Document:

Exhibit
10.3

 

INVESTMENT
TECHNOLOGY GROUP, INC.

 

AMENDED
AND RESTATED EMPLOYEE STOCK PURCHASE PLAN

 

1.                                       Purpose.  The purpose
of this Amended and Restated Employee Stock Purchase Plan (the “Plan”) of
Investment Technology Group, Inc. (the “Company”) is to encourage stock
ownership by Employees (as defined below) of the Company and its Subsidiaries (as
defined below) and thereby provide Employees with an incentive to contribute to
the profitability and success of the Company, and to provide a benefit that will
assist the Company in competing to attract and retain Employees of high
quality.  The Plan, which is intended to
qualify as an “employee stock purchase plan” meeting the requirements of Section 423
of the Code, is for the exclusive benefit of eligible Employees of the Company
and its Subsidiaries.

 

2.                                       Definitions. 
For purposes of the Plan, in addition to the terms defined in Section 1,
terms are defined as set forth below:

 

(a)                                  “Account” means the account maintained on
behalf of the Participant by the Custodian for the purpose of investing in
Stock and engaging in other transactions permitted under the Plan.

 

(b)                                 “Administrator” means the person or
persons designated to administer the Plan under Section 3(a).

 

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

 

(d)                                 “Code” means the Internal Revenue Code of
1986, as amended from time to time. 
References to any provision of the Code will be deemed to include
successor provisions thereto and regulations thereunder.

 

(e)                                  “Custodian” means Computershare, or such
successor thereto as may be appointed by the Board.

 

(f)                                    “Earnings” means that portion of a
Participant’s compensation which constitutes salary, bonus or overtime pay
under the payroll system of the Company and its Subsidiaries and payable to a
Participant during a given pay period.

 

(g)                                 “Enrollment Date” means the first day of
each Offering Period.

 

(h)                                 “Employee”
means a person classified as an employee of the Company or a Subsidiary
(including an officer or director who is also an employee) for payroll
purposes, as determined in the sole discretion of the Company.  Notwithstanding the foregoing, if a person is
engaged in a non-employee status (including, but not limited to, as an
independent contractor, an individual being paid through an employee leasing
company or other third party agency) and is subsequently reclassified by the
Company, the Internal Revenue Service, or a court as an employee for payroll
purposes, such person, for purposes of this Plan, shall be deemed an

 

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Employee from the actual (and not the effective) date of such
reclassification, unless expressly provided otherwise by the Company.

 

(i)                                     “Fair Market Value,” unless
otherwise required by an applicable provision of the Code, as of any date,
means the closing sales price of the Stock as reported on the New York Stock
Exchange on the date as of which the valuation is made.

 

(j)                                     “Offering Period” means the approximately
six-month period beginning on February 1 and ending on the last trading
day of July or beginning August 1 and ending on the last trading day
of January.  The first Offering Period began
on February 1, 1998.

 

(k)                                  “Participant” means an Employee of the
Company or a Subsidiary who satisfies the eligibility criteria set forth in Section 5
and is participating in the Plan.

 

(l)                                     “Purchase Date” means the last trading
day of each Offering Period.

 

(m)                               “Purchase Right” means a Participant’s
option to purchase shares, which is deemed to be outstanding and exercisable
during an Offering Period in accordance with the Plan.  A Purchase Right represents an “option” as
such term is used under Section 423 of the Code.

 

(n)                                 “Stock” means the common stock, par value
$.01 per share, of the Company, and such other securities as may be substituted
or resubstituted for Stock under Section 4.

 

(o)                                 “Subsidiary” or “Subsidiaries” means any
corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if each of the corporations (other than the last
corporation in the unbroken chain) owns stock possessing more than 50% of the
total combined voting power of all classes of stock in one of the other
corporations in the chain, including a corporation that becomes a Subsidiary
during the term of the Plan.

 

3.                                       Administration.

 

(a)                                  Administrator. 
The Plan will be administered by an Administrator, which shall be the
Board or such Board committee, officer, or committee of officers and Employees
to which the Board may delegate administrative duties and authority (other than
authority to amend the Plan).  The
Administrator will have full authority to adopt, amend, suspend, waive, and
rescind such rules and regulations and appoint such agents as it may deem
necessary or advisable to administer the Plan, to correct any defect or supply
any omission or reconcile any inconsistency in the Plan and to construe and
interpret the Plan and rules and regulations thereunder, to furnish to the
Custodian such information as the Custodian may require, and to make all other
decisions and determinations under the Plan (including determinations relating
to eligibility).  No person acting in
connection with the administration of the Plan will, in that capacity,
participate in deciding any matter relating to his or her participation in the Plan.

 

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(b)                                 The Custodian. 
The Custodian will act as custodian under the Plan, and will perform
such duties as are set forth in the Plan and in any agreement between the
Company and the Custodian.  The Custodian
will establish and maintain, as agent for each Participant, an Account and any
subaccounts as may be necessary or desirable for the administration of the
Plan.

 

(c)                                  Other Administrative Provisions. 
The Company will furnish information to the Custodian from its records
as directed by the Administrator, and such records, including as to a
Participant’s Earnings, will be conclusive on all persons unless determined by
the Administrator to be incorrect.  Each
Participant and other person claiming benefits under the Plan must furnish to
the Company in writing an up-to-date mailing address and any other information
as the Administrator or Custodian may reasonably request.  Any communication, statement, or notice
mailed with postage prepaid to any such Participant or other person at the last
mailing address filed with the Company will be deemed sufficiently given when
mailed and will be binding upon the named recipient.  The Plan will be administered on a reasonable
and nondiscriminatory basis, and Plan provisions and rules thereunder will
apply in a uniform manner to all persons similarly situated.  All Participants will have equal rights and
privileges (subject to the terms of the Plan) with respect to Purchase Rights
outstanding during any given Offering Period.

 

4.                                       Stock Subject to Plan. 
Subject to adjustment as hereinafter provided, the total number of
shares of Stock reserved and available for issuance upon exercise of Purchase
Rights or otherwise under the Plan will be 1,198,313.  Any shares of Stock delivered by the Company
under the Plan may consist, in whole or in part, of authorized and unissued
shares or treasury shares.  Shares
acquired in the open market through dividend reinvestment will not count
against this limit.  The number and kind
of such shares of Stock subject to the Plan will be proportionately adjusted,
as determined by the Board, in the event of any extraordinary dividend or other
distribution, recapitalization, forward or reverse split, reorganization,
merger, consolidation, spin-off, combination, repurchase, or share exchange, or
other similar corporate transaction or event affecting the Stock.

 

5.                                       Enrollment and Contributions.

 

(a)                                  Eligibility. 
An Employee of the Company or a Subsidiary may enroll in the Plan for
any Offering Period if such Employee is employed at the Enrollment Date and was
continuously so employed during the 15 days preceding the Enrollment Date,
unless:

 

(i)                                     At the time of enrollment, the Employee’s
customary employment is 20 hours or less per week or the Employee’s customary
employment is for not more than five months in any calendar year, or the Employee
cannot legally enter into the obligations of a Participant;

 

(ii)                                  Such person would upon enrollment be
deemed to own, for purposes of Section 423(b)(3) of the Code, an
aggregate of five percent or more of the total combined voting power or value
of all outstanding shares of all classes of the Company or of any 

 

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parent or Subsidiary
(including in such person’s ownership the maximum number of shares that he or
she could acquire under Section 6(c)); or

 

(iii)                               Such person is disqualified from
participation in such Offering Period under Section 7(b).

 

The Company will notify
an Employee of the date as of which he or she is eligible to initially enroll
in the Plan, and will make available to each eligible Employee the necessary
enrollment forms.

 

(b)                                 Initial Enrollment. 
An Employee who is or who will become eligible on or before a given
Enrollment Date under Section 5(a) may, after receiving current
information about the Plan, initially enroll in the Plan by executing and
filing with the Administrator a properly completed enrollment form, including
thereon the Employee’s election as to the rate of payroll contributions for the
Offering Period.  To be effective for any
Offering Period, such enrollment form must be filed at least 15 days before the
Enrollment Date for the Offering Period.

 

(c)                                  Reenrollment for Subsequent Offering
Periods.  A Participant whose enrollment in and payroll
contributions under the Plan continue throughout an Offering Period will
automatically be reenrolled in the Plan for the next Offering Period unless (i) the
Participant terminates enrollment before the Enrollment Date for the next
Offering Period in accordance with Section 7(a) or (ii) on such
Enrollment Date he or she is ineligible to participate under Section 5(a) (including
due to disqualification under Section 7(b)).  The rate of payroll contributions for a
Participant who is automatically reenrolled for an Offering Period will be the
same as the rate of payroll contributions in effect at the end of the preceding
Offering Period, unless the Participant files a new enrollment form at least 15
days before the Enrollment Date for the Offering Period designating a different
rate of payroll contributions.

