Document:

EX-10.15

 Exhibit 10.15 

 

					
	Knight/Trimark Group, Inc.	  		  	
	  
 1998 NON-EMPLOYEE DIRECTOR
STOCK
 OPTION PLAN
	  		  	
	  
 June 8, 1998

 
 Final

 
     
	  		  	
		  		  	SIBSON & COMPANY
		  		  	 830 Third Avenue
 New York,
NY 10022

		  		  	  
 Chicago
— Los Angeles
 Princeton
— Raleigh

		  		  	Auckland — Johannesburg
		  		  	Sydney — Toronto

 KNIGHT/TRIMARK GROUP, INC. 

1998 Non-Employee Director 
 Stock Option Plan 
  

	1.	PURPOSE 

 The purpose of the
Knight/Trimark Group, Inc., 1998 Non-Employee Director Stock Option Plan (the “Plan”) is to provide long-term incentive compensation opportunities to non-employee directors of Knight/Trimark Group, Inc., (the “Company”), to help
retain their services as directors, to increase their efforts on behalf of the Company, and to promote the success of the Company’s business in the interest of its stockholders. 

 

	2.	DEFINITIONS 

 For purposes of the Plan,
the following terms shall be defined as set forth below. Other capitalized terms shall be defined as set forth in the Plan. 
  

	 	(a)	“Affiliate” means, with respect to any individual, entity or group, any other individual, entity or group that controls, is controlled by or is under
common control with, such individual, entity or group. For purposes of this definition, the term “control” (and its correlative terms) means the possession, directly or indirectly, of the power to direct or cause the direction of
management and policies, whether through the ownership of voting securities, by contract or otherwise. 

  

	 	(b)	“Award” means any Option or Restricted Stock granted under the Plan. 

 

	 	(c)	“Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award. 

  

							
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	 	(d)	“Beneficiary” means the person, persons, trust or trusts which have been designated by a Grantee in his or her most recent written beneficiary
designation filed with the Company to receive the benefits specified under the Plan upon his or her death, or, if there is no designated Beneficiary or surviving designated Beneficiary, then the person, persons, trust or trusts entitled by will or
the laws of descent and distribution to receive such benefits. 

  

	 	(e)	“Board” means the Board of Directors of the Company. 

  

	 	(f)	“Change in Control” means: 

  

	 	(i)	the acquisition by any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) of “beneficial ownership” (within the meaning
of Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing twenty percent (20%) or more of either the then outstanding Stock or the combined voting power of the Company’s then outstanding voting
securities entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (i), the following transactions shall not constitute a Change in Control: (A) an acquisition by the Company, (B) an
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company, (C) an acquisition by an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of Stock or (D) an acquisition by an entity pursuant to a Business Combination (as defined in subsection (iii) of this Section 2(f)) that satisfies clauses (A), (B) and (C) of such subsection;

  

							
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	 	(ii)	the following individuals cease for any reason to constitute a majority of the Company’s directors then serving: individuals who as of the date hereof constitute
the Board (the “Initial Directors”) and any new director (a “New Director”) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at
least two-thirds of the directors then in office who either are Initial Directors or New Directors; provided, however, that a director whose initial assumption of office is in connection with an actual or threatened election contest (including but
not limited to a consent solicitation) relating to the election of directors of the Company shall not be considered a New Director; 

  

	 	(iii)	 the stockholders of the Company approve a reorganization, merger or consolidation or a sale or disposition of all or substantially all of the
Company’s assets (a “Business Combination”), other than a Business Combination in which (A) the voting securities of the Company outstanding immediately prior thereto and entitled to vote generally in the election of directors
continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than fifty percent (50%) of the combined voting power of the voting securities of the
Company or such surviving entity or parent outstanding immediately after such Business Combination and entitled to vote generally in the election of directors; (B) no “person” (as hereinabove defined), other than the Company, an
employee benefit plan (or related trust) sponsored or maintained by the Company, or an entity 

  

							
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resulting from such Business Combination, acquires more than twenty percent (20%) of the combined voting power of the Company’s then outstanding securities entitled to vote generally in
the election of directors and (C) at least a majority of the members of the board of directors of the entity resulting from such Business Combination were Initial Directors or New Directors at the time of the execution of the initial agreement,
or action of the Board, providing for such Business Combination; or 

  

	 	(iv)	the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company. 

 

	 	(g)	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

 

	 	(h)	“Company” means Knight/Trimark Group, Inc., or any successor corporation. 

 

	 	(i)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed, interpreted and applied by
regulations, rulings and cases. 

