Document:

Exhibit 10.6

 

AMENDED AND RESTATED

INVESTMENT TECHNOLOGY GROUP, INC.

DIRECTORS’ EQUITY SUBPLAN

 

1.             Introduction.

 

The Investment Technology Group, Inc.
Directors’ Equity Subplan (the “Subplan”) was originally implemented by Investment
Technology Group, Inc. (the “Company”) under the Investment Technology Group,
Inc. Amended and Restated 1994 Stock Option and Long-term Incentive Plan (the “1994
Plan”) and was merged with and into the Investment Technology Group, Inc. 2007
Omnibus Equity Compensation Plan (the “2007 Plan”) effective as of May 8, 2007
(the “Effective Date”), the terms of which are incorporated herein by reference.
Effective as of the Effective Date, the Subplan shall continue in effect
according to the terms set forth herein as a subplan under the 2007 Plan. The
purpose of the Subplan is to promote ownership by non-employee directors of a
greater proprietary interest in the Company, thereby aligning such non-employee
directors’ interests more closely with the interests of stockholders of the Company,
and to assist the Company in attracting and retaining highly qualified persons
to serve as non-employee directors. The Subplan is amended and restated herein,
effective for Options or Stock Units granted on or after the Effective Date. Options
or Stock Units granted prior to the Effective Date shall be governed by the
Subplan as in effect prior to this amendment and restatement.

 

2.                                       Definitions.

 

Capitalized terms used in the Subplan but not
defined herein shall have the same meanings as defined in the 2007 Plan. In
addition to such terms and the terms defined in Section 1 hereof, the
following terms used in the Subplan shall have the meaning set forth below.

 

(a)                                  “Director”
means a member of the Board who is not employed by the Company or any of its subsidiaries.

 

(b)                                 “Disability”
has the meaning ascribed to such term in section 22(e)(3) of the Code.

 

3.                                       Administration.

 

The Subplan shall be administered by the
Committee. The Committee shall have full authority to construe and interpret
the Subplan, and any action of the Committee with respect to the Subplan shall
be final, conclusive, and binding on all persons.

 

4.                                       Options.

 

(a)                                  Initial
Options. An Option to purchase a number of shares of Company Stock having a
Fair Market Value on the date of grant, based on the Black-Scholes option
pricing model (or such other model utilized by the Company in valuing Company
equity awards in accordance with U.S. Generally Accepted Accounting
Principles), equal to $100,000 will be granted under the Subplan to each person
who is first elected or appointed to serve as a Director

 

 

of the Company after the Effective Date, such
grants to be effective on the date of such first election or appointment. For
purposes of this Subplan, all determinations of Fair Market Value of Options
using the Black-Scholes option pricing model will be based on the full five
year Option term, the volatility assumption for the Company Stock used in the
Company’s annual report on Form 10-K for the prior year, and the grant date
risk-free interest rate.

 

(b)                                 Annual
Options. An Option to purchase a number of shares of Company Stock having a
Fair Market Value on the date of grant, based on the Black-Scholes option
pricing model (or such other model utilized by the Company in valuing Company
equity awards in accordance with U.S. Generally Accepted Accounting
Principles), equal to $36,000 will be granted, on the forty fifth (45th) day
following each of the Company’s annual meetings of stockholders at which
Directors (or a class of Directors if the Company then has a classified Board
of Directors) are elected or reelected by the Company’s stockholders, to each
Director in office on the date of grant; provided, however, that
no such grant will be made to a person first elected or appointed to serve as a
Director of the Company at such annual meeting of stockholders.

 

(c)                                  Exercise
Price. The exercise price per share of Company Stock purchasable under an
Option will be equal to 100% of the Fair Market Value of a share of Company
Stock on the date of grant of the Option.

 

(d)                                 Option
Term. Each Option will expire five years after the date of grant; provided,
however, that if the Participant ceases to serve as a Director of the
Company prior to five years after the date of grant, the Option will expire as
follows (except as otherwise provided in Section 4(f)): (i) if the Participant
ceases to serve as a Director of the Company due to the Participant’s death, Disability,
or retirement at or after age 65, twelve months after such cessation of
service, but in no event later than five years after the date of grant; and
(ii) if the Participant ceases to serve as a Director of the Company for any
reason other than due to the Participant’s death, Disability, or retirement at
or after age 65, at the date sixty (60) days after such cessation of service,
but in no event later than five years after the date of grant.

