Document:

exv10w89

Exhibit 10.89

BROADPOINT GLEACHER SECURITIES GROUP, INC.

FORM OF

2003 NON-EMPLOYEE DIRECTORS STOCK PLAN

RESTRICTED STOCK AGREEMENT

          THIS
RESTRICTED STOCK AGREEMENT (the “Agreement”) confirms the grant on ___ (the “Grant
Date”) by Broadpoint Gleacher Securities Group, Inc., a New York corporation (including any
successor corporation to Broadpoint Gleacher Securities Group, Inc., the “Company”), to ___
(“Non-Employee Director”) of shares of restricted stock (the “Restricted Shares”), as follows:

     Number Granted:                      Restricted Shares

How Restricted Shares Vest: [insert vesting schedule], provided that
Non-Employee Director continuously remains a director of the Company or a
subsidiary on each vesting date (each, a “Stated Vesting Date”). The terms
“vest” and “vesting” mean that the Restricted Shares have become
non-forfeitable. If Non-Employee Director terminates service prior to the
Stated Vesting Date and the Restricted Shares are not otherwise deemed vested
by that date, the Restricted Shares will be immediately forfeited except as
otherwise provided in Section 2 of the Terms and Conditions of Restricted Stock
attached hereto (the “Terms and Conditions”).

Transferability: Restricted Shares granted hereunder will not be transferable
by Non-Employee Director in any manner until the Shares become vested in
accordance with this Agreement and Section 2 of the Terms and Conditions, at
which time the Shares will cease to be Restricted Shares. The transfer agent
for the Company will be instructed (i) to issue any certificates representing
such Restricted Shares with appropriate legends and (ii) not to process any
transfers of such Restricted Shares unless, and only to the extent that, it has
been notified by the Company that some or all of the Restricted Shares have
become vested.

          The Restricted Shares are subject to the terms and conditions of the Company’s 2003
Non-Employee Directors Stock Plan (the “Plan”), and this Agreement, including the Terms and
Conditions attached hereto. The number and kind of Restricted Shares and other terms relating to
the Restricted Shares are subject to adjustment in accordance with Section 3 of the Terms and
Conditions and Section 12.2 of the Plan.

 

 

          Non-Employee Director acknowledges and agrees that (i) Restricted Shares are nontransferable,
(ii) Restricted Shares are subject to forfeiture upon Non-Employee Director’s termination of
service in certain circumstances, and (iii) sales of Shares following vesting will be subject to
the Company’s policies regulating trading by Non-Employee Directors.

          IN WITNESS WHEREOF, BROADPOINT GLEACHER SECURITIES GROUP, INC. has caused this Agreement to be
executed by its officer thereunto duly authorized, and Non-Employee Director has duly executed this
Agreement, by which each has agreed to the terms of this Agreement.

	 	 	 	 	 	 	 
	Non-Employee Director:	 	BROADPOINT GLEACHER SECURITIES GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 

 

TERMS AND CONDITIONS OF RESTRICTED STOCK

          The following Terms and Conditions apply to the Restricted Shares granted to Non-Employee
Director by Broadpoint Gleacher Securities Group, Inc. (the “Company”), and Restricted Shares (if
any) resulting from certain dividends, as specified in the Restricted Stock Agreement (of which
these Terms and Conditions form a part). Certain terms of the Restricted Shares, including the
number of Restricted Shares granted and vesting date(s) are set forth in the Agreement.