 

(d)                                 Payroll Contributions. 
An enrolled Participant will make contributions under the Plan by means
of payroll deductions from each payroll period which ends during the Offering
Period, at the rate elected by the Participant in his or her enrollment form
filed nearest to, but not later than, 15 days before the Enrollment Date for
the Offering Period.  The rate of payroll
contributions elected by a Participant may not be more than ten percent of the
Participant’s Earnings for each payroll period; provided, however,
that the Board may specify a higher maximum rate, subject to Section 8(c) hereof.  The Administrator may specify, on the
enrollment form, whether payroll contributions shall be a percentage of
Earnings or a fixed dollar amount.  The
foregoing and any election of a Participant notwithstanding, a Participant’s
rate of payroll contributions will be adjusted downward by the Company at any
time or from time to time as necessary to ensure that the limit on the amount
of Stock purchased with respect to an Offering Period set forth in Section 6(c) is
not exceeded.  A Participant may elect to
increase, decrease, or discontinue payroll contributions for future Offering
Periods by filing a new enrollment form at least 15 days before the Enrollment
Date for the Offering Period.  A
Participant may not elect to increase or decrease payroll contributions during
an Offering Period, except that a Participant’s payroll contributions will be
automatically discontinued upon the

 

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filing of an
election to withdraw payroll contributions prior to a Purchase Date or the
filing of an election to withdraw or transfer shares if such filing occurs less
than one year after the Purchase Date on which such shares were purchased, as
specified in Sections 5(f), 7(a) and 7(b).

 

(e)                                  Holding of Payroll Contributions. 
All payroll contributions by a Participant under the Plan will be
received and held by the Company until the end of the Offering Period, and will
represent unfunded obligations of the Company. 
Such amounts are not required to be segregated and may be used by the
Company for any corporate purpose.

 

(f)                                    Withdrawal of Payroll Contributions;
Refund of Payroll Contributions Upon Termination of Employment. 
A Participant may elect to withdraw all (but not less than all) of his
or her payroll contributions for a given Offering Period by filing a notice of
withdrawal with the Administrator not later than the close of business the
business day prior to the Purchase Date for such Offering Period.  In addition, if the Participant ceases to be
employed by the Company and its Subsidiaries prior to the Purchase Date, his or
her payroll contributions for that Offering Period shall be refunded.  In either case, the Company shall promptly
pay to the Participant (or his or her estate, in the event of death) the amount
of such payroll contributions.  No
further payroll contributions shall be made by the Participant in that Offering
Period.  In addition, in the case of
withdrawal the Participant shall be subject to possible disqualification from
participation in the next Offering Period under Section 7(b).

 

(g)                                 Refund of Unused Payroll Contributions. 
If any of a Participant’s payroll contributions are not applied to the
purchase of shares on the Purchase Date (for example, if the number of shares
purchased is limited under Section 6(c)), the portion of such payroll
contributions not applied to the purchase of shares shall be promptly refunded
to the Participant.

 

(h)                                 No Interest Payable on Payroll
Contributions.  No amounts of interest will be credited or
payable by the Company on payroll contributions pending investment in Stock,
withdrawal, refund upon termination, or refund of any unused portion, or in any
other circumstance under the Plan.

 

6.                                       Purchases of Stock.

 

(a)                                  Purchase Rights. 
Enrollment in the Plan for any Offering Period by a Participant will
constitute a grant by the Company of a Purchase Right to such Participant for
such Offering Period.  Each Purchase
Right will be subject to the terms set forth in this Section 6.

 

(b)                                 Purchase Price.  The purchase price at which each share of
Stock will be purchased under a Purchase Right will equal 85% of the lesser of (i) Fair
Market Value of a share of Stock on the first trading day in the Offering
Period and (ii) Fair Market Value of a share of Stock on the last trading
day in the Offering Period.

 

(c)                                  Number of
Shares Purchased.  The number
of shares of Stock that will be purchased upon exercise of a Participant’s
Purchase Right for an Offering Period will equal the number of shares (including fractional
shares) that can be purchased at the purchase price

 

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specified in Section 6(b) with
the aggregate amount of the Participant’s payroll contributions during the
Offering Period; provided, however, that the number of shares of
Stock subject to a Participant’s Purchase Right and purchasable in any Offering
Period will not exceed the lesser of (i) the number derived by dividing
$12,500 by 100% of the Fair Market Value of one share of Stock determined as of
the first trading day in the Offering Period or (ii) the number of shares
such that the Participant’s rights to purchase shares under all employee stock
purchase plans qualifying under Section 423 of the Code of the Company and
any parent or Subsidiary shall accrue at a rate which does not exceed $25,000
of the Fair Market Value of the Stock (determined at the time each such option
is granted) as required under Section 423(b)(8) of the Code.

 

(d)                                 Automatic Exercise and Purchase. 
The Purchase Right will be automatically exercised on the Purchase Date
for the Offering Period.  At or as
promptly as practicable after the Purchase Date for an Offering Period, the
aggregate amount of the Participant’s payroll contributions for the Offering
Period will be applied by the Company to the purchase of shares of Stock, in
accordance with the terms of the Plan. 
Thereupon, the Company will deliver the shares of Stock purchased to the
Custodian for deposit into the Participant’s Account.  Payment for Stock purchased upon exercise of
a Purchase Right will be made only through payroll contributions in accordance
with Section 5; no optional payments will be permitted.

 

(e)                                  Expiration.  A Participant’s
Purchase Right will expire on the earlier of the Purchase Date for the Offering
Period (if not exercised) or the date on which the Participant’s enrollment in
the Plan terminates.

 

(f)                                    Dividend Reinvestment; Other Distributions. 
Cash dividends on any Stock credited to a Participant’s Account will be
automatically reinvested in additional shares of Stock; such amounts will not
be available in the form of cash to Participants.  All cash dividends paid on Stock credited to
Participants’ Accounts will be paid over by the Company to the Custodian at the
dividend payment date.  The Custodian
will aggregate all purchases of Stock in connection with the Plan for a given
dividend payment date.  Purchases of
Stock for purposes of dividend reinvestment will be made as promptly as
practicable (but not more than 30 days) after a dividend payment date.  The Custodian will make such purchases, as
directed by the Administrator, either (i) in transactions on any
securities exchange upon which Stock is traded, otherwise in the over-the-counter
market, or in negotiated transactions, or (ii) directly from the Company
at 100% of the Fair Market Value of a share of Stock on the dividend payment
date.  Any shares of Stock distributed as
a dividend or distribution in respect of shares of Stock or in connection with
a split of the Stock credited to a Participant’s Account will be credited to
such Account.  In the event of any other
non-cash dividend or distribution in respect of Stock credited to a Participant’s
Account, the Custodian will, if reasonably practicable and at the direction of
the Administrator, sell any property received in such dividend or distribution
as promptly as practicable and use the proceeds to purchase additional shares of
Stock in the same manner as cash paid over to the Custodian for purposes of
dividend reinvestment.  Shares of Stock
acquired under this Section 6(f) shall be subject to section 7(a) and
7(b) and, for such purposes, shall be

 

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deemed to be
acquired by a Participant at the same time as the Participant acquired the
underlying shares in respect of which the shares were distributed under this Section 6(f).

 

(e)                                  Voting Rights. 
Each Participant will be entitled to vote the number of shares of Stock
credited to his or her Account (including any fractional shares credited to
such account) on any matter as to which the approval of the Company’s
stockholders is sought.  If a Participant
does not vote or grant a valid proxy with respect to shares credited to his or
her Account, such shares will be voted by the Custodian in accordance with any
stock exchange or other rules governing the Custodian in the voting of
shares held for customer accounts. 
Similar procedures will apply in the case of any consent solicitation of
Company stockholders.

 

7.                                       Withdrawal or Transfer of Shares,
Disqualification, and Account Distribution Upon Termination.

