Document:

virt_Ex10_7

		
			Exhibit 10.7
		

		
			 
		

		
			CONFIDENTIAL SEPARATION AGREEMENT,
		

		
			INTEREST REPURCHASE
		

		
			AND GENERAL RELEASE OF CLAIMS
		

		
			 
		

		
			THIS CONFIDENTIAL SEPARATION AGREEMENT, INTEREST REPURCHASE AND GENERAL RELEASE OF CLAIMS (“Agreement”), dated September 11, 2017 is made and entered into by and between Venu Palaparthi (“Employee”) and Virtu Financial Operating LLC and Virtu Financial, Inc. and all of its and their current or former parents, successors, predecessors, affiliates, subsidiaries and related entities, divisions, departments, partnerships, corporations, limited liability partnerships and limited liability companies, and each of its and their former, present and future directors, officers, employees, shareholders, fiduciaries, insurers, managers and agents (collectively, the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the At-Will Agreement (as defined below).
		

		
			 
		

		
			RECITALS:
		

		
			 
		

		
			A.         Employee and the Company (or one of the Company’s affiliates) are party to an offer letter (the “Employment Letter”) and employment agreement (the “At-Will Agreement”).
		

		
			 
		

		
			B.         Employee’s employment with the Company will end as of September 11, 2017 (the “Termination Date”).
		

		
			 
		

		
			C.         Regardless of whether Employee signs this Agreement, Employee will receive all accrued salary, wages, vacation, expenses, and all other monies owed to Employee through the Termination Date.
		

		
			 
		

		
			D.         This Agreement is intended to assist employee in his transition in connection with his separation of employment. Also, by this Agreement, Employee and the Company want to settle fully and finally all potential and/or actual differences between them, including all actual or potential differences which arise out of or relate to Employee’s employment or separation of employment with the Company.
		

		
			 
		

		
			E.         This preamble and recitals set forth herein, and Schedule A attached hereto, are hereby incorporated in and made a part of this Agreement.
		

		
			 
		

		
			NOW, THEREFORE, Employee and the Company understand and agree as follows:
		

		
			 
		

		
			1.         Non-Admission of Discrimination or Wrongdoing.
		

		
			 
		

		
			This Agreement shall not in any way be construed as an admission by the Company or Employee that they acted wrongfully with respect to the other, or any other person. The Company and Employee specifically disclaim any liability to, or wrongful acts against each other,
		

		
			
		

		
			

		 

		

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			or any other person or entity, on the part of themselves, their parents, subsidiaries, affiliates, predecessors, successors, officers, employees, or agents.
		

		
			 
		

		
			2.         Separation of Employment.
		

		
			 
		

		
			Employee acknowledges that his employment with the Company has permanently ended as of the Termination Date and that such employment will not be resumed again at any time. In addition, Employee will not apply for, or otherwise seek employment with the Company and/or any of the Company Releasees at any time in the future.
		

		
			 
		

		
			3.         Return of Company Property; Developments.
		

		
			 
		

		
			(a)        Employee represents, warrants, and affirms to the Company that: (i) Employee has returned, destroyed, or will destroy (unless as otherwise directed by the Company) all property of the Company and its affiliates to the Company, including, without limitation, keys and key cards to the Company’s business premises, credit cards, documents, memoranda, notes, records, source code, correspondence, handwritten notes, computer and physical files, passwords, access codes, records of developments, tapes, disks and other electronic, optical or other media, computers, including the monitors and all related hardware and software and all other tangible property in Employee’s possession or control; (ii) Employee did not delete, copy, download or transfer any data from any of the Company’s or its affiliates’ computers or any of their business documents or records except in the normal course of Employee’s duties, and to the extent he/she did, all such information shall be destroyed or has been destroyed; and (iii) any Confidential Information (as defined in the Employment Letter, At-Will Agreement or any agreement to which Employee and the Company are parties) or data in Employee’s possession that resides on personal computers or other electronic media will be deleted.
		

		
			 
		

		
			(b)        Employee represents, warrants, and affirms that Employee has irrevocably sold, assigned and transferred to the Company and its successors and assigns all of Employee’s legal and equitable right, title and interest throughout the world in and to Employee’s ideas, inventions, trademarks and other developments or improvements conceived by Employee, either alone or with others, during Employee’s employment, whether or not during working hours, that are within the scope of the Company’s business operations or that relate to any Company work or projects.
		

		
			 
		

		
			4.         No Lawsuits.
		

		
			 
		

		
			(a)        Employee promises never to file a lawsuit, administrative complaint, or charge of any kind with any court, governmental or administrative agency, or arbitrator in any jurisdiction against the Company, or any of its current or former officers, directors, agents or employees, or any of the Releasees as defined below, asserting any claims that are released in this Agreement.
		

		
			 
		

		
			(b)        Employee represents and agrees that, prior to signing this Agreement, Employee has not filed, or pursued any complaints, charges or lawsuits of any kind with any court, governmental or administrative agency, or arbitrator against the Company, or any of its current or former officers, directors, agents, or employees, or any of the Releasees as defined below, asserting any claims that are released in this Agreement.
		

		
			
		

		
			

		 

		

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			5.         Payments by the Company;  No Obligation To Make Payment Under Normal Policies; Consideration.
		

