Document:

Form of Restricted Stock Unit Agreement

 Exhibit 10.3 
 WITHOUT DEFERRAL FEATURE 
 KNIGHT CAPITAL GROUP, INC. 
 [2003]/[2006] EQUITY INCENTIVE PLAN 
 RESTRICTED
STOCK UNIT AGREEMENT 
  

			
	Name of Grantee:	 	«First_Name» «Last_Name»
		
	Restricted Stock Units:	 	«Award» Restricted Stock Units (“Stock Units”)
		
	Grant Date:	 	«Grant_Date»
		
	 Dates Upon Which 
 Restrictions
Lapse:
	 	«Vest_2010» Stock Units, on «Year_1»
	 (subject to accelerated
 lapse of restrictions
as
 set forth in Sections 3 and 4
 of this
Agreement)
	 	 «Vest_2011» Stock Units, on «Year_2»
  
 «Vest_2012» Stock Units, on «Year_3»

 *        *        *        *        *       
 *        *        * 
 This Restricted Stock Unit
Agreement (this “Agreement”) is executed and delivered as of the Grant Date by and between Knight Capital Group, Inc. (the “Company”) and the Grantee. The Grantee and the Company hereby agree as follows: 
  

	1.	The Company, pursuant to the [2003]/[2006] Equity Incentive Plan (the “Plan”), which is incorporated herein by reference, and subject to the terms and conditions thereof,
hereby grants to the Grantee the above mentioned Stock Units. 

  

	2.	Except as set forth in Section 3 or 4 of this Agreement, on the date which the restrictions applicable to the Stock Units shall lapse (each such period, a “Restricted
Period”) the Company shall deliver to the Grantee, for each Stock Unit on which such restriction lapsed, a share of Class A Common Stock, $.01 par value, of the Company (“Shares”). 

 All restrictions imposed on Stock Units shall lapse upon the expiration of the Restricted Period applicable to such Stock Units (as indicated above).

  

	3.	If the Grantee’s employment with, or provision of services to, the Company shall terminate for any reason other than such Grantee’s death, disability, or Retirement while
Stock Units are subject to a Restricted Period, all Stock Units held by the Grantee still subject to a Restricted Period shall be forfeited upon such termination. In the event of the Grantee’s death, disability, or Retirement, the restrictions
and forfeiture conditions applicable to the Stock Units shall lapse, and the Stock Units shall be deemed fully vested in accordance with the terms of the Plan. 

	4.	In the event of a Change-In-Control (as defined in the Plan), the restrictions and forfeiture conditions applicable to the Stock Units shall lapse, and the Stock Units shall be
deemed fully vested in accordance with the terms of the Plan. Notwithstanding anything to the contrary in Section 2 of this Agreement, to the extent required to avoid the imposition of additional taxes and penalties under Section 409A of
the Internal Revenue Code, if such Change-In-Control does not constitute a change in ownership or control of the Company within the meaning of Section 409A of the Internal Revenue Code, the Company shall deliver to the Grantee, for each Stock
Unit on which the restrictions lapsed as a result of the Change-In-Control, Shares on such date that the Grantee would have received Shares under this Agreement in respect of the applicable Stock Units absent the occurrence of the Change-In-Control.

  

	5.	The Stock Units shall be appropriately adjusted to reflect any stock dividend, stock split, combination or exchange of shares or other change in capitalization with a similar
substantive effect upon the Plan, the Shares, or the Stock Units. The Committee shall have the power and sole discretion to determine the nature and amount of the adjustment to be made, if any. Any adjustment so made shall be final and binding.