 

(a)                                  Stock Withdrawals and Transfers. 
A Participant may elect to withdraw shares of Stock from his or her
Account in certificated form or to transfer such shares from his or her Account
to an account of the Participant maintained with a broker-dealer or financial
institution; provided, however, that an election to withdraw or
transfer shares filed less than one year after the Purchase Date on which such
shares were purchased shall be deemed an election to withdraw payroll
contributions under Section 5(f) for the current Offering Period and
shall result in disqualification from participation in the next Offering Period
to the extent provided under Section 7(b). 
If a Participant elects to withdraw shares, one or more certificates for
whole shares shall be issued in the name of, and delivered to, the Participant,
with such Participant receiving cash in lieu of fractional shares based on the
Fair Market Value of a share of Stock on the date of withdrawal.  If shares of Stock are transferred from a
Participant’s Account to a broker-dealer or financial institution that
maintains an account for the Participant, only whole shares shall be
transferred and cash in lieu of any fractional share shall be paid over for the
account of Participant based on the Fair Market Value of a share of Stock on
the date of transfer, unless otherwise determined by the Administrator based on
the Administrator’s determination that such broker-dealer or financial
institution is capable of crediting fractional shares.  Other provisions of this Plan
notwithstanding, if the Participant is then an Employee of the Company or its Subsidiaries,
transfers will be made only to a broker-dealer or financial institution through
which Employees are then permitted to sell Stock under the Company’s policies
governing employee trading in Company securities.  Participants may not designate any other
person to receive directly shares of Stock withdrawn or transferred under the
Plan, although no restrictions apply under this Plan to shares that have been
withdrawn or transferred.  A Participant
seeking to withdraw or transfer shares of Stock must give instructions to the
Custodian in such manner and form as may be prescribed by the Administrator and
the Custodian, which instructions will be acted upon as promptly as
practicable.  Withdrawals and transfers
will be subject to any fees imposed in accordance with Section 8(a) hereof.

 

(b)                                 Disqualification. 
If a Participant elects to withdraw payroll contributions at any time
under Section 5(f) or elects to withdraw or transfer shares that were
purchased at a Purchase Date less than one year before the date of filing the
election to withdraw or transfer under Section 7(a) (which is also
deemed to constitute an election to withdraw payroll

 

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contributions),
the Participant’s enrollment for the Offering Period in effect at the date of
such withdrawal or transfer shall cease and the Participant shall be
disqualified from participating in the next Offering Period beginning after the
filing of such election to withdraw payroll contributions or withdraw or
transfer shares.  The foregoing
notwithstanding, the Administrator may permit a Participant to reenroll in the
next Offering Period if the Participant demonstrates and the Administrator
finds that the withdrawal of payroll contributions and/or the withdrawal or
transfer of shares was necessary due to an unforeseeable financial emergency or
hardship of the Participant.  For
purposes of the Plan, a Participant shall be deemed to withdraw or transfer
shares from his or her Account in the order in which the shares were acquired
(i.e., first in-first out).

 

(c)                                  Distribution of Account Upon Termination. 
Upon termination of employment of a Participant, the Custodian will
continue to maintain the Participant’s Account until the earlier of such time
as the Participant withdraws or transfers all Stock in the Account or one year
after the Participant ceases to be employed by the Company and its
Subsidiaries.  At the expiration of such
one year period, the assets in Participant’s account shall be withdrawn or
transferred as elected by the Participant or, in the absence of such election,
as determined by the Administrator.  If a
Participant dies while assets remain credited to his or her Account, all
amounts payable to the Participant will be paid to his or her estate as
promptly as practicable.

 

8.                                       General.

 

(a)                                  Costs.  Costs and
expenses incurred in the administration of the Plan and maintenance of Accounts
will be paid by the Company, including annual fees of the Custodian and any
brokerage fees and commissions for the purchase of Stock upon reinvestment of
dividends and distributions.  The
foregoing notwithstanding, the Custodian may impose or pass through a
reasonable fee for the withdrawal of Stock in the form of stock certificates
(as permitted under Section 6(f)), and reasonable fees for other services
unrelated to the purchase of Stock under the Plan, to the extent approved in
writing by the Company and communicated to Participants.  In no circumstance shall the Company pay any
brokerage fees and commissions for the sale of Stock acquired under the Plan by
a Participant.

 

(b)                                 Statements to Participants. 
The Custodian will reflect payroll contributions, purchases, dividends
and distributions and reinvestment thereof, withdrawals and transfers of shares
of Stock and other Plan transactions by appropriate adjustments to the
Participant’s Account.  The Custodian
will, not less frequently than semi-annually, provide or cause to be provided a
written statement to the Participant showing the transactions in his or her
Account and the date thereof, the number of shares of Stock purchased, the
aggregate purchase price paid, the purchase price per share, the brokerage fees
and commissions paid (if any), the total shares of Stock held for the
Participant’s Account (computed to at least three decimal places), and other
information.

 

(c)                                  Compliance with Section 423. 
It is the intent of the Company that this Plan comply in all respects
with applicable requirements of Section 423 of the Code and regulations
thereunder.  Accordingly, if any
provision of this Plan does not comply with such

 

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requirements, such
provision will be construed or deemed amended to the extent necessary to
conform to such requirements.

 

9.  General Provisions.

 

(a)                                  Compliance With Legal and Other
Requirements.  The Plan, the granting and exercising of
Purchase Rights hereunder, and the other obligations of the Company and the
Custodian under the Plan will be subject to all applicable federal and state
laws, rules, and regulations, and to such approvals by any regulatory or
governmental agency as may be required. 
The Company may, in its discretion, postpone the issuance or delivery of
Stock upon exercise of Purchase Rights until completion of such registration or
qualification of such Stock or other required action under any federal or state
law, rule, or regulation, listing or other required action with respect to any
automated quotation system or stock exchange upon which the Stock or other
Company securities are designated or listed, or compliance with any other
contractual obligation of the Company, as the Company may consider appropriate,
and may require any Participant to make such representations and furnish such
information as it may consider appropriate in connection with the issuance or
delivery of Stock in compliance with applicable laws, rules, and regulations,
designation or listing requirements, or other contractual obligations.

 

(b)                                 Limits on Encumbering Rights. 
No right or interest of a Participant under the Plan, including any
Purchase Right, may be pledged, encumbered, or hypothecated to or in favor of
any party, subject to any lien, obligation, or liability of such Participant,
or otherwise assigned, transferred, or disposed of except pursuant to the laws
of descent or distribution, and any right of a Participant under the Plan will
be exercisable during the Participant’s lifetime only by the Participant.

 

(c)                                  No Right to Continued Employment. 
Neither the Plan nor any action taken hereunder, including the grant of
a Purchase Right, will be construed as giving any Employee the right to be
retained in the employ of the Company or any of its Subsidiaries, nor will it
interfere in any way with the right of the Company or any of its Subsidiaries
to terminate any Employee’s employment at any time.

 

(d)                                 Taxes.  The Company
or any Subsidiary is authorized to withhold from any payment to be made to a
Participant, including any payroll and other payments not related to the Plan,
amounts of withholding and other taxes due in connection with any transaction
under the Plan, and a Participant’s enrollment in the Plan will be deemed to
constitute his or her consent to such withholding.  In addition, Participants are required to
advise the Company of sales and other dispositions of Stock acquired under the
Plan in order to permit the Company to comply with tax laws and to claim any
tax deductions to which the Company may be entitled with respect to the Plan.

 

(e)                                  Changes to the Plan. 
The Board may amend, alter, suspend, discontinue, or terminate the Plan
without the consent of stockholders or Participants, provided, however,  that any such action will be subject to the
approval of the Company’s stockholders within one year after such Board action
if such stockholder approval is required by any federal or state law

 

9

 

or regulation or
the rules of any automated quotation system or stock exchange on which the
Stock may then be quoted or listed, or if such stockholder approval is
necessary in order for the Plan to continue to meet the requirements of Section 423
of the Code, and the Board may otherwise, in its discretion, determine to
submit other such actions to stockholders for approval.  Upon termination of the Plan, the Board may
elect to terminate all outstanding Purchase Rights at such time as the Board
may designate; if such termination results in termination of any Purchase Right
prior to its exercise, all of a Participant’s payroll contributions not
invested in Stock will be returned to the Participant (without interest) as
promptly as practicable.

 

(f)                                    No Rights to Participate; No Stockholder
Rights.  No Participant or Employee will have any
claim to participate in the Plan with respect to Offering Periods that have not
commenced, and the Company will have no obligation to continue the Plan.  No Purchase Right will confer on any
Participant any of the rights of a stockholder of the Company unless and until
Stock is duly issued or transferred to the Custodian and credited to the
Participant’s Account.

 

(g)                                 Fractional Shares. 
Unless otherwise determined by the Administrator, purchases of Stock
under the Plan executed by the Custodian may result in the crediting of
fractional shares of Stock to the Participant’s Stock Account.  Such fractional shares will be computed to at
least three decimal places.  Fractional
shares will not, however, be issued by the Company, and certificates
representing fractional shares will not be delivered to Participants under any
circumstances.  If at any time fractional
shares will not be credited to Participants’ Accounts, the Administrator shall
determine whether a Participant’s payroll contributions remaining after the
purchase of the greatest possible number of whole shares on a given Purchase
Date will be refunded or will be retained and applied to purchases in the next
Offering Period.