		
			 
		

		
			(a)        The Company agrees that, on next regularly scheduled payday following the eighth calendar day after the later of (i) its receipt of this Agreement signed by Employee and (ii) the Termination Date, (such date, the “Effective Date”) and provided that Employee has delivered a signed copy of the Agreement in accordance with section (d) of this Paragraph 5, does not revoke this Agreement as described herein, and complies with the terms and conditions set forth herein, the Company will pay Employee the following benefits (collectively, the “Consideration”) contained in Schedule A attached hereto in accordance with the schedule set forth thereon.
		

		
			 
		

		
			(b)        The Company will arrange to pay directly the premiums relating to Employee’s coverage under COBRA for the period of time set forth in Schedule A attached hereto, and, thereafter, continued coverage will be at Employee’s full expense. No such premium contribution will be paid for any period of coverage after Employee is eligible to elect for comparable coverage on another employer’s group health plan. Payment of the Company’s portion of the premiums of Employee’s coverage under COBRA for the period of time set forth in Schedule A is contingent upon Employee’s initial and continuing eligibility for such coverage (and associated costs) as determined by, and subject to Employee’s present eligibility for such coverage.
		

		
			 
		

		
			(c)        The Company will provide Employee with Outplacement Services, for the period set forth in Schedule A attached hereto, to cover Employee in conducting a job search for replacement employment, provided that such services are provided on or before the date set forth in Schedule A attached hereto, and arranged through the Company’s outplacement assistance vendor. The Company will be billed directly for the expenses, up to the stated maximum, by the outplacement assistance vendor.
		

		
			 
		

		
			(d)        Employee understands that, in order to receive and retain the Consideration, Employee must sign this Agreement and comply with the terms herein, in addition to the applicable terms of the Employment Letter, the At-Will Agreement, the terms of any equity or option award issued pursuant to the Virtu Financial, Inc. 2015 Management Incentive Plan (as amended or amended and restated from time to time) (collectively, the “Pubco Award Documents”), the terms of any equity or option award issued pursuant to any pre-IPO equity incentive plan maintained by any affiliate of Virtu Financial LLC, including the terms of the limited liability company agreement of Virtu Employee Holdco LLC (to the extent Employee is a member thereof) (collectively, the “Pre-IPO Award Documents” and together with the Pubco Award Documents, the “Virtu Award Documents”), or any other agreement to which the Employee and the Company are parties, which explicitly or by their nature survive the termination of Employee’s employment with the Company. Employee also must not rescind his agreement hereto during the seven-day revocation period following the receipt of the signed Agreement by the Company.
		

		
			 
		

		
			(e)        As provided in Paragraph 15 below, Employee shall have up to 45 days to consider whether to sign this Agreement. If Employee does not sign this Agreement within 45 days, it shall be withdrawn without further notice. If Employee signs this Agreement within 45 days, he shall then have seven days to revoke his release of claims for age discrimination. If
		

		
			
		

		
			

		 

		

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			Employee signs this Agreement within 45 days, and does not revoke this Agreement as to any claims for age discrimination within seven days, then the Consideration payments shall be provided to Employee in accordance with the terms of this Agreement.
		

		
			 
		

		
			(f)        The payment of the Consideration shall be subject to applicable payroll tax deductions and withholdings as required by federal and state law.
		

		
			 
		

		
			6.         Forfeiture and Repurchase of Certain Interests; Forfeiture of Titles
		

		
			 
		

		
			(a)        The Employee and the Company acknowledge that, in accordance with the terms of the Virtu Financial, Inc. 2015 Management Incentive Plan (the “2015 MIP”), any and all unvested Options to purchase shares of Class A Common Stock are automatically forfeited without the payment of any consideration and are rendered null and void as of the Termination Date, and the Employees vested Options to purchase shares of Class A Common Stock will automatically expire on the 90th day after the Termination Date.
		

		
			 
		

		
			(b)        The Employee and the Company acknowledge that, in accordance with the terms of the 2015 MIP, any and all unvested Restricted Stock Units previously granted to Employee are automatically forfeited and cancelled without the payment of any consideration and are rendered null and void as of the Termination Date.
		

		
			 
		

		
			(c)        Employee Holdco hereby exercises its rights pursuant to the terms of the Employee Holdco Operating Agreement to repurchase all of Employee’s vested Common Units (the “Repurchased Interests”) in consideration of the payments described above. By executing this Agreement, Employee hereby delivers the Repurchased Interests, free and clear of all liens, to Employee Holdco in exchange for the applicable payments identified on Schedule A. All of Employee’s unvested Common Units are automatically forfeited and cancelled without the payment of any consideration and are rendered null and void as of the Termination Date.
		

		
			 
		

		
			(d)        As of the Termination Date, any and all titles, designations, appointments, directorships and offices held by the Employee with respect to the Company or any of its affiliates, are forfeited and the Employee agrees to execute promptly upon request by the Company or its affiliates, attorneys or advisors, any additional documents necessary to effectuate the provisions of this clause (d).
		

		
			 
		

		
			7.         General and Complete Release.
		

		
			 
		

		
			(a)        As a material inducement for the Company to enter into this Agreement, and in exchange for the Consideration provided herein, Employee knowingly and voluntarily waives and releases all rights and claims, known and unknown, which Employee may have against the Company, and/or any of the Company’s current or former parents (including Virtu Financial Inc.), successors, predecessors, affiliates, subsidiaries or related entities, or any of their current or former officers, directors, members, shareholders, managers, human resources representatives, employees, agents, contractors, insurance carriers, representatives, or attorneys (“Releasees”), including any and all charges, complaints, claims, liabilities, obligations, promises, agreements, including but not limited to the Employment Letter, the At-Will Agreement, the Virtu Award Documents, and any other contracts, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any kind. Employee further agrees to execute
		

		
			
		

		
			

		 

		

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			and comply with additional documentation giving effect to such releases as required by the Company.
		

