Document:

Exhibit
10.24

 

INVESTMENT
TECHNOLOGY GROUP, INC.

NONQUALIFIED STOCK OPTION GRANT AGREEMENT

FOR EMPLOYEES

 

THIS GRANT AGREEMENT, dated as of                   
(the “Date of Grant”), is entered into by and between Investment
Technology Group, Inc. (the “Company”), a Delaware corporation, and
             , an employee of the Company (the “Employee”).

 

WHEREAS, the Employee has been awarded the following Grant
under the Investment Technology Group, Inc. 2007 Omnibus Equity
Compensation Plan (the “Plan”). 
Capitalized terms used herein and not defined herein shall have the meanings
set forth in the Plan.  In the event of
any conflict between this Grant Agreement and the Plan, the Plan shall control.

 

NOW, THEREFORE, in consideration of the premises and
mutual covenants contained herein, and for other good and valuable
consideration, the parties hereto agree as follows:

 

1.             Grant
of the Option.  Subject to the terms
and conditions set forth in this Grant Agreement and the Plan, the Employee is
hereby awarded a nonqualified stock option to purchase           
shares of Company Stock for an Exercise Price of  $          
per share (the “Option”).  This
Option is intended to be a nonqualified stock option and shall not be treated
as an incentive stock option under the provisions of the Code.

 

2.             Grant
Subject to Plan Provisions.  This
Option is awarded pursuant to the Plan, the terms of which are incorporated
herein by reference, and in all respects shall be interpreted in accordance
with the Plan.  The Plan and the Plan
prospectus are available at http://assetlib.itginc.com/stellent/groups/public/documents/itginc/047794.pdf  and http://assetlib.itginc.com/stellent/groups/public/documents/itginc/047867.pdf,
respectively; provided that paper copies of the Plan and the Plan prospectus
are available upon request by contacting the Legal Department of the Company at
ITG_Legal or 212.444.6378.  This Option
is subject to interpretations, regulations and determinations concerning the
Plan established from time to time by the Committee in accordance with the
provisions of the Plan, including, but not limited to, provisions pertaining to
(a) the registration, qualification or listing of the shares issued under
the Plan, (b) changes in capitalization, (c) requirements of applicable
law and (d) all other Plan provisions. 
The Committee has the authority to interpret and construe this Grant
Agreement pursuant to the terms of the Plan, and its decisions are conclusive
as to any questions arising hereunder.

 

3.             Vesting
of the Option.

 

(a)           Subject
to Section 4 below and the other terms and conditions of this Grant
Agreement and the Plan, this Option shall vest and become exercisable in full on
the third anniversary of the Date of Grant if the Employee has remained continuously
employed by the Employer from the Date of Grant through the vesting date; provided,
however, that the Option shall vest and become immediately exercisable
in full (i) immediately prior to the effectiveness of a Change in Control if
the Employee is employed by the Employer as of such date or (ii) upon 

 

1

 

the Employee’s Termination of Service (as defined below) due to the Employee’s
death or Disability (as defined in below).

 

“Disability” shall have the meaning ascribed to such term in Section 22(e)(3) of
the Code.

 

(b)           Unless
otherwise provided by the Committee, all amounts receivable in connection with
any adjustments to the Company Stock under Section 5(d) of the 2007
Plan shall be subject to the vesting schedule in this Section 3.

 

4.             Termination
of Service; Forfeiture of Unvested Option. 
In the event of the Employee’s Termination of Service for any reason
other than due to the Employee’s death or Disability prior to the date the
Option otherwise becomes vested in accordance with Section 3 above, the
Option shall immediately be forfeited by the Employee.

 

“Termination of Service” means the Employee ceases to be
employed by the Employer.  An Employee
employed by a Subsidiary of the Company shall also be deemed to incur a
Termination of Service if such Subsidiary ceases to be a Subsidiary of the
Company and such Employee does not immediately thereafter become employed by
the Company or another Subsidiary of the Company.  Temporary absences from employment because of
illness, vacation or leave of absence and transfers among Employers shall not
be considered a Termination of Service.

