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Exhibit 10.19    
    

 
 

LIMITED PAYMENT GUARANTY    
    

        To induce Spy Optic, Inc, a California Corporation ("Spy"), to provide or continue a loan and other financial
accommodations to No Fear, Inc. a California corporation ("Borrower") in the outstanding principal amount of $1,702,648, the undersigned Greg
Theiss ("Guarantor"), subject to the limitations set forth in Section 10 of this Limited Payment Guaranty ("Guaranty"), unconditionally
guaranties the full and prompt payment by Borrower of all of the "Indebtedness" (as hereinafter defined), and promises to pay Spy, or order, on demand, in lawful money of the United States, all of the
Indebtedness, and all costs and expenses, including attorneys fees and legal expenses, paid or incurred by Spy in endeavoring to collect the Indebtedness, or any part thereof, and in enforcing this
Guaranty. This Guaranty is a guaranty of payment, and not merely a guaranty of performance. 

	1.
	Definitions. The word Indebtedness is used herein in its most comprehensive sense and
includes any and all advances, debts, obligations and liabilities of Borrower to Spy (including any interest which, but for the application of the provisions of the U.S. Bankruptcy Code, would have
accrued on such amounts), in the outstanding principal amount of $1,702,648, whether Borrower may be liable thereon individually or jointly with others, and whether Borrower or any other party or
person has any right or power to assert any claim or defense to the validity or enforceability of the Indebtedness.

	2.
	Independent Obligations. Guarantor's obligations hereunder are independent of the obligations of Borrower, and subject to the provisions
of Section 10 hereof, a separate action or actions may be brought and prosecuted against Guarantor, irrespective of whether an action is brought against Borrower or whether Borrower is joined
in any such action or actions.

	3.
	Continuation of Terms. This Guaranty shall not be affected or impaired by any modifications, supplements, extensions or amendments of
any contract or agreement to which Spy and Borrower or any other guarantor of the Indebtedness are parties, nor by any modifications, releases or other alterations of any of the Indebtedness hereby
guarantied or of any security therefore, nor by any agreements or arrangements whatever with Borrower or anyone else.

	4.
	Authorization. Guarantor authorizes Spy, without notice or demand and without affecting Guarantor's liability hereunder, from time to
time and any number of times, to take any or all of the following actions:

	(a)
	renew,
compromise, extend, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Indebtedness or any part thereof, including increase or
decrease of the rate of interest thereon;

	(b)
	take
and hold security for the payment of the Indebtedness, and exchange, enforce, waive and release any such security;

	(c)
	apply
such security and direct the order or manner of sale thereof as Spy in its discretion may determine;

	(d)
	release
or substitute any other guarantors, sureties, or endorsers of the Indebtedness;

	(e)
	extend
other credit to Borrower; and

	(f)
	substitute,
add or release any one of more Guarantors.

	5.
	Waivers. Guarantor waives all rights and defenses arising out of an election of remedies by Spy, even though that election of remedies,
such as nonjudicial foreclosure with respect to security for the Indebtedness guarantied hereunder, has destroyed Guarantor's rights of subrogation and reimbursement against Borrower by the operation
of Section 580d of the California Code of Civil Procedure or otherwise. Guarantor waives any right of subrogation, contribution, indemnity or reimbursement that Guarantor has or may have
against Borrower with respect to the Indebtedness until such time as the Indebtedness has been indefeasibly paid in full. Guarantor waives any defense arising by reason of any disability or other
defense of Borrower or by reason of the cessation from any cause whatsoever of the liability of Borrower. Guarantor agrees that nothing shall discharge or satisfy the liability of Guarantor hereunder
except the full and indefeasible payment and performance of all of the Indebtedness. The Indebtedness and obligations shall not be considered indefeasibly paid until all payments to Spy are no longer
subject to any right, by any person, to 

 

invalidate
or set aside such payments or to seek to recoup the amount of such payments or to declare such payments to be fraudulent or preferential. In the event any portion of any such payments shall
be set aside or restored, then Guarantor shall be liable for the full amount Spy is required to repay, plus any costs and expenses (including attorneys fees) paid by Spy in connection therewith. Any
and all present and future debts and obligations of Borrower to Guarantor are hereby postponed in favor of and subordinated to the full payment and performance of all Indebtedness of Borrower to Spy.
Spy's books and records showing the account between Spy and Borrower shall be admissible in any action or proceeding and shall be binding upon Guarantor for the purpose of establishing the items
therein set forth and shall constitute prima facie proof thereof. Guarantor waives all presentments, demands for performance, notices of non-performance, protests, notices of protest,
notices of dishonor, notices of default, notices of acceptance of this Limited Deficiency Guaranty and of the existence, creation or incurrence of new or additional Indebtedness, notice of any and all
favorable and unfavorable information, financial or other, about Borrower, heretofore, now or hereafter learned acquired by Spy and all other notices to which Guarantor might otherwise be entitled. 

