Document:

exv10w6

EXHIBIT 10.6

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”) is entered into this 2nd day of January, 2007, by
and between UVEST Financial Services Group Inc., a North Carolina corporation (“Employer”), and Dan
H. Arnold (“Employee”).

WITNESSETH:

     WHEREAS, Employee is currently employed as the President and Chief Operating Officer of
Employer;

     WHEREAS, the shareholders of Employer, LPL Holdings, Inc., a Massachusetts corporation
(“LPL”), and LPL Investment Holdings, Inc., a Delaware corporation, have entered into a Stock
Purchase Agreement dated as of August 14, 2006 (the “Purchase Agreement”), pursuant to which LPL
will acquire all of the shares of Employer;

     WHEREAS, Employer and LPL desire to be ensured of Employee’s continued active participation
in the business of Employer; and

     WHEREAS, in order to induce Employee to remain in the employ of Employer and in consideration
of Employee agreeing to remain in the employ of Employer, the parties desire to specify the terms
of such employment;

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained,
Employer and Employee hereby agree as follows:

1. Effectiveness; Employment and Term.

     (a) Effectiveness. This Agreement shall constitute a binding agreement between the
parties as of the date hereof; provided that, notwithstanding any other provision of this
Agreement, the operative provisions of this Agreement shall become effective only upon the “Closing
Date” (as defined in the Purchase Agreement (such date being hereinafter referred to as the
“Effective Date”)). In the event the Purchase Agreement is terminated for any reason without the
Closing Date having occurred, this Agreement shall be terminated without further obligation or
liability of either party.

     (b) Term. Upon the terms and subject to the conditions of this Agreement, Employer
hereby employs Employee, and Employee hereby accepts employment. The term of this Agreement shall
commence on the Effective Date and shall end three years from the Effective Date (the “Term”);
provided, however, that commencing with the third anniversary and each anniversary thereafter (each
an “Extension Date”), the Employment Term shall be automatically extended for an additional
one-year period, unless the Company or Employee provides the other at least 90 days prior written
notice before the next Extension Date that the Term shall not be so extended (a “Notice of
Nonrenewal”).

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2. Duties of Employee.

     (a) General Duties and Responsibilities. Employee shall serve as President and Chief
Operating Officer of Employer. Subject to the direction of the Board of Directors of Employer (the
“Board”), Employee shall perform all duties which are commonly incident to such office or which,
consistent therewith, are delegated to Employee by the Board.

     (b) Devotion of Entire Time to the Business of Employer. Employee shall devote
Employee’s entire productive time, attention, and best efforts during reasonable business hours
throughout the Term to the faithful performance of Employee’s duties under this Agreement. Employee
shall not directly or indirectly render any services of a business, commercial or professional
nature to any person or organization other than Employer and its affiliates without the prior
written consent of the Board; provided, however, that Employee shall not be precluded from (i)
vacations and other leave time in accordance with Employer’s policies and (ii) reasonable
participation in community, civic, charitable or similar organizations so long as such
participation does not interfere or conflict with the performance of Employee’s duties to Employer
and is not breach or conflict with Employee’s covenants in Sections 6 or 7 hereof.

3. Compensation.

     (a)(i) Base Salary. During the Term, Employee shall receive an annual base salary
(the “Base Salary”) of not less than $375,000 payable in substantially equal installments in
accordance with Employer’s usual policy.

     (ii) Quarterly Payments. In addition to the Base Salary, Employee will receive (A)
with respect to the 2007 calendar year, $125,000 which will be payable in substantially equal
quarterly installments; and (B) with respect to the 2008 calendar year, $75,000 which will be
payable in substantially equal quarterly installments.

     (iii) Bonus. Employee may be entitled to receive a discretionary bonus for calendar
year 2007 and each year thereafter during the Term in such amount, if any, as shall be determined
by the Board in its sole and complete discretion (the “Bonus”). Attached as Schedule A is a target
Bonus for the calendar year 2007 and 2008. The amount of Bonus, if any, shall be paid to Employee
within two and one-half (2.5) months after the end of the applicable calendar year.

