Document:

EX-10.1

 

Exhibit 10.1

INDEMNIFICATION AGREEMENT

     This
Indemnification Agreement (this “Agreement”) is made as of this ___ day of ___,
2005, by and between Retail Ventures, Inc., an Ohio corporation (the “Company”), and
___, an individual (“Indemnitee”).

RECITALS

     A. The amended and restated articles of incorporation (the “Articles”) and the regulations
(the “Regulations”) of the Company provide for the indemnification of the directors and officers of
the Company to the greatest extent permitted by Ohio law, including the Ohio General Corporation
Law, as amended (the “OGCL”).

     B. The Articles, Regulations and the OGCL permit contracts between the Company and the
directors and officers of the Company with respect to indemnification of such directors and
officers.

     C. In accordance with the OGCL, the Company may purchase and maintain a policy or policies of
directors’ and officers’ liability insurance covering certain liabilities that may be incurred by
its directors and officers in the performance of their obligations to the Company.

     D. The Company recognizes that capable and qualified individuals are becoming increasingly
reluctant to serve as directors and/or officers of public corporations as a result of the recent
and ongoing enactment of statutes and regulations pertaining to directors’ and officers’
responsibilities and the increasing risk of lawsuits against directors and officers in the current
corporate climate in the United States, unless such individuals are provided with more certain and
secure protection against exposure to unreasonable personal risk arising from their service and
activities on behalf of a corporation.

     E. The Company is aware that individuals recruited to serve on the boards of public
corporations and as officers of public corporations generally are more likely to agree to provide
services to corporations that provide for separate indemnification agreements with their directors
and officers because, unlike indemnification provisions contained in the articles of incorporation
or the regulations of a company or state statutory provisions, the indemnification provisions
contained in a separate agreement may not be amended or rescinded without the consent of the
director or officer who is a party to the agreement.

     F. The Company recognizes that it is in the best interests of the Company and its shareholders
to attract and retain capable and qualified individuals to serve on its Board of Directors (the
“Board”) and to serve as management of the Company and to enable such directors and officers to
exercise their independent business judgment in their capacities as directors and officers without
being affected by the threat of exposure to unreasonable personal risk.

 

 

     G. To induce Indemnitee to serve and/or continue to serve as a director and/or officer of the
Company, the Company desires Indemnitee to be indemnified and advanced expenses as set forth
herein.

AGREEMENT

     In consideration of Indemnitee’s service as a director and/or officer of the Company after the
date hereof, the Company and Indemnitee hereby agree as follows:

     1. Certain Definitions. Capitalized terms used but not otherwise defined in this Agreement
shall have the meanings set forth below:

     “Corporate Status” means the fact that a person is or was a director and/or an officer of the
Company. A Proceeding shall be deemed to have been brought by reason of a person’s “Corporate
Status” if it is brought because of the status described in the preceding sentence or because of
any action or inaction on the part of such person in connection with such status.

     “Disinterested Director” means a director of the Company who is not and was not a party to or
threatened with a Proceeding in respect of which indemnification is sought by Indemnitee.

     “Expenses” shall include all reasonable attorneys’ fees, disbursements and retainers, court
costs, transcript costs, fees of experts, witness fees, travel and deposition costs, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service fees and all other
disbursements or expenses of the types customarily incurred in connection with (a) prosecuting,
defending, preparing to prosecute or defend, investigating, settling or appealing a Proceeding
(including the cost of any appeal bond or its equivalent), (b) being prepared to be a witness or
otherwise participating in a Proceeding or (c) enforcing a right under this Agreement (including
any right to indemnification or advancement of expenses under this Agreement).

     “Independent Counsel” means an attorney, or a firm having associated with it an attorney, who
neither currently is nor in the past five years has been retained by or performed services for the
Company or any person to be indemnified by the Company.

     “Proceeding” includes any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other
actual, threatened or completed proceeding, whether civil, criminal, administrative or
investigative, in which Indemnitee was, is or would be involved as a party or otherwise (including,
without limitation, as a witness) by reason of the Indemnitee’s Corporate Status, including one
pending on or before the date of this Agreement; but excluding one initiated by an Indemnitee
pursuant to Section 7 of this Agreement to enforce Indemnitee’s rights under this
Agreement. For purposes of this definition, the term “threatened” shall be deemed to include, but
not be limited to, Indemnitee’s good faith belief that a claim or other assertion may lead to
initiation of a Proceeding.

     “Reviewing Party” means the person, persons or entity selected to make the determination of
the entitlement to indemnification pursuant to Section 5.3 hereof.

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     2. Indemnification.

          2.1 Proceedings not by or in Right of Company. The Company hereby agrees to hold harmless and
indemnify Indemnitee to the greatest extent permitted by Ohio law, including but not limited to the
provisions of the OGCL, the Articles and the Regulations, as such may be amended from time to time,
if Indemnitee was or is a party, witness, or other participant, or is threatened to be made a
party, witness, or other participant, to any Proceeding, other than a Proceeding by or in the right
of the Company, by reason of Indemnitee’s Corporate Status, against all Expenses, judgments, fines
and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and,
with respect to any criminal Proceeding, had no reasonable cause to believe that his or her conduct
was unlawful. The termination of any Proceeding by judgment, order, settlement or conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that
Indemnitee did not satisfy the foregoing standard of conduct to the extent applicable thereto.