		
			 
		

		
			(b)        This includes, but is not limited to, claims for employment discrimination, harassment, wrongful termination, constructive termination, violation of public policy, breach of any express or implied contract, breach of any implied covenant, fraud, intentional or negligent misrepresentation, emotional distress, defamation, libel, slander, or any other claims relating to Employee’s relationship with the Company. However, any recovery Employee may obtain as a whistleblower under federal or state law or regulation is excluded from this general and complete release.
		

		
			 
		

		
			(c)        This also includes a release of any claims under any federal, state or local laws or regulations, including, but not limited to: (1) Title VII of the Civil Rights Act of 1964,  42 U.S.C. §§ 2000(e), et seq. and the Civil Rights Act of 1991, 2 U.S.C. §§ 60l, et seq. (race, color, religion, sex, and national origin discrimination or harassment); (2) the Age Discrimination in Employment Act, 29 U.S.C. §§ 621, et seq. (age discrimination); (3) Section 1981 of the Civil Rights Act of 1866, 42 U.S.C. § 1981 (race discrimination); (4) the Equal Pay Act of 1963, 29 U.S.C. § 206 (equal pay); (5) the Fair Labor Standards Act, 29 U.S.C. §§ 201, et seq. (wage and hour matters, including overtime pay); (6) the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), 42 U.S.C. § 1395(c) (insurance matters); (7) Executive Order 11141 (age discrimination); (8) Section 503 of the Rehabilitation Act of 1973, 29 U.S.C. §§ 701, et seq. (disability discrimination); (9) the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001, et seq. (employee benefits); (10) Title I or Title III of the Americans with Disabilities Act (disability discrimination); (11) the Economic Dislocation and Worker Adjustment Assistance Act, 41 U.S.C. §§ 701, et seq. or the Worker Adjustment and Retraining Notification Act (“WARN” Act), 29 U.S.C. §§ 2101-09; (12) the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601, et seq. (leaves of absence); (13) the Older Worker Benefit Protection Act, 29 U.S.C. §§ 621, et seq. (age discrimination issues); (14) the Fair Credit Reporting Act, 15 U.S.C. §§ 1681, et seq. (issues involving gathering information from third parties); (15) the New York State and City Human Rights Laws, the New York Executive Law, the New York Labor Laws, the New York Workers’ Compensation Law, the New York City Administrative Code and the New York State Worker Adjustment and Retraining Notification Act.
		

		
			 
		

		
			8.         Unknown Claims.
		

		
			 
		

		
			Employee acknowledges and agrees that, as a condition of this Agreement, Employee expressly releases all rights and claims against the Company that Employee knows about as well as that Employee may not know about.
		

		
			 
		

		
			9.         Ownership of Claims.
		

		
			 
		

		
			Employee represents and agrees that Employee has not assigned or transferred, or attempted to assign or transfer, to any person or entity, any of the claims Employee is releasing in this Agreement.
		

		
			
		

		
			

		 

		

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			10.       No Representations.
		

		
			 
		

		
			Employee represents and agrees that no promises, statements or inducements have been made to Employee that caused Employee to sign this Agreement other than those expressly stated in this Agreement. Employee represents and agrees that this Agreement is a fully integrated contract and that there are no terms, conditions or clauses that exist outside of what is written in this Agreement.
		

		
			 
		

		
			11.       Confidentiality of this Agreement.
		

		
			 
		

		
			(a)        Except as expressly stated in this Agreement, Employee agrees to keep the fact, terms and amount of this Agreement completely confidential, and not to disclose such information to anyone other than Employee’s spouse or domestic partner, if any, or Employee’s attorneys and licensed tax and/or professional investment advisor (hereafter referred to as “Employee’s Confidants”), all of whom will be informed of, and be bound by, this confidentiality provision.
		

		
			 
		

		
			(b)        Neither Employee nor Employee’s Confidants shall disclose the fact, amount or terms of this Agreement to anyone including, but not limited to, any representative of any Internet site, Blog site, print, radio or television media, to any past, present or prospective applicant for employment with the Company, executive recruiter or “headhunter,” to any counsel for any current or former employee of the Company, to any other counsel or third party, or to the public at large.
		

		
			 
		

		
			(c)        Employee understands and agrees that any disclosure of information in violation of this confidentiality provision by Employee or by any of Employee’s Confidants would cause the Company injury and damage, the actual amount of which would be impractical or extremely difficult to determine. Accordingly, Employee agrees that the Company, in addition to any and all other remedies to which it may be entitled, shall be entitled to recover from Employee liquidated damages in the amount of Five Thousand Dollars ($5,000) for each occasion on which Employee, or any of Employee’s Confidants disclose any information in violation of the terms of this confidentiality provision.
		

		
			 
		

		
			(d)        Any alleged violation of this confidentiality provision shall be resolved in accordance with the arbitration provisions herein. If any proceeding is brought concerning an alleged violation of this confidentiality provision, the prevailing party shall recover from the losing party all reasonable attorneys’ fees and costs incurred in connection with such proceeding. The Company shall have the burden of proving such violation by a preponderance of the evidence. The parties understand and agree that only the Company would be damaged by a violation of this confidentiality provision and for that reason the arbitrator shall have no authority to award any damages against the Company if it does not prevail.
		