     (b) Employee Benefit Programs. During the Term, Employee shall be entitled to
participate in all formally established employee health and welfare benefit plans and similar
programs that are maintained for similarly situated employees of LPL, in accordance with the terms
and conditions of such plans and programs. Notwithstanding any statement to the contrary contained
elsewhere in this Agreement, Employer may at any time discontinue or terminate any benefit plan or
program now existing or hereafter adopted and shall not be required to compensate Employee for
such discontinuance or termination to the extent such discontinuance or termination pertains to
all employees of Employer who are eligible participants at the time.

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     (c) Expenses. During the Term, Employer shall reimburse Employee for reasonable
business expenses incurred in the ordinary course of Employee’s duties and in accordance with
Employer’s policies.

     (d) Withholding Taxes. Employer may withhold from any amounts payable to Employee
(whether under this Agreement or otherwise) such Federal, state and local taxes as may be required
to be withheld pursuant to any applicable law or regulation.

4. Termination of Employment. Employee’s employment hereunder may be terminated
prior to the expiration of the Term as follows:

	 	(a)	 	Automatically in the event of the death of Employee;
	 
	 	(b)	 	At the option of Employer, by written notice to Employee or
Employee’s personal representative in the event of the Permanent Disability of
Employee. As used herein, the term “Permanent Disability” shall mean a physical
or mental incapacity or disability which is determined by a qualified third
party medical expert to render Employee unable substantially to
render the services required hereunder (i) for one hundred twenty (120) days in
any twelve (12) month period or (ii) for a period of ninety (90) successive
days;
	 
	 	(c)	 	At the option of Employer for “Cause”. As used herein,
“Cause” shall mean Employee’s: (i) failure to substantially perform Employee’s
duties hereunder (other than as a result of a Permanent Disability) for a
period of 10 days following notice by Employer to Employee of such failure;
(ii) fraud, embezzlement, dishonesty or theft in connection with Employee’s
duties hereunder; (iii) an act or acts constituting a felony, a violation of
any federal or state securities or banking laws or a misdemeanor involving
moral turpitude; (iv) willful malfeasance, willful misconduct or gross
negligence in connection with Employee’s duties hereunder or an act or omission
which is injurious to the financial condition or business reputation of
Employer and its affiliates; or (v) breach of Sections 6 or 7;
	 
	 	(d)	 	At the option of Employer at any time without Cause;
	 
	 	(e)	 	At the option of Employee at any time for Good Reason on sixty
(60) days prior written notice thereof to Employer. As used herein, “Good
Reason” shall mean (i) a material and sustained diminishment in Employee’s
responsibilities or working conditions from those described in this Agreement,
(ii) a relocation of Employee’s principal place of employment by more than 75
miles unless agreed to by Employee, (iii) a material reduction in the Base
Salary unless such reduction is consistent with reductions made in the
applicable annual base salaries of other similarly situated employees of LPL or
(iv) a failure of Employer to pay Base Salary or Bonus, when due, that is not
cured within thirty (30) days after written notice thereof by Employee to
Employer; provided that “Good

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	 	 	 	Reason” shall cease to exist for an event on the 60th day
following the later of its occurrence or Employer’s knowledge thereof,
unless Employer has given Employee written notice thereof prior to such
date; or
	 
	 	(f)	 	At the option of Employee at any time without Good Reason
on sixty (60) days prior written notice thereof to Employer.

     5. Severance Payments.

     (a) Death. Upon the termination of Employee’s employment due to death, Employee or
Employee’s legal representatives shall be entitled to receive (i) Base Salary payable through the
month in which Employee’s termination of employment occurs, (ii) reimbursement for reasonable
business expenses incurred in the ordinary course of Employees duties and in accordance with
Employer policies; provided claims for such reimbursement are submitted to Employer within 60 days
following the date of Employee’s termination of employment, (iii) such employee benefits, if any,
as to which Employee may be entitled notwithstanding a termination of employment under the employee
benefit plans of Employer (the amounts described in clauses (i) through (iii) hereof being referred
to as the “Accrued Rights”) and (iv) a pro rata portion of Employee’s Bonus, if any, for the year
in which Employee’s death occurs (which portion of the Bonus shall be an amount reasonably
determined by the Board as of the date of Employee’s death), payable within 30 days. Following
Employee’s termination of employment due to death, except as set forth in this Section 5(a),
Employee and Employee’s legal representatives shall have no further rights to any compensation or
any other benefits under this Agreement.

