Document:

Form of Tax Receivable Agreement

 Exhibit 10.3 
  
 TAX RECEIVABLE AGREEMENT 
 by and between 
 IMPERIAL CAPITAL GROUP, INC. 
 and 
 ICGI HOLDINGS, LLC 
 Dated as of [—], 2010 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
			
	 ARTICLE I
	 	 DEFINITIONS
	  	1
			
	 SECTION 1.1.
	 	 Definitions
	  	1
			
	 SECTION 1.2.
	 	 General
	  	5
			
	ARTICLE II	 	DETERMINATION OF REALIZED TAX BENEFIT OR REALIZED TAX DETRIMENT	  	5
			
	 SECTION 2.1.
	 	 Basis Adjustment Attributable to Original Sale
	  	5
			
	 SECTION 2.2.
	 	 Original Sale Basis Schedule
	  	6
			
	 SECTION 2.3.
	 	 Basis Adjustment Attributable to an Exchange
	  	6
			
	 SECTION 2.4.
	 	 Exchange Basis Schedule
	  	7
			
	 SECTION 2.5.
	 	 Tax Benefit Schedule
	  	7
			
	 SECTION 2.6.
	 	 No Certainty of Tax Benefit
	  	8
			
	 ARTICLE III
	 	 TAX BENEFIT PAYMENTS
	  	9
			
	 SECTION 3.1.
	 	 Payments
	  	9
			
	 SECTION 3.2.
	 	 No Duplicative Payment
	  	9
			
	 ARTICLE IV
	 	 TERMINATION
	  	9
			
	 SECTION 4.1.
	 	 Scheduled Termination Date
	  	9
			
	 SECTION 4.2.
	 	 Early Termination
	  	10
			
	 ARTICLE V
	 	 SUBORDINATION AND LATE PAYMENTS
	  	10
			
	 SECTION 5.1.
	 	 Subordination
	  	10
			
	 SECTION 5.2.
	 	 Late Payments by the Corporation
	  	10
			
	 ARTICLE VI
	 	 ELECTION; CERTAIN TAX MATTERS; CONSISTENCY; COOPERATION
	  	11
			
	 SECTION 6.1.
	 	 Election to be Filed
	  	11
			
	 SECTION 6.2.
	 	 Certain Corporation Tax Matters
	  	11
			
	 SECTION 6.3.
	 	 Consistency
	  	11
			
	 SECTION 6.4.
	 	 Cooperation
	  	11
			
	 ARTICLE VII
	 	 MISCELLANEOUS
	  	11
			
	 SECTION 7.1.
	 	 Entire Agreement
	  	11
			
	 SECTION 7.2.
	 	 Expenses
	  	11
			
	 SECTION 7.3.
	 	 Notices
	  	12
			
	 SECTION 7.4.
	 	 Reconciliation
	  	12

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
			
	 SECTION 7.5.
	 	 Withholding
	  	12
			
	 SECTION 7.6.
	 	 Amendment, Modification or Waiver
	  	12
			
	 SECTION 7.7.
	 	 No Third Party Beneficiaries
	  	13
			
	 SECTION 7.8.
	 	 Successors’ Assignment
	  	13
			
	 SECTION 7.9.
	 	 Counterparts
	  	13
			
	 SECTION 7.10.
	 	 Specific Performance
	  	13
			
	 SECTION 7.11.
	 	 Governing Law
	  	13
			
	 SECTION 7.12.
	 	 Submission to Jurisdiction; Waivers
	  	13
			
	 SECTION 7.13.
	 	 Interpretation
	  	13
			
	 SECTION 7.14.
	 	 Severability
	  	14

  

 ii 

 TAX RECEIVABLE AGREEMENT 
 This TAX RECEIVABLE AGREEMENT (this “Agreement”) is dated as of
                    , 2010, by and between Imperial Capital Group, Inc., a Delaware company (the “Corporation”), and ICGI Holdings,
LLC, a Delaware limited liability company (“Holdings” and together with the Corporation, the “Parties” and each a “Party”). 
 RECITALS: 
 WHEREAS, the Corporation, Holdings and
Imperial Capital Group, LLC, a Delaware limited liability company, are contemporaneously entering into a certain Exchange Agreement (the “Exchange Agreement”); and 
 WHEREAS, in connection with transactions contemplated by the Exchange Agreement, the members of Holdings will contribute their interests in
Imperial Capital Group, LLC, the predecessor to Imperial Capital Group, L.P., a Delaware limited partnership (the “Limited Partnership”), to Holdings in exchange for membership interests in Holdings and will become members of
Holdings (such contributors, the “Members”), which exchange will constitute a transaction for valuable consideration; 
 WHEREAS, pursuant to the Exchange Agreement, certain of the interests in the Limited Partnership (“LP Units”) will be sold by Holdings to the Corporation (the “Original Sale”) in exchange for cash and the
right to certain payments equal to a portion of any tax benefits realized by the Corporation as the result of the sale; and 
 WHEREAS, interests in Holdings may be tendered over time by the Members for redemption by Holdings in exchange for Class A common stock of the Corporation (the “Class A Stock”), and, as necessary to obtain the
Class A Stock required to give effect to such rights of redemption, Holdings has the right to exchange a corresponding number of LP Units with the Corporation for Class A Stock and a portion of any tax benefits realized by the Corporation
as the result of such an exchange (an “Exchange”); and 
 WHEREAS, any tax benefits from the Original Sale or
from an Exchange will result from the Limited Partnership’s having in effect an election under Section 754 of the Code (as defined herein) for the Taxable Year (as defined herein) in which the Original Sale or the Exchange, as applicable,
occurs, which election will result in an adjustment to the Corporation’s share of the tax basis of the assets owned by the Limited Partnership as of the date of the Original Sale or the Exchange, with a consequent effect on the taxable income
subsequently derived therefrom; and 
 WHEREAS, contemporaneous with the Original Sale, the Corporation will become the general
partner of the Limited Partnership and, as such, will exercise control over the Limited Partnership, including of its business and affairs; and 
 WHEREAS, the parties to this Agreement desire to provide for certain payments and make certain arrangements with respect to any tax benefits to be derived by the Corporation as the result of the Original
Sale and Exchanges as contemplated by the Exchange Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the
respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the
terms defined). 

 “Advisory Firm” means an accounting or law firm that is nationally
recognized as being expert in Covered Tax matters, as determined by the Audit Committee. The Audit Committee shall select the Advisory Firm. 
 “Advisory Firm Letter” means a letter from the Advisory Firm stating that the relevant schedule, notice or other information to be provided by the Corporation to Holdings and all
supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such
schedule, notice or other information is delivered to Holdings. 
 “Agreed Rate” means LIBOR plus 200 basis
points. 
 “Agreement” is defined in the preamble. 
 “Amended Tax Benefit Schedule” is defined in Section 2.5(b) of this Agreement. 
 “Actual Tax Liability means the actual liability for Covered Taxes of the Corporation. 
 “Audit Committee” means the audit committee of the board of directors of the Corporation. 
 “Basis Adjustment” means the increase or decrease to the tax basis of, or the Corporation’s share of the tax basis of,
the Limited Partnership’s assets (i) under Sections 734(b), 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise tax law as a result of the Original Sale, (ii) under Section 743(b)
and 754 of the Code and the comparable sections of U.S. state and local income and franchise tax law as a result of any Exchange and (iii) under Sections 743(b) and 754 as a result of any payments under this Agreement. 
 “Business Day” means any calendar day that is not a Saturday, Sunday or other calendar day on which banks are required or
authorized to be closed in the City of New York. 
 “Class A Stock” is defined in the recitals. 
 “Code” means the Internal Revenue Code of 1986, as amended (or any successor U.S. federal income tax statute and the
corresponding provisions thereof). 
 “Corporation” is defined in the preamble. 
 “Covered Taxable Year” means any Taxable Year of the Corporation ending after the Original Sale Date and on or before the
Scheduled Termination Date or Early Termination Date, as applicable. 
 “Covered Tax” means any tax imposed
under Subtitle A of the Code or any other provision of U.S. federal income tax law (including, without limitation, the taxes imposed by Sections 11, 55, 59A, and 1201(a) of the Code) and any U.S. state and local income or franchise tax. 

“Determination” has the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state
or local income or franchise tax law, as applicable. 
 “Early Termination Date” is the last day of the Taxable
Year in which an Early Termination Notice is given. 
 “Early Termination Notice” is defined in
Section 4.2 of this Agreement. 
  

 2 

 “Early Termination Payment” means, as of the date of an Early Termination
Notice, a payment equal to the present value, discounted at the Termination Rate, of all Tax Benefit Payments that would be required to be paid by the Corporation to Holdings during the period from the date of the Early Termination Notice through
the Scheduled Termination Date assuming the Valuation Assumptions are applied. 
 “Escrow Agent” is defined in
Section 3.1(a). 
 “Escrow Agreement” is defined in Section 3.1(a). 
 “Exchange” is defined in the recitals. 
 “Exchange Agreement” is defined in the recitals. 
 “Exchange Assets” means the assets owned by the Limited Partnership as of an applicable Exchange Date (and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset).

 “Exchange Basis Schedule” is defined in Section 2.4(a) of this Agreement. 
 “Exchange Date” means the date on which an Exchange is effected. 
 “Governmental Entity” means any U.S. federal, state or local government or any court of competent jurisdiction,
administrative agency or commission or other domestic governmental authority or instrumentality. 
 “Holdings”
is defined in the preamble. 
 “Holdings LLC Agreement” means the Limited Liability Company Agreement of
Holdings dated as of                     , 2010. 
 “Hypothetical Tax Basis” means, with respect to any asset at any time, the tax basis that such asset would have at such time if no Basis Adjustment had been made as a result of the
Original Sale or an applicable Exchange, as the case may be. 
 “Hypothetical Tax Liability” means, with
respect to any Covered Taxable Year, the liability for Covered Taxes of the Corporation using the same methods, elections, conventions and similar practices used on the actual Tax Returns of the Corporation, but using the Hypothetical Tax Basis
instead of the actual tax basis of each relevant asset and excluding any deduction attributable to the Imputed Interest. 
 “Imputed Interest” and “Imputed Principal” mean the portion of a payment treated as interest or principal, as applicable, under Section 1272, 1274 or 483 or other provision of the Code and the similar
section of the applicable U.S. state or local income or franchise tax law with respect to the Corporation’s payment obligations to Holdings under this Agreement. 
 “IRS” means the U.S. Internal Revenue Service. 
 “LIBOR” means, for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or
if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or
portion thereof). 
  

 3 

 “Limited Partnership” is defined in the recitals. 
 “LP Units” is defined in the recitals. 
 “Members” is defined in the recitals. 
 “Original
Assets” means the assets owned by the Limited Partnership as of the date of the Original Sale and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset. 
 “Original Sale” is defined in the recitals. 
 “Original Sale Basis Schedule” is defined in Section 2.2 of this Agreement. 
 “Original Sale Date” means the date on which the Original Sale is effected. 
 “Party” or “Parties” has the meaning assigned to such term in the preamble to this Agreement. 
 “Person” means and includes any individual, firm, corporation, partnership (including, without limitation, any limited,
general or limited liability partnership), company, limited liability company, trust, joint venture, association, joint stock company, unincorporated organization or similar entity or Governmental Entity. 
 “Preliminary Termination Notice” is defined in Section 4.2(b) of this Agreement. 
 “Proceeding” means a suit, action or proceeding relating to this Agreement. 
 “Realized Tax Benefit” means, for a Covered Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the
Actual Tax Liability for such Covered Taxable Year, less the fees, charges and expenses of the Advisory Firm and the expert described in Section 7.2 related to this Agreement paid by the Corporation in the relevant Covered Taxable Year. If all
or a portion of the Actual Tax Liability for Covered Taxes for the Covered Taxable Year arises as a result of an audit by a Taxing Authority of any Covered Taxable Year, such adjustment to the liability shall not be included in determining the
Realized Tax Benefit or the Realized Tax Detriment unless and until there has been a Determination. 
 “Realized Tax
Detriment” means, for a Covered Taxable Year, the excess, if any, of the Actual Tax Liability of the Corporation over the Hypothetical Tax Liability for such Covered Taxable Year, plus the fees, charges and expenses of the Advisory Firm and
the expert described in Section 7.2 related to this Agreement paid by the Corporation in the relevant Covered Taxable Year. If all or a portion of the Actual Tax Liability arises as a result of an audit by a Taxing Authority of any Covered
Taxable Year, such adjustment to the liability shall not be included in determining the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a Determination. 
 “Reconciliation Procedures” means those procedures set forth in Section 7.4 of this Agreement. 
 “Scheduled Termination Date” means the date on which this Agreement would terminate in the absence of an Early Termination
Notice as provided in Section 4.1 of this Agreement. 
 “Senior Obligations” means principal, interest or
other amounts due and payable in respect of any debt of the Corporation for borrowed funds. 
 “Tax Benefit
Payment” is defined in Section 3.1(b) of this Agreement. 
  

