Document:

exv10w10

Exhibit 10.10

DIRECTOR INDEMNIFICATION AGREEMENT

     This Agreement made and entered into [___], 2009 (“Agreement”), by and between GAIN
Capital Holdings, Inc., a Delaware corporation (the “Company”) and [___] (the “Indemnitee”).

     WHEREAS, it is essential to the Company that it be able to retain and attract as directors the
most capable persons available;

     WHEREAS, increased corporate litigation has subjected directors to litigation risks and
expenses, and the limitations on the availability of directors and officers liability insurance
have made it increasingly difficult for the Company to attract and retain such persons;

     WHEREAS, the Company desires to provide Indemnitee with specific contractual assurance of
Indemnitee’s rights to full indemnification against litigation risks and expenses (regardless,
among other things, of any amendment to or revocation of any such by-laws or any change in the
ownership of the Company or the composition of its Board of Directors); and

     WHEREAS, the Company and Indemnitee desire to enter into this Agreement in order for
Indemnitee to rely upon the rights afforded under this Agreement in accepting and continuing in
Indemnitee’s position as a director of the Company.

     NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

1. Definitions.

     (a) “Corporate Status” describes the status of a person who is serving or has served (i) as a
director of the Company, including as a member of any committee thereof, (ii) in any capacity with
respect to any employee benefit plan of the Company, or (iii) as a director, manager, partner,
trustee, officer, employee, or agent of any other Entity at the request of the Company. For
purposes of subsection (iii) of this Section 1(a), an officer or director of the Company who is
serving or has served as a director, manager, partner, trustee, officer, employee or agent of a
Subsidiary (as defined below) shall be deemed to be serving at the request of the Company.

     (b) “Entity” shall mean any corporation, partnership, limited liability company, joint
venture, trust, foundation, association, organization or other legal entity.

     (c) “Expenses” shall mean all fees, costs and expenses incurred in connection with any
Proceeding (as defined below) and any taxes arising in connection therewith, including, without
limitation, reasonable attorneys’ fees, disbursements and retainers (including, without limitation,
any such fees, disbursements and retainers incurred by Indemnitee pursuant to Sections 9 and 11(c)
of this Agreement), reasonable fees and disbursements of expert witnesses, private investigators
and professional advisors (including, without limitation, accountants and

 

 

investment bankers), court costs, transcript costs, reasonable fees of experts, reasonable
travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges,
postage, delivery services, secretarial services and other disbursements and expenses.

     (d) “Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall
have the meanings ascribed to those terms in Section 3(a) below.

     (e) “Liabilities” shall mean judgments, damages, liabilities, losses, penalties, excise taxes,
fines and amounts paid in settlement.

     (f) “Proceeding” shall mean any threatened, pending or completed claim, action, suit,
arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal,
or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative,
whether formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 11
of this Agreement to enforce Indemnitee’s rights hereunder.

     (g) “Subsidiary” shall mean any corporation, partnership, limited liability company, joint
venture, trust or other Entity of which the Company owns (either directly or through or together
with another Subsidiary of the Company) either (i) a general partner, managing member or other
similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interest
of such Entity, or (B) 50% or more of the outstanding voting capital stock or other voting equity
interest of such Entity.

2. Services of Indemnitee. This Agreement shall not be deemed to constitute an agreement of
employment nor shall it impose any obligation on Indemnitee or the Company to continue Indemnitee’s
service to the Company beyond any period otherwise required by law or by other agreements or
commitments of the parties, if any.

3. Agreement to Indemnify. The Company agrees to indemnify Indemnitee as follows:

     (a) Subject to the exceptions contained in Section 4(a) below, if Indemnitee was or is a party
or is threatened to be made a party to any Proceeding (other than an action by or in the right of
the Company) by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the
Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such
Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,”
respectively, and collectively as “Indemnifiable Amounts”).

     (b) To the extent permitted by applicable law and subject to the exceptions contained in
Section 4(b) below, if Indemnitee was or is a party or is threatened to be made a party to any
Proceeding by or in the right of the Company to procure a judgment in its favor by reason of
Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all
Indemnifiable Expenses.

     (c) To the extent permitted by applicable law, if Indemnitee was or is called as an expert
witness to any Proceeding in which the Company is a party or which is otherwise related to the
Company’s business to which the Indemnitee is not a party, Indemnitee shall be

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indemnified by the Company against all Expenses incurred by Indemnitee in connection with such
Proceeding.

4. Exceptions to Indemnification. Indemnitee shall be entitled to indemnification under Sections
3(a) and 3(b) above in all circumstances other than the following:

     (a) If indemnification is requested under Section 3(a) and it has been adjudicated finally by
a court of competent jurisdiction that, in connection with the subject of the Proceeding out of
which the claim for indemnification has arisen, Indemnitee failed to act (i) in good faith and (ii)
in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company and, with respect to any criminal action or proceeding, Indemnitee had reasonable cause to
believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of
Indemnifiable Amounts hereunder.

     (b) If indemnification is requested under Section 3(b) and

     (i) it has been adjudicated finally by a court of competent jurisdiction that, in
connection with the subject of the Proceeding out of which the claim for indemnification has
arisen, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, Indemnitee shall not
be entitled to payment of Indemnifiable Expenses hereunder; or

     (ii) it has been adjudicated finally by a court of competent jurisdiction that
Indemnitee is liable to the Company with respect to any claim, issue or matter involved in
the Proceeding out of which the claim for indemnification has arisen, including, without
limitation, a claim that Indemnitee received an improper personal benefit, no Indemnifiable
Expenses shall be paid with respect to such claim, issue or matter unless the court of law
or another court in which such Proceeding was brought shall determine upon application that,
despite the adjudication of liability, but in view of all the circumstances of the case,
Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses
which such court shall deem proper.