 

(h)                                 Nonexclusivity of the Plan. 
Neither the adoption of the Plan by the Board nor its submission to the
stockholders of the Company for approval will be construed as creating any
limitations on the power of the Board to adopt such other compensatory
arrangements as it may deem desirable, including, without limitation, the
granting of stock options otherwise than under the Plan, and such arrangements
may be either applicable generally or only in specific cases.

 

(i)                                     Governing Law. 
The Plan and all related documents shall be governed by, and construed
in accordance with, the laws of the State of New York (except to the extent the
Delaware General Corporation Law and provisions of federal law may be
applicable), without reference to principles of conflict of laws.  If any provision hereof shall be held by a
court of competent jurisdiction to be invalid and unenforceable, the remaining
provisions of the Plan shall continue to be fully effective.

 

(k)                                  Effective Date. 
The Plan was originally effective February 1, 1998, and previously
amended and restated effective on May 12, 2009 upon approval by the
Company’s stockholders.  The Plan as
amended and restated herein shall be effective as of August 18, 2009.

 

10Exhibit 10.1

 

Execution Version

 

LEXINGTONPARK PARENT CORP.

 

REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT, dated as of November 2,
2009 (this “Agreement”), among RAMIUS LLC, a Delaware limited liability
company (“Ramius”), BA ALPINE HOLDINGS, INC., a Delaware corporation (“BA”),
BAYERISCHE HYPO- UND
VEREINSBANK AG, a German corporation (“HVB AG”), HVB ALTERNATIVE ADVISORS LLC, a
Delaware corporation and an indirect wholly-owned subsidiary of HVB AG (“HVB”
and, together with BA and HVB, the “UCI
Parties”), and LEXINGTONPARK PARENT CORP., a Delaware
corporation (the “Company”).

 

RECITALS

 

WHEREAS, the Company, Ramius, Cowen Group, Inc.
(“Cowen”), Lexington Merger Corp. and Park Exchange LLC (“Exchange
Sub”) have entered into that certain Transaction Agreement and Agreement
and Plan of Merger, dated as of June 3, 2009 (the “Transaction Agreement”);

 

WHEREAS, pursuant to the terms of the Transaction
Agreement, Ramius exchanged substantially all of its assets and all of its
liabilities for 37,536,826 shares of the Company’s Class A voting common
stock, par value $.01 per share (the “Class A Common Stock”);

 

WHEREAS, BA is a member of Ramius;

 

WHEREAS, the Company, Ramius, HVB, HVB AG, Cowen and Exchange Sub have entered into that certain Asset
Exchange Agreement, dated as of June 3, 2009 (the “Asset Exchange Agreement”);

 

WHEREAS, pursuant to the terms of the Asset Exchange
Agreement, HVB exchanged its interest in Ramius Fund of Funds Group LLC for 2,713,882 shares of
Class A Common Stock and certain other consideration;

 

WHEREAS, the Company has agreed to grant Ramius and
the UCI Parties certain registration rights in connection with respect to the
Registrable Securities held by them; and

 

WHEREAS,
the Company, Ramius and the UCI Parties desire to define the registration
rights of Ramius and the UCI Parties on the terms and subject to the conditions
herein set forth.

 

NOW,
THEREFORE, in consideration of the foregoing premises and for other good and
valuable consideration, the parties hereby agree as follows:

 

 

SECTION 1. 
DEFINITIONS

 

In addition to the terms defined elsewhere in this
Agreement, as used herein, the following terms shall have the following
respective meanings:

 

Commission: 
shall mean the Securities and Exchange Commission or any other federal
agency at the time administering the Securities Act;

 

“Company
Supported Distribution” means a public underwritten offering by the Company
that is designated as a “Company Supported Distribution” by the Initiating
Holders in the applicable Demand Notice.

 

Exchange
Act:  shall mean the Securities Exchange Act of
1934, as amended (or any successor act), and the rules and regulations
promulgated thereunder;

 

Holder: 
shall mean any holder of Registrable Securities;

 

Initiating
Holder:  shall mean any of (i) the UCI Parties or
(ii) Ramius, with respect to shares of Registrable Securities held by the
UCI Parties (including those held indirectly by the UCI Parties through Ramius)
upon receipt of a request from a UCI Party that Ramius make a demand pursuant
to Section 2(b) hereof;

 

Issuer
Free Writing Prospectus:  shall mean an “Issuer Free
Writing Prospectus,” as defined in Rule 433 under the Securities Act,
relating to an offer of Registrable Securities;

 

FINRA: 
shall mean the Financial Industry Regulatory Authority;

 

Losses: 
shall have the meaning set forth in Section 2(f)(i) hereof;

 

Participating
Holders:  Holders participating in the Registration
relating to the Registrable Securities;

 

Person: 
shall mean an individual, partnership, limited liability company,
joint-stock company, corporation, trust or unincorporated organization, and a
government or agency or political subdivision thereof;

 

Prospectus: 
means the prospectus (including any preliminary, final or summary
prospectus) included in any Registration Statement, all amendments and
supplements to such prospectus and all other material incorporated by reference
in such prospectus;

 

Register, Registered and Registration:  shall mean a registration effected by
preparing and filing a Registration Statement in compliance with the Securities
Act (and any post-effective amendments filed or required to be filed) and the
declaration or ordering of effectiveness of such Registration Statement;

 

Registrable
Securities:  shall mean (A) any shares of Class A
Common Stock held (including directly or indirectly through Ramius) or
hereafter acquired (including directly or indirectly through Ramius) by Ramius,
the members of Ramius (other than BA) or the UCI

 

2

 

Parties or
any transferee of a UCI Party or Ramius (acting on behalf of any UCI Party) in
accordance with the Asset Exchange Agreement or the Fourth Amended and Restated
Limited Liability Company Operating Agreement of Ramius and (B) any stock
of the Company issued as a dividend or other distribution with respect to, or
in exchange for or in replacement of, the shares of Class A Common Stock
referred to in clause (A), including any shares of class B common stock, par
value $.01 per share, of the Company transferred by any UCI Party to a
transferee in accordance with the Asset Exchange Agreement or the Fourth
Amended and Restated Limited Liability Company Operating Agreement of Ramius
(the “Ramius LLC Agreement”);

 

Registration
Expenses:  shall mean any and all expenses incident to
the performance of or compliance with any Registration, underwriting or
marketing of securities pursuant to Section 2 hereof, including all (i) Registration
and filing fees, and all other fees and expenses payable in connection with the
listing of securities on any securities exchange or automated interdealer
quotation system, (ii) fees and expenses of compliance with any securities
or “blue sky” laws (including fees and disbursements of counsel in connection
with “blue sky” qualifications of the securities registered), (iii) expenses
in connection with the preparation, printing, mailing and delivery of any
Registration Statements, Prospectuses, Issuer Free Writing Prospectus and other
documents in connection therewith and any amendments or supplements thereto, (iv) security
engraving and printing expenses, (v) internal expenses of the Company
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), (vi) fees and disbursements
of counsel for the Company and fees and expenses for independent certified
public accountants retained by the Company (including the expenses associated
with the delivery by independent certified public accountants of any comfort
letters requested pursuant to the terms hereof), (vii) fees and expenses
of any special experts retained by the Company in connection with such
Registration, (viii) reasonable fees and expenses of one counsel for all
of the Participating Holders in an amount not to exceed $75,000 in the case of
a Company Supported Distribution, or $30,000 in any other Registration, which
counsel shall be selected by the Participating Holder holding the largest
number of the Registrable Securities to be sold in the Registration, (ix) fees
and expenses in connection with any review by FINRA of any underwriting arrangements
or other terms of the offering, and all reasonable fees and expenses of any “qualified
independent underwriter,” including the fees and expenses of any counsel
thereto, (x) reasonable fees and disbursements of underwriters customarily
paid by issuers or sellers of securities, but excluding any underwriting fees,
discounts and commissions attributable to the sale of Registrable Securities,
(xi) costs of printing and producing any agreements among underwriters, underwriting
agreements, any “blue sky” or legal investment memoranda and any selling
agreements and other documents in connection with the offering, sale or
delivery of the Registrable Securities, (xii) transfer agents’ and registrars’
fees and expenses and the fees and expenses of any other agent or trustee
appointed in connection with such offering and (xiii) expenses relating to any
analyst or investor presentations or any “road shows” undertaken in connection
with the Registration, marketing or selling of the Registrable Securities.  Except as provided in clause (viii),
Registration Expenses shall not include any out-of-pocket expenses of the
Participating Holders;

 

Registration
Statement:  shall mean any registration statement of the
Company that covers Registrable Securities pursuant to the provisions of this
Agreement filed with, or to

 

3

 

be filed with, the
Commission under the rules and regulations promulgated under the
Securities Act, including the related Prospectus, amendments and supplements to
such registration statement, including pre- and post-effective amendments, and
all exhibits, financial information and all material incorporated by reference
in such registration statement;

 

Rule 144: 
shall mean Rule 144 under the Securities Act (or any successor
provisions then in force);

 

security,
securities:  shall have the meaning set forth in Section 2(a)(1) of
the Securities Act;

 

Securities
Act:  shall mean the Securities Act of 1933, as
amended (or any successor act), and the rules and regulations promulgated
thereunder;

 

Selling
Expenses:  shall mean all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities and all
fees and disbursements of counsel for each of the Participating Holders other
than the fees and expenses of one counsel for all of the Participating Holders
which shall be paid for by the Company in accordance with the terms set forth
in clause (viii) of the definition of “Registration Expenses” set forth
herein;

 

SECTION 2.  REGISTRATION RIGHTS

 

(a)           Registration Statements.