  

	6.	The Grantee shall have no rights as a stockholder of the Company, no dividend rights (except as expressly provided below) and no voting rights, with respect to the Stock Units and
any Shares underlying or issuable in respect of such Stock Units until such Shares are actually issued to and held of record by the Grantee. Notwithstanding the above, upon the payment of any Stock Unit subject to the Award pursuant to this
Agreement, the Company shall pay the Grantee an amount in cash equal to the aggregate amount of the ordinary cash dividends (if any) paid by the Company on a Share for which the related dividend payment record date(s) occurred on or after the date
the Award was granted and on or before the date such Stock Unit became vested pursuant to the terms hereof (the right to receive such payment is referred to herein as a “Dividend Equivalent Right”). For purposes of clarity, no interest
shall accrue with respect to the period between the dividend payment record date and the date of payment of any Dividend Equivalent Rights, and no Dividend Equivalent Rights shall be paid with respect to any Stock Units that terminate pursuant to
Section 3. 

  

	7.	The Company shall withhold all applicable taxes required by law from all amounts paid in respect of the Stock Units upon the vesting of, or lapse of restrictions on, or payment of,
any or all of the Stock Units. The Grantee may satisfy the withholding obligation by paying the amount of any taxes in cash or, with the approval of the Committee, shares of stock may be deducted from the payment to satisfy the obligation in full or
in part. The amount of the withholding and the number of shares to be deducted shall be determined by the Committee with reference to the Fair Market Value of the stock when the withholding is required to be made. 

  

	8.	Except with the consent of the Committee, no Stock Units shall be assignable or transferable except by will or by the laws of descent and distribution while such Stock Units remain
subject to a Restricted Period. 

  

	9.	Nothing herein shall obligate the Company or any Subsidiary or Affiliate of the Company to continue the Grantee’s service for any particular period or on any particular basis
of compensation. 

  

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	10.	The obligation of the Company to deliver Shares or cash in respect of Stock Units granted under this Agreement is specifically subject to all provisions of the Plan and all
applicable laws, rules, regulations and governmental and stockholder approvals. 

  

	11.	Any notice by the Grantee to the Company hereunder shall be in writing and shall be deemed duly given only upon receipt thereof by the Company at its principal offices. Any notice
by the Company to the Grantee shall be in writing and shall be deemed duly given if mailed to the Grantee at the address last specified to the Company by the Grantee. 

  

	12.	The grant of Stock Units herein is not enforceable until this Agreement has been signed by the Grantee and the Company. By executing this Agreement, the Grantee shall be deemed to
have accepted and consented to any action taken under the Plan by the Committee, the Board or its delegates. 

  

	13.	No change or modification of this Agreement shall be valid unless it is in writing and signed by the parties hereto. 

  

	14.	The validity and construction of this Agreement shall be governed by the laws of the State of Delaware. 

  

	15.	This Agreement, together with the Plan, sets forth all of the promises, agreements, conditions, understandings, warranties and representations between the parties hereto regarding
the Stock Units, and there are no promises, agreements, conditions, understandings, warranties or representations, oral or written, express or implied, between them regarding the Stock Units other than as set forth herein or therein. This Agreement
is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are also provisions of this Agreement. If there is a difference or conflict between the provisions of this Agreement and the provisions of the Plan, the
provisions of the Plan will govern. 

  

	16.	The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code (the “Code”) to the extent subject
thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid
accelerated taxation and/or tax penalties under Section 409A of the Code, the Grantee shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to the Grantee under this
Section 3 of this Agreement until the Grantee would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. Any payments described in this Plan that are due
within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in this Agreement or the
Plan, to the extent that any Awards are payable upon a separation from service and such payment would result in the imposition of any individual excise tax and late interest charges imposed under Section 409A of the Code, the settlement and
payment of such Awards shall instead be made on the first business day after the date that is six (6) months following such separation from service (or death, if earlier). 

  

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 By signing this Agreement, the Grantee accepts and agrees to all of the foregoing terms and provisions and to all of the
terms and provisions of the Plan incorporated herein by reference and confirms that he/she has received a copy of the Plan. 
 IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed by a duly authorized representative and the Grantee has hereunto set his/her hand as of the Grant Date. 
  

			
	KNIGHT CAPITAL GROUP, INC.
		