5. Procedure for Payment of Indemnifiable Amounts. Indemnitee shall submit to the Company a
written request specifying the Indemnifiable Amounts for which Indemnitee seeks payment under
Section 3 of this Agreement and the basis for the claim. The Company shall pay such Indemnifiable
Amounts to Indemnitee within ten (10) calendar days of receipt of the request. At the request of
the Company, Indemnitee shall furnish such documentation and information as are reasonably
available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification
hereunder.

6. Notification and Defense of Proceedings. If any Proceeding is brought against Indemnitee in
respect of which indemnity may be sought under this Agreement:

     (a) Indemnitee will promptly notify the Company in writing of the commencement thereof, and
the Company and any other indemnifying party similarly notified will be entitled to
participate therein at its own expense or to assume the defense thereof and to engage counsel

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reasonably satisfactory to Indemnitee; provided, however, that the failure to give any such notice
shall not disqualify Indemnitee from indemnification hereunder unless the Company’s ability to
defend against such Proceeding is materially and adversely prejudiced thereby. Notice to the
Company shall be directed to the Chief Executive Officer of the Company at the address shown in
Section 21 of this Agreement (or such other address as the Company shall designate in writing to
Indemnitee pursuant to Section 21). Notice shall be deemed received three (3) business days after
the date postmarked if sent by domestic certified or registered mail, properly addressed; otherwise
notice shall be deemed received when such notice shall actually be received by the Company.
Indemnitee shall have the right to engage his or her own counsel in connection with any such
Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of Indemnitee unless (i) the Company shall not have assumed the defense of
the Proceeding and employed counsel for such defense, or (ii) the named parties to any such action
(including any impleaded parties) include both Indemnitee and the Company, and Indemnitee shall
have reasonably concluded that joint representation is inappropriate under applicable standards of
professional conduct due to a material conflict of interest between Indemnitee and the Company, in
either of which events the reasonable fees and expenses of such counsel to Indemnitee shall be
borne by the Company, subject to Section 9.

     (b) The Company shall not be liable to indemnify Indemnitee for any amounts paid in settlement
of any Proceeding effected without the Company’s written consent, and the Company shall not settle
any Proceeding in a manner which would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent; provided, however, that neither the Company nor Indemnitee will
unreasonably withhold its consent to any proposed settlement; and provided further, that if a
Proceeding is settled by Indemnitee with the Company’s written consent, or if there be a final
judgment or decree for the plaintiff in connection with the Proceeding by a court of competent
jurisdiction, the Company shall indemnify and hold harmless Indemnitee from and against any and all
Indemnifiable Losses incurred by reason of such settlement or judgment. The Company shall not,
without the prior written consent of Indemnitee, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of
Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of
Indemnitee from all liability in respect of the Proceeding, which release shall be in form and
substance reasonably satisfactory to Indemnitee.

7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any
other provision of this Agreement, and without limiting any such provision, to the extent that
Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and is successful, on the
merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to
one or more but less than all claims, issues or matters in such Proceeding, the Company shall
indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this
Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or
without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

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8. Effect of Certain Resolutions. Neither the settlement nor termination of any Proceeding nor the
failure of the Company to award indemnification or to determine that indemnification is payable
shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder.
In addition, the termination of any Proceeding by judgment, order, settlement, conviction, or upon
a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not
act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company or, with respect to any criminal action or proceeding, had
reasonable cause to believe that Indemnitee’s action was unlawful.

9. Agreement to Advance Expenses; Conditions. The Company shall pay to Indemnitee all
Indemnifiable Expenses incurred by Indemnitee in connection with any Proceeding, including a
Proceeding by or in the right of the Company, in advance of the final disposition of such
Proceeding, as the same are incurred. To the extent required by Delaware law, Indemnitee hereby
undertakes to repay the amount of Indemnifiable Expenses paid to Indemnitee if it is finally
determined by a court of competent jurisdiction that Indemnitee is not entitled under this
Agreement to indemnification with respect to such Indemnifiable Expenses. This undertaking is an
unlimited general obligation of Indemnitee.

10. Procedure for Advance Payment of Expenses. Indemnitee shall submit to the Company a written
request specifying the Indemnifiable Expenses for which Indemnitee seeks an advancement under
Section 9 of this Agreement, together with documentation evidencing that Indemnitee has incurred
such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 9 shall be made no
later than ten (10) calendar days after the Company’s receipt of such request and receipt of the
documentation described above.

11. Remedies of Indemnitee.

     (a) Right to Petition Court. In the event that Indemnitee makes a request for payment
of Indemnifiable Amounts under Sections 3 and 5 above or a request for an advancement of
Indemnifiable Expenses under Sections 9 and 10 above and the Company fails to make such payment or
advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition a
court of law to enforce the Company’s obligations under this Agreement.

     (b) Burden of Proof. In any judicial proceeding brought under Section 11(a) above,
the Company shall have the burden of proving that Indemnitee is not entitled to payment of
Indemnifiable Amounts hereunder.

     (c) Expenses. The Company agrees to reimburse Indemnitee in full for any Expenses
incurred by Indemnitee in connection with investigating, preparing for, litigating, defending or
settling any action brought by Indemnitee under Section 11(a) above, or in connection with any
claim or counterclaim brought by the Company in connection therewith.

     (d) Validity of Agreement. The Company shall be precluded from asserting in any
Proceeding, including, without limitation, an action under Section 11(a) above, that the
provisions of this Agreement are not valid, binding and enforceable or that there is
insufficient

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consideration for this Agreement and shall stipulate in court that the Company is
bound by all the provisions of this Agreement.

     (e) Failure to Act Not a Defense. The failure of the Company (including its Board of
Directors or any committee thereof, independent legal counsel or stockholders) to make a
determination concerning the permissibility of the payment of Indemnifiable Amounts or the
advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action
brought under Section 11(a) above, and shall not create a presumption that such payment or
advancement is not permissible.

