Document:

EXHIBIT
10.27

 

HERON LAKE
BIOENERGY LETTERHEAD

 

Heron Lake
BioEnergy, LLC

91246 390th
Avenue

Heron Lake, MN
56137-3175

 

February 28, 2008

 

Mr. James Gerber

CFO Heron Lake BioEnergy
LLC

91246 390th
Avenue

Heron Lake, MN 56137

 

RE:  Extension of CFO Contract For Renewal

 

Jim,

 

In conversation with you
pertaining to the renewal of your contract with Heron Lake BioEnergy as the
Contract Chief Financial Officer, and in consideration of the constraints
pursuant to completion of the year end audit, the Board of Governors has
authorized me the authority to negotiate a minimum of a thirty day extension to
allow you and Heron Lake BioEnergy LLC the appropriate time to renegotiate your
present contract, and to allow you the time necessary to complete the auditing
and pertinent documents to complete the audit and securities filing for the
company.

 

Signature by both parties
signifies acceptance of the above terms of the extension of the contract for a
minimum of thirty days.

 

 

	
  /s/ Robert J. Ferguson

  	
   

  	
  /s/ James A. Gerber

  
	
  Chief Executive Officer
  for HLBE

  	
   

  	
  Chief Financial Officer
  for HLBE

  

 

888.E85FUEL
(385.3835)

507.793.0077 PHONE

507-793-0078 FAX

info@heronlakebioenergy.com
EMAIL

www.heronlakebioenergy.comExhibit 10.1

 

	
  Ronald Levi Employment Agreement

  	
   

  	
  CONFIDENTIAL

  

 

 

EMPLOYMENT AGREEMENT

 

                                                This EMPLOYMENT
AGREEMENT (“Agreement”) is entered into as of
                        ,
2008, by and between GFI Group Inc.
(the “Company” or “GFI”), a Delaware Corporation, and Ronald Levi, an
individual (“Executive”).

 

                                                WHEREAS, Executive is currently employed
as the Chief Operating Officer (the “Chief Operating Officer”) of the Company,
based in New York;

 

                                                WHEREAS, each of the Executive and the
Company desire to enter into this Agreement to set out the terms and conditions
for the Executive following the Effective Date and to receive the enhanced
consideration set forth herein.

 

                                                NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto agree as follows:

 

1.                                      Nature of Employment.

 

                                                (a)           The
Company hereby agrees to continue to employ Executive as a full-time employee
in the position of Chief Operating Officer, or in such other senior executive
position as reasonably determined by the President of the Company (the “President”)
and Executive accepts such continued employment, on the terms and conditions
set forth in this Agreement, for the Term of this Agreement (as defined in Section 2
below).  Throughout the Term, Executive
will report directly to the President or such other senior officer(s) of
the Company as designated by the President, and will perform and discharge well
and faithfully such duties and functions consistent with his position as may be
assigned to him from time to time by the President in his discretion in
connection with the conduct of the Company’s business, including with respect
to any business conducted by any affiliate of the Company (including any
subsidiaries, parents, or other enterprises under common ownership or control
with the Company) (each a “Related Entity”). 
Employee acknowledges that he has no entitlement or right to any
specific title or role.  If Executive is
elected or appointed an officer or director of the Company, or any other
Related Entity, during the period of Executive’s employment with the Company,
Executive will serve in such capacity without additional compensation.

 

                                                (b)           During
the period of Executive’s employment with the Company, Executive:  (i) will devote 100% of his employment
energies, interests, abilities and time to the performance of his duties and
shall not, without the written consent of the President, render to others any
service of any kind for compensation; (ii) will not render services to any
business activity that is directly or indirectly competitive with any business
conducted by the Company or any Related Entity; (iii) will observe and
carry out such reasonable rules, regulations, policies, directions and
restrictions as may be established from time to time by the Board of Directors
of the Company (the “Board”) or the board of directors of any Related Entity,
including but not limited to the published standard policies, practices and
procedures of the Company as in effect from time to time as applied to other
senior executives of the Company; and (iv) do such reasonable traveling 

 

 

 

 

on a global basis as may be required in connection
with the performance of such duties and responsibilities consistent with such
traveling requirements prior to the execution of this Agreement.

 

                                                (c)           Executive
may serve on corporate, civic and/or charitable boards with the consent of the
President, provided that the President may require Executive to resign any or
all such board seats if he reasonably believes such board participation
conflicts with Executive’s role with the Company or is otherwise too
time-consuming or distracting to Executive.

