Document:

Exhibit
10.11

INDEMNIFICATION AGREEMENT

THIS AGREEMENT
is made as of December 28, 2005 (the “Closing Date”), by and between
each of BD Investment Holdings Inc. (“Holdings”), LPL Holdings, Inc., a
Massachusetts corporation (“LPL”, and together with Holdings, each a “Company”),
and William E. Dwyer III (the “Indemnitee”), an officer and/or director
of a Company.

RECITALS

WHEREAS,
although the Restated Articles of Organization and the By-laws of LPL provide
for indemnification of the officers and directors of LPL and the Indemnitee may
also be entitled to indemnification pursuant to the Massachusetts Business
Corporation Act, the Massachusetts Business Corporation Act expressly
contemplates that contracts may be entered into between LPL and officers of LPL
and/or members of the Board of Directors of LPL with respect to indemnification
of officers and directors; and

WHEREAS, the
Indemnitee’s continued service to each Company substantially benefits the
Companies; and

WHEREAS, each
of the Boards of Directors of LPL and Holdings has determined that it is in the
best interest of the Companies and that it is reasonably prudent and necessary
for each Company contractually to obligate itself to indemnify, and to pay, on
a current basis, expenses in advance of a final disposition of any Proceeding
on behalf of the Indemnitee to the fullest extent permitted by applicable law
in order to induce the Indemnitee to serve or continue to serve the Companies
free from undue concern that the Indemnitee will not be so indemnified or that
any indemnification obligation will not be met; and

WHEREAS, this
Agreement is a supplement to and in furtherance of (a) the Restated Articles of
Organization and Bylaws of LPL, and (b) the certificate and bylaws or
partnership agreement, as the case may be, of Holdings and any Enterprise (as
defined below) and any resolutions adopted pursuant thereto, and shall not be
deemed a substitute therefor, nor to diminish or abrogate any rights of the
Indemnitee thereunder; and

WHEREAS, the
Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the Companies and certain other Enterprises on the
condition that the Indemnitee be so indemnified;

NOW,
THEREFORE, in consideration of the promises and the covenants contained herein,
each Company and the Indemnitee do hereby covenant and agree as follows:

1.             Definitions.  For purposes of this Agreement, the following
terms shall have the meanings hereafter assigned to them:

(a)           “Corporate Status” describes the
status of a person who is or was a director, trustee, general partner, managing
member, officer, employee, agent or fiduciary of a Company or of any other
Enterprise.

(b)           A “Disinterested Director” shall mean
a director of the applicable Company who, at the time of a vote referred to in
the definition of Reviewing Party is not (i) the Indemnitee, (ii) a Party to
(or a participant in) the Proceeding for which indemnification is sought or
(iii) an individual having a familial, financial, professional or employment relationship
with the Indemnitee, which relationship would, in the circumstances, reasonably
be expected to exert an influence on such director’s judgment when voting on
the decision being made.

(c)           “Enterprise” shall mean (i) the
Companies and (ii) any other corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise which
is an affiliate or wholly or partially owned subsidiary of the Companies and of
which the Indemnitee is or was serving as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary; and (iii) any other
corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise, in each case, of which Indemnitee is
or was serving at the request of a Company. 
For purposes of this Agreement, a director or officer will be considered
to be serving on an employee benefit plan at a Company’s request if the
individual’s duties to such Company also impose duties on, or otherwise involve
services by, the individual to the plan.

(d)           “Expenses” shall mean all reasonable
expenses, including, but not limited to, attorneys’ fees, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, being or preparing to be a witness in, or
otherwise participating in, a Proceeding. 
Expenses shall include such fees and expenses, and costs incurred in
connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost
bond, supersedeas bond, or other appeal bond or its equivalent.  Expenses, however, shall not include amounts
paid in settlement by the Indemnitee or the amount of judgments or fines
against the Indemnitee.

(e)           “Fines” shall mean any excise tax
assessed with respect to any employee benefit plan; references to “serving at
the request of a Company” shall include any service as a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary of a
Company or an Enterprise which imposes duties on, or involves services by, such
director, trustee, general partner, managing member, officer, employee, agent
or fiduciary with respect to an employee benefit plan, its participants or
beneficiaries; and a person who acted in good faith and in a manner he
reasonably believed to be in the best interests of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in a
manner “not opposed to the best interests of the Companies” as referred to in
this Agreement.

(f)            An “Indemnifiable Event” shall mean
any Proceeding in which the Indemnitee was, is or will be involved as a Party
or otherwise by reason of the fact that the Indemnitee is or was an officer or
director of any of the Companies or the Enterprises, by reason

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of any acts or omissions on his part while acting as an officer or
director of such Company, or by reason of the fact that he is or was serving as
a director, trustee, general partner, managing member, officer, employee, agent
or fiduciary of any other Enterprise, in each case whether or not serving in
such capacity at the time any Expense, judgment, fine or amount paid in
settlement is incurred for which indemnification, reimbursement, or advancement
of Expenses can be provided under this Agreement.

(g)           An “Indemnitee Statement” shall mean
a written demand by the Indemnitee to a Company for a payment pursuant to
Section 2(b) of this Agreement, accompanied by a written statement, dated the
date of such statement, from the Indemnitee to a Company in which the
Indemnitee (i) affirms, with respect to the applicable Indemnifiable Event, the
Indemnitee’s good faith belief that the Indemnitee has met the relevant
standard of conduct described in Subdivision E of Part 8 of the Massachusetts
Business Corporation Act or that the Proceeding involves conduct for which
liability has been eliminated under such Company’s articles of organization or
bylaws and (ii) undertakes to repay any funds paid in advance of a final disposition
of a Proceeding (or funds paid directly by a Company advance of a final
disposition of a Proceeding) if, with respect to the applicable Indemnifiable
Event, the Indemnitee is not entitled to indemnification under applicable law
as ultimately determined by a court of competent jurisdiction or by the
Reviewing Party that the Indemnitee has not met the relevant standard of
conduct described in Subdivision E of Part 8 of the Massachusetts Business
Corporation Act.

(h)           An “IPO” shall mean an underwritten
initial public offering or public offering of shares of BD Investment Holdings
Inc. pursuant to a registration statement under the Securities Act of 1933, as
amended, or any successor federal statute thereto, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder.

(i)            A “Liability” shall mean an
obligation to pay a judgment, settlement, penalty, and/or Fine (including an
excise tax assessed with respect to an employee benefit plan) in connection
with an Indemnifiable Event and any Expenses incurred in connection with an
Indemnifiable Event.

(j)            A “Party” shall mean an individual
who was, is, or is threatened to be made, a defendant or respondent in a
Proceeding.  The Indemnitee shall be
considered a “Party” in a Proceeding in which the Indemnitee seeks a
declaratory judgment with respect to matters related to an Indemnifiable
Event.  In addition, the Indemnitee shall
be considered a Party for all aspects of an Indemnifiable Event even though the
Indemnitee asserts counter-claims or cross-claims.

(k)           “Person” means an individual, a
corporation, a limited liability company, an association, a partnership, an
estate, a trust and any other entity or organization, other than a Company or
any of its subsidiaries.

(l)            A “Proceeding” shall mean any
threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether
brought in the right of a Company or otherwise, whether informal or formal, and
whether of a civil, 

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criminal, administrative or investigative nature, including, without
limitation, any such proceeding pending as of the date of this Agreement.

(m)          The “Reviewing Party” in connection
with an Indemnifiable Event shall be, as selected by the Indemnitee in his or
her sole discretion:

(i)            if there are two or more Disinterested
Directors on the Board of Directors of the applicable Company, such Board of
Directors acting by majority vote of all Disinterested Directors, or by a
majority of the members of a committee of the Board of Directors of such
Company consisting of two or more Disinterested Directors; or

(ii)           a Special Legal Counsel nominated by the
Indemnitee and selected by

(a)           if there are two or more Disinterested
Directors on the Board of Directors of the applicable Company, the Board of
Directors of such Company acting by majority vote of all Disinterested
Directors, or by a majority of the members of a committee of the Board of
Directors of such Company consisting of two or more Disinterested Directors; or

(b)           if there are fewer than two Disinterested
Directors on the Board of Directors of the applicable Company, the full Board
of Directors of the Company, with directors who do not qualify as Disinterested
Directors eligible to vote; or

(iii)          prior to an IPO, the shareholders of the
applicable Company acting by the vote required for ordinary corporate actions,
except that shares owned by or voted under the control of (A) a director of
such Company who at the time does not qualify as a Disinterested Director or
(B) the Indemnitee may not be voted on the determination.

(n)           “Special Legal Counsel” shall mean,
at any time, any law firm, or a member of a law firm, that (a) is experienced
in matters of corporation law and (b) is not, at such time, or has not been in
the five years prior to such time, retained to represent: (i) any Company or
the Indemnitee in any matter material to either such party (other than as Special
Legal Counsel), or (ii) any other Party to (or participant in) the Proceeding
giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Special
Legal Counsel” shall not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in
representing either of the Companies or the Indemnitee in an action to
determine the Indenmitee’s rights under this Agreement.  Each Company agrees to pay the reasonable fees
and expenses of the Special Legal Counsel referred to above and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and
damages arising out of or relating to this Agreement or its engagement pursuant
hereto and to be jointly and severally liable therefor.

