Document:

Fourth Amendment to the Purchase and Sale Agreement dated October 12, 2007.

 Exhibit 10.5 
 FOURTH AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT 
 THIS FOURTH AMENDMENT TO REAL
ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is made and entered into as of the 12th day of October, 2007, by and between CABANA BEACH OF SAN MARCOS, L.P., a Delaware limited partnership, and CABANA SOUTH BEACH APARTMENTS
LP, a Delaware limited partnership (collectively, “Seller”), and EXCELSIOR LASALLE PROPERTY FUND, INC., a Maryland corporation (“Purchaser”). 
 R E C I T A L S 
 WHEREAS, Seller and Purchaser entered into that certain
Real Estate Purchase and Sale Agreement with an effective date of September 13, 2007, as amended by that certain First Amendment to Real Estate Purchase and Sale Agreement dated as of October 1, 2007, by that certain Second Amendment to
Real Estate Purchase and Sale Agreement dated as of October 9, 2007, and by that certain Third Amendment to Real Estate Purchase and Sale Agreement dated as of October 11, 2007 (the “Third Amendment”) (collectively, the
“Purchase Agreement”), whereby Seller agreed to sell to Purchaser, and Purchaser agreed to purchase from Seller that certain real property commonly known as Cabana Beach Apartments and located at 1250 Sadler Drive, San Marcos,
Texas, and Cabana Beach Apartments (the “San Marcos Property”) and located at 1601 SW 51st Terrace. Gainesville, Florida (the “Gainesville Property” and together with the San Marcos Property, the
“Property”), as more particularly described in the Purchase Agreement; and 
 WHEREAS, Seller and Purchaser desire to
amend the Purchase Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises and
agreements set forth herein, Seller and Purchaser agree as follows: 
  

	 	1.	The above recitals are incorporated herein by reference and made a part hereof. 

  

	 	2.	All initially capitalized terms that are not otherwise defined in this Amendment shall have the meaning ascribed to such term in the Purchase Agreement. 

  

	 	3.	The list of personal property for the San Marcos Property attached hereto is hereby inserted at the end of Exhibit I of the Purchase Agreement (as modified by the Third Amendment).

  

	 	4.	 In addition to any other condition precedent in favor of Purchaser set forth in the Purchase Agreement, Purchaser’s obligations under the Purchase Agreement
are expressly subject to Seller, prior to the Closing Date and at Seller’ sole cost and expense, causing the San Marcos Property to contain not less than 880 parking spaces. Notwithstanding the foregoing, Seller shall not create any new parking
spaces or redesign or relocate any existing parking spaces without first obtaining Purchaser’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned. The work required by Seller pursuant to this 

  

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paragraph 4 shall be completed in a good and workmanlike, lien free manner and in compliance with all applicable laws, codes, regulations and ordinances
including, without limitation, the City of San Marcos Land Development Code. From and after the Closing Date, Seller agrees to indemnify, defend and hold Purchaser harmless from and against any loss, cost, damage, expense, fee, fine or liability of
any kind or nature whatsoever arising out of or in any way relating to Seller’s obligations under this paragraph 4 or the number of parking spaces located on the San Marcos Property as of the Closing Date. The foregoing indemnity shall survive
the Closing. 

  

	 	5.	Except as amended above, the Purchase Agreement remains unmodified and in full force and effect in accordance with its terms and provisions. 

  

	 	6.	This Amendment may be executed in multiple facsimile counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the
same instrument. 

 [The balance of this page has intentionally been left blank. Signature page follows.] 
  

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 IN WITNESS WHEREOF, Purchaser and Seller have executed this Amendment on the date set forth above.

  

					
	SELLER
	
	 CABANA BEACH OF SAN MARCOS, L.P.,
 a Delaware
limited partnership

		
	By:	 	Cabana Beach of San Marcos GP, Inc., a Florida corporation, its general partner
			
		 	By:	 	 /s/ Michael Ahwash

		 	Name:	 	Michael Ahwash
		 	Title:	 	President, Fort Group
	
	 CABANA SOUTH BEACH APARTMENTS LP,
 a Delaware
limited partnership

		
	By:	 	Cabana SB of Gainesville, Inc., a Florida corporation, its general partner
			
		 	By:	 	 /s/ Michael Ahwash

		 	Name:	 	Michael Ahwash
		 	Title:	 	President, Fort Group
	
	PURCHASER
	
	 EXCELSIOR LASALLE PROPERTY FUND, INC.,
 a
Maryland corporation

		
	By:	 	LaSalle Investment Management, Inc., a Maryland corporation, its Advisor
			
		 	By:	 	 /s/ Christine M. Akins

		 	Name:	 	Christine M. Akins
		 	Title:	 	Senior Vice President

  

