Document:

EX-10.7

 Exhibit 10.7 
 KCG HOLDINGS, INC. 
 AMENDED AND RESTATED EXECUTIVE INCENTIVE PLAN

 Section 1. Purpose. The purpose of the KCG Holdings, Inc. Amended and Restated Executive Incentive Plan (this
“Plan”) is to attract, retain and motivate selected executive officers of KCG Holdings, Inc. (“KCG”) and its subsidiaries and affiliates (together with KCG, and their and its successors and assigns,
the “Company”) in order to promote the Company’s growth and profitability. It is intended that any Bonus (as defined in Section 5(c)) payable under this Plan be considered “performance-based
compensation” within the meaning of Section 162(m)(4)(C) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder, and this Plan shall be limited, construed and interpreted
accordingly. 
 Section 2. Administration. 
 (a) General. Subject to Section 2(d), this Plan shall be administered by a committee (the “Committee”) appointed by the Board of Directors of KCG (the
“Board”), whose members shall serve at the pleasure of the Board. The Committee at all times shall be composed of at least two directors of KCG, each of whom is an “outside director” within the meaning of
Section 162(m) of the Code and Treasury Regulation Section 1.162-27(e)(3). Unless otherwise determined by the Board, the Committee shall be the Compensation Committee of the Board; provided, however, that if the Compensation Committee does
not satisfy the requirements set forth in the prior sentence, the Committee shall be the 162(m) Committee (if such committee is then constituted) to the extent necessary for any Bonus payable under this Plan to be considered “performance-based
compensation” within the meaning of Section 162(m) of the Code and the regulations thereunder. 
 (b) Role of the
Committee. The Committee shall have complete control over the administration of this Plan, and shall have the authority in its sole and absolute discretion to: (i) exercise all of the powers granted to it under this Plan, including
designating individuals as participants in this Plan in accordance with Section 4 and establishing the Performance Goals (as defined in Section 5(a)) in accordance with Section 5(a); (ii) construe, interpret
and implement this Plan; (iii) prescribe, amend and rescind rules and regulations relating to this Plan, including rules and regulations governing its own operations; (iv) make all determinations and take all actions necessary or advisable
in administering this Plan (including, without limitation, calculating the size of the Bonus payable to each Participant (as defined in Section 4(a)) and certifying the attainment of the Performance Goals); (v) correct any defect,
supply any omission and reconcile any inconsistency in this Plan; and (vi) amend this Plan to reflect changes in or interpretations of applicable law, rules or regulations. 

(c) Procedures; Decisions Final. Actions of the Committee shall be made by the vote of a majority of its members. The
determination of the Committee on all matters relating to this Plan and any amounts payable thereunder shall be final, binding and conclusive on all parties. 
 (d) Delegation. The Committee may allocate among its members and may delegate some or all of its authority or administrative responsibility to such individual or individuals who are not members of
the Committee as it shall deem necessary or appropriate; provided, however, the Committee may not delegate any of its authority or administrative responsibility hereunder if such delegation would cause any Bonus payable under this Plan
not to be considered “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code and the regulations thereunder, and any such attempted delegation shall not be effective and shall be void ab initio.

 (e) No Liability. No member of the Board or the Committee or any employee of the Company (each such person a
“Covered Person”) shall have any liability to any person (including, without limitation, any Participant) for any action taken or omitted to be taken or any determination made in good faith with respect to this Plan, any
Award or any Bonus. Each Covered Person shall be indemnified and held 

 
harmless by KCG against and from any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting
from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under this Plan and against and from any and all amounts paid by
such Covered Person, with KCG’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that KCG shall have the right, at its
own expense, to assume and defend any such action, suit or proceeding and, once KCG gives notice of its intent to assume the defense, KCG shall have sole control over such defense with counsel of KCG’s choice. The foregoing right of
indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of
such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification shall not be exclusive of, and shall not be deemed to limit or
modify, any other rights of indemnification or the advancement of expenses to which Covered Persons may be entitled under KCG’s Amended and Restated Certificate of Incorporation or Amended and Restated By-Laws, as a matter of law, or otherwise,
or any other power that KCG may have to indemnify such persons or hold them harmless. 
 Section 3. Performance Period.

 The Committee shall designate the periods (each a “Performance Period”) with respect to which a
Participant may be granted the opportunity to earn one or more payouts to the extent consistent with Treasury Regulation Section 1.162-27(e)(2). The first Performance Period shall commenced on January 1, 2009. Unless otherwise determined
by the Committee, the Performance Period shall be KCG’s fiscal year. 
 Section 4. Eligibility and Participation.

 (a) Participants. Prior to the 90th day after the beginning of the Performance Period, or otherwise in a manner not
inconsistent with Treasury Regulation Section 1.162-27(e)(2) (the “Participation Date”), the Committee shall designate those executive officers of the Company who shall participate in this Plan for each Performance
Period (the “Participants”). 
 (b) Changes During a Performance Period. Except as provided
below, the Committee shall have the authority at any time (i) during the Performance Period to remove Participants from this Plan for that Performance Period and (ii) prior to the Participation Date (or otherwise in a manner not
inconsistent with Treasury Regulation Section 1.162-27(e)(2)) to add Participants to this Plan for a particular Performance Period. 
 Section 5. Bonus Amounts. 
 (a) Establishment of Performance Goals
and Formula. By the Participation Date (or otherwise in a manner not inconsistent with Treasury Regulation Section 1.162-27(e)(2)), the Committee shall establish the objective performance goals (the “Performance
Goals”) for a Performance Period in writing while the outcome of the Performance Goals is substantially uncertain. At the same time the Performance Goals are established, the Committee shall prescribe a formula to determine the amount
of the bonus which may be payable based upon the level of attainment of the Performance Goals during the Performance Period (the Participant’s “Award”). 

