Document:

exv10w20

Exhibit 10.20

August 24, 2009

Christopher Calhoun

Dear Chris:

     The purpose of this letter (the “Agreement”) is to amend and restate your existing
Offer Letter with GAIN Capital Holdings, Inc. (the
“Company”), dated February 1, 2009 (your
“Existing Offer Letter”), to reflect the terms and conditions of your continued employment
with the Company in a new role. Effective as of April 1, 2009
(the “Effective Date”), the
key elements of your new role and continued employment with the Company are as follows:

     1. Title and Duties. You will continue to be employed by the Company in the position
of Senior Advisor and Corporate Secretary of the Company with the duties, responsibilities and
authority commensurate therewith. You will report to and accept direction from the Chief Executive
Officer of the Company regarding projects and activities to be completed by you for the Company
during the Employment Period (as defined below).

     2. Term. The term of this Agreement and your new position commenced on the
Effective Date and will continue until terminated in accordance with Section 7 below (the
“Employment Period”).

     3. Salary and Benefits. During the Employment Period, the Company will pay you an
annual base salary of $50,000, which will be paid in accordance with the general payroll practices
of the Company. Your base salary will be subject to review and increase by the Company during the
Employment Period in accordance with the Company’s normal compensation and performance review
policies for employees generally. During the Employment Period, you will continue to participate in
the Company’s health, dental, 401 (k), and other benefit plans generally available to Company
employees from time to time. Nothing in this Agreement or otherwise shall prevent the Company from
amending or terminating any bonus, incentive, equity compensation, retirement, welfare or other
employee benefit plans, programs, policies or perquisites from time to time on or after the
Effective Time as the Company deems appropriate. The Company will provide you with a cellular
telephone at the Company’s sole expense.

     4. Bonus. Effective as of the Effective Date, you are no longer eligible to
participate in the management bonus program. However, you will be eligible to participate in the
Company’s annual discretionary bonus program for employees generally. Any annual bonus earned and
payable to you will be paid on or after January 1 but not later than March 15 of the calendar year
following the calendar year for which the annual bonus is earned.

 

 

     5. Equity Compensation. During the Employment Period, you will continue to be
eligible to participate in certain long-term equity incentive programs established by the Company
for its employees, including the 2006 Equity Compensation Plan (or a successor thereto), at levels
determined by the Compensation Committee in its sole discretion, commensurate with your position.

     6. Vacation. During the Employment Period, you will continue to be entitled to
vacation, holiday and sick leave at levels commensurate with those provided to other employees of
the Company, in accordance with the Company’s vacation, holiday and other pay-for-time-not worked
policies; provided, however, that you will be entitled to not less than four (4) weeks paid
vacation each calendar year, prorated in respect of any period of employment of less than twelve
(12) months in a calendar year.

     7. Termination. Your employment with the Company continues to be at-will and subject
to the arrangements described in the Company’s employee handbook, as modified from time to time.
This means that you may resign from the Company at any time for any reason upon thirty (30) days
advance written notice, and the Company may terminate your employment at any time for any reason
upon thirty (30) days advance written notice. Upon any such termination or resignation, you will be
entitled only to any amounts earned and payable but not yet paid.

     8. Restrictive Covenant Agreement. You hereby acknowledge and confirm that the
Employee Non-Disclosure, Assignment of Developments, Non-Competition and Non-Solicitation Agreement
executed by you in favor of the Company on November 12, 2000
(the “Restrictive Covenants
Agreement”), the terms of which are incorporated herein by reference, remains in full force and
effect and binding upon you. The Restrictive Covenants shall survive the termination of this
Agreement and your employment by the Company for the applicable period(s) set forth therein.

     9. Entire Agreement. This Agreement together with the Restrictive Covenants Agreement,
sets forth the entire understanding between you and the Company and supersedes any and all prior
agreements and understandings with respect to the subject matter hereof, including, without
limitation, your Existing Offer Letter. This Agreement cannot be changed, modified, extended or
terminated except by a written amendment executed by you and by the President of the Company.

     10. Successors. The terms and provisions of this Agreement will be binding upon and
inure to the benefit of the respective heirs, executors, administrators, legal representatives,
successors and assigns of you and the Company, except that your duties and responsibilities under
this Agreement are of a personal nature and may not be assigned or delegated.

     11. Tax Withholding. All payments under this Agreement will be made subject to
applicable tax withholding, and the Company will withhold from any payments under this Agreement
all federal, state and local taxes as the Company is required to withhold.