          2.2 Proceedings by or in Right of Company. The Company hereby agrees to hold harmless and
indemnify Indemnitee to the greatest extent permitted by Ohio law, including but not limited to the
provisions of the OGCL, the Articles and the Regulations, as such may be amended from time to time,
if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the
right of the Company, by reason of Indemnitee’s Corporate Status, against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with the defense or
settlement of such Proceeding, if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company; provided,
however, that, if applicable law so provides, no indemnification against such Expenses
shall be paid in respect of (a) any claim, issue or matter in such Proceeding by or in the right of
the Company as to which the Indemnitee shall have been adjudged to be liable to the Company for an
act or omission undertaken by such Indemnitee in his or her capacity as a director of the Company
with deliberate intent to cause injury to the Company or with reckless disregard for the best
interests of the Company, (b) any claim, issue or matter asserted in a Proceeding by or in the
right of the Company as to which the Indemnitee shall have been adjudged to be liable to the
Company for negligence or misconduct in his or her capacity other than that of a director of the
Company, or (c) any Proceeding by or in the right of the Company in which the only liability is
asserted pursuant to Section 1701.95 of the OGCL against the Indemnitee, unless and only to the
extent that the Franklin County Court of Common Pleas of the State of Ohio or the court of
competent jurisdiction in which such Proceeding is brought shall determine, upon application of
either the Indemnitee or the Company, that, despite the adjudication or assertion of such
liability, and in view of all the circumstances of the case, the Indemnitee is fairly and
reasonably entitled to such indemnity as such court shall deem proper.

          2.3 Indemnification for Expenses of an Indemnitee Who is Wholly or Partly Successful. To the
extent that the Indemnitee has been successful on the merits or otherwise in defense of any
Proceeding referred to in Section 2.1 or 2.2 of this Agreement, or in defense of
any claim, issue or matter in such Proceeding, Indemnitee shall be indemnified

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against Expenses actually and reasonably incurred by the Indemnitee or on Indemnitee’s behalf
in connection with such Proceeding.

     3. Advancement of Expenses.

          3.1 The Company shall advance all Expenses incurred by or on behalf of Indemnitee in
connection with any Proceeding prior to the final disposition of such Proceeding upon receipt of an
undertaking by or on behalf of Indemnitee to repay such amount if it shall ultimately be determined
that Indemnitee is not entitled to be indemnified by the Company. Any advances and undertakings to
repay pursuant to this Section 3.1 shall not be secured, shall not bear interest and shall
provide that, if Indemnitee has commenced or thereafter commences legal proceedings in a court of
competent jurisdiction to secure a determination that Indemnitee should be indemnified under
applicable law with respect to such Proceeding, Indemnitee shall not be required to reimburse the
Company for any advancement of Expenses in respect of such Proceeding until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom have been
exhausted or lapsed).

          3.2 Any advancement of Expenses pursuant to Section 3.1 hereof shall be made within
ten (10) days after the receipt by the Company of a written statement from Indemnitee requesting
such advancement from time to time and accompanied by or preceded by the undertaking referred to in
Section 3.1 above. Each statement requesting advancement shall reasonably evidence the
Expenses incurred by or on behalf of the Indemnitee in connection with such Proceeding for which
advancement is being sought. 

     4. Contribution in the Event of Joint Liability. Whether or not the indemnification provided
in this Agreement is available, in respect of any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the
amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the
Company, on the one hand, and Indemnitee, on the other hand, from the transaction from which such
Proceeding arose; provided, however, that the proportion determined on the basis of
relative benefit may, to the extent necessary to conform to law, be further adjusted by reference
to the relative fault of the Company, on the one hand, and Indemnitee, on the other hand, in
connection with the events that resulted in such Expenses, judgments, fines or settlement amounts,
as well as any other equitable considerations that applicable law may require to be considered.
The relative fault of the Company, on the one hand, and Indemnitee, on the other hand, shall be
determined by reference to, among other things, the degree to which their actions were motivated by
intent to gain personal profit or advantage, the degree to which their liability is primary or
secondary, and the degree to which their conduct is active or passive.

     5. Procedures and Presumptions for Determination of Entitlement to Indemnification.

          5.1 Timing of Payments. All payments of Expenses, judgments, fines, amounts paid in
settlement and other amounts by the Company to Indemnitee pursuant to this Agreement shall be made
as soon as practicable after written demand therefor by Indemnitee is

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presented to the Company, but in no event later than (a) 30 days after such demand is
presented or (b) such later date as may be permitted for the determination of entitlement to
indemnification pursuant to Section 5.7 hereof, if applicable; provided,
however, that advances of Expenses shall be made within the time period provided in
Section 3.2 hereof.

          5.2 Request for Indemnification. Whenever Indemnitee believes that he or she is entitled to
indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. Indemnitee shall submit such claim for Indemnification
within a reasonable time, not to exceed five years, after any judgment, order, settlement,
dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere (or its
equivalent) or other full or partial final determination or disposition of the Proceeding (with the
latest date of the occurrence of any such event to be considered the commencement of the five-year
period). The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that Indemnitee has requested indemnification.