	6.
	Revival and Reinstatement. If Spy is required to pay, return or restore to Borrower or any person any amounts previously paid on the
Indebtedness, the obligations of Guarantor shall be reinstated and revived and the rights of Spy shall continue with respect to such amounts all as though they had never been paid.

	7.
	Maintenance of Information. Guarantor hereby represents to Spy that Guarantor is and will remain informed of the financial condition of
Borrower and of all other circumstances which bear upon the risk of non-payment of the Indebtedness and any other obligations of Borrower guarantied hereby. Guarantor agrees that Spy is
not obligated to inform Guarantor of any such circumstances, whether now existing or hereafter arising, and that Spy is not required to inquire into the powers of Borrower or the officers, directors,
partners or agents acting or purporting to act on its behalf, and any Indebtedness made or created in reliance upon the professed exercise of such powers shall be guarantied hereunder.

	8.
	Attorneys Fees. Guarantor agrees to pay reasonable attorneys fees (including the allocated costs of Spy's in house counsel) and all
other costs and expenses which may be incurred by Spy in the enforcement of this Guaranty or any claim hereunder.

	9.
	Amendments In Writing. No termination or modification of this Guaranty shall be effective for any purpose unless it is in writing and
executed by an officer of Spy authorized to do so.

	10.
	Payment by Guarantor. Guarantor's obligation to make payment to Spy of the Indebtedness shall arise only upon delivery by Spy of a
written demand for payment by certified mail, Federal Express or other overnight courier service to Guarantor's address set forth below. The earliest date upon which Spy make such written demand for
payment is December 31, 2005. Such demand may be made on such date if the Indebtedness has not been paid in full by Borrower. Guarantor shall be deemed to be in default of this Guarantee if Spy
has not received payment in full under this Guarantee within ten (10) days of Guarantor's receipt of such demand.

	11.
	Successors and Assigns. The death of Guarantor shall not terminate this Guaranty. This Guaranty shall be binding upon the heirs,
executors, administrators, trustees, beneficiaries, successors and assigns of Guarantor and shall inure to the benefit of Spy, its successors and assigns.

	12.
	Limitation of Liability. Anything contained in this Guaranty to the contrary notwithstanding, the maximum liability of Guarantor to Spy
pursuant to this Guaranty shall be equal to the sum of (i) Five Hundred Thousand Dollars ($500,000) plus (ii) any and all costs and expenses (including without limitation, attorney's
fees and costs) incurred by Spy in enforcing this Guaranty. No payment by any person or entity other than Guarantor (including without limitation, Borrower or any other guarantor of the Indebtedness)
shall reduce the obligations and liabilities of Guarantor hereunder.[Please note—amount of obligations must aggregate $2 million].

	13.
	CHOICE OF LAW AND VENUE. THE VALIDITY OF THIS GUARANTY, ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT AND THE RIGHTS OF THE PARTIES
HERETO SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. 

2

 

THE
PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS GUARANTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE COURTS LOCATED IN THE COUNTY OF SAN DIEGO, STATE OF
CALIFORNIA, THE FEDERAL COURTS WHOSE VENUE INCLUDES THE COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, OR, AT THE SOLE OPTION OF SPY, IN ANY OTHER COURT IN WHICH SPY SHALL INITIATE LEGAL OR EQUITABLE
PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. THE PARTIES EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN
ANY SUCH COURT, AND THE PARTIES HEREBY WAIVE ANY OBJECTION WHICH EITHER MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION AND HEREBY CONSENT TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY ANY SUCH COURT. FURTHERMORE, BORROWER AND SPY EACH WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF "FORUM NON CONVENIENS"
OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 13. 