 

5.             Term.
 The Option (to the extent not earlier
exercised or forfeited in accordance with Section 4 above) shall expire at
5:00 p.m., Eastern time, on the earliest of (a) the fifth anniversary
of the Date of Grant, (b) the date that is one year following the date of
the Employee’s Termination of Service due to the Employee’s death or Disability
or (c) the date that is sixty (60) days after the date of the Employee’s
Termination of Service for any other reason. 
Notwithstanding any other provision of this Grant Agreement to the
contrary, in the event of a Change in Control at a time when the Employee is
employed by the Employer, the Option shall be exercisable until 5:00 p.m.,
Eastern time, on the fifth anniversary of the Date of Grant, without regard to
whether the Employee continues to be employed by the Employer after the Change
in Control.

 

6.             Method
of Exercise.  To the extent the
Option is exercisable under the provisions of Sections 3 and 4 hereof, the Employee
may exercise the Option, in whole or in part, at such time as the Option is
exercisable and prior to its expiration by giving written notice of exercise of
the Option in accordance with the Investment Technology Group, Inc. Stock
Option Overview (the “Exercise Overview”). 
Such Exercise Overview is available at http://assetlib.itginc.com/stellent/groups/public/documents/itginc/045582.pdf, or upon request by contacting the Legal
Department of the Company at ITG_Legal or 212.444.6378.  .

 

7.             Payment
of Exercise Price.  The Exercise
Price of the shares of Company Stock purchased by the Employee upon exercise of
the Option (the “Option Shares”) shall be paid in full to the Company at
the time of such exercise in accordance with the procedures set forth in the
Exercise Overview, or by such other method as the Committee may approve; pro-

 

2

 

vided, however, that Company Stock held for less than six months may be
surrendered in payment or partial payment of the Exercise Price only with the
approval of the Committee.

 

8.             Nontransferability.  Neither the Employee nor any other person
shall have any right to commute, sell, assign, transfer, pledge, anticipate,
mortgage or otherwise encumber, hypothecate or convey the Option, which Option
is, and all rights under this Grant Agreement are, expressly declared to be
unassignable and nontransferable, other than by will or under the laws of
descent and distribution (or pursuant to a beneficiary designation authorized
by the Committee).

 

9.             No
Right to Employer Assets.  Neither
the Employee nor any other person shall acquire by reason of the Option or the
Option Shares any right in or title to any assets, funds or property of the Employer
whatsoever including, without limiting the generality of the foregoing, any
specific funds or assets which the Employer, in its sole discretion, may set
aside in anticipation of a liability.  No
trust shall be created in connection with or by the granting of the Option or
the purchase of any Option Shares, and any benefits which become payable
hereunder shall be paid from the general assets of the Employer.  The Employee shall have only a contractual
right to the amounts, if any, payable pursuant to this Grant Agreement,
unsecured by any asset of the Company or any of its affiliates.

 

10.           Limitations.  Nothing herein shall limit the Company’s
right to issue Company Stock, or stock options or other rights to purchase Company
Stock subject to vesting, expiration and other terms and conditions deemed
appropriate by the Company and its affiliates. 
Nothing expressed or implied herein is intended or shall be construed to
confer upon or give to any Person, other than the parties hereto, any right,
remedy or claim under or by reason of this Grant Agreement or of any term,
covenant or condition hereof.

 

11.           Withholding.  The Employee shall pay to the Employer or
make arrangements satisfactory to the Committee regarding payment of any federal,
state or local taxes of any kind required by law to be withheld at any time
with respect to the issuance of Option Shares or the payment of money pursuant
to the exercise of the Option, and the Employer shall, to the extent permitted
or required by law, have the right to deduct from any payment of any kind otherwise
due to the Employee, federal, state and local taxes of any kind required by law
to be withheld.  To the extent permitted
by the Committee, the Employee may elect to have the Employer withhold Company
Stock to pay any applicable withholding taxes resulting from the exercise of
the Option and the issuance of Option Shares, in accordance with any rules or
regulations of the Committee then in effect.

 

12.           Expenses
of Issuance of Option Shares.  The
issuance of stock certificates hereunder shall be without charge to the
Employee.  The Company shall pay, and
indemnify the Employee from and against any issuance, stamp or documentary
taxes (other than transfer taxes) or charges imposed by any governmental body,
agency or official (other than income taxes) by reason of the issuance of the
Option Shares.