          5.3 Reviewing Party. Upon written request by Indemnitee for indemnification pursuant to the
first sentence of Section 5.2 hereof, to the extent that the Indemnitee’s entitlement to
such indemnification is governed by Section 2.1 or 2.2 of this Agreement, a
determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case
by one of the following methods: (a) by a majority vote of a quorum of the Board consisting of
Disinterested Directors; or (b) if such a quorum of Disinterested Directors is not available or if
a majority of such quorum so directs, in a written opinion by Independent Counsel (designated for
such purpose by the Board).

          5.4 Determination by Independent Counsel. If the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section 5.3 hereof, the
Independent Counsel shall be selected as provided in this Section 5.4. The Independent
Counsel shall be selected by the Board of Directors, and the Company shall promptly give written
notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.
Indemnitee may, within ten days after such written notice of selection shall have been given,
deliver to the Company a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of “Independent Counsel” as defined in this Agreement, and the
objection shall set forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person so selected shall act as Independent Counsel. If a written
objection is made and substantiated, the Independent Counsel selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has ruled against such objection.
If, within 30 days after submission by Indemnitee of a written request for indemnification pursuant
to Section 5.2 hereof, no Independent Counsel shall have been selected or an Independent
Counsel shall have been selected but an objection thereto shall have been properly made and
remained unresolved, either the Company or Indemnitee may petition the Franklin County Court of
Common Pleas of the State of Ohio or other court of competent jurisdiction for resolution of any
objection that shall have been made by the Indemnitee to the selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the court or by such
other person as the court shall designate, and the person with

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respect to whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 5.3 hereof. The Company shall pay any and all reasonable
fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with
acting pursuant to Section 5.4 hereof.

          5.5 Burden of Proof. In making a determination with respect to entitlement to indemnification
hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under
this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion, by clear and convincing evidence. In making a determination with respect to
entitlement to indemnification hereunder which under this Agreement or applicable law requires a
determination of Indemnitee’s good faith, and/or whether Indemnitee acted in a manner which he or
she reasonably believed to be in or not opposed to the best interests of the Company, and, with
respect to any criminal Proceeding, if Indemnitee had no reasonable cause to believe that
Indemnitee’s conduct was unlawful, the Reviewing Party shall presume that (a) Indemnitee has at all
times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to
the best interests of the Company, and (b) with respect to any criminal Proceeding, that Indemnitee
had no reasonable cause to believe that Indemnitee’s conduct was unlawful. Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and
convincing evidence. Indemnitee in his or her capacity as a director of the Company shall be
deemed to have acted in good faith if Indemnitee’s action or inaction is based on Indemnitee’s
reliance on information, opinions, reports or statements, including financial statements and other
financial data, that were prepared or presented by (a) one or more directors, officers, or
employees of the Company who the Indemnitee reasonably believes are reliable and competent in the
matters prepared or presented; (b) counsel, public accountants, or other persons as to matters that
the Indemnitee reasonably believes are within the person’s professional or expert competence; or
(c) a committee of the Board upon which the Indemnitee does not serve, duly established in
accordance with a provision of the Company’s Articles or Regulations, as to matters within its
designated authority, which committee the Indemnitee reasonably believes to merit confidence. In
addition, the knowledge and/or actions, or failure to act, of any other director, officer, agent or
employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement.

          5.6 No Presumption in Absence of Determination or as Result of Adverse Determination. Neither
the failure of any Reviewing Party to have made a determination as to whether Indemnitee has met
any particular standard of conduct or had any particular belief, nor an actual determination by any
Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination
under this Agreement or applicable law that Indemnitee should be indemnified under this Agreement,
shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any
particular standard of conduct or did not have any particular belief.

          5.7 Timing of Determination. If the Reviewing Party shall not have made a determination
within 30 days after receipt by the Company of the request therefor, the requisite determination of
entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled
to such indemnification, absent (a) a misstatement by Indemnitee of

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a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (b) a prohibition
of such indemnification under applicable law; provided, however, that such 30-day
period may be extended for a reasonable time, not to exceed an additional 45 days, if the Reviewing
Party in good faith requires such additional time for obtaining or evaluating documentation and/or
information relating thereto; and provided, further, however, that if the determination is to be
made by Independent Counsel as the Reviewing Party, such 30-day period shall be deemed to commence
after a final appointment of an Independent Counsel has been made pursuant to the provisions of
Section 5.4 hereof.

          5.8 Cooperation. Indemnitee shall cooperate with the Reviewing Party with respect to
Indemnitee’s entitlement to indemnification, including providing to such Reviewing Party upon
reasonable advance request any documentation or information that is not privileged or otherwise
protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary
to such determination. The Reviewing Party shall act reasonably and in good faith in making a
determination under this Agreement of Indemnitee’s entitlement to indemnification.

     6. Liability Insurance. The Company shall, from time to time, make the good faith
determination whether or not it is practicable for the Company to obtain and maintain a policy or
policies of directors’ and officers’ liability insurance with one or more reputable insurance
companies. Among other considerations, the Company will weigh the costs of obtaining such
insurance coverage against the protection afforded by such coverage. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company
determines in good faith that such insurance is not reasonably available, if the premium costs for
such insurance are disproportionately high compared to the amount of coverage provided, or if the
coverage provided by such insurance is limited by exclusions so as to provide an insufficient
benefit. The Company shall promptly notify Indemnitee of any such determination not to provide
insurance coverage. In the event that the Company does maintain such insurance for the benefit of
Indemnitee, the right to indemnification and advancement of Expenses as provided herein shall apply
only to the extent that Indemnitee has not been indemnified and actually reimbursed pursuant to
such insurance or otherwise has not had Expenses advanced in accordance with the terms of such
insurance.