          1. GENERAL. The Restricted Shares are granted to Non-Employee Director under the
Company’s 2003 Non-Employee Directors Stock Plan (the “Plan”). A copy of the Plan and information
regarding the Plan, including documents that constitute the “Prospectus” for the Plan under the
Securities Act of 1933, can be obtained from the Company upon request. All of the applicable
terms, conditions and other provisions of the Plan are incorporated by reference herein.
Capitalized terms used in the Agreement and this Terms and Conditions but not defined herein shall
have the same meanings as in the Plan. If there is any conflict between the provisions of the
Agreement and this Terms and Conditions and mandatory provisions of the Plan, the provisions of the
Plan govern, otherwise, the terms of this document shall prevail. By accepting the grant of the
Restricted Shares, Non-Employee Director agrees to be bound by all of the terms and provisions of
the Plan (as presently in effect or later amended), the rules and regulations under the Plan
adopted from time to time, and the decisions and determinations of the Board of Directors of the
Company (the “Board”) made from time to time, provided that no such Plan amendment, rule or
regulation or Board decision or determination without the consent of an affected Participant shall
materially affect the rights of the Non-Employee Director with respect to the Restricted Shares.

 

 

          2. TERMINATION AND FORFEITURE PROVISIONS.

          (a) Death or Disability. In the event that Non-Employee Director ceases to be a
member of the Board due to death or Disability (as defined in the Plan), Non-Employee Director will
become 100% vested in any such Restricted Shares as of the date Non-Employee Director ceases to be
a member of the Board.

          (b) Termination of Service. Unless otherwise determined by the Board, the Restricted
Shares shall terminate and be of no force or effect in accordance with and to the extent provided
by the terms and provisions of Section 10 of the Plan.

          (c) Forfeiture. If (i) Non-Employee Director attempts to pledge, encumber, assign,
transfer or otherwise dispose of any of the Restricted Shares (except as permitted by Section 5 of
this Agreement) or the Restricted Shares become subject to attachment or any similar involuntary
process in violation of this Agreement, or (ii) Non-Employee Director ceases to be a member of the
Board other than under the circumstances described in Section 2(a), then any Restricted Shares that
have not previously vested shall be forfeited by Non-Employee Director to the Company, Non-Employee
Director will thereafter have no right, title or interest whatever in such Restricted Shares so
forfeited, Non-Employee Director will immediately return to the Company any and all certificates
representing Restricted Shares so forfeited.

          3. SHAREHOLDERS RIGHTS, DIVIDENDS AND ADJUSTMENTS.

          (a) Voting Rights. Non-Employee Director will be entitled to exercise all voting
rights with respect to the Restricted Shares.

          (b) Dividends. Dividends will be credited on Restricted Shares (other than Restricted
Shares that, at the relevant record date, previously have been vested or forfeited) and either paid
or deemed reinvested in additional Restricted Shares, to the extent and in the manner as follows:

               (i) Cash Dividends. If the Company declares and pays an ordinary dividend or
distribution on Shares in the form of cash, then a cash amount shall be credited and paid to
Non-Employee Director as of the payment date for such ordinary dividend or distribution equal to
the number of Shares credited to Non-Employee Director as of the record date for such ordinary
dividend or distribution multiplied by the cash amount of the dividend or distribution paid on each
outstanding Share at such payment date. If the Company declares and pays an extraordinary dividend
or distribution on Restricted Shares in the form of cash, then a number of additional Restricted
Shares shall be credited and granted to Non-Employee Director as of the payment date for such
extraordinary dividend or distribution equal to the number of Restricted Shares credited to
Non-Employee Director as of the record date for such extraordinary dividend or distribution
multiplied by the cash amount of the dividend or distribution paid on each outstanding Share at
such payment date, divided by the Fair Market Value of a Share at the date of such crediting.

 

 

               (ii) Stock Dividends and Splits. If the Company declares and pays a dividend or
distribution on Shares in the form of additional Shares, or there occurs a forward split of Shares,
then a number of additional Restricted Shares shall be credited and granted to Non-Employee
Director as of the payment date for such dividend or distribution or forward split equal to the
number of Restricted Shares credited to the Non-Employee Director as of the record date for such
dividend or distribution or split multiplied by the number of additional Shares actually paid as a
dividend or distribution or issued in such split in respect of each outstanding Share.