 (b) Performance Goals. The Performance Goals shall be based on one or more of the
following business criteria (either separately or in combination) with regard to KCG (or a subsidiary, division, other operational unit or administrative department of KCG): 

 

					
		 	(i)	  	enterprise value or value creation targets;
			
		 	(ii)	  	after-tax or pre-tax profits (including net operating profit after taxes) or net income, including without limitation that attributable to continuing and/or other
operations;
			
		 	(iii)	  	after-tax or pre-tax margins;
			
		 	(iv)	  	revenues;
			
		 	(v)	  	operational cash flow or earnings before income tax or other exclusions (including free cash flow, cash flow per share or earnings before interest, taxes, depreciation and
amortization);
			
		 	(vi)	  	reduction of, or limiting the level of increase in, all or a portion of the Company’s bank debt or other long-term or short-term public or private debt or other similar
financial obligations of the Company, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee;
			
		 	(vii)	  	consummation of debt and equity offerings;
			
		 	(viii)	  	equity capital raised;
			
		 	(ix)	  	earnings per share, earnings per diluted share or earnings per share from continuing operations;
			
		 	(x)	  	return on capital employed (including, without limitation, return on invested capital or return on committed capital), return on revenues, return on assets and return on
stockholders’ equity;
			
		 	(xi)	  	market share;
			
		 	(xii)	  	the fair market value of the shares of KCG’s common stock, par value $0.01 per share (the “Common Stock”);
			
		 	(xiii)	  	the growth in the value of an investment in the Common Stock assuming the reinvestment of dividends;
			
		 	(xiv)	  	reduction of, or limiting the level of increase in, all or a portion of controllable expenses or costs or other expenses or costs (including selling, general and administrative
expenses or costs (excluding advertising) as a percentage of sales);

					
			
		 	(xv)	  	economic value added targets based on a cash flow return on investment formula;
			
		 	(xvi)	  	customer satisfaction or service measures or indices;
			
		 	(xvii)	  	employee satisfaction;
			
		 	(xviii)	  	efficiency or productivity measures;
			
		 	(xix)	  	asset management (e.g., inventory and receivable levels);
			
		 	(xx)	  	compliance goals (e.g., regulatory and legal compliance); or
			
		 	(xxi)	  	strategic business objectives, goals or initiatives.

 In addition, Performance Goals may be based upon the attainment of specified levels of Company (or
subsidiary, division, other operational unit or administrative department of KCG) performance under one or more of the measures described above relative to the performance of other corporations or the historic performance of the Company and may be
combined with cost of capital, assets, invested capital and stockholder equity to form an appropriate measure of performance. To the extent permitted under Section 162(m) of the Code (including, without limitation, compliance with any
requirements for stockholder approval), the Committee may: (i) designate additional business criteria on which the Performance Goals may be based or (ii) adjust, modify or amend the aforementioned business criteria. 

The Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for
disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent any such provision would create
impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect. 
 (c) Committee Discretion to Determine Bonus. Following the completion of each Performance Period, the Committee shall calculate each Participant’s Award based on the level of attainment of the
Performance Goals and the pre-set formula. The Committee has the sole discretion to determine whether all or any portion of a Participant’s Award shall be paid, and the specific amount, if any, to be paid to each Participant, subject in all
cases to the terms, conditions and limits of this Plan. The Committee may, at any time, establish (and, once established, rescind, waive or amend) additional conditions and terms of payment of Awards (including, but not limited to, the achievement
of other financial, strategic or individual goals, which may be objective or subjective) as it may deem desirable in carrying out the purposes of this Plan. Notwithstanding anything to the contrary in this Plan, the Committee may, in its sole
discretion, reduce (but not increase) the Award amount for any Participant for a particular Performance Period at any time prior to the payment of Awards to Participants pursuant to Section 6. The portion of an Award that the Committee
determines to pay to a Participant for a Performance Period, is herein referred to as his or her “Bonus”. 

 (d) Maximum Bonus. Notwithstanding anything to the contrary in
Section 5(c), under no circumstances shall the Bonus payable to any single Participant for any annual Performance Period exceed $15 million. 
 (e) Certification. Following the completion of each Performance Period and prior to any Bonus payment, the Committee shall certify in writing whether the Performance Goals for the Performance
Period have been met and, if they have been met, certify the amount of the applicable Bonus. 
 (f) Termination During a
Performance Period. If a Participant’s employment with the Company terminates for any reason before the end of a Performance Period, the Participant shall not be entitled to any Bonus under this Plan for that Performance Period unless
otherwise provided in the terms of the Award or otherwise determined by the Committee in connection with specified terminations of employment. A Participant who is terminated for gross misconduct after the end of the Performance Period shall forfeit
participation in this Plan, and no Bonus shall be payable to such a Participant. 
 Section 6. Payment of Bonus Amount.

