Document:

Letter Agreement

 Exhibit 10.2 
 February 28, 2007 
 Mr. R. Kirk Morgan 
 c/o
Internet Capital Group 
 690 Lee Road, Suite 310 
 Wayne, PA
19087 
 Dear Kirk: 
 I am very pleased to advise you of the
terms and conditions of your employment effective January 1, 2007 and reaffirm the severance package that will be made available to you should the Company terminate you without cause (as defined in your Stock Appreciation Right (SAR)
Certificate dated July 22, 2005) prior to December 31, 2008. This letter agreement supersedes the letter agreement dated February 21, 2006. A summary of the terms and benefits is set forth below. 
  

	 	•	 	 SALARY AND BONUS—Your annual salary will be $275,000, paid in accordance with ICG’s standard payroll practices. You will be eligible for an annual
bonus with a target award equal to 70% of your base salary. 

  

	 	•	 	 SEVERANCE PAY—ICG will pay you at the date of termination of employment a lump sum payment equal to 12 months of base salary plus target bonus at the
rate existing at termination of employment. 

  

	 	•	 	 ANNUAL BONUS—ICG will pay you at the same time, under the same terms and conditions as other employees, a pro-rated bonus for service through your
termination date, based on your individual performance and ICG’s performance for that period as determined by the Board of Directors. 

  

	 	•	 	 EMPLOYEE BENEFITS—ICG will continue to provide you and your family medical and dental insurance at the same percent of premium payment existing at the
time of termination until the earlier of (A) 12 months after termination of employment; or (B) your eligibility for any of these benefits under another employer’s or spouse’s employer’s plan. 

  

	 	•	 	 OUTPLACEMENT—ICG will provide you career counseling until the earlier of (A) 12 months after termination of employment; or (B) your employment
with a subsequent employer. 

  

	 	•	 	 EQUITY—ICG Management will recommend to the Compensation Committee of the Board of Directors that your SARs, stock options and restricted stock be
subject to the better of the following: (A) credit for an additional 12 months service (compared to your actual service with ICG); or (B) application of the terms of the relevant SAR, option or restricted stock agreement. Such SARs and
options shall be exercisable after your termination of employment to the earlier of 1) twenty-four months or 2) 12 months after the ICG share price is maintained at $16 for 20 trading days, subject to adjustment for stock splits and the like.

	 	•	 	 CHANGE IN CONTROL—In the event of an involuntary termination in connection with a change in control as defined in the summary plan description, you will
receive 100% acceleration of all equity grants. The term to exercise any SAR or option grant shall be extended to the remaining term of the option. 

  

	 	•	 	 RELEASE—Availability of these severance benefits will be conditioned upon your executing, and not rescinding or breaching, upon termination of
employment a release of liability in a form acceptable to ICG, which shall include restrictive covenants substantially similar to those set forth in the restrictive covenant agreement by which you are currently bound. If you elect not to sign such
release, you will be eligible for the standard severance package applicable at that time. That package currently consists of one month’s pay plus two week’s pay per year of completed service and paid medical and dental insurance for you
and your family for the standard severance period. 

 ICG’s Board of Directors has also adopted stock ownership guidelines for the
senior management of ICG. Under these guidelines, you are expected to own the lesser of (1) 40% of any restricted stock granted to you that vests after February 21, 2006, or (2) stock worth at least 40% of your base salary.