 

3

 

13.           Terms
are Binding.  The terms of this Grant
Agreement shall be binding upon the executors, administrators, heirs,
successors, transferees and assignees of the Employee and the Company.

 

14.           Compliance
with Law.  The exercise of the Option
and the obligations of the Company to issue or transfer Option Shares hereunder
shall be subject to the terms, conditions and restrictions as set forth in the
governing instruments of the Company, Company policies, applicable federal and
state securities laws or any other applicable laws or regulations, and
approvals by any governmental or regulatory agency as may be required.  In no event shall Employee be permitted to
exercise the Option if the issuance of Option Shares at that time would violate
any law or regulation.  By signing this Grant
Agreement, the Employee agrees not to sell any Option Shares at a time when
applicable laws or the Company policies prohibit a sale.

 

15.           References.  References herein to rights and obligations
of the Employee shall apply, where appropriate, to the Employee’s legal
representative or estate without regard to whether specific reference to such
legal representative or estate is contained in a particular provision of this Grant
Agreement.

 

16.           Notices.  Any notice required or permitted to be given
under this Grant Agreement shall be in writing and shall be deemed to have been
given when delivered personally or by courier, or sent by certified or
registered mail, postage prepaid, return receipt requested, duly addressed to
the party concerned at the address indicated below or to such changed address
as such party may subsequently, by similar process, give notice of:

 

If to the Company:

 

Investment Technology Group, Inc.

380 Madison Avenue

New York, NY 10017

Attention: General Counsel

 

If to the Employee:

 

At the Employee’s most recent address shown on the Employer’s
corporate records, or at any other address at which the Employee may specify in
a notice delivered to the Company in the manner set forth herein.

 

17.           No Right to
Continued Employment.  This Option shall
not confer upon the Employee any right to continue in the employ of the
Employer nor shall this Option interfere with the right of the Employer to
terminate the Employee’s employment at any time.

 

18.           Costs.  In any action at law or in equity to enforce
any of the provisions or rights under this Grant Agreement, including any
arbitration proceedings to enforce such provisions or rights, the unsuccessful
party to such litigation or arbitration, as determined by the court in a final
judgment or decree, or by the panel of arbitrators in its award, shall pay the
successful party or parties all costs, expenses and reasonable attorneys’ fees
incurred by the successful party 

 

4

 

or parties (including without limitation costs, expenses and fees on
any appeals), and if the successful party recovers judgment in any such action
or proceeding such costs, expenses and attorneys’ fees shall be included as
part of the judgment.

 

19.           Further
Assurances.  The Employee agrees to
perform all acts and execute and deliver any documents that may be reasonably
necessary to carry out the provisions of this Grant Agreement, including but
not limited to all acts and documents related to compliance with federal and/or
state securities laws.

 

20.           Counterparts.  For convenience, this Grant Agreement may be
executed in any number of identical counterparts, each of which shall be deemed
a complete original in itself and may be introduced in evidence or used for any
other purposes without the production of any other counterparts.

 

21.           Governing
Law.  This Grant Agreement shall be
construed and enforced in accordance with Section 19(h) of the Plan.

 

22.           Entire Agreement.  This Grant Agreement, together with the Plan,
sets forth the entire agreement between the parties with reference to the
subject matter hereof, and there are no agreements, understandings, warranties,
or representations, written, express, or implied, between them with respect to
the Option other than as set forth herein or therein, all prior agreements,
promises, representations and understandings relative thereto being herein
merged.

 

23.           Amendment;
Waiver.  This Grant Agreement may be
amended, modified, superseded, canceled, renewed or extended and the terms or
covenants hereof may be waived only by a written instrument executed by the parties
hereto or, in the case of a waiver, by the party waiving compliance.  Any such written instrument must be approved
by the Committee to be effective as against the Company.  The failure of any party at any time or times
to require performance of any provision hereof shall in no manner affect the
right at a later time to enforce the same. 
No waiver by any party of the breach of any term or provision contained
in this Grant Agreement, whether by conduct or otherwise, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any
such breach, or a waiver of the breach of any other term or covenant contained
in this Grant Agreement.