     (b) Permanent Disability. Upon the termination of Employee’s employment due to
Permanent Disability, Employee or Employee’s legal representatives shall be entitled to receive (i)
the Accrued Rights, (ii) Employee’s Base Salary for twelve (12) months, payable in accordance with
the usual payroll practices in effect at Employer as if Employee was employed at the time (but
reduced by the amount of any benefits payable to Employee under any applicable long-term disability
plan) and (iii) a pro rata portion of Employee’s Bonus, if any, for the year in which such
termination occurs (which portion of the Bonus shall be reasonably determined by the Board as of
the date of such termination), payable at the same time as such payment would have been made had
such termination not occurred. Following Employee’s termination of employment due to Permanent
Disability, except as set forth in this Section 5(b), Employee and Employee’s legal representatives
shall have no further rights to any compensation or any other benefits under this Agreement.

     (c) Termination Without Cause or for Good Reason; Failure to Renew. Upon the
termination of Employee’s employment hereunder (i) by Employer without Cause pursuant to Section
4(d), (ii) by Employee for Good Reason pursuant to Section 4(e) or (iii) at the end of the Term as
a result the delivery by the Company of a Notice of Nonrenewal, Employee shall be entitled to
receive (A) the Accrued Rights, (B) Employee’s Base Salary for the longer of (x) the remainder of
the Term and (y) 24 months, payable in each case in accordance with the usual payroll practices in
effect at Employer as if Employee was employed at the time, (C) a pro rata portion of Employee’s
Bonus, if any, for the year in which such termination occurs (which portion of the Bonus shall be
reasonably determined by the Board as of the date of such termination), payable at the same time as
such payment would have been made had such

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termination not occurred and (D) an amount equal to twice the Bonus paid (or payable) to
the Employee for the most recently completed calendar year, payable in 24 monthly installments in
accordance with the usual payroll policies in effect at Employer as if Employee was employed at
the time. Following Employee’s termination of employment by Employer without Cause (other than by
reason of Employee’s death or Disability) or by Employee’s resignation for Good Reason, except as
set forth in this Section 5(c), Employee shall have no further rights to any compensation or any
other benefits under this Agreement.

     (d) Termination for Cause or Without Good Reason. Upon the termination of Employee’s
employment hereunder by Employer for Cause pursuant to Section 4(c) or by Employee without Good
Reason pursuant to Section 4(f), Employee shall be entitled to receive the Accrued Rights.
Following Employee’s termination of employment by Employer for Cause or by Employee’s resignation
without Good Reason, except as set forth in this Section 5(d), Employee shall have no further
rights to any compensation or any other benefits under this Agreement.

The duties and obligations of Employer and Employee under this Section 5 shall survive any
termination or expiration of this Agreement.

6. Noncompetition and Nonsolicitation

     (a) During the Term and for a period of two (2) years thereafter (the “Restricted Period”),
Employee will not, and will not permit any of Employee’s affiliates to, alone, together or in
association with others, either as principal, employee, agent, owner, shareholder, officer,
director, partner, lender, investor, independent contractor, consultant or in any other capacity,
engage in, have a financial interest in or be in any way connected or affiliated with, or render
advice or services to a Person who engages in the business of providing asset management,
brokerage, investment advisory and insurance services through banks, credit unions or other similar
financial institutions or to otherwise engages in any business that would compete with the
businesses conducted by or planned to be conducted by Employer or its subsidiaries as of the date
of Employee’s termination.

     (b) During the Restricted Period, Employee will not, and will not permit any affiliate,
directly or indirectly, to solicit, divert, take away or interfere with, the relationship of
Employer, LPL or any of their respective subsidiaries or affiliates with any person who is or was a
customer, a prospective customer whom Employee learned of during the Term or employee or supplier
of Employer, LPL or any of their respective subsidiaries or affiliates at any time.

     (c) Nothing in this Section 6 shall limit or restrict Employee’s ownership of 2% or less of
any securities of a company filing periodic reports with the Securities and Exchange Commission
under the Securities Exchange Act 1934.