 Notwithstanding anything in this letter to the contrary, to the extent that any severance or other amounts payable under this letter (“Severance
Payments”) are deemed to be deferred compensation subject to the requirements of section 409A of the Internal Revenue Code of 1986 (“Code”), and the requirements of section 409A of the Code are not met with respect to the Severance
Payments, ICG may amend this letter, without your consent, so that the Severance Payments will comply with the requirements of section 409A of the Code. Amendment of this letter to comply with section 409A of the Code will not result in you being
entitled to receive any enhanced benefit under this letter. 
 This letter is not intended to modify your status as an at-will employee of ICG and all other
employment terms and conditions remain the same. 
 Sincerely, 
  

	
	 /s/ Walter Buckley

	 Walter Buckley

	 Chairman and Chief Executive Officer

 cc: Employee file 
  

					
	 Acknowledged and agreed:
	 		 	
		
	 /s/ R. Kirk Morgan
	 	
	 R. Kirk Morgan
	 	

  

 2Internet Capital Group 2007 Performance Plan

 Exhibit 10.3 
 Internet Capital Group 
 2007 Performance Plan 
 The Board of Directors of Internet Capital Group, Inc. (together with its wholly-owned subsidiaries, the “Company”) hereby establishes this 2007 Performance
Plan (this “Plan”). The purpose of the Plan is to advance the interests of the Company’s stockholders by providing certain employees with bonus payments upon achievement of Company-specific 2007 goals and individual goals, as well as
to help the Company attract and retain key employees. The Company’s executive officers and other regular, full-time employees are eligible to participate in the Plan. 
 The Compensation Committee of the Company’s Board of Directors (the “Committee”) will administer and interpret the Plan. All decisions and determinations of the Committee with respect to the Plan will
be final and binding on all parties. 
 The Company’s 2007 goals include quantitative and qualitative goals. The relative weighting of each element of
the Company-specific goals is described below. 
 Eighty percent (80%) of the bonus potential related to Company goals is tied to accomplishment of
quantitative goals. Realization of specified revenue goals for the Company’s Core partner companies, Creditex Group, Inc. and GoIndustry plc (collectively, the “Key Companies”) accounts for thirty percent (30%) of the potential
bonus award and achievement of specified EBITDA performance for the Key Companies accounts for ten percent (10%) of the potential bonus award. Twenty percent (20%) of the potential bonus award is tied to attainment of a specified increase
in the aggregate value of the Key Companies and twenty percent (20%) of the potential bonus award relates to the Company’s deployment of capital and strategic monetization of assets. 
 Twenty percent (20%) of the bonus is tied to execution against the following qualitative goals: (1) overall execution of strategic initiatives,
(2) improvement in communicating the value of the Company’s underlying assets, (3) building the ICG brand, (4) performance and competency of partner company executives, (5) reaction to unforeseen market/business conditions,
(6) effective management of the Company’s holdings in Blackboard, Inc. and (7) exploration of an expansion of the ICG platform. 
 Following
the end of the Company’s fiscal year, the Committee will evaluate the Company’s 2007 performance and determine the extent to which the Company’s 2007 goals and individual goals were achieved. Based upon this assessment, the Committee
will award bonuses in accordance with the terms of this Plan.Internet Capital Group, Inc. Amended and Restated Non-Management Director Compen

 Exhibit 10.4 
 Internet Capital Group, Inc. 
 Amended and Restated Non-Management Director Compensation Plan

 Effective as of January 1, 2007, the Board of Directors (“Board”) of Internet Capital Group, Inc. (the “Company”) hereby
adopts this Amended and Restated Non-Management Director Compensation Plan (this “Plan”). This Plan amends and restates in its entirety the text of the Company’s Non-Management Director Compensation Plan, dated as of January 1,
2005. The purpose of the Plan is to advance the interests of the Company’s stockholders by providing non-management directors with financial and equity remuneration that allows the Company to attract and retain qualified personnel to serve on
the Company’s Board and to align their interests with those of the stockholders. 
 The Compensation Committee of the Board (the “Compensation
Committee”) shall administer the Plan. The Compensation Committee may delegate such administration as it deems appropriate. 
  

	1.	Annual Board Retainer 

 Each non-management director shall receive
$50,000 per year, payable $12,500 per quarter, during which such non-management director serves as a member of the Board. Quarterly retainer fees shall be payable, in arrears, on the first business day of each calendar quarter. Payments for service
for a portion of a calendar quarter shall be prorated. 
  