12. Representations and Warranties of the Company. The Company hereby represents and warrants to
Indemnitee as follows:

     (a) Authority. The Company has all necessary power and authority to enter into, and
be bound by the terms of, this Agreement, and the execution, delivery and performance of the
undertakings contemplated by this Agreement have been duly authorized by the Company.

     (b) Enforceability. This Agreement, when executed and delivered by the Company in
accordance with the provisions hereof, shall be a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or
similar laws affecting the enforcement of creditors’ rights generally.

13. Insurance.

     (a) The Company shall, as promptly as practicable following the date hereof, obtain and
maintain directors and officers’ liability insurance coverage on terms reasonably satisfactory to
the Indemnitee of at least $5,000,000, covering, among other things, violations of federal or state
securities laws (and immediately prior to the consummation of an Initial Public Offering the level
of coverage shall be increased to at least $10,000,000). In all policies of director and officer
liability insurance, Indemnitee shall be named as an insured in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Company’s officers and directors. As used herein, the term “Initial Public Offering” shall mean
the Company’s first firm commitment underwritten public offering of its Common Stock registered
under the Securities Act of 1933, as amended (or any similar successor federal statute and the
rules and regulations thereunder, all as the same shall be in effect from time to time) covering
the offer and sale by the Company of its common stock.

     (b) If, at the time of the receipt of a notice of a Proceeding pursuant to Section 6(a) of
this Agreement, the Company has director and officers’ liability insurance in effect, the Company
shall give prompt notice of the commencement of such proceeding to the insurers in accordance with
the procedures set forth in the respective policies. The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of such proceeding in accordance with the terms of such policies.

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14. Contract Rights Not Exclusive. The rights to payment of Indemnifiable Amounts and advancement
of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of,
any other rights which Indemnitee may have at any time under applicable law, the Company’s by-laws
or certificate of incorporation, any insurance policy purchased or maintained by the Indemnitee or
the Fund Indemnitors (as defined below) or any other agreement, vote of stockholders or directors
(or a committee of directors), or otherwise, both as to action in Indemnitee’s official capacity
and as to action in any other capacity as a result of Indemnitee’s serving as a director of the
Company.

15. Successors. This Agreement shall be (a) binding upon all successors and assigns of the Company
(including any transferee of all or a substantial portion of the business, stock and/or assets of
the Company and any direct or indirect successor by merger or consolidation or otherwise by
operation of law) and (b) binding on and shall inure to the benefit of the heirs, personal
representatives, executors and administrators of Indemnitee. This Agreement shall continue for the
benefit of Indemnitee and such heirs, personal representatives, executors and administrators after
Indemnitee has ceased to have Corporate Status.

16. Subrogation. In the event of any payment of Indemnifiable Amounts under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of contribution or
recovery of Indemnitee against other persons, and Indemnitee shall take, at the request of the
Company, all reasonable action necessary to secure such rights, including the execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights. In no
event, however, shall the Company or any other person have any right of recovery, through
subrogation or otherwise, against (i) Indemnitee, (ii) the Fund Indemnitors, or (iii) any insurance
policy purchased or maintained by Indemnitee or the Fund Indemnitors.

17. Change in Law. To the extent that a change in Delaware law (whether by statute or judicial
decision) shall permit broader indemnification or advancement of expenses than is provided under
the terms of the by-laws of the Company and this Agreement, Indemnitee shall be entitled to such
broader indemnification and advancements, and this Agreement shall be deemed to be amended to such
extent. In the event of any change in Delaware law (whether by statute or judicial decision)
which narrows the right of a Delaware corporation to indemnify a member of its Board of Directors,
an officer, or other corporate agent, such changes, to the extent not otherwise required by
applicable law to be applied to this Agreement, shall have no effect on this Agreement or the
parties’ rights and obligations hereunder.

18. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
a manner as to be effective and valid under applicable law, but if any provision of this Agreement,
or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal,
invalid or unenforceable, in whole or in part, such provision or clause shall be limited or
modified in its application to the minimum extent necessary to make such provision or clause valid,
legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain
fully enforceable and binding on the parties.

19. Indemnitee as Plaintiff. Except as provided in Section 11(c) of this Agreement and in the next
sentence, Indemnitee shall not be entitled to payment of Indemnifiable Amounts or advancement of
Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee

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against the Company, any Entity which it controls, any director or officer thereof, or any third
party, unless such Company has consented to the initiation of such Proceeding. This Section shall
not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought
against Indemnitee.

20. Modifications and Waiver. Except as provided in Section 17 above with respect to changes in
Delaware law that broaden the right of Indemnitee to be indemnified by the Company, no supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by each of
the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall
such waiver constitute a continuing waiver.

21. General Notices. All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when
transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered
mail with postage prepaid, on the third business day after the date on which it is so mailed:

If to Indemnitee, to:

[________]

[________]

[________]

[________]

If to the Company, to:

GAIN Capital Holdings, Inc.

550 Hills Drive, Suite 210

Bedminster, New Jersey 07921

Attention: Chief Executive Officer

or to such other address as may have been furnished in the same manner by any party to the others.

21. Governing Law. This Agreement shall be governed by and construed and enforced under the laws
of the State of Delaware without giving effect to the provisions thereof relating to conflicts of
law.

22. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same instrument.

