Document:

Exhibit
10.1

INVESTMENT TECHNOLOGY GROUP, INC.

STOCK
OPTION AGREEMENT

THIS STOCK OPTION
AGREEMENT (the “Agreement”) is entered into as of October 4, 2006, between
INVESTMENT TECHNOLOGY GROUP, INC., a Delaware corporation (the “Company”) and
Robert C. Gasser, an employee of the Company (“Employee”).

WHEREAS,
the parties have entered into an Employment Agreement (the “Employment
Agreement”) and Employee has this date commenced employment with the Company.

WHEREAS, pursuant to the
Employment Agreement, the Employee is entitled to receive a non-qualified stock
option to purchase shares of the Company’s common stock (the “Common
Stock”).

WHEREAS, the Company desires
to grant the Employee this option under the Investment Technology Group, Inc.
1994 Stock Option and Long-term Incentive Plan, as Amended and Restated (the “Plan”),
in order to satisfy its obligation under the Employment Agreement.

WHEREAS, the Employee agrees
that this option grant satisfies the Company’s obligation under the Employment
Agreement.

NOW THEREFORE, the
parties agree as follows:

1.1.          The Company has granted to the
Employee a nonqualified stock option (the “Option”) to purchase 69,856 shares
of Common Stock, for a price per share equal to $44.22 per share (the “Option
Price”).  The date of grant of the Option
is October 4, 2006 (“Grant Date”).  This
Option is intended to be a nonqualified stock option and shall not be treated
as an incentive stock option under the provisions of the Internal Revenue Code
of 1986, as amended.

1.2.          The Option is granted under Section
6.1 of the Plan.  All of the terms and conditions
of the Plan are hereby incorporated by reference in this Agreement as though
fully set forth herein.  Terms defined in
the Plan but not in this Agreement shall have the meanings set forth in the
Plan.  To the extent of any conflict
between the provisions of this Agreement and those of the Plan, the provisions
of the Plan shall govern.  Employee
acknowledges receipt of a copy of the Plan, accepts the Option subject to the
terms and conditions set forth in the Plan and this Agreement, and consents to
and agrees to comply with such terms and conditions.

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1.3.          This Option is granted for no
consideration other than the services of Employee and Employee’s agreements set
forth herein.

1.4.          The grant of the Option is exempt from
the provisions of Section 16(b) of the Securities Exchange Act of 1934 (the “Exchange
Act”) pursuant to the provisions of Rule l6b-3, all of the requirements of
which have been satisfied.

2.1.          The Option shall become exercisable on the following dates, if the Employee
is employed by, or providing service to the Company (including all
subsidiaries) on the applicable date:

	
  Date

  	
   

  	
  Shares for Which the

  Option is Exercisable

  	
   

  
	
  First
  Anniversary of Date of Grant

  	
   

  	
  33 1/3%

  	
   

  
	
  Second
  Anniversary of Date of Grant

  	
   

  	
  33 1/3%

  	
   

  
	
  Third Anniversary of
  Date of Grant

  	
   

  	
  33 1/3%

  	
   

  

 

The exercisability of the Option is cumulative, but shall not exceed
100% of the shares subject to the Option. 
If the foregoing schedule would produce fractional shares, the number of
shares for which the Option becomes exercisable shall be rounded down to the
nearest whole share.

2.2.          In the event of termination of
Employee’s employment with the Company (including all subsidiaries) by reason
of death or Permanent Disability (as defined in the Employment Agreement), the
Option shall become vested and exercisable in full at the time of such
termination and shall remain exercisable until the earlier of the one-year
period following the termination of employment or the expiration of the Option
term.

2.3           In the event of
termination of Employee’s employment with the Company (including all
subsidiaries) for Good Reason (as defined in the Employment Agreement) or not
for Cause (as defined in the Employment Agreement) prior to a Change in Control
(as defined in the Employment Agreement) and Employee executes (and does not
revoke) a Release (as defined in the Employment Agreement), (a) the vested
portion of the Option as of the termination date shall remain exercisable until
the earlier of the first anniversary of the termination date or the expiration
of the option term and (b) the unvested portion of the Option as of the
termination date shall continue to vest as if Employee had remained employed by
the Company through the first anniversary of the termination date and any
portion of the Option that vests during the one-year period following the
termination date shall remain exercisable until the earlier of the one-year
period following the applicable vesting date or the expiration of the Option
term.