	2.	Annual Committee Retainers 

 (a) Each
non-management director who serves as Chairperson of the Audit Committee of the Board (the “Audit Committee”) shall receive $22,500 per year, payable $5,625 per quarter, during which such non-management director serves as Chairperson of
the Audit Committee, and each other member of the Audit Committee shall receive $12,500 per year, payable $3,125 per quarter, during which such non-management director serves as a member of the Audit Committee. 
 (b) Each non-management director who serves as Chairperson of the Compensation Committee shall receive $17,500 per year, payable $4,375 per
quarter, during which such non-management director serves as Chairperson of the Compensation Committee, and each other member of the Compensation Committee shall receive $10,000 per year, payable $2,500 per quarter, during which such non-management
director serves as a member of the Compensation Committee. 
 (c) Each non-management director who serves as Chairperson of the
Nominating and Governance Committee of the Board (the “Nominating and Governance Committee”) shall receive $12,500 per year, payable $3,125 per quarter, during which such non-management director serves as Chairperson of the Nominating and
Governance Committee, and each other member of the Nominating and Governance Committee shall receive $7,500 per year, payable $1,875 per quarter, during which such non-management director serves as a member of the Nominating and Governance
Committee. 

 (d) Quarterly retainer fees shall be payable, in arrears, on the first business day of each
calendar quarter. Payments for service for a portion of a calendar quarter shall be prorated. 
  

	3.	Initial Equity Grant 

 Subject to Section 6 hereof, each
non-management director shall be granted 25,000 Company stock appreciation rights (“SARs”) at the first regularly scheduled Board meeting held where such non-management director serves as a member of the Board. The SARs will have a base
price equal to the fair market value of the Company’s common stock on the date of grant, will vest 25% on each anniversary of the date of grant, provided the non-management director is still a member of the Board, and will have a term of 8
years. 
  

	4.	Annual Service Equity Grants 

 Subject to Section 6 hereof, at
the first regularly scheduled meeting of the Board each calendar year, each non-management director shall be granted 4,500 Deferred Stock Units (“DSUs”) for such non-management director’s service on the Board for the forthcoming
calendar year. Such DSUs will vest on the first anniversary of the date of grant. 
  

	5.	Deferred Stock Unit Program 

 Each non-management director shall be
eligible to participate in the Deferred Stock Unit Program administered by the Compensation Committee. Participation entitles the non-management director to receive, in exchange for deferring receipt of all or a portion of such non-management
director’s cash fees, a stock award, the receipt of which is deferred until the non-management director terminates service. The stock award will provide each non-management director with the deferred right to receive the following number of
shares of common stock of the Company: (a) with respect to fees earned by such non-management director prior to January 1, 2008, a number of shares equal to his or her deferred fees divided by 75% of the fair market value of a share of the
Company’s common stock as of the date on which his or her fees otherwise would have been paid and (b) with respect to fees earned by such non-management director on or following January 1, 2008, a number of shares equal to his or her
deferred fees divided by the fair market value of a share of the Company’s common stock as of the date on which his or her fees otherwise would have been paid. 
  

	6.	Equity Grants 

 Notwithstanding anything to the contrary in this
Plan, all equity grants contemplated by this Plan shall be made on the latest of (a) the date specified above, (b) the date permissible under the Company’s Equity Awards Grant Policy and (c) promptly after the date that the
Company has sufficient shares available for grant pursuant to an equity compensation plan approved by stockholders. Additionally, the number of SARs and DSUs set forth above shall be subject to proportionate adjustment in the event of a stock split,
reverse stock split, combination, reclassification, stock dividend or other similar event. 
  

 2 

	7.	Expenses 

 The Company shall reimburse non-management directors for
reasonable, documented out-of-pocket expenses incurred by them related to their attendance at Company meetings and otherwise incurred by them in service to the Company. 
  

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