  

	 	(j)	 “Fair Market Value” means, with respect to Stock or other property, the fair market value of such Stock or other property determined
by such methods or procedures as shall be established from time to time by the Board. Unless otherwise determined by the Board in good faith, the per share Fair Market Value of Stock as of a particular date shall mean (i) the average of the
high and low sales prices per share of Stock on the national securities exchange on which the Stock is principally traded, for the last preceding date on which there was a sale of such Stock on such exchange, or (ii) if the shares of Stock are
then traded in an over-the-counter market, 

  

							
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the average of the high and low prices for the shares of Stock in such over-the-counter market for the last preceding date on which there was a sale of such Stock in such market, or (iii) if
the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Board, in its sole discretion, shall determine. 

 

	 	(k)	“Grantee” means a person who is a non-employee director of the Company, and who is not an employee of any Subsidiary or Affiliate, who has been granted
an Award under the Plan. 

  

	 	(l)	“NQSO” means any Option that is designated as a nonqualified stock option. 

 

	 	(m)	“Option” means a right, granted to a Grantee under Section 6(a) to purchase shares of Stock. 

 

	 	(n)	“Plan” means this Knight/Trimark Group, Inc., 1998 Non-Employee Director Stock Option Plan, as amended from time to time. 

 

	 	(o)	“Restricted Stock” means an Award of shares of Stock to a Grantee under Section 6(d) that are subject to certain restrictions and to a risk of
forfeiture. 

  

	 	(p)	“Stock” means shares of the common stock of the Company. 

  

	 	(q)	“Subsidiary” means any corporation or other legal entity in an unbroken chain of corporations or other legal entities beginning with the Company if, at
the time of granting of an Option, each of the corporations or other legal entities (other than the last corporation or other legal entities in the unbroken chain) owns securities possessing 50% or more of the total combined voting power of all
classes of securities in one of the other corporations or other legal entities in the chain. 

  

							
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	3.	ADMINISTRATION 

 The Board shall have the
authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in
the administration of the Plan. 
 The Board may delegate to one or more of its member or to one or more agents such administrative duties as it
deems advisable. No member of the Board or any person to whom it has delegated duties as aforesaid shall be liable for any action taken or determination made in good faith with respect to the Plan or any Option granted hereunder. 

 

	4.	ELIGIBILITY 

 Only non-employee directors
of the Company shall participate in the plan. 
  

	5.	STOCK SUBJECT TO THE PLAN 

 The maximum
number of shares of Stock reserved for the grant of Awards under the Plan shall be 264,000 shares of Stock, subject to adjustment as provided herein. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have
been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any shares subject to an Award are forfeited, canceled, exchanged or surrendered or if an Award otherwise terminates or expires without a
distribution of shares to the Grantee, the shares of stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for grant under the Plan. 

In the event that the Board shall determine that any dividend or other distribution (whether in the form of cash, Stock, or other property),
recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar 

  

							
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corporate transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of Grantees under the Plan, then the Board shall
make such equitable changes or adjustments as it deems necessary or appropriate to any or all of (i) the number and kind of shares of Stock which may thereafter be issued in connection with Awards, (ii) the number and kind of shares of
Stock issued or issuable in respect of outstanding Awards, and (iii) the exercise price, grant price, or purchase price relating to any Options. 
  

	6.	SPECIFIC TERMS OF AWARDS 

  

	 	(a)	Annual Option Grants to Company Directors. Non-employee directors of the Company will be granted the Options described in clauses (i), (ii) and
(iii) of this Section (a): 

  

	 	(i)	On the first business day following the effective date of the Plan, or such other date as determined by the Board, (the “Initial Grant Date”), each director
who is a non-employee director of the Company on such date (a “Current Director”) shall be granted automatically, without action by the Board, an Option to purchase 8,000 shares of Stock. 

 

	 	(ii)	Each non-employee director of the Company who is not a non-employee director at the time of the Initial Grant Date (a “New Director”) will, at the time such
New Director is elected to the Board for the first time by the stockholders, be granted automatically, without action by the Board, an Option to purchase 8,000 shares of Stock. 

  

							
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	 	(iii)	In addition, on the first business day following each annual meeting of the stockholders thereafter, each non-employee director of the Company who is continuing service
as a member of the Board, will be granted automatically, without action by the Board, an Option to purchase 4,000 shares of Stock. 

  

	 	(b)	Terms and Conditions of Options. Options shall be subject to the following specific terms and conditions set forth below (and shall otherwise be subject to all
other provisions of the Plan not in conflict with this Section). Each Option shall be evidenced by an Option Agreement containing such terms and conditions not inconsistent with the Plan as the Board shall determine: 

 

	 	(i)	Each Option shall be a NQSO. 

  

	 	(ii)	The exercise price of Options shall be equal to the Fair Market Value of the shares of Stock subject to such Options on the date of grant. 