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     12. Governing Law. This Agreement will be governed by and interpreted under the
laws of the State of New Jersey without giving effect to any conflict of laws provisions,

     If these terms are agreeable, please signify your acceptance below and return one copy to me.

	 	 	 	 	 
	Sincerely,

GAIN Capital Holdings, Inc.

 	 	 
	/s/ Glen Stevens
 	 	 
	Glen Stevens 	 	 
	President and Chief Executive Officer 	 	 
	 
	Agreed and accepted:

 	 	 
	/s/ Christopher Calhoun
 	 	 
	Christopher Calhoun 	 	 
	 	 	 
	8-26-09	 	 
	Date 	 	 
	 	 	 
	 

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Exhibit 10.21

February 1, 2009

Henry Lyons

Dear Henry:

     The purpose of this letter (the “Agreement”) is to amend and restate your existing
Offer Letter with GAIN Capital Holdings, Inc. (the
“Company”), dated February 11, 2008 (your
“Existing Offer Letter”), to (i) clarify certain terms of your Existing Officer Letter,
(ii) reflect certain changes necessary to comply with the requirements of section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the final regulations issued
thereunder, and (iii) provide for your continued employment as the Company’s Chief Financial
Officer.

     1. Title and Duties. You will continue to serve as the Chief Financial Officer of the
Company and will report to and accept direction from the Chief Executive Officer of the Company
regarding projects and activities to be completed by you for the Company during the Employment
Period (as defined below). You will (a) serve the Company diligently, competently and to the best
of your abilities, (b) devote substantially all of your time and attention to the business of the
Company and its affiliates, (c) maintain a satisfactory level of performance of your duties, and
(d) not undertake any other duties that conflict with these responsibilities. You will render such
services as may reasonably be required of you to accomplish the business purposes of the Company,
and such duties as may be assigned to you from time to time and which are appropriate for your
position at the Company. Your principal place of employment shall be at the Company’s corporate
headquarters in Bedminister, New Jersey.

     2. Term. Your employment with the Company will continue from the date of this
Agreement until terminated in accordance with Section 7 below (the “Employment Period”).

     3. Salary and Benefits. While you are employed with the Company, your annual base
salary will be $325,000. Your base salary will be payable in accordance with the general payroll
practices of the Company. During the Employment Period, you will be eligible to receive an annual
performance review, and thereafter, you will be entitled to such base salary as the Company may
from time to time establish in its sole discretion. During the Employment Period, you will be
eligible to participate in the Company’s health, dental, 401(k), and other benefit plans generally
available to Company employees from time to time. Nothing in this Agreement or otherwise shall
prevent the Company from amending or terminating any bonus, incentive, equity compensation,
retirement, welfare or other employee benefit plans, programs, policies or perquisites from time to
time as the Company deems appropriate. You will be provided with such other executive perquisites
as may be provided to other senior executive officers of the Company, if any.

 

 

     4. Bonus. In addition to your base salary, you will be eligible to participate in the
Company’s annual bonus program for each calendar year during the Employment Period on such terms
and conditions as are in effect for such program in any given calendar year during the Employment
Period. Your target annual bonus for any calendar year during the Employment Period will be
established by the Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”) at 50% to 75% of your annual base salary. Any actual bonus paid
to you will be based on the level of achievement of the applicable performance goals relative to
the pre-established targets, as determined by the Compensation Committee in its sole discretion.
Any annual bonus earned and payable to you will be paid on or after January 1 but not later than
March 15 of the calendar year following the calendar year for which the annual bonus is earned.

     5. Equity
Compensation. During the Employment Period, you will be eligible to
participate in certain long-term equity incentive programs established by the Company for its
employees, including the 2006 Equity Compensation Plan (or a successor thereto) (the “Equity
Plan”), at levels determined by the Compensation Committee in its sole discretion, commensurate
with your position.

     6. Vacation. During the Employment Period, you will be entitled to vacation, holiday
and sick leave at levels commensurate with those provided to other employees of the Company, in
accordance with the Company’s vacation, holiday and other pay-for-time-not worked policies;
provided, however, that you will be entitled to not less than four (4) weeks paid vacation each
calendar year, prorated in respect of any period of employment of less than twelve (12) months in a
calendar year; provided, however, that no such pro-ration shall occur with respect to the 2008
calendar year.

     7. Termination.

          (a) The Company may terminate your employment at any time. The Company will provide you with
30 days advance written notice of such termination, except in the event of termination for Cause.
You may terminate employment at any time upon 30 days prior written notice to the Company.

