Document:

Exhibit
10.3.21

INVESTMENT TECHNOLOGY
GROUP, INC.

SIXTH AMENDED AND RESTATED

1998 STOCK UNIT AWARD PROGRAM

1.             Purpose

This Sixth Amended and Restated 1998 Stock Unit Award
Program (the “Program”) is implemented under the 1994 Stock Option and
Long-Term Incentive Plan, as amended and restated (the “Plan”), of Investment
Technology Group, Inc. (the “Company”) in order to provide an additional
incentive to selected members of senior management and key employees to increase
the success of the Company, by substituting stock units for a portion of the
cash compensation payable to such persons, which stock units represent an
equity interest in the Company to be acquired and held under the Program on a
long-term, tax-deferred basis, and otherwise to promote the purposes of the
Plan.  The Program is amended and
restated herein, effective for deferrals made from compensation earned for
periods on or after January 1, 2006. 
Deferrals made from compensation earned for periods prior to January 1,
2006 shall be governed by the Program as in effect prior to this sixth
amendment and restatement.  Persons
selected to be eligible to participate in the Program will participate only if
they elect to participate for a calendar year.

2.             Definitions

Capitalized terms used in the Program but not defined
herein shall have the same meanings as defined in the Plan.  In addition to such terms and the terms
defined in Section 1, the following terms used in the Program shall have the
meanings set forth below:

2.1           “Account” means the
account established for each Participant pursuant to Section 7(g) hereof.

2.2           “Actual Reduction
Amount” means the amount by which a given quarterly or year-end bonus payment
to a Participant is in fact reduced under Section 6.

2.3           “Administrator” shall
be the person or committee appointed by the Committee to perform ministerial
functions under the Program and to exercise other authority delegated by the
Committee.

2.4           “Assigned Reduction
Amount” means an amount determined by the Administrator in accordance with Section
6(b), in the case of an individual Participant, which shall be used under
Section 7(a) to determine the number of Stock Units to be credited to the
Participant’s Account in respect of a given calendar quarter.  The Assigned Reduction Amount does not accumulate
from one quarter to the next.

2.5           “Basic Stock Unit”
means a Stock Unit granted pursuant to the first sentence of Section 7(a).

2.6           “Cause” shall be deemed
to exist where a Participant: (i) commits any act of fraud, willful misconduct
or dishonesty in connection with their employment; (ii) fails, refuses or
neglects to timely perform any material duty or job responsibility and such
failure, refusal or neglect is not cured after appropriate warning; (iii) commits
a material violation of any law, rule, regulation or by-law of any governmental
authority (state, federal or foreign), any securities exchange or association
or other regulatory or self-regulatory body or agency applicable to Company or
any of its subsidiaries or affiliates or any general written policy or
directive of Company or any of its subsidiaries or affiliates; (v) commits
a crime involving dishonesty, fraud or unethical business conduct, or a felony;
or (vii) is expelled or suspended, or is subject to an order temporarily or
permanently enjoining Participant from an area of activity which constitutes a
significant portion of Participant’s activities by the Securities and Exchange
Commission, the National Association of Securities Dealers Regulation, Inc.,
any national securities exchange or any self-regulatory agency or governmental
authority, state, foreign or federal.

2.7           “Change of Control”
means and shall be deemed to have occurred if:

(a)           any person (within the
meaning of the Exchange Act), other than the Company or a Related Party, is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of Voting Securities representing 30% percent or
more of the total voting power of all the then-outstanding Voting Securities;
or

(b)           the individuals who, as
of the Effective Date, constitute the Board, together with those who first
become directors subsequent to such date and whose recommendation, election or
nomination for election to the Board was approved by a vote of at least a
majority of the directors then still in office who either were directors as of
the Effective Date or whose recommendation, election or nomination for election
was previously so approved, cease for any reason to constitute a majority of
the members of the Board; or

(c)           the stockholders of the
Company approve a merger, consolidation, recapitalization or reorganization of
the Company or one of its subsidiaries, reverse split of any class of Voting
Securities, or an acquisition of securities or assets by the Company or one of
its subsidiaries, or consummation of any such transaction if stockholder
approval is not obtained, other than (I) any such transaction in which the
holders of outstanding Voting Securities immediately prior to the transaction
receive (or retain), with respect to such Voting Securities, voting securities
of the surviving or transferee entity representing more than 50 percent of the
total voting power outstanding immediately after such transaction, with the
voting power of each such continuing holder relative to other such continuing
holders not substantially altered in the transaction, or (II) any such
transaction which would result in a Related Party beneficially owning more than
50 percent of the voting securities of the surviving or transferee entity
outstanding immediately after such transaction; or

(d)           the stockholders of the
Company approve a plan of complete liquidation of the Company or an agreement
for the sale or disposition by the Company of all or sub-stantially all of the
Company’s assets other than any such transaction which would result in a Related
Party owning or acquiring more than 50 percent of the assets owned by the
Company immediately prior to the transaction.

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2.8            “Current Participant”
means a Participant who, for the calendar year, has elected, in accordance with
Section 5 below, to participate in the Program and is, therefore, subject
to mandatory payment of a portion of his or her compensation for the calendar
year by grant of Stock Units under the Program.

2.9           “Matching Stock Unit”
means a Stock Unit granted pursuant to the second sentence or the last sentence
of Section 7(a).

2.10         “Participant” means an
eligible person who is granted Stock Units under the Program, which Stock Units
have not yet been settled.

2.11         “Related Party” means (a)
a majority-owned subsidiary of the Company; (b) an employee or group of
employees of the Company or any majority-owned subsidiary of the Company; (c) a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any majority-owned subsidiary of the Company; or (d) a
corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportion as their ownership of Voting Securities.

2.12         “Retirement” means
Termination of Employment (other than a termination for Cause) after the
Participant has reached age 65 or after the Participant has reached age 55 and
has at least 10 years of service with the Company and its subsidiaries.

2.13         “Stock Unit” means an
award, granted pursuant to Section 6.5 and 6.6 of the Plan, representing a
generally nontransferable right to receive one share of Common Stock at a
specified future date together with a right to Dividend Equivalents as
specified in Section 7(d) hereof and subject to the terms and conditions of the
Plan and the Program.  Notwithstanding
anything to the contrary, in the case of Stock Units granted to employees of
ITG Canada Corp. and KTG Technologies Corp., the Committee may, in its
discretion, settle such Stock Units by delivery of cash equal to the Fair
Market Value on the settlement date of the number of shares of Common Stock
equal to the number of such Stock Units. 
Stock Units are bookkeeping units, and do not represent ownership of
Common Stock or any other equity security.