2.4           In the event of a Change in Control
at a time when the Employee is an employee of the Company (including all
subsidiaries), the Option will be exercisable until 5:00 p.m., Eastern time, on
the fifth anniversary of the Grant Date, without regard to whether the

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Employee’s
employment with the Company or any of its subsidiaries continues after such
Change in Control.

2.5           In the event of termination of
Employee’s employment with the Company (including all subsidiaries) for any
reason other than those outlined in Sections 2.2 or 2.3, the vested portion of
the Option as of the termination date shall remain exercisable until the earlier
of 60 days after the date of such termination or the expiration of the Option
term and any unvested portion of the Option as of the termination date shall be
forfeited.

2.6.          The Option shall have a term of five
years from the Grant Date and shall terminate at the expiration of that period,
unless it is terminated at an earlier date pursuant to the provisions of this
Agreement or the Plan.  Notwithstanding
anything in this Agreement to the contrary, in no event may the Option be
exercised after the date that is immediately before the fifth anniversary of
the Grant Date.

3.1.          To the extent the Option is
exercisable under the provisions of Section 2 hereof, the Option may be
exercised by giving written notice of exercise of the Option to the Secretary
of the Company, and it shall be deemed to have been received either when delivered
personally to the office of the Secretary or at 11:58 p.m. on the date of any
U.S. Postal Service postmark on the notice, whichever is earlier (the “Exercise
Date”).  Such notice shall be irrevocable
and must be accompanied by the payment of the purchase price as provided in Section
4 below.  Upon the exercise of the
Option, the Company will transfer or will cause to be issued a certificate or
certificates for the Common Stock being purchased as promptly as practicable.

4.1.          The purchase price of Common Stock
purchased by the Employee upon exercise of the Option (the “Option Shares”)
shall be paid in full to the Company at the time of such exercise in cash
(including by check) or by the surrender of Common Stock of the Company or a
combination thereof, in accordance with Section 9.3 of the Plan, provided that
Common Stock held for less than six months may be surrendered only with the
approval of the Committee.

5.1.          In the event of circumstances
described in Section 5.5. of the Plan, the number and kind of shares purchasable
upon exercise of the Option, and other terms of the Option, shall be
appropriately adjusted by the Committee in accordance with Section 5.5 of the
Plan, in order to prevent dilution or enlargement of the rights of the Employee.

6.1.          The Employee represents and warrants
that the Employee is acquiring the Option for his/her own account and not with
a view to distribution of this Option or the Option Shares.  As a condition to the exercise of the Option,
and in the event that the Option Shares have not yet been registered under the
Securities Act of 1933, as amended (the “Act”) at the time they are issued, the
Company may require the Employee to make any representation and/or warranty to
the Company as may, in the judgment of counsel to the Company, be

 3
 

 

required under any
applicable law or regulation, including but not limited to a representation and
warranty that the Option Shares are being acquired only for investment and
without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required under the
Act or any other applicable law, regulation or rule of any governmental agency.

7.1.          Neither the Employee nor any other
person shall have any right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey the
Option or any amounts payable pursuant to the provisions of this Agreement,
which Option and amounts are, and all rights under this Agreement are,
expressly declared to be unassignable and nontransferable, other than by will
or under the laws of descent and distribution. 
No part of the Option or such amounts payable shall be subject to seizure
or sequestration for the payment of any debts, judgments, alimony or separate
maintenance owed by the Employee or any other person, nor be transferable by
operation of law in the event of the Employee’s or any other person’s
bankruptcy or insolvency.

