Document:

EX-10.38

 Exhibit 10.38 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement is dated as of             ,
201     (this “Agreement”) and is between Associated Materials Group, Inc., a Delaware corporation (the “Company”), and [name of director/officer]
(“Indemnitee”). 
 Background 

The Company believes that in order to attract and retain highly competent persons to serve as directors or in other capacities, including as
officers, it must provide such persons with adequate protection through indemnification against the risks of claims and actions against them arising out of their services to and activities on behalf of the Company. 

The Company desires and has requested Indemnitee to serve, or to continue to serve, as a [director] [officer] of the Company and, in order to
induce the Indemnitee to serve, or to continue to serve, as a [director] [officer] of the Company, the Company is willing to grant the Indemnitee the indemnification provided for herein. Indemnitee is willing to so serve, or to continue to serve, on
the basis that such indemnification be provided. 
 The parties by this Agreement desire to set forth their agreement regarding
indemnification and the advancement of expenses. 
 In consideration of Indemnitee’s service to the Company and the covenants and
agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Indemnification. 

To the fullest extent permitted by the General Corporation Law of the State of Delaware (the “DGCL”): 

(a) The Company shall indemnify Indemnitee if Indemnitee was or is a party to, is threatened to be made a party to, or is otherwise involved
in, as a witness or otherwise, any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including any
and all appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at
the request of the Company as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint
venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted by Indemnitee in any such capacity. 

(b) The indemnification provided by this Section 1 shall be from and against all loss and liability suffered and expenses (including
attorneys’ fees, costs and expenses), judgments, fines and amounts paid in settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals. 

Section 2. Advance Payment of Expenses. To the fullest extent permitted by the DGCL, expenses (including attorneys’
fees, costs and expenses) incurred by Indemnitee in appearing at, 

 
participating in or defending, or otherwise in connection with, any action, suit or proceeding or in connection with any enforcement action as contemplated by Section 3(e), shall be paid by
the Company in advance of the final disposition of such action, suit or proceeding within 30 days after receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time. The Indemnitee hereby
undertakes to repay any amounts so advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect thereof. No other form of undertaking
shall be required of Indemnitee other than the execution of this Agreement. This Section 2 shall be subject to Section 3(b) and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 6.

 Section 3. Procedure for Indemnification; Notification and Defense of Claim. 

(a) Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if any
indemnification, advancement or other claim in respect thereof is to be sought from or made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the Company of the commencement of
any action, suit or proceeding, or of Indemnitee’s request for indemnification, shall not relieve the Company from any liability that it may have to Indemnitee hereunder, and shall not constitute a waiver or release by Indemnitee or of any
rights hereunder or otherwise. Any notice by Indemnitee under this Section 3 should include such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the Company to determine whether and
to what extent Indemnitee is entitled to indemnification. 
 (b) With respect to any action, suit or proceeding of which the Company is so
notified as provided in this Agreement, the Company shall, subject to the last two sentences of this Section 3(b), be entitled to assume the defense of such action, suit or proceeding, with counsel reasonably acceptable to Indemnitee, upon the
delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this
Agreement for any subsequently-incurred fees of separate counsel engaged by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized in writing by the
Company, which authorization will not be unreasonably withheld or delayed. Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Company
setting forth the basis for such conclusion) that, in the conduct of any such defense, there is an actual or potential conflict of interest or position (other than such potential conflicts that are objectively immaterial or remote) between the
Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee, to assume such defense. In addition, the Company will not be entitled, without the written consent of
Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 
 (c) To the fullest extent permitted by the
DGCL, the Company’s assumption of the defense of an action, suit or proceeding in accordance with Section 3(b) will constitute an irrevocable acknowledgement by the Company that the Company shall indemnify Indemnitee, pursuant to
Section 1, for any loss and liability suffered by Indemnitee and expenses (including attorneys’ fees, costs and expenses), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection
therewith. 
 (d) The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event
within 30 days following the Company’s receipt of a request for indemnification in accordance with Section 3(a). If the Company determines that Indemnitee is entitled 

  
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to such indemnification or, as contemplated by Section 3(c) the Company has acknowledged such entitlement, the Company shall make payment to Indemnitee of the indemnifiable amount within
such 30 day period. If the Company is not deemed to have so acknowledged such entitlement or the Company’s determination of whether to grant Indemnitee’s indemnification request shall not have been made within such 30 day period, the
requisite determination of entitlement to indemnification shall, subject to Section 6, nonetheless be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) an intentional misstatement by Indemnitee
of a material fact, or an intentional omission of a material fact necessary to make Indemnitee’s statement not misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under the DGCL.

 (e) In the event that (i) the Company determines in accordance with this Section 3 that Indemnitee is not entitled to
indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification within 30 days following receipt of a request for
indemnification as described above, (iii) payment of indemnification is not made within such 30-day period, (iv) advancement of expenses is not timely made in accordance with Section 2, or (v) the Company or any other person
takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided
to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. Indemnitee’s expenses (including attorneys’ fees,
costs and expenses) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of expenses, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Company to the
fullest extent permitted by the DGCL. 
 (f) Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses
under this Agreement upon submission of a request therefor in accordance with Section 2 or Section 3, as the case may be. The Company shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a
basis for a determination of entitlement to indemnification and advancement of expenses unless the Company overcomes such presumption by clear and convincing evidence. 