2.             Basic Arrangement.

(a)           In the event the Indemnitee is a Party in an
Indemnifiable Event, subject only to limitations expressly imposed by the terms
of this Agreement, each Company shall indemnify the Indemnitee for any
associated Liabilities to the fullest extent permitted by law.  Subject to Section 2(f) and in accordance
with the procedures set forth in Section 3, any

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indemnification pursuant to this Section 2(a) must be determined by the
Reviewing Party to be permissible under the Massachusetts Business Corporation
Act in the specific Proceeding.  Each
Company shall make any such payment to which the Indemnitee is entitled
pursuant to this Section 2(a) as soon as practicable but in no event later than
five (5) days after determination by the Reviewing Party.

(b)           Notwithstanding anything to the contrary,
before the final disposition of an Indemnifiable Event in which the Indemnitee
is a Party, each Company shall be obligated to pay, on a current basis, any and
all funds to pay for or reimburse the Indemnitee’s Expenses (an “Expense
Advance”) within ten (10) days after the receipt by a Company of a
statement or statements requesting such advances from time to time, provided
that the Indemnitee delivers an Indemnitee Statement.  Such advances (i) shall be unsecured and
interest free; (ii) shall be made without regard to the Indemnitee’s ability to
repay the advances and without regard to the Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement; and (iii)
shall include any and all Expenses incurred pursuing an action to enforce this
right of payments, on a current basis, including Expenses incurred preparing
and forwarding statements to a Company to support the advances claimed.  The Indemnitee shall qualify for advancement
of Expenses solely upon the execution and delivery to a Company of the
Indemnitee Statement.

(c)           Pursuant to Section 8.58(a) of the
Massachusetts Business Corporation Act, this Agreement shall constitute authorization
to provide indemnification, pay funds, on a current basis, and reimburse
expenses under Subdivision E of Part 8 of the Massachusetts Business
Corporation Act.

(d)           Each Company shall be liable to indemnify
the Indemnitee and pay for or reimburse the Indemnitee’s Liabilities in
connection with an Indemnifiable Event or other any other Proceeding involving
the Companies or Enterprises, in either case, in which the Indemnitee is a
witness but not a Party.  If the
Companies do not pay directly for any Expenses incurred in connection
therewith, each Company shall be obligated to pay, on a current basis, any and
all funds to pay for or reimburse the Indemnitee’s Expense for which the
Indemnitee is entitled pursuant to this Section 2(d) within ten (10) days after
receipt by a Company of a written demand for reimbursement signed by the
Indemnitee.  Such advances (i) shall be
unsecured and interest free; (ii) shall be made without regard to the
Indemnitee’s ability to repay the advances and without regard to the Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this
Agreement; and (iii) shall include any and all Expenses incurred pursuing an
action to enforce this right of payments, on a current basis, including
Expenses incurred preparing and forwarding statements to a Company to support
the advances claimed.  The Indemnitee
shall qualify for advancement of Expenses solely upon the execution and
delivery to a Company of the Indemnitee Statement.

(e)           Each Company shall be liable to indemnify
the Indemnitee and pay for or reimburse the Indemnitee’s Liabilities incurred
by or on behalf of the Indemnitee (i) in taking any action to enforce any
provision of this Agreement, including all Expenses incurred bringing a claim,
counterclaim or cross claim in a legal proceeding, arbitration or otherwise to
enforce this Agreement or any provisions of this Agreement or (ii) for recovery
under any directors’ and officers’ liability insurance policy maintained by the
Companies.  If the Companies do not pay

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directly for any Expenses incurred in connection therewith, each
Company shall be obligated to pay, on a current basis, any and all funds to pay
for or reimburse the Indemnitee’s Expense for which the Indemnitee is entitled
pursuant to this Section 2(e) within ten (10) days after receipt by a Company
of a written demand for reimbursement signed by the Indemnitee.  Such advances (i) shall be unsecured and
interest free; (ii) shall be made without regard to the Indemnitee’s ability to
repay the advances and without regard to the Indemnitee’s ultimate entitlement
to indemnification under the other provisions of this Agreement; and (iii)
shall include any and all Expenses incurred pursuing an action to enforce this
right of payments, on a current basis, including Expenses incurred preparing
and forwarding statements to a Company to support the advances claimed.  The Indemnitee shall qualify for advancement
of Expenses solely upon the execution and delivery to a Company of the
Indemnitee Statement.

(f)            Notwithstanding any other provisions of
this Agreement, to the extent that the Indemnitee is a Party to (or a
participant in) and is successful, on the merits or otherwise, in any
Proceeding in connection with an Indemnifiable Event or in defense of any claim,
issue or matter therein, in whole or in part, each Company shall be liable to
indemnify the Indemnitee against all Liabilities incurred by him in connection
therewith.  If the Indemnitee is not
wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in
such Proceeding, each Company shall be liable to indemnify Indemnitee against
all Liabilities incurred by the Indemnitee or on the Indemnitee’s behalf in
connection with each successfully resolved claim, issue or matter.  If the Indemnitee is not wholly successful in
such Proceeding, each Company also shall be liable to indemnify the Indemnitee
against all Expenses reasonably incurred in connection with any claim, issue or
matter that is related to any claim, issue, or matter on which the Indemnitee
was successful.  For purposes of this
Section and without limitation, the termination of any claim, issue or matter
in such a Proceeding by dismissal, with or without prejudice, shall be deemed
to be a successful result as to such claim, issue or matter.

(g)           For purposes of this Section 2, the meaning
of the phrase “to the fullest extent permitted by law” shall include, but not
be limited to:

(1)           to
the fullest extent permitted by the provision of the Massachusetts Business
Corporation Act that permits a corporation to indemnify its officers and
directors, including, without limitation, the indemnification permitted by
Section 8.56 for officers;

(2)           to
the fullest extent permitted by the provision of the Massachusetts Business
Corporation Act that authorizes or contemplates additional indemnification by
agreement, or the corresponding provision of any amendment to or replacement of
the Massachusetts Business Corporation; and

(3)           to
the fullest extent authorized or permitted by any amendments to or replacements
of the Massachusetts Business Corporation Act adopted after the date of this
Agreement that increase the extent to which a corporation may indemnify its
officers and directors.

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3.             Procedure Upon Application for Indemnification.

(a)           In order to obtain indemnification under
this Agreement, the Indemnitee shall, anytime following Indemnitee’s submission
of an Indemnitee Statement to a Company, and consistent with the time period of
this Agreement as set forth in Section 5 of this Agreement, submit to a Company
a written request for indemnification pursuant to this Section 3(a).  No determination of Indemnitee’s entitlement
to indemnification shall be made until such written request for a determination
is submitted to a Company pursuant to this Section 3(a).  The failure to submit a written request to a
Company will relieve the Companies of their indemnification obligations under
this Agreement only to the extent the Companies can establish that such failure
to make a written request resulted in actual prejudice to it, and the failure
to make a written request will not relieve the Companies from any liability
which it may have to indemnify the Indemnitee otherwise than under this
Agreement.  The Companies shall, promptly
upon receipt of such a request for indemnification, advise the Boards of
Directors of the Companies in writing that the Indemnitee has requested
indemnification.

(b)           The Indemnitee shall cooperate with the
Reviewing Party making such determination with respect to the Indemnitee’s
entitlement to indemnification, including providing to such Reviewing Party
upon request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to the
Indemnitee and reasonably necessary to such determination.  Any costs or expenses (including attorneys’
fees and disbursements) incurred by the Indemnitee in so cooperating with the
Reviewing Party, as the case may be, making such determination shall be
advanced and borne by the Companies (where the Indemnitee executes and delivers
to the Company the Indemnitee Statement) irrespective of the determination as
to the Indemnitee’s entitlement to indemnification) and the Companies are
liable to indemnify and hold the Indemnitee harmless therefrom.

(c)           In making a determination with respect to
entitlement to indemnification hereunder, the Reviewing Party making such
determination shall presume that the Indemnitee is entitled to indemnification
under this Agreement if the Indemnitee has submitted an Indemnitee Statement,
and each Company shall have the burden of proof to overcome that presumption in
connection with the making by any person, persons or entity of any determination
contrary to that presumption.  Neither
the failure of any of the Companies (including by their Boards of Directors) or
of Special Legal Counsel to have made a determination prior to the commencement
of any judicial proceeding or arbitration pursuant to this Agreement that
indemnification is proper in the circumstances because the Indemnitee has met
the applicable standard of conduct, nor an actual determination by any of the
Companies (including by their Boards of Directors) or by Special Legal Counsel
that the Indemnitee has not met such applicable standard of conduct shall
create a presumption that the Indemnitee has not met the applicable standard of
conduct.

(d)           If the Reviewing Party shall not have made a
determination within sixty (60) days after receipt by a Company of the
Indemnitee’s written request for indemnification pursuant to Section 3(a) of
this Agreement, the requisite determination of entitlement to indemnification
shall be deemed to have been made and the Indemnitee shall be entitled to such
indemnification, absent (i) a failure by the Indemnitee to comply with Section
3(b) hereof, (ii) a misstatement by the Indemnitee of a material fact, or an
omission of a material fact necessary to

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make the Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that such 60-day
period may be extended for a reasonable time, not to exceed an additional
thirty (30) days, if the Special Legal Counsel making the determination with
respect to entitlement to indemnification in good faith requires such
additional time for the obtaining or evaluating of documentation and/or
information relating thereto.