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 Cabana Beach - San Marcos 
 1250 Sadler Drive, San Marcos, TX 78666 
 Furniture inventory I 
 August 2007 
  

							
	Current Apartment inventory:	  		  		  	
	Dinning Chairs	  	526	  		  	
				
	Televisions-32”,	  	270	  		  	
				
	TV Stand	  	273	  		  	
				
	Living Rm Chairs	  	143	  		  	
				
	Sofa	  	272	  		  	
				
	Headboards	  	738	  		  	
				
	Box Spring/Mattress	  	737	  		  	
				
	Night Stand	  	741	  		  	
				
	Desk Chairs	  	730	  		  	
				
	Replacement:	  		  		  	
	Dinning Chairs	  	26	  		  	
				
	Televisions	  	6	  		  	
				
	TV Stand	  	3	  		  	
				
	Living Rm Chairs	  	13	  		  	
				
	Sofa	  	4	  		  	
				
	Headboards	  	6	  		  	
				
	Box Spring/Mattress	  	7	  		  	
				
	Night Stand	  	3	  		  	
				
	Desk Chairs	  	14	  		  	

 Numbers based on 276 front doors (common areas) 744 Bedroom suites 
 *note: Living room chairs were supplied for Studios, three & four bedroom units 
  

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 Cabana Beach 
 1250 Sadler
Dr. San Marcos TX 78666 
  

							
	Clubhouse/ Leasing Center
				
	Front Lobby	  		  		  	
	Bar Stools	  	2	  		  	
				
	Office chairs	  	4	  		  	
				
	Computer	  	2	  		  	
				
	Phone-front desk	  	2	  		  	
				
	Phone-copier room	  	1	  		  	
				
	Fax machine	  	1	  		  	
				
	Copier	  	1 - Leased	  		  	
				
	Five drawer file cabinet	  	1	  		  	
				
	Time card machine	  	1	  		  	
				
	Pitney Bowes-Postage	  	1 - Leased	  		  	
				
	Large round wicker lounger w/otto	  	1	  		  	
				
	Wood surf board table	  	1	  		  	
				
	Misc. vases & ornaments	  	6	  		  	
				
	Large wicker urns at front door	  	2	  		  	
				
	Small square sofa with arm unit	  	1	  		  	
				
	Lobby-poolside	  		  		  	
	Pool table and accessories	  	1	  		  	
				
	Large round wicker lounger w/otto	  	1	  		  	
				
	Leather lined cushioned chairs	  	4	  		  	
				
	9’ wicker base table w/glass top	  	1	  		  	
				
	9’ wicker benches	  	2	  		  	
				
	Coffee table	  	1	  		  	
				
	Coffee side table	  	2	  		  	
				
	Kitchen bar stools	  	4	  		  	
				
	Floor lamps	  	2	  		  	
				
	U shaped wicker sofa w/cushions	  	1	  		  	
				
	Solid wood round side tables	  	2	  		  	

  

 5 

							
				
	Stereo equipment	  	1	  		  	
				
	Flat screen television	  	1	  		  	
				
	Beverage maker	  	1	  		  	
				
	Water cooler	  	1 - Leased	  		  	
				
	Microwave	  	1	  		  	
				
	Refrigerator	  	1	  		  	
				
	Cookie Maker-Spunkmeyer	  	1 - Leased	  		  	
				
	Flat screen television-virtual tours	  	1	  		  	
				
	Site Manager’s office	  		  		  	
	L shaped desk w/overhead cabinets	  	1	  		  	
				
	Oval glass table	  	1	  		  	
				
	Office chairs	  	4	  		  	
				
	Desk phone	  	1	  		  	
				
	Computer/Monitor/Keyboard	  	1	  		  	
				
	Large Hanging Mirror	  	1	  		  	
				
	HP Printer	  	1	  		  	
				
	Leasing Mgr office	  		  		  	
	L shaped desk w/two work stations	  	1	  		  	
				
	6’ overhead storage cabinet	  	1	  		  	
				
	Office chairs	  	3	  		  	
				
	Large hanging mirror	  	1	  		  	
				
	Computer/Monitor/keyboards	  	2	  		  	
				
	Printer	  	1	  		  	
				
	Desk phone	  	2	  		  	
				
	Five drawer metal filing cabinet	  	2	  		  	
				
	Small table	  	1	  		  	
				
	Asst Mgr/Accounting	  		  		  	
	Five drawer metal filing cabinet	  	3	  		  	
				
	U shaped desk with workstation	  	1	  		  	
				
	Straight desk w/work station	  	1	  		  	

  