 Each Participant’s Bonus shall be payable by the Company, at the discretion of the Committee, in
cash and/or a KCG equity-based award of equivalent value (provided that in determining the number of shares of Common Stock (whether restricted or unrestricted) that is equivalent to a dollar amount, that dollar amount shall be divided by the
average of the high and low sales price per share of Common Stock on the principal exchange or market on which the Common Stock is then listed for the last preceding date on which there was a sale of such Common Stock on such exchange or market
(with fractional shares being rounded to the nearest whole share)). The cash portion of the Bonus (i) shall be paid by March 15th in the fiscal year after the fiscal year in which the Performance Period in which they are earned is completed,
generally at such time as bonuses are paid by KCG for the relevant fiscal year, but not before the Committee certifies in writing that the Performance Goals for such Performance Period were met, unless otherwise determined pursuant to
Section 7(n) and (ii) shall be paid in U.S. dollars. Any equity-based award shall be granted under a stockholder-approved equity-based compensation plan subject to such terms and conditions (including vesting requirements) as the
Committee and the administrative committee of the plan under which such equity-based award is granted may determine. 
 Subject
to approval by the Committee and to any requirements imposed by the Committee in connection with such approval, each Participant may be entitled to defer receipt, under the terms and conditions of any applicable deferred compensation plan of the
Company and the requirements of Section 409A of the Code, of part or all of any payments otherwise due under this Plan. 

No Participant shall have any right to payment of any amounts under this Plan unless and until the Committee determines (i) the
amount of such Participant’s Bonus, (ii) that such Bonus shall be paid and (iii) the method and timing of its payment. 
 Section 7. General Provisions. 
 (a) Amendment and Termination.
The Board or the Committee may at any time and from time to time modify, alter, amend, suspend, discontinue or terminate this Plan, except that no modification, alteration, amendment, suspension, discontinuation or termination (i) may impair
the rights of a Participant under any Award theretofore granted without the Participant’s consent, except for an amendment made to comply with applicable law, stock exchange rules or accounting rules or (ii) cause an Award not to be
deductible under, or to cease to be deductible under, Section 162(m) of the Code. In addition, no amendment that would require stockholder approval under applicable law (including, without limitation, in order for any Bonus paid pursuant to
this Plan to constitute “performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code) or stock exchange rules shall be effective without the approval of the stockholders of KCG as required by such law
(including, without limitation, Section 162(m) of the Code and the regulations thereunder) or stock exchange rules. 

 (b) Nonassignability. No rights of any Participant under this Plan may be sold,
exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (including through the use of any cash-settled instrument), either voluntarily or involuntarily by operation of law, other than by will or by the laws of descent and
distribution. Any sale, exchange, transfer, assignment, pledge, hypothecation or other disposition in violation of the provisions of this Section 7(b) shall be void and shall not be recognized or given effect by the Company. 

(c) Plan Creates No Employment Rights. Nothing in this Plan shall confer upon any Participant the right to continue in the employ
of the Company for the Performance Period or thereafter or affect any right which the Company may have to terminate such employment. 
 (d) Choice of Forum.  
 (1) Jurisdiction. The Company and each
Participant, as a condition to such Participant’s participation in this Plan, hereby irrevocably submit to the exclusive jurisdiction of any state or federal court of appropriate jurisdiction located in Newark, New Jersey over any suit, action
or proceeding arising out of or relating to or concerning this Plan that is not otherwise arbitrated or resolved according to Section 7(e). The Company and each Participant, as a condition to such Participant’s participation in this
Plan, acknowledge that the forum designated by this Section 7(d) has a reasonable relation to this Plan and to the relationship between such Participant and the Company. Notwithstanding the foregoing, nothing herein shall preclude the
Company from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of Section 7(d). 
 (2) Acceptance of Jurisdiction. The agreement by the Company and each Participant as to forum is independent of the law that may be applied in the action, and the Company and each Participant, as a
condition to such Participant’s participation in this Plan, (i) agree to such forum even if the forum may under applicable law choose to apply non-forum law, (ii) hereby waive, to the fullest extent permitted by applicable law, any
objection which the Company or such Participant now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in Section 7(d)(1), (iii) undertake not to
commence any suit, action or proceeding arising out of or relating to or concerning this Plan in any forum other than the forum described in this Section 7(d) and (iv) agree that, to the fullest extent permitted by applicable law, a
final and non-appealable judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon the Company and each Participant. 
 (3) Service of Process. Each Participant, as a condition to such Participant’s participation in this Plan, hereby irrevocably appoints the General Counsel of KCG as such Participant’s
agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning this Plan that is not otherwise arbitrated or resolved according to Section 7(e), who shall promptly advise such
Participant of any such service of process. 
 (4) Confidentiality. Each Participant, as a condition to such
Participant’s participation in this Plan, agrees to keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in this Section 7(d), except that a Participant may disclose
information concerning such dispute, controversy or claim to the arbitrator or court that is considering such dispute, controversy or claim or to such Participant’s legal counsel (provided that such counsel agrees not to disclose any such
information other than as necessary to the prosecution or defense of the dispute, controversy or claim). 
 (e) Dispute
Resolution. Subject to the provisions of Section 7(d), any dispute, controversy or claim between the Company and a Participant, arising out of or relating to or concerning this Plan or any Award shall be finally settled by binding
arbitration in Newark, New Jersey before, and in accordance with the rules then obtaining of, The Nasdaq Stock Market, Inc. (“Nasdaq”) or, if Nasdaq declines to arbitrate the matter (or if the matter otherwise is not
arbitrable by it), the American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules of the AAA. Prior to arbitration, all claims maintained by a Participant must first be submitted to the
Committee in accordance with claims procedures determined by the Committee. 