7. Nondisclosure and Use of Proprietary Information. Employee acknowledges that during
Employee’s employment he will learn and have access to proprietary information regarding Employer,
LPL and their respective affiliates (collectively in this Section 7, “Protected Parties”) and their
respective customers and businesses (“Proprietary Information”). Employee agrees and covenants not
to disclose or use for Employee’s own benefit, or the benefit of any other person

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or entity, any Proprietary Information, unless or until the Proprietary Information is now or
hereafter becomes known or available to the public other than because of a breach of this Agreement
by Employee, or such disclosure is or becomes required by law or valid legal process or is
necessary to carry out the duties of Employee’s employment. Employee shall not disclose or reveal
to any unauthorized person any Proprietary Information relating to one or more of the Protected
Parties, and Employee confirms that the Proprietary Information constitutes the exclusive property
of one or more of the Protected Parties. As used herein the term “Proprietary Information” shall
mean trade secrets or proprietary or confidential information of any of the Protected Parties or of
any third party which any one of the Protected Parties is under an obligation to keep confidential
(including, but not limited to, Intellectual Property Rights (as hereinafter defined)) respecting
products, product plans, marketing and other plans, methods, know-how, techniques, technology,
systems, processes, strategies, software programs, works of authorship, customer lists, user lists,
vendor lists, content provider lists, supplier lists, pricing information, projects, notes,
memoranda, reports, lists, records, specifications, software programs, data, documentation,
budgets, plans, projections, forecasts, financial information and proposals in whatever form,
tangible or intangible or other materials of any nature reasonably relating to any matter within
the scope of the business of any one of the Protected Parties or concerning any of the dealings or
affairs of any one of the Protected Parties. As used herein, the term “Intellectual Property
Rights” shall mean all intellectual property rights, including without limitation, patent rights,
trademarks, trademark applications, trade names, service marks, service mark applications,
copyrights, copyright applications or registrations, databases, algorithms, computer programs and
other software, know-how, trade secrets, proprietary processes and formulae, inventions, trade
dress, logos, design and all documentation and media constituting, describing or relating to the
above.

     Employee hereby agrees that any remedy at law for any breach of the provisions contained in
Section 6 and 7 shall be inadequate and that each of the Protected Parties shall be entitled to
injunctive relief in addition to any other remedy they might have under this Agreement. If a
judicial determination is made that any of the provisions of Section 6 and 7 constitutes an
unreasonable or otherwise unenforceable restriction against Employee, the provisions of Section 6
and 7 shall be rendered void but only to the extent that such judicial or arbitral determination
finds such provision to be unreasonable or otherwise unenforceable. In this regard, the parties
hereto hereby agree that any judicial authority construing this Agreement shall, without
limitation, be empowered to sever any prohibited business activity, geographic restriction, or any
time period from the coverage of Section 6 and 7 and to apply the provisions of Section 6 and 7 to
the remaining business activities, geographic area, and the remaining time period not so severed
by such judicial authority.

     Employee agrees that each of the restrictions in Section 6 and 7 are reasonable for the
legitimate protection of the business and goodwill of the Protected Parties.

     The covenants and agreements of Employee in Section 6 and 7 shall be in addition to any other
rights and remedies Employer may have hereunder or at law.

8. Assignability. Neither this Agreement nor any right or interest hereunder
shall be assignable by Employee, Employee’s beneficiaries or legal representatives; provided,
however,

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that nothing in this Section 8 shall preclude Employee from designating a beneficiary to receive
any benefits payable hereunder upon Employee’s death or the executors, administrators or other
legal representatives of Employee or Employee’s estate from assigning any rights hereunder to the
person or persons entitled thereto. This Agreement may be assigned by Employer to a person or
entity which is an affiliate or a successor in interest to substantially all of the business
operations of Employer in which Employee participates. Upon any such assignment, the rights and
obligations of Employer hereunder shall become the rights and obligations of such affiliate or
successor person or entity.

9. Binding Agreement; Entire Agreement. This Agreement shall be binding upon, and inure to
the benefit of, Employee, Employer and the Protected Parties and their respective
permitted successors  and assigns. This Agreement contains the entire understanding of the parties
with respect to the employment of Employee by Employer. There are no restrictions,
agreements, promises, warranties, covenants or undertakings between the parties with respect to the
subject matter herein other than those expressly set forth herein. This Agreement may not be
altered, modified, or amended except by written instrument signed by the parties hereto.