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	Approx 12’ overhead storage cabinet	  	1	  		  	
				
	Computer/monitor/keyboard	  	2	  		  	
				
	Office chairs	  	3	  		  	
				
	Desk phone	  	2	  		  	
				
	Printer	  	1	  		  	
				
	Credit card machine	  	1 - Leased	  		  	
				
	Equipment Room	  		  		  	
	Computer Equipment Center	  	1	  		  	
				
	Key Trac System	  	1	  		  	
				
	Phone recorder equipment	  	1	  		  	
				
	Gate System Equipment	  	1	  		  	
				
	Bathroom - Ladies	  		  		  	
	Large mirror-approx 9’ high	  	1	  		  	
				
	Storage Closet	  		  		  	
	Helium tank	  	1 - Leased	  		  	
				
	Study Lab	  		  		  	
	Large oblong table	  	1	  		  	
				
	Medium size oblong table	  	1	  		  	
				
	Chairs	  	13	  		  	
				
	Large dry erase board	  	1	  		  	
				
	Computer Lab	  		  		  	
	Computer/keyboard/monitor	  	7	  		  	
				
	Printer	  	1	  		  	
				
	Chairs	  	7	  		  	
				
	Model	  		  		  	
	Sofa	  	1	  		  	
				
	Chair	  	1	  		  	

  

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	Built in dining table	  	1	  		  	
				
	Dining chairs	  	2	  		  	
				
	Television	  	1	  		  	
				
	TV stand	  	1	  		  	
				
	Misc. decorations	  		  		  	
				
	Box spring & mattress & frame	  	4	  		  	
				
	Headboard	  	4	  		  	
				
	Night stand	  	4	  		  	
				
	Bulk in Computer wall shelf	  	1	  		  	
				
	Built in desk	  	1	  		  	
				
	Desk Chair	  	4	  		  	
				
	Washer/Dryer	  	1 set	  		  	
				
	Refrigerator	  	1	  		  	
				
	Stove/oven	  	1	  		  	
				
	Microwave	  	1	  		  	
				
	Dishwasher	  	1	  		  	
				
	Blinds	  	5	  		  	
				
	Patio table	  	1	  		  	
				
	Patio chairs	  	4	  		  	
				
	Poolside	  		  		  	
	Ping Pong table	  	1	  		  	
				
	Foos Ball table	  	1	  		  	
				
	BBQ grill	  	1	  		  	
				
	Plastic adjustable lounge chairs	  	35	  		  	
				
	Curved hard plastic lounge chairs	  	26	  		  	

 Fitness Center - Cabana Beach San Marcos 
 Equipment: 
 3 Tread Mills 
 1 Shoulder Press 
 1 Dip Machine 
 1 Double Curl/Pull up 
  

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 1 Seated Row 
 1 Leg
Extension Machine 
 1 Thigh Machine 
 1 Leg Press 

1 Seated Chest Press 
 1 Lat Pull Machine 
 1 Pec fly rear Delt Machine 
 1 Bench 
 2 Stationery Bikes 
 3 Stair Step Machines 
 1 Bicep curl Machine 
 1 Tricep extension Machine 
 1 abdominal Machine 
 1 horizontal leg curl Machine 
 2 Flat screen Televisions 
 1 weight scale 
 1 trash can 
 Cabana Beach-San Marcos, TX 
 Inventory listing of Maintenance Shop 
 August 28, 2007 
 1 Refrigerator for shop personnel use 
 2 leaf blowers 
 1 Power saw 
 1 Key making machine

 1 Power washer 
 3 Golf carts 
 1 36” door 
 2 Cordless drills 
 1 Torch set 
 1 A/C vacuum pump 
 1 Recover machine-Refrigerant 
 1 Hammer drill 
  

 9 

 1 Welding machine 
 1 Paint
Sprayer 
 1 Air Compressor 
 2 Finch nail guns 
 1 Miter saw 
 1 Electric drill 
 2 SawsAll Cordless 
 1 Cordless saw 
 1 Shop vacuum 
 3 Step ladders 4’-6’-8’ 
 1 Router 
  