          (b) For purposes of this Agreement, the term “Cause” means: (i) conviction or plea of no
contest to a felony, (ii) continuing neglect, refusal or failure to perform your material duties to
the Company (other than a failure resulting from your incapacity due to physical or mental
illness), (iii) misconduct in the performance of your duties to the Company, (iv) breach of any
written non-competition, non-disclosure or non-solicitation agreement in effect with the Company,
or (v) refusal or failure to carry out directives or instructions of the Board of Directors or the
Chief Executive Officer of the Company that are consistent with the scope and nature of your duties
and responsibilities set forth herein.

     8. Severance Benefits. If, within one (1) year after a Change of Control (as
defined in the Equity Plan), the Company involuntarily terminates your employment during the
Employment Period other than (i) for Cause, (ii) on account of your death or (iii) on account of

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your disability (and disability for this purpose will mean your total and permanent disability
under the terms of the Company’s long-term disability plan, whether or not you participate in such
plan), subject to your continued compliance with the Restrictive Covenants Agreement (as defined in
Section 9) and your execution (and non-revocation) of a release of all claims against the Company
and its affiliates, in a form provided by the Company (the “Release”), you will receive a
lump sum cash payment equal to one (1) year of your base salary in effect at the time of your
termination of employment. This lump sum payment will be paid to you within 30 days after the
effective date of your termination of employment, subject to your delivery to the Company of an
effective Release. In addition, notwithstanding any provision to the contrary in any applicable
plan, program or agreement, if the Company involuntarily terminates your employment as set forth in
this Section 8, then all outstanding restricted stock units held by you as of the date of such
termination of employment, to the extent not otherwise vested, will become fully vested on the
effective date of your termination of employment.

     9. Restrictive Covenant Agreement. You hereby acknowledge and confirm that the
Employee Non-Disclosure, Assignment of Developments, Non-Competition and Non-Solicitation Agreement
executed by you in favor of the Company on February 21, 2008 (the “Restrictive Covenants
Agreement”), the terms of which are incorporated herein by reference, remains in full force and
effect and binding upon you. The Restrictive Covenants shall survive the termination of this
Agreement and your employment by the Company for the applicable period(s) set forth therein.

     10. Application of Section 409A of the Internal Revenue Code. This Agreement is
intended to comply with the “short-term deferral” exception to section 409A of the Code. Payments
may only be made under this Agreement upon an event and in a manner permitted by section 409A or an
exemption, to the extent applicable. All payments to be made upon termination of employment under
this Agreement may only be made upon a “separation from service” under section 409A and if you are
a “specified employee” (as defined in section 409A of the Code) at the time of your termination of
employment, payments will be postponed as necessary to avoid any penalty sanction under section
409A of the Code. For purposes of section 409A, each payment made under this Agreement will be
treated as a separate payment. In no event will you, directly or indirectly, designate the calendar
year of a payment.

     11. Terms of Employment. You are an employee-at-will of the Company, and your
employment is subject to the arrangements described in the Company’s employee handbook as modified
from time to time; provided that severance benefits under this Agreement will be provided in lieu
of any benefits under a severance plan of the Company.

     12. Entire Agreement. This Agreement together with the Restrictive Covenants
Agreement, sets forth the entire understanding between you and the Company and supersedes any and
all prior agreements and understandings with respect to the subject matter hereof, including,
without limitation, your Existing Offer Letter. This Agreement cannot be changed, modified,
extended or terminated except by a written amendment executed by you and by the President of the
Company.

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     13. Successors. The terms and provisions of this Agreement will be binding upon and
inure to the benefit of the respective heirs, executors, administrators, legal representatives,
successors and assigns of you and the Company, except that your duties and responsibilities under
this Agreement are of a personal nature and may not be assigned or delegated.

     14. Tax Withholding. All payments under this Agreement will be made subject to
applicable tax withholding, and the Company will withhold from any payments under this Agreement
all federal, state and local taxes as the Company is required to withhold.

     15. Governing Law. This Agreement will be governed by and interpreted under the laws
of the State of New Jersey without giving effect to any conflict of laws provisions.

     If these terms are agreeable, please signify your acceptance below and return one copy to me.

Sincerely,

	 	 	 	 	 
	GAIN Capital Holdings, Inc.

 	 	 
	/s/ Glen Stevens
 	 	 
	Glen Stevens 	 	 
	President and Chief Executive Officer 	 	 
	 

	 	 	 	 	 
	Agreed and accepted:

 	 	 
	/s/ Henry Lyons
 	 	 
	Henry Lyons  	 	 
	 	 	 
	3/23/09
 	 	 
	Date 	 	 
	 	 	 
	 

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