               (iii) Other Dividends. If the Company declares and pays a dividend or distribution on
Shares in the form of property other than additional Shares, then a number of additional Restricted
Shares shall be credited and granted to Non-Employee Director as of the payment date for such
dividend or distribution equal to the number of Restricted Shares credited to the Non-Employee
Director as of the record date for such dividend or distribution multiplied by the Fair Market
Value of such property actually paid as a dividend or distribution on each outstanding Share at
such payment date, divided by the Fair Market Value of a Share at such payment date.

          (c) Adjustments. The number of Restricted Shares credited to Non-Employee Director
shall be appropriately adjusted, in order to prevent dilution or enlargement of Non-Employee
Director’s rights with respect to Restricted Shares or to reflect any changes in the number of
outstanding shares of Common Stock resulting from any event referred to in Section 12.2 of the
Plan, taking into account any Restricted Shares credited to Non-Employee Director in connection
with such event under Section 3(b) hereof.

          (d) Risk of Forfeiture and Settlement of Restricted Shares Resulting from Dividends and
Adjustments. Restricted Shares which directly or indirectly result from dividends on or
adjustments to a Restricted Share granted hereunder and which do not result from a dividend or
distribution on Shares in the form of cash, shall be subject to the same risk of forfeiture as
applies to the granted Restricted Share and, if not forfeited, will become vested at the same time
as the granted Restricted Share. Restricted Shares which directly or indirectly result from
dividends on or adjustments to a Restricted Share granted hereunder and which result from an
extraordinary dividend or distribution on Shares in the form of cash, shall, unless otherwise
determined by the Company at the time of such extraordinary dividend or distribution, be subject to
the same risk of forfeiture as applies to the granted Restricted Share and, if not forfeited, will
become vested at the same time as the granted Restricted Share.

          4. Delivery of Restricted Shares. Subject to Section 7.7 of the Plan, after the
lapse of the restrictions in respect of a grant of Restricted Shares, Non-Employee Director shall
be entitled to receive unrestricted Shares of common stock of the Company.

          5. Non-Transferability. Restricted Shares, and any rights and interests with respect
thereto, issued under this Agreement and the Plan Shall not, prior to
vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by Non-Employee
Director (or any beneficiary(ies) of Non-Employee Director), other than by testamentary disposition
by Non-Employee Director or the laws of descent and distribution. Any such Restricted Shares, and
any rights and interests with respect thereto, shall not, prior to vesting, be pledged, encumbered
or otherwise hypothecated in any way by Non-Employee Director (or any beneficiary(ies) of
Non-Employee Director) and shall not, prior to vesting, be subject to execution, attachment or
similar legal process. Any attempt to sell, exchange, transfer, assign, pledge, encumber or
otherwise dispose of or hypothecate in any way any of the Restricted Shares, or the levy of any
execution, attachment or similar legal process upon the Restricted Shares, contrary to the terms
and provisions of this Agreement and/or the Plan shall be null and void and without legal force or
effect.

 

 

          6. OTHER TERMS RELATING TO RESTRICTED SHARES.

          (a) Deferral of Vesting. No vesting of a Restricted Share may be deferred hereunder.

          (b) Fractional Restricted Shares and Shares. The number of Restricted Shares credited
or granted to Non-Employee Director shall not include fractional Restricted Shares unless otherwise
determined by the Board.

          (c) Taxes. Non-Employee Director acknowledges and agrees that the payment of any
amount necessary to satisfy requirements of federal, state, local or foreign tax law imposed with
respect to the lapse of the risk of forfeiture with respect to Restricted Shares will be the
obligation of Non-Employee Director and the Company will not be obligated to pay or withhold any
amount or any Shares in connection with such tax liability.

          (d) Statements. An individual statement of Non-Employee Director’s Restricted Shares
will be issued to Non-Employee Director at such times as may be determined by the Company. Such a
statement shall reflect the number of outstanding Restricted Shares credited to Non-Employee
Director, transactions therein during the period covered by the statement, and other information
deemed relevant by the Board. Such a statement may be combined with or include information
regarding other plans and compensatory arrangements for Non-Employee Directors. Non-Employee
Director’s statements shall be deemed a part of this Agreement, and shall evidence the Company’s
obligations in respect of Restricted Shares. Any statement containing an error shall not, however,
represent a binding obligation to the extent of such error, notwithstanding the inclusion of such
statement as part of this Agreement.