2.14         “Termination of
Employment” means termination of a Participant’s employment by the Company or a
subsidiary for any reason, including due to death or disability, immediately
after which event the Participant is not employed by the Company or any
subsidiary.

2.15         “Voting Securities or
Security” means any securities of the Company which carry the right to vote
generally in the election of directors.

3.             Administration

(a)           Authority.  The Program shall be established and administered
by the Committee, which shall have all authority under the Program as it has
under the Plan; provided, however, that terms of the grant of Stock Units
hereunder may not be inconsistent with the express terms set forth in the
Program.  Ministerial functions under the
Program and other authority specifically delegated by the Committee shall be
performed or exercised by and at the direction of the Administrator.

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(b)           Manner of Exercise
of Authority.  Any action of the
Committee or its delegatee with respect to the Program shall be final,
conclusive, and binding on all persons, including the Company, subsidiaries,
participants granted Stock Units which have not yet been settled, and any
person claiming any rights under the Program from or through any Participant, except
that the Committee may take action within a reasonable time after any such
action superseding or overruling a prior action.

(c)           Limitation of
Liability.  Each member of the
Committee or delegatee shall be entitled to, in good faith, rely or act upon
any report or other information furnished to him by any officer or other
employee of the Company or any subsidiary or any agent or professional assisting
in the administration of the Plan, such member or person shall not be
personally liable for any action, determination, or interpretation taken or
made in good faith with respect to the Program, and such member or person
shall, to the extent permitted by law, be fully indemnified and protected by
the Company with respect to any such action, determination, or interpretation.

(d)           Status as Subplan
Under the Plan.  The Program
constitutes a subplan implemented under the Plan, to be administered in
accordance with the terms of the Plan. 
Accordingly, all of the terms and conditions of the Plan are hereby
incorporated by reference, and, if any provision of the Program or a statement
or document relating to Stock Units granted hereunder conflicts with a
provision of the Plan, the provision of the Plan shall govern.

4.             Stock
Subject to the Program

Shares of Common Stock delivered upon settlement of
Stock Units under the Program shall be shares reserved and available under the
Plan.  Accordingly, Stock Units may be
granted under the Program if sufficient shares are then reserved and available
under the Plan, and the number of shares delivered in settlement of Stock Units
hereunder shall be counted against the shares reserved and available under the
Plan.  Awards may be granted under the
Plan even though the effect of such grants will be to reduce the number of
shares remaining available for grants hereunder.  Stock Units granted under the Program in
place of compensation under the Plan resulting from a 162(m) Award (as defined
in the Plan) or in place of compensation under the Company’s
Pay-for-Performance Incentive Plan shall be subject to annual per-person limitations
applicable to such compensation under such plan.

5.             Eligibility
and Election

The Committee may select any person who is eligible to
be granted an Award under the Plan to be eligible to be granted Stock Units
under the Program in lieu of compensation otherwise payable to the person (such
persons are referred to herein as “Eligible SUA Participants”).  A Participant who is selected to be an
Eligible SUA Participant in one year will not necessarily be selected to be an
Eligible SUA Participant in a subsequent year. 
An Eligible SUA Participant may elect to participate in the Program and,
therefore, be a Current Participant for a calendar year by filing a written
irrevocable election with the Company prior to the beginning of that calendar
year.  Participation elections (for
persons who continue to be Eligible SUA Participants) will automatically carry
forward for subsequent calendar years unless the Participant irrevocably elects
in writing, by no later than the last day of the immediately preceding calendar
year, not to participate in the Program for a calendar year.  Notwithstanding the foregoing, an Eligible
SUA

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Participant may make an election to participant in the
program within 30 days after first becoming an Eligible SUA Participant, but,
notwithstanding any provision of this Program to the contrary, only with
respect to compensation earned for services provided after the effective date
of the election, which, in the case of bonus payable for a period beginning
prior to and ending after the effective date of the election, shall be prorated
for the portion of the period beginning after the effective date of the election.

For calendar year 2006, the Committee may select any
person who is eligible to be granted an Award under the Plan to be eligible to
be granted Stock Units under the Program solely in lieu of annual bonus
compensation otherwise payable to the person at the end of calendar year 2006
(such persons are referred to herein as “Eligible SUA Bonus Participants”).  An Eligible SUA Bonus Participant may elect
to participate in the Program for calendar year 2006 and, therefore, be a
Current Participant for calendar year 2006 by filing a written irrevocable
election with the Company prior to June 30, 2006 (such persons are referred to
herein as “2006 Bonus Participants”). 
The compensation of such 2006 Bonus Participants shall be reduced under
the Program solely as provided in Section 6(a)(iii) below.

6.             Mandatory Reduction
of Bonus Compensation

(a)          (i)  Amount of
Mandatory Reduction.  A Current
Participant’s cash compensation earned for the calendar year of participation
shall be automatically reduced by an amount determined in accordance with the
following schedule:

0% of the first $200,000 of
annual compensation;
 15% of the next $100,000 of annual compensation;
and

20% of annual compensation in excess of $300,000.

The foregoing notwithstanding, the Committee may
adjust the schedule applicable to an individual Current Participant and in no
event will the amount by which cash compensation is reduced exceed the amount
of bonus payable to the Participant for the calendar year.  For purposes of the Program, the amount by
which cash compensation is reduced hereunder shall be calculated without regard
to any reductions in compensation resulting from Participant’s contributions
under any Section 401(k), Section 125, pension plan, or other plan of the
Company or a subsidiary, and such amount shall not be deemed a reduction in the
Participant’s compensation for purposes of any such Section 401(k), Section
125, pension plan, or other plan of the Company or a subsidiary.

(ii)  In lieu of the schedule set forth in
Section 6(a)(i) above, each Current Participant who participated in the
Program for the portion of calendar year 2003 prior to June 30 and who made a
one-time written election (in the form specified by the Committee) on or prior
to June 30, 2003 to have any and all mandatory reductions under the Program
based on the following schedule shall have all reductions hereunder based on
such following schedule:

5% of the first $100,000
of annual compensation;

10% of the next $100,000 of annual compensation;

15% of the next $100,000 of annual compensation; and

20% of annual compensation in excess of $300,000.