	14.
	WAIVER OF JURY TRIAL. GUARANTOR HEREBY WAIVES GUARANTOR'S RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS LIMITED
DEFICIENCY GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS BETWEEN SPY AND BORROWER OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS
AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. GUARANTOR REPRESENTS THAT GUARANTOR HAS REVIEWED THIS WAIVER AND KNOWINGLY AND VOLUNTARILY WAIVES GUARANTOR'S JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

        IN
WITNESS WHEREOF, the undersigned Guarantor has executed this Guaranty this 8th day of September, 2004. 

	 	 	GUARANTOR:
	

 	
 	

Signed By:	

/s/  GREG THEISS      

	 	 	Print Name:	Greg Theiss
	

 	
 	

Home Address:
	

 	
 	

    
 Street Address
	

 	
 	

    
 City/State/Zip

3

 
[COMPLETE THE NOTARIAL CERTIFICATE IF SIGNER CANNOT APPEAR BEFORE SPY] 

LIMITED
DEFICIENCY GUARANTY DATED SEPTEMBER    , 2004 

ACKNOWLEDGMENT BY GUARANTOR BEFORE NOTARY PUBLIC  

	STATE OF NEBRASKA	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF DOUGLAS	 	)	 	 

On September 8, 2004, before me, Greg Theiss personally appeared, personally known to me (or proved to me on the basis of satisfactory evidence to be the person whose
name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the
entity upon behalf of which the person acted, executed the instrument. 

	WITNESS my hand and official seal.	 	 
	

Signature: Mandy Johnson	
 	

[NOTARY SEAL]
	

My Commission Expires: 2-05-06	
 	

 
	

Address: Nebraska State Bank	
 	

 
	

City/State/Zip: Omaha, NE 68134	
 	

 

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Exhibit 10.19

LIMITED PAYMENT GUARANTY<Page>

                                                                   Exhibit 10.25

                                                                  EXECUTION COPY

                                 ACUSPHERE, INC.

                            INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (the "AGREEMENT") is made as of ___________
__, 2004, by and between Acusphere, Inc., a Delaware corporation (the
"COMPANY"), and _________________ (the "INDEMNITEE").

     WHEREAS, in order to continue to attract and retain sophisticated and
experienced individuals to serve on its board of directors, the Company desires
to provide, independent from the indemnification to which the Indemnitee is
otherwise entitled by law and under the Company's Certificate of Incorporation,
as amended and in effect from time to time (the "CHARTER"), and By-Laws, as
amended and in effect from time to time (the "BY-LAWS"), indemnification to the
Indemnitee and advances of expenses, all as set forth in this Agreement to the
maximum extent permitted by law;

     NOW, THEREFORE, to induce the Indemnitee to continue to serve the Company
and in consideration of these premises and the mutual agreements set forth in
this Agreement, as well as other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Indemnitee
hereby agree as follows:

     1.   INDEMNIFICATION.

          (a)   THIRD PARTY PROCEEDINGS. The Company shall indemnify Indemnitee
if Indemnitee is or was a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the Company) by reason of the fact that Indemnitee is or was a
director, officer, employee or agent of the Company, or of any subsidiary of the
Company, or by reason of the fact that Indemnitee is or was serving at the
request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld or delayed) actually and reasonably
incurred by Indemnitee in connection with such action, suit or 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 action or proceeding, had no reasonable cause to believe
Indemnitee's conduct was unlawful. The termination of any action or proceeding
by judgment, order, settlement, conviction, or upon a plea of NOLO CONTENDERE or
its equivalent, shall not, of itself, create a presumption that Indemnitee did
not act in good faith and in a manner which Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that Indemnitee's
conduct was unlawful.

          (b)   PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. The Company shall
indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made
a party to any

<Page>

                                      - 2 -

threatened, pending or completed action or suit by or in the right of the
Company or of any subsidiary of the Company to procure a judgment in its favor
by reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company, or of any subsidiary of the Company, or by reason of the
fact that Indemnitee is or was serving at the request of the Company as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys' fees)
actually and reasonably incurred by Indemnitee in connection with the defense or
settlement of such action or suit 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, except that no indemnification shall be made in
respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged to be liable to the Company unless and only to the extent that
the Delaware Court of Chancery or any other court in which such action or suit
is or was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnity for such expenses
which the Court of Chancery or other such court shall deem proper.

