Document:

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                                                                    EXHIBIT 10.1

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

         ASSIGNMENT AND ASSUMPTION AGREEMENT ("Agreement") dated as of this 19th
day of November 2003, by and between TELEX COMMUNICATIONS HOLDINGS, INC., a
Delaware corporation having a place of business at 12000 Portland Avenue South,
Burnsville, Minnesota 55337 ("Assignor"), and TELEX COMMUNICATIONS, INC., a
Delaware corporation having a place of business at 12000 Portland Avenue South,
Burnsville, Minnesota 55337 ("Assignee").

                                   WITNESSETH:

         WHEREAS, Assignor is restructuring its debt obligations pursuant to
which, among other things, Assignor has agreed to transfer and assign to
Assignee, and Assignee has agreed to accept and assume, Assignor's right, title
and interest in all of its assets and certain of its debts, liabilities and
obligations.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

         1.       Assignment. In consideration of 500 shares of common stock,
par value $0.01 per share, of the Assignee, Assignor does hereby assign, grant
and convey unto Assignee and Assignee's successors and permitted assigns, from
and after the date hereof, (i) all of Assignor's right, title and interest in
and to any and all of its assets whether tangible or intangible, real or
personal, other than those assets set forth on Annex A-1 attached hereto (the
"Assigned Assets"), and (ii) the debts, liabilities and obligations (whether
absolute, accrued, contingent or otherwise) of Assignor, other than those
liabilities and obligations expressly identified in Annex A-2 attached hereto
(the "Assumed Liabilities").

         2.       Assumption.

                  (i)      Assignee hereby accepts the assignment of the
         Assigned Assets and undertakes and agrees to assume, perform, pay or
         cause to be paid, or otherwise discharge or cause to be discharged, all
         of the Assumed Liabilities.

                  (ii)     Nothing contained herein shall require Assignee to
         pay or discharge any debts, liabilities or obligations assumed hereby
         so long as Assignee shall in good faith contest or cause to be
         contested the amount or validity thereof.

         3.       Representations of Assignor. Assignor represents and warrants
to Assignee that:

                  (i)      Assignor is a corporation duly incorporated, validly
         existing and in good standing under the laws of the State of Delaware
         and is duly qualified to own its properties and carry on its business
         in each jurisdiction where the failure to be so qualified would have a
         material adverse effect on Assignor's business;

                  (ii)     Assignor has all requisite corporate power and
         authority to enter into and perform its obligations under this
         Agreement;

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                  (iii)    this Agreement has been duly authorized, executed and
         delivered by Assignor and constitutes the legal, valid and binding
         obligation of Assignor enforceable against Assignor in accordance with
         its terms, except as enforcement of the terms hereof may be limited by
         applicable bankruptcy, insolvency, reorganization, liquidation,
         moratorium or similar laws affecting enforcement of creditors' rights
         generally, as well as the award by courts of relief in lieu of specific
         performance of contractual provisions;

                  (iv)     none of the execution, delivery or performance by
         Assignor of this Agreement will contravene any applicable law, rule,
         regulation, judgment, order or decree binding on Assignor or any of its
         property, or any provision of the charter or bylaws of Assignor, or
         will result in a breach of, or constitute a default under, or
         contravene any provision of, any material agreement or instrument to
         which Assignor is a party or by which Assignor or any of its property
         is bound; and

                  (v)      none of the execution, delivery or performance by
         Assignor of this Agreement requires the consent or approval of, the
         giving of notice to, the registration, recording or filing of any
         documents with, or the taking of any other action in respect of, any
         governmental authority, except such as may be required with respect to
         any sales or transfer tax payable in connection with the transactions
         contemplated hereby.

         4.       Further Assurances. Assignor hereby covenants that Assignor
will, at any time and from time to time, upon written request therefor, execute
and deliver to Assignee or Assignee's successors or permitted assigns such
documents as Assignee or they may reasonably request in order to fully carry out
and effectuate the purposes of this Agreement.

         5.       Consent of Third Parties. Notwithstanding anything herein to
the contrary, this Agreement shall not constitute an agreement to assign or
transfer any governmental approval, instrument, contract, lease, permit or other
agreement or arrangement or any claim, right or benefit arising thereunder or
resulting therefrom if an assignment or transfer or an attempt to make such an
assignment or transfer without the consent of a third party would constitute a
breach or violation thereof or affect adversely the rights of the Assignee or
Assignor thereunder; and any transfer or assignment to the Assignee by Assignor
of any interest under any such governmental approval, instrument, contract,
lease, permit or other agreement or arrangement that requires the consent of a
third party shall be made subject to such consent or approval being obtained. In
the event any such consent or approval has not been obtained on or prior to the
date hereof, Assignor shall continue to use its best efforts to obtain any such
approval or consent after the date hereof until such time as such consent or
approval has been obtained, and Assignor shall cooperate with the Assignee in
any lawful and economically feasible arrangement; provided, however, that, to
the extent any such consent or approval has not been obtained on or prior to the
date hereof, any income, proceeds or profits received from such governmental
approvals, instruments, contracts, leases or permits or other agreements or
arrangements shall be held in trust by Assignor for the benefit of Assignee;
provided, further, that the Assignee shall receive the interest of Assignor, as
the case may be, in the benefits under any such governmental approval,
instrument, contract, lease or permit or other agreement or arrangement,
provided, further, that the Assignee shall undertake to pay or satisfy the
corresponding liabilities for the enjoyment of such benefit to the extent the
Assignee would have been responsible hereunder if