(e)           The termination of any Proceeding or of any
claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere
or its equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of the Indemnitee to
indemnification or create a presumption that the Indemnitee did not meet any
particular standard of conduct required pursuant to this Agreement.

(f)            For purposes of any determination of good
faith, the Indemnitee shall be deemed to have acted in good faith if the
Indemnitee’s action or failure to act is based on the records or books of
account of the Enterprise, including financial statements, or on information
supplied to the Indemnitee by the officers of the Enterprise in the course of
their duties, or on the advice of legal counsel for the Enterprise or on
information or records given or reports made to the Enterprise by an
independent certified public accountant or by an appraiser or other expert
selected by the Enterprise.  The provisions
of this Section 3(f) shall not be deemed to be exclusive or to limit in any way
the other circumstances in which the Indemnitee may be deemed or found to have
met the applicable standard of conduct set forth in this Agreement.

(g)           The knowledge and/or actions, or failure to
act, of any other director, partner, managing member, officer, agent, employee
or trustee of the Enterprise shall not be imputed to the Indemnitee for
purposes of determining his right to indemnification under this Agreement.

4.             Remedies.

(a)           In the event that (i) a determination is
made pursuant to Section 2(a) of this Agreement that the Indemnitee is not
entitled to indemnification under this Agreement, (ii) payment of Expenses, on
a current basis, is not timely made pursuant to Section 2 of this Agreement,
(iii) payment of Expenses is not made pursuant to Section 2 or the last
sentence of Section 3(b) of this Agreement within ten (10) days after receipt
by a Company of a written request therefor, (where the Indemnitee has executed
and delivered to the applicable Company the Indemnitee Statement), (iv) payment
of indemnification pursuant to Section 2 of this Agreement is not made within
ten (10) days after a determination has been made that the Indemnitee is
entitled to indemnification, or (v) there is any breach of this Agreement, the
Indemnitee shall be entitled to seek an adjudication by a court of competent
jurisdiction as to his entitlement to such indemnification or payment of
Expenses, on a current basis. 
Alternatively, under the circumstances in clauses (i) through (v), the
Indemnitee, at his option, may seek an award in arbitration to be conducted by
a single arbitrator pursuant to the Commercial Arbitration Rules of the
American Arbitration Association.  The
Companies shall not oppose the Indemnitee’s right to seek any such adjudication
or award in arbitration.  If the
Indemnitee has commenced adjudication or arbitration to secure a determination,
with respect to an Indemnifiable Event, that the Indemnitee is entitled to indemnification
under this Agreement,

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any determination made by the Reviewing Party that indemnification of
the Indemnitee is not permissible under the Massachusetts Business Corporation
Act with respect to such Indemnifiable Event shall not be binding, and (where
the Indemnitee has executed and delivered to the applicable Company the
Indemnitee Statement) the Indemnitee shall not be required to reimburse the
Companies for any Expense Advance until a final judicial determination (as to
which all rights of appeal therefrom have been exhausted or lapsed) that
indemnification is not legally permissible is made with respect to such matter.

(b)           In the event that a determination shall have
been made pursuant to Section 2(a) of this Agreement that the Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration, commenced
pursuant to this Section 4, shall be conducted in all respects as a de novo
trial, or arbitration, on the merits, and the Indemnitee shall not be
prejudiced by reason of that adverse determination.  In any judicial proceeding or arbitration
commenced pursuant to this Section 4, each Company shall have the burden of
proving the Indemnitee is not entitled to indemnification or advancement of
Expenses, as the case may be.

(c)           If a determination shall have been made
pursuant to Section 2(a) of this Agreement that the Indemnitee is entitled to
indemnification, the Companies shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 4, absent
(i) a misstatement by the Indemnitee of a material fact, or an omission of a
material fact necessary to make the Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

(d)           In the event that the Indemnitee is a Party
to (or a participant in) a judicial proceeding or arbitration pursuant to this
Section 4 concerning the Indemnitee’s rights under, or to recover damages for
breach of, this Agreement, the Indemnitee shall be entitled to recover from the
Companies, and shall be indemnified by each Company against, any and all
Expenses incurred by the Indemnitee (where, with respect to an Indemnifiable
Event, the Indemnitee has executed and delivered to the Company the Indemnitee
Statement) in such judicial adjudication or arbitration.  If it shall be determined in said judicial
adjudication or arbitration that the Indemnitee is entitled to receive part but
not all of the indemnification or advancement of Expenses sought, the
Indemnitee shall be entitled to recover from each Company (who shall be liable
therefor), and shall be indemnified by each Company against, any and all
Expenses incurred by the Indemnitee in connection with such judicial
adjudication or arbitration.

(e)           The Companies shall be precluded from
asserting in any judicial proceeding or arbitration commenced pursuant to this
Section 4 that the procedures and presumptions of this Agreement are not valid,
binding and enforceable and shall stipulate in any such court or before any
such arbitrator that the Companies are bound by all the provisions of this
Agreement.

5.             Duration of the Agreement.  This Agreement shall continue until and
terminate upon the later of: (a) 10 years after the date that the Indemnitee
shall have ceased to serve as a director of any of the Companies or as a
director, partner, managing member, officer, employee, agent or trustee of any
other Enterprise; or (b) 1 year after the final termination (i) of any Proceeding
(including any rights of appeal) then pending in respect of which the
Indemnitee requests indemnification or advancement of Expenses hereunder and
(ii) of any judicial

 9
 

proceeding or arbitration
pursuant to Section 4 of this Agreement (including any rights of appeal)
involving the Indemnitee.  This Agreement
shall be binding upon each Company and its successors and assigns and shall
inure to the benefit of the Indemnitee and his heirs, executors and administrators.

6.             Non-exclusivity, Etc.  The rights of indemnification and to receive
payment of Expenses, on a current basis, as provided by this Agreement shall
not be deemed exclusive of any other rights to which the Indemnitee may at any
time be entitled under applicable law, the Companies’ or any other Enterprise’s
Articles of Organization, the Companies’ or any other Enterprise’s Bylaws, any
agreement, a vote of stockholders or a resolution of directors, or
otherwise.  No amendment, alteration or
repeal of this Agreement or of any provision hereof shall limit or restrict any
right of the Indemnitee under this Agreement in respect to any action taken or
omitted by such Indemnitee in the Indemnitee’s Corporate Status prior to such
amendment, alteration or repeal.  To the
extent that a change in Massachusetts law, whether by statute or judicial
decision, permits greater indemnification or advancement of Expenses than would
be afforded currently under the Companies’ or any other Enterprise’s Bylaws and
this Agreement, it is the intent of the parties hereto that the Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such
change.  No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other right or remedy.

7.             Liability Insurance.  To the extent that the Companies maintain an
insurance policy or policies providing liability insurance for directors,
partners, managing members, officers, employees, agents or trustees of the
Companies or of any other Enterprise, the Indemnitee shall be covered by such
policy or policies in accordance with its or their terms to the maximum extent
of the coverage available for any such director, partner, managing member,
officer, employee, agent or trustee under such policy or policies.  If, at the time of the receipt of a notice of
a claim pursuant to Section 2 hereof, the Companies have director and officer
liability insurance in effect, the Companies shall give prompt notice of the
commencement of such Proceeding to the insurers in accordance with the
procedures set forth in the respective policies.  Each Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the
Indemnitee, all amounts payable as a result of such Proceeding in accordance
with the terms of such policies.  The
Companies shall maintain an insurance policy or policies for directors,
partners, managing members, officers, employees, agents or trustees of the
Companies and of all Enterprises in an amount reasonably acceptable to the
Chief Executive Officer of LPL.

8.             Amendments, Etc.  No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by both of the
parties hereto.  No waiver of any of the
provisions of this Agreement shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

9.             Subrogation.  In the event of payment under this Agreement,
the Companies shall be subrogated to the extent of such payment to all of the
rights of recovery of the Indemnitee,

 10
 

who shall execute all
such papers and do all such things as may be necessary or desirable to secure
such rights.

10.           No Duplication of Payments.  The Companies shall not be liable under this
Agreement to make any payment in connection with any Proceeding involving the
Indemnitee to the extent the Indemnitee has otherwise received payment (under
any insurance policy, the Companies’ articles of organization or by-laws or
otherwise) of the amounts otherwise indemnifiable hereunder.

11.           Contribution.  To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is
unavailable to the Indemnitee for any reason whatsoever, each Company, in lieu
of indemnifying the Indemnitee, shall contribute to the amount incurred by the
Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid
or to be paid in settlement and/or for Expenses, in connection with any claim relating
to an Indemnifiable Event under this Agreement, in such proportion in order to
reflect (i) the relative benefits received by the Companies and the Indemnitee
as a result of the event(s) and/or transaction(s) giving cause to such
Proceeding; and/or (ii) the relative fault of the Company (and its directors,
officer, employees and agents) and the Indemnitee in connection with such
event(s) and/or transaction(s).