          7. MISCELLANEOUS.

          (a) Binding Agreement; Written Amendments. This Agreement shall be binding upon the
heirs, executors, administrators and successors of the parties. This Agreement and the Plan, and
any deferral election separately filed with the Company relating to the grant of Restricted Shares under the Agreement, constitute the entire agreement
between the parties with respect to the Restricted Shares, and supersede any prior agreements or
documents with respect thereto. No amendment, alteration, suspension, discontinuation, or
termination of this Agreement which may impose any additional obligation upon the Company or
materially impair the rights of Non-Employee Director with respect to the Restricted Shares shall
be valid unless in each instance such amendment, alteration, suspension, discontinuation, or
termination is expressed in a written instrument duly executed in the name and on behalf of the
Company and by Non-Employee Director. Notwithstanding the foregoing provisions in this Section
7(a), if the Company determines that the provisions of this Agreement or the grant of Restricted
Shares or dividends hereunder does not comply with the requirements of Code Section 409A, the
Company may, without the consent of the Non-Employee Director or any other party, amend this
Agreement so that the Agreement or such grant of Restricted Shares or dividends hereunder is exempt
from Code Section 409A or, alternatively, complies with Code Section 409A.

 

 

          (b) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES.

          (c) Legal Compliance. Non-Employee Director agrees to take any action the Company
reasonably deems necessary in order to comply with federal and state laws, or the rules and
regulations of the NASDAQ Global Market or any other stock exchange, or any other obligation of the
Company or Non-Employee Director relating to the Restricted Shares or this Agreement.

          (d) Notices. Any notice to be given the Company under this Agreement shall be
addressed to the Company at 12 East 49th Street, Tower 49, New York, New York 10017,
Attention: Corporate Secretary, and any notice to the Non-Employee Director shall be addressed to
the Non-Employee Director at Non-Employee Director’s address as then appearing in the records of
the Company.exv10w90

Exhibit 10.90

BROADPOINT GLEACHER SECURITIES GROUP, INC.

FORM OF

2003 NON-EMPLOYEE DIRECTORS STOCK PLAN

STOCK OPTION AGREEMENT

     THIS STOCK OPTION AGREEMENT (the “Agreement”) confirms the grant on                      (the “Grant
Date”) by Broadpoint Gleacher Securities Group, Inc., a New York corporation (including any
successor corporation to Broadpoint Gleacher Securities Group, Inc., the “Company”), to                     
(“Non-Employee Director”) of non-qualified options (“Options”) to acquire shares of the Company’s
common stock (“Shares”), as follows:

Number
of Shares Covered by Option Granted:                     

How
Options Vest and Become Exercisable: [insert vesting schedule] provided the
Non-Employee Director continues to be a director of the Company. Unless
earlier terminated in accordance with the terms and provisions of the Plan
and/or this Agreement, the Options will expire and will no longer be
exercisable after the expiration of                      years from the Grant Date (the
“Option Period”). In no event will an Option be exercisable for a fractional
Share.

Exercise
Prices of the Options: The initial exercise price per Share of the
Options will be $___, which is the Fair Market Value of a Share on the Grant
Date.

Duration
of the Options: Except as otherwise provided in Section 4 of the
Terms and Conditions, the Options will terminate and be of no force or effect
in accordance with and to the extent provided by the terms and provisions of
Section 10 of the Plan. In any event, the Options will terminate upon the
expiration of the Option Period.

     The Options are subject to the terms and conditions of the Plan, and this Agreement, including
the Terms and Conditions attached hereto. The number of Options, the number and kind of Shares
deliverable upon exercise of Options, and other terms relating to the Options are subject to
adjustment in accordance with Section 5 of the Terms and Conditions and Section 12.2 of the Plan.