 4 

 “Tax Benefit Schedule” is defined in Section 2.5(a) of this Agreement.

 “Taxable Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of
U.S. state or local income or franchise tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made). 
 “Tax Return” means any return or filing required to be made by the Corporation with respect to Covered Taxes, including
amended returns, for any Taxable Year with any Taxing Authority. 
 “Taxing Authority” means the IRS and any
state or local Governmental Entity responsible for the administration of Covered Taxes. 
 “Termination Rate”
means the Applicable Treasury Rate plus 300 basis points, where the “Applicable Treasury Rate” means a rate equal to the yield to maturity as of the date an Early Termination Notice is delivered of U.S. Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H. 15 (519)) of ten years. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including corresponding provisions of succeeding provisions) as in effect for the relevant taxable
period. 
 “Valuation Assumptions” means, as of any Valuation Date, the assumptions described in Schedule A to
this Agreement. 
 “Valuation Date” means the date of an Early Termination Notice for purposes of determining
an Early Termination Payment. 
 SECTION 1.2. General. Wherever required by the context of this Agreement, the singular
shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time. When used herein: 
 (a) the word “or” is not
exclusive; 
 (b) the words “including,” “includes,” “included” and “include” are deemed
to be followed by the words “without limitation”; 
 (c) the terms “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
 (d) the word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company, partnership or other legal entity or a Governmental Authority; and

 (e) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of
this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 
 ARTICLE II 
 DETERMINATION OF REALIZED TAX BENEFIT

 OR REALIZED TAX DETRIMENT 
 SECTION 2.1. Basis Adjustment Attributable to Original Sale. The Corporation and Holdings hereby acknowledge and agree that (i) Holdings will recognize gain on the Original Sale under
Section 741 of the Code,

  

 5 

 
and (ii) the Corporation’s share of the basis in the Original Assets shall be increased pursuant to Section 743(b) of the Code by reason of the election of the Limited Partnership
pursuant to Section 754 of the Code by the excess of (A) the adjusted basis in the LP Units acquired by the Corporation in the Original Sale, adjusted to take into account the Imputed Principal of Tax Benefit Payments as made, over
(B) the acquired LP Units’ proportionate share of the basis of the Original Assets on the Original Sale Date. 
 SECTION 2.2. Original Sale Basis Schedule. 
 (a) Generally. Within 10 calendar days after filing the
United States federal income tax return for the taxable year which includes the Original Sale Date, the Corporation shall deliver (or cause the Limited Partnership to deliver) to Holdings a schedule (the “Original Sale Basis Schedule”)
that shows, in reasonable detail, for U.S. federal income tax purposes, (i) the actual tax basis as of the Original Sale Date of the Original Assets, (ii) the Basis Adjustment with respect to the Original Assets as a result of the Original
Sale and (iii) the period or periods, if any, over which the Original Assets are amortizable or depreciable for U.S. federal income tax purposes. At the time the Limited Partnership delivers the Original Sale Basis Schedule to Holdings, the
Corporation shall (x) deliver (or cause the Limited Partnership to deliver) to Holdings schedules and work papers providing reasonable detail regarding the preparation of the Original Sale Basis Schedule and an Advisory Firm Letter supporting
such Original Sale Basis Schedule and (y) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited Partnership and the Advisory Firm in connection with its review of such schedule. The Original Sale
Basis Schedule shall become final and binding on the parties unless Holdings, within 30 calendar days after receiving such Original Sale Basis Schedule, provides the Corporation with notice of a material objection to such Original Sale Basis
Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 30 calendar days after such notice was delivered to the Corporation, the
Corporation and Holdings shall employ the Reconciliation Procedures. 
 (b) Amendments to Original Sale Basis Schedule.
The Original Sale Basis Schedule shall be amended from time to time by the Corporation with the consent of the Audit Committee to take account of the Imputed Principal of the Tax Benefit Payments attributable to the Original Sale, as made, and may
be amended from time to time by the Corporation with the consent of the Audit Committee (i) in connection with a Determination or change in applicable law, (ii) to correct inaccuracies to the Original Sale Basis Schedule identified after
the Original Sale Date as a result of the receipt of additional information relating to facts or circumstances on or prior to the Original Sale Date or (iii) to comply with the expert’s determination under the Reconciliation Procedures. At
the time the Corporation delivers such amended Original Sale Basis Schedule to Holdings, it shall (x) deliver to Holdings schedules and work papers providing reasonable detail regarding the preparation of the amended Original Sale Basis
Schedule and an Advisory Firm Letter supporting such amended Original Sale Basis Schedule and (y) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited Partnership and the Advisory Firm in
connection with its review of such schedule. The amended Original Sale Basis Schedule shall become final and binding on the parties unless Holdings, within 30 calendar days after receiving such amended Original Sale Basis Schedule, provides the
Corporation with notice of a material objection to such amended Original Sale Basis Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice
within 30 calendar days after such notice was delivered to the Corporation, the Corporation and Holdings shall employ the Reconciliation Procedures. 
 SECTION 2.3. Basis Adjustment Attributable to an Exchange. Pursuant to an Exchange, Holdings shall exchange a number of LP Units to the Corporation as necessary to provide Holdings with
consideration to give effect to any redemption of interests of the Members in Holdings. The parties hereto acknowledge that (i) Holdings will recognize taxable gain or loss on the Exchange for U.S. federal income tax purposes under
Section 741 of the Code, and (ii) the Corporation’s share of the basis in the Exchange Assets shall be increased pursuant to Section 743(b) of the Code by reason of the election of the Limited Partnership pursuant to
Section 754 of the Code by the excess, if any, of (A) adjusted basis in the LP Units acquired by the Corporation,

  

 6 

 
adjusted to take into account the Imputed Principal of any Tax Benefit Payments as made by the Corporation with respect thereto, over (B) the Corporation’s proportionate share of the
basis of the Exchange Assets immediately after the Exchange attributable to the LP Units exchanged. The Corporation and Holdings will treat such gain and basis adjustment as occurring entirely on the Exchange Date unless there is a Determination to
the contrary. 
 SECTION 2.4. Exchange Basis Schedule. 
 (a) Generally. Within 10 calendar days after filing of its United States federal income tax return for the taxable year in which any
Exchange has been effected, the Corporation shall deliver (or cause the Limited Partnership to deliver) to Holdings a schedule (the “Exchange Basis Schedule”) approved by the Audit Committee that shows, in reasonable detail, for U.S.
federal income tax purposes, (i) the actual tax basis as of the first applicable Exchange Date in such Covered Taxable Year of the Exchange Assets, (ii) the Basis Adjustment with respect to the Exchange Assets as a result of the Exchanges
effected in such Covered Taxable Year, calculated in the aggregate, and (iii) the period or periods, if any, over which the Exchange Assets are amortizable or depreciable. At the time the Corporation delivers (or causes the Limited Partnership
to deliver) the Exchange Basis Schedule to Holdings, it shall (x) deliver (or cause the Limited Partnership to deliver) to Holdings schedules and work papers providing reasonable detail regarding the preparation of the Exchange Basis Schedule
and an Advisory Firm Letter supporting such Exchange Basis Schedule and (y) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited Partnership and the Advisory Firm in connection with its review of
such schedule. The Exchange Basis Schedule shall become final and binding on the parties unless Holdings, within 30 calendar days after receiving such Exchange Basis Schedule, provides the Corporation with notice of a material objection to such
Exchange Basis Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 30 calendar days after such notice was delivered to the
Corporation, the Corporation and Holdings shall employ the Reconciliation Procedures. 
 (b) Amendments to Exchange Basis
Schedule. The Exchange Basis Schedule shall be amended from time to time by the Corporation with the consent of the Audit Committee to take account of the Imputed Principal of the Tax Benefit Payments attributable to such Exchange, as made, and
may be amended from time to time by the Corporation with the consent of the Audit Committee (i) in connection with a Determination or change in applicable law, (ii) to correct inaccuracies to the original Exchange Basis Schedule identified
after the date of the Exchange as a result of the receipt of additional information or (iii) to comply with the expert’s determination under the Reconciliation Procedures. At the time the Corporation delivers such amended Exchange Basis
Schedule to Holdings, it shall (x) deliver to Holdings schedules and work papers providing reasonable detail regarding the preparation of the amended Exchange Basis Schedule and an Advisory Firm Letter supporting such amended Exchange Basis
Schedule and (y) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited Partnership and the Advisory Firm in connection with its review of such schedule. The amended Exchange Basis Schedule shall
become final and binding on the parties unless Holdings, within 30 calendar days after receiving such amended Exchange Basis Schedule, provides the Corporation with notice of a material objection to such amended Exchange Basis Schedule made in good
faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 30 calendar days after such notice was delivered to the Corporation, the Corporation and Holdings
shall employ the Reconciliation Procedures. 
 SECTION 2.5. Tax Benefit Schedule. 
 (a) Generally. Within 10 calendar days after filing its U.S. federal income Tax Return for the relevant Covered Taxable Year, the
Corporation shall provide to Holdings a schedule approved by the Audit Committee showing, in reasonable detail, the calculation of the Corporation’s Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year (the “Tax
Benefit Schedule”). At the time the Corporation delivers the

  