 

                                                (d)           Executive’s
normal place of work will be at the Company’s primary office in the New York
Metropolitan area unless otherwise agreed in writing between the parties.

 

                                                (e)           Executive
acknowledges that this Agreement contains non-competition and non-disclosure of
proprietary information provisions, and Executive agrees to comply with these
provisions.  Executive understands that
entering into and complying with these provisions is a condition to Executive’s
continued employment and that failure to comply with the terms and conditions
of these provisions may result in termination “for cause” under this Agreement
and in other damages to the Company.

 

2.                                      Term of Employment.

 

                                                Subject to earlier termination in
accordance with the terms hereof, the term of this Agreement shall commence on August 1,
2008 (the “Effective Date”) and shall continue through July 31, 2010; provided,
however, that Executive’s employment by the Company will automatically
be extended by twelve (12) additional months on August 1, 2010 and on each
subsequent August 1, unless either party provides written notice to the
other party no less than ninety (90) days prior to such August 1 of its
intention not to extend the term of Executive’s employment (a “Notice of
Non-Renewal”).  The period from the
Effective Date until the later of July 31, 2010 or the end of any
subsequent extension of Executive’s employment pursuant to this Section 2,
unless earlier terminated as provided herein, shall be referred to as the “Term”.   With the agreement of the Company, the
Executive may continue employment with the Company following the expiration of
the Term.  In such case, however, Executive shall have no right to and
acknowledges no expectation of continued employment by the Company in the
absence of a further agreement setting forth the terms of such employment.  The terms and conditions of this Agreement,
except for the provisions in Section 4 below which survive termination of
this Agreement, shall no longer apply and Executive’s employment shall be
governed by the Company’s policies then in effect.

 

3.                                      Compensation and
Benefits.

 

                                                For the full and faithful performance of
the services to be rendered by Executive and in consideration of Executive’s
obligations under this Agreement, provided Executive is not in breach of this
Agreement, the Company shall pay to Executive and Executive shall be entitled
to receive:

 

                                                (a)           Base Compensation.  As compensation for his services to be
rendered hereunder, the Company shall pay to Executive a base salary at the
rate of $600,000 per annum (the “Base Salary”), which shall be payable in
periodic installments in accordance with the standard payroll 

 

 

2

 

 

practices of the Company in effect from time to
time.   During the Term, Executive’s Base
Salary shall be reviewed at least annually by the Company and may be increased
(but not decreased) from time to time as shall be determined in the sole
discretion of the Company.

 

                                                (b)           Discretionary Bonus.  The Company may pay Executive a discretionary
bonus, in such an amount, on such terms and at such time as may be determined
by the Company in its sole and absolute discretion (“Discretionary Bonus”), it
being specifically understood that the Discretionary Bonus may be paid in any
combination of cash, restricted stock units (“RSUs”) and/or other forms of GFI or
successor company equity. The determination of the amount of the Discretionary
Bonus shall be made by the Compensation Committee of the Board (the “Committee”)
as required by applicable law.

 

                                                (c)           Restricted Stock Grant.    GFI
Group Inc. will issue Executive a number of Restricted Stock Units (the “Sign-On
Restricted Stock Unit Grant”) equal to $2,500,000, calculable in accordance
with GFI’s written equity grant policy in effect from time to time.  The date of grant shall be determined by the
Compensation Committee of GFI Group Inc.’s board of directors in their sole
discretion but in no event later than sixty (60) days after both Parties’
execution of this Agreement.  Such
Sign-On Restricted Stock Unit Grant shall be subject to the terms and
conditions of a separate grant agreement and the GFI Group Inc. 2008 Equity
Incentive Plan (the “Plan”).  Subject to
the restrictions and conditions to be set forth in the grant agreement,
one-third of the units of the Sign-On Restricted Stock Unit Grant shall become
unrestricted and vest on each of the first, second and third anniversaries of
the grant provided Executive remains employed by GFI, subject to the provisions
of Section 5 below.

 

                                                (d)                                 Guaranteed Compensation.    The
aggregate gross compensation paid to Executive, including but not limited to
Base Salary, Discretionary Bonus and grant date value of any equity or similar
grants (but excluding the Sign-On Restricted Stock Unit Grant and the payments
provided for in Section 3(e) below), shall not be less than
$2,700,000 during each twelve month period of the Term ending on July 31st
of each year (the “Guarantee”), provided Executive has not resigned in breach
of this Agreement or been terminated for Cause on each applicable July 31st.