Section 4. Insurance and Subrogation. 

(a) The Company shall use its reasonable best efforts to purchase and maintain a policy or policies of insurance with reputable insurance
companies with A.M. Best ratings of “A-” or better, providing Indemnitee with coverage for any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of the fact that Indemnitee is or was or has
agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a director, officer, employee or agent
(which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, or arising out
of Indemnitee’s status as such, whether or not the Company would have the power or authority to indemnify Indemnitee against such liability and expenses. Such insurance policies shall have coverage terms and policy limits at least as favorable
to Indemnitee as the insurance coverage provided to any other director or officer of the Company. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit or
proceeding, the Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the procedures set forth in the applicable policy. The Company shall thereafter take all necessary or
advisable action to cause such insurers to pay, on behalf of 

  
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Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 

(b) Subject to Section 13, in the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers required and take all reasonable action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights in accordance with the terms of such insurance policy. The Company shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such
subrogation. 
 (c) Subject to Section 13, the Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable hereunder (including, without limitation, judgments, fines and amounts paid in settlement, and ERISA excise taxes or penalties) if and to the extent that Indemnitee has otherwise actually received such payment under this
Agreement or any insurance policy, contract, agreement or otherwise. 
 Section 5. Certain Definitions. For purposes of
this Agreement, the following definitions shall apply: 
 (a) The term “action, suit or proceeding” shall be broadly
construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit, arbitration,
alternative dispute mechanism or proceeding, whether civil, criminal, administrative or investigative. 
 (b) The term “by reason
of the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company
as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or
other enterprise” shall be broadly construed and shall include, without limitation, any actual or alleged act or omission to act. 

(c) The term “expenses” shall be broadly construed and shall include, without limitation, all direct and indirect
costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees, costs and expenses and related disbursements, appeal bonds, other out-of-pocket costs and reasonable compensation for time spent by Indemnitee for which
Indemnitee is not otherwise compensated by the Company or any third party), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of an action, suit or proceeding or establishing or enforcing a
right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder. 
 (d) The
term “judgments, fines and amounts paid in settlement” shall be broadly construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever, as well as any penalties or excise
taxes assessed on a person with respect to an employee benefit plan). 
 Section 6. Limitation on Indemnification.
Notwithstanding any other provision herein to the contrary, the Company shall not be obligated pursuant to this Agreement: 

  
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 (a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with
respect to an action, suit or proceeding (or part thereof) initiated voluntarily by Indemnitee, except with respect to any compulsory counterclaim brought by Indemnitee or an action, suit or proceeding brought to establish or enforce a right to
indemnification or advancement of expenses under this Agreement, unless such action, suit or proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Company. 

(b) Section 16(b) Matters. To indemnify Indemnitee on account of any suit in which judgment is rendered against Indemnitee for
disgorgement of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended. 

(c) Prohibited by Law. To indemnify Indemnitee in any circumstance where such indemnification has been determined by a final (not
interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has expired without
such filing to be prohibited by law. 
 Section 7. Certain Settlement Provisions. The Company shall have no obligation to
indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without the Company’s prior written consent. The Company shall not, without Indemnitee’s prior written consent, settle any
action, suit or proceeding in any manner that would attribute to Indemnitee any admission of liability or that would impose any fine or other obligation on Indemnitee. Neither the Company nor Indemnitee will unreasonably withhold his, her, its or
their consent to any proposed settlement. 
 Section 8. Savings Clause. If any provision or provisions (or portion
thereof) of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee if Indemnitee was or is a party to, is threatened to be made a party to, or is otherwise
involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals, by reason of
the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of the Company, or while serving as a director or officer of the Company, is or was serving or has agreed to serve at the request of the Company as a
director, officer, employee or agent (which, for purposes hereof, shall include a trustee, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other
enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, from and against all loss and liability suffered and expenses (including attorneys’ fees, costs and expenses), judgments, fines and amounts paid in
settlement reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated.

 Section 9. Contribution. In order to provide for just and equitable contribution in circumstances in which the
indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by law, contribute to the
payment of all of Indemnitee’s loss and liability suffered and expenses (including attorneys’ fees, costs and expenses), judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with
any action, suit or proceeding, including any appeals, in an amount that is just and equitable in the circumstances; provided 

  
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that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set forth in
Section 4(c), 6 or 7. 
 Section 10. Form and Delivery of Communications. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt,
or (d) sent by email or facsimile transmission, with receipt of oral confirmation that such transmission has been received. Notice to the Company shall be directed to [            ],
General Counsel, email:
[                    @                    .com],
facsimile: [(            )-            -            ], confirmation
number: [(            )-            -            ]. Notice to
Indemnitee shall be directed to [            ], email:
[                    @                    .com],
facsimile: [(            )-            -            ], confirmation
number: [(            )-            -            ]. 

Section 11. Nonexclusivity. The provisions for indemnification and advancement of expenses set forth in this Agreement
shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of law, in any court in which a proceeding is brought, the Company’s certificate of incorporation or bylaws, other agreements or arrangements or
otherwise, and Indemnitee’s rights hereunder shall inure to the benefit of the heirs, executors and administrators of Indemnitee. 