8.1.          Neither the Employee nor any other
person shall acquire by reason of the Option or the Option Shares any right in
or title to any assets, funds or property of the Company whatsoever including,
without limiting the generality of the foregoing, any specific funds or assets
which the Company, in its sole discretion, may set aside in anticipation of a liability.  No trust shall be created in connection with
or by the granting of the Option or the purchase of any Option Shares, and any
benefits which become payable hereunder shall be paid from the general assets
of the Company.  The Employee shall have
only a contractual right to the amounts, if any, payable pursuant to this
Agreement, unsecured by any asset of the Company or any of its affiliates.

9.1.          Nothing herein will limit the Company’s
right to issue Common Stock, or options or other rights to purchase Common
Stock, to its employees, subject to vesting, expiration and other terms and
conditions deemed appropriate by the Company and its affiliates.

10.1.        The Employee authorizes the Company to
withhold, in accordance with any applicable law, from any compensation payable
to him/her any taxes required to be withheld by federal, state or local law
upon the issuance of Option Shares or the payment of money pursuant to the
exercise of the Option.  The Employee may
elect to have the Company withhold Option Shares to pay any applicable
withholding taxes resulting from the exercise of the Option, in accordance with
any rules or regulations of the Committee then in effect.

11.1.        Shares issued pursuant to exercise of
the Options shall be shares of Common Stock, the issuance of which is
registered under the Act.

12.1.        The terms of this Agreement shall be
binding upon the executors, administrators, heirs, successors, transferees and
assignees of the Employee and the Company.

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13.1.        In any action at law or in equity to
enforce any of the provisions or rights under this Agreement, including any
arbitration proceedings to enforce such provisions or rights, the unsuccessful
party to such litigation or arbitration, as determined by the court in a final
judgment or decree, or by the panel of arbitrators in its award, shall pay the
successful party or parties all costs, expenses and reasonable attorneys’ fees
incurred by the successful party or parties (including without limitation
costs, expenses and fees on any appeals), and if the successful party recovers
judgment in any such action or proceeding such costs, expenses and attorneys’
fees shall be included as part of the judgment.

14.1.        The Employee agrees to perform all acts
and execute and deliver any documents that may be reasonably necessary to carry
out the provisions of this Agreement, including but not limited to all acts and
documents related to compliance with federal and/or state securities laws.

15.1.        For convenience, this Agreement may be
executed in any number of identical counterparts, each of which shall be deemed
a complete original in itself and may be introduced in evidence or used for any
other purposes without the production of any other counterparts.

16.1.        This Agreement shall be construed and
enforced in accordance with Section 10 of the Plan.

17.1.        This Agreement, together with the Plan,
sets forth the entire agreement between the parties with reference to the
subject matter hereof, and there are no agreements, understandings, warranties,
or representations, written, express, or implied, between them with respect to
the Option other than as set forth herein or therein, all prior agreements,
promises, representations and understandings relative thereto being herein
merged.

18.1.        Nothing expressed or implied herein is
intended or shall be construed to confer upon or give to any person, other than
the parties hereto, any right, remedy or claim under or by reason of this
Agreement or of any term, covenant or condition hereof.

19.1.        This Agreement may be amended, modified,
superseded, canceled, renewed or extended and the terms or covenants hereof may
be waived only by a written instrument executed by the parties hereto or, in
the case of a waiver, by the party waiving compliance.  Any such written instrument must be approved
by the Committee to be effective as against the Company.  The failure of any party at any time or times
to require performance of any provision hereof shall in no manner affect the
right at a later time to enforce the same. 
No waiver by any party of the breach of any term or provision contained
in this Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such breach, or a waiver of the breach of any other term or
covenant contained in this Agreement.

 5
 

 

20.1.        Any notice to be given hereunder shall
be in writing and delivered personally or sent by registered or certified mail,
postage prepaid, and, if to the Company, addressed to it at 380 Madison Avenue,
New York, New York 10017, Attn: General Counsel, and, if to the Employee,
addressed to him/her at the address set forth in his/her offer letter, or to
such other address of such party as that party may designate by written notice
to the other.

21.1.        Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

22.1         Neither this Agreement nor any action
taken hereunder shall be construed as giving Employee the right to be retained
in the employ of the Company (or any of its subsidiaries) nor shall it
interfere in any way with the right of the Company (or any of its subsidiaries)
to terminate Employee’s employment at any time.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed
this Stock Option Agreement as of the date first above written.