 

(e)                                  Exercisability.
Each Option will vest and become exercisable in three equal annual
installments, beginning on the first anniversary of the date of grant and
continuing on the following two anniversaries and will thereafter remain
exercisable until the Option expires; provided, however, that
each Option will vest and become immediately exercisable in full upon a Change
in Control. In the event the Participant ceases to serve as a Director of the
Company by reason of the Participant’s death or Disability, the Option shall
become vested and exercisable in full at the time of such termination. In the
event the Participant ceases to serve as a Director of the Company for any
other reason (except as otherwise provided in Section 4(f) below) any portion
of the Option that has not yet vested shall be forfeited.

 

(f)                                    Continued
Service as an Employee. If a Participant ceases serving as a Director and,
immediately thereafter, he or she is employed by the Company or any subsidiary,
then, solely for purposes of Sections 4(d) and (e) and Sections 5(d) and (e) of
the Subplan, such Participant will not be deemed to have ceased service as a
Director at that time, and his or her continued employment by the Company or
any subsidiary will be deemed to be continued

 

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service as a Director; provided, however,
that such former Director will not be eligible for additional grants of Options
or Stock Units under the Subplan.

 

(g)                                 Method
of Exercise. A Participant (or other person entitled to exercise an Option)
may exercise an Option, in whole or in part, at such time as it is exercisable
and prior to its expiration by giving written notice of exercise to the Company
specifying the Option to be exercised and the number of shares of Company Stock
to be purchased, and paying in full the exercise price as provided in the 2007
Plan.

 

(h)                                 Nontransferability.
Options shall not be assignable or transferable by a Participant except by will
or the laws of descent and distribution (or pursuant to a beneficiary
designation authorized by the Committee, and during the Participant’s lifetime,
such Options and rights shall be exercisable only by such the Participant or
the Participant’s duly appointed guardian or legal representative. The
foregoing notwithstanding, the Committee may provide that Options (or rights or
interests therein), may be transferable, including permitting transfers to a
Participant’s immediate family members (i.e., spouse, children,
grandchildren, or siblings as well as the Participant), to trust for the
benefits of such immediate family members, and to the partnerships in which
such family members are the only parties, or other transfers deemed by the
Committee to be not inconsistent with the purposes of the 2007 Plan.

 

5.                                       Stock
Units.

 

(a)                                  Initial
Stock Units. A number of Stock Units having a value, as determined below on
the date of grant, equal to $100,000 will be granted under the Subplan to each
person who is first elected or appointed to serve as a Director of the Company
after the Effective Date, such grants to be effective on the date of such first
election or appointment. For purposes of this Subplan, all determinations of value
of Stock Units shall be made by treating the value of a Stock Unit as equal to the
Fair Market Value of a share of Company Stock on the date of grant.

 

(b)                                 Annual
Stock Units. A number of  Stock Units
having a value, as determined above on the date of grant, equal to $36,000 will
be granted on the forty fifth (45th) day following each of the Company’s annual
meetings of stockholders at which Directors (or a class of Directors if the
Company then has a classified Board of Directors) are elected or reelected by
the Company’s stockholders, to each Director in office on the date of grant; provided,
however, that no such grant will be made to a person first elected or
appointed to serve as a Director of the Company at such annual meeting of stockholders.

 

(c)                                  Vesting
of Award. The Stock Units will become vested in three equal annual
installments, commencing on the first anniversary of the date of grant and
continuing thereafter on the second and third anniversaries thereof; provided,
however, that the Stock Units will become immediately vested in full
upon a Change in Control. Unless otherwise provided by the Committee, all
amounts receivable in connection with any adjustments to the Stock Units under
Section 5(d) of the 2007 Plan shall be subject to the vesting schedule in this
Section 5(c).

 

(d)                                 Termination
of Service; Forfeiture of Unvested Stock Units. In the event the
Participant ceases to serve as a Director of the Company by reason of the
Participant’s death

 

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or Disability, the Stock Units shall become
vested in full at the time of such termination. In the event the Participant
ceases to serve as a Director of the Company for any other reason (except as
otherwise provided in Section 4(f) above) any portion of the Stock Units that
have not yet vested shall be forfeited.

 

(e)                                  Distribution
of Shares.  The Company shall distribute to the Participant (or
his or her heirs in the event of the Participant’s death) at the time of
vesting of the Stock Units, a number of shares of Company Stock equal to the
number of Stock Units then held by the Participant that became vested at such
time; provided, however, that the Participant may elect that the distribution
of the shares of Company Stock subject to a Stock Unit be deferred until the
time the Participant ceases to be a Director of the Company for any reason
(except as otherwise provided in Section 4(f)), such election to be made in
writing prior to the beginning of the calendar year in which the Stock Unit is
granted to the Participant (except that such a deferral election may be made
(i) in the case of Stock Units granted under Section 5(a) hereof, at any time
on or prior to the date the Director is first elected or appointed to serve as
a Director of the Company, and (ii) in the case of Stock Units granted in
connection with the first annual meeting of stockholders of the Company that
occurs after the Effective Date of this Subplan, at any time on or prior to the
date of grant).