 

(i)            S-1 Registration Statement. 
At any time at which the Company is not eligible to use Form S-3,
upon the receipt of a Demand Notice from the Initiating Holders, the Company
shall, at its cost, (x) file a Registration Statement on Form S-1 or
similar long-form Registration Statement to effect a Registration with respect
to the number of Registrable Securities held by the Initiating Holders (directly
or through Ramius) specified in such Demand Notice (provided that the
Initiating Holders shall not be entitled to sell Registrable Securities
pursuant to a Registration to the extent that any such sale would violate
either Section 8.1 of the Asset Exchange Agreement or Section 4.02 of
the Ramius LLC Agreement) and (y) use its reasonable best efforts to
effect such Registration (including, without limitation, the execution of an
undertaking to file post-effective amendments, appropriate qualification under
applicable blue sky or other state securities laws and appropriate compliance
with applicable regulations issued under the Securities Act) as would permit or
facilitate the distribution, sale and resale of such number of Registrable
Securities as are specified in the Demand Notice, provided that (x) in
no event shall any such Registration Statement on Form S-1 become
effective prior to the date that is one day after the six-month anniversary of
the date of this Agreement and (y) the Company shall not be obligated to
effect, or take any action to effect, any such Registration pursuant to this Section 2(a)(i),
in any particular jurisdiction in which the Company would be required to
execute a general consent to service of process in effecting such Registration,
qualification or compliance, unless the Company is already subject to service
in such jurisdiction and except as may be required by the Securities Act or
applicable rules or regulations thereunder.

 

4

 

(ii)           S-3 Resale Registration Statement. 
The Company shall use its reasonable best efforts to qualify and
maintain eligibility for Registration on Form S-3 for secondary sales as
soon as practicable after the date of this Agreement.  After the Company has qualified for the use
of Form S-3, the Company shall file a Form S-3 Registration Statement
with the Commission at its cost, and, as promptly as practicable thereafter,
shall use its reasonable best efforts to effect and maintain the Registration
of all shares of Registrable Securities on Form S-3 (including, without
limitation, the execution of an undertaking to file post-effective amendments,
appropriate qualification under applicable blue sky or other state securities
laws and appropriate compliance with applicable regulations issued under the
Securities Act) for purposes of disposition thereof, at any time and from time
to time for so long as Ramius or any of the UCI Parties hold any Registrable
Securities, subject to Section 2(h). 
If the Company qualifies to do so, it shall file an automatic
Registration Statement on Form S-3 in response to any request for
Registration pursuant to this Section 2(a)(ii).  Upon effecting the Registration of all shares
of Registrable Securities on Form S-3 and during the effectiveness of such
Form S-3 Resale Registration Statement, the Company shall no longer be
required to comply with the terms of Section 2(a)(i).

 

(iii)          Notwithstanding anything to the contrary contained
herein, for a period not to exceed sixty (60) consecutive calendar days and not
to exceed one hundred twenty (120) calendar days in any twelve-month period
(each a “Black Out Period”), provided that there must be an interim
period of at least ninety (90) consecutive days between the end of one Black
Out Period and the beginning of another Black Out Period, the Company will not
be required to file any Registration Statement pursuant to this Agreement, file
any amendment thereto, furnish any supplement to a Prospectus included in a
Registration Statement, make any other filing with the Commission required
pursuant to this Agreement, cause any Registration Statement or other filing
with the Commission required pursuant to this Agreement, cause any Registration
Statement or other filing with the Commission to become effective, or take any
similar action, and any and all sales of Registrable Securities by the Holders
pursuant to an effective Registration Statement shall be suspended:  (A) if an event has occurred and is
continuing as a result of which any Registration Statement or Prospectus would,
in the Company’s reasonable judgment based on advice of outside counsel to the
Company, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or (B) if the Company notifies the Holders that
such actions would, in the good faith judgment of outside counsel to the
Company, require the disclosure of material non-public information which the
Company has a bona fide business purpose for preserving as confidential and
which the Company would not otherwise be required to disclose.  Upon the termination of the condition
described in clauses (A) or (B) of above, the Company shall promptly
give written notice to the Holders and shall promptly file any Registration
Statement or amendment thereto required to be filed by it pursuant to this
Agreement, furnish any Prospectus required to be furnished pursuant to this
Agreement, make any other filing with the Commission required of it or
terminate any suspension of sales it has put into effect and shall take such
other actions to permit registered sales of Registrable Securities as
contemplated by this Agreement.

 

5

 

(b)           Underwritten Offerings.

 

(i)            Request for Underwritten Offering. 
If the Company shall receive from the Initiating Holders a written
notice (a “Demand Notice”) that an Initiating Holder intends to distribute, by
means of an underwritten offering, Registrable Securities under an effective
Registration Statement filed pursuant to Section 2(a), the Company will
cooperate with the Initiating Holders to consummate such offering and will
promptly give written notice of the proposed underwritten offering to all other
Holders in accordance with the terms of Section 2(c).

 

(ii)           Underwriting Procedures.  If Holders,
to the extent they have any registration rights under Section 2(c),
request inclusion of their shares of Class A Common Stock in the
underwriting, the Initiating Holder shall offer to include the shares of Class A
Common Stock of such Holders in the underwriting and may condition such offer
on their acceptance of the further applicable provisions of this Section 2.  The Holders whose Registrable Securities are
to be included in such underwriting and the Company shall enter into an
underwriting agreement in customary form with the managing underwriter or
underwriters selected for such underwriting by the Initiating Holder and
reasonably acceptable to the Company; provided, however, that
such underwriting agreement shall not provide for indemnification or
contribution obligations on the part of any Holder greater than the obligations
of the Holders under Section (2)(f)(ii) or Section 2(f)(iv).  Notwithstanding any other provision of this Section 2(b),
if the managing underwriter or underwriters advises the Holders in writing that
marketing factors require a limitation on the number of shares to be
underwritten, the securities of the Company held by Holders other than the UCI
Parties or Ramius (on behalf of the UCI Parties) shall be excluded from such
underwriting on a pro rata basis (based on the number of shares held by such
Holders), in such minimum number of shares so required by such limitation.  If, after the exclusion of such shares held
by those Holders, further reductions are still required due to the marketing
limitation, the number of Registrable Securities included in the underwriting
by each Holder (including the Initiating Holder) shall be reduced on a pro rata
basis (based on the number of shares held by such Holder), by such minimum
number of shares as is necessary to comply with such request.  No Registrable Securities or any other
securities excluded from the underwriting by reason of the underwriter’s marketing
limitation shall be included in such underwriting.  If any Holder who has requested inclusion in
such underwriting as provided above disapproves of the terms of the
underwriting, such Person may elect to withdraw therefrom by providing written
notice to the Company, the underwriter and the Initiating Holder.  The securities so withdrawn shall also be
withdrawn from underwriting.  If the
underwriter has not limited the number of Registrable Securities or other
securities to be underwritten, the Company and officers and directors of the
Company (whether or not such Persons have registration rights pursuant to Section 2(c) hereof)
may include its or their securities for its or their own account in such
underwriting if the managing underwriter or underwriters so agrees and if the
number of Registrable Securities and other securities which would otherwise
have been included in such underwriting will not thereby be limited.

 

6

 

(iii)          Underwriting Terms.  In the case
of an underwritten offering under this Section 2(b), the price,
underwriting discount and other financial terms for the Registrable Securities
shall be determined by the Initiating Holder.

 

(iv)          Number of Underwritten Offerings and Company Supported
Distributions.  The Company shall have no obligations
pursuant to this Section 2(b) to effect more than six (6) underwritten
offerings, of which up to three (3) may be Company Supported Distributions
on behalf of the Initiating Holders pursuant to this Section 2(b).

 

(c)           Piggyback Offerings.