	
  

  	
  INVESTMENT TECHNOLOGY GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Raymond L. Killian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  Raymond L. Killian, Jr.

  
	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robert C.
  Gasser

  	
   

  
	
   

  	
  Robert C. Gasser

  
						

 

 7Exhibit
10.2

INVESTMENT
TECHNOLOGY GROUP, INC.

RESTRICTED SHARE
AGREEMENT

THIS AGREEMENT, dated as
of October 4, 2006 between Investment Technology Group, Inc. (the “Company”), a
Delaware corporation, and Robert C. Gasser (the “Employee”).

WHEREAS, the parties have
entered into an Employment Agreement (the “Employment Agreement”) and Employee
has this date commenced employment with the Company.

WHEREAS, pursuant to the Employment Agreement, the
Employee is entitled to receive a Restricted Share Award with respect to 31,250
shares of the Company’s common stock (the “Common Stock”).

WHEREAS, the Company
desires to grant this Restricted Share Award under the Company’s 1994 Stock
Option and Long-Term Incentive Plan, as Amended and Restated (the “Plan”) in
order to satisfy its obligation under the Employment Agreement, subject to
stockholder approval of the performance goals set for the award.

WHEREAS, the Employee agrees that this Restricted
Share Award satisfies the Company’s obligation under the Employment Agreement.

NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein, and for
other good and valuable consideration, the parties hereto agree as follows.

1.             Award of Shares.  Pursuant
to the provisions of the Plan, the terms of which are incorporated herein by
reference, the Employee is hereby awarded 31,250 Restricted Shares (the
“Award”), which number represents 6,250 Restricted Shares for the period
October 4, 2006 through December 31, 2006 and 25,000 Restricted Shares for the 2007
calendar year, subject to the terms and conditions of this Agreement, the Plan
and approval by the Company’s stockholders of the performance goals set for the
Award.  The Company shall submit the Plan
and the performance goals set for the Award to the Company’s stockholders for
approval at the next annual meeting of the Company’s stockholders following the
date of this Agreement.  The Award is
granted as of October 4, 2006 (the “Date of Grant”).  Capitalized terms used herein and not defined
shall have the meanings set forth in the Plan. 
Except as otherwise expressly provided herein, in the event of any
conflict between this Agreement and the Plan, the Plan shall control.

2.             Terms and
Conditions.  It is understood and agreed that the Award of
Restricted Shares evidenced hereby is subject to the following terms and
conditions:

(a)           Vesting and Payment of Award.  Subject to Sections 2(b) and 2(c) below
and the other terms and conditions of this Agreement, the Restricted Shares
shall vest and

 1
 

 

be paid on the dates set
forth on Exhibit A, provided the performance goal set forth on Exhibit
A has been achieved and the Employee has not incurred a Termination of
Service as of the date the goal is achieved. 
On the date the Restricted Shares vest, the Employee shall be paid one
share of Common Stock for each Restricted Share that vests.

(b)           Termination Prior to a Change in Control.  Notwithstanding Section 2(a) above, in the
event the Employee incurs a Termination of Service for Good Reason (as defined
in the Employment Agreement) or not for Cause (as defined in the Employment
Agreement) prior to a Change in Control (as defined in the Employment
Agreement), the Restricted Shares shall continue to vest and be paid (as if the
performance goal set forth in Exhibit A has been achieved) as if
Employee remained employed by the Company through the first anniversary of the
date of his Termination of Service; provided that the Employee executes (and
does not revoke) a Release (as defined in the Employment Agreement).

(c)           Change in Control; Death or Disability.  Notwithstanding Section 2(a) above, the
Restricted Shares shall become immediately vested (as if the performance goal
set forth in Exhibit A has been achieved) and payable in full upon (i) a
Change in Control, or (ii) the Employee’s Termination of Service due to death
or Permanent Disability (as defined in the Employment Agreement).