 

(f)                                    Rights
and Restrictions.  The Stock Units shall not be transferable,
other than pursuant to will or the laws of descent and distribution. Prior to
vesting of the Stock Units and delivery of the shares of Company Stock to the
Participant, the Participant shall not have any rights or privileges of a stockholder
as to the shares of Company Stock subject to the Stock Units. Specifically, the
Participant shall not have the right to receive dividends or the right to vote
such shares of Company Stock prior to vesting of the Stock Units and delivery
of the shares of Company Stock.

 

6.                                       General.

 

(a)                                  Compliance
with Legal and Trading Requirements. The Subplan shall be subject to all
applicable laws, rules and regulations, including, but not limited to, federal
and state laws, rules and regulations, and to such approvals by any regulatory
or governmental agency as may be required.

 

(b)                                 Amendment.
The Board may amend, alter, suspend, discontinue, or terminate the Subplan
without the consent of stockholders of the Company or individual Directors; provided,
however, that, without the consent of an affected Director, no
amendment, alteration, suspension, discontinuation, or termination of the
Subplan may impair or, in any other manner, adversely affect the rights of such
Director to outstanding Options or Stock Units granted hereunder.

 

(c)                                  Unfunded
Status of Awards. Section 5 of this Subplan is intended to constitute an “unfunded”
plan of deferred compensation. With respect to any payments not yet made to a
Director, nothing contained in the Subplan shall give any such Director any
rights that are greater than those of a general creditor of the Company; provided,
however, that the Company may authorize the creation of trusts or make
other arrangements to meet the Company’s obligations under the Subplan to deliver
cash, or other property pursuant to any

 

4

 

award, which trusts or other arrangements
shall be consistent with the “unfunded” status of the Subplan unless the
Company otherwise determines with the consent of each affected Director.

 

(d)                                 Nonexclusivity
of the Subplan. The adoption of the Subplan by the Board shall not be
construed as creating any limitations on the power of the Board to adopt such
other compensation arrangements as it may deem desirable, including, without
limitation, the granting of Options and other awards otherwise than under the
Subplan, and such arrangements may be either applicable generally or only in specific
cases.

 

(e)                                  Adjustments.
The adjustment provisions in Section 5(d) of the 2007 Plan are incorporated
herein by reference and shall apply in the case of Options and Stock Units
granted hereunder; provided, however, that no adjustment shall be
made pursuant thereto that causes any Option to be treated as deferred
compensation pursuant to section 409A of the Code.

 

(f)                                    No
Right to Remain on the Board. Neither the Subplan nor the crediting of
awards under the Subplan shall be deemed to give any individual a right to
remain a director of the Company or create any obligation on the part of the
Board to nominate any Director for reelection by the stockholders of the Company.

 

(g)                                 Section
409A . It is intended that this Subplan and awards issued hereunder will
comply with section 409A of the Code (and any regulations and guidelines issued
thereunder) to the extent the awards are subject thereto, and this Subplan and
such awards shall be interpreted on a basis consistent with such intent. This
Subplan and any award agreements 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.

 

(h)                                 Governing
Law. The validity, construction, and effect of the Subplan shall be
determined in accordance with the laws of the State of New York, without giving
effect to principles of conflict of laws.

 

(i)                                     Titles
and Headings. The titles and headings of the Sections in the Subplan are
for convenience of reference only. In the event of any conflict, the text of
the Subplan, rather than such titles or headings, shall control.

 

Amended and Restated by the Committee effective:  May 8, 2007

 

5Exhibit
10.7

 

INVESTMENT
TECHNOLOGY GROUP, INC.

NONQUALIFIED STOCK OPTION GRANT AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

 

THIS GRANT AGREEMENT, dated as of                    (the
“Date of Grant”), is entered into by and between Investment Technology
Group, Inc. (the “Company”), a Delaware corporation, and                    ,
a member of the Board of Directors of the Company (the “Director”).