                                      -2-
<PAGE>

such consent or approval has been obtained. Nothing in this Section 5 shall be
deemed a waiver by the Assignee of its right as set forth in this Agreement to
have received on or before the date hereof an effective assignment of all of the
Assigned Assets nor shall this Section 5 be deemed to constitute an agreement to
exclude from the Assigned Assets any assets whatsoever.

         With respect to the agreements described on items 11 and 12 of Annex
A-1 and Annex A-2 (the "Government Contracts"), Assignee shall undertake to
perform all obligations under the Government Contracts and Assignor shall pay
over to Assignee all moneys received with respect to the Government Contracts.
Additionally, to the extent feasible, Assignor agrees to use its best efforts to
seek a novation of each Government Contract in favor of Assignee with respect to
each Government Contract whose term extends past December 31, 2003.

         6.       Headings; Plurals. Paragraph headings have been inserted
herein for convenience of reference only and shall not be construed to be a part
of this Agreement or as defining or limiting, in any way, the scope or intent of
the provisions hereof. Unless the context otherwise requires, words in the
singular include the plural, and words in the plural include the singular.

         7.       Severability. Every provision of this Agreement is intended to
be severable, and if any term or provision hereof is or shall be invalid,
illegal or unenforceable for any reason, the validity, legality and
enforceability of the remaining provisions hereof shall not be affected or
impaired thereby, and any invalidity, illegality or unenforceability in any
jurisdiction shall not affect the validity, legality or enforceability of any
such term or provision in any other jurisdiction.

         8.       No Oral Change. This Agreement may not be modified, amended,
changed, discharged or terminated orally, but only by an agreement in writing
signed by the party against whom the enforcement of the modification, amendment,
change, discharge or termination is sought.

         9.       Successors and Assigns. The provisions of this Agreement shall
be binding upon and inure to the benefits of Assignor and Assignee and their
respective successors and permitted assigns.

         10.      Counterparts. This Agreement may be executed in any number of
duplicate originals, and each such duplicate original shall be deemed to
constitute but one and the same instrument.

         11.      Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

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<PAGE>

         IN WITNESS WHEREOF, Assignor and Assignee have duly executed this
Agreement as of the day and year first above written.

                                        TELEX COMMUNICATIONS HOLDINGS, INC.
                                        Assignor

                                        By:_____________________________________
                                           Name:  Gregory Richter
                                           Title:  Chief Financial Officer

                                        TELEX COMMUNICATIONS, INC.
                                        Assignee

                                        By:_____________________________________
                                           Name:  Gregory Richter
                                           Title:  Chief Financial Officer

                                      -4-
<PAGE>

                                    ANNEX A-1

                               NON-ASSUMED ASSETS

All of Assignor's rights under the following Agreements:

         1. That certain Indenture, dated as of November 21, 2001, as
supplemented, by and between the Assignor and BNY Midwest Trust Company, as
Trustee, pursuant to which the Assignor issued its 13% Senior Subordinated
Discount Notes due 2006 (CUSIP No. 879569AF8) (the "Notes").

         2. That certain Registration Rights Agreement, dated as of November 21,
2001, by the Assignor for the benefit of the holders of Notes.

         3. The Notes.

         4. That certain Warrant Agreement, dated as of November 21, 2001, as
amended, by and between the Assignor and BNY Midwest Trust Company, on behalf of
the holders of warrants issued pursuant thereto (the "Warrants").

         5. The Warrants.

         6. That certain Registration Rights Agreement, dated as of November 21,
2001, by the Assignor for the benefit of the holders of Warrants.

         7. That certain Registration Rights Agreement, dated as of November 21,
2001, by the Assignor for the benefit of the holders of shares of the Assignor's
Series B Preferred Stock (all of which was subsequently converted into common
stock of Assignor).

         8. That certain Voting and Transfer Agreement, dated as of the date
hereof, by and among the Assignor and certain holders of the Assignor's Common
Stock.

         9. That certain Transfer Agreement, dated as of the date hereof, by and
among the Assignor; Jefferies & Company, Inc.; Jefferies Opportunity Fund, LLC;
Jefferies Opportunity Fund II, LLC; Jefferies Employees Opportunity Fund, LLC;
ING Furman Selz Investors III, L.P.; ING Barings U.S. Leveraged Equity Plan LLC;
ING Barings Global Leveraged Equity Plan Ltd. and FS Private Investments III
LLC.