10. Mitigation; Set-Off; Cooperation. Employee shall not be required to mitigate the
amount of any payment provided for pursuant to this Agreement by seeking other employment. Employer’s
obligation to pay Employee the amounts provided and to make the arrangements provided hereunder
shall be subject to set-off, counterclaim or recoupment of amounts owed by Employee to Employer or
its affiliates. Employee shall provide Employee’s reasonable cooperation in connection with any
action or proceeding (or any appeal from any action or proceeding) which relates to events occurring
during Employee’s employment hereunder. This provision shall survive any termination of this
Agreement.

11. Amendment of Agreement. This Agreement may not be modified or amended, except by an
instrument in writing signed by the parties hereto.

12. Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor
shall there be an estoppel against the enforcement of any provision of this Agreement, except by
written instrument of the party charged with such waiver or estoppel. No such written waiver shall
be deemed a continuing waiver, unless specifically stated therein, and each waiver shall
operate
only as to the specific term or condition waived and shall not constitute a waiver of such term or
condition for the future or as to any act other than the act specifically waived.

13. Severability. If, for any reason, any provision of this Agreement is held invalid,
such invalidity shall not affect the other provisions of this Agreement not held so invalid, and
each such other provision shall, to the full extent consistent with applicable law, continue in full
force and effect. If this Agreement is held invalid or cannot be enforced, then any prior
Agreement between Employer (or any predecessor thereof) and Employee shall be deemed reinstated to
the full extent permitted by law, as if this Agreement had not been executed.

14. Headings. The headings of the sections herein are included solely for convenience
of reference and shall not control the meaning or interpretation of any of the provisions of
this Agreement.

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15.
Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of North Carolina, without regard to conflicts of laws principles thereof
that would direct the applicable of the law of any other jurisdiction.

16.
Effect of Prior Agreements; Shareholder Approval. This Agreement contains the
entire understanding between the parties hereto and supersedes any
prior employment agreement between
Employer or any predecessor of Employer and Employee. Employee hereby
represents to Employer that
the execution and delivery of this Agreement by Employee and Employer
and the performance by
Employee of Employee’s duties hereunder shall not constitute a
breach of, or otherwise contravene,
the terms of any employment agreement or other agreement or policy to which Employee is a party or
otherwise bound. This Agreement shall be subject to, and shall only be effective following, the
approval of Employer’s shareholders as of the date hereof who owned, as of the date hereof, more
than 75% of the voting power of all outstanding stock of Employer, determined and obtained in a
manner consistent with the methodology described in proposed Treasury
Regulation Section 1.280G.

17.
Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary,
(i) if at the time of Employee’s termination of employment with Employer Employee is a
“specified employee” as defined in Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and the deferral of the commencement of any payments or benefits otherwise
payable hereunder as a result of such termination of employment is necessary in order to prevent
any accelerated or additional tax under Section 409A of the Code, then Employer will defer
the commencement of the payment of any such payments or benefits
hereunder (without any reduction in
such payments or benefits ultimately paid or provided to Employee)
until the date that is six months
following Employee’s termination of employment with Employer (or
the earliest date as is permitted
under Section 409A of the Code) and (ii) if any other
payments of money or other benefits due to
Employee hereunder could cause the application of an accelerated or additional tax under Section
409A of the Code, such payments or other benefits shall be deferred if deferral will make such
payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or
other benefits shall be restructured, to the extent possible, in a manner, determined by the Board,
that does not cause such an accelerated or additional tax. Employer shall consult with Employee in
good faith regarding the implementation of the provisions of this Section; provided that neither
Employer nor any of its employees or representatives shall have any liability to Employee with
respect to thereto.

18. Notices. Any notice or other communication required or permitted pursuant to
this Agreement shall be deemed delivered if such notice or communication is in writing and
is delivered personally or by facsimile transmission or is deposited in the United States
mail, postage prepaid, addressed as follows:

     If to Employer:

UVEST Financial Services Group Inc.

200 S. College St., 21st Fl.

Charlotte, NC 28202

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Attention: General Counsel and Chief Financial Officer

     With a copy to:

LPL Holdings, Inc.