	By:	 	  

		 	Thomas M. Joyce
		 	Chairman and Chief Executive Officer
	
	  

	«First_Name» «Last_Name»

  

 4Amendment No. 1 to Employment Agreement

 Exhibit 10.1 
 AMENDMENT NO. 1 
 TO 
 EMPLOYMENT AGREEMENT 
 This AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
(“Amendment No. 1”), dated as of December 19, 2008, is made between ASSET ACCEPTANCE LLC, a Delaware limited liability company (the “Company”), a wholly owned subsidiary of Asset Acceptance Capital Corp., a Delaware
corporation (“AACC”) and DEBORAH L. EVERLY (the “Executive”). 
 Recitals 
 1. Prior to the date hereof, the parties hereto entered into that certain Employment Agreement, entered into as of October 1, 2007 (the
“Employment Agreement”). Capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Employment Agreement. 
 2. The parties hereto desire to further amend the Employment Agreement in the manner set forth below. 
 Agreement 
 NOW THEREFORE, in consideration of these premises and subject to the terms and conditions contained
herein and for other consideration provided herein, the parties agree as follows: 
 A. TERMINATION. The last paragraph
in Section 6(a) is hereby amended and restated to read as follows: 
 After the effective date of termination for Cause
under this Section 6(a), the Company shall not be obligated to make any further payments to the Executive under this Agreement, except for amounts due the Executive hereunder as of such effective date (which shall be paid by the end of the next
payroll period following the date of termination), or amounts or benefits to which the Executive may be entitled under the terms of any employee benefit plan of the Company. 
 B. TERMINATION. The last sentence in Section 6(b) is hereby amended and restated to read as follows: 
 After the effective date of termination under this Section 6(b), the Company shall not be obligated to make any further payments under this
Agreement, except for amounts due the Executive hereunder as of such effective date (which shall be paid by the end of the next payroll period following the date of termination), or for 

  

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amounts or benefits to which the Executive may be entitled under the terms of any employee benefit plan of the Company. 
 C. TERMINATION. Clause (i) in Section 6(c) is hereby amended and restated to read as follows: 
 (i) all amounts due the Executive hereunder as of such effective date (which shall be paid by the end of the next payroll period following the date of
termination), plus any amounts or benefits to which the Executive may be entitled under the terms of any employee benefit plans of the Company, as in effect on the effective date of such termination, which shall be paid in accordance with the terms
of such plans, and 
 D. TERMINATION. The second and third paragraphs of Section 6(d) are hereby amended and
restated to read as follows: 
 “Substantial Breach” shall mean any material breach by the Company of its
obligations under this Agreement, including without limitation: (i) the assignment of the Executive to a position or duties materially diminished from those normally assigned to a Chief Acquisitions Officer of a business enterprise comparable
to the Company and AACC; (ii) a material reduction in the Executive’s Regular Base Salary; (iii) a change in the location where the Executive is required to perform her duties for the Company, AACC and their subsidiaries and
affiliates, which is outside a 50 mile radius of Detroit, Michigan; provided that the term “Substantial Breach” shall not include (x) an immaterial breach by the Company of any provisions of this Agreement or (y) a termination
for Cause under Section 6(a). 
 The Executive must notify the Company in writing of the Executive’s intention to invoke termination
for “Substantial Breach” within 90 days after the initial existence of such event and provide the Company with 30 days for cure, or such event shall not constitute a “Substantial Breach” under this Agreement. Additionally, the
Executive must terminate employment within one year following the existence of one or more of the events listed above for the termination to be considered a “Substantial Breach.” The date of resignation under this Section 6(d) shall
be 31 days after the Company’s receipt of written notice of the Executive’s resignation, provided that the Substantial Breach specified in such notice shall not have been corrected by the Company during the preceding 30-day period. The
effective date of the Executive’s resignation under this Section 6(d) shall be referred to as the “Section 6(d) Termination Date.” 
  