 (f) Governing Law. All rights and obligations under this Plan shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. 
 (g)
Tax Withholding. In connection with any payments to a Participant or other event under this Plan that gives rise to a federal, state, local or other tax withholding obligation relating to this Plan (including, without limitation, FICA tax),
(i) the Company may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to such Participant whether or not pursuant to this Plan or (ii) the Committee shall be entitled to require that such Participant
remit cash (through payroll deduction or otherwise), in each case in an amount sufficient in the opinion of the Company to satisfy the amount required by law to be withheld. 
 (h) Severability. If any of the provisions of this Plan is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent,
but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby. 
 (i) No Third Party Beneficiaries. This Plan shall not confer on any person other than the Company and any Participant any rights or remedies hereunder. 

(j) Successors and Assigns. The terms of this Plan shall be binding upon and inure to the benefit of the Company and its
successors and assigns and each permitted successor or assign of each Participant as provided in Section 7(b). 

(k) Plan Headings. The headings in this Plan are for the purpose of convenience only and are not intended to define or limit the
construction of the provisions hereof. 
 (l) Construction. In the construction of this Plan, the singular shall include
the plural, and vice versa, in all cases where such meanings would be appropriate. 
 (m) Stockholder Approval. This Plan
was adopted by the stockholders of Knight Capital Group, Inc. (“Knight”) at the 2009 Annual Meeting of Stockholders in accordance with Section 162(m)(4)(C) of the Code and Treasury Regulation Section 1.162-27(e)(4). 

(n) Section 409A of the Code. The Company intends that Bonus payments under this Plan shall be exempt from Section 409A
of the Code as short-term deferrals and shall not constitute “deferred compensation” within the meaning of Section 409A of the Code (absent a valid deferral election under the terms of another plan or arrangement maintained by the
Company). This Plan shall be interpreted, construed and administered in accordance with the foregoing intent, so as to avoid the imposition of taxes and penalties on Participants pursuant to Section 409A of the Code. The Company shall have no
liability to any Participant or otherwise if this Plan or any Bonus paid or payable hereunder is subject to the additional tax and penalties under Section 409A of the Code. 

(o) No Funding. The Company shall be under no obligation to fund or set aside amounts to pay obligations under this Plan.
Participants shall have no rights to any amounts under this Plan other than as a general unsecured creditor of the Company. 

(p) No Rights to Other Payments; No Limitation on Other Payments. The provisions of this Plan provide no right or eligibility to a
Participant to any other payouts from the Company under any other alternative plans, schemes, arrangements or contracts the Company may have with any employees or group of employees of the Company. Nothing in this Plan shall preclude or limit the
ability of the Company to pay any compensation to a Participant under any other plan or compensatory arrangement whether or not in effect on the date this Plan was adopted. 

 (q) No Effect on Benefits. Awards and payments under this Plan shall constitute
special discretionary incentive payments to the Participants and shall not be required to be taken into account in computing the amount of salary or compensation of the Participants for the purpose of determining any contributions to or any benefits
under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with a Participant, unless the Company or such other arrangement specifically provides otherwise. 

(r) Term of Plan. This Plan shall continue until suspended, discontinued or terminated by the Board or the Committee in its sole
discretion. No Award shall be granted based on the business criteria set forth in Section 5(b) on or after the first stockholder meeting that occurs in the fifth year following the year in which the stockholders of Knight previously
approved the business criteria, unless the stockholders of KCG re-approve the business criteria on or before such stockholder meeting. 
 IN WITNESS WHEREOF, and as evidence of the adoption and assumption of this Plan (originally adopted by Knight on March 31, 2009) by KCG effective as of July 1, 2013 by KCG, it has caused
the same to be signed by its duly authorized officer this 1st day of July, 2013. 
 KCG HOLDINGS, INC. 

 

			
	By:	 	/s/ John McCarthy
		 	Name: John McCarthy
		 	Title: General CounselEX-10.8

 Exhibit 10.8 
 2013 Multi-State Version - All Entities 
 KCG HOLDINGS, INC. 

AMENDED AND RESTATED EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 
  

			
	Name of Grantee:	  	«First_Name» «Last_Name»
		
	Restricted Stock Units:	  	«Award» Restricted Stock Units (“Stock Units”)
		
	Grant Date:	  	«Grant_Date»
		
	 Dates Upon Which
 Restrictions Lapse:
 (subject to accelerated lapse of restrictions as set forth in Sections
3 and 4 of this Agreement)
	  	 «Vest_2014» Stock Units, on «Year_1»
  

	  	 «Vest_2015» Stock Units, on «Year_2»

 
 «Vest_2016» Stock Units, on «Year_3»

*    *    *    *    *    *  
  *    * 
 This Restricted Stock Unit Agreement, including Exhibit A (collectively, the
“Agreement”) is executed and delivered as of the Grant Date by and between KCG Holdings, Inc., any successor entity and its predecessor, Knight Capital Group, Inc. (collectively, the “Company”) and the Grantee. The Grantee and
the Company hereby agree as follows: 
  

	1.	The Company, pursuant to the Company’s Amended and Restated Equity Incentive Plan (the “Plan”), which is incorporated herein by reference, and subject to
the terms and conditions thereof, hereby grants to the Grantee the above mentioned Stock Units. 

  

	2.	For purposes of this Agreement, the “Restricted Period” means the period from the Grant Date until the date on which the vesting restrictions applicable to
Stock Units lapse. Upon the expiration of the Restricted Period applicable to each such Stock Unit, the Company shall deliver to the Grantee, for each Stock Unit, a share of Common Stock, $.01 par value, of KCG Holdings, Inc. (“Shares”).