 

24.           Severability.  Any provision of this Grant Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

[SIGNATURE PAGE FOLLOWS]

 

5

 

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

 

 

	
   

  	
  INVESTMENT TECHNOLOGY
  GROUP, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Robert C. Gasser

  
	
   

  	
  Title: CEO and President

  
	
   

  	
   

  

 

I hereby accept the Option described in this Grant
Agreement, and I agree to be bound by the terms of the Plan and this Grant
Agreement.  I hereby further agree that
all the decisions and determinations of the Committee shall be final and
binding.

 

	
   

  	
   

  
	
   

  	
  [Insert
  Name of the Employee]Exhibit
10.25

 

INVESTMENT
TECHNOLOGY GROUP, INC.

STOCK UNIT
GRANT AGREEMENT

FOR
EMPLOYEES

 

THIS GRANT AGREEMENT, dated
as of                  
(the “Date of Grant”), is entered into by and between Investment
Technology Group, Inc. (the “Company”), a Delaware corporation, and                ,
an employee of the Company (the “Employee”).

 

WHEREAS, the Employee has
been awarded the following Grant under the Investment Technology Group, Inc.
2007 Omnibus Equity Compensation Plan (the “Plan”).  Capitalized terms used herein and not defined
herein shall have the meanings set forth in the Plan.  In the event of any conflict between this
Grant Agreement and the Plan, the Plan shall control.

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein, and for
other good and valuable consideration, the parties hereto agree as follows:

 

1.             Grant of Stock Units.  Subject
to the terms and conditions set forth in this Grant Agreement and the Plan, the
Employee is hereby awarded            
Stock Units that represent hypothetical shares
of Company Stock on a one-for-one basis (the “Stock Unit Grant”).

 

2.             Grant
Subject to Plan Provisions.  This Stock Unit Grant is granted pursuant to
the Plan, the terms of which are incorporated herein by reference, and in all
respects shall be interpreted in accordance with the Plan.  The Plan and the Plan prospectus are
available at http://assetlib.itginc.com/stellent/groups/public/documents/itginc/047794.pdf
and http://assetlib.itginc.com/stellent/groups/public/documents/itginc/047867.pdf, respectively; provided that paper copies of the Plan
and the Plan prospectus are available upon request by contacting the Legal
Department of the Company at ITG_Legal or 212.444.6378.  This Stock Unit Grant is subject to interpretations,
regulations and determinations concerning the Plan established from time to
time by the Committee in accordance with the provisions of the Plan, including,
but not limited to, provisions pertaining to (a) the registration,
qualification or listing of the shares issued under the Plan, (b) changes
in capitalization, (c) requirements of applicable law and (d) all other
Plan provisions.  The Committee has the
authority to interpret and construe this Grant Agreement pursuant to the terms
of the Plan, and its decisions are conclusive as to any questions arising
hereunder.

 

3.             Stock Unit Account.  The Company shall establish and maintain a Stock
Unit bookkeeping account (the “Account”) on its records for the Employee
and shall record in the Account the number of Stock Units awarded to the
Employee.  No shares of stock shall be
issued to the Employee at the time the Stock Unit Grant is made.

 

4.             Vesting of the Stock Unit Grant.

 

(a)     Subject to Section 5 below and the other terms and
conditions of this Grant Agreement and the Plan, this Stock Unit Grant shall
become vested in full and all restrictions on the Stock Unit Grant shall lapse on
the third anniversary of the Date of Grant if the Employee has remained continuously
employed by the Employer from the Date of Grant through the vesting date; provided,
however, that the Stock Unit Grant shall become immediately 

 

 

vested in full (i) upon a Change in
Control if the Employee is employed by the Employer as of the date of the
Change in Control or (ii) upon the Employee’s Termination of Service (as
defined below) due to the Employee’s death or Disability (as defined below).

 

“Disability” shall have the meaning
ascribed to such term in Section 22(e)(3) of the Code.

 

(b)     Unless otherwise provided by the Committee, all amounts
receivable in connection with any adjustments to the Company Stock under Section 5(d) of
the Plan shall be subject to the vesting schedule in this Section 4.

 

5.             Termination of
Service; Forfeiture of Unvested Stock Unit Grant.  In the event of the Employee’s Termination of
Service for any reason other than due to the Employee’s death or Disability prior
to the date the Stock Unit Grant otherwise becomes vested in accordance with Section 4
above, the Stock Unit Grant shall immediately be forfeited by the Employee.