 7 

 
Tax Benefit Schedule to Holdings it shall (i) deliver to Holdings schedules and work papers providing reasonable detail regarding the preparation of the Tax Benefit Schedule and an Advisory
Firm Letter supporting such Tax Benefit Schedule and (ii) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited Partnership and the Advisory Firm in connection with its review of such schedules. The
Tax Benefit Schedule shall become final and binding on the parties unless Holdings, within 30 calendar days after receiving such Tax Benefit Schedule, provides the Corporation with notice of a material objection to such Tax Benefit Schedule made in
good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 30 calendar days after receipt thereof by the Corporation, the Corporation and Holdings shall
employ the Reconciliation Procedures. 
 (b) Amendments to Tax Benefit Schedule. A Tax Benefit Schedule for any Covered
Taxable Year may be amended from time to time by the Corporation with the consent of the Audit Committee (i) in connection with a Determination or change in applicable law affecting such Tax Benefit Schedule, (ii) to correct inaccuracies
in the original Tax Benefit Schedule identified as a result of the receipt of additional factual information relating to a Covered Taxable Year after the date the Tax Benefit Schedule was provided to Holdings, (iii) to reflect a change in the
Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Covered Taxable Year, (iv) to reflect a change in the Realized Tax Benefit or Realized
Tax Detriment for such Covered Taxable Year attributable to an amended tax return filed for such Covered Taxable Year (provided, however, that such a change attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be
taken into account on an Amended Tax Benefit Schedule unless and until there has been a Determination with respect to such change) or (v) to comply with the expert’s determination under the Reconciliation Procedures. At the time the
Corporation delivers such an amended Tax Benefit Schedule pursuant to this Section 2.5(b) (an “Amended Tax Benefit Schedule”) to Holdings it shall (x) deliver to Holdings schedules and work papers providing reasonable detail
regarding the preparation of the Amended Tax Benefit Schedule and an Advisory Firm Letter supporting such Amended Tax Benefit Schedule and (y) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited
Partnership and the Advisory Firm in connection with its review of such schedule. Such Amended Tax Benefit Schedule shall become final and binding on the parties unless Holdings, within 30 calendar days after receiving such Amended Tax Benefit
Schedule, provides the Corporation with notice of a material objection to such Amended Tax Benefit Schedule made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised
in such notice within 30 calendar days after such notice was delivered to the Corporation, the Corporation and Holdings shall employ the Reconciliation Procedures. 
 (c) Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Covered Taxable Year is intended to measure the decrease or increase in the actual Covered Tax liability of
the Corporation for such Covered Taxable Year attributable to the Basis Adjustment and Imputed Interest, determined using a “with and without” methodology. For avoidance of doubt, the actual Covered Tax liability will take into account the
deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest under the Code based upon the characterization of the Tax Benefit Payment as additional consideration payable by the Corporation for the LP Units
acquired in the Original Sale or an Exchange, as applicable. Carryovers or carrybacks of any Covered Tax item attributable to the Basis Adjustment and Imputed Interest (determined using such “with and without” methodology) shall be
considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation and expiration of carryovers or
carrybacks of the relevant type. If a carryover or carryback of any Covered Tax item includes a portion that is attributable to the Basis Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in
the order determined using such “with and without” methodology. 
 SECTION 2.6. No Certainty of Tax Benefit.
Tax Benefit Payments will only be made based upon Realized Tax Benefits. The parties acknowledge that circumstances may exist where either no Basis Adjustment results from an Exchange, no positive Basis Adjustment results from an Exchange or no Tax
Benefit is realized as the result of a positive Basis Adjustment resulting from an Exchange. 
  

 8 

 ARTICLE III 
 TAX BENEFIT PAYMENTS 
 SECTION 3.1. Payments.

 (a) Within three calendar days after the delivery of the Tax Benefit Schedule to Holdings for any Covered Taxable Year, the
Corporation shall pay to Holdings an amount equal to the the Tax Benefit Payment (as defined below) for such Covered Taxable Year. Each Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account of Holdings
previously designated by Holdings to the Corporation. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, estimated federal income tax payments. 
 (b) A “Tax Benefit Payment” shall equal 85% of the Corporation’s Realized Tax Benefit, if any, for a Covered Taxable Year,

 increased by: 
 (1) interest calculated at the Agreed Rate from the due date (without extensions) for filing the Tax Return for such Covered Taxable Year); and 
 (2) 85% of the amount of the excess Realized Tax Benefit reflected on an Amended Tax Benefit Schedule for a previous Covered
Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Tax Benefit Schedule for such previous Covered Taxable Year, and 
 decreased by: 
 (3) an amount equal to 85% of the
Corporation’s Realized Tax Detriment (if any) for any previous Covered Taxable Year; and 
 (4) 85% of the
amount of the excess Realized Tax Benefit reflected on the Tax Benefit Schedule for a previous Covered Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Amended Tax Benefit Schedule for such previous Covered
Taxable Year; 
 provided, however, that the amounts described in clauses 3.1(b)(2), (3) and (4) shall not be taken into
account in determining a Tax Benefit Payment attributable to any Covered Taxable Year to the extent of such amounts taken into account in determining any Tax Benefit Payment in a preceding Covered Taxable Year. 
 (c) The adjustments made in the computation of the Tax Benefit Payment provided in paragraph (b) shall be the exclusive means of
correcting the amount of any Tax Benefit Payment previously made. For avoidance of doubt, there shall be no other recourse against Holdings with respect to any overpayment. 
 SECTION 3.2. No Duplicative Payment. No duplicative payment of any amount (including interest) will be required under this Agreement.

 ARTICLE IV 
 TERMINATION 
 SECTION 4.1. Scheduled Termination Date. This
Agreement shall terminate effective upon the earlier of (i) the end of the Taxable Year that includes the 50th anniversary of the Original Sale Date, or (ii) the end of the Taxable Year that includes the 16th anniversary of the date upon
which all rights of sale and exchange granted under the Exchange Agreement have terminated. Upon the Scheduled Termination Date, the Corporation shall have no further payment obligations under this Agreement, other than for (i) any Tax Benefit
Payment agreed to

  

 9 

 
by the Corporation and Holdings as due and payable but unpaid as of the Scheduled Termination Date and (ii) any Tax Benefit Payment with respect to the Covered Taxable Year ending with the
Scheduled Termination Date. 
 SECTION 4.2. Early Termination. 
 (a) At any time after the 25th anniversary of the date of this Agreement, or earlier with the consent of Holdings, the Corporation may
terminate this Agreement with the consent of the Audit Committee effective as of the Early Termination Date by paying to Holdings the Early Termination Payment as provided in paragraph (c) below. Upon payment of the Early Termination Payment by
the Corporation, the Corporation shall have no further payment obligations under this Agreement, other than for any (i) Tax Benefit Payment agreed to by the Corporation and Holdings as due and payable but unpaid as of the Early Termination Date
and (ii) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the Early Termination Date (except to the extent that the amount described in clause (i) or (ii) is included in the Early Termination Payment).

 (b) If the Corporation intends to exercise its right of early termination, it shall first provide at least 60 days’ (but
not more than 90 days’) prior written notice of its intention to exercise its termination rights with respect to this Agreement to Holdings (the “Preliminary Termination Notice”); and, for the next succeeding 30 days, Holdings shall
have the right to exchange its LP Units in accordance with the Exchange Agreement. To exercise its right of early termination under Section 4.2(a) above, within 60 days following the requisite Preliminary Termination Notice to Holdings, the
Corporation shall deliver to Holdings a notice (the “Early Termination Notice”) specifying the Corporation’s intention to exercise its right of termination and showing in reasonable detail the calculation of the Early Termination
Payment. At the time the Corporation delivers the Early Termination Notice to Holdings, the Corporation shall (i) deliver to Holdings schedules and work papers providing reasonable detail regarding the calculation of the Early Termination
Payment, in a manner consistent with the definition of such term and an Advisory Firm Letter supporting such calculation and (ii) allow Holdings reasonable access to the appropriate representatives at the Corporation, the Limited Partnership
and the Advisory Firm in connection with its review of such calculation. The calculation contained in such Early Termination Notice shall become final and binding on the parties unless Holdings, within 30 calendar days after receiving such
calculation, provides the Corporation with notice of a material objection to such calculation made in good faith and in reasonable detail. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such
calculation within 30 calendar days after such notice of material objection, the Corporation, and Holdings shall employ the Reconciliation Procedures. 
 (c) Within forty-five (45) calendar days after the delivery to Holdings of the Early Termination Notice or ten (10) days after any amendment to the Early Termination Notice, the Corporation
shall pay to Holdings an amount equal to the Early Termination Payment. Such payment shall be made by wire transfer of immediately available funds to a bank account designated by Holdings. 
 (d) For the avoidance of doubt, Holdings shall not be entitled to cause an early termination of this Agreement. 
 ARTICLE V 
 SUBORDINATION AND LATE PAYMENTS 
 SECTION 5.1. Subordination. Notwithstanding any other provision of
this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required to be made by the Corporation to Holdings under this Agreement shall rank subordinate and junior in right of payment to any Senior Obligations and shall
rank pari passu with all current or future unsecured obligations of the Corporation that are not Senior Obligations. 
 SECTION
5.2. Late Payments by the Corporation. The amount of all or any portion of a payment not made to Holdings when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Agreed Rate and
commencing from the date on which such payment was due and payable. 
  

 10 

 ARTICLE VI 
 ELECTION; CERTAIN TAX MATTERS; 
 CONSISTENCY;
COOPERATION 
 SECTION 6.1. Election to be Filed. As general partner of the Limited Partnership, the Corporation
shall cause the Limited Partnership to file an election under Section 754 of the Code commencing with its Taxable Year in which the Original Sale occurs. 
 SECTION 6.2. Certain Corporation Tax Matters. Except as otherwise provided herein, the Corporation shall have full responsibility for, and sole discretion over, all matters concerning Covered Taxes
of the Corporation and the Limited Partnership, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to Covered Taxes. Notwithstanding the foregoing, the
Corporation shall notify Holdings of, and keep Holdings reasonably informed with respect to, and Holdings shall have the right to participate in and monitor (but, for the avoidance of doubt, not to control) the portion of any audit of the
Corporation by a Taxing Authority the outcome of which is reasonably expected to affect Holdings’ rights under this Agreement. The Corporation shall provide to Holdings reasonable opportunity to provide information and other input to the
Corporation and its advisors concerning the conduct of any such portion of such audits. The Corporation shall not settle or otherwise resolve any audit or other challenge by a Taxing Authority relating to the Basis Adjustment or the deduction of
Imputed Interest without the consent of the Audit Committee and Holdings, which consent Holdings shall not unreasonably withhold, condition or delay. 
 SECTION 6.3. Consistency. Unless there is a Determination or change of law to the contrary, the Corporation and Holdings, on their own behalf and on behalf of each of their affiliates (including
the Members of Holdings in accordance with the Holdings LLC Agreement), agree to report and cause to be reported for all U.S. purposes, including for purposes of all Covered Taxes and U.S. financial reporting purposes, all items related to Covered
Taxes and this Agreement (including without limitation the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any schedule, letter or certificate required to be provided by or on behalf of
the Corporation under this Agreement. In the event that an Advisory Firm is replaced with another firm acceptable to the Audit Committee, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures
and methodologies consistent with the procedures and methodologies of the previous Advisory Firm, unless otherwise required by law or unless the Corporation, the Audit Committee and Holdings agree to the use of other procedures and methodologies.

 SECTION 6.4. Cooperation. Holdings shall (and shall cause its affiliates to) (i) furnish to the Corporation in a
timely manner such information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or
defending any audit, examination or controversy with any Taxing Authority, (ii) make its employees available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the
Corporation or its representative may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any such matter. 
 ARTICLE VII 
 MISCELLANEOUS 
 SECTION 7.1. Entire Agreement. This Agreement shall constitute the entire agreement
among the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
 SECTION 7.2. Expenses. Except as expressly set forth in this Agreement, all third party fees, costs and expenses paid or incurred in connection with the transactions contemplated by this Agreement
will be paid by the Party incurring such fees, costs or expenses. 
  