 Except as set forth in Section 3 or 4 of this Agreement or otherwise provided for in Exhibit A, all
restrictions imposed on the Stock Units shall lapse upon the expiration of the Restricted Period applicable to such Stock Units (as indicated above). 
  

	3.	 Except as otherwise provided for in a Grantee’s Offer Letter or Employment Agreement, as applicable, with the Company or an Affiliate, if the
Grantee’s employment with, or provision of services to, the Company shall terminate for any reason other than such Grantee’s death, Disability, Retirement (as 

	 	
defined below) or termination by the Company without Cause (as defined in Exhibit A attached hereto) during the Restricted Period, all Stock Units held by the Grantee still subject to
restrictions shall be forfeited upon such termination. In the event of the Grantee’s death, Disability, Retirement or termination by the Company without Cause, whether prior to or after a Change-In-Control (as defined in the Plan), the
restrictions applicable to the Stock Units shall lapse (subject to the forfeiture provisions of the Plan and Exhibit A), and the Stock Units shall be deemed fully vested in accordance with the terms of the Plan. For purposes of this Agreement,
“Retirement” means a determination by the Company, in its sole and absolute discretion, that a Grantee has had a retirement from the Company and its Affiliates upon a voluntary termination of employment by a Grantee (i) after having
been employed by the Company or its Affiliates for a minimum of five (5) full years of service (regardless of whether such service is continuous), (ii) with the Grantee having achieved or exceeded 50 years of age at the time of departure,
and (iii) with the Grantee entering into a two year non-compete agreement in a form acceptable to the Company; provided, however, that this term shall be applicable only to Grantees who are Employees. 

 

	4.	In the event Grantee’s employment with, or provision of services to, the Company is terminated without Cause within 12 months following a Change-In-Control (as
defined in the Plan), the restrictions applicable to the Stock Units shall lapse (subject to the forfeiture provisions of the Plan and Exhibit A), and the Stock Units shall be deemed fully vested in accordance with the terms of the Plan.

  

	5.	The Stock Units shall be appropriately adjusted to reflect any stock dividend, stock split, combination or exchange of shares or other change in capitalization with a
similar substantive effect upon the Plan, the Shares or the Stock Units. The Committee shall have the power and sole discretion to determine the nature and amount of the adjustment to be made, if any. Any adjustment so made shall be final and
binding. 

  

	6.	The Grantee shall have no rights as a stockholder of the Company, no dividend rights (except as expressly provided below) and no voting rights, with respect to the
Stock Units and any Shares underlying or issuable in respect of such Stock Units until such Shares are actually issued to and held of record by the Grantee. Notwithstanding the above, on the date Shares are actually issued to the Grantee in respect
of a Stock Unit, the Company shall pay the Grantee an amount in cash equal to the aggregate amount of the ordinary cash dividends (if any) paid by the Company on a Share for which the related dividend payment record date(s) occurred on or after the
Grant Date and on or before the date such Stock Unit became vested pursuant to the terms hereof (the right to receive such payment is referred to herein as a “Dividend Equivalent Right”). For purposes of clarity, no interest shall accrue
with respect to the period between the dividend payment record date and the date of payment of any Dividend Equivalent Rights, and no Dividend Equivalent Rights shall be paid with respect to any Stock Units that terminate pursuant to Section 3.

  
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	7.	The Company shall withhold all applicable taxes required by law from all amounts paid in respect of the Stock Units upon the vesting of, or lapse of restrictions on, or
payment of, any or all of the Stock Units. The Grantee may satisfy the withholding obligation by paying the amount of any taxes in cash or, with the approval of the Committee, shares of stock may be deducted from the payment to satisfy the
obligation in full or in part. The amount of the withholding and the number of shares to be deducted shall be determined by the Committee with reference to the Fair Market Value of the stock when the withholding is required to be made.

  

	8.	The Grantee specifically acknowledges that the Stock Units and any Shares or cash delivered in settlement thereof are subject to the provisions of Section 11.5 of
the Plan, entitled “Recapture; Adjustment of Awards,” and the Company’s Compensation Recoupment Policy, if applicable to the Grantee, which can cause the forfeiture of any gain realized upon the vesting of the Stock Units and/or the
cancellation or adjustment of any grant of Stock Units. 

  

	9.	If the Grantee attempts to have any dispute that arises out of or relates to this Agreement resolved in any manner that is not provided for by Sections 12.12 (entitled
“Choice of Forum”) or 12.13 (entitled “Dispute Resolution”) of the Plan, then (i) all outstanding Stock Units awarded to the Grantee under this Agreement shall be forfeited, and (ii) any gain realized by the Grantee
from the delivery of any Shares or cash in settlement of the Stock Units awarded under this Agreement shall be paid by the Grantee to the Company upon notice from the Company. 

 

	10.	Except with the consent of the Committee, no Stock Units shall be assignable or transferable except by will or by the laws of descent and distribution while such Stock
Units remain subject to restrictions. 

  

	11.	Nothing herein shall obligate the Company or any Subsidiary or Affiliate of the Company to continue the Grantee’s service for any particular period or on any
particular basis of compensation. 

  

	12.	The obligation of the Company to deliver Shares or cash in respect of Stock Units granted under this Agreement is specifically subject to all provisions of the Plan and
all applicable laws, rules, regulations and governmental and stockholder approvals. 