 

(i)            Underwritings.  If the
Company gives notice of a Registered public offering involving an underwriting
of its Class A Common Stock for (x) its own account or (y) for
the account of the Initiating Holders pursuant to the terms of Section 2(b) in
a Company Supported Distribution, the Company shall so advise each of the
Holders in writing thereof and such Holders may, upon written notice to the
Company, participate in such underwriting and include such Holders’ Registrable
Securities (to the extent that such participation would not violate Section 8.1
of the Asset Exchange Agreement or Section 4.02 of the Ramius LLC
Agreement) in the underwriting to the extent provided herein.  Any Holder who does not provide written notice
of its intention to participate in such underwriting agrees that, from the date
of receipt of written notice of such underwriting until the date that is ninety
(90) calendar days following the closing of such underwriting, such Holder
shall not sell, make any short sale of, loan, grant any option for the purchase
of, effect any public sale or distribution of or otherwise dispose of any
securities of the Company.  The Holders whose shares are to
be included in such underwriting shall (together with the Company distributing
their securities through such underwriting) enter into an underwriting
agreement in customary form with the managing underwriter or underwriters
selected for underwriting by the Company (and if the underwriting was initiated
by a Holder pursuant to Section 2(b), such underwriters must be selected
by the Initiating Holder and be reasonably acceptable to the Company); provided,
however, that such underwriting agreement shall not provide for
indemnification or contribution obligations on the part of any Holder greater
than the obligations of the Holders under Section 2(f)(ii) or Section 2(f)(iv).
Notwithstanding any other provision of this Section 2(c), if any
underwriting in which a Holder is exercising its rights under this Section 2(c) is
for the Company’s own account and the managing underwriter or underwriters
advises the Company that in its view marketing factors require a limitation on
the number of shares to be underwritten, the managing underwriter or
underwriters may (subject to the allocation priority set forth below) exclude
from such underwriting some or all of the Registrable Securities which would
otherwise be underwritten pursuant hereto. 
The Company shall promptly advise all holders of securities requesting
inclusion in the underwriting of such limitation, and the number of shares of
securities that are entitled to be included in the underwriting shall be
allocated in the following manner:  the
securities of the Company held by Holders (other than the UCI Parties and
Ramius on behalf of the UCI Parties) or to be issued by the Company shall be
excluded from such underwriting to the extent required by such limitation, and,
if a limitation on the number of shares is still required, the number of shares
that may be 

 

7

 

included in the
underwriting by each of the UCI Parties and Ramius on behalf of the UCI Parties
shall be reduced, on a pro rata basis (based on the number of shares held by
such UCI Party and Ramius on behalf of the UCI Parties), by such minimum number
of shares as is necessary to comply with such limitation.  If any of the Holders disapproves of the
terms of any such underwriting, he, she or it may elect to withdraw therefrom
by providing written notice to the Company and the underwriter.

 

(d)           Expenses of Registration.  All
Registration Expenses incurred in connection with any Registration,
underwriting, qualification or compliance pursuant to this Section 2 shall
be borne by the Company, and all Selling Expenses shall be borne by the Holders
of the securities included in such underwriting pro rata on the basis of the
number of their shares so included; provided, however, the Company
shall not be required to pay for expenses of any underwriting begun pursuant to
Section 2(b), the request for which has been subsequently withdrawn by the
Initiating Holder unless (i) the withdrawal is based upon material adverse
information concerning the Company of which the Initiating Holder was not aware
at the time of such request or (ii) in the case of a withdrawn Company
Supported Distribution, the Initiating Holder agrees to forfeit its right to
one requested underwriting pursuant to Section 2(b), as applicable.

 

(e)           Registration Procedures. 
In the case of each Registration effected by the Company pursuant to
this Section 2, the Company will keep the Participating Holders advised in
writing as to the initiation of each Registration.  At its expense, the Company will:

 

(i)            (A) keep any Registration of Registrable
Securities on Form S-1 effective for at least ninety (90) days; and (B) keep
any Registration Statement on Form S-3 effective until all such
Registrable Securities are sold, provided that Rule 415, or any successor rule under
the Securities Act, permits an offering on a continuous or delayed basis;

 

(ii)           as promptly as practicable, prepare and file with the
Commission such pre- and post-effective amendments to such Registration
Statement, supplements to the Prospectus and such amendments or supplements to
any Issuer Free Writing Prospectus as may be necessary to keep such
Registration effective for the period of time required by this Agreement, and
comply with provisions of the applicable securities laws with respect to the
sale or other disposition of all securities covered by such Registration
Statement during such period in accordance with the intended method or methods
of disposition by the sellers thereof set forth in such Registration Statement;

 

(iii)          notify the Participating Holders and the managing
underwriter or underwriters, if any, and (if requested) confirm such advice in
writing and provide copies of the relevant documents, as promptly as
practicable after notice thereof is received by the Company (1) when the
applicable Registration Statement or any amendment thereto has been filed or
becomes effective, and when the applicable Prospectus or Issuer Free Writing
Prospectus or any amendment or supplement thereto has been filed, (2) to
the extent any of the following relates to the Participating Holders or
information supplied by the Participating Holders, of any written comments by
the Commission or any request by 

 

8

 

the Commission or any other federal or state
governmental authority for amendments or supplements to such Registration
Statement, Prospectus or Issuer Free Writing Prospectus or for additional
information, (3) of the issuance by the Commission of any stop order
suspending the effectiveness of such Registration Statement or any order by the
Commission or any other regulatory authority preventing or suspending the use
of any Prospectus or any Issuer Free Writing Prospectus or the initiation or
threatening of any proceedings for such purposes, (4) if, at any time, the
representations and warranties of the Company in any applicable underwriting
agreement cease to be true and correct in all material respects, and (5) of
the receipt by the Company of any notification with respect to the suspension
of the qualification of the Registrable Securities for offering or sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose;

 

(iv)          promptly notify the Participating Holders and the
managing underwriter or underwriters, if any, when the Company becomes aware of
the happening of any event as a result of which the applicable Registration
Statement, the Prospectus included in such Registration Statement (as then in
effect) or any Issuer Free Writing Prospectus contains any untrue statement of
a material fact or omits to state a material fact required to be stated therein
or necessary in order to make the statements therein (in the case of such
Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances
under which they were made) not misleading, and when any Issuer Free Writing
Prospectus includes information that may conflict with the information
contained in the Registration Statement, or, if for any other reason it shall
be necessary during such time period to amend or supplement such Registration
Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with
the Securities Act and, in either case as promptly as practicable thereafter,
prepare and file with the Commission, and furnish without charge to the
Participating Holders and the managing underwriter or underwriters, if any, an
amendment or supplement to such Registration Statement, Prospectus or Issuer
Free Writing Prospectus which shall correct such misstatement or omission or
effect such compliance;

 

(v)           use its reasonable best efforts to prevent, or obtain
the withdrawal of, any stop order or other order suspending the use of any
Prospectus or any Issuer Free Writing Prospectus;

 

(vi)          deliver to each Participating Holder and each
underwriter, if any, without charge, as many copies of the applicable Prospectus
(including each preliminary Prospectus), any Issuer Free Writing Prospectus and
any amendment or supplement thereto as such Participating Holder or underwriter
may reasonably request;

 

(vii)         subject to the terms set forth in Section 2(a)(iii) hereof,
on or prior to the date on which the applicable Registration Statement is
declared effective; use its reasonable best efforts to (1) register or
qualify the Registrable Securities covered by such Registration Statement under
such other securities or “blue sky” laws of such jurisdictions in the United
States as any Participating Holder reasonably (in light of such Participating
Holder’s intended plan of distribution) requests and (2) cause such
Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the
business and operations of 

 

9

 

the Company and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Participating
Holder to consummate the disposition of the Registrable Securities owned by
such Participating Holder pursuant to such Registration Statement;

 

(viii)        in the case of an underwritten offering, enter into a
customary underwriting agreement;

 

(ix)           cooperate with each Participating Holder and the
underwriters, if any, of such Registrable Securities and their respective
counsel in connection with any filings required to be made with FINRA;

 

(x)            in the case of a Company Supported Distribution, cause
the senior executive officers of the Company to participate in the customary “road
show” presentations that may be reasonably requested by the managing
underwriter in any such underwritten offering;

 

(xi)           obtaining opinions of counsel to the Company and
updates thereof addressed to each selling Holder and the underwriters or
initial purchasers, if any, covering matters as are customarily requested in
opinions covering secondary resale offerings of companies of comparable size,
maturities and lines of business as the Company;

 

(xii)          obtaining “comfort” letters and updates thereof from
the Company’s independent certified public accountants, such letters covering
matters as are customarily requested in comfort letters covering secondary resale
offerings of companies of comparable size, maturities and lines of business as
the Company

 

(xiii)         making reasonably available for inspection by each
Purchaser and the underwriters or initial purchasers, if any, and any attorney,
accountant or other agent retained by any such Purchaser or Underwriter or
Initial Purchaser, all relevant financial and other records and pertinent
corporate documents of the Company as are customarily made available in
secondary resale offerings of companies of comparable size, maturities and
lines of business as the Company;

 

(xiv)        delivering such documents and certificates as are
customarily delivered in secondary resale offerings of companies of comparable
size, maturities and lines of business as the Company

 

(xv)         otherwise to cause the senior executive officers of
the Company to facilitate, cooperate with, and participate in each proposed
offering contemplated herein and customary selling efforts related thereto.