          (c)   MANDATORY PAYMENT OF EXPENSES. To the extent that Indemnitee has
been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Section 1(a) or Section 1(b) or in defense of any
claim, issue or matter therein, Indemnitee shall be indemnified against expenses
(including attorneys' fees) actually and reasonably incurred by Indemnitee in
connection therewith.

     2.   EXPENSES; INDEMNIFICATION PROCEDURE.

          (a)   ADVANCEMENT OF EXPENSES. The Company shall advance all expenses
incurred by Indemnitee in connection with the investigation, defense, settlement
or appeal of any civil or criminal action, suit or proceeding referenced in
Section 1(a) or Section 1(b) hereof (but not amounts actually paid in settlement
of any such action or proceeding). Indemnitee hereby undertakes to repay such
amounts advanced if, and to the extent that, it shall ultimately be determined
that Indemnitee is not entitled to be indemnified by the Company as authorized
hereby. The advances to be made hereunder shall be paid by the Company to
Indemnitee within twenty (20) days following receipt by the Company of a written
request of the Indemnitee, but only if the Company has first received an
undertaking (the "UNDERTAKING"), substantially in the form attached hereto as
EXHIBIT 1, by or on behalf of the Indemnitee to repay the amount of any such
advance if and to the extent that it shall ultimately be determined that the
Indemnitee is not entitled to indemnification for such amount. The Undertaking
shall be unsecured and shall bear no interest and shall be accepted without
reference to the financial ability of the Indemnitee to make repayment.

          (b)   NOTICE/COOPERATION BY INDEMNITEE. Indemnitee shall, as a
condition precedent to his or her right to be indemnified under this Agreement,
give the Company notice in writing as soon as practicable of any claim made
against Indemnitee for which indemnification is or will be sought under this
Agreement. Notice to the Company shall be directed to the Chief Executive
Officer of the Company at the address shown on the signature page of this
Agreement (or such other address as the Company shall designate in writing to
Indemnitee). Notice shall be

<Page>

                                      - 3 -

deemed received three (3) business days after the date postmarked if sent by
domestic certified or registered mail, properly addressed; otherwise notice
shall be deemed received when such notice shall actually be received by the
Company. In addition, Indemnitee shall give the Company such information and
cooperation as it may reasonably require and as shall be within Indemnitee's
power.

          (c)   PROCEDURE. Any indemnification and advances provided for in
Section 1 and this Section 2 shall be made promptly, and in any event within
forty-five (45) days following receipt by the Company of a written request of
the Indemnitee (or within twenty (20) days in the case of advances made pursuant
to Section 2(a)), unless with respect to such requests the Company reasonably
determines within such applicable period that the Indemnitee did not meet the
applicable standard of conduct or that indemnification is not required under
Section 7 below, or unless otherwise ordered by a court. Such determination
shall be made in each instance by: (a) the board of directors by a majority vote
of a quorum consisting of directors of the Company who were not parties to such
action, suit or proceeding in question ("DISINTERESTED DIRECTORS"); (b) if such
quorum is not obtainable, or even if obtainable if a quorum of disinterested
directors so directs, by independent legal counsel (who may be regular counsel
to the Company) in a written opinion; or (c) by the stockholders of the Company.
If a claim under this Agreement, under any statute, or under any provision of
the Company's Charter or By-Laws providing for indemnification, is not paid in
full by the Company within the applicable period, Indemnitee may bring an action
against the Company to recover the unpaid amount of the claim and Indemnitee
shall also be entitled to be paid for the expenses (including attorneys' fees)
of bringing such action, subject to Section 12 of this Agreement, or unless it
shall ultimately be determined that Indemnitee is not entitled to be indemnified
by the Company as authorized hereby or thereby. It shall be a defense to any
such action that Indemnitee has not met the standards of conduct which make it
permissible under applicable law or this Agreement for the Company to indemnify
Indemnitee for the amount claimed, but the burden of proving such defense shall
be on the Company and Indemnitee shall be entitled to receive interim payments
of expenses pursuant to Section 2(a) unless and until such defense may be
finally adjudged. It is the parties' intention that if the Indemnitee brings any
such action, the question of Indemnitee's right to indemnification shall
ultimately be for the court to decide, and neither the failure of the Company
(including its Board of Directors, any committee or subgroup of the Board of
Directors, independent legal counsel, or its stockholders) to have made a
determination that indemnification of Indemnitee is proper in the circumstances
because Indemnitee has met the applicable standard of conduct required by
applicable law, nor an actual determination by the Company (including its Board
of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its stockholders) that Indemnitee has not met such applicable
standard of conduct, shall create a presumption that Indemnitee has or has not
met the applicable standard of conduct.