     7. Remedies of Indemnitee Relating to Indemnification and Advancement of Expenses.

          7.1 In the event that (a) a determination is made pursuant to Section 5 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (b) advancement
of Expenses is not timely made pursuant to Section 3.2 of this Agreement, (c) no
determination of entitlement to indemnification shall have been made within the time period
specified in Section 5.7 of this Agreement, or (d) payment of indemnified amounts is not
made within the applicable time periods specified in Section 5.1 of this Agreement,
Indemnitee shall thereafter be entitled under this Agreement to commence a proceeding in the
Franklin County Court of Common Pleas of the State of Ohio, or in any other court of competent
jurisdiction, seeking an adjudication of Indemnitee’s entitlement to such indemnification or
advancement of Expenses. Indemnitee shall commence such proceeding seeking an adjudication within
180 days

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following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 7.1. The Company shall not oppose Indemnitee’s right to seek any
such adjudication.

          7.2 In the event that a determination shall have been made pursuant to Section 5.3 of
this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section 7 shall be conducted in all respects as a de
novo review on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination under Section 5.3.

          7.3 If a determination shall have been made pursuant to Section 5.3 of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in
any judicial proceeding commenced pursuant to this Section 7, absent (a) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not misleading, in connection with the request for indemnification or (b) a prohibition
of such indemnification under applicable law.

          7.4 Both the Company and the Indemnitee shall be precluded from asserting in any judicial
proceeding commenced pursuant to this Section 7 that the procedures and presumptions of
this Agreement are not valid, binding and enforceable and shall stipulate in any such court that
the Company and the Indemnitee are bound by all the provisions of this Agreement.

          7.5 In the event that Indemnitee commences a proceeding pursuant to this Section 7 to
enforce a right of Indemnitee under this Agreement, then, to the extent that Indemnitee is
successful on the merits or otherwise in such proceeding, or in connection with any claim, issue or
matter therein, Indemnitee shall be indemnified by the Company against Expenses actually and
reasonably incurred by the Indemnitee in connection with such proceeding.

     8. Exceptions to Right of Indemnification. Notwithstanding any other provision of this
Agreement, Indemnitee shall not be entitled to indemnification under this Agreement:

          (a) with respect to any claim (whether an original claim, counterclaim, cross-claim or third
party claim) brought or made by Indemnitee in a Proceeding, unless the bringing or making of such
claim shall have been approved or ratified by the Board; provided, however, that the foregoing
shall not apply to any claim brought or made by an Indemnitee to enforce a right of the Indemnitee
under this Agreement;

          (b) for Expenses incurred by Indemnitee with respect to any action instituted by or in the
name of the Company against Indemnitee, if and to the extent that a court of competent jurisdiction
declares or otherwise determines in a final, unappealable judgment that each of the material
defenses asserted by Indemnitee was made in bad faith or was frivolous;

          (c) for Expenses and other liabilities arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of 1934, or any similar
state or successor statute; and

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          (d) for Expenses and other liabilities if and to the extent that a court of competent
jurisdiction declares or otherwise determines in a final, unappealable judgment that the Company is
prohibited by applicable law from making such indemnification payment or that such indemnification
payment is otherwise unlawful.

     9. Notification and Defense of Claim.

          9.1 Notification. Indemnitee agrees promptly to notify the Company in writing upon being
served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter that may be subject to indemnification covered hereunder. The
failure to so notify the Company shall not relieve the Company of any obligation that it may have
to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or
delay materially prejudices the Company.

          9.2 Defense of Claim. With respect to any Proceeding (other than a Proceeding brought by or
in the right of the Company) as to which Indemnitee notifies the Company of the commencement
thereof:

               (a) The Company may participate therein at its own expense;

               (b) The Company, jointly with any other indemnifying party similarly notified, may assume the
defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from the Company
to Indemnitee of its election to assume the defense thereof, the Company shall not be liable to
Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection
with the defense thereof unless (i) the employment of counsel by Indemnitee or the incurrence of
any other Expense has been authorized by the Company, (ii) Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company (or any other person or
persons included in the joint defense) and Indemnitee in the conduct of the defense of such
Proceeding, or (iii) the Company shall not, in fact, have employed counsel to assume the defense of
such Proceeding;

               (c) The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in
settlement in any Proceeding effected without its written consent;

               (d) The Company shall not settle any Proceeding in any manner that would impose any penalty or
limitation on Indemnitee without Indemnitee’s written consent; and

               (e) Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed
settlement, provided that Indemnitee may withhold consent to any settlement that does not provide a
complete release of Indemnitee.

     10. Duration of Agreement. All agreements and obligations of the Company and Indemnitee
contained herein shall continue during the period Indemnitee is a director and/or officer of the
Company and shall continue thereafter so long as Indemnitee shall be subject under applicable law
to the assertion of any Proceeding (or any proceeding commenced under Section 7 hereof) by
reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or

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serving in any such capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement.

