown on the books of the Company, which notice shall state the Exercise
Price as adjusted and, if applicable, the increased or decreased number of Shares purchasable upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation of each. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this Section 3, following any adjustment hereunder, the number
of Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

4.       Transfer
of Warrant. 

(a)       Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with certain transfer restrictions.

    4 

     

    

 

(b)       Holder
Representation. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Shares issuable upon such exercise, for its own account and not with a view to or for distributing
or reselling such Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.

5.
       Notices. All notices, requests, consents and other communications required
or permitted under this Warrant shall be in writing and shall be deemed delivered (i) three business days after being sent by registered
or certified mail, return receipt requested, postage prepaid or (ii) one business day after being sent via a reputable nationwide
overnight courier service guaranteeing next business day delivery or (iii) on the business day of delivery if sent by facsimile
or electronic transmission, in each case to the intended recipient as set forth below:

If to the Company to:

NeuroOne Medical Technologies Corporation

10901 Red Circle Drive, Suite 150

Minnetonka, MN 54343

Attention: David A. Rosa

Email: daver@neurooneinc.com

 

With a copy (that shall not constitute
notice) to:

Honigman LLP

650 Trade Centre Way Suite 200

Portage, Michigan 49002

Attention: Phillip D. Torrence

Facsimile: (269) 337-7703

Email: ptorrence@honigman.com

If to the Holder
at its address as furnished in that certain subscription agreement entered into between the Holder and the Company in connection
with Holder’s purchase of the Note.

Either party may
give any notice, request, consent or other communication under this Warrant using any other means, but no such notice, request,
consent or other communication shall be deemed to have been duly given unless and until it is actually received by the party for
whom it is intended. Either party may change the address to which notices, requests, consents or other communications hereunder
are to be delivered by giving the other party notice in the manner set forth in this Section 5.

6.       Legends.
The Holder acknowledges that each certificate evidencing the Shares acquired upon the exercise of this Warrant will
have restrictions upon resale imposed by state and federal securities laws. Each such certificate shall be stamped or imprinted
with a legend substantially in the following form:

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THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL
AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

8.       Fractional
Shares. No fractional Shares will be issued in connection with any exercise hereunder. Instead, the Company shall round
the number of Shares to be issued up to the nearest whole Share. This Warrant may only be exercised for whole shares.

9.       Rights
of Stockholders. Except as expressly provided in Section 3(c) hereof, the Holder, as such, shall not be entitled
to vote or receive dividends or be deemed the holder of the Shares or any other securities of the Company that may at any time
be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder,
as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive
notice of meetings, or otherwise until this Warrant shall have been exercised and the Shares purchasable upon the exercise hereof
shall have been issued, as provided herein.

10.       Miscellaneous.

(a)       All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Note. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.

(b)       The
headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof.

(c)       The
terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or permitted assigns of the Company
and of the Holder and of the Shares issued or issuable upon the exercise hereof.

    6 

     

    

 

(d)       This
Warrant and the other documents delivered pursuant hereto constitute the full and entire understanding and agreement between the
parties with regard to the subject hereof.

(e)       The
Company shall not, by amendment of the certificate of incorporation or bylaws, or through any other means, directly or indirectly,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant and shall at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder contained herein against impairment.

(f)       Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount
to the Company, or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company, at its expense,
will execute and deliver to the Holder, in lieu thereof, a new Warrant of like date and tenor.

(g)       This
Warrant and any provision hereof may be amended, waived or terminated only by the written consent of the Company and the holders
of a majority of the shares underlying the units received by investors in the conversion of the Series 3 Notes.

 

signature
page follows

 

    7 

     

    

 

 

In
Witness Whereof, the Company has caused this Warrant to be signed by its duly authorized officer.

 

	 	NeuroOne Medical Technologies Corporation
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	David A. Rosa 
	 	Title:	Chief Executive Officer

 

 

 

 

 

Signature
Page to

Common Stock Purchase Warrant

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