 

 

     Non-Employee Director acknowledges and agrees that (i) Options are nontransferable, except as
provided in Section 3 of the Terms and Conditions and Section 11 of the Plan, (ii) Options are
subject to forfeiture upon Non-Employee Director’s termination of service in certain circumstances,
as specified in Section 4 of the Terms and Conditions, and (iii) sales of Shares delivered in
settlement of Options will be subject to the Company’s policies regulating trading by employees.

     IN WITNESS WHEREOF, BROADPOINT GLEACHER SECURITIES GROUP, INC. has caused this Agreement to be
executed by its officer thereunto duly authorized, and Non-Employee Director has duly executed this
Agreement, by which each has agreed to the terms of this Agreement.

	 	 	 	 	 	 	 
	Non-Employee Director:	 	BROADPOINT GLEACHER SECURITIES GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 

TERMS AND CONDITIONS OF STOCK OPTIONS

     The following Terms and Conditions apply to the Options granted to Non-Employee Director by
the Company, as specified in the Stock Option Agreement (of which these Terms and Conditions form a
part). Certain terms of the Options, including the number of Options granted, vesting dates and
expiration date, are set forth in the Agreement.

     1. GENERAL. The Options are granted to Non-Employee Director under the 2003
Non-Employee Directors Stock Plan (the “Plan”). The Options are not to be treated as (and are not
intended to qualify as) incentive stock options within the meaning of Section 422 of the Code. A
copy of the Plan and information regarding the Plan, including documents that constitute the
“Prospectus” for the Plan under the Securities Act of 1933, can be obtained from the Company upon
request. All of the applicable terms, conditions and other provisions of the Plan are incorporated
by reference herein. Capitalized terms used in the Agreement and this Terms and Conditions but not
defined herein will have the same meanings as in the Plan. If there is any conflict between the provisions of the Agreement and this Terms and Conditions and mandatory
provisions of the Plan, the provisions of the Plan govern, otherwise, the terms of this document
will prevail. By accepting the grant of the Options, Non-Employee Director agrees to be bound by
all of the terms and provisions of the Plan (as presently in effect or later amended), the rules
and regulations under the Plan adopted from time to time, and the decisions and determinations of
the Board of Directors of the Company (the “Board”) made from time to time, provided that no such
Plan amendment, rule or regulation or Board decision or determination without the consent of an
affected Participant will materially affect the rights of the Non-Employee Director with respect to
the Options.

 

 

     2. TIME AND METHOD OF EXERCISE. At any time while any portion of the Options remain
vested and exercisable, Non-Employee Director may exercise such vested Options in whole or in part
by delivering to the Company written notice of exercise and payment of the exercise price. Such
exercise price may be paid (i) in cash, by check or in another cash equivalent acceptable to the
Company, (ii) by transfer to the Company of nonforfeitable, nonrestricted Shares already held by
Non-Employee Director for at least six (6) months, (iii) through broker-assisted “cashless”
exercise arrangements, to the extent permissible under applicable law, (iv) by any other method
permitted under the Plan and under rules established by the Board and in effect from time to time,
or (v) by a combination of the foregoing.

     3. NONTRANSFERABILITY. Non-Employee Director may not sell, transfer, assign, pledge,
margin or otherwise encumber or dispose of Options or any rights hereunder to any third party other
than by will or the laws of descent and distribution, except for transfers to a Beneficiary or as
otherwise permitted and subject to the conditions under Section 11 of the Plan.

     4. TERMINATION PROVISIONS. The following provisions will govern the vesting and
forfeiture of the Options upon the occurrence of certain events relating to termination of service
and certain events relating to a Change of Control, in each case unless otherwise determined by the
Board (subject to Section 6(a) hereof), except that in any event, the Options will terminate upon
the expiration of the Option Period:

          (a) Death or Disability. In the event of Non-Employee Director’s death or Disability,
Non-Employee Director (and Non-Employee Director’s estate, designated beneficiary or other legal
representative, as the case may be and as determined by the Board) will have the right, to the
extent exercisable immediately prior to any such termination of service, to exercise such Options,
if any, at any time within the one (1) year period following such termination due to death or
Disability (but not beyond the Option Period).