     11. Miscellaneous.

          11.1 No Employment Agreement. Nothing contained in this Agreement shall be construed as
giving Indemnitee any right to be retained in the employment of the Company or any of its
subsidiaries or affiliated entities.

          11.2 Entire Agreement. This Agreement constitutes the entire agreement and understanding of
the Company and Indemnitee in respect of its subject matter and supersedes all prior
understandings, agreements and representations by or among the Company and Indemnitee, written or
oral, to the extent they relate in any way to the subject matter hereof.

          11.3 Successors. All of the terms, agreements, covenants, representations, warranties and
conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by,
the Company and Indemnitee and their respective heirs, executors, administrators, personal
representatives, successors and permitted assigns.

          11.4 Assignment. Neither the Company nor Indemnitee may assign either this Agreement or any
of its rights, interests or obligations hereunder without the prior written approval of the other;
provided, however, that the Company may assign all (but not less than all) of its
rights, interests and obligations hereunder to any direct or indirect successor to all or
substantially all of the business or assets of the Company by purchase, merger, consolidation or
otherwise; provided, however, no such assignment shall relieve the Company of its obligations
hereunder and the assignee must agree in writing to be bound by all of the terms and conditions
herein.

          11.5 Merger or Consolidation. In the event that the Company shall be a constituent
corporation in a consolidation, merger or other reorganization, the Company, if it shall not be the
surviving, resulting or acquiring entity therein, shall require as a condition thereto that the
surviving, resulting or acquiring entity agree to assume all of the obligations of the Company
hereunder and to indemnify Indemnitee to the full extent provided herein. Whether or not the
Company is the resulting, surviving or acquiring entity in any such transaction, Indemnitee shall
also stand in the same position under this Agreement with respect to the resulting, surviving or
acquiring entity as the Indemnitee would have with respect to the Company if its separate existence
had continued.

          11.6 Notices. All notices, requests, demands, claims and other communications hereunder shall
be in writing. Any notice, request, demand, claim or other communication hereunder shall be deemed
duly given if it is delivered personally against written receipt, by registered or certified mail,
return receipt requested, postage prepaid, or by facsimile transmission, and addressed to the
intended recipient as set forth below:

	 	 	 	 	 
	 

	 	If to Company:
	 	 
	 
	 	 	 	 
	 

	 	Retail Ventures, Inc.	 	 
	 

	 	3241 Westerville Road	 	 

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	 	Columbus, Ohio 43224
	 	 
	 

	 	Attention: General Counsel	 	 
	 

	 	Tel: (614) 478-3424	 	 
	 

	 	Fax: (614) 337-4682	 	 
	 
	 	 	 	 
	 

	 	with a copy to:	 	 
	 
	 	 	 	 
	 

	 	Retail Ventures, Inc.	 	 
	 

	 	3241 Westerville Road	 	 
	 

	 	Columbus, Ohio 43224	 	 
	 

	 	Attention: Secretary	 	 
	 

	 	Tel: (614) 478-2300	 	 
	 

	 	Fax: (614) 473-2721	 	 
	 
	 	 	 	 
	 

	 	If to Indemnitee:	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	with a copy to:	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

          All such notices, requests and other communications will (i) if delivered personally to the
address as provided in this Section, be deemed given upon delivery against written receipt; (ii) if
delivered by mail in the manner described above, be deemed given on the earlier of the fourth
business day following mailing or upon receipt; and (iii) if delivered by facsimile transmission to
the facsimile number as provided for in this Section, be deemed given upon receipt. Either party
may change the address or facsimile number to which notices, requests, demands, claims and other
communications hereunder are to be delivered by giving the other parties notice in the manner
herein set forth.

          11.7 Specific Performance. Each of the Company and Indemnitee acknowledges and agrees that
the other would be damaged irreparably if any provision of this Agreement is not performed in
accordance with its specific terms or is otherwise breached. Accordingly, each party agrees that
the other party shall be entitled to an injunction or injunctions to prevent breaches of the
provisions of this Agreement and to enforce specifically this Agreement and its terms and
provisions in any action instituted in any court of the United

11

 

States or any state thereof having jurisdiction over the parties and the matter, in addition
to any other remedy to which they may be entitled at law or in equity.

          11.8 Counterparts. This Agreement may be executed in two counterparts, each of which shall be
deemed an original but both of which together shall constitute one and the same instrument.

          11.9 Governing Law. This Agreement and the performance of the parties’ obligations hereunder
shall be governed by and construed in accordance with the laws of the State of Ohio, without giving
effect to any choice of law principles.

          11.10 Amendments and Waivers. No amendment, modification, replacement, termination or
cancellation of any provision of this Agreement will be valid, unless the same is in writing and
signed by the parties. No waiver by either party of any default, misrepresentation or breach of
warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or
subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect in any
way any rights arising because of any prior or subsequent such occurrence.