 

(f)            Indemnification.

 

(i)            Indemnification by the Company. 
The Company agrees to indemnify and hold harmless, to the fullest extent
permitted by law, (1) each of the Participating Holders and each of its
officers, directors, limited or general partners and members thereof, (2)

 

10

 

each member, limited or
general partner of each such member, limited or general partner, (3) each
of their respective affiliates, officers, directors, shareholders, employees,
advisors, and agents and each Person who controls (within the meaning of the
Securities Act or the Exchange Act) such Persons, with respect to each
Registration which has been effected pursuant to this Section 2, and each
underwriter, if any, and each person who controls (within the meaning of the
Securities Act or the Exchange Act) any underwriter, against any and all
claims, losses, damages, penalties, judgments, suits, costs, liabilities and
expenses (or actions in respect thereof) (collectively, the “Losses”)
arising out of or based on (A) any untrue statement (or alleged untrue
statement) of a material fact contained in any Registration Statement
(including any Prospectus or Issuer Free Writing Prospectus) or any other
document incident to any such Registration, qualification or compliance
(including any notification or the like), (B) any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading (in the case of any
Prospectus or Issuer Free Writing Prospectus, in light of the circumstances
under which they were made not misleading), or (C) any violation by the
Company of the Securities Act or the Exchange Act applicable to the Company and
relating to action or inaction required of the Company in connection with any
such Registration, qualification or compliance, and will reimburse each of the
Persons listed above, for any legal and any other expenses reasonably incurred
in connection with investigating and defending any such Losses, provided
that the Company will not be liable in any such case to the extent that any
such Losses arise out of or are based on any untrue statement or omission based
upon written information furnished to the Company by the Participating Holders
or underwriter and stated to be specifically for use therein.

 

(ii)           Indemnification by the Participating Holders. 
Each of the Participating Holders agrees (severally and not jointly) to
indemnify and hold harmless, to the fullest extent permitted by law, the
Company, each of its directors and officers and each underwriter, if any, of
the Company’s securities covered by such a Registration Statement, each Person
who controls the Company (within the meaning of the Securities Act or the
Exchange Act) or such underwriter, each Participating Holder and each of their
respective officers, directors, partners and members, and each Person
controlling such Participating Holder (within the meaning of the Securities Act
or the Exchange Act) against any and all Losses arising out of or based on (A) any
untrue statement (or alleged untrue statement) of a material fact contained in
any Registration Statement (including any Prospectus or Issuer Free Writing
Prospectus) or any other document incident to any such Registration,
qualification or compliance (including any notification or the like) made by
such Participating Holder in writing or (B) any omission (or alleged
omission) to state therein a material fact required to be stated therein or
necessary to make the statements by such Participating Holder therein not
misleading (in the case of any Prospectus or Issuer Free Writing Prospectus, in
light of the circumstances under which they were made not misleading) and will
reimburse the Persons listed above for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such
Losses, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is
made in reliance upon and in conformity with written information furnished to
the Company by

 

11

 

such Participating Holder
and stated to be specifically for use therein; provided, however,
that the obligations of each of the Participating Holders hereunder shall be
limited to an amount equal to the net proceeds such Participating Holder
receives in such Registration.

 

(iii)          Conduct of the Indemnification Proceedings. 
Each party entitled to indemnification under this Section 2(f) (the
“Indemnified Party”) shall give notice to the party required to provide
indemnification (the “Indemnifying Party”) promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may
be sought, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom; provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party
(whose approval shall not unreasonably be withheld) and the Indemnified Party
may participate in such defense at such party’s expense (unless the Indemnified
Party shall have reasonably concluded that there may be a conflict of interest
between the Indemnifying Party and the Indemnified Party in such action, in
which case the fees and expenses of counsel shall be at the expense of the
Indemnifying Party), and provided further that the failure of any Indemnified
Party to give notice as provided herein shall not relieve the Indemnifying
Party of its obligations under this Section 2(f) unless the
Indemnifying Party is materially prejudiced thereby.  No Indemnifying Party, in the defense of any
such claim or litigation shall, except with the prior written consent of each
Indemnified Party, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation.  Each Indemnified Party shall furnish such
information regarding itself or the claim in question as an Indemnifying Party
may reasonably request in writing and as shall be reasonably required in
connection with the defense of such claim and litigation resulting therefrom.

 

(iv)          If the indemnification provided for in this Section 2(f) is
held by a court of competent jurisdiction to be unavailable to an Indemnified
Party with respect to any Losses, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such Losses in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party on the one hand and of the Indemnified Party on the other in connection
with the statements or omissions (or alleged statements or omissions) which
resulted in such Losses, as well as any other relevant equitable
considerations.  The relative fault of
the Indemnifying Party and of the Indemnified Party shall be determined by
reference to, among other things, whether the untrue (or alleged untrue)
statement of a material fact or the omission (or alleged omission) to state a
material fact relates to information supplied by the Indemnifying Party or by
the Indemnified Party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission; provided,
however, that the obligations of each of the Participating Holders
hereunder shall be several and not joint and shall be limited to an amount
equal to the net proceeds such Participating Holder receives in such
Registration.

 

12

 

(v)           Subject to the limitations on the Holders’ liability
set forth in Section 2(f)(ii) and 2(f)(iv), the remedies provided for
in this Section 2(f) are not exclusive and shall not limit any rights
or remedies which may otherwise be available to any Indemnified Party at law or
equity.  The remedies shall remain in
full force and effect regardless of any investigation made by or on behalf of
such Holder or any Indemnified Party and survive the transfer of such
securities by such Holder.

 

(g)           Participating Holders.

 

(i)            Each of the Participating Holders shall furnish to the
Company such information regarding such Participating Holder and the distribution
proposed by such Holder as the Company may reasonably request in writing and as
shall be reasonably required in connection with any Registration, qualification
or compliance referred to in this Section 2.

 

(ii)           In the event that, either immediately prior to or
subsequent to the effectiveness of any Registration Statement, any
Participating Holder shall distribute Registrable Securities to its partners or
members, such Participating Holder shall so advise the Company and provide such
information as shall be necessary to permit an amendment to such Registration
Statement to provide information with respect to such partners or members, as
selling security holders.  Promptly
following receipt of such information, the Company shall file an appropriate
amendment to such Registration Statement reflecting the information so
provided.  Any incremental expense to the
Company resulting from such amendment shall be borne by such Participating
Holder.

 

(iii)          Each Holder agrees that at the time that such Holder
is a Participating Holder, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 2(e)(iv), such
Holder shall forthwith discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until such Holder’s receipt of the copies of a supplemented or amended
Prospectus or Issuer Free Writing Prospectus or until such Holder is advised in
writing by the Company that the use of the Prospectus or Issuer Free Writing
Prospectus, as the case may be, may be resumed, and, if so directed by the
Company, such Holder shall deliver to the Company all copies, other than any
permanent file copies then in such Holder’s possession, of the most recent
Prospectus or any Issuer Free Writing Prospectus covering such Registrable
Securities at the time of receipt of such notice.  If the Company shall give such notice, the
Company shall extend the period during which such Registration Statement shall
be maintained effective by the number of days during the period from and
including the date of the giving of notice pursuant to Section 2(e)(iv) to
the date when the Company shall make available to such Holder a copies of the
supplement or amended Prospectus or Issuer Free Writing Prospectus or is
advised in writing that the use of the Prospectus or Issuer Free Writing
Prospectus may be resumed.

 

(h)           Termination. 
Notwithstanding anything to the contrary in this Agreement, the
registration rights set forth in this Section 2 shall not be available, (i) with
respect to any Holder, if in the written opinion of counsel to the Company, all
of the Registrable 

 

13

 

Securities
then owned by such Holder could be sold pursuant to Rule 144 without
limitation thereunder on volume or manner of sale or (ii) as to any
Holder, all of the Registrable Securities held by such Holder have been sold in
a Registration pursuant to the Securities Act or an exemption therefrom.  Notwithstanding the foregoing, the
indemnification provisions in Section 2(f) and Sections 3 and 4 shall
survive any termination of this Agreement.