         10. Any insurance policies currently in effect and maintained by the
Assignor.

         11. Agreement Nos. SP0920-04-M-1095, SP0920-03-C-0389,
DAAB07-03-C-H610, SP0920-03-M-7197 and SP0905-03-M-9876 between Assigor and
Defense Supply Columbus Center, Columbus, OH.

         12. Agreement No. DAAB07-99-D-C261 between Assigor and Central
Electronics Communications, Momoth, NJ.

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                                    ANNEX A-2

                             NON-ASSUMED LIABILITIES

All of Assignor's obligations under the following Agreements:

         1. That certain Indenture, dated as of November 21, 2001, as
supplemented, by and between the Assignor and BNY Midwest Trust Company, as
Trustee, pursuant to which the Assignor issued its 13% Senior Subordinated
Discount Notes due 2006 (CUSIP No. 879569AF8) (the "Notes").

         2. That certain Registration Rights Agreement, dated as of November 21,
2001, by the Assignor for the benefit of the holders of Notes.

         3. The Notes.

         4. That certain Warrant Agreement, dated as of November 21, 2001, as
amended, by and between the Assignor and BNY Midwest Trust Company, on behalf of
the holders of warrants issued pursuant thereto (the "Warrants").

         5. The Warrants.

         6. That certain Registration Rights Agreement, dated as of November 21,
2001, by the Assignor for the benefit of the holders of Warrants.

         7. That certain Registration Rights Agreement, dated as of November 21,
2001, by the Assignor for the benefit of the holders of shares of the Assignor's
Series B Preferred Stock (all of which was subsequently converted into common
stock of Assignor).

         8. That certain Voting and Transfer Agreement, dated as of the date
hereof, by and among the Assignor and certain holders of the Assignor's Common
Stock.

         9. That certain Transfer Agreement, dated as of the date hereof, by and
among the Assignor; Jefferies & Company, Inc.; Jefferies Opportunity Fund, LLC;
Jefferies Opportunity Fund II, LLC; Jefferies Employees Opportunity Fund, LLC;
ING Furman Selz Investors III, L.P.; ING Barings U.S. Leveraged Equity Plan LLC;
ING Barings Global Leveraged Equity Plan Ltd. and FS Private Investments III
LLC.

         10. Any insurance policies currently in effect and maintained by the
Assignor.

         11. Agreement Nos. SP0920-04-M-1095, SP0920-03-C-0389,
DAAB07-03-C-H610, SP0920-03-M-7197 and SP0905-03-M-9876 between Assigor and
Defense Supply Columbus Center, Columbus, OH.

         12. Agreement No. DAAB07-99-D-C261 between Assigor and Central
Electronics Communications, Momoth, NJ.<PAGE>
                                                                  EXHIBIT 10.2

                            INDEMNIFICATION AGREEMENT

         This INDEMNIFICATION AGREEMENT, is entered into as of May 6, 1997 (the
"Agreement"), by and among GST Acquisition Corp., a Delaware corporation
("GST"), and Greenwich Street Capital Partners, Inc., a Delaware corporation
("Greenwich"). Capitalized terms used herein and not defined in Section 1 or
elsewhere in this Agreement have the respective meanings set forth in the
Recapitalization Agreement referred to below.

         WHEREAS, Greenwich II LLC, a Delaware limited liability company
("G-II"), Telex Communications Group, Inc., a Delaware Corporation ("Holdings"),
have entered into a Recapitalization Agreement and Plan of Merger, dated as of
March 4, 1997 (the "Recapitalization Agreement"), providing for the
recapitalization (the "Recapitalization") of the Holdings, to be effected in
part through a merger of GST with and into Holdings (the "Merger"), subject to
the terms and conditions set forth therein;

         WHEREAS, immediately following the Recapitalization, it is anticipated
that Telex Communications, Inc., a Delaware corporation and a wholly-owned
subsidiary of Holdings ("Telex"), will assume, among other things, the
obligations of Holdings (as successor to GST following the Merger
Recapitalization) under (i) the Indenture dated as of May 6, 1997 between GST
and Manufacturers and Traders Trust Company (the "Trustee"), as trustee (the
"Indenture") as supplemented by the First Supplemental Indenture, dated as of
May 6, 1997, among Holdings, Telex and the Trustee, and (ii) the Senior Credit
Facility (as defined in the Indenture), in consideration for Holdings (a) making
funds available to Telex to allow Telex to complete the tender offer for certain
existing notes of Telex and (b) making the Senior Credit Facility available to
the Company from and after the date of the Recapitalization;