  

	13.	Any notice by the Grantee to the Company hereunder shall be in writing and shall be deemed duly given only upon receipt thereof by the Company at its principal offices.
Any notice by the Company to the Grantee shall be in writing and shall be deemed duly given if mailed to the Grantee at the address last specified to the Company by the Grantee. 

 

	14.	The grant of Stock Units herein is not enforceable until this Agreement has been signed by the Grantee and the Company. By executing this Agreement, the Grantee shall
be deemed to have accepted and consented to any action taken under the Plan by the Committee, the Board or its delegates. In addition, by executing this Agreement, the Grantee shall be deemed to have accepted and consented to the restrictive
covenants set forth in Exhibit A, attached hereto and made a part hereof.  

  
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	15.	No change or modification of this Agreement (other than changes to the Plan) shall be valid unless it is in writing and signed by the parties hereto.

  

	16.	Except as otherwise provided in Exhibit A, the validity and construction of this Agreement shall be governed by the laws of the State of Delaware, without regard to the
conflicts of law principles thereof. 

  

	17.	Any capitalized term, to the extent not defined herein, shall have the same meaning as set forth in the Plan. 

 

	18.	This Agreement, together with the Plan, sets forth all of the promises, agreements, conditions, understandings, warranties and representations between the parties
hereto regarding the Stock Units, and there are no promises, agreements, conditions, understandings, warranties or representations, oral or written, express or implied, between them regarding the Stock Units other than as set forth herein or
therein. This Agreement is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are also provisions of this Agreement. If there is a difference or conflict between the provisions of this Agreement and the
provisions of the Plan, the provisions of the Plan will govern. 

  

	19.	The intent of the parties is that payments and benefits under this Agreement (including Exhibit A) comply with Section 409A to the extent subject thereto, and,
accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered consistent with such intent. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated
taxation and/or tax penalties under Section 409A, the Grantee shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to the Grantee under Section 3 of this
Agreement until the Grantee would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A. Any payments that are due within the “short term deferral period” as defined
in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in this Agreement or the Plan, to the extent that any Stock Units or other amounts are payable upon
a “separation from service” and such settlement or payment would result in the imposition of any additional tax and penalties imposed under Section 409A, the settlement and payment of such Stock Units shall instead be made on the
first business day after the date that is six (6) months following such separation from service (or death, if earlier) to the extent any such delay would avoid the imposition of such tax or penalty. In addition, each amount to be paid or
benefit to be provided to the Grantee pursuant to this Agreement, which constitutes deferred compensation subject to Section 409A, shall be construed as a separate identified payment for purposes of Section 409A. 

 

	20.	 As used in this Agreement and the Plan, “the Company” shall mean the Company as hereinbefore defined and any successor to its business and/or
assets, whether direct or indirect, by purchase, merger, consolidation, the transfer of property, stock or goodwill or otherwise. This Agreement, including Exhibit A and the restrictive covenants therein, shall automatically

  
 4 

	 	
inure to the benefit of, and be enforceable by the Company, including its successors, and assigns, without the need for any further action or approval by Grantee. Grantee specifically agrees that
this Agreement, including Exhibit A and the restrictive covenants therein, may be assigned by the Company and enforced by any assignee or successor of the Company. 

 By signing this Agreement, the Grantee accepts and agrees to all of the foregoing terms and provisions, to all of the terms and provisions of the Plan incorporated herein by reference and to the
restrictive covenants set forth in Exhibit A hereto, and confirms that he/she has received a copy of the Plan. 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized representative
and the Grantee has hereunto set his/her hand as of the Grant Date. 
  

			
	KCG HOLDINGS, INC.
		
	By:	 	 

  

			
	
	 
	«First_Name» «Last_Name»

  
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 EXHIBIT A—APPLICABLE RESTRICTIVE COVENANTS 

In consideration for Grantee agreeing to the following restrictions, and except as otherwise provided for in Grantee’s Offer Letter or Employment
Agreement, KCG Holdings, Inc. (together with its affiliates and subsidiaries, the “Company”) agrees to provide Grantee with the Stock Units pursuant to this Agreement, as well as one or more of the following: initial or continued
employment with the Company; portions of the Company’s confidential, proprietary and trade secret information; the ability to develop relationships with the Company’s potential and existing suppliers, financing sources, customers and
employees; and specialized training in, and knowledge of, the business group the Grantee is employed with. 
  

	 	a)	During Grantee’s employment with Company and during the Protected Period (defined below) after Grantee’s employment terminates (regardless of the reason)
Grantee agrees to not, directly or indirectly, alone or in association with or on behalf of any other person, engage in any Competitive Activity (defined below). 

 

	 	i.	“Protected Period” means a period lasting «Insert Time» months after the termination of Grantee’s employment with the Company.

  

	 	ii.	“Competitive Activity” means: 

  

	 	A.	Engaging in a Competitive Business (defined below) for Grantee’s own benefit or for the benefit of any other person; 

 

	 	B.	Providing services to any person engaged in a Competitive Business, whether as an employee, consultant, officer, director, manager, partner, principal, agent, or in any
other capacity, that are similar to the services Grantee provided for Company or that Grantee possessed Confidential Information about while employed by Company; or 

 

	 	C.	Controlling (by contract, equity ownership or otherwise), investing in (except as the owner of up to 3% of the securities of a publicly traded entity) or providing
other financial support to any person engaged in a Competitive Business. 