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Notwithstanding the foregoing, a Current Participant
who would otherwise be subject to the schedule set forth in this Section
6(a)(ii) may instead make a one-time written, irrevocable election prior to
January 1, 2006 (in the form specified by the Committee) to have any and all mandatory
reductions under the Program based on the schedule set forth in Section
6(a)(i).

(iii)  Mandatory Reduction for 2006 Bonus
Participants.  In lieu of the
schedules set forth in Section 6(a)(i) and (ii) above a 2006 Bonus Participant’s
cash bonus compensation earned for calendar year 2006 and payable at the end of
such calendar year shall be automatically reduced (but not below zero) by an
amount determined in accordance with the following schedule:

0% of the first $200,000
of annual compensation for 2006;

15% of the next $100,000
of annual compensation for 2006; and

20% of annual
compensation for 2006 in excess of $300,000.

For purposes of the Program, the amount by which cash
bonus compensation is reduced hereunder shall be calculated without regard to
any reductions in compensation resulting from Participant’s contributions under
any Section 401(k), Section 125, pension plan, or other plan of the Company or
a subsidiary, and such amount shall not be deemed a reduction in the Participant’s
compensation for purposes of any such Section 401(k), Section 125, pension
plan, or other plan of the Company or a subsidiary.

(b)         Manner of Reduction of
Compensation.  Amounts by which
compensation is reduced under Section 6(a)(i) or (ii) will be subtracted from
bonus amounts in respect of services during the year otherwise payable to the
Current Participant at or following the end of the first three calendar
quarters of such year and at or following the end of the year.  The amount by which each bonus amount payable
following the end of the first three calendar quarters will be reduced will be
calculated based on a reasonable estimate of total compensation for the year,
taking into account the amount by which compensation previously has been
reduced for the year (i.e., in the case of a Participant employed since the
beginning of the year and for whom estimated annual compensation has not varied
during the year, by calculating an estimated aggregate amount by which
compensation will be reduced for the year and reducing the quarterly bonus
payment by one-fourth of such amount), and will be calculated at the time the
year-end bonus amount otherwise becomes payable based on actual compensation
for the year, taking into account the amount by which compensation previously
has been reduced for the year (i.e., by calculating the actual amount by which
compensation will be reduced for the year and reducing the year-end bonus
payment by that amount less the amount by which compensation was reduced in
previous quarters).  The foregoing notwithstanding,
the Administrator may determine in the case of any individual Participant,
including a Participant who is not paid a bonus on a quarterly basis, the
extent (if any) to which any bonus amounts other than the Participant’s
year-end bonus amount shall be reduced taking into account the terms of the
Participant’s compensation arrangement and the Participant’s individual
circumstances.  In such cases, the
Administrator may assign to the Participant an Assigned Reduction Amount for
each calendar quarter, so that Stock Units will be automatically granted to
such Participant under Section 7(a) at times and in amounts comparable to
grants to other Participants, such that, on a full-year basis, the aggregate of
the Participant’s Assigned Reduction Amounts and any Actual Reduction Amounts
used to determine the number of Stock Units credited to the Participant’s
Account under Section 7(a) for

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such year will equal the aggregate amount by
which the Participant’s full-year’s compensation is to be reduced (after giving
effect to adjustments under Section 7(b)).

Amounts by which compensation is reduced under Section
6(a)(iii) will be subtracted from any annual bonus for calendar year 2006
otherwise payable to the 2006 Bonus Participant at or following the end of
calendar year 2006.

7.             Grant of Stock Units

(a)           Automatic Grant of
Stock Units.  Except as set forth
below, each Participant shall be automatically granted Basic Stock Units, as of
fifteen days after the last day of each calendar quarter, in a number equal to
the Participant’s Actual Reduction Amount or Assigned Reduction Amount (as applicable)
divided by the Fair Market Value of a share of Common Stock on the last day of
such calendar quarter. In addition, each Participant shall be automatically
granted Matching Stock Units, as of fifteen days after the last day of each calendar
quarter, in a number equal to 20% of the number of Basic Stock Units granted
under this Section 7(a) at that date. Stock Units shall be initially credited
to the Participant’s Account as of the date of grant (it being recognized, however,
that the determination of the number of Stock Units granted and the posting of
such transactions to the Account may occur after date of grant under this Section
7(a), based on the time at which quarterly bonus amounts are determined and the
Actual Reduction Amount or Assigned Reduction Amount determined in accordance
with Section 6 hereof).  Other provisions
of the Program notwithstanding, no grant of Stock Units shall be effective until
the date of grant specified in this Section 7(a), and, at any time prior to
such date of grant, the Committee shall retain full discretion to adjust a
Participant’s Actual Reduction Amount or Assigned Reduction Amount downward or
otherwise reduce or cancel the automatic grant of Stock Units, provided that
any such adjustment or reduction in the number of Stock Units to be issued
shall result in a reversal of any corresponding reduction in compensation under
Section 6(b).  Notwithstanding the
foregoing, in the case of 2006 Bonus Participants, Basic Stock Units shall be
automatically granted as of fifteen days after the last day of calendar year
2006 in a number equal to the 2006 Bonus Participant’s Actual Reduction Amount
divided by the Fair Market Value of a share of Common Stock on the last day of
calendar year 2006.  In addition, each
2006 Bonus Participant shall be automatically granted Matching Stock Units, as
of fifteen days after the last day of calendar year 2006, in a number equal to
20% of the number of Basic Stock Units granted at that date.