Section 12. No Construction as Employment Agreement. Nothing contained herein shall be construed as giving Indemnitee any
right to be retained as a director of the Company or in the employ of the Company. For the avoidance of doubt, the indemnification and advancement of expenses provided under this Agreement shall continue as to the Indemnitee even though he or she
may have ceased to be a director, officer, employee or agent of the Company. 
 Section 13. Jointly Indemnifiable Claims.

 (a) Given that certain jointly indemnifiable claims may arise due to the service of the Indemnitee as a director and/or officer of the
Company at the request of the Indemnitee-related entities (as defined below), the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification or
advancement of expenses in connection with any such jointly indemnifiable claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-related entities.
Under no circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-related entities and no right of advancement or recovery the Indemnitee may have from the Indemnitee-related entities shall reduce or
otherwise alter the rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-related entities shall make any payment to the Indemnitee in respect of indemnification or advancement of expenses with
respect to any jointly indemnifiable claim, the Indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against the Company, and Indemnitee shall execute all
papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-related entities effectively to bring suit to enforce
such rights. The Company and Indemnitee agree that each of the Indemnitee-related entities shall be third-party beneficiaries with respect to this Section 13(a), entitled to enforce this Section 13(a) as though each such Indemnitee-related
entity were a party to this Agreement. 
 (b) For purposes of this Section 13, the following terms shall have the following meanings:

  
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 (i) The term “Indemnitee-related entities” means any corporation,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other
enterprise Indemnitee has agreed, on behalf of the Company or at the Company’s request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be
entitled to indemnification or advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement obligation (other than as a result of obligations under an insurance policy). 

(ii) The term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation, any
action, suit or proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both the Company and any Indemnitee-related entity pursuant to the DGCL, any agreement or the certificate of incorporation,
bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company or the Indemnitee-related entities, as applicable. 

Section 14. Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted
and enforced so as to provide indemnification and advancement of expenses to Indemnitee to the fullest extent now or hereafter permitted by the DGCL. 

Section 15. Entire Agreement. This Agreement and the documents expressly referred to herein 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. 

Section 16. Modification and Waiver. No supplement, modification, waiver 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 deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. For the avoidance of doubt, (a) this Agreement may not be modified or terminated by the Company without Indemnitee’s prior written consent; (b) no amendment, alteration or interpretation of the Company’s
certification of incorporation or bylaws or any other agreement or arrangement shall limit or otherwise adversely affect the rights provided to Indemnitee under this Agreement and (c) a right to indemnification or to advancement of expenses
arising under a provision of the Company’s certification of incorporation or bylaws or this Agreement shall not be eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the
action, suit or proceeding for which indemnification or advancement of expenses is sought. 
 Section 17. Successor and
Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and
legal representatives. The Company shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement in form
and substance reasonably satisfactory to 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. 

Section 18. Service of Process and Venue. The Company hereby irrevocably and unconditionally (a) agrees that any
action or proceeding arising out of or in connection with this Agreement may be brought in the Chancery Court of the State of Delaware (the “Delaware Court”), (b)

  
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consents to submit to the non-exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (c) appoints, to the
extent the Company is not otherwise subject to service of process in the State of Delaware, [name] [address] as its agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding against
such party with the same legal force and validity as if served upon the Company personally within the State of Delaware, (d) waives any objection to the laying of venue of any such action or proceeding in the Delaware Court, and
(e) waives, and agrees not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

Section 19. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware. If, notwithstanding the foregoing, a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Company of Indemnitee, then the
indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 

Section 20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be
an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

Section 21. Headings and Section References. The section and subsection headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Section references are to this Agreement unless otherwise specified. 

[Signature Page Follows] 

  
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 This Indemnification Agreement has been duly executed and delivered to be effective as of the
date first stated above. 
  

			
	ASSOCIATED MATERIALS GROUP, INC.
		
	 By
	 	  

	 Name:

	 Title:

	
	INDEMNITEE:
	
	  

	 Name:

 [Signature Page to Indemnification Agreement]EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of September 16, 2013, by and among IFMI, LLC (the
“Company”), a subsidiary of Institutional Financial Markets, Inc. (“Parent”), Parent, each of which has its principal place of business at Cira Centre, 2929 Arch Street, 17th Floor, Philadelphia, PA 19104, and Lester R. Brafman (the “Executive”). 

WHEREAS, Executive, the Company and Parent are parties to that certain Employment Agreement dated as of June 3, 2013 (the “Prior
Agreement”); 
 WHEREAS, the Company has appointed the Executive as its Chief Executive Officer and Parent has appointed the
Executive as its Chief Executive Officer, and the Executive wishes to accept such appointments, on the terms and conditions set forth below, effective as of the date hereof (the “Effective Date”); and 

WHEREAS, Executive, the Company and Parent wish to terminate the Prior Agreement and enter into this Agreement. 

NOW THEREFORE, the parties hereto agree as follows: 

1. Termination of Prior Agreement; Term of Agreement. 

1.1 Termination of Prior Agreement. Effective as of the Effective Date, the Prior Agreement shall be terminated and no longer have any
force or effect. This Agreement shall supersede the Prior Agreement in its entirety, and each party to the Prior Agreement shall have no further obligations under the Prior Agreement. Executive hereby acknowledges and agrees that the Executive is
not entitled to any payments or other benefits (including, but not limited to, the acceleration of any payments, awards or other benefits) under the Prior Agreement as a result of, or in connection with, the termination thereof. 