9785 Towne Center Drive

San Diego, CA 92121-1968

Attention: Executive Vice President of Human Resources

     and

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention: Edward Chung & Greg Grogan

     If to Employee, to the most recent address of Employee set forth in the personnel records of
Employer.

19. Miscellaneous.

     (a) For
the purposes of this Agreement, the term “affiliate” of any specified person shall mean
(i) a person that directly or indirectly through one or more
intermediaries, controls, or is
controlled by, or is under common control with, such specified
person; (ii) any relative or spouse
of such person, or any relative of such spouse, any one of whom has
the same home as such person;
(iii) any trust or estate in which such person or any of the
persons specified in (ii) collectively
own ten percent or more of the total beneficial interest or of which
any of such persons serve as
trustee, executor or in any similar capacity; or (iv) any
corporation or other organization in which
such person or any of the persons specified in (ii) are the
beneficial owners collectively of ten
percent or more of any class of equity securities or ten percent or
more of the equity interest.
For the purposes of this definition, “control” when used
with respect to any specified person means
the power to direct the management and policies of such person,
directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise;
and the terms “controlling”
and “controlled” have meanings relative to the foregoing.

     (b) For
purposes of this Agreement, the term “person” refers to an individual or corporation,
partnership, trust, association or other organization.

20. Survival.

     The provisions of Section 6 and 7 shall survive the expiration, termination, or completion of
performance of this Agreement.

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     IN WITNESS WHEREOF, Employer has caused this Agreement to be executed by its duly authorized
officer, and Employee has signed this Agreement, each as of the day and year first above written.

	 	 	 	 	 

	UVEST FINANCIAL SERVICES GROUP INC.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Dan H. Arnold
 

Dan H. Arnold
	 	 
	Title:

	 	President	 	 

	 	 	 

	/s/ Dan H. Arnold
 

Dan H. Arnold

	 	 

 

 

Schedule A

Target 2007 and 2008 Bonus

2007 Target Bonus: $200,000

2008 Target Bonus: $250,000exv10w7

EXHIBIT 10.7

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment (the “Amendment”) is made and entered into as of September 28, 2009,
by and between UVEST Financial Services Group, Inc., a North Carolina corporation
(“Employer”) and Dan H. Arnold (“Employee”) to that certain Employment Agreement dated
January 2, 2007 between Employer and Employee (“Employment Agreement”).

WHEREAS, Employer and Employee have agreed to amend the Employment Agreement in exchange
for Employer forgiving the outstanding balance of the Loan Agreement and Promissory Note
between the Employer and Employee dated January 2, 2007 (“Loan Agreement”) according to
the terms and conditions set forth below.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Employer and Employee agree as follows:

1. Fifty percent of the amount outstanding under the Loan Agreement shall be
forgiven on December 31, 2009 and the remaining amount outstanding shall be forgiven
on December 31, 2010, provided that, on each such loan forgiveness date, Employee is (a)
in compliance with all policies of Employer, LPL Financial Corporation and any direct or
indirect parent of Employer or LPL Financial Corporation (LPL Financial Corporation, together
with such parents, each an “Employer Affiliated Entity”); (b) not in breach of any agreement
between Employee and Employer and/or between Employee and any Employer Affiliated Entity; and
(c) Employee has reasonably met the performance standards of Employer and/or any Employer
Affiliated Entity as measured in the sole discretion of Employer or Employer Affiliated Entity.
If Employee’s employment is terminated for Cause, as that term is defined in the Employment
Agreement, prior to a loan repayment date, Employee will pay Employer the outstanding loan
balance as of the date of termination according to the terms of the Loan Agreement. Employer
agrees to pay Employee a lump sum payment equal to the highest federal and state income tax
rate applicable to Employee with respect to the income recognized from the cancellation of the
debt under the Loan Agreement to defray Employee’s related tax liability (“Tax Gross-up”). The
Tax Gross-up will be made, less all appropriate federal and state income and employment taxes,
directly to the appropriate taxing authorities. Employee understands that the Tax Gross-up will
be treated as additional compensation income to Employee and will be reported on Employee’s
Form W-2. Employee agrees to report the Tax Gross-up for all tax purposes consistent with the
preceding sentence.