          (d)   NOTICE TO INSURERS. If, at the time of the receipt of a notice
of a claim pursuant to Section 2(b) hereof, the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of the
commencement of such proceeding to the insurers in accordance with the
procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of

<Page>

                                      - 4 -

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

          (e)   ASSUMPTION OF DEFENSE AND SELECTION OF COUNSEL. In the event the
Company shall be obligated under Section 2(a) hereof to pay the expenses of any
proceeding against Indemnitee, the Company, if appropriate, shall be entitled to
assume the defense of such proceeding, with counsel approved by Indemnitee,
which approval shall not be unreasonably withheld, upon the delivery to
Indemnitee of written notice of its election so to do. Notwithstanding the
foregoing, the Company shall not be permitted to settle any action or claim on
behalf of Indemnitee in any manner which would impose any unindemnified
liability or penalty on the Indemnitee or require any acknowledgment of
wrongdoing on the part of Indemnitee without Indemnitee's written consent, which
consent shall not be unreasonably withheld. After delivery of such notice,
approval of such counsel by Indemnitee and the retention of such counsel by the
Company, and notwithstanding anything to the contrary contained herein, the
Company will not be liable to Indemnitee under this Agreement for any fees of
counsel subsequently incurred by Indemnitee with respect to the same proceeding,
provided that (i) Indemnitee shall have the right to employ his or her counsel
in any such proceeding at Indemnitee's expense; and (ii) if (A) the employment
of separate counsel by Indemnitee has been previously authorized by the Company,
(B) Indemnitee shall have reasonably concluded that there may be a conflict of
interest between the Company and Indemnitee in the conduct of any such defense,
or (C) the Company shall not, in fact, have employed counsel to assume the
defense of such proceeding, then the fees and expenses of Indemnitee's counsel
shall be at the expense of the Company. The Company shall not be entitled,
without the consent of the Indemnitee, to assume the defense of any claim
brought by or in the right of the Company or as to which counsel for the
Indemnitee shall have reasonably made the conclusion provided for in clause
(ii)(B) above.

     3.   ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a)   SCOPE. Notwithstanding any other provision of this Agreement,
the Company hereby agrees to indemnify the Indemnitee to the fullest extent
permitted by the General Corporation Law of the State of Delaware (the "DGCL"),
notwithstanding that such indemnification is not specifically authorized by the
other provisions of this Agreement or the Company's Charter or By-Laws. In the
event of any change, after the date of this Agreement, under the DGCL which
expands the right of a Delaware corporation to indemnify a member of its board
of directors or an officer, such changes shall be, IPSO FACTO, within the
purview of Indemnitee's rights and the Company's obligations under this
Agreement. In the event of any change under the DGCL which narrows the right of
a Delaware corporation to indemnify a member of its Board of Directors or an
officer, such changes, to the extent not otherwise required by such Section or
any successor section shall have no effect on this Agreement or the parties'
rights and obligations hereunder.

          (b)   NONEXCLUSIVITY. The indemnification provided by this Agreement
shall not be deemed exclusive of any rights to which Indemnitee may be entitled
under the Company's Charter, its By-Laws, any agreement, any vote of
stockholders or disinterested directors, the

<Page>

                                      - 5 -

DGCL, or otherwise, both as to action in Indemnitee's official capacity and as
to action in another capacity while holding such office. The indemnification
provided under this Agreement shall continue as to Indemnitee for any action
taken or not taken while serving in an indemnified capacity even though s/he may
have ceased to serve in any such capacity at the time of any action, suit or
other covered proceeding.

     4.   PARTIAL INDEMNIFICATION. If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of the
expenses, judgments, fines or penalties actually or reasonably incurred by him
in the investigation, defense, appeal or settlement of any civil or criminal
action or proceeding, but not, however, for the total amount thereof, the
Company shall nevertheless indemnify Indemnitee for the portion of such
expenses, judgments, fines or penalties to which Indemnitee is entitled.