(b)           Risk of Forfeiture;
Cancellation of Certain Stock Units. 
The Basic Stock Units, together with any Dividend Equivalents credited
thereon, shall at all times be fully vested and non-forfeitable.  Matching Stock Units, together with any
Dividend Equivalents credited thereon, will vest 100% on the third anniversary
of the date of grant, provided the Participant remains continuously employed by
the Company through such vesting date; provided, however, that
all Matching Stock Units (together with Dividend Equivalents credited thereon)
will vest in full at the time of Retirement of the Participant or at the time
of closing of a transaction which constitutes a Change of Control, but in
either such event the Matching Stock Units shall continue to be settled on the
schedule set forth in Section 8(a) below; provided further, however,
that all Matching Stock Units (together with Dividend Equivalents credited
thereon) will vest in full at the time a Participant’s employment terminates
due to his or her death or disability, and all stock units held by such
Participant shall be settled as soon as practicable thereafter.  If the

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Participant’s employment by the Company terminates
for any reason other than Retirement, death or disability prior to a vesting
date, unless the Committee provides otherwise, all unvested Matching Stock
Units, together with any Dividend Equivalents credited thereon, shall be
forfeited to the Company.  The foregoing
notwithstanding, if, at the end of a given year (upon calculation of year-end
bonuses), the aggregate of the Participant’s Actual Reduction Amounts and any Assigned
Reduction Amounts used to determine the number of Stock Units credited under
Section 7(a) for such year exceeds the amount by which the full-year’s compensation
should have been reduced under Section 6(a) (the “corrected full-year amount”),
the Participant shall be paid, prior to March 15 of the following year, in
cash, without interest, the amount (if any) by which such Actual Reduction Amounts
and Assigned Reduction Amounts exceeded such corrected full-year amount, and
any Stock Units (including Basic Stock Units and Matching Stock Units relating
thereto) credited to the Participant under Section 7 as a result of such excess
Actual Reduction Amounts and Assigned Reduction Amounts shall be
cancelled.  Unless otherwise determined
by the Administrator, the Stock Units to be cancelled shall be cancelled from
each of the four quarterly grants in the proportion the Actual Reduction
Amounts and Assigned Reduction Amounts used in determining such quarterly grant
bore to the aggregate of the Actual Reduction Amounts and Assigned Reduction
Amounts used in determining all grants of Stock Units over the full year.

(c)           Nontransferability.  Stock Units and all rights relating thereto
shall not be transferable or assignable by a Participant, other than by will or
the laws of descent and distribution, and shall not be pledged, hypothecated,
or otherwise encumbered in any way or subject to execution, attachment, or
similar process.

(d)           Dividend Equivalents
on Stock Units.  Dividend Equivalents
shall be credited on Stock Units as follows:

(i)            Cash and
Non-Common Stock Dividends.  If the
Company declares and pays a dividend or distribution on Common Stock in the form
of cash or property other than shares of Common Stock, then a number of
additional Stock Units shall be credited to a Participant’s Account as of the
payment date for such dividend or distribution equal to (i) the number of Stock
Units credited to the Account as of the record date for such dividend or
distribution multiplied by (ii) the amount of cash plus the fair market value
of any property other than shares actually paid as a dividend or distribution
on each outstanding share of Common Stock at such payment date, divided by
(iii) the Fair Market Value of a share of Common Stock at such payment date.

(ii)           Common
Stock Dividends and Splits.  If the
Company declares and pays a dividend or distribution on Common Stock in the
form of additional shares of Common Stock, or there occurs a forward split of
Common Stock, then a number of additional Stock Units shall be credited to the
Participant’s Account as of the payment date for such dividend or distribution
or forward split equal to (i) the number of Stock Units credited to the Account
as of the record date for such dividend or distribution or split multiplied by
(ii) the number of additional shares of Common Stock actually paid as a
dividend or distribution or issued in such split in respect of each outstanding
share of Common Stock.

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(e)           Adjustments to Stock
Units.  The number of Stock Units
credited to each Participant’s Account shall be appropriately adjusted, in
order to prevent dilution or enlargement of Participants’ rights with respect
to such Stock Units, to reflect any changes in the number of outstanding shares
of Common Stock resulting from any event referred to in Section 5.5 of the
Plan, taking into account any Stock Units credited to the Participant in
connection with such event under Section 7(d).

(f)            Fractional Shares.  The number of Stock Units credited to a
Participant’s Account shall include fractional shares calculated to at least
three decimal places, unless otherwise determined by the Committee.

(g)           Accounts and
Statements. The Administrator shall establish, or cause to be established,
an Account for each Participant.  An
individual statement of each Participant’s Account will be issued to each
Participant not less frequently than annually. 
Such statements shall reflect the Stock Units credited to the
Participant’s Account, transactions therein during the period covered by the
statement, and other information deemed relevant by the Administrator.  Such statement may include information
regarding other plans and compensatory arrangements for Directors.

(h)           Consideration for
Stock Units.  Stock Units shall be
granted for the general purposes set forth in Section 1 of the Program. Except
as specified in Section 6 and 7 of the Program, a Participant shall not be
required to pay any cash consideration or other tangible or definable
consideration for Stock Units.  No
negotiation shall take place between the Company and any Participant as to the
amount, timing, or other terms of an award of Stock Units.

8.             Settlement

(a)           Issuance and
Delivery of Shares in Settlement. 
Except as otherwise provided in Section 7(b) above in the case of a
Participant’s death or disability, Stock Units, together with any Dividend
Equivalents credited thereon, shall be settled by issuance and delivery to the
Participant or, following his death, to the Participant’s designated
beneficiary, of a number of shares of Common Stock equal to the number of such
Stock Units promptly following the third anniversary of the date of grant of
the Stock Units; provided, however, that the Committee may, in its discretion,
accelerate the settlement date of any or all Stock Units.  The Committee may, in its discretion, make
delivery of shares hereunder by depositing such shares into an account
maintained for the Participant (or of which the Participant is a joint owner,
with the consent of the Participant) established in connection with the Company’s
Employee Stock Purchase Plan or another plan or arrangement providing for
investment in Common Stock and under which the Participant’s rights are similar
in nature to those under a stock brokerage account.  If the Committee determines to settle Stock
Units by making a deposit of shares into such an account, the Company may
settle any fractional share by means of such deposit.  In other circumstances or if so determined by
the Committee, the Company shall instead pay cash in lieu of fractional shares,
on such basis as the Committee may determine. 
In no event will the Company in fact issue fractional shares.  Notwithstanding anything to the contrary, in
the case of Stock Units granted to employees of ITG Canada Corp. and KTG
Technologies Corp., the Committee may, in its discretion, settle such Stock
Units by delivery of cash equal to the Fair Market Value on the settlement date
of the number of shares of Common Stock equal to the number of such Stock

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Units. 
Upon settlement of Stock Units, all obligations of the Company in
respect of such Stock Units shall be terminated, and the shares so distributed
shall no longer be subject to any restriction or other provision of the
Program.