12.           Binding Effect, Etc.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including, with respect to the Companies, any
direct or indirect successor by purchase, merger, consolidation or otherwise to
all or substantially all of the business or assets of the Companies, and
including, with respect to the Indemnitee, the Indemnitee’s estate, heirs and
personal representatives.  This Agreement
shall continue in effect regardless of whether the Indemnitee continues to
serve as an officer or director of the Companies or of any other Enterprise.

13.           Severability.  If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions
of this Agreement (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent permitted by law; (b) such provision or provisions shall be
deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto; and (c) to the
fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to
the intent manifested thereby.

14.           Notices. 
All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given (a)
if delivered by hand and receipted for by the party to whom said notice or
other communication shall have been directed, or (b) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on
which it is so mailed:

 11
 

(a)           If to the Indemnitee, at the address
indicated on the signature page of this Agreement, or such other address as the
Indemnitee shall provide in writing to the Company, with a copy to Julie Jones,
Esq., Ropes & Gray LLP, One International Place, Boston, MA 02110.

(b)           If to any of the Companies to: LPL Holdings,
Inc., One Beacon Street, 22nd Floor, Boston, MA 02108, Attn: Secretary (or, if
the Indemnitee is at such time the Secretary, to the President of the Company).

15.           Entire Agreement.  This Agreement constitutes the entire
agreement between the parties and supersedes all prior communications,
agreements and understandings, written or oral, with respect to indemnification
of the Indemnitee by the Companies for Indemnitee’s service to the Companies,
provided, however, that this Agreement shall in no way diminish rights of the
Indemnitee that accrued prior to the date of this Agreement.

16.           Governing Law.  This Agreement shall be governed by and
construed and enforced in accordance with the laws of The Commonwealth of
Massachusetts applicable to contracts made and to be performed in such state
without giving effect to the principles of conflicts of law.

17.           References.  References to statutes, regulations and
documents shall be deemed to mean such statutes, regulations and documents as
amended from time to time and any successor statutes, regulations and
documents.

 12

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written.

INDEMNITEE

	
  By:

  	
     /s/ William E. Dwyer III

  	
   

  
	
   

  	
  Name: William E. Dwyer III

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written.

	
  

  	
  LPL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Mark S. Casady

  	
   

  
	
   

  	
   

  	
  Name: Mark S. Casady

  
	
   

  	
   

  	
  Title:

  

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written.

	
  

  	
  BD INVESTMENT HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Allen R. Thorpe

  	
   

  
	
   

  	
   

  	
  Name:  Allen
  R. Thorpe

  
	
   

  	
   

  	
  Title:Exhibit 10.12

AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”)
is entered into this 28th day of December, 2005, by and between Steven M. Black
(the “Executive”) and LPL Holdings, Inc. (the “Company”) to be
effective upon the Closing (as defined below).

WHEREAS, BD Investment Holdings Inc. (“Holdings”),
BD Acquisition Inc. (“Merger Sub”) and the Company have entered into an
agreement captioned “Agreement and Plan of Merger,” dated as of October 27,
2005 (the “Merger Agreement”), pursuant to which Merger Sub will be
merged with and into the Company (the “Merger”); and

WHEREAS, in accordance with the foregoing, the Company
and the Executive desire to enter into this Agreement to set forth the terms of
the Executive’s continued employment with the Company, effective as of the
consummation of the Merger (the “Closing”).

NOW, THEREFORE, in consideration of the foregoing
premises and the mutual promises, terms, provisions and conditions set forth in
this Agreement, the parties hereby agree:

1.                                       Employment.
Subject to the terms and conditions set forth in this Agreement, the Company
hereby agrees to continue to employ the Executive, and the Executive hereby
accepts the terms of continued employment with the Company.

2.                                       Term.
Subject to earlier termination as hereafter provided, the Executive’s
employment hereunder shall have an original term of three (3) years commencing
on the date of the Closing (the “Initial Term”) and shall automatically
be renewed thereafter for successive terms of one year each, unless the Company
provides notice to the Executive at least ninety (90) days prior to the
expiration of the Initial Term or any renewal term that the Agreement is not to
be renewed, in which event this Agreement and the Executive’s employment
hereunder shall terminate at the expiration of the then-current term.  The term of this Agreement, as from time to
time renewed, is hereafter referred to as “the term of this Agreement” or “the
term hereof.” In the event that the Closing does not occur, this Agreement shall
be void ab initio and of no force or effect.

3.                                       Capacity
and Performance.

a.                                       During
the term hereof, the Executive shall serve the Company as its Managing
Director, Operations and Trading, reporting to the Chief Executive Officer of
the Company (the “CEO”).

b.                                      During
the term hereof, the Executive shall be employed by the Company on a full-time
basis and shall have such duties, authority and responsibilities as are
commensurate with his position and such other duties, consistent with his
position, as may be designated from time to time by the Board of Directors of
the Company (the “Board”).

c.                                       During
the term hereof, the Executive shall devote his full business time and his best
efforts to the discharge of his duties and responsibilities hereunder; provided,
however, that, subject to Section 8 hereof, the foregoing shall not be
construed to prevent the Executive from attending to personal investments and
community and charitable service, provided that such activities do not
unreasonably interfere with the performance of Executive’s duties to the
Company.  In addition, the Executive may
serve on boards of directors and similar governing bodies, and committees
thereof, subject to the approval of the Board, which approval shall not be
unreasonably withheld, and subject to Section 8 hereof.  Notwithstanding the foregoing, the Executive
may continue to serve on those boards and committees on which the Executive was
serving at the time of the Closing, which boards and committees are listed on Schedule
1(A) of this Agreement.

4.                                       Compensation
and Benefits. As compensation for all services performed by the Executive
during the term hereof:

a.                                       Base
Salary. During the term hereof, the Company shall pay the Executive a base
salary at the rate per annum as set forth on Schedule 1(B), of this
Agreement, payable in accordance with the regular payroll practices of the
Company for its executives and subject to increase from time to time by the
Board (or its compensation committee). 
The Executive’s base salary may only be decreased with the approval of
Mark S. Casady and then only in an across-the-board salary reduction in which
all executives and other employees are subject to an equal percentage
reduction.  The Executive’s base salary,
as from time to time increased or decreased in accordance with Agreement, is
hereafter referred to as the “Base Salary.”

b.                                      Bonus
Compensation.

i.                                          The
Executive shall be eligible to receive a full bonus, without pro-ration, for
calendar year 2005, determined in accordance with the Company’s employee cash
bonus plan as in effect immediately prior to the Closing, as set forth in Schedule
1(C) hereto.

ii.                                       Each
calendar year thereafter during the term hereof, the Executive shall be
eligible to participate in the cash bonus plan in effect for employees of the
Company generally, under which, subject to the next sentence, the plan elements
described in clauses (A) and (C) below shall be not be decreased from those
applicable to the Executive under the bonus plan in effect immediately prior to
the Closing, and the plan element described in clause (B) below shall be
substantially consistent with past practice: (A) the target bonus, (B) the
level of performance required to reach target and (C) the opportunity to earn
bonus compensation in excess of target, with respect to clauses (A) and (C) as
set forth on Schedule 1(D) hereto. 
Neither the Executive’s target bonus nor the opportunity to earn bonus
compensation in excess of target may be subject to an adverse change and the
level of performance required to reach target may not be materially adversely
changed except with the approval of Mark S. Casady and then only in an
across-the-board change which affects equally all employees participating in
the bonus plan.  Such cash bonus shall be
in addition to the Base Salary.  The
Executive’s target bonus under the executive cash bonus plan is referred to
hereafter as the “Target Bonus.” 
In clarification of the foregoing, the actual bonus earned by the
Executive for any given calendar year, may be below, at or above the Target
Bonus, based on actual performance. 
Subject to any effective deferral election made available and elected by
the Executive, each bonus earned by the

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Executive hereunder shall be paid no later
than March 15 of the calendar year following the end of the calendar year for
which the bonus was earned.

c.                                       Stock
Option Grants. Pursuant to the following terms and conditions, the
Executive shall be eligible to participate in Holdings’ stock option plan and
Holdings agrees as follows:

i.                                          Holdings
shall establish a stock option plan (“Stock Option Plan”) providing for
grants of options (the “Stock Options”) to purchase the common stock of
BD Investment Holdings Inc., par value $0.01 (the “Buyer Common Stock”)
in amounts not less than (i) 2% of the Buyer Common Stock (on a fully-diluted
post-exercise basis) in the aggregate per year for all executives, employees
and financial advisors of the Company and its subsidiaries, including the
Executive selected by the Board after consultation with, and based on the
recommendation of, the CEO, for the calendar years beginning on January 1, 2008
and January 1, 2009 and (ii) 2.5% of the Buyer Common Stock (on a fully-diluted
post-exercise basis) in the aggregate per year for all executives, employees
and financial advisors of the Company and its subsidiaries, including the
Executive, selected by the Board after consultation with, and based on the
recommendation of, the CEO, for the calendar years beginning on January 1, 2010
and January 1, 2011.