 

                                                (e)           Fringe Benefits.  During the Term, the Company shall also make
available to Executive such benefits and perquisites as are generally provided
by the Company to its executives at Executive’s level of responsibility, provided,
however, that nothing herein contained shall be deemed to require the
Company to adopt, maintain or continue in effect any particular plan or
policy.  Executive shall further be
entitled to paid vacation, holidays, personal days and sick days in accordance
with the Company’s standard policies and procedures in effect from time to
time; provided,  however, Executive shall be entitled to five
weeks of vacation per year.  During the
Term and while Executive is based in New York, the Company shall pay for or
reimburse Executive for the costs of an apartment lease in New York City and
for the schooling costs for Executive’s minor children, but Executive shall be
solely responsible for the tax impact of such payments.  Notwithstanding anything else contained
herein, the Company shall not have to pay for or reimburse Executive for any
housing or schooling costs described in this Section 3(d) in excess
of $425,000 in any twelve month period of the Term.

 

 

 

 

3

 

 

                                                (f)            Expenses.              During the Term, the Company shall reimburse Executive
in accordance with applicable Company policy in effect from time to time, for
normal, reasonable and approved out-of-pocket business expenses incurred by
Executive in connection with the performance of his duties and responsibilities
hereunder; provided that Executive submits documentation reasonably
required by Company expense reimbursement policies and procedures in effect and
as amended from time to time.

 

                                                (g)           Withholding.  All amounts of compensation payable to
Executive hereunder shall be subject to, and paid after reduction for, any and
all required deductions or withholdings for federal, state, local and foreign
income tax withholding, Social Security, Medicare, unemployment or other
similar government benefit or insurance contributions, and any other deductions
or withholdings required by law or authorized by Executive.

 

4.                                      Special Covenants.

 

                                                (a)              Nondisclosure of Confidential and Proprietary
Information.

 

                                                                                                        (i)                                    Executive acknowledges that before and
during the Term, Executive has had and will have access to and possession of
trade secrets, confidential information and/or proprietary information
(collectively, and as defined more extensively below, “Confidential Information”)
of the Company and its Related Entities and their respective clients.  Executive recognizes and acknowledges that
this Confidential Information is valuable, special and unique to the business
of the Company and each Related Entity, and that access to and knowledge
thereof are essential to the performance of Executive’s duties to the Company
and to each Related Entity, if applicable. 
During the time that Executive is an employee of the Company and for
three years thereafter, Executive will keep secret and will not use or disclose
any Confidential Information to any person or entity, in any fashion or for any
purpose whatsoever, except at the request of the Company or as may be required
by applicable law.

 

                                                                                                        (ii)                                 The term “Confidential Information”,
includes, but is not limited to, information written, in digital form, in
graphic form, electronically stored, orally transmitted or memorized concerning
or relating to the Company or any of its Related Entities, including all
financial data relating to the business of GFI and/or any of its Related
Entities, lines of credit or debt obligations, customer pricing information,
personal and contract information about or relating to GFI employees, or
traders and other dealer representatives, profit and loss statements or
information, broker, desk or company productivity data, financial models,
computer software programs, source and other codes, information about direct
communication lines, electronic and voice trading systems and screen systems,
all information about the Company’s or any of its Related Entities’ business
prospects, strategies and opportunities, and all other information about or
gained from any customer to the Company or to any Related Entity providing
services during Executive’s employment with the Company and all information 

 

 

 

 

4

 

 

reasonably determined by the Company to be proprietary
or confidential.  Notwithstanding the
foregoing, this clause shall not apply (i) to any disclosure of
Confidential Information required by law or by any court, arbitrator, mediator
or administrative or legislative body (including any committee thereof) with
actual or apparent jurisdiction to order the Executive to disclose or make
accessible, (ii) to the extent required in connection with any other
litigation, arbitration or mediation involving this Agreement, including, but
not limited to, the enforcement of this Agreement, (iii) as to
Confidential Information that is or becomes generally known to the public or
within the relevant trade or industry other than due to the Executive’s
violation of Section 4(a)(i); or (iv) information disclosed to
Executive in good faith by a third person who, to the best of Executive’s
knowledge, was legally entitled to disclose such information.