		
			 
		

		
			12.       Confidential Information.
		

		
			 
		

		
			Employee understands and agrees that in the course of employment with the Company he has acquired Confidential Information and acknowledges that the obligations with respect to such Confidential Information continue in full force beyond the Termination Date in accordance with the terms of the At-Will Agreement.
		

		
			
		

		
			

		 

		

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			13.       Future Obligations.
		

		
			 
		

		
			(a)        Employee will not voluntarily assist any party engaged in current or future litigation or arbitration involving the Company, by furnishing information, declarations, affidavits, statements, letters, oral assistance, documents, or depositions. Employee, however, may respond to a valid and legally enforceable subpoena or other discovery request, provided that such subpoena or discovery request also has been served on the Company. Nothing in any code, agreement, manual or in any other policies, procedures or agreements of the Company shall prohibit or restrict Employee or Employee’s counsel from providing information in connection with: (i) any disclosure of information required by law or legal process; (ii) reporting possible violations of federal or state law or regulation to any governmental agency, commission or entity, including but not limited to, the Department of Justice, the Commodities Futures Trading Commission, the Securities and Exchange Commission, the Department of Labor, the Congress, any state Attorney General, self-regulatory organization and any agency Inspector General (collectively “Government Agencies”) (iii) filing a charge or complaint with Government Agencies; (iv) making disclosures that are protected under the whistleblower provisions of federal or state law or regulation (collectively the “Whistleblower Statutes”); or (v) from initiating communications directly with, responding to any inquiry from, volunteering information to, testifying or otherwise participating in or assisting in any inquiry, investigation or proceeding brought by Government Agencies in connection with (i) through (v). You are not required to advise or seek permission from the Company before engaging in any activity set forth in (i) through (v). Further, the Company does not in any manner limit your right to receive an award from Government Agencies for information provided to Government Agencies or pursuant to the Whistleblower Statutes.
		

		
			 
		

		
			(b)        If any subpoena or discovery request is served on Employee, Employee agrees to notify the Company of such a subpoena or discovery request, so that the Company may challenge its validity, at the Company’s expense. If such a challenge is not successful and a court or arbitrator rules that a valid subpoena or discovery request has been served, and Employee is required to provide information, Employee agrees to provide truthful information or testimony. If thereafter required by judicial process to provide testimony or other discovery, Employee agrees that he will not object to a representative of the Company being present for such testimony, or being served with all responses to discovery, if not otherwise prohibited by the court or arbitrator having jurisdiction.
		

		
			 
		

		
			(c)        Upon reasonable notice and based on Employee’s reasonable availability, Employee also agrees to meet with counsel for the Company or Company representative to gather information in connection with any current or future investigation, lawsuit or arbitration in which Employee is asked to participate, and to prepare for any deposition, or any other form of testimony sought from Employee in connection therewith.
		

		
			 
		

		
			(d)        Employee agrees that (i) Employee will comply with Employee’s obligations with respect to Confidential Information; and (ii) Employee will comply with the restrictive covenants (including Employee’s non-interference and non-solicitation obligations) as set forth in the Employment Letter, At Will Agreement, the Virtu Award Documents or any other agreement to which the Employee and the Company are parties. Employee acknowledges that if Employee does fail to comply with the terms thereof the Company may, in addition to exercising
		

		
			
		

		
			

		 

		

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			any other remedies available to it under the Agreement or otherwise in contract or at law, immediately cease paying the Consideration and shall be entitled to a full recovery of any and all installments of the Consideration previously paid.
		

		
			 
		

		
			14.       Successors.
		

		
			 
		

		
			This Agreement shall be binding upon Employee and upon Employee’s heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of the Company and the other Releasees, and to their heirs, administrators, representatives, executors, successors and assigns.
		

		
			 
		

		
			15.       Release of Age Discrimination Claims.
		

		
			 
		

		
			(a)        Age discrimination is specifically intended to be included as a Released Action: Employee specifically intends that this Agreement shall include a complete release of claims under the Age Discrimination in Employment Act of 1967 (the “ADEA,” 29 U.S.C. §§ 621, et seq.), as amended by the Older Workers’ Benefit Protection Act of 1990, except for any allegation that a breach of this Act occurred following the Effective Date of this Agreement.
		

		
			 
		

		
			(b)        Additional Consideration: Employee agrees and promises that this Agreement by the Company represents obligations by the Company to Employee that are in addition to anything of value to which Employee was otherwise entitled from the Company. In addition, Employee agrees and acknowledges that additional consideration has been provided by the Company, beyond that which would have otherwise been provided, in the form of continued COBRA payments as identified above, in order to effect a valid waiver of Employee’s claims under the federal age discrimination laws.
		

		
			 
		

		
			(c)        Advice To Consult An Attorney: Employee is hereby advised to consult with an attorney prior to signing this Agreement, because Employee is waiving significant legal rights. Employee acknowledges that he has been so advised and has, in fact, considered whether to consult with an attorney prior to signing this Agreement.
		

		
			 
		

		
			(d)        Reasonable Time To Consider Settlement Agreement: Employee acknowledges that he has been given a reasonable period of time (a maximum of 45 days, if Employee so chooses) to consider this Agreement prior to signing this Agreement. Employee understands that he has seven days following his signing of this Agreement to rescind it, but only insofar as it effects a release of a claim for violation of the ADEA, in which case it shall remain fully effective in all other respects. To rescind this Agreement as to the ADEA, Employee agrees to send a letter via electronic mail signed by Employee to the Company’s legal department, electronic mail address legal@virtu.com, by the end of the seven-day period. The remainder of this Agreement shall remain in full force and effect.
		