 

WHEREAS, the Director has been awarded the following
Grant under the Amended and Restated Investment Technology Group, Inc.
Directors’ Equity Subplan (the “Subplan”), a subplan of the Investment
Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (the “2007 Plan”);

 

WHEREAS, capitalized terms used herein and not
defined herein shall have the meanings set forth in the Subplan and in the 2007
Plan. In the event of any conflict between this Grant Agreement, the Subplan
and the 2007 Plan, the Subplan and the 2007 Plan shall control; and

 

WHEREAS, the Director is not employed by the Company,
a Subsidiary of the Company or a parent of the Company and is not otherwise
ineligible to participate in the Subplan.

 

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.                                       Grant
of the Option. Subject to the terms and conditions set forth in this Grant
Agreement, the Subplan and the 2007 Plan, the Director is hereby awarded a
nonqualified stock option to purchase           shares
of Company Stock for an Exercise Price of $           per
share (the “Option”). 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 Code.

 

2.                                       Grant
Subject to Plan Provisions. This Option is
awarded pursuant to the Subplan and the 2007 Plan, the terms of which are
incorporated herein by reference, and in all respects shall be interpreted in
accordance with the Subplan and the 2007 Plan. This Option is subject to
interpretations, regulations and determinations concerning the Subplan and the
2007 Plan established from time to time by the Committee in accordance with the
provisions of the Subplan and the 2007 Plan, including, but not limited to,
provisions pertaining to (a) the registration, qualification or listing of the
shares issued under the 2007 Plan, (b) changes in capitalization, (c)
requirements of applicable law and (d) all other provisions of the Subplan and
the 2007 Plan. The Committee has the authority to interpret and construe this Grant
Agreement pursuant to the terms of the Subplan and the 2007 Plan, and its
decisions are conclusive as to any questions arising hereunder.

 

 

3.                                       Vesting of
the Option.

 

(a)                                  Subject to
the terms and conditions of this Grant Agreement, the Subplan and the 2007 Plan,
this Option shall vest and become exercisable in three approximately equal
annual installments, beginning on the first anniversary of the Date of Grant if
the Director is serving as a Non-Employee Director or is deemed to be serving
as a Non-Employee Director in accordance with Section 7 below, as of each
applicable vesting date; provided, however, that the Option shall
vest and become immediately exercisable in full (i) immediately prior to the
effectiveness of a Change in Control if the Director is serving as a Non-Employee
Director or is deemed to be serving as a Non-Employee Director in accordance
with Section 7 below, as of such date or (ii) in the event that the Director
ceases to serve as a Non-Employee Director due to the Director’s death or Disability
(as defined below). In the event the Director ceases to serve as a Non-Employee
Director for any other reason not described or provided for herein, any portion
of the Option that has not yet vested shall immediately be forfeited.

 

“Disability” shall have the meaning
ascribed to such term in Section 22(e)(3) of the Code.

 

(b)                                 The vesting
of the Option shall be cumulative, but shall not exceed 100% of the shares of
Company Stock subject to the Option. If the foregoing vesting schedule would
produce fractional shares, the number of shares for which the Option vests
shall be rounded down to the nearest whole share.

 

(c)                                  Unless
otherwise provided by the Committee, all amounts receivable in connection with
any adjustments to the Company Stock under Section 5(d) of the 2007 Plan, as
incorporated within the Subplan, shall be subject to the vesting schedule in
this Section 3.

 

4.                                       Term. The
Option (to the extent not earlier exercised or forfeited in accordance with
Section 3(a) above) shall expire at 5:00 p.m., Eastern time, on the fifth
anniversary of the Date of Grant; provided, however, if the Director
ceases to serve as a Non-Employee Director prior to such date (except as
provided in Section 7 below), the Option shall expire as follows: (a) if the Director
ceases to serve as a Non-Employee Director due to the Director’s death, Disability
or retirement at or after age 65, the date 12 months after such cessation of
service, but in no event later than the fifth anniversary of the Date of Grant;
and (b) if the Director ceases to serve as a Non-Employee Director for any
reason other than due to the Director’s death, Disability or retirement at or
after age 65, the date sixty (60) days after such cessation of service, but in
no event later than the fifth anniversary of the Date of Grant.

 

5.                                       Method of
Exercise. The Director may exercise the Option, in whole or in part, at
such time as the Option is exercisable and prior to its expiration by giving
written notice of exercise of the Option to the Secretary of the Company. Such
written notice 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. Such notice
shall be irrevocable and must be accompanied by the payment of the Exercise
Price as provided in Section 6 below. Upon the exercise of the Option, the
Company shall transfer or

 

2

 

shall cause to be issued a certificate or
certificates for the Company Stock being purchased as promptly as practicable.