23. Primacy of Indemnification. The Company hereby acknowledges that Indemnitee has certain rights
to indemnification, advancement of expenses and/or insurance provided by investment funds managed
by entities referred to as “[___]” and their affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees that it is the indemnitor of

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first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund
Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by Indemnitee are secondary), and that the Company will not assert that the Indemnitee
must seek expense advancement or reimbursement, or indemnification, from any Fund Indemnitor before
the Company must perform its expense advancement and reimbursement, and indemnification
obligations, under this Agreement. No advancement or payment by the Fund Indemnitors on behalf of
Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the
Company shall affect the foregoing. The Fund Indemnitors shall be subrogated to the extent of such
advancement or payment to all of the rights of recovery which Indemnitee would have had against the
Company if the Fund Indemnitors had not advanced or paid any amount to or on behalf of Indemnitee.
If for any reason the a court of competent jurisdiction determines that the Fund Indemnitors are
not entitled to the subrogation rights described in the preceding sentence, the Fund Indemnitors
shall have a right of contribution by the Company to the Fund Indemnitors with respect to any
advance or payment by the Fund Indemnitors to or on behalf of the Indemnitee. The Company and
Indemnitee agree that each Fund Indemnitor is a third party beneficiary of this Agreement.

[END OF TEXT]

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	GAIN CAPITAL HOLDINGS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Glenn Stevens 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	INDEMNITEE

 	 
	 	 	 
	 	[________] 	 
	 	 	 	 
	 

[Signature Page to Director Indemnification Agreement]exv10w19

Exhibit 10.19

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is dated as of January 1, 2008 and is
by and between GAIN Capital Holdings, Inc., a corporation organized under the laws of
Delaware, including its subsidiaries and affiliates (the “Company”) and Glenn Stevens.

Recitals

WHEREAS, the Company desires to promote and secure for itself the services of Executive, and
the Executive wishes to furnish such services to the Company, pursuant to the terms and subject
to the conditions hereinafter set forth;

WHEREAS, Executive has served as Chief Executive Officer of the Company since June 7,
2007 and prior thereto served in various officer positions at the Company and its subsidiaries;

WHEREAS, the parties wish to amend and restate Executives terms of employment as set forth
in this Agreement;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
obligations set forth herein, the parties hereto, intending to be legally bound, hereby agree as
follows:

     1. Employment Term. The Company hereby agrees to employ the Executive directly or
though a subsidiary, and the Executive hereby agrees to enter into such employment, as the Chief
Executive Officer of the Company, through December 31, 2009, unless terminated sooner
pursuant to Section 8 hereof (the “Initial Term”). The Term of this Agreement shall renew for an
additional one-year period after the scheduled expiration of the Initial Term unless the Company
or the Executive, at its or his sole and exclusive option and for any reason whatsoever, provides
written notice to the other party not later than ninety (90) days prior to the scheduled expiration
of the Initial Term that this Agreement shall not be renewed beyond the Initial Term (as used in
this Agreement, “Term” shall apply to the Initial Term and any renewal term).

     2. Representations and Warranties. The Executive represents that Executive is entering
into this Agreement voluntarily and that Executive’s employment hereunder and his compliance
with the terms and conditions of this Agreement will not conflict with or result in the breach of
any agreement to which Executive is a party or by which Executive may be bound, or any legal
duty that Executive owes or may owe to another.

     3. Duties and Extent of Services.

     (a) During the Term, the Executive shall serve as Chief Executive Officer of the
Company and its primary domestic operating subsidiaries, with such duties, responsibilities and
authority as are consistent with such position, subject to the oversight of the Company (the
“Board”), and shall so serve faithfully and to the best of Executive’s ability under the direction
and supervision of the Board. As an executive officer of the Company, the Executive shall be
entitled to all of the benefits and protections to which all officers of the Company are entitled
pursuant to the Company’s Amended and Restated Certificate of Incorporation, which shall

 

 

include, but not be limited to, the rights of indemnification set forth in such Amended and
Restated Certificate of Incorporation, and coverage under the Company’s directors’ and officers’
liability insurance as in effect from time to time.

     (b) During the Term, the Executive agrees to devote substantially his full time,
attention, and energies to the Company’s business and shall not be engaged in any other business
activity, whether or not such business activity is pursued for gain, profit, or other pecuniary
advantage. Subject, however, to Section 11, 12 and 13 herein, the Executive may serve in
charitable and civic positions and as a director of other companies with the prior consent of the
Board, which consent shall not be unreasonably withheld. The Executive covenants, warrants,
and represents that, subject to the activity he shall devote his full and best efforts to the
fulfillment of his employment obligations, and he shall exercise the highest degree to loyalty and
the highest standards of conduct in the performance of his duties.

     4. Compensation.

     (a) Base Salary. The Company shall pay the Executive a base salary (the “Base
Salary”) of not less than $650,000 per year, payable in monthly installments. The Base Salary
shall be reviewed by the Board annually and may be increased in the Board’s sole discretion.
The Executive shall not receive any additional compensation from any subsidiary of the
Company following the date hereof.

     (b) Bonus. The Executive will be eligible for payment of a bonus on an annual
basis (the “Annual Bonus”) and a quarterly basis (the “Quarterly Bonuses”), as determined by
the Company’s Compensation Committee in its sole discretion. The right to the Annual Bonus
shall accrue on December 31st of each year, and Executive must be employed on that date
to be
eligible for the Annual Bonus, except as is expressly provided in Section 9. To the extent
the
Executive is entitled to receive an Annual Bonus and/or a fourth-quarter Quarterly Bonus for any
calendar year, the Annual Bonus and/or such Quarterly Bonus shall be paid to the Executive after
the end of the calendar year to which such Bonuses relate, at the same time as the Company pays
bonuses to other executives generally; provided that in no event shall the Bonuses be paid later
than the 15th day of the third month following the year in which the Bonuses are earned. To the
extent the Executive is entitled to receive a Quarterly Bonus for one or more of the first three
quarters of any calendar year, if any, the Bonuses shall be paid to the Executive, at the same time
as the Company pays bonuses to other executives generally; provided that such payments are
made prior to December 31 of the calendar year in which such Quarterly Bonuses are earned.