 11 

 SECTION 7.3. Notices. All notices, consents, waivers and other communications
required or permitted by this Agreement shall be in writing and shall be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by
facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and
marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Parties): 
 If to the Corporation: 
 Imperial Capital Group, Inc. 
 2000 Avenue of the Stars 
 9th Floor, South Tower 
 Los Angeles, California 90067 
 Attention: Jason Reese 
 Fax: (310) 777-3029 
 with a copy to: 
 Dechert LLP 
 1095 Avenue of the Americas 
 New York, NY 10036 
 Fax: (212) 698-3599 
 Attention: Charles I. Weissman, Esq. 
 If to Holdings: 
 ICGI Holdings, LLC 
 2000 Avenue of the Stars 
 9th Floor, South Tower 
 Los Angeles, California 90067 
 Attention: Jason Reese 
 Fax: (310) 777-3029 
 SECTION 7.4. Reconciliation. In the event that the Corporation and Holdings are unable to resolve a disagreement within the relevant
period designated in this Agreement, the matter shall be submitted for determination to a nationally recognized expert in the particular area of disagreement employed by a nationally recognized accounting firm or a law firm (other than the Advisory
Firm), which expert is mutually acceptable to both parties and the Audit Committee. If the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such
payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The determinations of the expert pursuant to this Section 7.4
shall be binding on the Corporation, the Limited Partnership and Holdings absent manifest error. 
 SECTION 7.5.
Withholding. The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment under the
Code, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate taxing authority by the Corporation, such withheld amounts shall be treated for all purposes of this Agreement as
having been paid to Holdings. Each Party will cooperate to minimize withholding obligations, if any, with respect to payments required hereunder. 
 SECTION 7.6. Amendment, Modification or Waiver. This Agreement may be amended, modified, waived or supplemented, in whole or in part, only by a written agreement signed by each of the Corporation
and Holdings and approved by the Audit Committee. No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of

  

 12 

 
any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. The waiver by such
Parties of any breach of this Agreement shall not be construed as a waiver of any subsequent breach. 
 SECTION 7.7. No Third
Party Beneficiaries. This Agreement is solely for the benefit of the Parties and is not intended to confer upon any other persons any rights or remedies hereunder. 
 SECTION 7.8. Successors’ Assignment. Holdings may assign its rights to Tax Benefit Payments pursuant to this Agreement to any of the Members without the consent of the Corporation and the
Audit Committee. Any other proposed assignment of rights to Tax Benefit Payments hereunder shall be subject to the prior written consent of the Corporation and the Audit Committee, which consent shall not be unreasonably withheld, conditioned or
delayed; provided, however, Holdings may pledge some or all of its rights, interests or entitlements under this Agreement to any U.S. money center bank in connection with a bona fide loan or other indebtedness. The Corporation may not
assign any of its rights, interests or entitlements under this Agreement without the consent of Holdings, not to be unreasonably withheld or delayed. Subject to each of the three immediately preceding sentences, this Agreement will be binding upon,
inure to the benefit of and be enforceable by the parties and their respective successors and assigns including any acquirer of all or substantially all of the assets of the Corporation. 
 SECTION 7.9. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 SECTION 7.10. Specific Performance. The Parties
acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties
shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they may be entitled
by law or equity. 
 SECTION 7.11. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware (other than the laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect,
performance and remedies. 
 SECTION 7.12. Submission to Jurisdiction; Waivers. With respect to any Proceeding, each
Party irrevocably (i) consents and submits to the exclusive jurisdiction of the courts of the State of Delaware and any court of the U.S. located in the State of Delaware; (ii) waives any objection which such Party may have at any time to
the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have
jurisdiction over such Party; (iii) consents to the service of process at the address set forth for notices in Section 7.1 herein; provided, however, that such manner of service of process shall not preclude the service of
process in any other manner permitted under applicable law; and (iv) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 
 SECTION 7.13. Interpretation. The Article and Section headings contained in this Agreement are solely for the purpose of reference,
are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. 
  

 13 

 SECTION 7.14. Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
  

 14 

 IN WITNESS WHEREOF, the Corporation and Holdings have duly executed this Agreement as of the
date first written above. 
  

					
	IMPERIAL CAPITAL GROUP, INC.
		
	By	 	 
		 	Name:	 	 
		 	Title:	 	 

					
		
	Address:	 	 
		 	 

					
	
	ICGI HOLDINGS, LLC
		
	By	 	 
		 	Name:	 	 
		 	Title:	 	 

					
		
	Address:	 	 
		 	 

 Signature Page to Tax Receivable Agreement 
  

 15 

 SCHEDULE A 
 VALUATION ASSUMPTIONS 
 (i) There will be no further
Exchanges from and after the Early Termination Notice. 
 (ii) There will be no change in the applicable rates of Covered Taxes
throughout the relevant period, except to the extent such changes have already been enacted into law. 
 (iii) All taxable
income of the Corporation will be subject to the maximum applicable rates for Covered Taxes throughout the relevant period. 
 (iv) The Corporation will have income that exceeds the amount of any increase in deductions that may be derived from the Basis Adjustment and Imputed Interest throughout the relevant period for purposes of all Covered Taxes. 
  

 16Form of Limited Partnership Agreement

 Exhibit 10.5 
  
 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 IMPERIAL CAPITAL GROUP, L.P. 
 Dated as of                     , 2010

  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I.
	  	 DEFINITIONS
	  	1
			
	 ARTICLE II.
	  	 FORMATION
	  	6
			
	 Section 2.1.
	  	 Formation
	  	6
			
	 Section 2.2.
	  	 Name
	  	6
			
	 Section 2.3.
	  	 Purpose
	  	6
			
	 Section 2.4.
	  	 Admission of the General Partner
	  	6
			
	 Section 2.5.
	  	 Principal Place of Business
	  	6
			
	 Section 2.6.
	  	 Term
	  	6
			
	 Section 2.7.
	  	 Filings; Agent for Service of Process
	  	6
			
	 Section 2.8.
	  	 Register
	  	6
			
	 ARTICLE III.
	  	 ORGANIZATION; CAPITAL AND INTERESTS
	  	7
			
	 Section 3.1.
	  	 Organization and Establishment of Partners
	  	7
			
	 Section 3.2.
	  	 Capital Accounts
	  	7
			
	 Section 3.3.
	  	 Interests of the Partners
	  	7
			
	 Section 3.4.
	  	 Documentation Regarding Interests
	  	7
			
	 Section 3.5.
	  	 Other Matters
	  	8
			
	 ARTICLE IV.
	  	 ALLOCATIONS
	  	8
			
	 Section 4.1.
	  	 Profits and Losses
	  	8
			
	 Section 4.2.
	  	 Special Allocations
	  	8
			
	 Section 4.3.
	  	 Allocations of Tax Items.
	  	9
			
	 Section 4.4.
	  	 Other Allocation Rules
	  	9
			
	 ARTICLE V.
	  	 DISTRIBUTIONS
	  	10
			
	 Section 5.1.
	  	 Manner of Distributions
	  	10
			
	 Section 5.2.
	  	 Tax Priority Distributions
	  	10
			
	 Section 5.3.
	  	 Net Cash Flow
	  	10
			
	 ARTICLE VI.
	  	 GENERAL PARTNER
	  	10
			
	 Section 6.1.
	  	 Authority of the General Partner
	  	10
			
	 Section 6.2.
	  	 Powers of the General Partner
	  	10
			
	 Section 6.3.
	  	 Right to Rely upon General Partner
	  	12
			
	 Section 6.4.
	  	 Restrictions on Authority of General Partner
	  	12

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 6.5.
	  	 Duties and Obligations of the General Partner
	  	12
			
	 Section 6.6.
	  	 Compensation and Expenses
	  	12
			
	 Section 6.7.
	  	 Signatures; Power of Attorney
	  	13
			
	 ARTICLE VII.
	  	 RECORDS AND ACCOUNTING
	  	13
			
	 Section 7.1.
	  	 Records and Accounting
	  	13
			
	 Section 7.2.
	  	 Tax Information
	  	13
			
	 Section 7.3.
	  	 Tax Returns
	  	13
			
	 Section 7.4.
	  	 Accounting Decisions
	  	13
			
	 Section 7.5.
	  	 Tax Elections
	  	13
			
	 Section 7.6.
	  	 Fiscal Year
	  	13
			
	 Section 7.7.
	  	 Tax Matters
	  	13
			
	 ARTICLE VIII.
	  	 AMENDMENTS; MEETINGS; VOTING
	  	14
			
	 Section 8.1.
	  	 Amendment
	  	14
			
	 Section 8.2.
	  	 Meetings of Partners
	  	14
			
	 Section 8.3.
	  	 Proxy of Partner
	  	14
			
	 Section 8.4.
	  	 Consent or Voting
	  	14
			
	 ARTICLE IX.
	  	 PARTNERS’ REPRESENTATION
	  	14
			
	 ARTICLE X.
	  	 TRANSFERS OF INTERESTS
	  	14
			
	 Section 10.1.
	  	 Restrictions on Partner’s Transfer of LP Units
	  	14
			
	 Section 10.2.
	  	 Permitted Transfers of LP Units
	  	14
			
	 Section 10.3.
	  	 Interest of the General Partner
	  	15
			
	 ARTICLE XI.
	  	 ADMISSION AND WITHDRAWAL OF PARTNERS
	  	15
			
	 Section 11.1.
	  	 Admission
	  	15
			
	 Section 11.2.
	  	 Withdrawal of Limited Partner
	  	15
			
	 Section 11.3.
	  	 Resignation of General Partner
	  	15
			
	 Section 11.4.
	  	 Successor General Partner
	  	15
			
	 Section 11.5.
	  	 Rights of Resigned General Partner
	  	15
			
	 ARTICLE XII.
	  	 DISSOLUTION AND LIQUIDATION
	  	15
			
	 Section 12.1.
	  	 Dissolution
	  	15
			
	 Section 12.2.
	  	 Winding-Up of Affairs
	  	16

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 12.3.
	  	 Liquidating Distributions
	  	16
			
	 ARTICLE XIII.
	  	 MISCELLANEOUS
	  	16
			
	 Section 13.1.
	  	 Notices
	  	16
			
	 Section 13.2.
	  	 Binding Effect
	  	17
			
	 Section 13.3.
	  	 Construction
	  	17
			
	 Section 13.4.
	  	 Headings
	  	17
			
	 Section 13.5.
	  	 Severability
	  	17
			
	 Section 13.6.
	  	 Further Action
	  	17
			
	 Section 13.7.
	  	 No Other Beneficiaries
	  	17
			
	 Section 13.8.
	  	 Variation of Pronouns
	  	17
			
	 Section 13.9.
	  	 Governing Law
	  	17
			
	 Section 13.10.
	  	 Counterpart Execution
	  	17
			
	 Section 13.11.
	  	 Sole and Absolute Discretion
	  	17
			
	 Section 13.12.
	  	 Non-Arbitrability
	  	18

  

 iii 

 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 

 IMPERIAL CAPITAL GROUP, L.P. 
 THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Imperial Capital Group, L.P. (formerly known as, and successor by statutory conversion to, Imperial Capital
Group, LLC) (the “Partnership”) is entered into and shall be effective as of the commencement of business on the             day of
                    , 2010, by and between Imperial Capital Group, Inc., a Delaware corporation (the “Public Company” or the
“General Partner”), ICGI Holdings, LLC, a Delaware limited liability company (“ICGI Holdings” or the “Initial General Partner”) and Imperial Capital Group Holdings, LLC (the “ICGH
LLC”), pursuant to the provisions of the Act, on the terms and conditions set forth hereinafter. 
 WHEREAS, the
Partnership has been formed by the Initial General Partner and ICGH LLC by conversion of Imperial Capital Group, LLC into a limited partnership in order to facilitate transactions associated with the public offering of Class A common stock of
the Public Company (the “Public Offering”); 
 WHEREAS, the Public Company has been organized to undertake the
Public Offering and to acquire interests in the Partnership and manage the Partnership as its general partner; and 
 WHEREAS,
as a condition of the purchase and sale of interests in the Partnership to the Public Company and the admission of the Public Company to the Partnership as the general partner, the Public Company and ICGI Holdings have agreed to amend and restate
the limited partnership agreement of the Partnership as hereinafter set forth. 
 NOW, THEREFORE, the General Partner and ICGI
Holdings, as the sole Partners and holders of all of the interests in the Partnership, do hereby amend and restate the limited partnership agreement of the Partnership in its entirety as follows: 
 ARTICLE I. 
 DEFINITIONS 
 The following terms when used in this Agreement shall have the following meanings: 
 “Act” shall mean the Delaware Revised Uniform Partnership Act, 6 Del. C. § 17-101 et seq., as amended, and
any successor to such statute. 
 “Agreement” means this Amended and Restated Partnership Agreement of Imperial
Capital Group, L.P., as amended from time to time. Words such as “herein,” “hereinafter,” “hereof,” “hereto,” and “hereunder” refer to this Agreement as a whole, unless the context otherwise
requires. 
 “Capital Account” shall mean, with respect to any Partner, the Capital Account maintained for such
Partner in accordance with the following provisions: 
 (i) The Capital Account of each Partner shall be
increased by (i) the amount of any cash Capital Contribution by the Partner to the Partnership, (ii) the fair market value of any property contributed by the Partner to the Partnership (net of liabilities that the Partnership is deemed to
have assumed or taken subject to, under and pursuant to Section 752 of the Code) and (iii) allocations to the Partner of Partnership Profits and other items of income and gain pursuant to Article IV, including income and gain exempt from
tax, and income and gain described in Regulations Section 1.704-1(b)(2)(iv)(g), but excluding items of income and gain described in Regulations Section 1.704-1(b)(4)(i). 
 (ii) The Capital Account of each Partner shall be decreased by (i) the amount of any cash distributed to such Partner,
(ii) the fair market value of any property distributed to such Partner (net of

 
any liabilities that such Partner is deemed to have assumed or taken subject to, under and pursuant to Section 752 of the Code), (iii) allocations to the Partner of expenditures
described in Section 705(a)(2)(B) of the Code, and (iv) allocations to the Partner of Partnership Losses and other items of loss and deduction pursuant to Article IV, including loss and deduction described in Regulations
Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (iii) above and items of loss and deduction described in Regulations Sections 1.704-1(b)(4)(i) and (iii). 
 (iii) A single Capital Account shall be maintained for each Partner, which Capital Account shall reflect all allocations,
distributions, or other adjustments required with respect to the interest in the Partnership owned by such Partner. 
 (iv) If, pursuant to Regulations Section 1.704-1(b)(2)(iv)(d) or 1.704-1(b)(2)(iv)(f), property is reflected on the books of the Partnership at a book value that differs from the adjusted tax basis of such property, the Partners’
Capital Accounts shall be adjusted in accordance with Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation. depletion, amortization, and gain or loss, as computed for book purposes, with respect to such property. 