 

6.                                       Payment of Exercise
Price. The Exercise Price of the shares of Company Stock purchased by the
Director 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), by the surrender of Company Stock (including the surrender of Option
Shares), by payment through a broker in accordance with procedures permitted by
Regulation T of the Federal Reserve Board, or by such other method as the
Committee may approve; provided, however, that Company Stock held
for less than six months may be surrendered in payment or partial payment of
the Exercise Price only with the approval of the Committee.

 

7.                                       Continued
Service as an Employee. If the Director ceases to serve as a Non-Employee
Director and, immediately thereafter, the Director is employed by the Employer,
then, solely for the purposes of Sections 3 and 4 above, the Director shall not
be deemed to have ceased to serve as a Non-Employee Director at that time, and
his or her continued employment by the Employer shall be deemed to be continued
service as a Non-Employee Director. If the Director becomes employed by the Employer,
the transfer of Option Shares as described in Section 13 below shall be subject
to applicable federal (including FICA), state and local tax withholding
requirements pursuant to Section 14 of the 2007 Plan.

 

8.                                       Nontransferability.
Neither the Director nor any other person shall have any right to commute,
sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber,
hypothecate or convey the Option, which Option is, and all rights under this Grant
Agreement are, expressly declared to be unassignable and nontransferable, other
than by will or under the laws of descent and distribution (or pursuant to a
beneficiary designation authorized by the Committee).

 

9.                                       No Right to
Company Assets. Neither the Director 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 Director shall have
only a contractual right to the amounts, if any, payable pursuant to this Grant
Agreement, unsecured by any asset of the Company or any of its affiliates.

 

10.                                 Limitations. Nothing
herein shall limit the Company’s right to issue Company Stock, or stock options
or other rights to purchase Company Stock subject to vesting, expiration and
other terms and conditions deemed appropriate by the Company and its affiliates.
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 Grant Agreement or of any term, covenant or condition
hereof.

 

3

 

11.                                 Expenses of
Issuance of Option Shares. The issuance of stock certificates hereunder
shall be without charge to the Director. The Company shall pay, and indemnify
the Director 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 the Option
Shares.

 

12.                                 Terms are Binding.
The terms of this Grant Agreement shall be binding upon the executors,
administrators, heirs, successors, transferees and assignees of the Director
and the Company.

 

13.                                 Compliance with Law.
The exercise of the Option and the obligations of the Company to issue or
transfer Option Shares hereunder shall be subject to the terms, conditions and
restrictions as set forth in the governing instruments of the Company, Company
policies, applicable federal and state securities laws or any other applicable
laws or regulations, and approvals by any governmental or regulatory agency as
may be required. In no event shall the Director be permitted to exercise the
Option if the issuance of Option Shares at that time would violate any law or
regulation. By signing this Grant Agreement, the Director agrees not to sell
any Option Shares at a time when applicable laws or the Company policies
prohibit a sale.

 

14.                                 References. References
herein to rights and obligations of the Director shall apply, where
appropriate, to the Director’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 Grant Agreement.

 

15.                                 Notices. Any
notice required or permitted to be given under this Grant 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:

 

If to the
Company:

 

Investment
Technology Group, Inc.

380 Madison Avenue

New York, NY 10017

Attention: General Counsel

 

If to the
Director:

 

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

 

16.                                 Costs. In any
action at law or in equity to enforce any of the provisions or rights under
this Grant Agreement, including any arbitration proceedings to enforce such
provisions or rights, the unsuccessful party to such litigation or arbitration,
as determined by the

 

4

 

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.

 

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

 

18.                                 Counterparts. For
convenience, this Grant 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.

 

19.                                 Governing Law. This
Grant Agreement shall be construed and enforced in accordance with Section 6(h)
of the Subplan.

 

20.                                 Entire Agreement.
This Grant Agreement, together with the Subplan and the 2007 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.

 

21.                                 Amendment; Waiver.
This Grant 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 Grant 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 Grant Agreement.

 

22.                                 Severability. Any
provision of this Grant 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 Grant Agreement as of the date first above
written.

 

 

	
   

  	
  INVESTMENT TECHNOLOGY GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name: Robert C. Gasser

  
	
   

  	
  Title: CEO and President

  

 

 

I hereby
accept the Option described in this Grant Agreement, and I agree to be bound by
the terms of the Subplan, the 2007 Plan and this Grant Agreement. I hereby
acknowledge that a copy of the Plan and the Plan prospectus have been delivered
to me. I hereby further agree that all the decisions and determinations of the
Committee shall be final and binding.

 

	
   

  	
   

  	
   

  
	
   

  	
  [Insert Name of the Director]

  

 

6

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