  

	 	iii.	“Competitive Business” means: 

  

	 	A.	 Engaging in high frequency algorithmic transactions in any way involving any electronically tradeable product or commodity (including any security
(equity or debt), derivatives, fixed income, cash, currency, or other financial instruments, or any other tangible or intangible item) through any exchange, electronic trading venue or platform, whether or not using proprietary trading methods or
systems, in which 

  
 7 

	 	
Company was engaged at the time Grantee’s employment for Company terminates, or in which Company engaged during the 12 months preceding the termination of Grantee’s employment, or in
which Company has plans to engage in at the time of the termination of Grantee’s employment and that Grantee was aware of, or possessed Confidential Information about, at the time of the termination of Grantee’s employment; or

  

	 	B.	Engaging in any activities that are similar to, competitive with or a functional substitute for activities or Confidential Information Grantee had knowledge of and that
Company engaged in or planned to engage in at any time during the 12 months preceding the termination of Grantee’s employment. 

  

	 	C.	“High frequency algorithmic transactions” means buying, selling, trading, or engaging in any other similar transaction where orders are determined by an
automated model and placed on an automated basis. 

  

	 	b)	In addition to providing Grantee with the Stock Units pursuant to this Agreement, the Company will provide Grantee with continuation of Grantee’s salary in
accordance with the Company’s standard payroll practice during the Protected Period. 

  

	 	c)	During Grantee’s employment with Company and during the Protected Period and thirty (30) days thereafter, Grantee agrees to not directly or indirectly,
alone or in association with or on behalf of any other person contact or solicit any client or potential client introduced to Grantee by Company, or that Grantee knew of or about solely as a result of Grantee’s employment with Company, for the
purpose of offering, providing or selling, products or services competitive with or similar to products or services offered by, developed by, designed by, distributed by, or sold by Company. 

 

	 	 	For purposes of this Agreement, a “potential client” is a person, company, and/or entity that Grantee had direct contact with or possessed Confidential
Information about during the last 18 months of Grantee’s Company employment, as well as any person, company or entity Grantee knew Company was contacting during the last 18 months of Grantee’s employment regarding the use of Company
products or services. 

  

	 	d)	During Grantee’s employment and for a period of twelve (12) months after the termination of Grantee’s employment with Company (regardless of the reason),
Grantee will not, directly or indirectly, alone or in association with or on behalf of any other person: 

  

	 	i.	 Induce or solicit any person who is an employee or consultant to Company to terminate their employment or engagement with Company or modify their
relationship with Company in a 

  
 8 

	 	
way that is adverse to Company; or hire or otherwise use the services of any person who provided services to Company as an employee or consultant (other than services offered generically to the
public by such person, e.g., telecommunications services) within 12 months prior to Grantee’s termination for purposes of engaging in a Competitive Business; 

 

	 	ii.	Interfere with or induce any person to make a material adverse change in any business relationship between Company and its suppliers, members, lenders, business
partners and any other person in a business relationship with Company where Company has a reasonable expectation that the relationship would continue without such change; or 

 

	 	iii.	Participate or engage in any trade or commercial disparagement of the business or operations of Company and/or disparage the professional and/or personal lives of any
individual manager, officer or employee of Company, or give interviews, provide comment, information or opinions, positive or negative, to any publicly available media resource or employee, contractor or representative, regardless of the format and
intent of that media. 

  

	 	e)	Unless waived by the Company, the receipt of the payments under this Agreement is conditioned upon the Grantee’s execution of a general waiver and release
agreement in a form agreeable to the Company that becomes effective and irrevocable no later than the earlier of (x) eight weeks following the Grantee’s termination of employment and (y) February 15 of the year following the year
in which the Grantee’s termination of employment occurs. If Grantee fails to execute a general waiver and release in a form satisfactory to the Company that becomes irrevocable prior to the timeframe described in the preceding sentence, the
Noncompete Obligation for the applicable Protected Period will continue in full force and effect but Grantee shall immediately return to the Company all payments that have previously been made to Grantee under this Agreement and forfeit rights to
receive any future payments from the Company under this Agreement. In addition, if payment is expected to continue beyond March 15 of the year following the year in which the Grantee’s termination of employment occurs, the Company will
either pay such amounts to the Grantee prior to such March 15 or place the portion of the payments that would be paid after March 15 into an escrow account meeting such terms and conditions as are determined by the Company prior to such
March 15 and such amounts will be distributed from that escrow account during the remainder of the Protected Period. 

  

	 	f)	 Grantee will not engage in any unauthorized use or disclosure of the Company’s Confidential Information. “Confidential Information”
means any information of or about the Company that is not generally 

  
 9 

	 	
known to the public, including (i) information that can be used in the operation of the Company’s business and is sufficiently valuable and secret to afford the Company with actual or
potential economic advantage, (ii) all forms of financial, business, employee, technical, economic, engineering and design information, plans and strategies, forecasts, know-how, systems, processes, software, algorithms, mathematical models,
valuation models, trading models or strategies, information relating to modeling relationships among interest rate market instruments, trading and hedging strategies and paradigms, firmware, trading technologies, the use of trading platform software
(including all front-end, middleware and exchange connectivity components or subsystems and analysis and conclusions related to the Company’s technology), proprietary computer code, computer and network hardware and configurations not generally
known to the public and in all events whether tangible or intangible and whether or not stored, compiled or memorialized physically, electronically, graphically, photographically or in any other media, (iii) information that is a trade secret
or is subject to trade secret or similar regulation under any state or federal statute or regulation, (iv) confidential or secret information of or about other persons that is known to the Company, and (v) information labeled
“confidential” or otherwise marked with a restriction on disclosure. Confidential Information does not include any information that is or becomes generally known to the public without the breach of any duty by me or any other person, or
through improper means. 