 

	 	(iii)	Options shall be exercisable as to twenty-five percent (25%) of the Stock subject thereto on the first anniversary of the date of grant, and shall become
exercisable as to an additional twenty- five percent (25%) of such shares on each of the second, third and fourth anniversaries of such date of grant. Options shall be exercisable for a period of ten (10) years from the date of grant of
such Options. 

  

	 	(iv)	Exercise Price. The exercise price per share of Stock purchasable under an Option shall not be less than the Fair Market Value of a share on the date of grant of
such Option. The exercise price for Stock subject to an Option may be paid in cash or by an exchange of Stock previously owned by the 

  

							
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Grantee, or a combination of both, in an amount having a combined value equal to such exercise price. The Grantee may also simultaneously exercise Options and sell the shares of Stock thereby
acquired, pursuant to a brokerage or similar arrangement approved in advance by the Committee, and use the proceeds from such sale as payment of the Exercise Price and any applicable withholding taxes. 

 

	 	(c)	Change in Control Provisions. In the event of a Change in Control, unless otherwise determined by the Board in writing at or after the grant of an Option, but
prior to the occurrence of such Change in Control, any option carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested. 

 

	 	(d)	Restricted Stock. The Board is authorized to grant Restricted Stock to Grantees on the following terms and conditions: 

 

	 	(i)	Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability and other restrictions, if any, as the Board may impose at
the date of grant, which restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, or otherwise, as the Board may determine. Such restrictions may include factors relating to the increase in
the value of the Stock or to individual or Company performance such as the attainment of certain specified individual, divisional or Company-wide performance goals, sales volume increases or increases in earnings per share. Except to the extent
restricted under the Award Agreement relating to the Restricted Stock, a Grantee granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to vote Restricted Stock and the right to receive
dividends thereon. 

  

							
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	 	(ii)	Forfeiture. Upon termination of service to the Company during the applicable restriction period, Restricted Stock and any accrued but unpaid dividends that are
at that time subject to restrictions shall be forfeited; provided that, the Board may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to
Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Board may in other cases waive in whole or in part the forfeiture of Restricted Stock. 

 

	 	(iii)	Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Board shall determine. If certificates representing
Restricted Stock are registered in the name of the Grantee, such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company shall retain physical possession
of the certificate. 

  

	 	(iv)	Dividends. Dividends paid on Restricted Stock shall be either paid at the dividend payment date, or deferred for payment to such date as determined by the Board,
in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends. Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to
restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 

  

							
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	7.	GENERAL PROVISIONS 

  

	 	(a)	Approval of Shareholders. The Plan shall take effect upon its adoption by the Board, but the Plan (and any grants of Awards made prior to the shareholder
approval mentioned herein) shall be subject to ratification by the holder(s) of a majority of the issued and outstanding shares of voting securities of the Company entitled to vote, which ratification must occur within twelve (12) months of the
date that the Plan is adopted by the Board. In the event that the shareholders of the Company do not ratify the Plan at a meeting of the shareholders at which such issue is considered and voted upon, then upon such event the Plan and all rights
hereunder shall immediately terminate and no Grantee (or any permitted transferee thereof) shall have any remaining rights under the Plan or any Option Agreement entered into in connection herewith. 

 

	 	(b)	Nontransferability. Except as otherwise determined by the Board, Options shall not be transferable by a Grantee except by will or the laws of descent and
distribution and shall be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal representative. 

  

	 	(c)	No Right to Continued Service as a Director. Nothing in the Plan or in any Option granted or any Option Agreement or other agreement entered into pursuant hereto
shall confer upon any Grantee the right to continue as a non-employee director of the Company, or to be entitled to any remuneration or benefits not set forth in the Plan or such Option Agreement or other agreement or to interfere with or limit in
any way the right of the Company to terminate such Grantee’s status. 

  

							
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	 	(d)	Taxes. The Company is authorized to withhold from any Award granted, any payment relating to an Award under the Plan amounts of withholding and other taxes due
in connection therewith, and to take such other action as the Board may deem advisable to enable the Company and Grantees to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority
shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Grantee’s tax obligations. 

 

	 	(e)	Amendment and Termination of the Plan. The Board may at any time and from time-to-time alter, amend, suspend, or terminate the Plan in whole or in part; provided
that, no amendment which, in the opinion of counsel to the Company, requires stockholder approval, shall be effective unless the same shall be approved by the requisite vote of the stockholders of the Company entitled to vote thereon.
Notwithstanding the foregoing, no amendment shall affect adversely any of the rights of any Grantee, without such Grantee’s consent, under any Award theretofore granted under the Plan. 

 

	 	(f)	No Stockholder Rights. A Grantee or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by an Option until the date
of the issuance of a stock certificate to the Grantee or transferee for such shares. 