          11.11 Nonexclusivity of Rights; Survival of Rights; Severability.

               (a) The rights provided by this Agreement (including rights to indemnification, advancement of
expenses and contribution) (i) shall not be exclusive of, and shall be in addition to, any other
rights to indemnification, advancement of expenses or contribution to which Indemnitee may at any
time be entitled under the Articles, the Regulations, applicable law (including the OGCL), any
insurance policy, agreement, vote of shareholders or Disinterested Directors or otherwise, as to
any actions or failures to act by Indemnitee, (ii) shall continue after the Indemnitee has ceased
to be a director and/or an officer of the Company and (iii) shall inure to the benefit of the
Indemnitee’s heirs, executors, administrators and personal representatives. In the event of any
change, after the date of this Agreement, in any applicable law which expands the right of the
Company to indemnify a member of its Board and/or its officers, such changes shall be deemed to be
within the purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In
the event of any change in any applicable law which narrows the right of the Company to indemnify a
member of its Board and/or its officers, such changes, to the extent not otherwise required by
applicable law to be applied to this Agreement, shall have no effect on this Agreement or the
parties’ rights and obligations hereunder.

               (b) The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof; provided, however, that if any provision of this Agreement, as
applied to any party or to any circumstance, is adjudged by a court, arbitrator or mediator not to
be enforceable in accordance with its terms, the parties agree that the court, arbitrator or
mediator making such determination shall have the power to modify the provision in a manner
consistent with its objectives (and only to the extent necessary) such that it is enforceable,
and/or to delete specific words or phrases, and in its reduced form, such provision shall then be
enforceable and shall be enforced.

12

 

          11.12 Subrogation; No Duplicative Payments.

               (a) In the event of payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to bring suit to enforce
such rights.

               (b) The Company shall not be liable to make any payment under this Agreement to Indemnitee if
and to the extent that Indemnitee has actually received payment under any insurance policy,
contract, the Articles, the Regulations or otherwise of the amounts otherwise payable hereunder.

          11.13 Expenses. Except as otherwise expressly provided in this Agreement, each party shall
bear its own costs and expenses incurred in connection with the preparation, execution and
performance of this Agreement, including all fees and expenses of agents, representatives,
financial advisors, legal counsel and accountants.

          11.14 Construction. If any provision of this Agreement should be deemed to exceed the
authority granted to the Company by Ohio law in effect as of the date hereof, then such provision
shall be deemed to be amended to the extent (and only to the extent) necessary to comply with Ohio
law. The parties have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as
if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or
disfavoring any party because of the authorship of any provision of this Agreement. Any reference
to any federal, state, local or foreign law shall be deemed also to refer to such law as amended
and all rules and regulations promulgated thereunder, unless the context requires otherwise. The
words “include,” “includes,” and “including” shall be deemed to be followed by “without
limitation.” Pronouns in masculine, feminine and neuter genders shall be construed to include any
other gender, and words in the singular form shall be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to any
particular subdivision unless expressly so limited. The parties intend that each representation,
warranty and covenant contained herein will have independent significance. If either party has
breached any representation, warranty or covenant contained herein in any respect, the fact that
there exists another representation, warranty or covenant relating to the same subject matter
(regardless of the relative levels of specificity) that the party has not breached shall not
detract from or mitigate the fact that the party is in breach of the first representation, warranty
or covenant. The section headings contained in this Agreement are inserted for convenience only
and shall not affect in any way the meaning or interpretation of this Agreement.

          11.15 Remedies. Except as expressly provided herein, the rights and remedies created by this
Agreement are cumulative and in addition to any other rights or remedies now or hereafter available
at law or in equity or otherwise. Except as expressly provided herein, nothing herein shall be
considered an election of remedies. The assertion or employment of any right or remedy shall not
prevent the concurrent assertion or employment of any other remedy.

13

 

          11.16 Mutual Acknowledgement. Nothing in this Agreement is intended to require or shall be
construed as requiring the Company to do or fail to do any act in violation of applicable law.
Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable
public policy may prohibit the Company from indemnifying the Indemnitee under this Agreement or
otherwise. Indemnitee understands and acknowledges that the Company has undertaken and may be
required in the future to undertake with the Securities and Exchange Commission to submit the
question of indemnification to a court in certain circumstances for a determination of the
Company’s right under public policy to indemnify Indemnitee. The Company’s inability, pursuant to
court order, to perform its obligations under this Agreement shall not constitute a breach of this
Agreement.

[The next page is the signature page]

14

 

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

	 	 	 	 	 	 	 
	 	 	RETAIL VENTURES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 		 	 

	 	 	 	 	 
	 