  

	 	g)	During Grantees employment with the Company and at all times after Grantee’s employment terminates (regardless of the reason), Grantee will:

  

	 	i.	Hold all Confidential Information as a fiduciary in trust and use it only for the benefit of the Company in properly performing Grantee’s employment duties for the
Company; 

  

	 	ii.	Maintain Confidential Information in strict confidence and secrecy; 

  

	 	iii.	Not, except as specifically directed by the Company in performing employment duties for the Company, communicate or disclose Confidential Information in any manner to
any person within or outside the Company who is not authorized to know, use or receive such Confidential Information; and 

  

	 	iv.	Comply with the Company’s procedures on dealing with Confidential Information and in all events use best efforts to prevent the inadvertent disclosure of
Confidential Information. 

  

	 	v.	 If subject to a valid subpoena, or other order of any governmental entity or similar legal requirement that might seek disclosure of Confidential
Information, and to the extent permitted by law, furnish a copy of such subpoena, order or 

  
 10 

	 	
other legal requirement to the Company’s General Counsel as soon as practicable, but no later than 48 hours after Grantee receives it, cooperate with the Company’s efforts to obtain a
protective order or similar relief, and only disclose the minimum amount of Confidential Information necessary. 

  

	 	vi.	At any time upon the Company’s request and within 48 hours of Grantee’s termination of employment with the Company, deliver all Confidential Information in
Grantee’s possession to the Company and not retain any originals or copies of the Confidential Information. 

  

	 	vii.	Not disclose to the Company any confidential or proprietary information belonging to any other person that Grantee is under any obligation to keep in confidence.

  

	 	h)	The protective covenants herein are material and important terms of this Agreement, and Grantee further agrees that should all or any part or application of Paragraphs
(a), (c), (d), (f), or (g) of this Exhibit A be held or found invalid or unenforceable for any reason whatsoever by a court or arbitrator of competent jurisdiction in an action between Grantee and the Company (despite, and after application of,
any applicable rights to reformation that could add or renew enforceability), or if the Grantee breaches the obligations of this Exhibit A, the Company shall be entitled to receive from Grantee a return of the Stock Units and Restrictive Covenant
Benefit (if applicable) and the Grantee shall forfeit any remaining portion of the Restrictive Covenant Benefit that has not been paid or distributed to the Grantee. If Grantee has sold, transferred, or otherwise disposed of the Stock Units, the
Company shall be entitled to receive from Grantee the profits (if any) derived by Grantee by virtue of such sale, transfer, or other disposition. 

  

	 	i)	If a court or arbitrator finds a restriction herein to be unenforceable as written, such court or arbitrator (for the jurisdiction covered by that court or the matter
before that arbitrator only) will revise the restriction so as to make it enforceable to protect the Company’s legitimate business interests. If one or more of the provisions of this Agreement are deemed void by law, then the remaining
provisions will continue in full force and effect. 

  

	 	j)	Notwithstanding any provision of the Plan or this Agreement to the contrary, the validity and construction of the provisions of this Exhibit A will be governed by the
laws of the State of New Jersey, without regard to the conflicts of law principles thereof. The Grantee expressly agrees that the provisions of the Plan, including, without limitation, the Choice of Forum and Dispute Resolution provision therein,
apply with full force and effect to this Exhibit A. However and with respect to Paragraphs a, c, d, f and g of Exhibit A, Grantee agrees that Company may file a lawsuit in any State or Federal court located in the State of New Jersey and the Parties
each consent to the exclusive jurisdiction of those courts and agree that venue there is proper and is the only venue for a dispute regarding Paragraphs a, c, d, f and g of Exhibit A. 

 

	 	k)	“Cause” means: (i) deliberate or intentional failure by Grantee to perform Grantee’s material duties hereunder, including Grantee’s
intentional refusal to act upon a reasonable instruction of management; (ii) an act of fraud, embezzlement, or theft or other material violation of law or applicable regulation by Grantee; (iii) intentional wrongful damage by Grantee to material
assets of the Company or its subsidiaries; (iv) intentional wrongful disclosure by Grantee of material confidential information of the Company or its subsidiaries; (v) intentional wrongful engagement by Grantee in any competitive activity which
would constitute a breach of this Agreement and/or of Grantee’s duty of loyalty; (vi) Grantee’s violation of any Company code of business conduct or employee manual (or versions pertaining to any of the Company’s subsidiaries) which
violation is not cured, to the extent practicable, within ten (10) days after notice to Grantee of such violation; (vii) Grantee’s failure to acquire or maintain any registration, license or other approval required by Company or its
subsidiaries, in its sole discretion, to perform Grantee’s duties hereunder (unless such failure is curable within a reasonable period of time as determined by the Company (or its subsidiaries) in its sole discretion); (viii) Grantee’s
violation of any law, rule, or regulation of any governmental authority, securities exchange or association or other regulatory or self-regulatory body which violation is not cured, to the extent permitted or possible, immediately upon notice to
Grantee of such violation; (ix) Grantee’s conviction of, or a plea of nolo contendere, a guilty plea or confession by Grantee to any felony, or a misdemeanor involving moral turpitude; or (x) Grantee’s material breach of any material
provision of this Agreement, which breach has not been cured within ten (10) days after notice to Grantee of such violation. 

  
 11 

	 	l)	The provisions in this Exhibit A replace and supersede any other similar restrictive covenants applicable to Grantee in his/her Employment Agreement or offer letter.

  
 12

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