     5. Benefits. During the Term, tile Executive shall be entitled to participate in any
and all benefit programs and arrangements generally made available by the Company to executive
officers, including, but not limited to, pension plans, contributory and noncontributory welfare
and benefit plans, disability plans and medical, death benefit and life insurance plans for which
the Executive may be eligible during the Term. Furthermore, the Executive shall be permitted
four (4) weeks of paid time off (“PTO”) during each calendar year. Accrued paid leave may be
used for vacation, professional enrichment and education, sickness and disability. Unused leave
shall not accrue from one calendar year to another.

     6. Expenses. During the Executive’s employment, the Executive will be reimbursed
for travel, entertainment and other out-of-pocket expenses reasonably incurred by Executive on
behalf of the Company in the performance of Executive’s duties hereunder, so long as (a) such

 

 

expenses are consistent with the type and amount of expenses that customarily would be incurred
by similarly situated corporate executives in the United States; and (b) the Executive timely
provides copies of receipts for expenses in accordance with Company policy.

     7. Adherence to Company Policy. The Executive acknowledges that he is subject to
insider information policies designed to preclude its employees from violating the federal
securities laws by trading on material, non-public information or passing such information on to
others in breach of any duty owed to the Company or any third party. The Executive shall
promptly execute any agreements generally distributed by the Company or to its employees
requiring such employees to abide by its inside information policies.

     8. Termination.

     (a) Disability. In accordance with applicable law, the Company may terminate
the Executive’s employment at any time after the Executive becomes Disabled. As used herein,
“Disabled” means the incapacity of the Executive, due to injury, illness, disease, or bodily or
mental infirmity, to engage in the performance of substantially all of the usual duties of
employment with the Company.

     (b) Death. The Executive’s employment with the Company will terminate upon
the death of the Executive.

     (c) Termination with Cause. The Company may terminate the Executive’s
employment at any time for “Cause” by providing written notice of such termination to the
Executive. As used herein, “Cause” means any of the following, as determined by the Board:

          (i) the Executive’s material breach of this Agreement;

          (ii) the Executive’s gross negligence (other than as a result of this ability or occurring
after the Executive’s provision of notice in connection with a resignation for Good Reason) or
willful misconduct in carrying out his duties hereunder, resulting in harm to the Company;

          (iii) the Executive’s material breach of any of his fiduciary obligations
as an officer of the Company;

          (iv) any conviction by a court of law of, or entry of a pleading of guilty
or not contendere by the Executive with respect to, a felony or any other crime for which fraud
or dishonesty is a material element, excluding traffic violations;

          (v) the Executive willfully or recklessly engages in conduct which
either is materially or demonstrably injurious to the Company, monetarily or otherwise.

     For purposes of determining Cause, no act or omission by the Executive shall be
considered “willful” unless it is done or omitted in bad faith or without reasonable belief that
the
Executive’s action or omission was in the best interests of the Company. Any act or failure to
act based upon: (a) authority given pursuant to a resolution duly adopted by the Board, or (b)
advice of counsel for the Company, shall be conclusively presumed to be done or omitted to be
done by the Executive in good faith and in the best interests of the Company. In addition, as to
subsections (i)-(iii) above, if the action or inaction in question is susceptible of a cure, then
no

 

 

finding of Cause shall occur prior to written notice to the Executive setting forth in reasonable
detail the action or inaction at issue, and the Executive’s failure to cure such condition
following
a cure period of no less than sixty (60) days.

     (d) Termination Without Cause. The Company, at the direction of the Board,
may terminate the Executive’s employment without Cause at any time upon no less than ninety
(90) days prior written notice, or ninety (90) days’ pay in lieu of notice.

     (e) Resignation for Good Reason. The Executive may resign from his
employment with the Company for Good Reason by providing written notice to the Board that
an event constituting Good Reason has occurred and the Executive desires to resign from his
employment with the Company as a result. Such notice must be provided to the Board by the
Executive within sixty (60) days following the initial occurrence of the event constituting Good
Reason. After receipt of such written notice, the Board shall have a period of sixty (60) days to
cure such event; provided, however, the Board, may, at its sole option, determine not to cure
such event and accept the Executive’s resignation effective thirty (30) days following the
Board’s receipt of the Executive’s notice that an event constituting Good Reason has occurred.
If the Board does not cure the event constituting Good Reason within the requisite sixty (60) day
period, the Executive’s employment with the Company shall terminate on account of Good
Reason thirty (30) days following the expiration of the Board’s cure period, unless the Board
determines to terminate the Executive’s employment prior to such date. As used herein, “Good
Reason” means that, without the Executive’s consent, any of the following has occurred:

          (i) a material diminution in the Executive’s authority, duties or
responsibilities;

          (ii) a material diminution in the Executive’s Base Salary; or

          (iii) any action or inaction by the Company that constitutes a material
breach by the Company of its obligations under this Agreement.

     (f) Resignation Without Good Reason. The Executive may resign from his
employment with the Company without Good Reason (as that term is defined in Section 8(c))
at
any time upon no less than ninety (90) days prior written notice to the Board. Upon such notice
of resignation, the Company may, at its sole option, accept the Executive’s resignation effective
as of a date prior to the resignation date specified in the notice, and in such event, the earlier
date
will be the effective date of termination of the Executive’s employment for all purposes
hereunder.

     9. Compensation Upon Termination.

     (a) Disability. Upon termination of employment pursuant to Section 8(a), the
Executive will receive any Base Salary accrued and unpaid as of such date as well as any
accrued but unused PTO and appropriate expense reimbursements. If the Executive becomes
disabled before the end of the fiscal year, the Executive will also receive an Annual Bonus for
such fiscal year on a pro rata basis (1/12th of the Annual Bonus for each month in which he was
employed on the last day of that month), but only to the extent that all prerequisites for
receiving
the Annual Bonus have otherwise been satisfied. Such pro rata bonus will be paid at the time
that the annual bonus is paid to other executives. The Executive shall also be entitled to any

 

 

Quarterly Bonus for all quarters ending prior to and including the quarter in which there was an
onset of Disability. The Company shall have no further obligations under this Agreement to the
Executive.