(b)           Tax Withholding.  The Company and any subsidiary may deduct
from any payment to be made to a Participant any amount that federal, state,
local, or foreign tax law requires to be withheld with respect to the
settlement of Stock Units.  At the
election of the Committee, the Company may withhold from the shares of Common
Stock to be distributed in settlement of Stock Units that number of shares
having a Fair Market Value, at the settlement date, equal to the amount of such
withholding taxes.

(c)           No Elective Deferral.  Participants may not elect to further defer
settlement of Stock Units or otherwise to change the applicable settlement date
under the Program.

9.             General
Provisions

(a)           No Right to
Continued Employment.  Neither the
Program nor any action taken hereunder, including the grant of Stock Units,
will be construed as giving any employee the right to be retained in the employ
of the Company or any of its subsidiaries, nor will it interfere in any way
with the right of the Company or any of its subsidiaries to terminate such employee’s
employment at any time.

(b)           No Rights to
Participate; No Stockholder Rights. 
No Participant or employee will have any claim to participate in the
Program, and the Company will have no obligation to continue the Program.  A grant of Stock Units will confer on the
Participant none of the rights of a stockholder of the Company (including no
rights to vote or receive dividends or distributions) until settlement by delivery
of Common Stock, and then only to the extent that such Stock Unit has not
otherwise been forfeited by the Participant.

(c)           Changes to the
Program.  The Committee may amend,
alter, suspend, discontinue, or terminate the Program without the consent of
Participants; provided, however, that, without the consent of an affected
Participant, no such action shall materially and adversely affect the rights of
such Participant with respect to outstanding Stock Units, except insofar as the
Committee’s action results in accelerated settlement of the Stock Units.

(d)           Section 409A
..   It is intended that the Program and
Stock Units issued thereunder will comply with Section 409A of the Code (and
any regulations and guidelines issued thereunder) to the extent the Program and
Stock Units are subject thereto, and the Program and such Stock Units shall be
interpreted on a basis consistent with such intent.  The Program and any Stock Unit Agreement
issued thereunder may be amended in any respect deemed by the Board or the
Committee to be necessary in order to preserve compliance with Section 409A of
the Code.

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10.           Effective Date and
Termination of Program.  This sixth
amended and restated Program shall become effective as of January 1, 2006 (the “Effective
Date”), and shall apply to deferrals from compensation earned for periods on or
after such date.  Unless earlier
terminated under Section 9(c), the Program shall terminate at such time after
2006 as no Stock Units previously granted under the Program remain outstanding.

	
  Adopted by the Committee:

  	
  June 4, 1998

  
	
  Amended and
  restated by the Committee:

  	
  February 25, 1999

  
	
  Amended and
  restated by the Committee:

  	
  March 20, 2002

  
	
  Amended and
  restated by the Committee:

  	
  September 3, 2002

  
	
  Amended and
  restated by the Committee:

  	
  June 30, 2003

  
	
  Amended and
  restated by the Board:

  Amended and restated by the Committee:

  	
  November 17, 2005 

  March 20, 2006

  

 

 11Exhibit 10.3.28

EMPLOYEE
ADVISOR AGREEMENT

THIS EMPLOYEE ADVISOR
AGREEMENT (the “Agreement”), is entered into as of February 27, 2007 by and
between Investment Technology Group, Inc., a Delaware corporation (the “Company”),
and Raymond L. Killian, Jr. (the “Employee”).

BACKGROUND

WHEREAS, the Employee has been employed by
the Company pursuant to the terms of that certain employment agreement dated
October 1, 2004, as amended on October 4, 2006 and December 19, 2006 (the “Employment
Agreement”); and

WHEREAS, in connection with the Company’s
retention of a new Chief Executive Officer and President, the Employee resigned
as Chief Executive Officer and President and transitioned to Chairman of the
Company; and

WHEREAS, the Company and
the Employee desire to change the level of Employee’s employment relationship
on mutually agreeable terms as of the Effective Date (as defined in Section 1
below) based on the terms set forth in this Agreement.

NOW,
THEREFORE, in consideration of the mutual promises
hereinafter set forth, and intending to be legally bound hereby, the Company
and the Employee hereby agree as follows:

1.                             Term.  The term of this Agreement shall begin on
April 1, 2007 (the “Effective Date”) and shall continue until March 31, 2009,
unless terminated sooner pursuant to Section 9 below (the “Term”).

2.                             Services to be Provided.

(a)                           Advisory
Services.  During the Term,
the Employee shall perform for the Company such reasonable transition services
(taking into account the Employee’s other commitments) and other advisory
services as shall be reasonably assigned to the Employee by the Chief Executive
Officer and President of the Company and the Board of Directors of the Company
(the “Board”) from time to time.  The
foregoing duties of the Employee shall be referred to for purposes of this
Agreement as the “Advisory Services.”

(b)                           Working Time.  During the Term, the Employee agrees to
devote substantial working time, attention and energies to the Advisory
Services on a schedule mutually acceptable to the Employee and the
Company.  The Employee agrees that he
shall generally be available to perform the Advisory Services and at the
Company’s Boston office when required. 
The Employee shall give the Company advance notice of periods of
vacation.  The Company agrees that the
Employee will not employed on a full-time and may provide services to other
companies, including by serving as a member of the boards of directors of other
companies; provided that the Employee shall be required to comply with the
restrictive covenants set forth in Section 4 below.

3.                             Compensation; Benefits.

(a)                           Compensation.  As compensation for the Employee’s
performance of the Advisory Services under this Agreement during the Term, the
Employee shall receive (i) a salary of $100,000 per month payable in accordance
with the Company’s normal payroll practices and subject to all applicable
employment and tax withholdings, and (ii) on or around April 1, 2009, and,
assuming the satisfactory performance of the Employee’s assigned duties
hereunder, in the reasonable and good faith judgment of the Board, a one time
severance payment of $600,000.  In
addition, the Company shall reimburse the Employee for all reasonable expenses
incurred by the Employee in connection with the performance of the Advisory
Services in accordance with the Company’s expense reimbursement policies for
executives.