 

                                                                                                        (iii)                             Executive further recognizes that GFI and
certain Related Entities have received and in the future will receive from
third parties confidential or proprietary information (“Third  Party Information”) subject to a duty on their part to
maintain the confidentiality of such information and to use it only for certain
limited purposes.  Executive will hold
Third Party Information in the strictest confidence and will not disclose to
anyone (other than Company personnel who need to know such information in
connection with their work for GFI) or use, except in connection with work for
GFI, Third Party Information unless expressly authorized by GFI in writing or
as may be required by applicable law.

 

                                                                                                        (iv)                            All Confidential Information, proprietary
and/or confidential files and records are and at all times shall remain the
exclusive property of the Company. 
Executive agrees to store and maintain all Confidential Information in a
secure place.  Executive agrees to make
no use of any Confidential Information on his own behalf or on behalf of any
other person or entity other than the Company. Executive further agrees that
any property situated on the Company’s premises and owned by the Company,
including computer disks and other digital, analog or hard copy storage media,
filing cabinets, offices, lockers, desks or other work areas, is subject to
inspection by Company personnel at any time with or without notice.  When Executive leaves the employ of the
Company, Executive will deliver to the Company (and will not keep in his
possession, recreate or deliver to anyone else) any and all devices, records,
recordings, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, computer materials,
equipment, other documents or property, together with all copies thereof (in
whatever medium recorded), belonging to the Company, any Related Entity or
their successors or assigns.

 

 

 

5

 

 

                                                (b)                                 Assignment of Inventions
and Intellectual Property.

 

                                                                                                (i)                                           The term “Proprietary Rights” means all
trade secrets, trademarks, service marks, patents, copyrights, mask works and
other intellectual property rights throughout the world.  The term “Inventions” means all inventions,
ideas, processes, formulas, source and object codes, data, programs,
technology, writings, software programs, other works of authorship, know-how,
discoveries, developments, designs, schematics, manuals, drawings, techniques,
employee suggestions, development tools, computer printouts, or any claim of
rights (or any related improvements or modifications to the foregoing).

 

                                                                                                (ii)                                        Subject to Sections 4(b)(iii) and
4(b)(iv), Executive hereby assigns and agrees to assign in the future (when any
such Invention or Proprietary Right is first reduced to practice or first fixed
in a tangible medium, as applicable) to the Company all right, title and
interest in and to any and all Inventions (and all Proprietary Rights with
respect thereto) whether or not patentable or registrable under copyright or
similar statutes, made or conceived or reduced to practice or learned by
Executive, either alone or jointly with others, during or at any time after the
period of employment with the Company, which (a) relate to methods,
designs, brokerage or other products, trading systems and screens or any other
processes which relate to or pertain to the actual or anticipated business,
functions, operations, research or development of the Company, (b) arise
(wholly or partly) from Executive’s efforts during any time that Executive is
employed by the Company or utilizing any physical or intellectual property
owned by the Company, or any Related Entity, or (c) is based on any
information or knowledge gained by Executive through his employment with the
Company.  Inventions assigned to the
Company, or to a third party as directed by the Company pursuant to this
Section, are hereinafter referred to as “Company Inventions.”

 

                                                                                                (iii)                                     During Executive’s period of employment,
and for twelve (12) months thereafter, Executive will promptly disclose to the
Company, fully and in writing, all Company Inventions authored, conceived or
reduced to practice by Executive, either alone or jointly with others.  In addition, Executive will promptly disclose
to the Company all patent applications filed by Executive or on his behalf
within twelve (12) months after termination of employment.

 

                                                                                                (iv)                                    Executive also agrees to assign all
right, title and interest in and to any particular Company Invention to a third
party as directed by the Company.

 

                                                                                                (v)                                       Executive acknowledges that all original
works of authorship which are made by Executive (solely or jointly with others)
within the scope of employment and which may be protected by copyright are “works
made for hire”, pursuant to United States Copyright Act (17 U.S.C. Section 101)
and are the property of the Company or any Related Entity, as applicable,
without limitation which shall own all rights of copyright therein including 

 

 

 

 

 

6

 

 

the sole and exclusive right to reproduce such works
in multiple copies of distribution or sale to the public and to create and
exploit derivative works based thereon.