(v) Upon any transfer of all or part of an interest in the Partnership, as permitted by this Agreement, the Capital
Account (or portion thereof) of the transferor that is attributable to the transferred interest (or portion thereof) shall carry over to the transferee, as prescribed by Regulations Section 1.704-1(b)(2)(iv)(1). 
 (vi) Notwithstanding anything to the contrary in this definition, it is the intention of the Partners that the Capital
Accounts of the Partners be maintained strictly in accordance with the capital account maintenance requirements of Regulations Section 1.704- 1(b)(2)(iv), and that such Capital Accounts be adjusted to the extent required by the provisions of
such regulations or any successor provisions thereto. 
 “Capital Contribution” means, with respect to any
Partner, the amount of money and the gross fair market value of any property (other than money) contributed to the Partnership with respect to the Interest in the Partnership held by such Partner pursuant to the terms of this Agreement. 

“Carrying Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes,
except as follows: 
 (i) The initial Carrying Value of any asset contributed by a Partner to the Partnership
shall be the gross fair market value of such asset, as determined by the Partnership; 
 (ii) The Carrying Values
of all Partnership assets shall be adjusted to equal their respective gross fair market values, as determined by the General Partner, as of the following times: (a) the acquisition of an additional Interest in the Partnership by any new or
existing Partner in exchange for more than a de minimis Capital Contribution; (b) the distribution by the Partnership to a Partner of more than a de minimis amount of Property as consideration for the redemption of an Interest in the
Partnership; (c) the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and (d) any other circumstance when the General Partner, in its discretion, determines that a revaluation of the
Property of the Partnership is necessary to properly reflect the economic relationship of the Partners to one another and the Partnership; 
 (iii) The Carrying Value of any Partnership asset distributed to any Partner shall be the gross fair market value of such asset on the date of distribution; and 
 (iv) The Carrying Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Carrying
Values shall not be

  

 2 

 
adjusted pursuant to this clause (iv) to the extent the General Partner determines that an adjustment pursuant to clause (ii) above is necessary or appropriate in connection with a
transaction that would otherwise result in an adjustment pursuant to this clause (iv). 
 If the Carrying Value of an asset has been determined
or adjusted pursuant to clause (i), clause (ii) or clause (iv) of this definition, such Carrying Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and
Losses. 
 “Certificate” means the certificate of limited partnership of the Partnership filed in accordance
with the Act. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law). 
 “Conversion Certificate” means the certificate of conversion of
ICG LLC into the Partnership filed in accordance with the Act. 
 “Depreciation” means, for each fiscal year or
other period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for
federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery
deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined
with reference to such beginning Carrying Value using any reasonable method selected by the General Partner. 
 “Exchange Agreement” means that certain Exchange Agreement, dated as of                     , 2010, by and between the ICG
LLC, the Public Company and ICGI Holdings. 
 “Fiscal Year” of the Partnership means the calendar year.

 “GAAP” means generally accepted accounting principles in the United States. 
 “General Partner” means the General Partner or a successor General Partner appointed in accordance herewith. 
 “ICGI Holdings” is defined in the preamble to this Agreement. 
 “ICGI Holdings Common Units” means the membership interests that are designated as Common Units in the limited liability
company agreement of ICGI Holdings. 
 “Initial General Partner” is defined in the preamble. 
 “Interest” means an ownership interest in the Partnership by a Partner, including any and all benefits to which the holder
of such an Interest may be entitled as provided in this Agreement, together with all obligations of such Partner to comply with the terms and provisions of this Agreement. 
 “Liquidator” means the General Partner or its successor or, if none, such other Person selected by a vote of the Partners
to conduct the winding-up of the Partnership and distribution of its assets following dissolution of the Partnership. 
 “Limited Partner” means a Partner who is not a general partner. 
  

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 “LP Units” means the units into which the Interests of the Partners are
divided for purposes of this Agreement. LP Units shall be fungible, and each LP Unit shall have the same economic and voting rights as each other LP Unit. 
 “Net Cash Flow” means the gross cash proceeds from Partnership operations and from sales or refinancings attributable to Partnership assets less the portion thereof used to pay or
establish reserves for all Partnership expenses, debt payments, capital improvements, replacements and contingencies, all as reasonably determined by the General Partner. Net Cash Flow shall not be reduced by depreciation, amortization, cost
recovery deductions or similar allowances, but shall be increased by any reductions of reserves previously established. 
 “Nonrecourse Liability” shall have the meaning set forth in Regulations Section 1.752-1(a)(2). 
 “Partner” means ICGI Holdings and the General Partner or any other Person who has become a Partner pursuant to the terms of this Agreement and who has not ceased to be a Partner. “Partners” means all such
Persons. 
 “Partner Nonrecourse Debt” shall have the meaning ascribed to the term “Partner Nonrecourse
Debt” in Regulations Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum Gain” shall mean
an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a nonrecourse liability of the Partnership, determined in accordance with Regulations
Sections 1.704-2(i)(2) and (3). 
 “Partner Nonrecourse Deductions” shall have the meaning set forth in
Regulations Section 1.704-2(i)(2). The amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Fiscal Year of the Partnership equals the excess (if any) of the net increase (if any) in the amount of Partner
Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt during that Fiscal Year over the aggregate amount of any distributions during that Fiscal Year to the Partner that bears (or is deemed to bear) the economic loss for such
Partner Nonrecourse Debt to the extent such distributions are from the proceeds of such Partner Nonrecourse Debt and are allocable to an increase in Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in
accordance with Regulations Section 1.704-2(i)(2). 
 “Partnership” means Imperial Capital Group, L.P.,
the Delaware limited partnership organized pursuant to this Agreement. 
 “Partnership Minimum Gain” shall mean
the amount determined by computing with respect to each nonrecourse liability of the Partnership the amount of gain (of whatever character), if any, that would be realized by the Partnership if it disposed (in a taxable transaction) of the property
subject to such liability in full satisfaction thereof, and by then aggregating the amounts so computed as set forth in Regulations Section 1.704-2(d). 
 “Person” means any individual, partnership, corporation, trust or other entity. 
 “Profits” and “Losses” means, for each fiscal year or other period, an amount equal to the Partnership’s taxable income or loss for such year or period, determined
in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following
adjustments: 
 (i) Any income of the Partnership that is exempt from federal income tax and not otherwise taken
into account in computing Profits or Losses shall be added to such taxable income or loss; 
  

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 (ii) Any expenditures of the Partnership described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable
income or loss; 
 (iii) In the event the Carrying Value of any Partnership asset is adjusted, the amount of such
adjustment shall be taken into account as if gain or loss from the disposition of such asset for purposes of computing Profits or Losses; 
 (iv) Gain or loss resulting from any disposition of Property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the
property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Carrying Value; and 
 (v) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year or other period. 

“Property” means all real and personal property acquired by the Partnership and any improvements thereto, and shall
include both tangible and intangible property. 
 “Public Company” means Imperial Capital Group, Inc., the
Delaware corporation that has joined in this Agreement as General Partner. 
 “Public Company Common Stock”
means Class A common stock, par value $0.01 per share, of the Public Company. 
 “Public Offering” is
defined in the recitals. 
 “Register” is defined in Section 2.8. 
 “Regulations” means the Income Tax Regulations promulgated under the Code, as such Regulations may be amended from time to
time (including corresponding provisions of succeeding regulations). 
 “Tax Priority” with respect to each LP
Unit means, with respect to each year, an amount equal to the sum of (i) the product of (A) the highest combined federal, state and local income tax rate, taking into account the federal deduction for state and local taxes, for individuals
resident in California and (B) the amount of allocations of taxable income (exclusive of net capital gain) to a LP Unit held by ICGI Holdings with respect to such year net of allocations of losses to such LP Unit to the extent such losses were
not utilized in a prior year to offset allocations of net income in respect of such LP Unit and (ii) the product of (A) the highest combined federal, state and local income tax rate, taking into account the federal deduction for state and
local taxes, on long term capital gains for individuals resident in California and (B) the amount of allocations of net capital gain to a LP Unit held by ICGI Holdings with respect to such year; provided, however, if the Tax
Priority with respect to the Public Company is not sufficient to enable the Public Company to pay (x) all of its actual federal, state, and local tax liability for any year and (y) any obligations under the Tax Receivable Agreement entered
into by and between the Public Company and ICGI Holdings, then the Tax Priority with respect to each LP Unit will be increased to an amount sufficient for the Public Company to pay such liabilities. 
 “Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge, hypothecation, or other disposition and,
as a verb, voluntarily or involuntarily to transfer, sell, assign, mortgage, give, create a security interest in or lien on, encumber, place in trust (voting or otherwise), pledge, hypothecate, or otherwise dispose of. 
  

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 ARTICLE II. 
 FORMATION 
 Section 2.1. Formation. The
Partnership was established as a limited partnership by the filing of the Certificate and the Conversion Certificate with the Delaware Secretary of State and is and shall be governed by the provisions of the Act and upon the terms and conditions set
forth in this Agreement. 
 Section 2.2. Name. The name of the Partnership is Imperial Capital Group, L.P., and all
business of the Partnership shall be conducted in such name. 
 Section 2.3. Purpose. The purpose of the Partnership is
any lawful act or activity for which limited partnerships may be formed under the Act. 
 Section 2.4. Admission of the
General Partner. By their execution of this Agreement, the Partners admit the Public Company as general partner; and the Initial General Partner withdraws as a general partner, but continues as a limited partner with respect to its Interest in
the Partnership. The parties shall cause the prompt filing of an amendment to the Certificate to reflect such admission and withdrawal. 
 Section 2.5. Principal Place of Business. The principal place of business of the Partnership shall be at such place as the General Partner may designate. The General Partner may change the
principal place of business of the Partnership to any other place upon fifteen (15) days notice to the remaining Partners. 
 Section 2.6. Term. The term of the Partnership commenced upon the filing of the Certificate as described in Section 2.7(a) and shall continue until the winding up and liquidation of the Partnership, and the completion of its
business following a dissolution event, as provided in Article XII hereof. 
 Section 2.7. Filings; Agent for Service of
Process. 
 (a) The Certificate of the Partnership and the Conversion Certificate were filed as required by
and in conformance with Section 17-206 of the Act on                     , 2010. The General Partner shall further cause to be executed, filed
and recorded and shall cause to be published, if required by law, such other certificates or other instruments as may be necessary or desirable under the laws of any state in which the Partnership does business. 
 (b) The address to which the Secretary of State shall send service of process is The Corporation Trust Company, 1209 Orange
Street, Wilmington, Delaware 19801. 
 (c) Upon the dissolution and following the wind-up and liquidation of the
Partnership, the General Partner shall promptly execute and cause to be filed a certificate of cancellation of its Certificate in accordance with the Act and the laws of any other states or jurisdictions in which the Partnership may have filed
certificates or other instruments. 
 Section 2.8. Register. The General Partner shall cause to be maintained in the
principal office of the Partnership a register setting forth the name, address and number of LP Units of each Partner and such other information as the General Partner may deem necessary or desirable (the “Register”). The Register
shall not be part of this Agreement. The General Partner shall from time to time update the Register as necessary to accurately reflect the information therein. Any reference in this Agreement to the Register shall be deemed a reference to the
Register as in effect from time to time. Subject to the terms of this Agreement, the General Partner may take any action authorized hereunder in respect of the Register without any need to obtain the consent of any other Partner. No action of any
Limited Partner shall be required to amend or update the Register. 
  