 10Restricted Stock Agreement

 Exhibit 10.1 
 RESTRICTED STOCK AGREEMENT 
 Non-transferable 
 Grant to: 
 JOHN ROBERTS 
 (“Grantee”) 
 by 

TradeStation Group, Inc., a Florida corporation (the “Company”), 
 of 
 9,868 shares of its common stock, $0.01 par value, 
 pursuant to and subject to the provisions of the TradeStation Group, Inc. Amended and Restated Incentive Stock Plan (the “Plan”) and to the terms and
conditions of this non-transferable Restricted Stock Agreement (this “Agreement”), effective as of the 24th day of July, 2007 (the “Effective Date”). Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to such terms in the Plan. 
 RECITALS 
 WHEREAS, the Company desires to issue to Grantee, as Chief Marketing Officer of the Company, NINE THOUSAND EIGHT HUNDRED SIXTY-EIGHT (9,868) shares
(the “Shares”) of the Company’s common stock, $0.01 par value (“Common Stock”); and 
 WHEREAS,
Grantee desires to accept the issuance of the Shares subject to all of the terms and conditions of this Agreement, and is eligible to receive the Shares. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of Grantee’s agreement to provide future services
to the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Grantee hereby agree as follows: 
 1. Grant of Shares. The Company hereby grants the Shares to Grantee, subject to all of the restrictions and the other terms and conditions set
forth in the Plan and in this Agreement. Unless sooner vested in accordance with Section 3 hereof, and provided that Grantee is then still employed by the Company on the respective dates indicated below, the restrictions imposed under
Section 2 hereof on the Shares will expire and the Restricted Shares (as hereinafter defined) shall vest as to the number of the Restricted Shares as set forth below on each of the respective dates as set forth below: 

						
	 Number of Shares
	  	 Date
	  	Cumulative Percentage	 
	 1,974
	  	July 24, 2008	  	20	%
	 1,974
	  	July 24, 2009	  	40	%
	 1,974
	  	July 24, 2010	  	60	%
	 1,973
	  	July 24, 2011	  	80	%
	 1,973
	  	July 24, 2012	  	100	%

 Upon each of the foregoing dates, the number of Restricted Shares indicated above shall cease to
be subject to the restrictions described herein. For the purposes of this Agreement, the term “vesting” shall have the effect of converting Restricted Shares into unrestricted Shares. 
 2. Restrictions. The Shares are subject to each of the restrictions set forth in this Section 2 and “Restricted Shares” mean
those Shares that are subject to the restrictions imposed hereunder which have not then expired or terminated. Except as provided in Section 12(a) of the Plan, Restricted Shares may not be sold, transferred, exchanged, assigned, pledged,
hypothecated or otherwise encumbered; provided, however, that, notwithstanding the foregoing, Grantee may transfer all or part of the Restricted Shares to one or more trusts for the benefit of Grantee’s immediate family members (which for
purposes hereof shall be limited to the Grantee’s children, grandchildren and spouse) or partnerships in which such immediate family members and/or trusts are the only partners; provided that any such transfer of Restricted Shares shall remain
subject to all of the restrictions and other terms and conditions hereof and the transferee shall execute any and all documents required by the Company to confirm the foregoing. If Grantee’s employment with the Company terminates for any reason
other than as set forth in paragraphs (b) or (c) of Section 3 hereof, then Grantee shall forfeit, without the payment or providing of any consideration or other amounts of any kind whatsoever to Grantee, all of Grantee’s right,
title and interest in and to the Restricted Shares as of and after the date of employment termination and such Restricted Shares shall automatically revert to the Company immediately following the event of forfeiture. The restrictions imposed under
this Section 2 shall apply to all shares of the Company’s Common Stock or other securities issued with respect to Restricted Shares hereunder in connection with any merger, reorganization, consolidation, recapitalization, stock dividend,
stock split, business combination or other change in corporate structure directly or indirectly in any way affecting the Common Stock of the Company. 
 3. Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will expire on the earliest to occur of the following (the period prior to such expiration being referred to herein
as the “Restricted Period”): 
 (a) As to the number of Restricted Shares as and to the extent indicated on the respective
dates specified in Section 1 hereinabove; provided, however, that Grantee on those respective dates is then still employed by the Company; 
  