(d)           Termination of Service; Forfeiture of
Unvested Award.  Except as otherwise
provided in this Section 2, in the event of Termination of Service of the
Employee prior to the date the Award otherwise becomes vested, the Award shall
immediately be forfeited by the Employee and become the property of the
Company.

(e)           Certificates.  Upon the
vesting and payment of Restricted Shares pursuant to Section 2 hereof and
the satisfaction of any withholding tax liability pursuant to Section 5
hereof, the certificates evidencing such Common Stock shall be delivered to the
Employee or other evidence of issuance of Common Stock shall be provided to the
Employee.

(f)            Rights of a Stockholder.  Prior
to the time a Restricted Share is vested and paid hereunder, the Employee shall
have no right to transfer, pledge, hypothecate or otherwise encumber such
Restricted Share, nor shall the Employee shall have any other rights of a
stockholder, including, but not limited to, the right to vote and to receive
dividends (subject to Section 2(a) hereof) at the time paid on such Restricted
Shares.  Dividends declared and paid
prior to the time a Restricted Share vests and is paid shall accumulate and be
reinvested in additional Restricted Shares that vest and are paid according to
the same schedule as the Restricted Shares to which they relate.

(g)           No Right to Continued Employment.  This Award shall not confer upon the Employee
any right with respect to continuance of employment by the Company nor shall
this Award interfere with the right of the Company to terminate the Employee’s
employment at any time.

(h)           Termination of Service.  “Termination of Service” means the
termination of the Employee’s employment with the Company and its
subsidiaries.  An Employee employed by a
subsidiary of the Company shall also be deemed to incur a

 2
 

 

Termination of Service if
the subsidiary of the Company ceases to be such a subsidiary and the Employee
does not immediately thereafter become an employee of the Company or another
subsidiary of the Company.  Temporary
absences from employment because of illness, vacation or leave of absence and
transfers among the Company and its subsidiaries shall not be considered a
Termination of Service.

(i)            Adjustments.  If any event described in Section 5.5 of the
Plan occurs, the Committee shall be required to make appropriate adjustment in
accordance with the terms of Section 5.5

3.             Transfer of Common
Stock.  The Common Stock to be paid
hereunder, or any interest therein, may be sold, assigned, pledged,
hypothecated, encumbered, or transferred or disposed of in any other manner, in
whole or in part, only in compliance with the terms, conditions and
restrictions as set forth in the governing instruments of the Company,
applicable federal and state securities laws or any other applicable laws or
regulations and the terms and conditions hereof.

4.             Expenses of
Issuance of Common Stock.  The
issuance of stock certificates hereunder shall be without charge to the
Employee.  The Company shall pay, and
indemnify the Employee from and against any issuance, stamp or documentary
taxes (other than transfer taxes) or charges imposed by any governmental body,
agency or official (other than income taxes) by reason of the issuance of
Common Stock.

5.             Withholding.  No later than the date of vesting and payment
of the Award granted hereunder, the Employee shall pay to the Company or make
arrangements satisfactory to the Committee regarding payment of any federal,
state or local taxes of any kind required by law to be withheld at such time
with respect to such Award and the Company shall, to the extent permitted or required
by law, have the right to deduct from any payment of any kind otherwise due to
the Employee, federal, state and local taxes of any kind required by law to be
withheld at such time.  The Employee may
elect to have the Company withhold Common Stock or any dividend equivalents to
pay any applicable withholding taxes resulting from the Award, in accordance
with any rules or regulations of the Committee then in effect.

6.             References.  References
herein to rights and obligations of the Employee shall apply, where
appropriate, to the Employee’s legal representative or estate without regard to
whether specific reference to such legal representative or estate is contained
in a particular provision of this Agreement.

7.             Notices.  Any
notice required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or by
courier, or sent by certified or registered mail, postage prepaid, return
receipt requested, duly addressed to the party concerned at the address
indicated below or to such changed address as such party may subsequently by
similar process give notice of:

 3
 

 

 

If to the Company:

Investment Technology Group, Inc.