     5.   SEVERABILITY. 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. The Company's inability, pursuant to court order,
to perform its obligations under this Agreement shall not constitute a breach of
this Agreement. The provisions of this Agreement shall be severable as provided
in this Section 5. If this Agreement or any portion hereof shall be invalidated
on any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify Indemnitee to the fullest extent permitted by any
applicable portion of this Agreement that shall not have been invalidated, and
the balance of this Agreement not so invalidated shall be enforceable in
accordance with its terms.

     6.   OFFICER AND DIRECTOR 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 insurance with
reputable insurance companies providing the officers and directors of the
Company with coverage for losses from wrongful acts, or to ensure the Company's
performance of its indemnification obligations under this Agreement. Among other
considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. In all policies of
director and officer liability insurance, Indemnitee shall be named as an
insured in such a manner as to provide Indemnitee the same rights and benefits
as are accorded to the most favorably insured of the Company's directors, if
Indemnitee is a director; or of the Company's officers, if Indemnitee is not a
director of the Company but is an officer; or of the Company's key employees, if
Indemnitee is not an officer or director but is a key employee. 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
disproportionate to the amount of coverage provided, if the coverage provided by
such insurance is limited by exclusions so as to provide an insufficient
benefit, or if Indemnitee is covered by similar insurance maintained by a
subsidiary or parent of the Company.

     7.   EXCEPTIONS. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

<Page>

                                      - 6 -

          (a)   To indemnify or advance expenses to Indemnitee with respect to
proceedings or claims initiated or brought voluntarily by Indemnitee and not by
way of defense, except with respect to proceedings brought to establish or
enforce a right to indemnification under this Agreement or any other statute or
law or otherwise as required under Section 145 of the DGCL, but such
indemnification or advancement of expenses may be provided by the Company in
specific cases if the Board of Directors has approved the initiation or bringing
of the suit; or

          (b)   To indemnify Indemnitee for any expenses incurred by Indemnitee
with respect to any proceeding instituted by Indemnitee to enforce or interpret
this Agreement, if a court of competent jurisdiction determines that each of the
material assertions made by Indemnitee in such proceeding was not made in good
faith or was frivolous; or

          (c)   To indemnify Indemnitee for expenses or liabilities of any type
whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes
or penalties, and amounts paid in settlement), but such exception shall only
apply to the extent such expenses or liabilities have been paid directly to
Indemnitee by an insurance carrier under a policy of officers' and directors'
liability insurance; or

          (d)   To indemnify Indemnitee for expenses or the payment of profits
arising from the purchase and sale by Indemnitee of securities in violation of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar
successor statute; or

          (e)   To indemnify Indemnitee for any acts, omissions or transactions
from which a director may not be relieved of liability under the Company's
Charter or By-Laws, or from which a court of competent jurisdiction determines a
director may not be relieved of liability under the DGCL.

     8.   CONSTRUCTION OF CERTAIN PHRASES

          (a)   For purposes of this Agreement, references to the "COMPANY"
shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, and employees
or agents, so that if Indemnitee is or was a director, officer, employee or
agent of such constituent corporation, or is or was serving at the request of
such constituent corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee
would have with respect to such constituent corporation if its separate
existence had continued.

          (b)   For purposes of this Agreement, references to "OTHER
ENTERPRISES" shall include employee benefit plans; references to "FINES" shall
include any excise taxes assessed on Indemnitee with respect to an employee
benefit plan; and references to "SERVING AT THE REQUEST OF THE COMPANY" shall
include any service as a director, officer, employee or agent of the Company

<Page>

                                      - 7 -

which imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants, or
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan, Indemnitee shall be deemed to have acted in a
manner "NOT OPPOSED TO THE BEST INTERESTS OF THE COMPANY" as referred to in this
Agreement.

     9.   EFFECTIVENESS OF AGREEMENT. This Agreement shall be effective as of
the date set forth on the first page and may apply to acts or omissions of
Indemnitee which occurred prior to such date if Indemnitee was an officer,
director, employee or other agent of the Company, or was serving at the request
of the Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, as the time such act or
omission occurred.

     10.  NO RIGHTS OF CONTINUED SERVICE. This Agreement shall not impose any
obligation of the Company to continue Indemnitee's service to the Company beyond
any period otherwise required by law or by other agreements or commitments of
the parties, if any.