 

“Termination of Service” means the
Employee ceases to be employed by the Employer. 
An Employee employed by a Subsidiary of the Company shall also be deemed
to incur a Termination of Service if such Subsidiary ceases to be a Subsidiary of
the Company and such Employee does not immediately thereafter become employed
by the Company or another Subsidiary of the Company.  Temporary absences from employment because of
illness, vacation or leave of absence and transfers among Employers shall not
be considered a Termination of Service.

 

6.             Distribution of Shares.  The Company shall distribute to the Employee
(or the Employee’s heirs in the event of the Employee’s death) at the time of
vesting of the Stock Unit Grant in accordance with Section 4 above (but
not later than March 15 of the calendar year following the calendar year
in which the Stock Units vest), a number of shares of Company Stock equal to
the number of Stock Units then held by the Employee that became vested at such
time, subject to reduction for withholding of shares pursuant to Section 9
below.

 

7.             Rights and Restrictions.  The Stock Unit Grant shall not be
transferable, other than by will or under the laws of descent and distribution
(or pursuant to a beneficiary designation authorized by the Committee).  Prior to vesting of the Stock Unit Grant and
delivery of the shares of Company Stock to the Employee, the Employee shall not
have any rights or privileges of a stockholder as to the shares of Company
Stock subject to the Stock Unit Grant. 
Specifically, the Employee shall not have the right to receive dividends
or the right to vote such shares of Company Stock, nor shall the Employee have
the right to sell, assign, pledge, hypothecate, encumber, transfer or otherwise
dispose of, in whole or in part, the Stock Unit Grant, prior to vesting of the Stock
Unit Grant and delivery of the shares of Company Stock.  The Employee shall not have any interest in
any fund or specific assets of the Employer by reason of this Stock Unit Grant
or the Account established for the Employee.

 

8.             Limitations.  Nothing herein shall limit the Company’s
right to issue Company Stock, or Stock Units or other rights to purchase
Company Stock subject to vesting, expiration and other terms and conditions
deemed appropriate by the Company and its affiliates.  Nothing expressed or implied herein is
intended or shall be construed to confer upon or give to 

 

2

 

any Person, other than the parties hereto,
any right, remedy or claim under or by reason of this Grant Agreement or of any
term, covenant or condition hereof.

 

9.             Withholding.  The Employee shall pay to the Employer or
make arrangements satisfactory to the Committee regarding payment of any
federal, state or local taxes of any kind required by law to be withheld at any
time with respect to the Stock Unit Grant and the Employer shall, to the extent
permitted or required by law, have the right to deduct from any payment of any
kind otherwise due to the Employee, federal, state and local taxes of any kind
required by law to be withheld.  To the
extent permitted by the Committee, the Employee may elect to have the Employer
withhold Company Stock to pay any applicable withholding taxes resulting from
the Stock Unit Grant, in accordance with any rules or regulations of the
Committee then in effect.

 

10.           Expenses of Issuance of Company
Stock.  The issuance of stock
certificates hereunder shall be without charge to the Employee.  The Company shall pay, and indemnify the
Employee from and against any issuance, stamp or documentary taxes (other than
transfer taxes) or charges imposed by any governmental body, agency or official
(other than income taxes) by reason of the issuance of Company Stock.

 

11.           Terms are Binding.  The terms of this Grant Agreement shall be
binding upon the executors, administrators, heirs, successors, transferees and
assignees of the Employee and the Company.

 

12.           Compliance with Law.  The transfer of Company Stock hereunder shall
be subject to the terms, conditions and restrictions as set forth in the
governing instruments of the Company, Company policies, applicable federal and
state securities laws or any other applicable laws or regulations, and
approvals by any governmental or regulatory agency as may be required.  By signing this Grant Agreement, the Employee
agrees not to sell any Company Stock at a time when applicable laws or the
Company policies prohibit a sale.

 

13.           References.  References
herein to rights and obligations of the Employee shall apply, where
appropriate, to the Employee’s legal representative or estate without regard to
whether specific reference to such legal representative or estate is contained
in a particular provision of this Grant Agreement.