		
			 
		

		
			(e)        Non-Release of Future Claims: Employee is hereby advised that this Agreement does not waive or release any rights or claims that Employee may have under the ADEA, or otherwise, which arise after the date Employee signs this Agreement, including any right or claim Employee may have as a whistleblower under federal or state law or regulation.
		

		
			
		

		
			

		 

		

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			(f)        Employee has received, together with this Agreement a Schedule B, a listing of the job titles and ages of employees selected and not selected for involuntary termination in connection with the Company’s group termination program.
		

		
			 
		

		
			16.       Remedies.
		

		
			 
		

		
			The Employee understands and agrees that if he breaches any provision of this Agreement, including but not limited to those in Paragraph 4, 7, 11, 12, 13 and 15 of this Agreement, as determined by the Company in good faith, such breach will be considered a material breach and, in addition to any other legal or equitable remedy the Company may have, the Company shall be entitled to cease making any payments of Consideration or providing any benefits to the Employee agreed hereunder and shall be entitled to a full recovery of any and all installments of the Consideration previously paid. Any such action permitted to the Company by this paragraph, however, shall not affect or impair any of the Employee’s obligations under this Agreement, including without limitation, the release of claims in Paragraph 7 hereof or the obligation to maintain the confidentiality of Confidential Information in Paragraph 11 (as defined therein). The Employee further agrees that nothing herein shall preclude the Company from recovering attorneys’ fees, costs or any other remedies specifically authorized under applicable law.
		

		
			 
		

		
			17.       Severability; Governing Law; Exclusive Jurisdiction; Arbitration; fees and expenses.
		

		
			 
		

		
			(a)        Should any of the provisions in this Agreement be declared, or be determined to be illegal or invalid, all remaining parts, terms or provisions shall be valid, and the illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.
		

		
			 
		

		
			(b)        This Agreement is made and entered into in the State of New York and shall in all respects be interpreted, enforced and governed under the laws of New York.
		

		
			 
		

		
			(c)        The parties knowingly and voluntarily agree to a pre-dispute arbitration clause so that should any controversy or dispute arise in connection with this Agreement, Employee and the Company agree to arbitrate any and all such claims at a site in New York, before a neutral panel of the American Arbitration Association or JAMS, as dictated by the underlying facts and circumstances giving rise to the claim(s). Where no such forum is required by regulatory rules or directed by a court of competent jurisdiction, such forum shall be selected at the sole discretion of the Company. In the course of any arbitration pursuant to this Agreement, the Employee and the Company agree: (a) to request that a written award be issued by the panel, and (b)  that each side is entitled to receive any and all relief they would be entitled to receive in a court proceeding. Employee and the Company knowingly and voluntarily agree to enter into this arbitration clause and to waive any rights that might otherwise exist to request a jury trial or other court proceeding, except that the Company may seek and obtain from a court any injunctive or equitable relief necessary to maintain (and/or to restore) the status quo or to prevent the possibility of irreversible or irreparable harm pending final resolution of mediation, arbitration or court proceedings, as applicable. However, this Agreement does not prohibit you or restrict you from filing an arbitration claim a FINRA arbitration forum as specified in FINRA rules.
		

		
			
		

		
			

		 

		

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			(d)        In the event that the Company prevails in any action related to this Agreement, the Company shall have the right to collect from Employee the Company’s legal or other fees, costs and expenses incurred in connection therewith.
		

		
			 
		

		
			(e)        THE PARTIES HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY.
		

		
			 
		

		
			(f)        To the extent applicable, it is intended that this Agreement comply with or as applicable, constitute a short-term deferral or otherwise be exempt from the provisions of Section 409A. This Agreement will be administered and interpreted in a manner consistent with this intent, and any provision that would cause this Agreement to fail to satisfy Section 409A will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A). Employee and the Company agree that Employee’s termination of employment shall be considered a “separation from service” from the Company within the meaning of Section 409A. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following your separation from service shall instead be paid on the first business day after the date that is six months following Employee’s termination of employment (or upon Employee’s death, if earlier). In addition, for purposes of this Agreement, each amount to be paid or benefit to be provided to you pursuant to this Agreement shall be construed as a separate identified payment for purposes of Section 409A. With respect to expenses eligible for reimbursement under the terms of this Agreement, (i) the amount of such expenses eligible for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement in another taxable year and (ii) any reimbursements of such expenses shall be made no later than the end of the calendar year following the calendar year in which the related expenses were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A. The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. Employee understands and agrees that Employee shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.
		

		
			 
		

		
			18.       Proper Construction.
		

		
			 
		

		
			(a)        The language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning, and not strictly for or against any of the parties. The Parties acknowledge and agree that they have participated fully in the preparation of this Agreement and that neither this Agreement nor any provision shall be construed for or against Employee or the Company.
		

		
			 
		

		
			(b)        As used in this Agreement, the term “or” shall be deemed to include the term “and/or” and the singular or plural number shall be deemed to include the other whenever the context so indicates or requires.
		

		
			
		

		
			

		 

		

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			(c)        The paragraph headings used in this Agreement are intended solely for convenience of reference and shall not in any manner amplify, limit, modify or otherwise be used in the interpretation of any of the provisions hereof.
		

		
			 
		

		
			19.       Entire Agreement.
		

		
			 
		

		
			This Agreement is the entire agreement between Employee and the Company and fully supersedes any and all prior agreements or understandings between the parties pertaining to its subject matter.
		