ii.                                       Beginning
in January 2008, each annual Stock Option grant shall be made between the first
and fifteenth business day of the year, unless the CEO, in his sole discretion,
shall agree with the Board to a later date during such year (the “Default
Date”).  If the Board does not
approve Stock Option grants in the amounts set forth in Section 4(c)(i) by the
Default Date, then Stock Options in such amounts shall be granted pro-rata to
existing option holders and employee stockholders as of such date of grant,
except that the CEO’s share of such Stock Option grants shall be reduced by 75%
and the other four most highly compensated executives’ share of such Stock
Option grants shall be reduced by 50%.

iii.                                    The
per share exercise price of each Stock Option shall be equal to the Fair Market
Value of a share of Buyer Common Stock on the date of grant.  Each Stock Option granted shall vest in five
equal tranches on each of the first five anniversaries of the date of grant
subject to the option holder’s continued employment as of each such vesting
date; provided, however, that all Stock Options shall automatically vest in
full upon a “change in control” (as defined in the Option Plan, it being
understood that an IPO shall in no event constitute a change in control).  Notwithstanding any provision of this
Agreement to the contrary, following an IPO, no additional Stock Options shall
be granted pursuant to the Stock Option Plan.

iv.                                   Upon
termination of his employment, the portion of any Stock Option granted to the
Executive which has not yet vested shall terminate. In the event the Executive’s
employment terminates for any reason other than for Cause, the Executive may
exercise any vested portion of any Stock Option held by him on the date of
termination provided that he does so prior to the earlier of (A) ninety (90)
days following termination of employment and (B) the expiration of the
scheduled term of the Stock Option. 
Notwithstanding the foregoing, if the Executive’s employment is
terminated due to death or disability (as defined in Section 5(b)), then the
Executive or, as applicable in the event of death, his beneficiary or estate,

 3
 

may exercise any vested portion of any Stock
Option held by the Executive on the date employment terminates for the shorter
of (A) the period of twelve (12) months following the termination date and, (B)
with respect to each Stock Option individually, the expiration of the scheduled
term of such Stock Option. Upon a termination of the Executive’s employment by
the Company for Cause, all Stock Options shall be forfeited immediately.

v.                                      Holdings,
the Company and the Executive agree to cooperate to structure the Stock Option
Plan so as to minimize or avoid additional taxes and interest that would
otherwise be imposed on the Executive with respect to options granted under the
Stock Option Plan pursuant to Section 409A of the Internal Revenue Code as
amended (the “Code”); provided, however, that the Company shall
have no obligation to grant the Executive a “gross-up” or other “make-whole”
compensation for such purpose.

d.                                      Vacations.  During the term hereof, the Executive shall
be eligible for the number of weeks of vacation per year set forth on Schedule
1(E) to this Agreement, subject to the vacation policies of the Company
generally applicable to its executives, as in effect from time to time,
provided that the Executive shall not be barred from taking up to the maximum
number of weeks of vacation in any given year solely by reason of the Executive’s
failure to work for a specified period of time during such year prior to the
time of such vacation.

e.                                       Other
Benefits.  During the term hereof,
the Executive shall be entitled to participate in any and all employee benefit
plans from time to time in effect for executives and/or employees of the
Company generally, provided that the Executive shall receive benefits
pursuant to plans, programs and policies (other than any equity-based
compensation plan or program) that are comparable, and no less favorable in the
aggregate, to those benefits offered to him immediately prior to the Closing.

f.                                         Business
Expenses.  During the term hereof,
the Company shall pay or reimburse the Executive for all reasonable business
expenses incurred or paid by the Executive in the performance of his duties and
responsibilities hereunder, subject to such reasonable substantiation and
documentation as the Company may require and otherwise consistent with the
Company’s policies generally applicable to its executives, as in effect from
time to time.

5.                                       Termination
of Employment and Severance Benefits. 
Notwithstanding the provisions of Section 2 hereof, the Executive’s
employment hereunder shall terminate prior to the expiration of the term hereof
under the following circumstances:

a.                                       Termination
due to Death.  In the event of the
Executive’s death during the term hereof, the Executive’s employment hereunder
shall immediately and automatically terminate. In such event, the Company shall
pay to the Executive’s designated beneficiary or, if no beneficiary has been
designated by the Executive, to his estate, “Final Compensation” which
shall include all of the following: (i) the Base Salary earned but not paid
through the date of termination, (ii) pay for any vacation time earned but not
used through the date of termination, (iii) payment of any annual bonus earned
but not paid for the year preceding that in which the date of termination
occurs, (iv) reimbursement for any business expenses incurred by the Executive
and reimbursable pursuant to Section 4(f) hereof but unreimbursed on the date
of termination (clauses (i), (ii), (iii) and (iv), collectively, the “Termination
Entitlements”); (v) a 

 4
 

bonus for the year in which the date of
termination occurs determined by multiplying the Target Bonus for that year by
a fraction, the numerator of which is the number of days the Executive was
employed during the year in which the date of termination occurs, through the
date of termination, and the denominator of which is 365, (vi) a single
lump-sum payment equal to the premium (including the additional amount (if any)
charged for administrative costs as permitted by the Federal law known as “COBRA”)
of continued health and dental plan participation under COBRA for the Executive
(in the event of a termination other than as a result of death) and for the
Executive’s qualified beneficiaries (as that term is defined under COBRA) for
the one (1) year period immediately following the date of termination and, and
the Company shall have no further obligation to the Executive hereunder, other
than (A) obligations due to the Executive as of the date of termination but not
yet satisfied, such as, by way of example but not limitation, an uncorrected
error in Base Salary or an outstanding claim under one of the welfare plans or
an uncorrected error in the Executive’s retirement plan account, and (B)
obligations which, whether or not due to the Executive as of the date of
termination, survive termination, such as, by way of example but not
limitation, rights to exercise vested stock options (all of the foregoing,
under clauses (A) and (B) hereof, the “Surviving Company Obligations”).

b.                                      Termination
due to Disability.  The Company may
terminate the Executive’s employment hereunder, upon notice to the Executive,
in the event that the Executive becomes disabled through any illness, injury,
accident or condition of either a physical or psychological nature and, as a
result, is unable to perform substantially all of his duties and
responsibilities hereunder, notwithstanding the provision of any reasonable
accommodation, for any period of six (6) consecutive months.  During any period in which the Executive is
disabled but prior to the Executive’s date of termination, the Executive shall
continue to receive all compensation and benefits under Section 4 hereof while
his employment continues.  If any
question shall arise as to whether during any period the Executive is disabled
through any illness, injury, accident or condition of either a physical or
psychological nature so as to be unable to perform substantially all of his
duties and responsibilities hereunder, the Executive may, and at the request of
the Company shall, submit to a medical examination by a physician selected by
the Company to whom the Executive has no reasonable objection to determine
whether the Executive is so disabled and such determination shall for the
purposes of this Agreement be conclusive of the issue.  In the event of termination by the Company
due to the Executive’s disability, the Company shall provide the Executive with
the Final Compensation and the Company shall have no further obligation to the
Executive hereunder, other than the Surviving Company Obligations.

c.                                       Retirement.  The Executive may elect to retire voluntarily
on thirty (30) days’ notice to the Company, provided that the Executive
is then at least 65 years of age.  In
such event, the Company shall pay to the Executive the Final Compensation
(other than the benefits under clause (v) of the definition thereof (the “Accrued
Compensation”)) and the Company shall have no further obligation to the
Executive hereunder, other than the Surviving Company Obligations.

d.                                      Termination
by the Company for Cause.  The
Company may terminate the Executive’s employment at any time for “Cause,”
which shall mean only (i) the intentional failure to perform (excluding by
reason of disability) or gross negligence or willful misconduct in the
performance of regular duties or other breach of fiduciary duty or material
breach of this 

 5
 

Agreement which remains uncured after thirty
(30) days’ notice specifying in reasonable detail the nature of the failure,
negligence, misconduct or breach and what is required of the Executive to cure,
(ii) conviction or plea of nolo contendere
to a felony or (iii) fraud or embezzlement or other dishonesty which has a
material adverse effect on the Company. Before terminating the Executive for
Cause, (A) at least two-thirds (2/3) of the members of the Board (excluding the
Executive, if a Board member) must conclude in good faith that, in their view,
one of the events described in subsection (i), (ii) or (iii) above has occurred
and (B) such Board determination must be made at a duly convened meeting of the
Board (X) of which the Executive received written notice at least ten (10) days
in advance, which notice shall have set forth in reasonable detail the facts
and circumstances claimed to provide a basis for the Company’s belief that one
of the events described in subsection (i), (ii) or (iii) above occurred and, in
the case of an event under subsection (i), remains uncured at the expiration of
the notice period, and (Y) at which the Executive had a reasonable opportunity
to make a statement and answer the allegations against the Executive. In the
event of the termination of the Executive’s employment by the Company for
Cause, the Company shall pay to the Executive the Termination Entitlements and
the Company shall have no further obligation to the Executive hereunder, other
than the Surviving Company Obligations. 
The parties acknowledge and agree that this definition of “Cause” shall
be applicable and controlling with respect to the option agreements executed by
the Executive under the 1999 Stock Option Plan for Incentive Stock Options
and/or 1999 Stock Option Plan for Non-Qualified Options, pursuant to the terms
of Section 14 of each such option agreement