	 	INDEMNITEE
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

15<PAGE>
                                  EXHIBIT 10.17

      DESCRIPTION OF THE LEASE FOR OFFICE SPACE OF HDC IN SAO PAULO, BRAZIL

With the present instrument in the best form of right the signers below on one
side is Lessor MR. DUARTE AUGUSTO LOPEZ, Brazilian, naturalized, married,
businessman, carrier of ID card RG Number 1490.755 and registered at C.P.F/M.F
no 004.185.548-15, resident and housed in the capital, representing IRMAOS
RIBEIRO S/C LTDA., with offices at Our Lady of Lapa 671/10 10th floor capital
Sao Paulo on the other side as lessee HEMAGEN DIAGNOSTICOS COMERCIO IMPORTACAO E
EXPORTACAO LTDA, properly registered at C.N.P.J. Number 64.002.686/001-32 and
state registration number 113.046.733.117, headquarters Rua Tavares Cabral
Number 185-Pinheiros - Capital - SP. properly represented by the primary
stockholder HEMAGEN DIAGNOSTICS, INC. a company located in the USA, incorporated
according to the laws of the state of Delaware with the address of 34 Bear Hill
Road, Waltham, MA. In conformance with the contractual alteration clause for
which is from to be registered in the JUCESP under number 65245/95-7 and
delegates powers of management to the partner/shareholder of the Lessee through
the particular document dated the fifteenth of February 1996 and registered in
the chamber of commerce under number 38707/96 to MRS. LIVIA FARIA LOPES DOS
SANTOS OLIVEIRA, Brazilian, married, professor, carrier of ID card number
5.816.796 and registered number C.P.F./M.F. 688.794.078-72 Resident and housed
in Rua Doutor Luis Augusto de Queiroz Aranha, Number 576-7 andar Capital - SP,
To whom is delegated for specifications of this lease and the value of rent to
be just and contracted the following which is mutually agreed and accepts and
agrees to the conformity of the following clauses and stipulates to no:

     1.   The lessor in his quality as the owner of the building a house at Rua
          Diogo Moreira Number 222, number 45 subdistrict, Pinheiros, a lot
          measuring 16 meters across the front equal depth on both sides of 35
          meters on the front on both sides with an area equal to 560 square
          meters with the left side against street Mario Freire Filho, and on
          the other side with Francisco de Paula Amarante and in the back with
          whomever is found to be properly registered in the city hall of Sao
          Paulo under the number of the contributor 015.074.0089-6 in the
          location of the real estate agency of the building through the clauses
          already stipulated.

     2.   The length of the present contract is sixty months, beginning the
          first of July 2001 and ending the 30th of June 2006, date in which the
          lessee promises to return completely empty and in a state of
          conservation the building independently of any notification.

     3.   The monthly rent is 7000 Reais which should be paid on time until the
          10th day of the following month in the office of the procurator or
          wherever indicated through an authorized bank being that whatever
          receipt outside of this time should be considered beyond the tolerance
          of the lessor

<PAGE>

          towards the lessee without any prejudice of any of the other clauses
          of this contract.

          The nonpayment of the monthly rent and other charges until the 10th
          day of each month of the subsequent month will incur a penalty of 10%
          of the value of the total debt plus 1% interest per month, which will
          be calculated from the date of the actual due date until the date the
          payment is actually made. Taking as a reference point the variation of
          the IGPM/FGV the general index of market prices or whatever under
          index comes to be used by the government as its substitute. Any
          special discounts over the rent given to the Lessee shall be bound to
          the payment on the due date as agreed. Hence in case of a fine, the
          Lessor can take away any discount without any notification.

          It is accepted and established that periodic adjustments that the
          legislation of the country will authorize periodically inferior to the
          annual adjustment that the two parties will agree with respect to the
          adoption of a new period of readjustment. Moving to a readjustment
          that is more favorable to the lessor maintaining the indexes in this
          contract as stipulated or as said the IGPM/FGV the general index of
          market prices furnished by the foundation Getulio Vargas, or any index
          that comes to be substituted.

          All expenses, taxes, and consumption of water, sewer, septic tank,
          electric energy, bank taxes, and any other taxes such as the IPTU
          taxes and insurance against fire that occur or are going to occur over
          the building will be the exclusive responsibility of the Lessee which
          will reimburse these to the Lessor along with the rent or when
          returning the building the lessee is obligated to present the proof of
          payments of said charges thereby proving payment and therefore being
          incorporated with the overall payment and giving notice to the lessor
          that payment was indeed made. It should be known that receipt of these
          receipts in no way releases the lessee from other obligations
          stipulated within this contract which were not charged for whatever
          reasons during the specific. The payments of rent or any other charges
          as the lessee should always be made with checks made directly to the
          lessee or with a bank note sent directly to the realtor. It is
          expressly forbidden any deposit to be made into the bank account of
          the administrator.

          The lessee is obligated to have insurance against fire of the building
          for the market value. The policy should be in favor of the Lessor and
          after that followed by the occupants of the building, the commercial
          branch.

     4.   Any work that impacts the security of the building should be executed
          by the lessor, all other necessary works of maintenance and
          conservation of the building should be made and paid for by the lessee
          which is obligated to restore everything to the condition in which it
          was found at the start of the lease. This conforms to clause 15 of the
          present lease agreement with

<PAGE>

          the exception of the natural wear and tear of things. Any other
          changes that were made by the Lessee to the building should be
          repaired within 20 days of receiving the keys by the Lessor or the
          administration. After these 20 days the lessor can make the necessary
          repairs, charging all of the cost through judicial action if necessary
          and making the Lessee responsible for the rent until the conclusion of
          these services

          The Lessee is immediately authorized to make any necessary
          improvements, adaptations in order to carry out its business in a
          beneficial way, any improvements will pass onto the lessor
          independently of any indemnification. At the end of the lease, the
          lessor can order the lessee to take away all changes, improvements and
          modifications introduced even with his approval.

     5.   The Lessee immediately allows the lessor or its representative to
          examine/visit the building when it is understood to be convenient
          obligating itself to communicate to the lessee the time, date, and
          hour, in case that the building is located for sale, the lessee will
          permit those interested in the purchase of the building to visit at
          the time and hour previously agreed to by both parties.