		
			 
		

		
			20.       Confirmation of Employee’s Understanding of the Terms of This Agreement.
		

		
			 
		

		
			(a)        Employee represents that he has read this Agreement, in full, and understands each of its terms. Employee also represents that he has had sufficient time and opportunity to obtain legal advice, if desired, before signing this Agreement.
		

		
			 
		

		
			(b)        Employee understands that Employee has been given a reasonable time to consider whether to sign this Agreement, up to a period of 45 days. If Employee fails to sign and deliver this Agreement back to the Company within 45 days, this Agreement shall automatically be revoked without further notice.
		

		
			 
		

		
			(c)        If Employee chooses to sign this Agreement, Employee represents that he is signing this Agreement voluntarily, without any form of duress or coercion. Employee understands that this Agreement shall be final and binding on Employee and the Company.
		

		
			 
		

		
			[Signature pages to follow]
		

		
			
		

		
			

		 

		

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			PLEASE READ CAREFULLY. THIS CONFIDENTIAL SEVERANCE AGREEMENT AND GENERAL RELEASE OF CLAIMS INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
		

		
			 
		

			
					
						Executed on  

					
					
						10/2

					
					
						,

					
					
						2017

					
					
						.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						/s/ Venu Palaparthi

					
					
						 

					
					
						(EMPLOYEE)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:  Venu Palaparthi

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Executed on  

					
					
						October 2

					
					
						,

					
					
						2017

					
					
						.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						VIRTU FINANCIAL OPERATING LLC

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Justin Waldie

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Justin Waldie

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						SVP & General Counsel

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Executed on  

					
					
						October 2

					
					
						,

					
					
						2017

					
					
						.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						VIRTU FINANCIAL, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Justin Waldie

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Justin Waldie

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						SVP & General Counsel

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Executed on  

					
					
						October 2,

					
					
						 

					
					
						2017

					
					
						.

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Page 12 of 14

		

 

		

		
			 
		

			
					
						SCHEDULE A -- TERMS AND CONDITIONS

				
	
					
						 

				
	
					
						I. General Information

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Employee

					
					
						Venu Palaparthi

				
	
					
						 

					
					
						 

				
	
					
						Notice Date

					
					
						September 11, 2017

				
	
					
						 

					
					
						 

				
	
					
						Termination Date

					
					
						September 11, 2017

				
	
					
						 

					
					
						 

				
	
					
						II. Final Compensation

					
					
						Whether or not Employee signs the Agreement, the Company will make the following payments.

				
	
					
						 

					
					
						 

				
	
					
						Outstanding Salary

					
					
						You will receive a payment equaling any outstanding salary, if any, as of the Termination Date.

				
	
					
						 

					
					
						 

				
	
					
						Accrued But Unused Vacation Days

					
					
						You will receive a payment equaling any outstanding vacation, if any, as of the Termination Date.

				
	
					
						 

					
					
						 

				
	
					
						III. Separation Benefits

					
					
						In consideration for Employee’s execution, non-revocation of, and compliance with the Agreement, including the General Release of Claims, the Company agrees to provide the following Termination Benefits.

				
	
					
						Termination Payments

					
					
						 

				
	
					
						In consideration of Repurchased Interests

				
	
					
						 

				
	
					
						$65,437.68 on November 1, 2017

				
	
					
						 

				
	
					
						$65,437.68 on February 1, 2018

				
	
					
						 

				
	
					
						$65,437.68 on May 1, 2018

				
	
					
						 

				
	
					
						$65,437.68 on August 1, 2018

				
	
					
						 

				
	
					
						$65,437.68 on November 1, 2018

				
	
					
						 

				
	
					
						$65,437.68 on February 1, 2019

				
	
					
						 

				
	
					
						$65,437.68 on May 1, 2019

				
	
					
						 

				
	
					
						$65,437.68 on August 1, 2019

				
	
					
						 

				
	
					
						$65,437.68 on November 1, 2019

				
	
					
						 

				
	
					
						$65,437.68 on February 1, 2020

				
	
					
						 

				
	
					
						$65,437.68 on May 1, 2020

				
	
					
						 

				
	
					
						$65,437.68 on August 1, 2020

				
	
					
						 

				
	
					
						Additional Payments

				
	
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Page 13 of 14

		

 

	
					
						

					
						 

					
					
						$64,635.91 on November 1, 2017

				
	
					
						 

				
	
					
						$64,635.91 on February 1, 2018

				
	
					
						 

				
	
					
						$64,635.91 on May 1, 2018

				
	
					
						 

				
	
					
						$64,635.91 on August 1, 2018

				
	
					
						 

				
	
					
						$64,635.91 on November 1, 2018

				
	
					
						 

				
	
					
						$64,635.91 on February 1, 2019

				
	
					
						 

				
	
					
						$64,635.91 on May 1, 2019

				
	
					
						 

				
	
					
						$64,635.91 on August 1, 2019

				
	
					
						 

				
	
					
						$64,635.91 on November 1, 2019

				
	
					
						 

				
	
					
						$64,635.91 on February 1, 2020

				
	
					
						 

				
	
					
						$64,635.91 on May 1, 2020

				
	
					
						 

				
	
					
						$64,635.91 on August 1, 2020

				
	
					
						 

				
	
					
						COBRA Benefits

					
					
						In accordance with Paragraph 5(b), the Company will arrange to pay Employee’s coverage under COBRA for the period of September 11, 2017 to the six month anniversary thereof.