e.                                       Termination
by the Company other than for Cause. 
The Company may terminate the Executive’s employment hereunder other
than for Cause at any time upon ten (10) days notice to the Executive.  Termination by the Company on or following
expiration of the term hereof (other than a termination due to the Executive’s
death or disability or under circumstances that would constitute “Cause” if
this Agreement were still in effect) will be treated as a termination other
than for Cause under this Section 5(e). In the event of termination under this
Section 5(e), the Executive shall be entitled to receive (i) the Accrued
Compensation, and, (ii) subject to Executive’s continued compliance with his
obligations under Sections 6, 7 and 8 hereof, (x) an amount equal to the applicable
Severance Multiplier multiplied by the sum of the Executive’s Base Salary and
Target Bonus for the year in which the date of termination occurs (or if no
such Target Bonus has been established for the Executive for the year in which
the date of termination occurs, the Target Bonus for the year immediately
preceding the year in which the date of termination occurs) and (y) for two
years following the date of termination, continued participation of the
Executive and his qualified beneficiaries, as applicable, under the Company’s
group life, health, dental and vision plans in which the Executive was
participating immediately prior to the date of termination, subject to any
premium contributions required of the Executive at the rate in effect on the date
of termination of his employment and the Company shall have no further
obligation to the Executive hereunder, other than the Surviving Company
Obligations. For purpose of this Agreement, the “Severance Multiplier”
shall be (A) two (2) in the event of termination under Section 5(e) or Section
5(f) (other than due to Good Reason resulting solely from notice of non-renewal
of the term of this Agreement), in each case, prior to the expiration of the
Initial Term; (B) one and one half (1.5) in the event of a termination under
Section 5(e) or Section 5(f), in each case, on or following the expiration of
the Initial Term; (C) one and one half (1.5) in the event of a termination at
any time during the term of this Agreement for Good Reason resulting solely
from the provision by the Company of notice of non-renewal of the term of this
Agreement; and (D) one (1) in the event of a termination of the Executive under
Section

 6
 

5(g) and pursuant to which the Company makes
the election under Section 8(b) hereof. 
Any payments due under Section 5(e), Section 5(f), Section 5(g) or
Section 8(b), as applicable, shall be payable in equal monthly installments
over the number of years and/or portions thereof equal to the applicable
Severance Multiplier; and, subject to Section 5(h), shall begin at the Company’s
next regular payday following the effective date of termination.

f.                                         Termination
by the Executive for Good Reason. 
The Executive may terminate his employment hereunder for Good Reason
and, in that event, subject to Executive’s continued compliance with his
obligations under Sections 6, 7 and 8 hereof, shall be entitled to all payments
and benefit’s which the Executive would have been entitled to receive under
Section 5(e) hereof as if termination had occurred thereunder and the Company
shall have no further obligation to the Executive hereunder, other than the
Surviving Company Obligations. “Good Reason” shall mean only (A) the
occurrence, without the Executive’s express written consent (which may be
withheld for any or no reason) of any of the events or conditions described in
the following subsections (i) through (viii), provided that, except with
respect to the event described in subsection (viii), the Executive gives
written notice to the Company of the occurrence of Good Reason within ninety
(90) days following the date on which the Executive first knew or reasonably
should have known of such occurrence and the Company shall not have fully
corrected the situation within thirty (30) days following such notice or (B)
termination (for any or no reason) by written notice from the Executive given
within the thirty day period immediately following the twelve month anniversary
of a Change of Control occurring after the effective date of this Agreement.
The following occurrences shall constitute Good Reason for purposes of clause
(A) of this Section 5(f): (i) a reduction in the Executive’s Base Salary (other
than as expressly permitted under Section 4(a) hereof); (ii) an adverse change
in the Executive’s bonus opportunity through reduction of the Target Bonus or
the maximum available bonus or a material adverse change in the goals or level
of performance required to achieve the Target Bonus (other than as expressly
permitted under Section 4(b) hereof); (iii) a failure by the Company to pay or
provide to the Executive any compensation or benefits to which the Executive is
entitled hereunder; (iv) (A) a material adverse change in the Executive’s
status, positions, titles, offices, duties and responsibilities, authorities or
reporting relationship from those in effect immediately before such change; (B)
the assignment to the Executive of any duties or responsibilities that are
substantially inconsistent with the Executive’s status, positions, titles,
offices or responsibilities as in effect immediately before such assignment; or
(C) any removal of the Executive from or failure to reappoint or reelect the
Executive to any of such positions, titles or offices; provided that
termination of the Executive’s employment by the Company for Cause, by the
Executive other than for Good Reason pursuant to Section 5(g) hereof, or a
termination as a result of the Executive’s death or disability shall not be
deemed to constitute or result in Good Reason under this subsection (iv); (v)
(A) if the Executive was based at the Company’s headquarter offices in Boston,
Massachusetts as of the day immediately prior to the Closing, the Company’s
changing the location of such headquarter offices to a location more than
twenty-five (25) miles from the location of such offices, or the Company’s
requiring the Executive to be based at a location other than the Company’s
Boston headquarter offices; (B) if the Executive was based at the Company’s
headquarter offices in San Diego, California as of the day immediately prior to
the Closing, the Company’s changing the location of such headquarter offices to
a location more than twenty-five (25) miles from the location of such offices,
or the Company’s requiring the Executive to be based at a location other than
the Company’s San Diego headquarter offices; or (C) if the Executive was not
based at the

 7
 

Company’s headquarter offices in San Diego,
the Company’s requiring the Executive to be based at any location which results
in the Executive’s regular commuting distance being twenty-five (25) or more
miles greater than the Executive’s regular commuting distance immediately prior
to such relocation; provided that in all such cases the Company may require the
Executive to travel on Company business including being temporarily based at
other Company locations as long as such travel is reasonable and is not
materially greater or different than the Executive’s travel requirements before
the Closing; (vi) any material breach by the Company of this Agreement, the
Stockholders’ Agreement, dated as of the Closing, by and among the Company, BD
Investment Holdings Inc and the stockholder signatories thereto (the “Stockholders’
Agreement”), the Indemnification Agreement, dated as of the Closing, by and
among the Executive and the Company (the “Indemnification Agreement”),
any option agreements entered into by and between the Company and/or Holdings
and the Executive; (vii) the failure by the Company to obtain, before
completion of a Change in Control, an agreement in writing from any successor
or assign to assume and fully perform under this Agreement; or (viii) the
provision of notice by the Company of non-renewal of this Agreement.

g.                                      By
the Executive Other than for Good Reason. The Executive may terminate his
employment hereunder at any time upon thirty (30) days’ notice to the Company.
In the event of termination by the Executive pursuant to this Section 5(g), the
Board may elect to waive the period of notice, or any portion thereof, and, if
the Board so elects, the Company will pay the Executive his Base Salary and
prorated Target Bonus for the notice period (or for any remaining portion of
the period).  The Company shall also
provide the Employee the Accrued Compensation and the Company shall have no
further obligation to the Executive hereunder, other than the Surviving Company
Obligations.  At the election of the
Company, in accordance with and subject to the provisions of Section 8(b)
hereof and subject to the Executive’s continued compliance with his obligations
under Sections 6, 7 and 8 hereof, the Executive shall be entitled to all
payments and benefits which the Executive would have been entitled to receive
under Section 5(e) hereof as if termination had occurred thereunder, but with a
Severance Multiplier of one (l).

h.                                      Timing
of Payments.  In the event that at
the time the Executive employment terminates the Company’s shares are publicly
traded (as defined in Section 409A of the Code) or the limitation on payments
or provision of benefits imposed by Section 409A(a)(2)(B) would otherwise be
applicable, any amounts payable or benefits provided under Section 5 that would
have been payable during the six (6) months following the date of termination
of employment with the Company and would otherwise be considered deferred
compensation subject to the additional twenty percent (20%) tax imposed by
Section 409A if paid within such six (6) month period shall be paid, in a lump
sum on the business day after the date that is the earlier of (x) six (6)
months following the date of termination, or (y) at such time as otherwise
permitted by law that would not result in such additional taxation and
penalties under Section 409A; provided, however, that the Company
shall have no obligation to grant the Executive a “gross-up” or other “make-whole”
compensation for any tax imposed under Section 409A.

i.                                          No
Duty to Mitigate.  The Executive
shall not be required to mitigate the amount of any cash payment or the value
of any benefit provided for in this Agreement by seeking other employment, by
seeking benefits from another employer or other source, or by

 8
 

pursuing any other type of mitigation.  No payment or benefit provided for in this
Agreement shall be offset or reduced by the amount of any cash compensation or
the value of any benefit provided to the Executive in any subsequent employment
or from any other source. Notwithstanding the foregoing, if the Executive
begins to participate in the group health plan of another employer which
provides benefits substantially similar to those provided by the Company pursuant
to this Section 5, then the Executive shall promptly notify the Company and the
Company may discontinue the health plan participation being provided the
Executive pursuant to this Section 5.