     (b) Death. In the event of the Executive’s death, the Executive’s estate will
receive his Base Salary accrued and unpaid as of the date of his death as well as any accrued but
unused PTO and appropriate expense reimbursements. If the Executive dies before the end of
the fiscal year, the Executive’s estate will receive an Annual Bonus for such fiscal year on a pro
rata basis (1/12th of the Annual Bonus for each month in which he was employed on the last day
of that month), but only to the extent that all prerequisites for receiving the Annual Bonus have
otherwise been satisfied. Such pro rata bonus will be paid at the time that the annual bonus is
paid to other executives. The Executive shall also be entitled to any Quarterly Bonus for all
quarters ending prior to and including the quarter in which the Death occurs. The Company shall
have no further obligations under this Agreement to the Executive.

     (c) Termination Without Cause, Resignation With Good Reason or Non-Renewal
of Contract. If the Company terminates the Executive’s employment without Cause pursuant to
Section 8(d), or if the Executive resigns for Good Reason pursuant to Section 8(e), or if
the
Company declines to renew the Executive’s contract pursuant to Section 1 and the
Executive’s
employment with the Company terminates on the last day of such term, the Company will pay
the Executive his Base Salary accrued and unpaid as of the date of termination of employment as
well as any accrued but unused PTO and appropriate expense reimbursements. In addition,
subject to the Executive’s execution and nonrevocation of the general release of claims described
in Section 9(e) below and compliance with the requirements of Section 22 below, the
Company
will also pay and/or provide to the Executive (i) severance in an amount equal to eighteen (18)
months of the Executive’s monthly Base Salary (the “Severance Amount”), minus applicable
deductions and withholdings, which shall be paid to the Executive in accordance with the
Company’s normal payroll practices in equal installments over the eighteen (18) month period
following Executive’s last day of employment and which shall commence as soon as
administratively practicable following the expiration of the revocation period for the general
release, but not later than sixty (60) days following the date of Executive’s last day of
employment with the Company; (ii) in accordance with Section 4(b), the Executive will
receive
any accrued and unpaid Annual Bonus and Quarterly Bonus, minus applicable deductions and
withholdings, for which he is eligible; (iii) notwithstanding the eligibility requirement that the
Executive must be employed by the Company as of the date on which the Annual Bonus or
Quarterly Bonus is paid, if the Executive’s employment is terminated before such date in
accordance with Section 8(d) or 8(e), he will be eligible to receive a Quarterly
Bonus and Annual
Bonus on a pro rata basis (1112th of the Annual Bonus for each month in which he was employed
on the last day of that month, and the Quarterly Bonus for all quarters ending prior to and
including the quarter in which the termination occurs), minus applicable deductions and
withholdings, but only to the extent that all prerequisites for receiving the Annual Bonus and
Quarterly Bonus have otherwise been satisfied, with such pro rata bonus being paid at the time
that the Annual Bonus or Quarterly Bonus, as applicable, is paid to other executives; (iv)
notwithstanding any provision to the contrary in any applicable grant agreement or the
Company’s 2006 Equity Compensation Plan (or a successor plan), all shares subject to Company
equity grants (including without limitation stock options, stock units and stock awards) held by
the Executive at the time of his termination date that would have vested within the twenty-four
(24) month period following the Executive’s termination date if the vesting schedule for such

 

 

grants were based on a monthly vesting schedule, as opposed to the vesting schedule set forth in
his grant agreement, shall become vested on the Executive’s termination date; and (v) the
Company will provide continued health benefits to the Executive at the same premium rates
charged to other then current employees of the Company for the eighteen (18) month period
following his termination of employment, unless the Executive is otherwise covered by health
insurance provided by a future employer. The Company has no further obligation under this
Agreement to the Executive upon his termination without Cause, resignation for Good Reason,
or the Company’s decision not to renew the contract. The obligations of the Company set forth
in this Section 9(c) will be suspended and no longer enforceable if the Executive
materially
breaches the terms and conditions of Sections 9(e), 7, 10, 11, 12, 13, 14 or 15, which
material
breach is not cured (if capable of cure) within ten (10) days written notice of such breach.

     (d) Termination With Cause or Resignation Without Good Reason. If the
Company terminates the Executive’s employment with Cause pursuant to Section 8(c), if the
Executive resigns without Good Reason pursuant to Section 8(f), if the Executive resigns
following his notice of nonrenewal of this Agreement or if the Executive is entitled to the
severance benefits pursuant to Section 9(c) and either does not execute or revokes the
general
release of claims required pursuant to Section 9(e), the Company will pay the Executive his
Base
Salary accrued and unpaid as of the date of termination of employment as well as any accrued
but unused PTO and appropriate expense reimbursements. The Company shall have no further
obligations under this Agreement to the Executive.

     (e) Release of Claims. As a condition for the payments of the Severance Amount
and pro-rata Quarterly and Annual Bonuses provided in Section 9(c), the Executive must
execute
a general release of all claims (including claims under local, state and federal laws, but
excluding
claims for payment due under Section 9(c) that the Executive has or may have against the
Company or any related individuals or entities. The release shall be in a form reasonably
acceptable to the Company, and shall include confidentiality, cooperation, and non-disparagement
provisions, as well as other terms requested by the Company that are typical of an
executive severance agreement. The Severance Amount, pro-rata Quarterly and Annual
Bonuses, acceleration of vesting and continued health benefits provided for in Section 9(c)
are
conditioned upon and will not be paid (or be provided) until the execution of the release and the
expiration of any revocation period.