				
	
					
						Outplacement Benefits

					
					
						A total of 3 months to be used within six months of Termination Date.

				

		
			 
		

		 

		

			Page 14 of 14virt_Ex10_8

		
			Exhibit 10.8
		

		
			 
		

		
			VIRTU FINANCIAL, INC.
2015 MANAGEMENT INCENTIVE PLAN EMPLOYEE
RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT
		

		
			 
		

		
			THIS RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT (the “Agreement”), is entered into as of January 23, 2018 (the “Date of Grant”), by and between Virtu Financial, Inc., a Delaware corporation (the “Company”), and Joseph Molluso (the “Participant”).
		

		
			 
		

		
			WHEREAS, the Company has adopted the Virtu Financial, Inc. 2015 Amended and Restated Management Incentive Plan (the “Plan”), pursuant to which shares of Class A Common Stock and Restricted Stock Units (“RSUs”) may be granted; and
		

		
			 
		

		
			WHEREAS, the Compensation Committee of the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to grant the shares of Class A Common Stock in recognition of Participant’s service to the Company and its Affiliates from January 1, 2017 through December 31, 2017, and RSUs provided for herein to the Participant subject to the terms set forth herein.
		

		
			 
		

		
			NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:
		

		
			 
		

		
			1.          Grant of Common Stock and Restricted Stock Units.
		

		
			 
		

		
			(a)        Grant. The Company hereby grants to the Participant a total number of shares of Class A Common Stock equal to approximately $420,000.00 divided by the Issue Price (the “Shares”), and a total number of RSUs equal to approximately $630,000.00 divided by the Issue Price, in each case on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. The RSUs shall be credited to a separate book-entry account maintained for the Participant on the books of the Company, which may be maintained by a third party. The “Issue Price” shall mean the volume weighted average price of shares of the Company’s Class A Common Stock traded during the three days preceding the Date of Grant, as determined by the Company.
		

		
			 
		

		
			(b)        Incorporation by Reference. The provisions of the Plan are incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. Any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Participant and his legal representative in respect of any questions arising under the Plan or this Agreement. The Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.
		

		
			 
		

		
			2.          Vesting and Settlement.
		

		
			 
		

		
			(a)        The Shares shall be one hundred percent (100%) vested as of the Date of Grant.
		

		
			 
		

		
			(b)        Except as may otherwise be provided herein, subject to the Participant’s continued employment or service with the Company or an Affiliate, the RSUs shall vest in equal installments on each of the first three (3) anniversaries of the Date of Grant (each such date, a “Vesting Date”). Upon
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			each Vesting Date, such portion of the RSUs that vest on such date shall no longer be subject to the transfer restrictions pursuant to Section 9(a) hereof or cancellation pursuant to Section 4 hereof. Any fractional RSUs resulting from the application of the vesting schedule shall be aggregated and the RSUs resulting from such aggregation shall vest on the final Vesting Date.
		

		
			 
		

		
			(c)        Vested RSUs shall be settled within ten (10) days following the Vesting Date for such RSUs in shares of Class A Common Stock, or cash, as determined by the Committee in its sole discretion.
		

		
			 
		

		
			3.          Dividend Equivalents. In the event of any issuance of a cash dividend on the shares of Class A Common Stock (a “Dividend”), the Participant shall be entitled to receive, with respect to each RSU granted pursuant to this Agreement and outstanding as of the record date for such Dividend, payment of an amount equal to the Dividend at the same time as the Dividend is paid to holders of shares of Class A Common Stock generally.
		

		
			 
		

		
			4.          Termination of Employment or Service. If the Participant’s employment or service with the Company and its Affiliates terminates for any reason, all unvested RSUs shall be cancelled immediately and the Participant shall not be entitled to receive any payments with respect thereto.
		

		
			 
		

		
			5.          Rights as a Stockholder. The Participant shall not be deemed for any purpose to be the owner of any shares of Class A Common Stock constituting the Shares or underlying the RSUs unless, until and to the extent that (i) the Company shall have issued and delivered to the Participant the shares of Class A Common Stock constituting the Shares or underlying the RSUs and (ii) the Participant’s name shall have been entered as a stockholder of record with respect to such shares of Class A Common Stock on the books of the Company. The Company shall cause the actions described in clauses (i) and (ii) of the preceding sentence to occur promptly following settlement as contemplated by this Agreement, subject to compliance with applicable laws.
		

		
			 
		

		
			6.          Compliance with Legal Requirements.
		

		
			 
		

		
			(a)        Generally. The granting of the Shares and the granting and settlement of the RSUs, and any other obligations of the Company under this Agreement, shall be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps the Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and non-U.S. securities law in exercising his rights under this Agreement.
		

		
			 
		

		
			(b)        Taxes and Withholding. The grant of the Shares and the vesting and settlement of the RSUs shall be subject to the Participant satisfying any applicable U.S. federal, state and local tax withholding obligations and non-U.S. tax withholding obligations. The Participant shall be required to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, shares of Class A Common Stock, other securities or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Class A Common Stock, other securities or other property) of any required withholding taxes in respect of the Shares or in respect of the RSUs, settlement of the RSUs or any payment or transfer of the RSUs, and to take any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes. In its sole discretion, the Company may permit the Participant to satisfy, in whole or in part, the tax obligations by (A) withholding shares of Class A Common Stock from the Shares having a Fair Market Value equal to such withholding liability and (B) withholding shares of Class A Common Stock that would otherwise be deliverable to the Participant upon settlement of the RSUs with a Fair Market Value equal to such withholding liability.
		