(b)                           Employee
Benefits.  During the Term, the Employee shall continue to be entitled to
participate in and receive any benefit or rights under any Company employee
benefit plans, including, without limitation, employee insurance, medical,
pension, savings or deferred compensation plans.  Upon the completion of the Term, as a retiree of the Company,
the Company shall provide the Employee and his spouse with medical benefits for
the remainder of their lives at coverage levels substantially similar to those
provided to senior executive employees of the Company from time to time.  Such medical benefits shall either be
provided under the Company’s medical benefit plan or through Company paid
medical insurance obtained by the Company for the benefit of the Employee and
his spouse.

(c)                           Effect of
Termination.

(i)            If, prior to the expiration of the
Term, the Company terminates the Employee’s employment with the Company for any
reason other than Cause (as defined below), the payments described in Sections
3(a)(i) and (ii) shall continue to be made as severance as and when they would
otherwise have been made pursuant to the terms of this Agreement as if the
Employee’s employment with the Company had not been terminated, but the
benefits provided pursuant to Section 3(b) shall cease except for medical
benefits as set forth above in Section 3(b). 
Notwithstanding the preceding sentence, if, at any time during the
payment period, the Employee agrees to waive his rights to the continued
payments described in Sections 3(a)(i) and (ii), the Employee shall have no
further obligation to comply with the restrictions set forth in Sections 4(c)
and (d) following his termination.

(ii)           If the Employee voluntarily
terminates his employment with the Company for any reason or if the Employee’s
employment is terminated by the Company for Cause, in either case, prior to the
expiration of the Term, no further payments shall be due under the terms of
this Agreement; provided that, in each case, the medical benefits as set forth
in Section 3(b) shall continue.  For this
purpose, the term “Cause”  means (A) gross negligence in the performance of the
Employee’s duties which results in material financial harm to the Company or
its subsidiaries; (B) the Employee’s conviction of, or plea of nolo
contendere to, any felony, or other crime involving the personal enrichment of
the Employee at the expense of the Company or its subsidiaries 

 2
 

(unless the Employee’s action or omission occurred in
good faith in the reasonable belief that such action was not criminal);
(C) willful refusal by the Employee to perform his duties and
responsibilities without the same being corrected within thirty (30) days after
being given written notice thereof; or (D) the material breach by the
Employee of any of the covenants contained in Section 4 of this Agreement.  Notwithstanding the above, “Cause” shall not
exist unless the Employee shall have been given written notice that the Company
believes it has “Cause”, the Employee has had the opportunity to appear before
the Board with counsel of his choice to answer the assertion, and such Board by
a two-thirds vote, not including the Employee, has thereafter voted to
terminate the Employee’s service for Cause.

(d)                           Change in
Control.  Upon the occurrence
of a Change in Control during the Term, the Company shall pay to the Employee
all of the amounts he would have otherwise received through the remainder of
the Term as set forth in Sections 3(a)(i) and (ii) had he remained in service
throughout that period.  Payment shall be
made in a lump sum as soon as reasonably practicable following the occurrence
of the Change in Control.  For this
purpose, “Change in Control” means and shall be deemed to have occurred:

(i)            if any person (within the meaning of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), other than the Company
or a Related Party, is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of Voting Securities
representing thirty-five percent (35%) or more of the total voting power of all
the then-outstanding Voting Securities; or

(ii)           if the individuals who, as of the date hereof, constitute
the Board, together with those who first become directors subsequent to such
date and whose recommendation, election or nomination for election to the Board
was approved by a vote of at least a majority of the directors then still in
office who either were directors as of the date hereof or whose recommendation,
election or nomination for election was previously so approved, cease for any
reason to constitute a majority of the members of the Board; or

(iii)          upon consummation of a merger, consolidation,
recapitalization or reorganization of the Company, reverse split of any class
of Voting Securities, or an acquisition of securities or assets by the Company
other than (A) any such transaction in which the holders of outstanding Voting
Securities immediately prior to the transaction receive (or retain), with
respect to such Voting Securities, voting securities of the surviving or
transferee entity representing more than fifty percent (50%) of the total
voting power outstanding immediately after such transaction, with the voting
power of each such continuing holder relative to other such continuing holders
not substantially altered in the transaction, or (B) any such transaction which
would result in a Related Party beneficially owning more than fifty percent
(50%) of the voting securities of the surviving or transferee entity
outstanding immediately after such transaction; or

(iv)          upon consummation of the sale or disposition by the Company
of all or substantially all of the Company’s assets, other than any such
transaction which 

 3
 

would result in a Related Party owning or acquiring
more than fifty percent (50%) of the assets owned by the Company immediately
prior to the transaction; or

(v)           if
the stockholders of the Company approve a plan of complete liquidation of the
Company.

For purposes of the
foregoing definition, the following terms shall have the following
meanings:  (A) “Voting
Securities or Security” means any securities of the Company which
carry the right to vote generally in the election of directors; (B) “Subsidiary” or “Subsidiaries” means,
with respect to any Person, any corporation, partnership, limited liability
company, association or other business entity of which (a) if a corporation,
fifty (50) percent or more of the total voting power of shares of stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or combination thereof; or (b) if a
partnership, limited liability company, association or other business entity,
fifty (50) percent or more of the partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
any Person or one or more Subsidiaries of that Person or a combination
thereof.  For purposes of this
definition, a Person or Persons shall be deemed to have a fifty (50) percent or
more ownership interest in a partnership, limited liability company,
association or other business entity if such Person or Persons are allocated
fifty (50) percent or more of partnership, limited liability company,
association or other business entity gains or losses or control the managing
director or member or general partner of such partnership, limited liability
company, association or other business entity; (C) “Related
Party” means (a) a Subsidiary of the Company; (b) an employee or
group of employees of the Company or any Subsidiary of the Company; (c) a
trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any majority-owned Subsidiary of the Company; or (d) a
corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportion as their ownership of Voting Securities; and
(D) “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a
joint stock company, an estate, a trust, a joint venture, an unincorporated organization
or a governmental entity or any department, agency or political subdivision
thereof.