1.2 Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for a term commencing as of the
Effective Date and ending on December 31, 2014 (the “Term”). Notwithstanding the foregoing, the Executive’s employment may be terminated during the Term in accordance with Sections 4 and 5. 

2. Duties; Positions. During the Term, the Executive shall (a) be employed by the Company as its Chief Executive Officer,
(b) serve as the Chief Executive Officer of Parent, and (c) have and perform all duties and responsibilities that are commensurate with such positions, including those that are assigned to Executive by the Board of Directors of Parent (the
“Board”). 

 3. Compensation. 

3.1 Base Salary. The Company shall pay the Executive during the Term a base salary at a minimum rate of $600,000.00 per annum beginning
on the Effective Date (the “Base Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives. The Compensation Committee of the Board may periodically review the Executive’s Base
Salary and may provide for such increases therein as it may, in its discretion, deem appropriate. (Any such increased base salary shall constitute the “Base Salary” as of the time of the increase.) 

3.2 Performance Bonus. During the Term, in addition to the Base Salary, for each fiscal year of the Company ending during the Term, the
Executive shall have the opportunity to receive an annual bonus in an amount and on such terms to be determined by the Compensation Committee of the Board (“Performance Bonus”). The Compensation Committee of the Board shall further
have the discretion to grant Executive other bonuses in such amounts and on such terms as it shall determine in its sole discretion. Nothing contained in the foregoing shall limit the Executive’s eligibility to receive any other bonus under any
other bonus plan, stock option or equity–based plan, or other policy or program of Parent or the Company. 
 3.3 Equity Incentive
Compensation. Executive shall be entitled to participate in any equity compensation plan of Parent or the Company in which he is eligible to participate, and may, without limitation, be granted in accordance with any such plan options to
purchase units of Company membership interest, options to purchase shares of Parent’s common stock (“Common Stock”), shares of restricted stock, and/or other equity awards in the discretion of the Compensation Committee of the Board.

 3.4 Benefits. The Executive shall be permitted during the Term to participate in any group life, hospitalization or disability
insurance plans, health programs, retirement plans, fringe benefit programs and other benefits and perquisites that may be available to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under
the terms of such plans or programs (collectively, the “Benefits Plans”). 
 3.5 Vacation. During the Term, the
Executive shall be entitled to vacation of no less than 20 business days per year, to be credited in accordance with ordinary Company policies. 

3.6 Expenses. The Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses actually incurred
(and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s services under this Agreement, in accordance with the Company’s policies regarding such reimbursements. The Company shall also
pay or reimburse the Executive for all attorneys’ fees and other charges of counsel reasonably incurred by the Executive in connection with the 

  
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negotiation and execution of this Agreement, promptly upon presentation of appropriate supporting documentation and in accordance with the expense reimbursement policy of the Company, up to a cap
of $10,000. 
 4. Termination upon Death or Disability. If the Executive dies during the Term, the Term shall terminate as of the
date of death, and the obligations of the Company to or with respect to the Executive shall terminate in their entirety upon such date except as otherwise provided under this Section 4. If, during the Term, the Executive is unable to perform
substantially and continuously the duties assigned to him due to a disability (as defined for purposes of the Company’s long-term disability plan then in effect or, if no such plan is in effect, by virtue of ill health or other disability) for
more than 180 consecutive or non-consecutive days out of any consecutive 12-month period, the Company shall have the right, to the extent permitted by law, to terminate the Term and the employment of the Executive upon notice in writing to the
Executive. Upon termination of the Term and the Executive’s employment due to death or disability during the Term, (i) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall be
entitled to receive (A) any Base Salary earned through the date of termination, (B) any Performance Bonus determined by the Company to be earned and payable, but not yet paid in respect of any fiscal year completed before the date of
termination, (C) all other rights and benefits earned and accrued or vested under this Agreement or under any plan, program, agreement, corporate governance document or arrangement of the Company (“Company Arrangements”) prior
to the date of termination, and (D) reimbursement under this Agreement for expenses incurred prior to the date of termination, in each case in accordance with the terms and conditions applicable thereto (clauses (A) through
(D) collectively, the “Accrued Benefits”); (ii) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall be entitled to receive a single-sum payment by wire transfer
of immediately available funds in an amount equal to the value of his Base Salary that would have been paid to him for the remainder of the calendar year in which the termination occurs; (iii) the Executive (or the Executive’s estate or
beneficiaries in the case of the death of the Executive) shall receive a single-sum payment by wire transfer of immediately available funds in an amount equal to (x) (I) $875,000, if the date of termination occurs on or prior to
December 31, 2013, or (II) $1,500,000, if the date of termination occurs on or after January 1, 2014, multiplied, in each case, by (y) a fraction, the numerator of which is the number of days in the calendar year through the date of
termination and the denominator of which is 365; (iv) all outstanding unvested equity-based awards held by the Executive shall fully vest and become immediately exercisable, as applicable, subject to the terms of such awards; and (v) the
Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall have no further rights to any other compensation or benefits hereunder, or any other rights hereunder (but, for the avoidance of doubt, shall
receive such disability and death benefits as may be provided under the Company Arrangements in accordance with their terms). Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable pursuant to
clauses (i), (ii) and (iii) above shall be paid to the Executive (or the Executive’s 

  
 3 

 
estate or beneficiaries in the case of the death of the Executive) within 60 days following the date of his termination of employment on account of death or disability. In the event that the 60
day period following such termination spans two calendar years, the amounts payable to the Executive under this Section 4 shall be paid in the later calendar year. 