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 E. CONFIDENTIALITY AND NON COMPETITION. Section 7(a)(i) is hereby amended by
replacing the semi-colon after (a “Competitive Activity”) with a period, and deleting the remainder of the paragraph. 
 F. CONFIDENTIALITY AND NON COMPETITION. Section 7(c) is hereby amended by replacing the semi-colon after “during the Restricted Period” in clause (iv) with a period, and deleting the remainder of the paragraph.

 G. TERMINATION BENEFITS. Paragraphs (a) and (b) in Section 9 are hereby amended and restated in their
entirety and paragraph (c) is added to Section 9 to read as follows: 
 (a)(1) The Executive shall be paid her
Regular Base Salary periodically, according to the Company’s payroll policy at the rate in effect on the Section 6(d) Termination Date for a period of one year following the Section 6(d) Termination Date; provided that, if the
Executive is a “specified employee” within the meaning of Code Section 409A on the Section 6(d) Termination Date, the sum of such amount that is paid within the first six months following the Section 6(d) Termination Date
shall not exceed two times the lesser of: 
 (A) the maximum dollar amount that may be taken into account under a
tax-qualified retirement plan pursuant to Code Section 401(a)(17)for the year in which the Executive was terminated (for example, during 2008: $230,000 x 2 = $460,000); or 
 (B) the sum of the Executive’s annualized compensation based upon the annual rate of pay for services to the Company for the
Executive’s taxable year prior to the taxable year in which the termination occurs (adjusted for any increase during that year which was expected to continue indefinitely if the Executive had not terminated employment). 
 The payments under this Section 9(a)(1) that are made during the first six months following the Executive’s 6(d) Termination
Date are intended to constitute a “separation pay plan due to involuntary separation from service” under Treasury Regulation Section 1.409A-1(b)(9)(iii). In the event that the Executive’s severance pay is limited by application
of (a)(1) of this Section, the Company shall make any additional true-up payments in accordance with Section 20 of this Agreement. Unless delayed under (a)(1) of this Section, any Regular Base Salary amounts under Section 9 shall be paid
no later than the end of the calendar year to which such salary amounts relate (determined by dividing the Executive’s annual Regular Base Salary by 12) and allocating 

  

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such salary to each month following the Executive’s Section 6(d) Termination Date. 
 (2) The Executive shall be paid the pro rata portion of both her Bonus and
Purchased Receivables Bonus, if any, for the fiscal year of her Section 6(d) Termination Date, calculated and paid in accordance with Sections 3(b) and 3(c) hereof, no later than 2- 1/2 months after the end of the fiscal year to which such Bonus and Purchased Receivables Bonus relate (or such later time as is allowed in accordance with Treasury
Regulation 1.409A-3(d) to preserve the exemption from Code Section 409A). 
 (b) The Company shall pay the costs
necessary to continue the Executive’s participation (and dependent participation, if applicable) in any life and disability insurance provided to the Executive by the Company immediately prior to the Section 6(d) Termination Date for a
period of 18 months after the Section 6(d) Termination Date; provided, however that if such benefits are not exempt from Code Section 409A, the Company shall reimburse the Executive for the cost of the insurance for the first six months
following the Section 6(d) Termination Date, with such aggregate reimbursement payment occurring within 14 calendar days following the completion of six months after the Section 6(d) Termination Date, in accordance with Section 20
hereof. The Company also shall reimburse the Executive for her COBRA costs (to the extent applicable) for a period of up to 18 months following the Section 6(d) Termination Date (including dependent coverage) in any group health and dental
benefit plans provided by the Company, in effect immediately prior to the Section 6(d) Termination Date. Following the Section 6(d) Termination Date, the Company shall not be obligated to (i) provide business accident insurance
covering the Executive, or (ii) make contributions on behalf of the Executive to any tax-qualified retirement and pension plans or profit sharing plans for compensation paid after the Section 6(d) Termination Date. 
 (c) Any benefits due to the Executive under the terms of any employee benefit plans or programs, or of any stock ownership programs then
maintained by the Company and its affiliates in which the Executive participates shall be paid in accordance with the terms of those plans or arrangements. 
 H. NOTICES. Section 18 is hereby amended with regard to notices to the Company to read as follows: 
 In the case of the Company: 
  