         WHEREAS, as of the date hereof, each of Greenwich and GST, has entered
into a Fee Agreement dated as of May 6, 1997 (the "Fee Agreement"), and
following the Recapitalization, each of Greenwich and Holdings intend to enter
into a Consulting Agreement, dated as of May 6, 1997 (the "Consulting
Agreement");

         WHEREAS, at the request of GST, Holding and Telex (such companies,
together with any other direct or indirect subsidiaries of Holding or Telex, the
"Company Group"), Greenwich has performed and will perform for the benefit of
the Company Group, certain financial, management advisory and other services in
connection with the transactions contemplated by the Recapitalization Agreement
and the financing

<PAGE>
arrangements relating to such transactions, including but not limited to
services performed and to be performed in consultation with the (i) Company
Group officials, structuring and implementing a management organization designed
to meet the requirements of the Company Group upon consummation of the
Recapitalization, together with related compensation arrangements, (ii)
preparation, negotiation, execution and delivery of the Recapitalization
Agreement and other agreements, instruments and documents relating to the
transactions contemplated by the Recapitalization Agreement, (iii) preparation,
negotiation, execution and delivery of commitment, fee and engagement letters,
credit agreements, guarantees, pledge agreements and other security agreements,
offerings documents and other agreements, instruments and documents relating to
the financings to be entered into by the Company Group at the closing, (iv)
structuring, implementation and consummation of the foregoing transactions and
(v) retention of legal, accounting, environmental, insurance, employee benefits,
financial and other advisors and consultants in connection with the foregoing
(such services being referred to collectively as the "Services"), but not
including services to be performed by Greenwich pursuant to the Consulting
Agreement;

         WHEREAS, the Company Group or one or more of their Subsidiaries from
time to time in the future may offer and sell or cause to be offered and sold
equity or debt securities (such offerings being hereinafter referred to as the
"Securities Offerings"), including (i) offerings of shares of capital stock of
the Company Group, and/or options to purchase such shares, to employees,
directors, managers and consultants of and to Acquisition or any Subsidiary
(each, a "Management Offering"), and (ii) one or more offerings of debt
securities for the purpose of providing funds for the Recapitalization or for
refinancing any indebtedness of any of the Company Group or for other corporate
purposes;

         WHEREAS, the parties hereto recognize the possibility that claims might
be made against and liabilities incurred by Greenwich or Related Persons (as
defined herein) or affiliates, under applicable securities laws or otherwise, in
connection with the Securities Offerings, or relating to other actions or
omissions of or by any of the Company Group, or relating to the provision by
Greenwich of management consulting, monitoring and financial advisory services
to any of the Company Group, and the parties hereto accordingly wish to provide
for Greenwich and Related Persons and affiliates to be indemnified in respect of
such claims and liabilities as herein provided;

         WHEREAS, the parties hereto recognize that claims might be made against
and liabilities incurred by directors and officers of members of the Company
Group in connection with their acting in such capacity, and accordingly wish to
provide for such directors and officers to be indemnified to the fullest extent
permitted by law in respect of any such claims and liabilities; and

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<PAGE>

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual agreements covenants and provisions herein set forth, the parties hereto
hereby agree as follows:

         1. Definitions. (a) Whenever used in this Agreement, the following
terms shall have the respective meanings given to them below or in the other
Sections indicated below:

         Claim: with respect to any Indemnitee, any claim against such
     Indemnitee involving any Obligation with respect to which such Indemnitee
     may be entitled to be defended and indemnified by the Company Group under
     this Agreement.

         Commission: the United States Securities and Exchange Commission.

         Indemnitee: each of Greenwich, Greenwich Street Capital Partners, L.P.,
     Greenwich Street Capital Partners Offshore Fund Limited, TRV Employees
     Fund, L.P., The Travelers Insurance Company and The Travelers Life and
     Annuity Company, G-II, their affiliates (within the meaning of the
     Securities Act), their respective successors and assigns, and their
     respective directors, officers, partners, employees, agents, advisors,
     representatives and controlling persons (within the meaning of the
     Securities Act), and each other person who is or becomes a director or an
     officer of the Company Group or any Subsidiary.

         Obligations: collectively, any and all claims, obligations,
     liabilities, causes of action, actions, suits, proceedings, investigations,
     judgments, assessments, decrees, losses, damages, reasonable fees, costs
     and expenses (including interest, penalties and reasonable fees and
     disbursements of attorneys, accountants, investment bankers and other
     professional advisors), in each case whether incurred, arising or existing
     with respect to third parties or otherwise at any time or from time to
     time; provided that the term "Obligations" shall not include losses,
     damages and related costs and expenses incurred (i) by any Indemnitee, in
     its capacity as a shareholder of GST, upon its disposition of Common Stock
     or otherwise resulting solely from and limited to any diminution in value
     of Common Stock held by such Indemnitee or (ii) by GST and as a result of
     any indemnity payment required to be made by GST pursuant to the
     Recapitalization Agreement.