		
			 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			7.          Clawback. Notwithstanding anything to the contrary contained herein, the Committee may cancel the Shares and RSU award if the Participant, without the consent of the Company, has engaged in or engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate while employed by or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, or violates a non-competition, non-solicitation, non-disparagement, non-disclosure or confidentiality covenant or agreement with the Company or any Affiliate, as determined by the Committee. In such event, the Participant will forfeit any compensation, gain or other value realized thereafter on the vesting or settlement of the RSUs, the sale or other transfer of the Shares and the RSUs, or the sale of shares of Class A Common Stock acquired in respect of the RSUs, and must promptly repay such amounts to the Company. If the Participant receives any amount in excess of what the Participant should have received with respect to the Shares or under the terms of the RSUs for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as determined by the Committee, then the Participant shall be required to promptly repay any such excess amount to the Company. To the extent required by applicable law and/or the rules and regulations of NASDAQ or any other securities exchange or inter-dealer quotation system on which the Class A Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company, the Shares and the RSUs shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement).
		

		
			 
		

		
			8.          Contractual Obligations.
		

		
			 
		

		
			(a)           Nothing in this Agreement shall supersede, modify, replace or cancel any existing contractual obligations, including but not limited to restrictive covenants, applicable to you in any employment agreement, offer letter, prior equity award agreement or any other agreement or contract with the Company or its Affiliates.
		

		
			 
		

		
			(b)           In the event that the Participant violates any of the contractual obligations referred to in this Section 8, in addition to any other remedy which may be available at law or in equity, the RSUs shall be automatically forfeited effective as of the date on which such violation first occurs. The foregoing rights and remedies are in addition to any other rights and remedies that may be available to the Company and shall not prevent (and the Participant shall not assert that they shall prevent) the Company from bringing one or more actions in any applicable jurisdiction to recover damages as a result of the Participant’s breach of such restrictive covenants.
		

		
			 
		

		
			9.           Miscellaneous.
		

		
			 
		

		
			(a)        Transferability. The RSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order or as otherwise permitted under Section 15(b) of the Plan. Any attempted Transfer of the RSUs contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the RSUs, shall be null and void and without effect.
		

		
			 
		

		
			(b)        Waiver. Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			(c)        Section 409A. The RSUs are intended to be exempt from, or compliant with, Section 409A of the Internal Revenue Code (“Code”). Notwithstanding the foregoing or any provision of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A of the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being subject to, Section 409A of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A of the Code. This Section 9(c) does not create an obligation on the part of the Company to modify the Plan or this Agreement and does not guarantee that the RSUs will not be subject to interest and penalties under Section 409A.
		

		
			 
		

		
			(d)        General Assets. All amounts credited in respect of the RSUs to the book-entry account under this Agreement shall continue for all purposes to be part of the general assets of the Company. The Participant’s interest in such account shall make the Participant only a general, unsecured creditor of the Company.
		

		
			 
		

		
			(e)        Notices. Any notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax, pdf/email or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention of the General Counsel at the Company’s principal executive office.
		

		
			 
		

		
			(f)        Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
		

		
			 
		

		
			(g)        No Rights to Employment or Service. Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant at any time for any reason whatsoever.
		

		
			 
		

		
			(h)        Fractional Shares. In lieu of issuing a fraction of a share of Class A Common Stock resulting from adjustment of the Shares or the RSUs pursuant to Section 12 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount in cash equal to the Fair Market Value of such fractional share.
		

		
			 
		

		
			(i)        Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.
		

		
			 
		

		
			(j)        Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.
		

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			(k)        Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto, except as set forth in Section 8 hereof. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent under Section 12 or 14 of the Plan.
		

		
			 
		

		
			(l)        Governing Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.
		

		
			 
		

		
			(i)        Dispute Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected with the Plan, this Agreement, the Shares or the RSUs shall be solely and finally settled by the Committee, acting in good faith, the determination of which shall be final. Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with the Plan, and the Participant and the Company consent to the personal jurisdiction of the United States Federal and state courts sitting in Wilmington, Delaware as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to be resolved by the Committee. Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the last known address of such Person, such service to become effective ten (10) days after such mailing.
		

		
			 
		

		
			(ii)        Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated (whether based on contract, tort or any other theory). Each party hereto (A) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
		

		
			(B) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this section.
		

		
			 
		

		
			(m)        Headings; Gender. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement. Masculine pronouns and other words of masculine gender shall refer to both men and women as appropriate.
		

		
			 
		

		
			(n)        Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.
		

		
			 
		

		
			(o)        Electronic Signature and Delivery. This Agreement may be accepted by return signature or by electronic confirmation. By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any time upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information will be delivered in hard copy to the Participant).
		

		
			 
		

		
			
		

		
			

		 

		

			5

		

 

		

		
			(p)        Electronic Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
		

		
			 
		

		
			[Remainder of page intentionally left blank]
		

		
			 
		

		
			 
		

		
			

		 

		

			6

		

 

		

		
			 
		

		
			IN WITNESS WHEREOF, this Agreement has been executed by the Company and the Participant as of the day first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						VIRTU FINANCIAL, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Douglas A. Cifu

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Douglas A. Cifu

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Signature:

					
					
						 

					
					
						/s/ Joseph A. Molluso

				
	
					
						 

					
					
						 

					
					
						Joseph A. Molluso (Jan 24, 2018)

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Email:

					
					
						 

					
					
						REDACTED

				
	
					
						 

					
					
						 

					
					
						Joseph Molluso

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