 2 

 (b) As to all of the unvested Restricted Shares, on the date of termination of Grantee’s employment
by reason of death or “Disability.” For the purposes of this Agreement, “Disability” shall mean permanent disability as determined by the Compensation Committee under the Plan, in its sole and absolute discretion;
or 
 (c) As to all of the unvested Restricted Shares, upon the occurrence of a “Change in Control” (as such term is defined
below). For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following: (i) any person or entity unaffiliated with the Company is or becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended from time to time), directly or indirectly, of securities of the Company representing more than fifty (50%) of the combined voting power of the Company’s then outstanding
securities; (ii) a merger or consolidation of the Company with any other corporation or other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, provided, however, that a merger or consolidation effected to implement a reorganization or recapitalization of the Company (or similar transaction) in which no person or entity
acquires more than fifty (50%) of the combined voting power of the Company’s then outstanding securities shall not constitute a Change in Control of the Company; or (iii) the consummation of the sale or disposition by the Company
directly or indirectly, of all or substantially all of the Company’s assets or accounts other than (x) the sale or disposition of all or substantially all of the assets of the Company to a subsidiary of the Company or to a person or
persons who beneficially own, directly or indirectly, at least fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale or (y) pursuant to a spin-off type
transaction, directly or indirectly, of such assets to the stockholders of the Company. 
 Notwithstanding the foregoing, in no event shall a
Change in Control be deemed to have occurred, with respect to Grantee, if Grantee is part of a purchasing group which consummates a transaction causing a Change in Control. Grantee shall be deemed “ part of a purchasing group” for purposes
of the preceding sentence if Grantee is a direct or indirect equity participant in the purchasing company or group; provided however, that Grantee shall not be considered part of a purchasing group if Grantee owns, directly or indirectly, 1% or less
of the outstanding securities of the purchasing company or group. 
 4. Delivery of Shares. 
 (a) Delivery to Grantee. The Restricted Shares will be issued to Grantee as of the Grant Date and will be held by Grantee during the Restricted
Period in certificated form. Such certificate or certificates for the Shares shall bear a legend under Rule 144 promulgated under the Securities Act of 1933, as amended, as and in such form as required by the Company and during the Restricted Period
shall bear the following legend in substantially the following form (in addition to any additional legends required under applicable state securities laws): 
  

 3 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN FORFEITURE
AND RETRANSFER OBLIGATIONS, RESTRICTIONS ON TRANSFER AND OTHER AGREEMENTS SET FORTH IN A RESTRICTED STOCK AGREEMENT (THE “AGREEMENT”) BETWEEN TRADESTATION GROUP, INC., A FLORIDA CORPORATION, AND JOHN ROBERTS EFFECTIVE AS OF JULY 24,
2007, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. ANY TRANSFER, PLEDGE OR OTHER DISPOSITION OF ANY KIND IN CONFLICT WITH, OR IN DEROGATION OF THE AGREEMENT, IS VOID AND OF NO LEGAL FORCE, EFFECT OR VALIDITY
WHATSOEVER.” 
 Stock certificates for the Shares, without the above legend, shall be delivered to Grantee or Grantee’s designee
upon request of Grantee after the expiration of the Restricted Period (or from time to time with respect and up to that portion of the Restricted Shares which is deemed to have vested at such time and becomes unrestricted Shares hereunder), but
delivery may be postponed for such period as may be required for the Company with reasonable diligence to comply, if deemed advisable by the Company, with registration requirements under the Securities Act of 1933, as amended, listing requirements
under the rules of any stock exchange, and requirements under any other law or regulation applicable to the issuance or transfer of the Shares. 
 (b) Delivery to Company Upon Forfeiture. As set forth above, all Restricted Shares forfeited pursuant to the terms hereof shall be automatically transferred to the Company by Grantee or the holder thereof. In furtherance of the
foregoing and immediately upon the request of the Company, Grantee shall deliver and/or execute all certificates and other instruments necessary to effectuate the transfer of the Restricted Shares to the Company, including, without limitation, a
stock power, all in such form and substance as acceptable to the Company in the Company’s sole and absolute discretion. 
 5. Voting
and Dividend Rights. Grantee, as beneficial owner of the Restricted Shares, shall have full voting rights with respect to the Shares during and after the Restricted Period. In addition, Grantee shall, during and after the Restricted Period, be
entitled to receive any dividends on the Shares; provided, however, that notwithstanding the foregoing, in the event any Restricted Shares are forfeited for any reason, Grantee shall, within ten (10) days of such forfeiture, repay to the
Company an amount equal to the dividends previously paid on those Restricted Shares. Notwithstanding anything to the contrary contained herein, if Grantee forfeits any rights to Restricted Shares he may have under this Agreement in accordance with
Section 2, Section 4(b) or otherwise, Grantee shall no longer have any rights as a shareholder with respect to the Restricted Shares or any interest therein so forfeited and Grantee shall no longer be entitled to vote or receive dividends
on the Restricted Shares so forfeited. In the event that for any reason Grantee shall have received dividends upon such Restricted Shares after such forfeiture, Grantee shall immediately repay to the Company an amount equal to such dividends.