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 ARTICLE III. 
 ORGANIZATION; CAPITAL AND INTERESTS 
 Section 3.1.
Organization and Establishment of Partners. 
 (a) ICGI Holdings and ICGH LLC have caused the conversion
of ICG LLC into the Partnership, with ICGI Holdings being the Initial General Partner; and the capital of ICG LLC has become the capital of the Partnership. The Public Company has thereupon acquired LP Units from ICGI Holdings, and the parties have
joined in this Agreement to admit the Public Company as general partner, acknowledge the withdrawal of ICGI Holdings as general partner and continuation as a holder of LP Units and Limited Partner, and acknowledge the withdrawal of ICGH LLC as a
Partner upon its transfer of its LP Units to ICGI Holdings. ICGI Holdings acknowledges that it is not entitled to any reimbursement of expenses for its services as general partner. Following such admissions and withdrawals, the Public Company will
make a Capital Contribution to the Partnership in exchange for additional LP Units. 
 (b) To establish the
members of the Partnership as described in paragraph (a) of this Section, by their execution of this Agreement: 
 (i) The parties do hereby admit the Public Company as General Partner, and the Public Company does hereby accept and assume the responsibilites of general partner of the Partnership, 
 (ii) ICGI Holdings does hereby withdraw as Initial General Partner and acknowledge its continuation as a Limited Partner; and

 (iii) ICGH LLC does hereby withdraw as a Limited Partner, effective upon its transfer of its LP Units to ICGI
Holdings. 
 Section 3.2. Capital Accounts. A separate Capital Account shall be established and maintained for each
Partner to reflect the economic interest of each Partner in the Partnership. 
 Section 3.3. Interests of the Partners.

 (a) The Partners’ interests in the Partnership are represented by LP Units, and a record of the number of
LP Units held by the Partners from time to time shall be maintained in the Register. 
 (b) It is the intention
of the Partners that the number of outstanding LP Units shall equal the sum of the number of outstanding ICGI Holdings Common Units plus the number of outstanding shares of the Public Company Common Stock and that this relationship remain constant
throughout the term of the Partnership. To this end, if the Public Company raises capital for the Partnership by offering Public Company Common Stock to the public for cash or issues Public Company Common Stock to employees of the Partnership in
exchange for services, upon receipt of such cash by the Partnership from the Public Company and in consideration for such services additional LP Units shall be issued to the Public Company by the Partnership. Similarly, if any shares of the Public
Company Common Stock are issued subject to restrictions resulting in forfeiture to the Public Company or are otherwise redeemed by the Public Company, a corresponding number of LP Units of the Partnership shall be surrendered to the Partnership by
the Public Company for cancellation. These and other adjustments to the number of LP Units outstanding may be made from time to time as necessary to properly reflect the relative Interests of the Partners. 
 Section 3.4. Documentation Regarding Interests. The Partners’ Interests shall be documented and recorded by an entry on the
Partnership’s books and shall not be certificated or otherwise documented except as may be determined by the General Partner. If any Transfer of a Partner’s Interest is permitted pursuant to the terms of this Agreement, such Transfer shall
after receipt by the General Partner of all required documentation thereof be made by a proper entry on the books of the Partnership, including the Register. Any Transfer which is required pursuant to the terms of the Exchange Agreement upon a
Change of Control (as defined in the Exchange Agreement) may be effected by the General Partner without further action by the Transferring Partner. 
  

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 Section 3.5. Other Matters. 
 (a) No Limited Partner shall be liable for the debts, liabilities, contracts or any other obligations of the Partnership by
reason of this Agreement. 
 (b) Except as otherwise provided by this Agreement any other agreements between or
among the Partners or applicable state law, no Partner shall be required to make any additional Capital Contributions to the Partnership or lend any funds to the Partnership; and no Partner shall have any personal liability for the repayment of any
Capital Contributions of any other Partner. 
 (c) Except as expressly provided herein, no Partner shall be
entitled to receive any distribution of money or other property prior to the dissolution and liquidation of the Partnership. 
 ARTICLE IV. 
 ALLOCATIONS 
 Section 4.1. Profits and Losses. Subject to the provisions of Section 4.2, Profits and Losses, and each item thereof, shall be allocated among the Partners in accordance with the number of LP
Units held by each. 
 Section 4.2. Special Allocations. 
 (a) Minimum Gain Chargeback. Notwithstanding Section 4.1, if there is a net decrease in Partnership Minimum Gain
during any Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary, in subsequent fiscal years) in an amount equal to the portion of such Partner’s share of the net
decrease in Partnership Minimum Gain that is allocable to the disposition of Partnership property subject to a Nonrecourse Liability, which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(g)(2).
Allocations pursuant to this Section 4.2(a) shall be made in proportion to the amounts required to be allocated to each Partner under this Section 4.2(a). The items to be so allocated shall be determined in accordance with Regulations
Section 1.704-2(f). This Section 4.2(a) is intended to comply with the minimum gain chargeback requirements contained in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (b) Chargeback of Minimum Gain Attributable to Partner Nonrecourse Debt. Notwithstanding Section 4.1 of this
Agreement, if there is a net decrease in Partnership Minimum Gain attributable to a Partner Nonrecourse Debt, during any Fiscal Year, each Partner who has a share of the Partnership Minimum Gain attributable to such Partner Nonrecourse Debt (which
share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that
portion of such Partner’s share of the net decrease in Partnership Minimum Gain attributable to such Partner Nonrecourse Debt that is allocable to the disposition of Partnership property subject to such Partner Nonrecourse Debt (which share of
such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 4.2(b) shall be made in proportion to the amounts required to be allocated to each Partner under this
Section 4.2(b). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section 4.2(b) is intended to comply with the minimum gain chargeback requirement contained in Regulations
Section 1.704-2(i)(4), and shall be interpreted consistently therewith. 
 (c) Nonrecourse
Deductions. Notwithstanding Section 4.1, any nonrecourse deductions (as defined in Regulations Section 1.704-2(b)(1)) for any Fiscal Year or other period shall be specially allocated to the Partners in accordance with their LP Units.

 (d) Partner Nonrecourse Deductions. Notwithstanding Section 4.1, those items of Partnership loss,
deduction, or Code Section 705(a)(2)(B) expenditures which are attributable to Partner Nonrecourse Debt

  

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for any Fiscal Year or other period shall be specially allocated to the Partner who bears the economic risk of loss with respect to the Partner Nonrecourse debt to which such items are
attributable in accordance with Regulations Section 1.704-2(i). 
 (e) Qualified Income Offset.
Notwithstanding Section 4.1, if a Partner unexpectedly receives any adjustments, allocations, or distributions described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), or any other event creates a deficit balance in such
Partner’s Capital Account in excess of such Partner’s share of Partnership Minimum Gain, items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate such excess deficit
balance as quickly as possible. Any special allocations of items of income and gain pursuant to this Section 4.2(e) shall be taken into account in computing subsequent allocations of income and gain pursuant to this Article IV so that the net
amount of any item so allocated and the income, gain, and losses allocated to each Partner pursuant to this Article IV to the extent possible, shall be equal to the net amount that would have been allocated to each such Partner pursuant to the
provisions of this Section 4.2(e) if such unexpected adjustments, allocations, or distributions had not occurred. 
 (f) Limitation on Losses. Notwithstanding Section 4.1, loss allocations to a Partner shall be made only to the extent that such loss allocations will not create a deficit Capital Account balance for that Partner in excess of an
amount, if any, equal to such Partner’s share of Partnership Minimum Gain that would be realized on a foreclosure of the Partnership’s property. Any loss not allocated to a Partner because of the foregoing provision shall be allocated to
the other Partners (to the extent the other Partners are not limited in respect of the allocation of losses under this Section 4.2(f)). 
 (g) Curative Allocations. Any special allocations of items of income, gain, loss or deduction pursuant to Sections 4.2 hereof shall be taken into account in computing subsequent allocations of
Profits and Losses pursuant to Section 4.1 hereof, so that the net amount of any items so allocated and the gain, loss and any other item allocated to each Partner pursuant to Section 4.1 hereof shall, to the extent possible, be equal to
the net amount that would have been allocated to each such Partner pursuant to the provisions of this Article IV if such special allocations had not occurred. 
 Section 4.3. Allocations of Tax Items. 
 (a) Items of
income, deduction, gain and loss that are recognized by the Partnership for federal income tax purposes shall be allocated among the Partners consistent with the allocations of such items under Sections 4.1 and 4.2. To the extent appreciation or
depreciation in asset values is reflected in Capital Accounts prior to recognition for tax purposes, allocations shall be made in accordance with the principles and provisions of Code Section 704(c). 
 (b) All items of federal income tax credit and items of tax credit recapture shall be allocated among the Partners in
accordance with the Partners’ interests in the Partnership as of the time the tax credit or credit recapture arises, as provided in Regulation Section 1.704- 1(b)(4)(ii). 
 (c) Allocations pursuant to this Section 4.3 are solely for purposes of federal, state and local taxes. As such, they
shall not affect or in any way be taken into account in computing a Partner’s Capital Account or share of Profits, Losses, or distributions pursuant to any provision of this Agreement. 
 Section 4.4. Other Allocation Rules. 
 (a) It is the intention of the Partners that all allocations provided in this Agreement be made in accordance with Code Section 704(b), and Regulation Section 1.704-1; and, notwithstanding
anything to the contrary contained herein, the General Partner may provide for the allocation of any item or items, for tax purposes or otherwise, including the allocation of any item or items to the Partners as may be necessary to be consistent
therewith. 
 (b) In the event of a change in ownership of LP Units and for purposes of determining the Profits,
Losses or any other items allocable to any period, Profits, Losses and any such other items shall be

  