         Related Document: any agreement, certificate, instrument or other
     document to which the Company Group or any Subsidiaries may be a party or
     by which they or any of their properties or assets may be bound or affected
     from time to time relating in any way to the Recapitalization or the Merger
     or any

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     Securities Offering or any of the other transactions contemplated
     thereby, including, in each case, as the same may be amended, modified,
     waived or supplemented from time to time, (i) any registration statement
     filed by or on behalf of the Company Group or any Subsidiary with the
     Commission in connection with any Securities Offering, including all
     exhibits, financial statements and schedules appended thereto, and any
     submissions to the Commission in connection therewith, (ii) any
     prospectus, preliminary or otherwise, included in such registration
     statements or otherwise filed by or on behalf of the Company Group or any
     Subsidiary in connection with any Securities Offering or used to offer or
     confirm sales of their respective securities in any Securities Offering,
     (iii) any private placement or offering memorandum or circular, or other
     information or materials distributed by or on behalf of the Company Group,
     any Subsidiary or any placement agent or underwriter in connection with any
     Securities Offering, (iv) any federal, state or foreign securities law or
     other governmental or regulatory filings or applications made in connection
     with any Securities Offering, the Recapitalization or the Merger or any of
     the transactions contemplated thereby, (v) any dealer-manager,
     underwriting, subscription, purchase, stockholders, option or registration
     rights agreement or plan entered into or adopted by the Company Group or
     any Subsidiary in connection with any Securities Offering or (iv) any
     quarterly, annual or current reports or financial statements filed by the
     Company Group or any Subsidiary with the Commission or any other
     governmental authority.

         Subsidiary: (i) each corporation or other person or entity in which the
     Company Group own or control, directly or indirectly, capital stock or
     other equity interests representing at least 50% of the outstanding voting
     stock or other equity interests, and (ii) any other affiliate of the
     Company Group.

         Transactions: (i) the Recapitalization (ii) the Merger, (iii) the
     Credit Agreement, dated as of May 6, 1997, among GST, the several lenders
     from time to time parties thereto, The Chase Manhattan Bank, as agent for
     the lenders and Morgan Stanley Senior Funding, Inc., as documentation
     agent, and (iv) the transaction contemplated thereby and related thereto.

         (b) The words "hereby", "herein", "hereof", "hereunder" and words of
similar import refer to this Agreement as a whole and not merely to the specific
Section, paragraph or clause in which such word appears. All references herein
to Sections shall be deemed references to Sections of this Agreement unless the
context shall otherwise require. The words "include", "includes" and "including"
shall be deemed to be followed by the phrase "without limitation." The
definitions given for terms in this Section 1 and elsewhere in this Agreement
shall apply equally to both the singular and plural forms of

                                       4

<PAGE>

the terms defined. Whenever the context may require, any pronoun shall include
the cor responding masculine, feminine and neuter forms. Except as otherwise
expressly provided herein, all references to "dollars" or "$" shall be deemed
references to the lawful money of the United States of America.

         2. Indemnification. (a) The Company Group (each, an "Indemnifying
Party" and collectively, the "Indemnifying Parties"), jointly and severally,
agree to indemnify, defend, hold harmless and reimburse each Indemnitee:

         (i) from and against any and all Obligations in any way resulting from,
     arising out of or in connection with, based upon or relating to (A) the
     performance by Greenwich of management consulting, monitoring, financial
     advisory or other services for the Company Group or any Subsidiary (whether
     performed prior to the date hereof, hereafter, pursuant to the Fee
     Agreement, the Consulting Agreement, or otherwise), except to the extent
     that any such Obligation of any Indemnitee is found in a final judgment by
     a court of competent jurisdiction to have resulted from the gross
     negligence or intentional misconduct of such Indemnitee or its directors,
     officers, partners, employees, agents, advisors, representatives or
     controlling persons (within the meaning of the Securities Act) and, in each
     case, acting in such capacity (with respect to any Indemnitee, its "Related
     Persons"), (B) the Securities Act, the Securities Exchange Act of 1934, as
     amended (the "Exchange Act"), or any other applicable securities or other
     laws, in connection with any Securities Offering, any Related Document or
     any of the transactions contemplated thereby, in each case, except to the
     extent already indemnified for pursuant to Section 2(b), or (C) any other
     action or failure to act of the Company Group, any Subsidiary or any of
     their respective predecessors, whether such action or failure has occurred
     or is yet to occur; and

         (ii) to the fullest extent permitted by Delaware law, from and against
     any and all Obligations in any way resulting from, arising out of or in
     connection with, based upon or relating to (A) the fact that such
     Indemnitee is or was a director or an officer of the Company Group or any
     Subsidiary, as the case may be, or is or was serving at the request of such
     corporation as a director, officer, employee or agent of or advisor or
     consultant to another corporation, partnership, joint venture, trust or
     other enterprise or (B) any breach or alleged breach by such Indemnitee of
     his or her fiduciary duty as a director or an officer of the Company Group
     or any Subsidiary, as the case may be;

in each case including any and all fees, costs and expenses (including
reasonable fees and disbursements of attorneys) incurred by or on behalf of any
Indemnitee in asserting, exercising or enforcing any of its rights, powers,
privileges or remedies in respect of this

                                       5
<PAGE>
Agreement, the Fee Agreement or the Consulting Agreement (except to the extent
previously paid to Greenwich pursuant to the terms thereof).