  

 4 

 6. Changes in Capital Structure. The provisions of the Plan shall apply in the case of a change in
the capital structure of the Company. Without limiting the foregoing, in the event of a subdivision of the outstanding Common Stock (stock-split), a declaration of a dividend payable in Common Stock, or a combination or consolidation of the
outstanding Common Stock into a lesser number of shares, the Shares then subject to this Agreement shall automatically be adjusted proportionately. 
 7. No Right of Continued Employment. Nothing in this Agreement shall interfere with or limit in any way the right of the Company to terminate Grantee’s employment at any time, or confer upon Grantee any right to continue in the
employ of the Company. 
 8. Payment of Taxes. Upon issuance of the Shares hereunder, Grantee may make an election to be taxed upon
such award under Section 83(b) of the Code. To effect such election, Grantee may file an appropriate election with Internal Revenue Service within thirty (30) days after award of the Shares and otherwise in accordance with applicable
Treasury Regulations. In all events, Grantee will, no later than the date as of which any amount related to any of the Shares first becomes includable in Grantee’s gross income for federal income tax purposes, notify the Company of that fact
and pay to the Company, or make other arrangements satisfactory to the Company, regarding payment of, any federal, state and local taxes of any kind required by law to be withheld with respect to such amount. The obligations of the Company under
this Agreement will be conditional on such notification and payment or arrangements, and the Company will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind hereafter due, owing or payable to
Grantee. 
 9. Amendment. The Company may amend, modify or terminate this Agreement without approval of Grantee; provided, however,
that such amendment, modification or termination shall not, without Grantee’s consent, reduce or diminish the value of this award with respect to any current, future or potential benefit that exists on the date of such amendment or termination.

 10. Plan Controls. The terms contained in the Plan are incorporated into and made a part of this Agreement and this Agreement shall
be governed by and construed in accordance with the Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan shall be controlling and determinative.

 11. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Grantee and Grantee’s heirs,
personal and legal representatives and permitted assigns and to the benefit of the Company and its successors and assigns. 
 12.
Severability. If any one or more of the provisions contained in this Agreement is deemed to be invalid, illegal or unenforceable, the other provisions of this Agreement will be construed and enforced as if the invalid, illegal or
unenforceable provision had never been included. 
  

 5 

 13. Notice. For the purpose of this Agreement, notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly given (i) when faxed (with a written confirmation of receipt) or actually delivered, or (ii) three (3) business days after being mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the initial page of this Agreement, provided that all notices to the Company shall be directed to the attention of the
General Counsel of the Company, or to such other address as any party may have furnished to the other in writing in accordance herewith. Notice of change of address shall be effective only upon receipt. 
 14. Governing Law. This Agreement sets forth the final and entire agreement with respect to its subject matter and shall be governed and construed
in accordance with the internal laws of the State of Florida without giving effect to the choice of law principles thereof. 
 15.
Pronouns. Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and pronouns stated in the masculine, the feminine or the neuter gender shall include
the masculine, feminine and neuter. 
 [Signatures on the following page.] 
  

 6 

 IN WITNESS WHEREOF, TradeStation Group, Inc., acting by and through its duly authorized officers, has
caused this Agreement to be executed as of the Effective Date. 
  

			
	 TRADESTATION GROUP, INC.,
 a Florida
corporation

		
	By:	 	 /s/ Marc J. Stone

	Name:	 	Marc J. Stone
	Title:	 	General Counsel

 The undersigned hereby accepts and agrees to, and to be bound by and to comply with, all of the terms and
provisions of the foregoing Agreement. 
  

			
	 /s/ John Roberts

	John Roberts	 	
		
	 9933 Westview Dr.
	 	
	 #423
	 	
	 Coral Springs, FL 33076
	 	
	 [Address]
	 	

  

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