 

(i)            Class B Common
Stock.  In connection with any Registered sale of Class B
Common Stock by a Holder that is subject to the Bank Holding Company Act of
1956, as amended (the “BHC Act”), unless prohibited by the BHC Act, the
Holder shall be entitled to surrender to the Company such shares of Class B
Common Stock to be sold in such Registration, and, upon surrender, the Company
shall issue to the purchasers in such Registered sale an equal number of shares
of Class A Common Stock.

 

SECTION 3.  INTERPRETATION OF THIS AGREEMENT

 

(a)           Directly or Indirectly. 
Where any provision in this Agreement refers to action to be taken by
any Person, or which such Person is prohibited from taking, such provision
shall be applicable whether such action is taken directly or indirectly by such
Person.

 

SECTION 4. 
MISCELLANEOUS

 

(a)           Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware applicable to contracts made and to be performed
entirely within such State without regard to conflicts of law principles.

 

(b)           Section Headings. 
The headings of the sections and subsections of this Agreement are inserted
for convenience only and shall not be deemed to constitute a part thereof.

 

(c)           Notices.

 

(i)            All communications under this Agreement
shall be in writing and shall be delivered by hand or facsimile or mailed by
overnight courier or by registered or certified mail, postage prepaid:

 

(1)           if to the Company, to the address below, or at such
other address as it may have furnished to the Holders in writing.

 

	
  LexingtonPark Parent Corp.

  
	
  1221 Avenue of Americas

  
	
  New York, NY 10020

  
	
  Attention:   J. Kevin McCarthy, Esq.

  
	
  General Counsel

  
	
  Facsimile:  (646)
  562-1936

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  Willkie Farr & Gallagher LLP

  
	
  The Equitable Center

  

 

14

 

	
  787 Seventh Avenue

  
	
  New York, NY 10019

  
	
  Attention:   David K. Boston, Esq.

  
	
  Laura L. Delanoy, Esq.

  
	
  Facsimile:  (212) 728-8111

  

 

(2)           if to Ramius, to the address
below, or at such other address or facsimile number as may have been furnished
the Company in writing.

 

	
  RCG Holdings LLC

  
	
  599 Lexington Avenue, 20th Floor

  
	
  New York, NY 10022

  
	
  Attention:   Owen S. Littman, Esq.

  
	
  General Counsel

  
	
  Facsimile:  (212)
  845-7986

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  Willkie Farr & Gallagher LLP

  
	
  The Equitable Center

  
	
  787 Seventh Avenue

  
	
  New York, NY 10019

  
	
  Attention:   David K. Boston, Esq.

  
	
  Laura L. Delanoy, Esq.

  
	
  Facsimile:  (212)
  728-8111

  

 

(3)           if to any of the UCI
Parties, to the address below, or at such other address as it may have
furnished to the Company in writing.

 

	
  Bayerische Hypo- und Vereinsbank AG

  
	
  150 East 42nd Street, New
  York, NY 10017

  
	
  Attention:

  	
  Gavin
  Burke, Managing Director

  
	
  Phone:

  	
  (212)
  672-5408

  
	
  Facsimile:

  	
  (212)
  672-5413

  
	
  Email:

  	
  gavin.burke@us.unicreditgroup.eu

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  Bayerische Hypo- und Vereinsbank AG

  
	
  150 East 42nd Street, New
  York, NY 10017

  
	
  Attention:

  	
  Aaron
  Witte, Vice President

  
	
  Phone:

  	
  (212)
  672-5344

  
	
  Facsimile:

  	
  (212)
  672-5413

  
	
  Email:

  	
  aaron.witte@us.unicreditgroup.eu

  

 

15

 

(ii)           Any notice so addressed shall be deemed to be given:
if delivered by hand or facsimile, on the date of such delivery; if mailed by
overnight courier, on the first business day following the date of such
mailing; and if mailed by registered or certified mail, on the third business
day after the date of such mailing.

 

(d)           Reproduction of Documents. 
This Agreement and all documents relating thereto, including, without
limitation, any consents, waivers and modifications which may hereafter be
executed may be reproduced by the Holders by any photographic, photostatic,
microfilm, microcard, miniature photographic or other similar process and the
Holders may destroy any original document so reproduced.  The parties hereto agree and stipulate that
any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by the Holders in the
regular course of business) and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

 

(e)           Successors and Assigns. 
No party may assign or otherwise transfer any of their respective rights
or obligations hereunder without the prior written consent of the other
parties hereto; provided that the UCI Parties and Ramius shall be entitled to
assign the rights of the UCI Parties or Ramius as an Initiating Holder or
otherwise to a transferee of any of the UCI Parties’ beneficial ownership (as
defined in Rule 13d-3
of the rules and regulations promulgated under the Exchange Act ) of any
Registrable Securities in accordance with the Asset Exchange Agreement or the
Fourth Amended and Restated Limited Liability Company Agreement of Ramius and,
if requested by the UCI Holders in connection with any such assignment, Ramius
will make such assignment of rights at the request of the UCI Parties.  Any such transferee shall be deemed to be a
third party beneficiary of the transferring party’s rights hereunder upon
notice by the transferring UCI Party to the Company, entitled to exercise such
transferring party’s rights upon and following such notice.

 

(f)            Other Registration
Rights.   Except as provided in Section 4(e),
until the earlier of (i) three years following the date of this Agreement
and (ii) the date on which the Initiating Holders do not beneficially own
any Registrable Securities, the Company shall not grant any person other than
the parties to this Agreement as of the date hereof registration rights on
sales of capital stock of the Company (x) that would be superior to the
rights of the UCI Parties and Ramius (on behalf of the UCI Parties) hereunder
or (y) that would, as a result of any registered sale by the Company at
the request of such person (whether structured as a secondary sale or a primary
sale by the Company), subject any of the UCI Parties or Ramius (on the behalf
of the UCI Parties) to any underwriter lock-up period without such Holder’s
consent.

 

(g)           Entire Agreement; Amendment and
Waiver.  This Agreement constitutes the entire
understanding of the parties hereto relating to the subject matter hereof and
supersedes all prior understandings among such parties.  This Agreement may be amended, and the
observance of any term of this Agreement may be waived, with (and only with)
the written consent of the parties hereto, unless all rights under this
Agreement have been terminated with respect to a Holder.  Any amendment or waiver effected in
accordance with this Section 4(f) shall be binding upon each Holder
of Registrable Securities then outstanding (whether or not such Holder consented
to any such amendment or waiver).

 

16

 

(h)           Severability. 
In the event that any part or parts of this Agreement shall be held
illegal or unenforceable by any court or administrative body of competent jurisdiction,
such determination shall not affect the remaining provisions of this Agreement
which shall remain in full force and effect.

 

(i)            Counterparts. 
This Agreement may be executed in two or more counterparts (including by
electronic transmission or facsimile), each of which shall be deemed an
original and all of which together shall be considered one and the same
agreement.

 

[Remainder of Page Intentionally
Left Blank]

 

17

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the date first set forth above.

 

	
   

  	
  LEXINGTONPARK PARENT CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeffrey M. Solomon

  
	
   

  	
   

  	
  Name:
  Jeffrey M. Solomon

  
	
   

  	
   

  	
  Title:   President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Christopher A. White

  
	
   

  	
   

  	
  Name:
  Christopher A. White

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  RAMIUS LLC

  
	
   

  	
  by C4S & Co., L.L.C., its managing member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter A. Cohen

  
	
   

  	
   

  	
  Name: Peter A. Cohen

  
	
   

  	
   

  	
  Title:  
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
  BA ALPINE HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gavin Burke

  
	
   

  	
   

  	
  Name: Gavin Burke

  
	
   

  	
   

  	
  Title:  
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Gallagher

  
	
   

  	
   

  	
  Name: John Gallagher

  
	
   

  	
   

  	
  Title:  
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BAYERISCHE HYPO- UND VEREINSBANK AG

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gavin Burke

  
	
   

  	
   

  	
  Name: Gavin Burke

  
	
   

  	
   

  	
  Title:  
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Gallagher

  
	
   

  	
   

  	
  Name: John Gallagher

  
	
   

  	
   

  	
  Title:  
  Managing Director

  

 

Signature Page to Registration
Rights Agreement

 

 

	
   

  	
  HVB ALTERNATIVE ADVISORS LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gavin Burke

  
	
   

  	
   

  	
  Name: Gavin Burke

  
	
   

  	
   

  	
  Title:  
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Gallagher

  
	
   

  	
   

  	
  Name: John Gallagher

  
	
   

  	
   

  	
  Title:  
  Managing Director

  

 

Signature
Page to Registration Rights Agreement

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