         (b) Without in any way limiting the foregoing Section 2(a), each of the
Indemnifying Parties agrees, jointly and severally, to indemnify, defend and
hold harmless each Indemnitee from and against any and all Obligations resulting
from, arising out of or in connection with, based upon or relating to
liabilities under the Securities Act, the Exchange Act, or any other applicable
securities or other laws, rules or regulations in connection with (i) the
inaccuracy or breach of or default under any representation, warranty, covenant
or agreement in any Related Document, (ii) any untrue statement or alleged
untrue statement of a material fact contained in any Related Document or (iii)
any omission or alleged omission to state in any Related Document a material
fact required to be stated therein or necessary to make the statements therein
not misleading. Notwithstanding the foregoing, none of the Indemnifying Parties
shall be obligated to indemnify such Indemnitee from and against any such
Obligation to the extent that such Obligation arises out of or is based upon an
untrue statement or omission made in such Related Document in reliance upon and
in conformity with written information furnished to the Company Group in an
instrument duly executed by such Indemnitee and specifically stating that it is
for use in the preparation of such Related Document.

         3. Contribution. (a) Except to the extent that Section 3(b) is
applicable, if for any reason the indemnity provided for in Section 2(a) is
unavailable or is insufficient to hold harmless any Indemnitee from any of the
Obligations covered by such indemnity, then each of the Indemnifying Parties,
jointly and severally, shall contribute to the amount paid or payable by such
Indemnitee as a result of such Obligation in such proportion as is appropriate
to reflect (i) the relative fault of each of the Company Group and the
Subsidiaries, on the one hand, and such Indemnitee, on the other, in connection
with the state of facts giving rise to such Obligation, (ii) if such Obligation
results from, arises out of, is based upon or relates to any Securities
Offering, the relative benefits received by each of the Company Group and the
Subsidiaries, on the one hand, and such Indemnitee, on the other, from such
Securities Offering and (iii) if required by applicable law, any other relevant
equitable considerations.

         (b) If for any reason the indemnity specifically provided for in
Section 2(b) is unavailable or is insufficient to hold harmless any Indemnitee
from any of the Ob ligations covered by such indemnity, and the indemnification
of such Obligations under Section 2(a)(i) is similarly unavailable or
insufficient, then the Indemnifying Parties, jointly and severally, shall
contribute to the amount paid or payable by such Indemnitee as a result of such
Obligation in such proportion as is appropriate to reflect (i) the relative
fault of each of the Company Group and the Subsidiaries, on the one hand, and
such Indemnitee, on the other, in connection with the information contained in
or omitted from

                                       6

<PAGE>
any Related Document, which inclusion or omission resulted in the inaccuracy or
breach of or default under any representation, warranty, covenant or agreement
therein, or which information is or is alleged to be untrue, required to be
stated therein or necessary to make the statements therein not misleading, (ii)
the relative benefits received by the Company Group and the Subsidiaries, on the
one hand, and such Indemnitee, on the other, from such Securities Offering and
(iii) if required by applicable law, any other relevant equitable
considerations.

         (c) For purposes of Section 3(a), the relative fault of each of the
Company Group and the Subsidiaries, on the one hand, and of the Indemnitee, on
the other, shall be determined by reference to, among other things, their
respective relative intent, knowledge, access to information and opportunity to
correct the state of facts giving rise to such Obligation. For purposes of
Section 3(b), the relative fault of each of the Company Group and the
Subsidiaries, on the one hand, and of the Indemnitee, on the other, shall be
determined by reference to, among other things, (i) whether the included or
omitted information relates to information supplied by the Company Group and the
Subsidiaries, on the one hand, or by such Indemnitee, on the other, and (ii)
their respective relative intent, knowledge, access to information and
opportunity to correct such inaccuracy, breach, default, untrue or alleged
untrue statement, or omission or alleged omission. For purposes of Section 3(a)
or 3(b), the relative benefits received by each of the Company Group and the
Subsidiaries, on the one hand, and the Indemnitee, on the other, shall be
determined by weighing the direct monetary proceeds to the Company Group and the
Subsidiaries, on the one hand, and such Indemnitee, on the other, from such
Securities Offering.