 

14.           Notices.  Any notice
required or permitted to be given under this Grant Agreement shall be in
writing and shall be deemed to have been given when delivered personally or by
courier, or sent by certified or registered mail, postage prepaid, return
receipt requested, duly addressed to the party concerned at the address
indicated below or to such changed address as such party may subsequently, by
similar process, give notice of:

 

If
to the Company:

 

Investment
Technology Group, Inc.

380
Madison Avenue

New
York, NY 10017

 

3

 

Attention:
General Counsel

 

If
to the Employee:

 

At
the Employee’s most recent address shown on the Employer’s corporate records,
or at any other address at which the Employee may specify in a notice delivered
to the Company in the manner set forth herein.

 

15.           No Right to Continued Employment.  This Stock Unit Grant shall not confer upon
the Employee any right to continue in the employ of the Employer nor shall this
Stock Unit Grant interfere with the right of the Employer to terminate the
Employee’s employment at any time.

 

16.           Section 409A.  It is intended that the Stock Unit Grant
issued hereunder shall comply with Section 409A of the Code (and any
regulations and guidelines issued thereunder) to the extent the Stock Unit
Grant is subject thereto, and the Stock Unit Grant shall be interpreted on a
basis consistent with such intent.  In no
event shall the Employee, directly or indirectly, designate the calendar year
in which the shares underlying the Stock Unit Grant will be distributed.  This Grant Agreement may be amended without
the consent of the Employee in any respect deemed by the Committee to be
necessary in order to preserve compliance with Section 409A of the Code.

 

17.           Costs.  In any action at law or in equity to enforce
any of the provisions or rights under this Grant Agreement, including any
arbitration proceedings to enforce such provisions or rights, the unsuccessful
party to such litigation or arbitration, as determined by the court in a final
judgment or decree, or by the panel of arbitrators in its award, shall pay the
successful party or parties all costs, expenses and reasonable attorneys’ fees
incurred by the successful party or parties (including without limitation
costs, expenses and fees on any appeals), and if the successful party recovers
judgment in any such action or proceeding such costs, expenses and attorneys’
fees shall be included as part of the judgment.

 

18.           Further Assurances.  The Employee agrees to perform all acts and
execute and deliver any documents that may be reasonably necessary to carry out
the provisions of this Grant Agreement, including but not limited to all acts
and documents related to compliance with federal and/or state securities laws.

 

19.           Counterparts.  For convenience, this Grant Agreement may be
executed in any number of identical counterparts, each of which shall be deemed
a complete original in itself and may be introduced in evidence or used for any
other purposes without the production of any other counterparts.

 

20.           Governing Law.  This Grant Agreement shall be construed and
enforced in accordance with Section 19(h) of the Plan.

 

21.           Entire Agreement.  This Grant Agreement, together with the Plan,
sets forth the entire agreement between the parties with reference to the
subject matter hereof, and there are no agreements, understandings, warranties,
or representations, written, express, or 

 

4

 

implied, between them with respect to the Stock
Unit Grant other than as set forth herein or therein, all prior agreements,
promises, representations and understandings relative thereto being herein
merged.

 

22.           Amendment; Waiver.  This Grant Agreement may be amended,
modified, superseded, canceled, renewed or extended and the terms or covenants
hereof may be waived only by a written instrument executed by the parties
hereto or, in the case of a waiver, by the party waiving compliance.  Any such written instrument must be approved
by the Committee to be effective as against the Company.  The failure of any party at any time or times
to require performance of any provision hereof shall in no manner affect the
right at a later time to enforce the same. 
No waiver by any party of the breach of any term or provision contained
in this Grant Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such breach, or a waiver of the breach of any other term or
covenant contained in this Grant Agreement.

 

23.           Severability.  Any provision of this Grant Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

[SIGNATURE PAGE FOLLOWS]

 

5

 

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

 

 

	
   

  	
  INVESTMENT TECHNOLOGY
  GROUP, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Robert C. Gasser

  
	
   

  	
  Title: CEO and President

  
	
   

  	
   

  

 

I hereby accept the Stock Unit Grant described
in this Grant Agreement, and I agree to be bound by the terms of the Plan and
this Grant Agreement.  I hereby further
agree that all the decisions and determinations of the Committee shall be final
and binding.

 

 

	
   

  	
   

  
	
   

  	
  [Insert Name of the Employee]

  

 

6

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