 9 

 
determined on a daily, monthly or other basis, as determined by the General Partner using any permissible method under Code Section 706 and the Regulations thereunder. 
 ARTICLE V. 
 DISTRIBUTIONS 
 Section 5.1. Manner of Distributions. All distributions to the Partners shall be made to
the holders of the LP Units as reflected in the Register on the record date for the distribution and in proportion to the number of LP Units held by each Partner. 
 Section 5.2. Tax Priority Distributions. Subject to the availability of Net Cash Flow and in accordance with Section 5.1, the General Partner shall distribute to the Partners on an annual or
more frequent basis with respect to each year amounts necessary to satisfy the accrued Tax Priority with respect to the LP Units of the Partners for such year, such distributions to occur at the earlier of (i) within 105 days following the end
of such year or (ii) such other date as may be necessary to enable the Public Company to pay on a timely basis all applicable federal, state and local income taxes for such year. 
 Section 5.3. Net Cash Flow. Net Cash Flow in excess of amounts distributable pursuant to Section 5.2 shall be distributed among
the Partners in the manner provided in Section 5.1 and at such times as the General Partner determines, in its sole discretion. 
 ARTICLE VI. 
 GENERAL PARTNER 
 Section 6.1. Authority of the General Partner. The General Partner shall have full and complete charge of all affairs of the
Partnership, and the management and control of the Partnership’s business and its investments and other assets shall rest exclusively with the General Partner, subject to the terms and conditions set forth in this Agreement. The General Partner
shall have all of the rights and powers of a general partner as provided under the Act and as otherwise provided by law; and any action taken by the General Partner in connection with the Partnership shall constitute the act of, and serve to bind,
the Partnership. The General Partner undertakes to fulfill its responsibilities as such and agrees to devote such of its time and activity as in its judgment it deems necessary for the management of the affairs of the Partnership. 
 Section 6.2. Powers of the General Partner. Subject to the provisions of Section 6.4, the General Partner shall manage the
business of the Partnership and shall have all of the rights and powers which may be possessed by a general partner under the Act including, without limitation, the right and power to: 
 (a) invest, hold, sell and otherwise deal in any and all corporate equities and obligations, such as bonds, bank loans or
other payables, including lower rated or unrated securities; options, futures and options on futures; commodities; real estate investment trusts and publicly traded master limited partnerships; securities of non-U.S. issuers; public or private
investment funds; and all other types of securities, financial instruments, commodities or derivatives of any kind now or hereafter available; 
 (b) acquire by purchase, lease or otherwise any real or other personal property which may be necessary, convenient, or incidental to the accomplishment of the purposes of the Partnership; 
 (c) deal in any Partnership Property, whether real property or personal property; 
 (d) operate, maintain, finance, improve, construct, own, grant options with respect to, sell, convey, assign, mortgage and
lease any real estate and any personal property necessary, convenient, or incidental to the accomplishment of the purposes of the Partnership; 
  

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 (e) execute any and all agreements, contracts, documents, certifications,
and instruments necessary or convenient in connection with the management, maintenance and operation of Property, or in connection with managing the affairs of the Partnership, including executing amendments to the Agreement and the Certificate in
accordance with the terms of the Agreement pursuant to any power of attorney granted by the Partners to the General Partner; 
 (f) borrow money and issue evidences of indebtedness necessary, convenient or incidental to the accomplishment of the purposes of the Partnership, and secure the same by mortgage, pledge, or other lien on
any Property; 
 (g) execute, in furtherance of any or all of the purposes of the Partnership, any deed, lease,
mortgage, deed of trust, mortgage note, promissory note, bill of sale, contract or other instrument purporting to convey or encumber any or all of the Property; 
 (h) prepay in whole or in part, refinance, recast increase, modify or extend any liabilities affecting the Property and in
connection therewith execute any extensions or renewals of encumbrances on any or all of the Property; 
 (i)
care for and distribute funds to the Partners by way of cash, income, return of capital or otherwise, all in accordance with the provisions of this Agreement; and perform all matters in furtherance of the objectives of the Partnership or this
Agreement 
 (j) appoint officers and agents of the Partnership and delegate to such Persons authority granted to
the General Partner hereunder; 
 (k) contract on behalf of the Partnership for the employment and services of
employees and/or independent contractors, such as lawyers and accountants, and delegate to such Persons the duty to manage or supervise any of the Property or operations of the Partnership, and enter into agreements with respect to their activities
on behalf of the Partnership; 
 (l) engage in any kind of activity and perform and carry out contracts of any
kind necessary or incidental to, or in connection with, the accomplishment of the purposes of the Partnership, as may be lawfully carried on or performed by a limited partnership under the laws of each state in which the Partnership is then formed
or qualified; 
 (m) vote securities held by the Partnership; 
 (n) make any and all elections for federal, state and local tax purposes including, without limitation, any election, if
permitted by applicable law: (i) to adjust the basis of property pursuant to Code Sections 754, 734(b), and 743(b), or comparable provisions of state or local law, in connection with transfers of Interests by the Partners and distributions of
property by the Partnership; (ii) to extend the statute of limitations for assessment of tax deficiencies against the Partners with respect to adjustments to the Partnership’s federal, state, or local tax returns; and (iii) to
represent the Partnership and the Partners before taxing authorities or courts of competent jurisdiction in tax matters affecting the Partnership and the Partners in their capacities as Partners and to execute any agreements or other documents
relating to or affecting such tax matters, including agreements or other documents that bind the Partners with respect to such tax matters or otherwise affect the rights of the Partnership or the Partners; 
 (o) take, or refrain from taking, all actions, not expressly proscribed or limited by this Agreement as may be necessary or
appropriate to accomplish the purposes of the Partnership; 
 (p) institute, prosecute, defend, settle,
compromise, and dismiss lawsuits or other judicial or administrative proceedings brought on or in behalf of, or against the Partnership or the Partners in connection with activities arising out of, connected with, or incidental to this Agreement,
and to engage counsel or others in connection therewith; and 
 (q) acquire and enter into any contract of
insurance which the General Partner reasonably deems necessary and proper for the protection of the Partnership, for the conservation of any asset of the Partnership, or for any purpose beneficial to the Partnership. 
  

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 Section 6.3. Right to Rely upon General Partner. Any Person dealing with the
Partnership may rely (without duty of further inquiry) upon a certificate signed by the General Partner as to: 
 (a) the identity of the General Partner or any other Partner; 
 (b) the existence or nonexistence of
any fact or facts which constitute a condition precedent to acts by the General Partner or which are in any other manner germane to the affairs of the Partnership; 
 (c) the Partners who are authorized to execute and deliver any instrument or document of the Partnership; or 
 (d) any act or failure to act by the Partnership or any other matter whatsoever involving the Partnership or any Partner.

 Section 6.4. Restrictions on Authority of General Partner. Except with the prior written consent of all of the
Partners, the General Partner shall not have the authority to: 
 (a) do any act in contravention of this
Agreement; 
 (b) knowingly perform any act that would subject any Partner to personal liability for debts or
obligations of the Partnership in any jurisdiction; 
 (c) engage in any activity which substantially changes the
nature of the Partnership’s business; 
 (d) effect a split, reverse split or other modification of the LP
Units or number thereof other than as expressly contemplated by Section 3.3(b) of this Agreement, provided that the General Partner shall not consent to any such action without the prior approval of the shareholders of the General Partner;

 (e) convert the Partnership, by whatever means, into a corporation or another form of business entity; or

 (f) dissolve or liquidate the Partnership. 
 Section 6.5. Duties and Obligations of the General Partner. The General Partner shall: 
 (a) take all actions which may be necessary or appropriate (i) for the continuation of the Partnership’s valid
existence as a limited partnership under the laws of the State of Delaware and (ii) for the accomplishment of the Partnership’s purposes, including the acquisition, development maintenance, preservation and operation of Property in
accordance with the provisions of this Agreement and applicable laws and regulations; 
 (b) devote to the
Partnership such time as may be necessary for the proper performance of all duties hereunder in the discretion of the General Partner; 
 (c) be under a fiduciary duty to conduct the affairs of the Partnership in the best interests of the Partnership, including the safekeeping and use of all of the Property and the use thereof for the
exclusive benefit of the Partnership; 
 (d) use its reasonable efforts to cause the Partnership to be formed,
reformed, qualified or registered under assumed or fictitious name statutes or similar laws in any state or country in which the Partnership owns property or transacts business if such formation, reformation, qualification or registration is
necessary in order to protect the limited liability of the Limited Partners or to permit the Partnership lawfully to own property or transact business; and 
 (e) manage and control the affairs of the Partnership and in doing so use its reasonable efforts to carry out the purpose of the Partnership for the benefit of all of the Partners and in exercising its
powers, recognize its fiduciary responsibility to the Partnership. 
 Section 6.6. Compensation and Expenses. 

(a) No Partner shall receive any salary, fee or draw for services rendered to or on behalf of the Partnership. 

 

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 (b) The General Partner may charge the Partnership for expenses reasonably
incurred in connection with the Partnership’s business and operations. For avoidance of doubt, the Partners acknowledge that the General Partner has been formed to provide access by the Partnership to the capital markets and ICGI Holdings has
been formed to assure a continuity in management of the Partnership during the transition to public ownership through the General Partner. The Partners acknowledge and agree that the expenses of operation and maintenance of the General Partner and
ICGI Holdings shall be borne by the Partnership as an expense of operations pursuant hereto; provided, that any out-of-pocket cash expenses related to the operation and maintenance of ICGI Holdings shall be borne solely by ICGI Holdings and its
members. 
 Section 6.7. Signatures; Power of Attorney. Subject to the limitations imposed by Section 6.4, the
signature of the General Partner shall be necessary and sufficient to convey title to any real property owned by the Partnership or to execute any promissory notes, trust deeds, mortgages or other instruments of hypothecation. All of the Partners
agree that a copy of appropriate provisions of this Agreement may be shown to the appropriate parties in order to confirm the same, and further agree that the signature of the General Partner shall be sufficient to execute any documents necessary to
effectuate this or any other provision of this Agreement. 
 ARTICLE VII. 
 RECORDS AND ACCOUNTING 
 Section 7.1. Records and Accounting. Proper and complete records and books of account of the business of the Partnership shall be maintained at the Partnership’s principal place of business.
All books and records of the Partnership shall be kept in accordance with GAAP. 
 Section 7.2. Tax Information. Prior to
the day on which the Partnership’s tax return for such fiscal year is filed, the General Partner shall cause to be delivered to each Person who was a Partner at any time during such fiscal year all information necessary for the preparation of
such Partner’s federal income tax return, including a statement showing such Partner’s distributive share of the Partnership’s income, gains, losses, deductions, credits and tax preferences for the taxable year of the Partnership
ending within or with its taxable year for federal income tax purposes, and the amount of any distribution made to or for the account of such Partner pursuant to this Agreement; provided, however, that within ninety (90) days after the end of
each fiscal year, the General Partner shall cause to be delivered to each such Person an estimate of all such information. 
 Section 7.3. Tax Returns. The General Partner shall cause all required federal and state and local information returns for the Partnership to be prepared and timely filed with the appropriate authorities. 
 Section 7.4. Accounting Decisions. All decisions as to accounting principles used for financial reporting and tax accounting purposes
shall be made by the General Partner on a basis that is acceptable to the Partnership’s accountants notwithstanding any other provisions to the contrary contained in this Agreement. 
 Section 7.5. Tax Elections. 
 (a) The General Partner shall cause the Partnership to elect, pursuant to Code Section 754 of the Code, to adjust the basis of Partnership property upon the transfer of an Interest or distribution of
property as provided by the Code. 
 (b) The General Partner may, from time to time, make such other tax
elections as it deems necessary, in its sole discretion to carry out the business of the Partnership or the purposes of this Agreement. 
 Section 7.6. Fiscal Year. The Fiscal Year of the Partnership shall be the calendar year. 
 Section 7.7. Tax Matters. The General Partner shall act for the Partnership as “tax matters partner” for purposes of Section 6231(a)(7) of the Code. 
  

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 ARTICLE VIII. 
 AMENDMENTS; MEETINGS; VOTING 
 Section 8.1.
Amendment. Except as otherwise required by law or as provided elsewhere in this Agreement, this Agreement may be amended in any respect only with the consent of the General Partner and a majority in interest of the remaining Partners.