6.                                       Confidential
Information.

a.                                       The
Executive acknowledges that the Company continually develops Confidential
Information (as defined. in Section 12); that the Executive may develop
Confidential Information for the Company; and that the Executive may learn of
Confidential Information during the course of employment.  The Executive shall not disclose to any Person
or use, other than as required by applicable law or for the performance of his
duties and responsibilities to the Company, any Confidential Information
obtained by the Executive incident to his employment with the Company.  The Executive understands that this
restriction shall continue to apply after his employment terminates, regardless
of the reason for such termination.

b.                                      All
documents, records, tapes and other media of every kind and description
containing Confidential Information, and all copies, (the “Documents”),
whether or not prepared by the Executive, shall be the sole and exclusive
property of the Company.  The Executive
shall return to the Company no later than the time his employment terminates all
Documents then in the Executive’s possession or control.

7.                                       Assignment
of Rights to Intellectual Property. The Executive shall promptly and fully
disclose all Intellectual Property (as defined in Section 12) to the Company.
The Executive hereby assigns and agrees to assign to the Company (or as
otherwise directed by the Company) the Executive’s full right, title and
interest in and to all Intellectual Property. The Executive agrees to execute
any and all applications for domestic and foreign patents, copyrights or other
proprietary rights and to do such other acts (including without limitation the
execution and delivery of instruments of further assurance or confirmation)
requested by the Company to assign the Intellectual Property to the Company and
to permit the Company to enforce any patents, copyrights or other proprietary
rights to the Intellectual Property.  All
copyrightable works that the Executive creates in the performance of his duties
hereunder shall be considered “work made for hire.”

8.                                       Restricted
Activities.

a.                                       While
the Executive is employed by the Company and, except as otherwise provided in
Section 8(b) or 8(c) below, for the period of two (2) years following the
termination of the Executive’s employment for any reason (including retirement)
or, in the event of a termination for which the Executive is entitled to
severance pay calculated with a Severance Multiplier of 1.5, for a period of
eighteen (18) months following such termination, (as applicable, the “Non-Competition
Period”), subject to the Company’s compliance with the post-employment

 9
 

terms of this Agreement, the Executive will
not engage or participate in, directly or indirectly, alone or as principal,
agent, employee, employer, consultant, investor or partner of, or assist in the
management of, or provide advisory or other services to, or own any stock or
any other ownership interest in, or make any financial investment in, any
business or entity which is Competitive with the Company (as defined below); provided, however,
that it shall not be a violation of the foregoing (i) for the Executive to own
not more than two percent (2%) of the outstanding securities of any class of
securities listed on a national exchange or inter-dealer quotation system or
(ii) following termination of the Executive’s employment with the Company, for
the Executive to provide services to any business or entity that has a line of
business, division, subsidiary or other affiliate that is Competitive with the
Company if the Executive is not employed in such line of business or division
or by such subsidiary or other affiliate and is not involved, directly or
indirectly, in the management, supervision or operations of such line of
business, division, subsidiary or affiliate that is Competitive with the
Company. For purposes of this Agreement, a business or entity shall be
considered “Competitive with the Company” if such business or entity provides
or is engaged in, at any time during the Non-Competition Period (A) asset
management, brokerage, investment advisory and insurance services, including
services related to financial advisors for open end and closed end public
mutual funds, or (B) any other businesses in which the Company and its
subsidiaries were engaged, or any material products and/or services that the Company
or its subsidiaries were actively developing or designing, in each case under
this clause (B) as of the date the Executive’s employment with the Company
terminated, provided that, prior to such termination, the Executive knew of
such other business or such material product or such service under active
development or design. In addition, during the Non-Competition Period, the
Executive will not (other than when acting on behalf of the Company during the
Executive’s employment) (i) solicit, or attempt to solicit, any existing or
prospective customers, targets, suppliers, financial advisors, officers or
employees of the Company or any of its subsidiaries to terminate their
relationship with the Company or any of its subsidiaries or (ii) divert, or attempt
to divert, from the Company or any of its subsidiaries any of its customers,
prospective customers, targets, suppliers, financial advisors, officers or
employees or (iii) hire or engage or otherwise contract with, or attempt to
hire or engage or otherwise contract with, any officers, employees or financial
advisors of the Company, whether to be an employee, officer, agent, consultant
or independent contractor; provided,
however, that nothing in this Section
8(a) shall be deemed to prohibit the Executive from soliciting a customer,
prospective customer, target or supplier of the Company or any of its
subsidiaries during the Non-Competition Period if such action relates solely to
a business which is not Competitive with the Company. A customer, prospective customer,
target, supplier, financial advisor, officer or employee of the Company or any
of its subsidiaries is any one who was such within the preceding twelve months,
excluding, however, any prospective customer or target which was solicited
solely by mass mailing or general advertisement during that period and any
officer, employee or financial advisor whose relationship with the Company was
terminated by the Company or any of its subsidiaries other than for
circumstances that would constitute “cause” (within the meaning of any such
definition applicable to such officer, employee or financial advisor, or, if no
such definition is applicable, “cause” as defined in Section 14 of the form of
option agreements under the 1999 Stock Option Plan for Incentive Stock Options
and/or 1999 Stock Option Plan for Non-Qualified Options) and provided further,
with respect to the Company’s subsidiaries, that the Executive during his
employment with the Company was introduced to, or otherwise knew of or should
have known of the relationship of, 

 10
 

such customer, prospective customer, target,
supplier, financial advisor or employee to the subsidiary.

b.                                      Notwithstanding
anything herein to the contrary, in the event that the Executive terminates his
employment hereunder without Good Reason, the Executive shall, at the Company’s
election, which election shall be provided to the Executive prior to the date
of termination, (1) receive the payments and benefits specified in Section 5(e)
with a Severance Multiplier of one (1) and be subject to a Non-Competition
Period which shall continue for two (2) years following the date of termination
of the Executive’s employment, or (2) receive no payments and benefits
specified in Section 5(e) and be subject to a Non-Competition Period which shall
continue for one (1) year following the date of termination of the Executive’s
employment.

c.                                       The
Executive may seek a waiver from the Company of his obligations pursuant to
this Section 8, which waiver shall not be unreasonably withheld or
delayed.  As of the date of the grant of
such waiver by the Company, all payments and benefits under the applicable
provision of Section 5 shall cease (other than the payment of Final
Compensation, excluding the payments and benefits under clause (v) of the
definition thereof which shall cease or be reimbursed by the Executive on a
pro-rata basis for the waived time period of the one (1) year Non-Competition
Period, as applicable or Accrued Compensation, as applicable).

9.                                       Reasonableness;
Enforcement. The Company and the Executive acknowledge that the time,
scope, geographic area and other provisions of Sections 6, 7 and 8 (the “Covenants”)
have been specifically negotiated by sophisticated parties and agree that all
such provisions are reasonable under the circumstances of the activities
contemplated by this Agreement. The Executive acknowledges and agrees that the
terms of the Covenants: (i) are reasonable in light of all of the
circumstances, (ii) are sufficiently limited to protect the legitimate
interests of the Company, (iii) impose no undue hardship, (iv) are not
injurious to the public, and (v) are essential to protect the business and
goodwill of the Company and its affiliates and are a material term of this
Agreement which has induced the Company to agree to provide for the payments
and benefits described in this Agreement and induced Holdings to enter into the
Merger Agreement. The Executive further acknowledges and agrees that the
Executive’s breach of the Covenants will cause the Company and Holdings
irreparable harm, which cannot be adequately compensated by money damages. The
Executive and the Company agree that, in the event of an actual or threatened
breach of Section 8, the Company shall be entitled to injunctive relief for any
actual or threatened violation of any of the Covenants in addition to any other
remedies it may have at law or equity, including money damages.

10.                                 Survival.
Provisions of this Agreement shall survive any termination if so provided
herein or if necessary or desirable to accomplish the purposes of other
surviving provisions, including without limitation the obligations of the
Executive under Sections 6, 7, 8 and 9 hereof and the obligations of the
Company pursuant to Section 5 hereof.

11.                                 Conflicting
Agreements. The Executive hereby represents and warrants that the execution
of this Agreement and the performance of his obligations hereunder will not
breach or be in conflict with any other agreement to which the Executive is a
party or is bound and that the Executive is not now subject to any covenants
against competition or similar covenants or any 

 11
 

court order or other
legal obligation that would affect the performance of his obligations
hereunder. The Executive will not disclose to or use on behalf of the Company
any proprietary information of a third party without such party’s consent.