         (d) The parties hereto acknowledge and agree that it would not be just
and equitable if contributions pursuant to Section 3(a) or 3(b) were determined
by pro-rata allocation or by any other method of allocation that does not take
into account the equitable considerations referred to in such respective
Section. The Indemnifying Parties shall not be liable under Section 3(a) or
3(b), as applicable, for contribution to the amount paid or payable by any
Indemnitee except to the extent and under such circumstances any Indemnifying
Party would have been liable to indemnify, defend and hold harmless such
Indemnitee under the corresponding Section 2(a) or 2(b), as applicable, if such
indemnity were enforceable under applicable law. No Indemnitee shall be entitled
to contribution from any Indemnifying Party with respect to any Obligation
covered by the indemnity specifically provided for in Section 2(b) in the event
that such Indemnitee is finally determined to be guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) in
connection with such Obligation and the Indemnifying Parties are not guilty of
such fraudulent misrepresentation.

                                       7

<PAGE>
         4. Indemnification Procedures. (a) Whenever any Indemnitee shall have
actual knowledge of the reasonable likelihood of the assertion of a Claim, such
Indemnitee or, if requested, by any other Indemnitee on behalf of such
Indemnitee (in such capacity the "Indemnitee Representative"), shall notify any
Indemnifying Party in writing of the Claim (the "Notice of Claim") with
reasonable promptness after such Indemnitee has such knowledge relating to such
Claim and, in the case of the Indemnitee Representative, has notified Greenwich
thereof. The Notice of Claim shall specify all material facts known to the
Indemnitee Representative (or, if given by such Indemnitee, such Indemnitee)
that may give rise to such Claim and the monetary amount or an estimate of the
monetary amount of the Obligation involved if the Indemnitee Representative (or,
if given by such Indemnitee, such Indemnitee) has knowledge of such amount or a
reasonable basis for making such an estimate. The failure of the Indemnitee or
the Indemnitee Representative, as applicable, to give such Notice of Claim shall
not relieve any Indemnifying Party of its indemnification obligations under this
Agreement except to the extent that such omission results in a failure of actual
notice to it and it is materially injured as a result of the failure to give
such Notice of Claim. The Indemnifying Parties shall, at their expense,
undertake the defense of such Claim with attorneys of their own choosing
satisfactory in all respects to the Indemnitee or the Indemnitee Representative,
as applicable. In the event the Indemnitee or the Indemnitee Representative
reasonably concludes that the Claim or the circumstances giving rise thereto may
present a conflict of interest between one or more of the Indemnifying Parties
and one or more Indemnitee, such Indemnitee or the Indemnitee Representative may
participate in such defense with counsel of its choosing at the expense of the
Indemnifying Parties. In the event that none of the Indemnifying Parties
undertakes the defense of the Claim within a reasonable time after the
Indemnitee or the Indemnitee Representative, as applicable, has given the Notice
of Claim, the Indemnitee or the Indemnitee Representative, as applicable, may,
at the expense of the Indemnifying Parties and after giving notice to any
Indemnifying Party of such action, undertake the defense of the Claim and
compromise or settle the Claim, all for the account of and at the risk of the
Indemnifying Parties. In the defense of any Claim, the Indemnifying Parties
shall not, except with the consent of the Indemnitee or the Indemnitee
Representative, as applicable, consent to entry of any judgment or enter into
any settlement that includes any injunctive or other non-monetary
relief, or that does not include as an unconditional term thereof the giving by
the person or persons asserting such Claim to such Indemnitee of a release from
all liability with respect to such Claim. In each case, the Indemnitee
Representative and each Indemnitee seeking indemnification hereunder will
cooperate with the Indemnifying Parties, so long as the Indemnifying Parties are
conducting the defense of the Claim, in the preparation for and the prosecution
of the defense of such Claim, including making available evidence within the
control of the Indemnitee Representative or such Indemnitee, as the case may be,
and persons needed as witnesses who are employed by Greenwich or such
Indemnitee, as the case may be, in each case as reasonably needed for such
defense and at actual cost (exclusive of

                                       8

<PAGE>

overhead charges), which cost, to the extent reasonably incurred, shall be paid
by the Indemnifying Parties.

         (b) The Indemnifying Parties hereby agree to advance costs and
expenses, including reasonable attorney's fees, incurred by any Indemnitee or
the Indemnitee Representative in defending any Claim in advance of the final
disposition of such Claim upon receipt of an undertaking by or on behalf of such
Indemnitee or the Indemnitee Representative to repay amounts so advanced if it
shall ultimately be determined that the relevant Indemnitee is not entitled to
be indemnified by any Indemnifying Party as authorized by this Agreement.

         (c) Any Indemnitee seeking indemnification under this Agreement shall
notify the Indemnifying Parties in writing of the amount of any Claim actually
paid by such Indemnitee (the "Notice of Payment"). The amount of any Claim
actually paid by such Indemnitee shall bear simple interest at the rate equal to
The Chase Manhattan Bank's prime rate as of the date of such payment plus 2% per
annum, from the date any Indemnifying Party receives the Notice of Payment to
the date on which any Indemnifying Party shall repay the amount of such Claim
plus interest thereon to such Indemnitee.