4.                             Restrictive Covenants.

(a)                           Nondisclosure
and Nonuse of Confidential Information.  The
Employee shall not disclose or use at any time during or after the Term any
Confidential Information of which the Employee is or becomes aware, whether or
not such information is developed by him, except to the extent he reasonably
believes that such disclosure or use is directly related to and appropriate in
connection with the Employee’s performance of duties assigned to the Employee
pursuant to this Agreement.  Under all
circumstances and at all times, the Employee shall take all appropriate steps
to safeguard Confidential Information in his possession and to protect it against
disclosure, misuse, espionage, loss and theft. 
For purposes of this Agreement, “Confidential Information”
means information that is not generally known to the public and that was or  is used, 

 4
 

developed or obtained by the Company or its
Subsidiaries in connection with their business and which constitutes trade
secrets or information which the Company has made reasonable efforts to
protect.  It shall not include
information (a) required to be disclosed by court or administrative order;
(b) lawfully obtainable from other sources or which is in the public
domain through no fault of the Employee; or (c) the disclosure of which is
consented to in writing by the Company.

(b)                           Ownership of
Intellectual Property.  In the
event that the Employee as part of his activities on behalf of the Company
generates, authors or contributes to any invention, design, new development,
device, product, method of process (whether or not patentable or reduced to
practice or comprising Confidential Information), any copyrightable work
(whether or not comprising Confidential Information) or any other form of
Confidential Information relating directly or indirectly to the business of the
Company as now or hereinafter conducted (collectively, “Intellectual
Property”), the Employee acknowledges that such Intellectual Property
is the sole and exclusive property of the Company and hereby assigns all right
title and interest in and to such Intellectual Property to the Company.  Any copyrightable work prepared in whole or
in part by the Employee during the Term shall be deemed “a work made for hire”
under Section 201(b) of the Copyright Act of 1976, as amended, and the
Company shall own all of the rights comprised in the copyright therein.  The Employee shall promptly and fully
disclose all Intellectual Property and shall cooperate with the Company to
protect the Company’s interests in and rights to such Intellectual Property
(including providing reasonable assistance in securing patent protection and
copyright registrations and executing all documents as reasonably requested by
the Company, whether such requests occur prior to or after termination of
Employee’s employment hereunder).

(c)                           Noncompetition.  The Employee hereby acknowledges that during
his employment by the Company, the Employee has and shall become familiar with
trade secrets and other Confidential Information concerning the Company, its
Subsidiaries and their respective predecessors, and that the Employee’s
services have been and shall be of special, unique and extraordinary value to
the Company.  In addition, the Employee
hereby agrees that at any time during the Term, and, except as provided in
Section 3, for a period of one year after the date the Term terminates (the “Noncompetition Period”), the Employee shall not, directly or
indirectly, own, manage, control, participate in, consult with, render services
for, or in any manner engage in, any business competing with the businesses of
the Company or its Subsidiaries as such businesses exist or are in process or
are being demonstrably planned as of the date of termination , within any
geographical area in which, as of the date of termination, the Company or its
Subsidiaries engage or demonstrably plan to engage in such businesses.  It shall not be considered a violation of
this Section 4(c) for the Employee to be a passive owner of not more than 2% of
the outstanding stock of any class of a corporation which is publicly traded,
so long as the Employee has no active participation in the business of such
corporation.

(d)                           Nonsolicitation.  The Employee hereby agrees that (i) during
the Term and, except as provided in Section 3, for a period of one (1) year
after the date of termination (the “Nonsolicitation Period”)
the Employee shall not, directly or indirectly 

 5
 

through another entity, induce or attempt to induce
any employee of the Company or its Subsidiaries to leave the employ of the
Company or its Subsidiaries, or in any way interfere with the relationship
between the Company or its Subsidiaries and any employee thereof or otherwise
employ or receive the services of an individual who was an employee of the
Company or its Subsidiaries at any time during such Nonsolicitation Period,
except any such individual whose employment has been terminated by the Company
and (ii) during the Nonsolicitation Period, the Employee shall not induce
or attempt to induce any customer, supplier, client, broker, licensee or other
business relation of the Company or its Subsidiaries to cease doing business
with the Company or its Subsidiaries.

(e)                           Enforcement.  If, at the enforcement of Sections 4(a)
through (d), a court holds that the duration or scope restrictions stated
herein are unreasonable under circumstances then existing, the parties agree
that the maximum duration or scope reasonable under such circumstances shall be
substituted for the stated duration or scope and that the court shall be
permitted to revise the restrictions contained in this Section 4 to cover the
maximum duration and scope permitted by law.

5.                             Return of Company Property.  Promptly upon the expiration or sooner termination
of the Term, and earlier if requested by the Company at any time, the Employee
shall promptly deliver to the Company all copies and embodiments, in whatever
form or medium, of all Confidential Information or Intellectual Property in the
Employee’s possession or within his control (including written records, notes,
photographs, manuals, notebooks, documentation, program listings, flow charts,
magnetic media, disks, diskettes, tapes and all other materials containing any
Confidential Information or Intellectual Property) irrespective of the location
or form of such material and, if requested by the Company, shall provide the
Company with written confirmation that to the best of his knowledge all such
materials have been delivered to the Company. 
This provision shall not prevent the Employee from retaining his
personal property, including his personal information contained on any
electronic device.

6.                             Equitable Relief.  The Employee acknowledges that (a) the
covenants contained herein are reasonable, (b) the Employee’s services are
unique, and (c) a breach or threatened breach by him of any of his
covenants and agreements with the Company contained in Sections 4(a) though (d)
could cause irreparable harm to the Company for which it would have no adequate
remedy at law.  Accordingly, and in
addition to any remedies which the Company may have at law, in the event of an
actual or threatened breach by the Employee of his covenants and agreements
contained in Sections 4(a) though (d), the Company shall have the absolute
right to apply to any court of competent jurisdiction for such injunctive or
other equitable relief as such court may deem necessary or appropriate in the
circumstances.

7.                             Indemnification.

(a)                           General
Indemnification.  The Company
agrees that if the Employee is made a party, or is threatened to be made a
party, to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (each, a 

 6
 

“Proceeding”),
by reason of the fact that he is or was a director, officer or employee  of the Company or is or was serving at the request of the
Company as a director, officer, member, employee, consultant or agent of
another corporation, partnership, joint venture, trust or other enterprise,
including service with respect to employee benefit plans, whether or not the
basis of such Proceeding is the Employee’s alleged action in an official
capacity while serving as a director, officer, member, employee, consultant or
agent, the Employee shall be indemnified and held harmless by the Company to
the fullest extent permitted or authorized by applicable law and the Company’s
certificate of incorporation or bylaws, against all cost, expense, liability
and loss (including, without limitation, attorney’s fees, judgments, damages,
settlements, fines, ERISA excise taxes or penalties and amounts paid or to be
paid in settlement) reasonably incurred or suffered by the Employee in
connection therewith (collectively, the “Expenses”), and
such indemnification shall continue as to the Employee even if he has ceased to
be a director, member, employee, consultant or agent of the Company or other
entity and shall inure to the benefit of the Employee’s heirs, estate,
executors and administrators.