          10. Confidentiality; Return of Company Property.

     (a) The Executive acknowledges that, by reason of Executive’s employment by
the Company, Executive will have access to confidential information of the Company, including,
without limitation, information and knowledge pertaining to products, inventions, discoveries,
improvements, innovations, designs, ideas, trade secrets, proprietary information, business
strategies, packaging, advertising, marketing, distribution and sales methods, sales and profit
figures, employees, customers and clients, and relationships between the Company and its
business partners, including dealers, traders, distributors, sales representatives, wholesalers,
customers, clients, suppliers and others who have business dealings with them (“Confidential
Information”). The Executive acknowledges that such Confidential Information is a valuable
and unique asset of the Company and covenants that, both during and after the Term, Executive
will not disclose any Confidential Information to any person or entity, except as Executive’s
duties as an employee of the Company may require, without the prior written authorization of the
Board. The obligation of confidentiality imposed by this Section 10 shall not apply to

 

 

Confidential Information that otherwise becomes generally known to the public through no act of
the Executive in breach of this Agreement or any other party in violation of an existing
confidentiality agreement with the Company, or which is required to be disclosed by court order
or applicable law.

     (b) All records, designs, patents, business plans, financial statements, manuals,
memoranda, lists, research and development plans and products, and other property delivered to
or compiled by the Executive by or on behalf of the Company or its vendors or customers that
pertain to the business of the Company shall be and remain the property of the Company, and be
subject at all times to its discretion and control. Likewise, all correspondence, reports, records,
charts, advertising materials and other similar data pertaining to the business, activities or
future
plans of the Company (and all copies thereof) that are collected by the Executive shall be
delivered promptly to the Company without request by it upon termination of the Executive’s
employment.

     11. Non-Competition. While the Executive is employed at the Company and for a period
of eighteen (18) months after the termination of his employment with the Company for any
reason (the “Non-Compete Term”), the Executive will not, directly or indirectly, own, maintain,
finance, operate, engage in, assist, be employed by, contract with, license, or have any interest
in,
or association with a business or enterprise engaged in or planning to be engaged in, the Internet
retail trading of foreign exchange, or any business engaged in by the Company, or approved for
the Company or its affiliates to be engaged in by the Board of Directors of the Company, during
his employment with the Company.

     12. Solicitation of Clients. During the periods in which the provisions of Section
11 shall
be in effect, the Executive, directly or indirectly, including through any other person or entity,
shall not seek business from any Client on behalf of any enterprise or business other than the
Company, refer business generated from any Client to any enterprise or business other than the
Company, or receive commissions based on sales or otherwise relating to the business from lily
Client, enterprise or business other than the Company. For purposes of this Agreement, the term
“Client” means any person, firm, corporation, limited liability company, partnership, association
or other entity (i) to which the Company sold or provided services during the 12-month period
prior to the time at which any determination is required to be made as to whether any such
person, firm, corporation, partnership, association or other entity is a Client, or (ii) who or
which
has been approached by an employee of the Company for the purpose of soliciting business for
the Company and which business was reasonably expected to generate revenue in excess of
$100,000 per annum.

     13. Solicitation of Employees. During the periods in which the provisions of
Section 11
shall be in effect, the Executive, directly or indirectly, shall not contact or solicit any
employee
of the Company for the purpose of hiring them or causing them to terminate their employment
relationship with the Company.

     14. Inventions, Ideas, Processes, and Designs. All inventions, ideas, processes,
programs,
software, and designs (including all improvements) conceived or made by the Executive during
his employment with the Company (whether or not actually conceived during regular business
hours) and related to the business of the Company, or the business approved by the Board of
Directors to be engaged in by the Company, shall be disclosed in writing promptly to the
Company and shall be the sole and exclusive property of the Company. An invention, idea,

 

 

process, program, software, or design (including an improvement) shall be deemed related to the
actual or approved business of the Company if (x) it was made with the Company’s equipment,
supplies, facilities, or Confidential Information, (y) results from work performed by the
Executive for the Company, or (z) pertains to the current business or demonstrably anticipated
research or development work of the Company, The Executive shall cooperate with the
Company and its attorneys in the preparation of patent and copyright applications for such
developments and, upon request, shall promptly assign all such inventions, ideas, processes, and
designs to the Company. The decision to file for patent or copyright protection or to maintain
such development as a trade secret shall be in the sole discretion of the Company, and the
Executive shall be bound by such decision.

     15. Specific Performance. The Executive acknowledges that the services to be rendered
by the Executive are of a special, unique and extraordinary character and, in connection with
such services, the Executive will have access to Confidential Information vital to the Company’s
business, By reason of this, the Executive consents and agrees that if the Executive violates any
of the provisions of Section 11, 12, 13, and 14 hereof, the Company would sustain
irreparable
injury and that monetary damages would not provide adequate remedy to the Company. The
Executive hereby agrees that the Company shall be entitled to have Section 11, 12, 13, or
14
hereof specifically enforced (including, without limitation, by injunctions and restraining orders)
by any court in the State of New Jersey having equity jurisdiction and agrees to be subject to the
jurisdiction of said court. Nothing contained herein shall be construed as prohibiting the
Company from pursuing any other remedies available to it for such breach or threatened breach,
including the recovery of damages from the Executive.

     16. Executive’s Option To Purchase GCAM. Executive hereby agrees and acknowledges
that the Stevens Purchase Option (as defined in that certain Letter Agreement between Glenn
Stevens and GAIN Capital Holdings, Inc., dated as of January 1, 2007) is hereby terminated in
its entirety and all rights of Executive in connection with the Stevens Purchase Option are of no
further force and effect.

     17. Company’s Call Option. The Company hereby agrees and acknowledges that that
Call Option (as defined in that certain Restricted Stock Unit Agreement, dated as of January1,
2007, by the Company to Glenn Stevens (the “RSU Agreement"» of the Company under the
RSU Agreement is hereby terminated, and from and after the date hereof, all 48,820 restricted
stock units granted to Glenn Stevens pursuant to the RSU Agreement shall no longer be subject
to such Call Option.