         5. Certain Covenants; Other Indemnities. The rights of each Indemnitee
to be indemnified under any other agreement, document, certificate or instrument
or applicable law are independent of and in addition to any rights of such
Indemnitee to be indemnified under this Agreement, provided that nothing
contained herein shall provide any Indemnitee a right to recover from any
Indemnifying Party in the aggregate any amount in excess of its Obligations. The
rights of each Indemnitee and the obligations of the Company Group hereunder
shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnitee. The Company Group shall maintain the State of
Delaware as their state of incorporation and shall implement and maintain in
full force and effect any and all corporate charter and by-law provisions that
may be necessary or appropriate to enable them to carry out their obligations
hereunder to the fullest extent permitted by Delaware corporate law, including a
provision of their respective certificates of incorporation eliminating
liability of a director for breach of fiduciary duty to the fullest extent
permitted by Section 102(b)(7) (or any successor section thereto) of the General
Corporation Law of the State of Delaware, as it may be amended from time to
time.

                                       9
<PAGE>

         6. Notices. Notices, requests, demands, waivers and other
communications required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been duly given if (a) delivered
personally, (b) mailed, certified or registered mail with postage prepaid, (c)
sent by next day or overnight mail or delivery or (d) sent by telecopy or
telegram, as follows:

        (i)      If to the Company Group, to:

                 Telex Communications Group, In
                 9600 Aldrich Avenue South
                 Minneapolis, Minnesota  55420
                 Attn.: John A. Palleschi, Esq.

or to such other person or address as the Company Group shall furnish to
Greenwich in writing.

        (ii)     If to Greenwich, to:

                 Greenwich Street Capital Partners, Inc.
                 388 Greenwich Street, 36th Floor
                 New York, New York  10013
                 Attention:  Nicholas E. Somers

                 with a copy to:

                 Andrew L. Sommer, Esq.
                 Debevoise & Plimpton
                 875 Third Avenue
                 New York, New York  10022

or to such other person or address as Greenwich shall furnish to the Company
Group in writing.

         All such notices, requests, demands, waivers and other communications
shall be deemed to have been received (w) if by personal delivery, on the day
after such delivery, (x) if by certified or registered mail, on the fifth
business day after the mailing thereof, (y) if by next-day or overnight mail
delivery, on the day delivered or (z) if by telecopy or telegram, on the day on
which such telecopy or telegram was sent, provided that a copy is also sent by
certified or registered mail.

                                       10
<PAGE>

         7. Governing Law. This Agreement shall be governed in all respects,
including validity, interpretation and effect, by the law of the State of New
York, regard less of the law that might be applied under principles of conflicts
of laws, except to the extent that the corporate law of the State of Delaware
specifically and mandatorily applies, in which case such law shall apply.

         8. Severability. If any provision or provisions of this Agreement shall
be held to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be
affected or impaired thereby.

         9. Miscellaneous. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. This Agreement shall be binding upon and inure
to the benefit of each party hereto, its successors and permitted assigns, and
each other Indemnitee. By operation of merger, this Agreement shall be binding
upon and inure to the benefit of the surviving entity of the merger. This
Agreement is not intended to confer any right or remedy hereunder upon any
person other than each of the parties hereto, their respective successors and
permitted assigns and each other Indemnitee. No amendment, modification,
supplement or discharge of this Agreement, and no waiver hereunder shall be
valid and binding unless set forth in writing and duly executed by the party or
other Indemnitee against whom enforcement of the amendment, modification,
supplement or discharge is sought and acknowledged by the other party. Neither
the waiver by any of the parties hereto or any other Indemnitee of a breach of
or a default under any of the provisions of this Agreement, nor the failure by
any party hereto or any other Indemnitee on one or more occasions, to enforce
any of the provisions of this Agreement or to exercise any rights, powers or
privileges hereunder, shall be construed as a waiver of any other breach or
default of a similar nature, or as a waiver of any provisions hereof, or any
rights, powers or privileges hereunder. The rights and remedies herein provided
are cumulative and are not exclusive of any rights or remedies that any party or
other Indemnitee may otherwise have at law or in equity or otherwise. This
Agreement may be executed in several counterparts, each of which shall be deemed
an original, and all of which together shall constitute one and the same
instrument.

                                       11

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement by their authorized representatives as of the date first above
written.

                              GST ACQUISITION CORP.

                              By:____________________________________
                               Name:  Christine K. Vanden Beukel
                               Title: Vice President and Secretary

                              GREENWICH STREET CAPITAL PARTNERS, INC.

                              By:____________________________________
                               Name:  Nicholas E. Somers
                               Title: Vice President and Treasurer

                                      S-1

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