          (b) Change of Control of the Company. If a Change of Control of the Company occurs
all Options then unexercised and outstanding will become fully vested and exercisable as of the
date of the Change of Control, provided Non-Employee Director is serving on the Board as of the date of the Change of Control or is a
director to whom Section 13.3.2 of the Plan is applicable.

 

 

          (c) Termination of Service. Except as otherwise provided in this Section 4 or the
Plan in the event Non-Employee Director ceases to be a director for any reason, Non-Employee
Director’s rights, if any, to exercise any then exercisable Options, if any, will terminate ninety
(90) days after the date of such termination of service (but not beyond the Option Period) and
thereafter such Options will be forfeited and cancelled by the Company.

     5. SHAREHOLDER’S RIGHTS, DIVIDENDS AND ADJUSTMENTS.

          (a) Shareholder’s Rights and Dividends. Non-Employee Director will have no rights as
a shareholder, and will not be entitled to any dividends declared or paid, with respect to any
Share underlying an Option unless and until such Share is issued to Non-Employee Director upon the
proper exercise of such Option.

          (b) Adjustments. The number of Options credited to Non-Employee Director, the number
of Shares underlying such Options and/or the exercise price per Share of such Options will be
appropriately adjusted, in order to prevent dilution or enlargement of Non-Employee Director’s
rights with respect to such Options and Shares or to reflect any changes in the number of
outstanding Shares resulting from any event referred to in Section 12.2 of the Plan.

     6. OTHER TERMS RELATING TO OPTIONS.

          (a) Deferral of Settlement; Compliance with Code Section 409A. No settlement of the
exercise of an Option may be deferred hereunder, and all terms of the Option and its exercise will
comply with the requirements of Code Section 409A.

          (b) Fractional Options and Shares. The number of Shares underlying Options credited
to Non-Employee Director will not include fractional shares, unless otherwise determined by the
Board.

          (c) Taxes. Non-Employee Director acknowledges and agrees that the payment of any
amount necessary to satisfy requirements of federal, state, local or foreign tax law imposed in
connection with the exercise of the Options will be the obligation of Non-Employee Director and the
Company will not be obligated to pay or withhold any amount or any Shares in connection with such
tax liability.

          (d) Statements. An individual statement of Non-Employee Director’s Options will be
issued to Non-Employee Director at such times as may be determined by the Company. Such a
statement will reflect the number of outstanding Options credited to Non-Employee Director,
transactions therein during the period covered by the statement, and other information deemed relevant by the Board. Such a statement may
be combined with or include information regarding other plans and compensatory arrangements for
directors.

 

 

     7. MISCELLANEOUS.

          (a) Binding Agreement; Written Amendments. This Agreement will be binding upon the
heirs, executors, administrators and successors of the parties. This Agreement and the Plan
constitute the entire agreement between the parties with respect to the Options, and supersede any
prior agreements or documents with respect thereto. No amendment, alteration, suspension,
discontinuation, or termination of this Agreement which may impose any additional obligation upon
the Company or materially impair the rights of Non-Employee Director with respect to the Options
will be valid unless in each instance such amendment, alteration, suspension, discontinuation, or
termination is expressed in a written instrument duly executed in the name and on behalf of the
Company and by Non-Employee Director.

          (b) Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES.

          (d) Legal Compliance. Non-Employee Director agrees to take any action the Company
reasonably deems necessary in order to comply with federal and state laws, or the rules and
regulations of the NASDAQ Global Market or any other stock exchange, or any other obligation of the
Company or Non-Employee Director relating to the Options or this Agreement.

          (e) Notices. Any notice to be given the Company under this Agreement will be
addressed to the Company at 12 East 49th Street, 31st Floor, New York, New
York 10017 , Attention: Corporate Secretary, and any notice to the Non-Employee Director will be
addressed to the Non-Employee Director at Non-Employee Director’s address as then appearing in the
records of the Company.

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