     18. Complete Agreement. This Agreement embodies the entire agreement of the parties
with respect to the Executive’s employment, compensation, benefits and related items and
supersede any other prior oral or written agreements, arrangements or understandings between
the Executive and the Company. This Agreement may not be changed or terminated orally but
only by an agreement in writing signed by the parties hereto.

     19. Waiver. The waiver by either party of a breach of any provision of this Agreement
by the other party shall not operate or be construed as a waiver of any subsequent breach by such
party.

 

 

     20. Governing Law; Assignability.

     (a) This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New Jersey without reference to the choice of law provisions thereof.

     (b) The Executive may not, without the Company’s prior written consent,
delegate, assign, transfer, convey, pledge, encumber or otherwise dispose of this Agreement or
any interest herein. Any such attempt shall be null and void and without effect. The Company
and the Executive agree that this Agreement and all of the Company’s rights and obligations
hereunder may be assigned or transferred by the Company and shall be assumed by and be
binding upon any successor to the Company.

     21. Severability. If any provision of this Agreement or any part thereof, including,
without limitation, Sections 11. 12, 13, or 14, as applied to either party or to any
circumstances
shall be adjudged by a court of competent jurisdiction to be void or unenforceable, the same shall
in no way affect any other provision of this Agreement or remaining parts thereof, which shall be
given full effect without regard to the invalid or unenforceable part thereof, or the validity or
enforceability of this Agreement.

     22. Notices. All notices to the Company or the Executive, permitted or required
hereunder, shall be in writing and shall be delivered personally, by telecopier or by courier
service providing for next-day delivery or sent by registered or certified mail, return receipt
requested, to the following addresses:

     If to the Company:

GAIN Capital Holding, Inc.

550 Hills Drive

Bedminster, New Jersey 079221

Attention: Chairman of the Board

If to the Executive, to the address set forth on the first page hereof.

Either party may change the address to which notices shall be sent by sending written notice of
such change of address to the other party. Any such notice shall be deemed given, if delivered
personally, upon receipt; if telecopied, when telecopied; if sent by courier service providing for
next-day delivery, the next business day following deposit with such courier service; and if sent
by certified or registered mail, three days after deposit (postage prepaid) with the U.S. mail
service.

     23. Section 409A.

     (a) This Agreement shall be interpreted to avoid any penalty sanctions under
section 409A of the Internal Revenue Code of 1986, as amended (“section 409A”). If any
payment or benefit cannot be provided or made at the time specified herein without incurring
sanctions under section 409 A, then such benefit or payment shall be provided in full at the
earliest time thereafter when such sanctions will not be imposed. For purposes of section 409A,
each payment under this Agreement shall be treated as a separate payment and the right to a
series of installment payments under this Agreement shall be treated as a right to a series of
separate payments. In no event may the Executive, directly or indirectly, designate the calendar
year of payment.

 

 

     (b) To the maximum extent permitted under section 409A, the cash severance
payments payable under this Agreement are intended to comply with the ‘short-term deferral
exception’ under Treas. Reg. §1.409A-1(b)(4), and any remaining amount is intended to comply
with the ‘separation pay exception’ under Treas. Reg. §1.409A-1(b)(9)(iii); provided, however,
any amount payable to the Executive during the six-month period following the Executive’s
termination date that does not qualify within either of the foregoing exceptions and is deemed as
deferred compensation subject to the requirements of section 409A, then such amount shall
hereinafter be referred to as the ‘Excess Amount.’ If the Executive is a “key employee” of a
publicly traded corporation under section 409 A at the time of his separation from service and if
payment of the Excess Amount under this Agreement is required to be delayed for a period of six
(6) months after separation from service pursuant to section 409A, payment of such amount shall
be delayed as required by section 409A, and the accumulated postponed amount shall be paid in
a lump sum payment within ten (10) days after the end of the six (6) month period. If the
Executive dies during the postponement period prior to the payment of postponed amount, the
amounts withheld on account of section 409 A shall be paid to the personal representative of the
Executive’s estate within sixty (60) days after the date of the Executive’s death. A “key
employee” shall mean an employee who, at any time during the 12-month period ending on the
identification date, is a “specified employee” under section 409A, as determined by the Board, in
its sole discretion. The determination of key employees, including the number and identity of
persons considered key employees and the identification date, shall be made by the Board in
accordance with the provisions of Sections 416(i) and 409A and the regulations issued
thereunder.

     (c) To the extent the Executive is, at the time of his termination of employment
under this Agreement, participating in one or more deferred compensation arrangements subject
to section 409A, the payments and benefits provided under those arrangements shall continue to
be governed by, and to become due and payable in accordance with, the specific terms and
conditions of those arrangements, and nothing in this Agreement shall be deemed to modify or
alter those terms and conditions.

     (d) All reimbursements provided under this Agreement shall be made or provided
in accordance with the requirements of section 409A, including, where applicable, the
requirement that (i) any reimbursement is for expenses incuned during the Executive’s lifetime
(or during a shorter period of time specified in this Agreement), (ii) the amount of expenses
eligible for reimbursement during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be
made on or before the last day of the calendar year following the year in which the expense is
incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another
benefit.

     24. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.

     25. Separation. All covenants that, by their terms, naturally would survive the
termination or expiration of this Agreement, including but not limited to Sections 11, 12, 13,
and

 

 

14 hereof, shall survive the termination or expiration of this Agreement.

IN WITNESS WHEREOF, the parties hereto have duly executed this Employment Agreement as
of the date first above written.

	 	 	 	 	 
	GAIN CAPITAL HOLDINGS, INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Mark E. Galant	 	 	 
	 

	 	 

	 	 
	Name: Mark Galant	 	 
	Title: Chairman of the Board	 	 
	 
	 
	/s/ Glenn Stevens
	 	 
	 	 	 
	GLENN STEVENS

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