     11.  MISCELLANEOUS.

          (a)   GOVERNING LAW. This Agreement and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the State of
Delaware, without giving effect to principles of conflict of law.

          (b)   CONSENT TO JURISDICTION. The Company and the Indemnitee each
hereby irrevocably consent to the exclusive jurisdiction of the Court of
Chancery of Delaware for any purpose in connection with any actions or
proceedings which arise out of or relate to this Agreement.

          (c)   ENTIRE AGREEMENT; ENFORCEMENT OF RIGHTS. This Agreement sets
forth the entire agreement and understanding of the parties relating to the
subject matter herein and merges all prior discussions between them. No
modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the parties
to this Agreement. The failure by either party to enforce any rights under this
Agreement shall not be construed as a waiver of any rights of such party.

          (d)   CONSTRUCTION. This Agreement is the result of negotiations
between, and has been reviewed by, each of the parties hereto and their
respective counsel, if any; accordingly, this Agreement shall be deemed to be
the product of all of the parties hereto, and no ambiguity shall be construed in
favor of or against any one of the parties hereto.

          (e)   NOTICES. Unless otherwise provided in this Agreement, any
notice, demand or request required or permitted to be given under this Agreement
shall be in writing and shall be deemed sufficient when directed to the Chief
Executive Officer of the Company at the

<Page>

                                      - 8 -

address shown on the signature page of this Agreement (or such other address as
the Company shall designate in writing) and when delivered personally or three
business days after being postmarked, as certified or registered mail, with
postage prepaid, and addressed to the party to be notified at such party's
address as set forth below or as subsequently modified by written notice.

          (f)   COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

          (g)   SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of
Indemnitee and Indemnitee's heirs, legal representatives, executives and
administrators.

          (h)   SUBROGATION. 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 documents required and shall do
all acts that may be necessary to secure such rights and to enable the Company
to effectively bring suit to enforce such rights.

          (i)   TERM. All agreements and obligations of the Company contained
herein shall continue during the period that the Indemnitee is a director,
officer or agent of the Company and shall continue thereafter so long as
Indemnitee shall be subject to any possible claim or threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that Indemnitee was serving in the capacity
referred to herein.

     12.  ATTORNEYS' FEES. In the event that any action is instituted by
Indemnitee under this Agreement to enforce or interpret any of the terms hereof,
and in the event Indemnitee is ultimately successful in such action, Indemnitee
shall be entitled to be paid all court costs and expenses, including reasonable
attorneys' fees, actually and reasonably incurred by Indemnitee with respect to
such action. In the event of an action instituted by or in the name of the
Company under this Agreement or to enforce or interpret any of the terms of this
Agreement, Indemnitee shall be entitled to be paid all court costs and expenses,
including reasonable attorneys' fees, actually and reasonably incurred by
Indemnitee in defense of such action (including with respect to Indemnitee's
counterclaims and cross-claims made in such action), unless the Company is
ultimately successful in such action.

          [REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

<Page>

                                      - 9 -

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

ACUSPHERE, INC.

By:
   --------------------------             ------------------------------

Name:                                     Indemnitee
     ------------------------

Title:
      -----------------------

Address: Acusphere, Inc.                  Address:
         500 Arsenal Street                       ----------------------
         Watertown, MA 02472                      ----------------------
         (617) 648-8800 (phone)                   ----------------------
         (617) 926-4750 (fax)

<Page>

EXHIBIT 1
UNDERTAKING

     1.   This Undertaking is submitted pursuant to the Indemnification
Agreement dated as of ________________ between Acusphere, Inc., a Delaware
corporation (the "COMPANY"), and the undersigned (the "AGREEMENT"). Capitalized
terms used but not defined herein shall have the respective meanings set forth
in the Agreement.

     2.   I am requesting certain Expense Advances in connection with a Claim.

     3.   I hereby undertake to repay such Expense Advances if it shall
ultimately be determined that I am not entitled to be indemnified by the Company
therefor under the Agreement or otherwise.

     4.   The Expense Advances are, in general, all related to:

                              Signed:
                                     ----------------------------

                              Dated:
                                    -----------------------------

<Page>

                             SCHEDULE OF INDEMNITEES

Sherri C. Oberg
Frank Baldino, Jr., Ph.D
Sandra L. Fenwick
Martyn Greenacre
Derek Lemke-von Ammon
Kate Mitchell

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