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 Asset Acceptance LLC 
 28405 Van Dyke Avenue 
 Warren, Michigan 48093 
 Attention: Edwin L. Herbert, Esq. 
                   Vice President and General
Counsel 
 Facsimile No.: 586-446-1783 
 I. TAX MATTERS. Section 20 is hereby amended and restated to read s follows: 
 (a) The benefits provided hereunder are intended to be exempt from, or comply with, Code Section 409A. Notwithstanding the foregoing,
except as otherwise specifically provided in this Agreement, the Executive is solely responsible for the satisfaction of any taxes that may arise pursuant to this Agreement (including taxes arising under Code Section 409A regarding deferred
compensation, and Code Section 4999 regarding golden parachute excise taxes). The Company shall have no obligation whatsoever to pay such taxes or to otherwise indemnify or hold the Executive harmless from any or all of such taxes. 

(b) If any amounts that become due under this Agreement constitute “nonqualified deferred compensation” within the meaning of
Code Section 409A, payment of such amounts shall not commence until the Executive incurs a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). If, at the time of the Executive’s
separation from service, the Executive is a “specified employee” (within the meaning of Treasury Regulation Section 1.409A-1(i)), any benefit to which Code Section 409A additional taxes could be assessed on account of her
separation from service (including any amounts payable pursuant to the preceding sentence) shall not be paid until after the completion of the sixth calendar month following the Executive’s separation from service (the “409A Suspension
Period”) to the extent such delay may be reasonably expected to avoid Section 409A additional taxes. Within 14 calendar days after the end of the 409A Suspension Period, the Executive shall be paid a lump sum payment in cash equal to any
payments delayed due to the preceding sentence. Thereafter, the Executive shall receive any remaining benefits as if there had not been an earlier delay. The Company shall have the sole discretion to interpret the requirements of the Code, including
Section 409A, for purposes of this Agreement. 
 (c ) Notwithstanding any other provision of this Agreement, the parties
hereto agree to take all actions (including adopting amendments to this Agreement) as are required to comply 

  

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with or to minimize any potential interest charges and/or additional taxes as may be imposed under Internal Revenue Code Section 409A with respect to
any payment or benefit due to the Executive under this Agreement (including a delay in payment until six months after the date of termination of the Executive’s employment hereunder, in the event Executive is a “specified employee”
within the meaning of Code Section 409A). 
 J. MISCELLANEOUS 
 (1) Effective Date. This Amendment No. 1 shall be effective as of the date first set forth above. 
 (2) Continuation of Employment Agreement. Except as expressly modified or amended hereby, all of the terms and conditions of the Employment
Agreement shall continue and remain in full force and effect. 
 (3) Counterparts. This Amendment No. 1 may be executed in any
number of counterparts, each of which shall be treated as an original but all of which, collectively, shall constitute a single instrument. 
 (4) Governing Law. This Amendment No. 1 shall be governed by and construed in accordance with the domestic laws of the State of Michigan, without giving effect to any choice or conflict of law provision or rule (whether of the
State of Michigan or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Michigan. 
 (5) Cooperation. In case at any time after the date hereof any further action is necessary to carry out the purposes of this Amendment No. 1, each of the parties hereto will take such further action (including the execution and
delivery of such further instruments and documents) as the other party or parties reasonably may request, all at the sole cost and expense of the requesting party or parties. 
 [Signatures Appear on the Following Page] 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No. 1 as of the day and
year first above written. 
  

			
	ASSET ACCEPTANCE, LLC
		
	By:	 	 /s/    Rion B. Needs

		 	Rion B. Needs,
		 	Senior Vice President-
		 	Chief Operating Officer
	
	 /s/    Deborah L. Everly

	DEBORAH L. EVERLY

  

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