2. The first sentence of Section 2(a) shall be deleted and replaced as follows,
“Employee shall serve as the Managing Director, Divisional President, Institutional
Services.”

3. The text in Section 3(a)(i) shall be deleted in its entirety and replaced as follows,
“Beginning in 2009, Employee shall receive an annual base salary (the “Base Salary”) of
not less than $400,000 payable in substantially equal installments in accordance with the
Employer’s usual policy.”

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4. The second sentence in Section 3(a)(iii) shall be deleted in its entirety and
replaced as follows, “The target Bonus for 2009 is $300,000 and the target Bonus for
2010 is $400,000.”

5. A new section, Section 3(e), shall be added as follows, “Employee will continue
to be eligible for consideration for future stock option grants. Option grants are at the
discretion of the Compensation Committee.”

6. Section 4(e)(i) shall be deleted in its entirety and replaced with “Employee
ceasing to hold the title of Managing Director with respect to at least one of (a) Employer
or (b) any Employer Affiliated Entity.”

7. Section 4(e)(ii) shall be deleted in its entirety.

8. Section 6 shall be deleted in its entirety and replaced as follows:

6. Nondisclosure and Use of Proprietary Information. Employee acknowledges that during
Employee’s employment he has learned and will continue to learn and have access to proprietary
Information regarding the Employer and Employer Affiliated Entities (the “Protected Parties”) and
their respective clients and businesses. Employee agrees and covenants not to disclose or use for
Employee’s own benefit, or the benefit of any other person or entity, any Proprietary Information,
unless or until the Proprietary Information is now or hereafter becomes known or available to the
public other than because of a breach of this Agreement by Employee, or such disclosure is or
becomes required by law or valid legal process or is necessary to carry out the duties of
Employee’s employment, Employee shall not disclose or reveal to any unauthorized person any
Proprietary Information relating to one or more of the Protected Parties, and Employee confirms
that the Proprietary Information constitutes the exclusive property of one or more of the
Protected Parties.

“Proprietary Information” means trade secrets or proprietary or confidential information of any of
the Protected Parties or of any third party which any one of the Protected Parties is under an
obligation to keep confidential (including, but not limited to, Intellectual Property Rights and
includes information related to the business of any of Protected Parties and any of the Protected
Parties’ clients or representatives that (a) confers or tends to confer a competitive advantage on
any of the Protected Parties (b) that has commercial value for any of the Protected Parties. This
includes but is not limited to: contracts; marketing materials and business strategies; legal
information; regulatory information; product information; mark-up guidelines; client lists
(including the names, addresses, telephone numbers and account numbers of clients, the trade
history with each client, and all other information on client lists); lists of client prospects,
financial advisors, business partners, brokers and/or representatives; software programs; software
source documents, financial information and projections; and all concepts, plans, proposals or
information about current, future and proposed business or sale

9. Section 7 shall be deleted in its entirety and replaced as follows:

7. Noncompetition and Nonsolicitation. Employee acknowledges that during the
course of Employee’s employment with the Employer, Employee has had access to and

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acquired the Protected Parties’ Proprietary Information, including that relating to the Protected
Parties’ advisors, institutions and/or registered representative lists and advisors, institutions
and/or registered representative information including, without limitation, information related to
advisor, institution and/or registered representatives end clients, and the Protected Parties’
business operations, methods and practices, all of which pertain peculiarly to the Protected
Parties. To protect these legitimate interests of the Protected Parties, Employee agrees to the
following:

To protect these legitimate interests of the Protected Parties, Employee agrees to the
following:

	 	A.	 	During the two year period from the date of Employee’s
separation
of employment with Employer or an Employer Affiliated Entity
regardless of the reason for the separation (the “Restricted
Period”), Employee may not provide, directly or indirectly, sales,
marketing, recruiting or any other services that include interacting
in any capacity with institutions or financial advisors for the
following companies and any of their current and future affiliated
broker dealers regardless of whether the currently affiliated broker dealer
remains affiliated with the company during the Restricted Period: Pershing
LLC, Raymond James Financial Services Inc., Commonwealth Financial Network,
FMR LLC (Fidelity), The Charles Schwab Corporation, Prime Vest Financial
Services, Inc. and Jackson National Life Insurance Company
	 