          In the hypotheses of sale of the building of the lease, the lessee
          shall have first right of refusal under the same conditions offered to
          any third party. If there is no interest by the Lessee, the new owner
          shall respect all terms and conditions now put hereforth.

          The lessor authorizes the Lessee to add the present contract to the
          registration of building number 86093 of the 14th of May 1996 number
          10 of the Registration of Buildings of Sao Paulo, any expenses
          generated by this registration will be paid by the lessee.

     6.   It is not permitted the transference of this contract now or
          subleasing or the lending of this building in whole or part. It is
          obligated to be used exclusively for commercial use.

          Indemnifying the administration and the lessor of any responsibility
          from any of the public authorities

          The legal part to open any firm to be constituted is entirely the
          responsibility of the lessee who will assume the responsibility of the
          use of the building along with any public authority at whatever level,
          federal, state, or municipal.

     7.   In case of fire, landslides or other acts of god which make it
          impossible to use the building, the lessor is no longer obliged to
          complete its obligations.

<PAGE>

          It falls upon the Lessee to defend its interest along with the
          appropriate powers.

     8.   Everything owed by reason of this contract shall be charged in an
          executive process, an appropriate action. All expenses shall be bourn
          by the debtor on top of the principal and defined all judicial
          expenses extra judicial expenses and 20 percent of the fees of the
          lawyer.

     9.   All fines by of which the lessee gives cause for them should be paid.
          The lessee is also responsible for any additional fines and taxes and
          other charges which may arise.

     10.  Lessor and lessee obligate themselves to respect the present contract
          which is found to be correct. Whichever of the contracting parties
          infringes their respective clauses, a penalty equivalent to the rent
          of three months shall be assessed.

     11.  The lessee deposits in this important act a deposit of $21,000 Reais
          or the equivalent of three months rent for all the guarantees present
          in the lease in this way fulfilling the requirements of article 38
          paragraph 2 of the law 8.245/91.

     12.  The lessee and lessor are assured that all the rights and advantages
          conferred by law and in vigor at the signing of this contract are
          promulgated.

     13.  For the return of the keys that are object of this present lease the
          lessee is obligated to notify the lessor of its intention to do so 60
          days prior to the end or moving out of the location. 60 days prior
          their should be a walkthrough of the building with the lessor or
          administrator in conjunction with the lessee to identify any eventual
          damages made to the building and to assess any necessary reparations
          that should be made to the building these are obligations of the
          lessee and should be taken care of by the lessee, they could be made
          by the lessor at the expenses of the lessee through a previous
          approval of payments the keys will be accepted effectively after the
          receipt of the payments of the light, water, E.P.T.U, etc, that have
          been properly disconnected.

     14.  The receiving of the keys by the lessor does not imply or indemnify
          the rents or other charges that could be charged at whatever moment if
          they refer to the period in which the lessee was within the building.

     15.  The lessee receives the building in the state in which it is found in
          conformity to the description which is elaborated and signed by the
          lessor and lessee as is shown in the attachment to this contract and
          as part of the negotiations of the rent the lessee commits to make the
          adaptations

<PAGE>

          necessary to perform their duties within the commercial activity
          conserving the improvements already existing. In this way, complying
          with article 22 in paragraph one of Lei 8245/91.

     16.  When the building is to be returned to the lessor there will be a
          visit in accordance to the contractual clauses in finding the building
          in normal conditions for a new lease, the lessee will receive payment
          equivalent to two months of rent. If the lessee advises with at least
          60 days notice the intention to no longer occupy the building without
          prejudice to clause number 11.

     17.  It is an integral part of the building now located a telephone .3815
          0556 of a proprietary type being that the account taxes, reparations,
          telephone call, local telephone calls, intercity telephone calls, and
          other telephone calls are the responsibility of the Lessee. The lessee
          should make his payment during the respective due date independent of
          the due date of the rent. If there is a late payment of the telephone
          bill, the lessor will make payment and after will charge a tax of 20
          percent over the total value of the telephone bill and also legal
          fees.

     18.  Now the lessee has obliged during the next 30 days to transfer from
          ELETROPAULO - Eletricidae de Sao Paulo S.A., its account to furnish
          electric energy under the lessee's name.

     19.  Any warrants, notifications, citations, cases, that should be
          necessary according to article 58, in number 4 of law 8.245 of October
          of 1991 or personally to the manager delegated the principal
          shareholder who maintains the management and administrative management
          of the company. Any disputes, solicitation, or questions in reference
          to the building should be sent by writing to the organization of
          IRMAOS RIBEIRO S/C LTDA., who is in charge to administrate, receive
          rents, and take care of the interests of the lessor.

     21.  It is elected FORO DA CAPITAL - SP, to govern over any doubt
          originating from the application or interpretation of this contract.
          All other forms are renounced by both parties no matter how privileged
          they are.

It is for being in complete agreement here present in this contract the two
parties of equals in the presence of two witnesses below given everything for
good, sign.

     Sao Paulo, 12 JUL 2001

     Duarte Augusto Lopes

     Hemagen Diags. Com. Imp. Exp. LTDA
     Livia Faria Lopes Dos Santos Oliveira

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