380 Madison Avenue

New York, NY 10017

Attn.: General Counsel

If to the Employee:

At
the Employee’s most recent address shown on the Company’s corporate records, or
at any other address at which the Employee may specify in a notice delivered to
the Company in the manner set forth herein.

8.             Costs.  In any action at law or in equity to enforce
any of the provisions or rights under this Agreement, including any arbitration
proceedings to enforce such provisions or rights, the unsuccessful party to
such litigation or arbitration, as determined by the court in a final judgment
or decree, or by the panel of arbitrators in its award, shall pay the successful
party or parties all costs, expenses and reasonable attorneys’ fees incurred by
the successful party or parties (including without limitation costs, expenses
and fees on any appeals), and if the successful party recovers judgment in any
such action or proceeding such costs, expenses and attorneys’ fees shall be included
as part of the judgment.

9.             Further Assurances.  The Employee agrees to perform all acts and
execute and deliver any documents that may be reasonably necessary to carry out
the provisions of this Agreement, including but not limited to all acts and
documents related to compliance with federal and/or state securities laws.

10.           Counterparts.  For convenience, this Agreement may be
executed in any number of identical counterparts, each of which shall be deemed
a complete original in itself and may be introduced in evidence or used for any
other purposes without the production of any other counterparts.

11.           Governing Law.  This Agreement shall be construed and
enforced in accordance with Section 10 of the Plan.

12.           Entire Agreement.  This Agreement, together with the Plan, sets
forth the entire agreement between the parties with reference to the subject
matter hereof, and there are no agreements, understandings, warranties, or
representations, written, express, or implied, between them with respect to the
Award other than as set forth herein or therein, all prior agreements,
promises, representations and understandings relative thereto being herein
merged.

13.           Amendment; Waiver.  This Agreement may be amended, modified,
superseded, canceled, renewed or extended and the terms or covenants hereof may
be waived only by a written instrument executed by the parties hereto or, in
the case of a waiver, by the party waiving compliance.  Any such written instrument must be approved
by the Committee to be effective as against the Company.  The failure of any party at any time or times
to require performance of any provision hereof shall in no manner affect the
right at a later time to enforce

 4
 

 

the same.  No waiver by any party of the breach of any
term or provision contained in this Agreement, whether by conduct or otherwise,
in any one or more instances, shall be deemed to be, or construed as, a further
or continuing waiver of any such breach, or a waiver of the breach of any other
term or covenant contained in this Agreement.

14.           Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

[SIGNATURE
PAGE FOLLOWS]

 5
 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.

	
  

  	
  Investment Technology Group, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Raymond L. Killian, Jr.

  	
   

  
	
   

  	
  Name:

  	
  Raymond L. Killian, Jr.

  
	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Employee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robert C.
  Gasser

  	
   

  
	
   

  	
  Robert C. Gasser

  
						

 

 6
 

 

Exhibit A

Performance
Objectives and Vesting and Payment Schedule for the Restricted Share Award

If the Company’s pre-tax operating income (excluding
one-time gains, non-recurring charges, and certain non-cash charges such as
impairment of goodwill) for the period October 1, 2006 through September 30,
2007 equals or exceeds $     million, the
Award shall be earned, subject to vesting and payment as follows:

	
  Vesting and Payment Date

  	
   

  	
  Percentage of Award that Shall Vest

  	
   

  
	
  October 31, 2007

  	
   

  	
  33 1/3%

  	
   

  
	
  October 4, 2008

  	
   

  	
  33 1/3%

  	
   

  
	
  October 4, 2009

  	
   

  	
  33 1/3%

  	
   

  

 

provided, however, that
if the performance objective is not achieved during the first four calendar quarters
ending on September 30, 2007, the award shall not be “earned” and no shares
shall vest and payment shall not be made with respect to the first vesting and
payment date (and any subsequent vesting and payment date) until the last day
of the month following the calendar quarter as of which the Company achieves
aggregate pre-tax operating income (excluding one-time gains, non-recurring
charges, and certain non-cash charges such as impairment of goodwill) of $     million for the preceding four consecutive
calendar quarters.  If the Company does
not achieve this goal by September 30, 2009, the Award shall be forfeited.

 7

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