(b)                           Advances of
Expenses.  Expenses incurred
by the Employee in connection with any Proceeding shall be paid by the Company
in advance within thirty (30) days after receipt of written request by the
Employee specifying the Expenses for which the Employee seeks an advancement,
provided that the Employee has delivered to the Company a written, signed
undertaking to reimburse the Company for Expenses if it is finally determined
by a court of competent jurisdiction that the Employee is not entitled under
this Agreement to indemnification with respect to such Expenses.

(c)                           Notice of
Claim.  The Employee shall
give to the Company notice of any claim made against the Employee for which
indemnification shall or could be sought under this Agreement, but the Employee’s
failure to give such notice shall not relieve the Company of any liability the
Company may have to the Employee except to the extent that the Company is
prejudiced thereby.  In addition, the
Employee shall give the Company such information and cooperation as it may
reasonably require and as shall be within the Employee’s power and at such time
and places as are convenient for the Employee.

(d)                           Defense of
Claim.  With respect to any
Proceeding as to which the Employee notifies the Company of the commencement
thereof:

(i)            the Company shall be entitled to
participate therein at its own expense; and

(ii)           except as otherwise provided below,
to the extent that it may wish, the Company shall be entitled to assume the
defense thereof, with counsel reasonably satisfactory to the Employee.  The Employee also shall have the right to employ
the Employee’s own counsel in such action, suit or proceeding if the Employee
reasonably concludes that failure to do so would involve a conflict of interest
between the Company and the Employee, and under such circumstances the fees and
expenses of such counsel shall be at the expense of the Company, subject to the
provisions herein; and

 7
 

(iii)          the Company shall not be liable to
indemnify the Employee under this Agreement for any amounts paid in settlement
of any action or claim effected without its written consent.  The Company shall not settle any action or
claim in any manner that would not include a full and unconditional release of
the Employee without the Employee’s prior written consent.  Neither the Company nor the Employee shall
unreasonably withhold or delay their consent to any proposed settlement.

8.                             Termination.  Notwithstanding the provisions of Section 3,
the Company may terminate the Term (a) for any reason upon 60 days’ prior
written notice to the Employee, and (b) immediately upon written notice to the
Employee, in the event of termination for Cause.  The Employee may terminate the term of this
Agreement for any reason upon 60 days’ prior written notice to the
Company.  In the event of any termination
of the Term, the Company shall be responsible for any unreimbursed expenses and
continued payments as described in Section 3. 
Within five days after any termination of the term of this Agreement,
the Employee shall deliver to the Company all work product resulting from the
performance of the Advisory Services.

9.                             No Conflicting Agreements; Non-Exclusive
Engagement.  The Employee
represents that the Employee is not a party to any existing agreement which
would prevent the Employee from entering into and performing this
Agreement.  The Employee shall not enter
into any other agreement that is in conflict with the Employee’s obligations
under this Agreement.

10.                           Entire Agreement, Amendment and Assignment.  Except as otherwise provided in a separate
writing between the Employee and the Company, this Agreement is the sole
agreement between the Employee and the Company with respect to the Advisory
Services to be performed hereunder and it supersedes all prior agreements and
understandings with respect thereto, whether oral or written, including, but
not limited to, the Employment Agreement. 
No modification to any provision of this Agreement shall be binding
unless in writing and signed by both the Employee and the Company.  No waiver of any rights under this Agreement
shall be effective unless in writing signed by the party to be charged.  All of the terms and provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the respective heirs, executors, administrators, legal representatives,
successors and assigns of the parties hereto, except that the duties and
responsibilities of the Employee hereunder are of a personal nature and shall
not be assignable or delegable in whole or in part by the Employee.

11.                           Governing Law.  This Agreement shall be governed by and
interpreted in accordance with laws of the State of Delaware without giving
effect to any conflict of laws provisions.

12.                           Notices.  All notices, demands or other communications
to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, two (2) business days after the date when sent to
the recipient by reputable express courier service (charges prepaid) or four
(4) business days after the date when mailed to the 

 8
 

recipient by certified or registered mail, return
receipt requested and postage prepaid. 
Such notices, demands and other communications shall be sent to the
Employee and to the Company at the addresses set forth below,

	
  

  	
  If to the Employee:

  	
   

  	
  To the last address delivered to the Company by the

  Employee in the manner set forth herein.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  If to the Company:

  	
   

  	
  Investment Technology Group, Inc.

  380 Madison Avenue

  New York, New York 10017

  Attn: General Counsel

  

 

or to such other address
or to the attention of such other person as the recipient party has specified
by prior written notice to the sending party.

13.                           Counterparts.  This Agreement shall become binding when any
one or more counterparts hereof, individually or taken together, shall bear the
signatures of the Employee and the Company. 
This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original as against any party whose signature
appears thereon, but all of which together shall constitute but one and the
same instrument.

14.                           Severability.  If any provision of this Agreement or
application thereof to anyone or under any circumstances is adjudicated to be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect any other provision or application of this
Agreement which can be given effect without the invalid or unenforceable
provision or application and shall not invalidate or render unenforceable such
provision or application in any other jurisdiction.

15.                           Survival.  Sections 5 through 14 shall
survive and continue in full force in accordance with their terms
notwithstanding any termination of the Term, and the Agreement shall otherwise
remain in full force to the extent necessary to enforce any rights and
obligations arising hereunder during the Term.

[SIGNATURE PAGE FOLLOWS]

 9
 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound,
have duly executed this Agreement as of the date first above written.

	
  

  	
  INVESTMENT
  TECHNOLOGY GROUP, INC.

  
	
   

  	
  By:

  	
  /s/ Robert C.
  Gasser

  	
   

  
	
   

  	
  Name: Robert C.
  Gasser

  	
   

  
	
   

  	
  Title: President
  and CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date: February
  27, 2007

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Raymond L.
  Killian, Jr.

  	
   

  
	
   

  	
  Raymond L. Killian,
  Jr.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Date: February
  27, 2007

  	
   

  

 

 10

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