	 	B.	 	During the Restricted Period, Employee may not, directly or
indirectly, solicit, persuade or induce: (i) any financial advisor
licensed with any Protected Party or any clients of such financial
advisor; (ii) any financial advisor licensed with any Protected Party
during the twelve (12) month period prior to the Employee’s final
day of employment or any clients of such financial advisors; (iii)
any financial advisors who Employee by virtue of Employee’s
status as Managing Director knew or should have known to be in
discussions with any Protected Party regarding licensure with any
Protected Party; (iv) any institution with a contract with any
Protected Party; (v) any institution with a contract with a Protected
Party during the twelve (12) month period prior to the Employee’s
final day of employment; or (vi) any institution who Employee by virtue of Employee’s status as Managing Director knew or should
have known to be in discussions with any Protected Party
regarding business relations with any Protected Party.
	 
	 	C.	 	During the Restricted Period, Employee may not, directly or
indirectly, solicit, seek to hire, or persuade or induce any employee
or consultant of any Protected Party (or any person who was an
employee or consultant of any Protected Party during the twelve
(12) month period prior to the last day of Employee’s employment)
to discontinue his or her employment or other association with any

3

 

	 	 	 	Protected Party.

Employee agrees that the scope and duration set forth in Section 7 are reasonable and necessary to
protect the Protected Parties Proprietary Information, goodwill and employee relations. Employee
agrees that the scope of the non-compete is limited and will not restrict him from earning a living
in his current field of employment. Employee further agrees that, upon the cessation of Employee’s
employment with the Employer, his experience and capabilities are such that he can obtain
employment with a new employer engaged in a business that is not competitive with the any of the
Protected Parties’ business or even one that is competitive with the Protected Parties’ business as
he is only prohibited from providing, directly or indirectly, sales, marketing, recruiting or any
other services that include interacting in any capacity with institutions or financial advisors for
seven specified companies and their affiliate broker-dealers subject to the Employee’s
non-solicitation and nondisclosure obligation to protect the Proprietary Information of the
Protected Parties and that, therefore, the entry of an injunction to enforce the provisions in
Section 7 shall not prevent Employee from earning a livelihood. Employee also acknowledges that,
provided Employee’s employment is terminated without Cause by the Employer, by the Employee for
Constructive Termination or upon expiration of the Term, Employee will receive his Base Salary and
other benefits during the entire Restricted Period.

If, at any time, the provisions of Section 7 shall be finally adjudicated to be invalid or
unenforceable by a court of competent jurisdiction, the Employer and Employee hereby agree that
the court making this determination will have the power to reform the scope, duration, or area of
the term or provision to delete specific words or phrases, or to replace any invalid or
unenforceable term or provision with a term or provision that is valid and enforceable and that
comes closest to expressing the intention of the invalid or unenforceable term or provision; and
that this Agreement will be enforceable as so modified.

Employee agrees that the Protected Parties are engaged in a highly competitive business and that
by virtue of Employee’s position and responsibilities with the Employer and Employee’s access to
the Proprietary Information, it would be impossible or inadequate to measure and calculate the
Protected Parties’ damages from any breach of the covenants set forth in this Agreement.
Accordingly, Employee agrees that if Employee breaches Section 6 or Section 7 of this Agreement,
the Protected Parties will have available to them, in addition to any other available right or
remedy, the right to obtain injunctive or other equitable relief from a court of competent
jurisdiction. Employee further agrees that no bond or other security shall be required in
obtaining such equitable relief and Employee hereby consents to the issuance of such injunction
and to the ordering of specific performance.

10. All other terms and conditions of the Employment Agreement not specifically provided herein
shall remain in full force and effect, and are hereby in all respects ratified and confirmed.

4

 

IN WITNESS WHEREOF, each of the parties has executed this Amendment as of the date first written
above.

	 	 	 	 	 	 	 	 	 

	UVEST Financial Services Group, Inc.	 	READ, UNDERSTOOD AND AGREED	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Sheila E. Hunter
	 	By:	 	/s/ Dan Arnold	 	 
	Name:

	 	 

SHEILA E. HUNTER
	 	Name:
	 	 

Dan Arnold
	 	 
	Title:

	 	SUP, HUMAN RESOURCES	 	 	 	 	 	 

5

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