5. Certain Terminations of Employment; Certain Benefits. 

5.1 Termination by the Company for Cause; Termination by the Executive without Good Reason. 

(a) For purposes of this Agreement, “Cause” shall mean the Executive’s: 

(i) commission of and indictment for (or formal admission to) a felony, or commission of and indictment for (or formal admission to) any
crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company; 
 (ii) engagement
in fraud, misappropriation or embezzlement; 
 (iii) continued failure to materially adhere to the directions of the Board or Parent’s
or the Company’s written policies and practices; or 
 (iv) material breach of any of the provisions of Section 6; 

provided, that the Company shall not be permitted to terminate the Executive for Cause pursuant to clauses (iii) or (iv) above, unless
(A) the Company has delivered a written notice to the Executive describing the event purporting to give rise to a termination for Cause within 30 days following the occurrence of any event described in clauses (iii) or (iv) above, and
(B) the Board has made a determination that Cause exists (after the Executive has been provided with a 30-day opportunity to cure the event described in clauses (iii) or (iv) above (if such event is capable of being cured), or, with
counsel of his choice, with the opportunity to contest the determination at a meeting of the Board) after 30 days following (but not more than 90 days following) the date the written notice described in clause (A) has been given. 

(b) The Company may terminate the Term and the Executive’s employment hereunder for Cause with no notice (other than that set forth
above), and the Executive may terminate the Term and his employment hereunder other than for Good Reason on at least 30 days’ written notice given to the Company. If the Company terminates the Executive for Cause, or the Executive terminates
his employment and the termination by the Executive is not for Good Reason in accordance with Section 5.2, (i) the Executive shall receive the Accrued Benefits; and (ii) the Executive shall have no further rights to any other
compensation or benefits under this Agreement on or after the termination of employment. 

  
 4 

 
Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.1(b) shall be paid to the Executive in a
single-sum payment by wire transfer of immediately available funds within 60 days following the date of his termination of employment with the Company pursuant to this Section 5.1(b). 

5.2 Termination by the Company without Cause; Termination by the Executive for Good Reason. 

(a) For purposes of this Agreement, “Good Reason” shall mean, unless otherwise consented to by the Executive: 

(i) a material reduction of the Executive’s title, authority, duties or responsibilities, or the assignment to the Executive of duties
materially inconsistent with the Executive’s position or positions as Chief Executive Officer of Parent and the Company; 
 (ii) a
reduction in Base Salary to a rate of less than $600,000 per annum; 
 (iii) the Company’s or Parent’s material breach of this
Agreement; or 
 (iv) the requirement that Executive relocate his office to a location that is more than 30 miles outside of the Borough of
Manhattan, New York; 
 provided, that the Executive shall not be permitted to terminate his employment with Good Reason unless he has provided
written notice of such termination within 90 days following the date the Executive first becomes aware (or reasonably should have become aware) of the occurrence of the event giving rise to a termination for Good Reason, so long as (A) the
Executive has given written notice to the Company and the Parent of such awareness or constructive awareness within 30 days thereof, and (B) the Company and/or the Parent (as applicable) has not cured such event within 30 days following its or
their receipt of the Executive’s written notice. For purposes hereof, Executive hereby consents to Daniel G. Cohen’s position and/or responsibilities as Chief Executive of the European business of the Company and, accordingly, such
position and/or responsibilities shall not constitute, or form the basis of, “Good Reason” hereunder. 
 (b) The Company may
terminate the Term and the Executive’s employment hereunder without Cause with no notice, and the Executive may terminate the Term and the Executive’s employment with the Company for Good Reason with no notice (other than that set forth
above). If the Company terminates the Executive’s employment (and the termination is not covered by Section 4 or 5.1), or the Executive terminates his employment for Good Reason, in either case during the Term, then, in either such case,
without duplication: 
 (i) the Executive shall receive the Accrued Benefits; 

  
 5 

 (ii) the Executive shall receive a single-sum payment by wire transfer of immediately available
funds in an amount equal to (x) $875,000, if the date of termination occurs on or prior to December 31, 2013, or (y) $1,500,000, if the date of termination occurs on or after January 1, 2014; 

(iii) all outstanding unvested equity-based awards (including without limitation stock options and restricted stock) held by the Executive
shall fully vest and shall become immediately exercisable, as applicable; and 
 (iv) unless otherwise prohibited by the Employee
Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code of 1986, as amended (the “Code”) or applicable law, the Executive and his eligible dependents shall continue to be covered under the Benefits Plans as described in
Section 3.4 for the 12-month period following the termination of the Executive’s employment. The above notwithstanding, in no event shall coverage be continued under such Benefit Plan if the benefit is provided pursuant to insurance and
the Executive is not eligible for coverage as a result of his termination of employment or otherwise. To the extent the Executive or his eligible dependents are only eligible for coverage under any such Benefits Plans by reason of the law commonly
known as COBRA, the Company will pay the employer’s portion of the COBRA premiums and will pay or reimburse the Executive for Executive’s portion of such COBRA premiums, so that collectively Executive and his eligible dependents are fully
covered under all such Benefits Plans at no cost, such payments (or reimbursements) to be made for the 12-month period following the termination of the Executive’s employment. 

Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.2(b)
(other than Section 5.2(b)(iv)) shall be paid to the Executive within 60 days following the date of his termination of employment with the Company pursuant to this Section 5.2(b). In the event that the 60 day period following such
termination spans two calendar years, the amounts payable to the Executive under this Section 5.2(b) shall be paid in the later calendar year. 

  
 6 

 5.3 Change of Control. In the event of a “Change of Control” (as defined below)
during the Term, all outstanding unvested equity-based awards then held by the Executive shall fully vest and shall become immediately exercisable, as applicable. In addition, if the Executive terminates his employment with Company within six months
following the date of a Change of Control that occurs during the Term, such termination shall be deemed a termination by Executive for Good Reason covered by Section 5.2. For purposes of this Agreement, “Change of Control” shall mean
the happening of any of the following: 
 (a) any “person,” including a “group” (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding Daniel G. Cohen, any Family Member of Mr. Cohen, Mead Park Capital Partners LLC, the Company, any entity or person
controlling, controlled by or under common control with Mr. Cohen, Mead Park Capital Partners LLC, any Family Member of Mr. Cohen, the Company, any employee benefit plan of the Company or any such entity, and any “group” (as such
term is used in Section 13(d)(3) of the Exchange Act) of which any of the foregoing persons or entities is a member), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of Parent representing 50% or more of either (i) the combined voting power of Parent’s then outstanding securities or (ii) the then outstanding Common Stock (in either such case other than as a result of an acquisition of
securities directly from Parent or the Company); provided, however, that, in no event shall a Change of Control be deemed to have occurred upon a public offering of the Common Stock under the Securities Act of 1933, as amended (for purposes hereof,
“Family Member” means (x) a person’s spouse, parent, sibling and descendants (whether natural or adopted), (y) any family limited partnership, limited liability company or other entity wholly owned, directly or
indirectly, by such person and/or such person’s spouse, parent, sibling and/or descendants (whether natural or adopted), and (z) any estate or trust for the benefit of such person and/or such person’s spouse, parent, sibling and/or
descendants (whether natural or adopted)); or 
 (b) any consolidation or merger of Parent where the stockholders of Parent, immediately
prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more
of the combined voting power of the securities of the entity issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any); 

(c) there shall occur (i) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the assets of Parent, other than a sale or disposition by Parent of all or substantially all of Parent’s assets to an entity, at least 50% of the combined voting power of
the voting securities of which are owned by “persons” (as defined above) who beneficially hold shares of Common Stock immediately prior to such sale or (ii) the approval by stockholders of Parent of any plan or proposal for the
liquidation or dissolution of Parent, as applicable; or 
 (d) at any time during the Term, a majority of the members of Board cease for
any reason (other than due to death, disability or compliance with any policy adopted by the Board regarding mandatory retirement age) to be Incumbent Directors (for the purposes 

  
 7 

 
hereof, the term “Incumbent Directors” shall mean (i) any of Walter Beach, Rodney E. Bennett, Daniel G. Cohen, Thomas Costello, G. Steven Dawson, Jack DiMaio, Joseph M.
Donovan, Jack Haraburda, Christopher Ricciardi, Neil Subin, Lance Ullom, and Charles W. Wolcott, and (ii) any director whose election, or nomination for election by Parent’s stockholders, was approved by a vote of at least a majority of
the then Incumbent Directors); 
 provided, that Executive’s right to terminate this Agreement for Good Reason under this Section 5.3 shall
be conditioned on Executive’s providing transition services for up to six months following such termination, to the extent reasonably requested by the Company. 

5.4 Parachutes. 
 (a) In
the event that any payment or benefit received or to be received by Executive under this Agreement (all such payments and benefits being hereinafter referred to as the “Total Payments”) would not be deductible (in whole or part) by
Parent or the Company as a result of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), then, to the extent necessary to make such portion of the Total Payments deductible, the portion of the Total
Payments that do not constitute deferred compensation within the meaning of Section 409A of the Code shall first be reduced (if necessary, to zero), and all other Total Payments shall thereafter be reduced (if necessary, to zero), with cash
payments being reduced before non-cash payments, and payments to be paid last being reduced first, but only if (i) the amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes
on such reduced Total Payments) is greater than or equal to (ii) the amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of
the excise tax imposed under Section 4999 of the Code (the “Excise Tax”) on such unreduced Total Payments). 
 (b)
For purposes of this limitation, (i) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of
Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to Executive and
selected by the accounting firm which was, immediately prior to the Change of Control, the Company’s independent auditor (the “Auditor”), does not constitute a “parachute payment” within the meaning of
Section 280G(b)(2) of the Code, including by reason of Section 280G(b)(4)(A) of the Code; (iii) the severance payments payable to Executive pursuant to this Agreement shall be reduced only to the extent necessary so that the Total
Payments (other than those referred to in clauses (i) or (ii) of this paragraph) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4)(B) of the Code or are
otherwise not subject to disallowance as deductions by reason of Section 280G of the Code, in the opinion of Tax Counsel; and (iv) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be
determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 