12.                                 Definitions.
Words or phrases which are initially capitalized or are within quotation marks
shall have the meanings provided in this Section and as provided elsewhere
herein. For purposes of this Agreement, the following definitions apply:

a.                                       “Change
in Control” means the consummation, after the date of Closing, of (i) any
consolidation or merger of the Company with or into any other Person, or any
other corporate reorganization, transaction or transfer of securities of the
Company by its stockholders, or series of related transactions (including the
acquisition of capital stock of the Company), whether or not the Company is a
party thereto, in which the stockholders of the Company immediately prior to
such consolidation, merger, reorganization or transaction, own, directly or
indirectly, capital stock either (A) representing directly or indirectly
through one or more entities, less than fifty percent (50%) of the equity
economic interests in or voting power of the Company or other surviving entity
immediately after such consolidation, merger, reorganization or transaction or
(B) that does not directly, or indirectly through one or more entities, have
the power to elect a majority of the entire board of directors or other similar
governing body of the Company or other surviving entity immediately after such
consolidation, merger, reorganization or transaction, (ii) any transaction or
series of related transactions, whether or not the Company is party thereto,
after giving effect to which in excess of fifty percent (50%) of the Company’s
voting power is owned directly, or indirectly through one or more entities, by
any person and its “affiliates” or “associates” (as such terms are defined in
the Exchange Act Rules) or any “group” (as defined in the Exchange Act Rules)
other than, in each case, the Company or an Affiliate of the Company
immediately following the Closing, or (iii) a sale or other disposition of all
or substantially all of the consolidated assets of the Company (each of the
foregoing, a “Business Combination”), provided that, notwithstanding the
foregoing, the following transactions shall in no event constitute a Change in
Control: (A) a Business Combination following which the individuals or entities
who were beneficial owners of the outstanding securities entitled to vote
generally in the election of directors of the Company immediately prior to such
Business Combination beneficially own, directly or indirectly, 50% or more of
the outstanding securities entitled to vote generally in the election of
directors of the resulting, surviving or acquiring corporation in such
transaction or (B) an IPO.

b.                                      “Confidential
Information” means any confidential proprietary information relating to the
business of the Company or its affiliates or their respective customers or
clients which has an economic value to the Company or its affiliates.
Confidential Information does not include any information that enters the
public domain other than through a breach by the Executive of his duties to the
Company hereunder or which is obtained by the Executive from a third party
which has no obligation of confidentiality to the Company.

c.                                       “Fair
Market Value” means, as of any date, the Board of Directors’ good faith
determination of the fair market value, taking into an account the most recent
annual valuation (which shall be required to be conducted by an independent
appraiser at least annually) and updated by the Company in good faith for the
most recently ended quarter.

 12
 

d.                                      “Initial
Public Offering” or “IPO” means the initial offering of stock to the public
by the Company or stockholders of the Company or Holdings requiring
registration under the Securities Act.

e.                                       “Intellectual
Property” means any invention, formula, process, discovery, development,
design, innovation or improvement (whether or not patentable or registrable
under copyright statutes) made, conceived, or first actually reduced to
practice by the Executive solely or jointly with others, during his employment
by the Company; provided, however, that, as used in this Agreement, the term “Intellectual
Property” shall not apply to any invention that the Executive develops on his
own time, without using the equipment, supplies, facilities or trade secret
information of the Company, unless such invention relates at the time of
conception or reduction to practice of the invention (a) to the business of the
Company, (b) to the actual or demonstrably anticipated research or development
of the Company or (c) results from any work performed by the Executive far the
Company.

f.                                         “Person”
means an individual, a corporation, a limited liability company, an
association, a partnership, an estate, a trust and any other entity or
organization, other than the Company or any of its subsidiaries.

13.                                 Withholding.
All payments or other benefits, to the extent required by law, made by the
Company under this Agreement shall be reduced by any tax or other amounts
required to be withheld by the Company under applicable law.

14.                                 Legal
Fees. The Company shall at its election either pay directly the joint legal
expenses incurred by the Executive and the other executives of the Company with
whom the Company is entering into employment agreements effective as of the
Closing in the negotiation and preparation of their employment agreements or
reimburse the Executive for his portion of such joint legal expenses. In
addition, all reasonable costs and expenses that are reasonably documented
(including court and arbitration costs and reasonable legal fees and expenses
that reflect common practice with respect to the matters involved) incurred by
the Executive as a result of any claim, action or proceeding arising out of
this Agreement or the contesting, disputing or enforcing of any provision,
right or obligation under this Agreement shall be paid, or reimbursed to the
Executive, if, in the final resolution of the dispute, the Executive either
recovers material monetary damages (in cash or in kind, such as benefits) or is
the prevailing party on a material non-monetary claim (such as a dispute
regarding a restrictive covenant).

15.                                 Dispute
Resolution.

a.                                       Except
as provided in Section 9, any dispute, controversy or claim between the parties
arising out of this Agreement or the Executive’s employment with the Company or
termination of employment shall be settled by arbitration conducted in the city
in which the Executive is located administered by the American Arbitration
Association under its Employment Dispute Resolution Rules then in effect
(except as modified by b. below).

b.                                      In
the event that a party requests arbitration (the “Requesting Party”), it
shall serve upon the other party (the “Non-Requesting Party”), within
one hundred and eighty (180) days of the date the Requesting Party knew, or
reasonably should have known, of the facts

 13
 

on which the controversy, dispute or claim is
based, a written demand for arbitration stating the substance of the
controversy, dispute or claim, the contention of the party requesting
arbitration and the name and address of the arbitrator appointed by it. The
Non-Requesting Party, within sixty (60) days of such demand, shall accept the
arbitrator or appoint a second arbitrator and notify the other party of the
name and address of this second arbitrator so selected, in which case the two
arbitrators shall appoint a third who shall be the sole arbitrator to hear the
case. In the event that the two arbitrators fail in any instance to appoint a
third arbitrator within thirty (30) days of the appointment of the second
arbitrator, either arbitrator or any party to the arbitration may apply to the
American Arbitration Association for appointment of the third arbitrator in
accordance with the Rules, which arbitrator shall be the sole arbitrator to
hear the case. Should the Non-Requesting Party (upon whom a demand for
arbitration has been served) fail or refuse to accept the arbitrator appointed
by the other party or to appoint an arbitrator within sixty (60) days, the
single arbitrator shall have the right to decide alone, and such arbitrator’s
decision or award shall be final and binding upon the parties.

c.                                       The
decision of the arbitrator shall be in writing; shall set forth the basis for
the decision; and shall be rendered within thirty (30) days following the
hearing. The decision of the arbitrator shall be final and binding upon the
parties and may be enforced and executed upon in any court having jurisdiction
over the party against whom enforcement of such award is sought.

16.                                 No
Withholding of Undisputed Payments. During the pendency of any dispute or
controversy, the Company shall not withhold any payments or benefits due to the
Executive, whether under this Agreement or otherwise, except for the specific
portion of any payment or benefit that is the subject of a bona fide dispute
between the parties.

17.                                 Assignment.
Neither the Company nor the Executive may make any assignment of this Agreement
or any interest herein, by operation of law or otherwise, without the prior
written consent of the other. This Agreement shall inure to the benefit of and
be binding upon the Company and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns.

18.                                 Severability.
If any portion or provision of this Agreement shall to any extent be declared
illegal or unenforceable by a court of competent jurisdiction, then the
remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

19.                                 Waiver.
No waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party. The failure of either party to require the
performance of any term or obligation of this Agreement, or the waiver by
either party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent
breach.

20.                                 Notices.
Any and all notices, requests, demands and other communications provided for by
this Agreement shall be in writing and shall be effective when delivered in 

 14
 

person or the next
business day following consignment for overnight delivery to a reputable
national overnight courier service or five business days following deposit in
the United States mail, postage prepaid, registered or certified, and addressed
to the Executive at his last known address on the books of the Company or, in
the case of the Company, at its principal place of business, attention of the
Chairman of the Board, or to such other address as a party may specify by
notice to the other actually received. Copies of any notices, requests, demands
and other communication to the Company by the Executive shall be sent by the to
the Investors at the following address: c/o Texas Pacific Group, 301 Commerce
Street, Suite 3300, Fort Worth, TX 76102, Attn: Richard Schifter (Fax:
415-743-1501) and c/o Hellman & Friedman LLC, One Maritime Plaza, 12th
Floor, San Francisco, CA 94111, Attn: Jeffrey Goldstein (Fax: 415-835-5408).

21.                                 Entire
Agreement. This Agreement and the Indemnification Agreement constitute the
entire agreement between the parties and supersede all prior communications,
agreements and understandings, written or oral, with respect to the terms and
conditions of the Executive’s employment including without limitation the
Management Arrangements — Summary of Key Terms.

22.                                 Amendment.
This Agreement may be amended or modified only by a written instrument signed
by the Executive and by an authorized representative of the Company subject to
prior approval by the Board.

23.                                 Headings.
The headings and captions in this Agreement are for convenience only and in no
way define or describe the scope or content of any provision of this Agreement.

24.                                 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall
be an original and all of which together shall constitute one and the same
instrument.

25.                                 Governing
Law. This is a Massachusetts contract and shall be construed and enforced
under and be governed in all respects by the laws of the Commonwealth of
Massachusetts, without regard to the conflict of laws principles thereof.

[Remainder of page intentionally left blank]

 15

IN WITNESS WHEREOF, this
Agreement has been executed as a sealed instrument by the Company, by its duly
authorized representative, and by the Executive, as of the date first above
written.

	
  THE EXECUTIVE

  	
  THE COMPANY

  
	
   

  	
   

  
	
  By:

  	
  /s/ Steven M. Black

  	
   

  	
  By:

  	
  /s/ Mark S. Casady

  	
   

  
	
   

  	
  Name: Steven M. Black

  	
   

  	
  Name: Mark S. Casady

  
	
   

  	
   

  	
  Title:

  
						

 

In addition, BD
Investment Holdings Inc. agrees to be bound by the terms of Section 4(c) of the
Employment Agreement which is expressly applicable to BD Investment Holdings
Inc.

	
  BD INVESTMENT HOLDINGS INC.

  
	
   

  
	
  By:

  	
  /s/ Allen R. Thorpe

  	
   

  
	
   

  	
  Name: Allen R. Thorpe

  
	
   

  	
  Title:

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