  

	 	(g)	Unfunded Status of Options. The Plan is intended to constitute an “unfunded” plan. Nothing contained in the Plan or any Award shall give any such
Grantee any rights that are greater than those of a general creditor of the Company. 

  

	 	(h)	No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Board shall determine

  

							
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whether cash or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

  

	 	(i)	Regulations and Other Approvals. 

  

	 	(i)	The obligation of the Company to sell or deliver Common Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and
regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Board. 

 

	 	(ii)	Each Award is subject to the requirement that, if at any time the Board determines, in its absolute discretion, that the listing, registration or qualification of
Common Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the grant of an Award or the issuance of Common Stock, no such Award shall be granted or payment made or Common Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of
any conditions not acceptable to the Board. 

  

	 	(iii)	In the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is
not otherwise exempt from such registration, such Common Stock shall be restricted against transfer to the extent required by the Securities Act or 

  

							
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regulations thereunder, and the Board may require a Grantee receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in
writing that the Common Stock acquired by such Grantee is acquired for investment only and not with a view to distribution. 

  

	 	(j)	Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware without giving
effect to the conflict of laws principles thereof. 

  

	 	(k)	Effective Date; Plan Termination. The Plan shall take effect upon its adoption by the Board (the “Effective Date”), but the Plan (and any grants of
Options made prior to the stockholder approval mentioned herein), shall be subject to the approval of the holder(s) of a majority of the issued and outstanding shares of voting securities of the Company entitled to vote, which approval must occur
within twelve months of the date the Plan is adopted by the Board, In the absence of such approval, such Options shall be null and void. 

  

							
		 	SIBSON & COMPANY	  	 	14EX-10.16

 Exhibit 10.16 
 KCG Holdings, Inc. 
 Compensation Recoupment Policy 

The Board of Directors of KCG Holdings, Inc. (the “Company”) believes it is in the best interests of the Company and its
stockholders to maintain and enhance a culture that is focused on integrity, accountability and that discourages conduct detrimental to the Company’s sustainable growth. Therefore, it may be appropriate for the Company to recover certain
incentive compensation provided to certain employees in the event that there is a restatement of the Company’s financial statements. In light of these concerns, and to set an example for all employees throughout the Company, the Board of
Directors (the “Board”) has adopted the following Compensation Recoupment Policy (this “Policy”) effective as of July 1, 2013 (the “Effective Date”). 

1. Recoupment. In the event that the Company restates its financial statements, the Board may recoup an amount, as determined in
accordance Section 2 of this Policy, from any employee who was an executive officer (as such term is defined in 17 C.F.R. § 240.3b-7), and who received an annual bonus (regardless of whether it was paid or awarded in cash, equity or both),
during the three-year period preceding the date on which the Company files restated financial statements with the Securities and Exchange Commission (any such executive officer, an “Executive Officer” and any such period, the
“Recoupment Period”). 
 2. Recoupment Amount. The maximum amount that the Board may recoup from an
Executive Officer shall equal all annual bonuses earned during the Recoupment Period. However, absent circumstances that would justify deviations from this formula in the sole discretion of the Board, the amount the Board will recoup will equal the
excess of (a) the annual bonuses paid or awarded to the Executive Officer during the Recoupment Period based on the original financial statements over (b) the annual bonuses that would have been paid or awarded to the Executive Officer
based on the restated financial statements. (The amount to be recouped as so determined by the Board, the “Recoupment Amount”). 
 3. Method. The Board will determine, in its sole discretion, the method for recouping the Recoupment Amount, which may include, but will not be limited to, (a) offsetting the Recoupment Amount
from any compensation owed by the Company to the Executive Officer (including, without limitation, amounts payable under a deferred compensation plan at such time as is permitted by Section 409A of the Internal Revenue Code of 1986, as
amended); (b) reducing or eliminating future salary increases or annual bonuses; or (c) requiring the Executive Officer to pay the Recoupment Amount to the Company upon its written demand for such payment. 

4. Administration. This Policy is to be administered by the Compensation Committee of the Board (the
“Committee”), unless the Board elects to administer this Policy itself (the Committee or Board, as applicable, in its role administering this Policy, the “Administrator”). The Administrator may delegate ministerial
duties to one or more officers or employees of the Company. 
 5. Miscellaneous. The Board intends that this Policy will
be applied to the fullest extent permitted by law. Further, the adoption of this Policy does not mitigate, and is intended to supplement, the effect of any recoupment or similar policies in any equity award agreement, employment agreement or similar
agreement in effect prior to or after the Effective Date or any other legal remedies available to the Company. 
 6.
Successors. The terms of this Policy shall be binding and enforceable against all Executive Officers and their heirs, executors, administrators and legal representatives.

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