  
 8 

 (c) If it is established pursuant to a final determination of a court of competent jurisdiction
or an Internal Revenue Service proceeding that, notwithstanding the good faith of Executive and the Company in applying the terms of this Section 5.4, the Total Payments paid to or for Executive’s benefit are in an amount that would result
in any portion of such Total Payments being subject to the Excise Tax, then, if such repayment would result in (i) no portion of the remaining Total Payments being subject to the Excise Tax and (ii) a dollar-for-dollar reduction in
Executive’s taxable income and wages for purposes of federal, state and local income and employment taxes, the Executive shall have an obligation to pay the Company upon demand an amount equal to the sum of (x) the excess of the Total
Payments paid to or for Executive’s benefit over the Total Payments that could have been paid to or for Executive’s benefit without any portion of such Total Payments being subject to the Excise Tax; and (y) interest on the amount set
forth in clause (x) of this sentence at the rate provided in Section 1274(b)(2)(B) of the Code from the date of Executive’s receipt of such excess until the date of such payment. 

5.5 Execution of Release. The Executive acknowledges that all payments and benefits due under Section 4 or this Section 5
(other than the Accrued Benefits) are subject to his (or the Executive’s estate or beneficiaries in the case of the death of the Executive) execution of a general release from liability of the Company, Parent, and their respective Officers
(including his successor), Directors/Managers and employees, in a form reasonably satisfactory to the Company, Parent, and the Executive, and such release becoming irrevocable by its terms. Such release shall be provided by the Company and/or
Parent, as applicable, within 30 days following the date of termination of the Executive’s employment. Notwithstanding anything to the contrary contained in this Agreement, there shall be no restrictions on the Executive’s post-employment
activities in any such release, other than as expressly set forth in this Agreement. If Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) fails to execute such release, or such release does not
become irrevocable, all such payments and benefits set forth in Section 4 and this Section 5 shall be forfeited. 
 5.6 No
Mitigation. The Executive shall be under no obligation to seek other employment or to otherwise mitigate the obligations of the Company and/or Parent under this Agreement. 

6. Covenants of the Executive. 

6.1 Confidentiality. The Executive acknowledges that (i) the primary businesses of the Company are its asset management business
(managing assets through listed and private companies, funds, managed accounts and collateralized debt obligations) and its capital markets business (credit-related fixed income sales and trading as well as new issue

  
 9 

 
placements in corporate and securitized products) (the “Businesses”); (ii) the Company is one of the limited number of persons who have such a business; (iii) the
Company’s Businesses are, in part, national and international in scope; (iv) the Executive’s work for the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company;
(v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and
agreements set forth in this Section 6. Accordingly, the Executive covenants and agrees during and after the period of the Executive’s employment at any time with the Company and its affiliates, the Executive (x) shall keep secret and
retain in strictest confidence all confidential matters relating to the Company’s Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or
indirectly from the Company or any of its affiliates (the “Confidential Company Information”), and (y) shall not disclose such Confidential Company Information to anyone outside of the Company except with the Company’s express
written consent and except for Confidential Company Information which is at the time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from a third party not under an obligation to keep such
information confidential and without breach of this Agreement. 
 6.2 Noncompetition/Nonsolicitation. 

(a) For a period of three months following the end of the Term (the “Non-Compete Period”), regardless of the reason the Term of
this Agreement ends, Executive shall not, directly or indirectly, engage or participate in, or become employed by, or affiliated with, or render advisory or any other services to, any person or business entity or organization, of whatever form, that
competes with the Company or any of its subsidiaries (collectively, the “Company Affiliates”) anywhere in North America or Europe. 

(b) For a period of six months following the end of the Term, regardless of the reason the Term of this Agreement ends, Executive shall not,
directly or indirectly, (i) solicit, induce, cause or otherwise attempt to solicit, induce or cause any person who is employed or engaged by any of the Company Affiliates to (A) end his or her employment or engagement with any of the
Company Affiliates, (B) accept employment or other engagement with any person or entity other than any of the Company Affiliates, or (C) in any manner interfere with the business of any of the Company Affiliates, or (ii) hire any
person who was an employee of any of the Company Affiliates at the time of such termination or within the six-month period prior to such termination (provided, that this clause (ii) shall not apply to any employee who has been terminated by any
of the Company Affiliates). 
 (c) For a period of six months following the end of the Term, regardless of the reason the Term of this
Agreement ends, the Executive shall not, directly or 

  
 10 

 
indirectly, solicit, induce, direct or do any act or thing which interferes with or adversely affects the relationship of any of the Company Affiliates with any person or entity who was a
material customer or client of such entities or with whom such entities were actively seeking to form a business relationship either at the time of the termination of the Executive’s employment or within the six-month period immediately
preceding such termination, or otherwise induce or attempt to induce any such person or entity to cease doing business, reduce or otherwise limit its business with any of the Company Affiliates. For purposes hereof, “material customer or
client” means a customer or client that is one of the 25 largest customers or clients of such entity. 
 The Executive specifically acknowledges that
the temporal and geographical limitations hereof, in view of the nature of the Businesses, are reasonable and necessary to protect the Company’s legitimate business interests. 