 Section 8.2. Meetings of Partners. Meetings for purposes of voting shall be called by the General Partner who shall be
required to give written notice thereof to all Partners entitled to vote at such meeting no less than ten (10) days and no more than thirty (30) days prior to the date of such meeting. Any such notice shall state briefly the purpose of the
meeting, which shall be held at a reasonable time and at the principal office of the Partnership or such other location as shall be stated in the notice. 
 Section 8.3. Proxy of Partner. Each Partner may authorize any Person or Persons to act for it by proxy on all matters in which a Partner is entitled to participate, including waiving notice of any
meeting or voting or participating at a meeting. Every proxy must be signed by the Partner or its attorney-in-fact. Every proxy shall be revocable at the pleasure of the Partner executing it. 
 Section 8.4. Consent or Voting. 
 (a) All voting shall be based on the LP Units outstanding and not the number of Partners. 
 (b) In the event that the consent or vote of the Partners shall be required for any action hereunder and no specific proportion is stated herein, the affirmative vote of the Partners holding more than
fifty percent (50%) of the total number of LP Units outstanding shall be required for such action. Where a consent or vote of a specified percentage of Partners or Interests is required, the affirmative vote of Partners holding at least such
specified percentage of the total number of LP Units outstanding shall be required. 
 ARTICLE IX. 
 PARTNERS’ REPRESENTATION 
 Each Partner represents and warrants that (a) its Interest is acquired for investment and not with a view to the resale or other distribution thereof, (b) it is understood that none of the
Interests have been registered under the Securities Act of 1933 or any similar legislation in any other country or jurisdiction, and that there may be no market for any Interest, and (c) the Interest is obtained without the benefit of any
representation, warranty, or other assurance with respect to the financial condition or prospects of the Partnership or its Partners or other representatives thereof. 
 ARTICLE X. 
 TRANSFERS OF INTERESTS 
 Section 10.1. Restrictions on Partner’s Transfer of LP Units. Except as provided in Section 10.2, no Partner may Transfer
all or any portion of its LP Units or any rights or entitlements derived therefrom at any time or howsoever acquired without the written consent of the remaining Partners, which consent may be denied for any reason whatsoever. For avoidance of
doubt, a change of control of the Public Company shall not constitute a Transfer of LP Units for purposes of this Agreement. 
 Section 10.2. Permitted Transfers of LP Units. LP Units may be Transferred from time to time by ICGI Holdings to the Public Company in exchange for Public Company Common Stock pursuant to and in accordance with the Exchange
Agreement. 
  

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 Section 10.3. Interest of the General Partner. No General Partner may transfer all or
any portion of its Interest to any Person without the prior written consent of the remaining Partners, which consent may be denied for any reason whatsoever. For avoidance of doubt, a change of control of the Public Company shall not constitute a
Transfer of the Interest of the General Partner for purposes of this Agreement. 
 ARTICLE XI. 
 ADMISSION AND WITHDRAWAL OF PARTNERS 
 Section 11.1. Admission. Except (i) as provided in Section 3.1 or (ii) in connection with a pro rata distribution to the members of ICGI Holdings or its successor entity, if any, no Person,
other than an existing Partner, shall be admitted as a Partner of the Partnership. Any Person to be admitted as a Partner shall execute such documents and instruments, including an agreement to be bound by the terms of this Agreement, and shall
satisfy such other conditions as the General Partner shall require. 
 Section 11.2. Withdrawal of Limited Partner.
Except as provided in Section 3.1, no Limited Partner shall be permitted to withdraw from the Partnership without the consent of the General Partner and an approving vote of the remaining Partners. 
 Section 11.3. Resignation of General Partner. Upon ninety (90) days prior written notice, any General Partner may resign. In the
event of the resignation of a General Partner, a successor General Partner shall be appointed as provided in Section 11.4 below. 
 Section 11.4. Successor General Partner. If the General Partner ceases to act as General Partner, the successor General Partner shall be selected by the majority vote of the Partners. The successor General Partner shall become a
General Partner upon its written acceptance of the appointment and written agreement to be bound as a General Partner under the terms of this Agreement. In the event a successor General Partner is designated and accepts the designation, the
successor General Partner shall assume all the duties and obligations of the predecessor General Partner set forth in this Agreement 
 Section 11.5. Rights of Resigned General Partner. 
 (a) The resignation of a General Partner
shall not affect its right to reimbursement for expenses incurred. 
 (b) A resigned General Partner (which term,
for purposes of this section, shall include its successors and assigns) shall continue to have the rights and obligations of a Partner with respect to its LP Units, if any. 
 ARTICLE XII. 
 DISSOLUTION AND LIQUIDATION

 Section 12.1. Dissolution. The Partnership shall continue until the occurrence of any one or more of the following
events: 
 (a) such time that the General Partner, with an approving vote of the remaining Partners, determines
to dissolve the Partnership; or 
 (b) upon the bankruptcy, resignation, dissolution, or withdrawal of the
General Partner, or upon the occurrence of any event which, under the provisions of the Act, would cause a dissolution; provided, however, that upon such an occurrence, no dissolution shall occur if the Partners, by a majority vote, elect to
continue the business of the Partnership and appoint a successor General Partner in accordance with Section 11.4. 
  

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 No Partner has the right, on account of any dissolution of the type described in this Section 12.1, to
have the Partnership’s assets applied to discharge its liabilities. 
 Section 12.2. Winding-Up of Affairs. Upon the
dissolution of the Partnership in accordance with the provisions of this Agreement, the Partnership shall immediately commence winding up its affairs and shall file a notice of dissolution or cancellation. The winding-up of the affairs of the
Partnership and the distribution of its assets shall be conducted exclusively by the Liquidator, who is hereby authorized to do all acts authorized by law for these purposes. Without limiting the generality of the foregoing, the Liquidator, in
carrying out such winding-up and distribution, shall have full power and authority to sell all or any of the Partnership assets or to distribute the same in kind to the Partners. Any assets distributed in kind shall be subject to all operating
agreements or other agreements relating thereto which shall survive the termination of the Partnership. Following the winding-up of the Partnership, the proceeds from liquidation of Partnership assets shall be applied and distributed as set forth in
Section 12.3. 
 Section 12.3. Liquidating Distributions. 
 (a) Following dissolution of the Partnership and incident to the winding-up of the Partnership’s affairs, all debts and
liabilities of the Partnership shall be discharged in the order of priority provided by law. The fair market value of the respective remaining assets of the Partnership shall then be determined; with the fair market value of any assets other than
cash being determined by an independent appraiser selected by the Liquidator with the approval of a majority vote of the Partners. Thereupon, the assets of the Partnership shall be distributed to the Partners in proportion to the number of LP Units
held by each Partner in relation to the aggregate number of outstanding LP Units. For purposes of such allocation only, it shall be assumed that the assets of the Partnership other than cash had been sold for an amount equal to their fair market
value as determined above, and that the income, gain or loss from such sale had been allocated in accordance with Article IV. Each Partner shall receive its share of the assets in cash or in kind, and the proportion of such share that is received in
cash may vary from Partner to Partner, all as the Liquidator may decide. Except as provided below, if such distributions are insufficient to return to any Partner the full amount of its Capital Contributions, such Partner shall have no recourse
against the Partnership or any other Partner. 
 (b) The proceeds of liquidation and any unliquidated assets of
the Partnership shall be distributed as provided in Section 12.3(a). Any reserves established by the Liquidator in the course of such distribution shall be held for so long as the Liquidator shall deem necessary in a special account maintained
by the Liquidator for the purpose of paying contingent or unforeseen liabilities or obligations. At the time the Liquidator determines that there is no longer a need for the reserve, it shall be distributed in the order of priority established in
Section 12.3(a). The distribution of the reserve shall commence where the initial distribution of the assets of the Partnership ended. For purposes of this Section 12.3, expenses of dissolution and liquidation shall be treated as debts and
obligations of the Partnership. 
 ARTICLE XIII. 
 MISCELLANEOUS 
 Section 13.1. Notices. All
notices, consents, approvals, requests, demands or other communications (“notices”) which any of the parties to this Agreement may desire to be required to give hereunder, shall be in writing and shall be deemed properly given if
(i) hand delivered, (ii) sent by private or public mail carrier which provides evidence of delivery, (iii) sent by United States, certified or registered mail, postage prepaid, return receipt requested, (iv) sent by facsimile
transmission or (v) sent by electronic mail, in each case addressed as follows: 
 (a) to the Partnership,
or the General Partner, at the principal place of business of the Partnership or to such other addresses as may be designated by the General Partner by notice to all Partners pursuant to the terms of this Section; and 
  

 16 

 (b) to Partners at the address set forth on the signature page hereto or to
such other addresses as may be designated by the respective Partners by notice to the Partnership from time to time and reflected in the Register. 
 Any distribution made, or notice given, to a Partner at its last known address as shown on the records of the Partnership shall be considered effective three (3) days after deposit in any post office or branch post office, regularly
maintained by the United States government and shall completely satisfy the obligations of the Partnership hereunder in respect of such distribution or notice. Any notice to be given by any Partner may be given by counsel or attorney-in-fact for
that Partner. 
 Section 13.2. Binding Effect. Unless otherwise provided herein, every covenant, term, and provision of
this Agreement shall be binding upon and inure to the benefit of the Partners and their respective heirs, legatees, legal representatives, successors, transferees, and assigns, and shall inure to the benefit of the Partnership, its successors and
assigns. 
 Section 13.3. Construction. Every covenant, term, and provision of this Agreement shall be construed simply
according to its fair meaning and not strictly for or against the Partnership or any Partner. 
 Section 13.4. Headings.
Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision hereof. 
 Section 13.5. Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal
or invalid for any reason whatsoever, such legality or invalidity shall not affect the validity or legality of the remainder of this Agreement. 
 Section 13.6. Further Action. Each Partner, upon the request of the General Partner, agrees to perform all further acts and execute, acknowledge, and deliver any documents which may be reasonably
necessary, appropriate, or desirable to carry out the provisions of this Agreement. 
 Section 13.7. No Other
Beneficiaries. The rights and obligations of the Partners under this Agreement are for the exclusive benefit of the Partners, and no creditor or other party having dealings with the Partnership shall have any right or claim hereunder.

 Section 13.8. Variation of Pronouns. All pronouns and any variations thereof shall be deemed to refer to masculine,
feminine, or neuter, singular or plural, as the identity of Partner or Partners may require. 
 Section 13.9. Governing
Law. The laws of the State of Delaware shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the Partners. In the event this Agreement is in conflict with any other
agreement among any of the parties hereto, the provisions of this Agreement shall prevail. 
 Section 13.10. Counterpart
Execution. This Agreement may be executed in any number of counterparts with the same effect as if all of the Partners had signed the same document. All counterparts shall be construed together and shall constitute one agreement. 
 Section 13.11. Sole and Absolute Discretion. Except as otherwise provided in this Agreement, all actions which the General Partner
may take and all determinations which the General Partner may make pursuant to this Agreement may be taken and made at the sole and absolute discretion of the General Partner. In the event there shall be more than one General Partner, all such
actions and determinations shall be taken and made by the unanimous vote of all General Partners. 
  

 17 

 Section 13.12. Non-Arbitrability. Notwithstanding any other provision of this
Agreement or any rules or regulations of any regulatory body, no controversy, claim, or breach arising out of or relating to this Agreement shall be submitted for settlement to a panel of arbitrators, and the Partners agree that any such disputes
shall be determined only by a court having jurisdiction thereof in accordance with this Agreement. 
 [Signatures appear on the
following page.] 
  

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 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date and year
first above set forth. 
  

									
	GENERAL PARTNER:	 		 	IMPERIAL CAPITAL GROUP, INC.
			
		 		 	Facsimile No.: (310) 777-3000
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

  

									
	LIMITED PARTNER:	 		 	ICGI HOLDINGS, LLC
	And to signify its withdrawal as Initial General Partner as provided in Section 2.4.	 		 	Facsimile No.: (310) 777-3000
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

  

									
	WITHDRAWING LIMITED PARTNER:	 		 	IMPERIAL CAPITAL GROUP HOLDINGS, LLC
	To signify its withdrawal as a Limited Partner following its transfer of its LP Units to ICGI Holdings, LLC	 		 	Facsimile No.: (310) 777-3000
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

 Signature Page to Amended and Restated Limited Partnership Agreement of ICG LP

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