6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees that any breach by him of any of the provisions of Sections
6.1 and 6.2 (the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches, or threatens to commit a breach of, any of the
provisions of Sections 6.1 or 6.2, the Company and its affiliates, in addition to, and not in lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation, the recovery of
damages), shall have the right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and
injunctions (preliminary, mandatory, temporary and permanent), without posting a bond, against violations, threatened or actual, and whether or not then continuing, of such covenants. 

7. Other Provisions. 

7.1 Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel in connection
with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects. If it is determined that any of the provisions of this Agreement, including, without limitation, any of the
Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions. 

7.2 Duration and Scope of Covenants. If any court or other decision-maker of competent jurisdiction determines that any of the
Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then, after such
determination has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be
enforced. 

  
 11 

 7.3 Enforceability; Jurisdiction; Arbitration. Any controversy or claim arising out of or
relating to this Agreement or the breach of this Agreement (other than a controversy or claim arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself of the rights and remedies
referred to in Section 6.3) that is not resolved by the Executive and the Company (or its affiliates, where applicable) shall be submitted to arbitration in New York, New York in accordance with the law of the State of New York and the
procedures of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Company (or its affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)’
award in any court having jurisdiction. 
 7.4 Notices. Any notice or other communication required or permitted hereunder shall be in
writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally, telegraphed,
telexed or sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails as follows: 
  

	 	(i)	If to the Company, to: 

 IFMI, LLC 

Cira Centre 
 2929 Arch Street,
17th Floor 
 Philadelphia, PA 19104 

Attention: General Counsel 
  

	 	(ii)	If to the Executive, to the most recent home address on file; 

 With a copy (which shall not
constitute notice) to: 
 Morrison Cohen LLP 

909 Third Avenue 
 New York, NY
10022 
 Attn: Jeff Laska 
 Any such person
may by notice given in accordance with this Section 7.4 to the other parties hereto designate another address or person for receipt by such person of notices hereunder. 

  
 12 

 7.5 Entire Agreement. This Agreement contains the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto, including, but not limited to, the Prior Agreement. 

7.6 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be
waived, only by a written instrument signed by all parties. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right,
power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. 

7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

7.8 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in
the case of the Executive) and assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to a merger or
consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however, that the assignee or transferee is the successor to all or substantially all of
the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. 

7.9 Withholding. The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it
determines to be required by law. 
 7.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors, permitted assigns, heirs, executors and legal representatives. 
 7.11 Counterparts. This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist
of two copies hereof each signed by one of the parties hereto. 

  
 13 

 7.12 Survival. Anything contained in this Agreement to the contrary notwithstanding, the
provisions of Sections 4, 5 and 6 and any other provisions of this Agreement expressly imposing obligations that survive termination of the Term and Executive’s employment hereunder, and the other provisions of this Section 7 to the extent
necessary to effectuate the survival of such provisions, shall survive termination of the Term and this Agreement and any termination of the Executive’s employment hereunder. 

7.13 Existing Agreements. The Executive represents to the Company that he is not subject or a party to any employment or consulting
agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit in any manner whatsoever his ability to fulfill his responsibilities hereunder. 

7.14 Section 409A. 

(a) Interpretation. Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements of section
409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted
to comply with section 409A. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the earliest time
thereafter when such sanctions will not be imposed. For purposes of section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive, directly or indirectly, designate the
calendar year of payment. 
 (b) Payment Delay. Notwithstanding any provision to the contrary in this Agreement, if on the date of
the Executive’s termination of employment, the Executive is a “specified employee” (as such term is defined in section 409A(a)(2)(B)(i) of the Code and its corresponding regulations) as determined by the Board (or its delegate) in its
sole discretion in accordance with its “specified employee” determination policy, then all cash severance payments payable to the Executive under this Agreement that are deemed as deferred compensation subject to the requirements of
section 409A of the Code shall be postponed for a period of six months following the Executive’s “separation from service” with the Company (or any successor thereto). The postponed amounts shall be paid to the Executive in a lump sum
within 30 days after the date that is 6 months following the Executive’s “separation from service” with the Company (or any successor thereto). If the Executive dies during such six-month period and prior to payment of the postponed
cash amounts hereunder, the amounts delayed on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after Executive’s death. If any of the cash payments payable pursuant
to this Agreement are delayed due to the requirements of section 409A of the Code, there shall be added to such payments interest during the deferral period at an annualized rate of interest equal to 5%. 

  
 14 

 (c) Reimbursements. All reimbursements provided under this Agreement shall be made or
provided in accordance with the requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a short period of time specified in
this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of all eligible expense will be made
on or before the last day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to the liquidation or exchange for another benefit. Any tax gross up payments to be made
hereunder shall be made not later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the taxing authority. 

7.15 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 

[Signature page follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. 
  

			
	IFMI, LLC
		
	By:	 	 /s/ Daniel G. Cohen

	Name:	 	Daniel G. Cohen
	Title:	 	Chief Executive Officer
	
	INSTITUTIONAL FINANCIAL MARKETS, INC.
		
	By:	 	 /s/ Daniel G. Cohen

	Name:	 	Daniel G. Cohen
	Title:	 	Chief Executive Officer
	
	 /s/ Lester R. Brafman

	Lester R. Brafman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]