 

                                                                                                (vi)                                      Executive will execute, verify and
deliver assignments of such Proprietary Rights to the Company or its
designee.  Executive’s obligation to
assist the Company with respect to Proprietary Rights relating to such Company
Inventions in any and all countries will continue beyond the termination of
employment and the Company will provide compensation at a reasonable rate after
termination for the time actually spent by Executive at the Company’s request
on such assistance.

 

                                                (c)                                  No Inducement or
Employment of Other Employees.

 

                                                                                                (i)                                             During Executive’s period of employment,
Executive will not, directly or indirectly on his own account or on behalf of
or in conjunction with any other person, business or entity, solicit the
employment of any employee of, or any independent contractor performing
services for, the Company or any of its Related Entities, or induce or entice
away any such employee or independent contractor, or otherwise encourage any
such employee or independent contractor to leave the employ of, or to cease
rendering services to, the Company or any of its Related Entities.

 

                                                                                                (ii)                                          During the twelve (12) month period after
the date (“Termination Date”) on which Executive’s employment terminates for
any reason (whether lawfully or otherwise) (the “Period of Restriction”),
Executive will not, directly or indirectly on his own account or on behalf of
or in conjunction with any other person, business or entity:

 

                                                                                                                                                        (A)                      solicit the employment of any employee
of, or any independent contractor performing services for, the Company or any
of its Related Entities who was employed or provided services on the Termination
Date or at any time during the three months immediately preceding the
Termination Date in a managerial, executive or broking role, or in a
technology, development or sales role, and who earned more than US$60,000 (or
local equivalent) on an annual basis, and with whom Executive had material
dealings during the course of his employment at any time during the twelve (12)
month period (“Relevant Period”) immediately preceding the Termination Date (“Key
Person”);

 

                                                                                                                                                        (B)                        induce or entice any Key Person away
from, or attempt to induce or entice any Key Person away from, or otherwise
encourage any Key Person to leave the employ of, or to cease rendering services
to, the Company or any of its Related Entities (whether or not
this would be a breach of contract by the Key Person).

 

 

 

 

7

 

 

                                                                                                (iii)                                       During the Period of Restriction,
Executive will not, directly or indirectly on his own account or on behalf of
or in conjunction with any other person, business or entity, for the purposes
of any business carried on in competition with the Company or any Related
Entity:

 

                                                                                                                                                        (A)                      employ, engage or retain the services of
any Key Person; or

 

                                                                                                                                                        (B)                        assist any person, business or entity to
employ, engage or retain the services of, or attempt to affiliate for profit in
any manner with, any Key Person.

 

                                                (d)                                 Non-Solicitation,
Non-Competition.

 

                                                                                                (i)                                             During Executive’s period of employment
with the Company, Executive will not:

 

                                                                                                                                                        (A)                      directly or indirectly on his own account
or on behalf of or in conjunction with any person, business or entity, in
competition with the Company or any Related Entity, accept business from or do
business with, or canvass or solicit business or custom from any past, present
or prospective customer of the Company; or

 

                                                                                                                                                        (B)                        directly or indirectly on his own account
or on behalf of or in conjunction with any other person, business or entity, in
competition with the Company or any Related Entity, induce, solicit or entice
or attempt to induce, solicit or entice any past, present or prospective
supplier or vendor to cease conducting business with the Company or any Related
Entity or to reduce the amount of business conducted with the Company or any
Related Entity or adversely to vary the terms upon which any business is
conducted with the Company or any Related Entity; or

 

                                                                                                                                                        (C)                        engage or be employed anywhere in the
world in activities, render services to or affiliate himself, in any capacity
(including as a director, officer, employee, consultant, independent
contractor, partner, member or investor) (except save by way of portfolio
investment in publicly traded shares whereby Executive owns less than 1% of the
outstanding stock of such entity), with any person, business or entity that
provides, or is planning to provide, business services that are competitive
with those rendered by the Company or any Related Entity.

 

                                                                                                (ii)                                          During the Period of Restriction, less
any period of garden leave pursuant to Section 5(a), Executive will not,
directly or indirectly on his own account or on behalf of or in conjunction
with any other person, business or entity, in competition with the Company or
any Related Entity:

 

 

 

8

 

 

                                                                                                                                                        (A)                      accept business from or do business with;
or

 

                                                                                                                                                        (B)                        canvass or solicit business or custom
from

 

any Customer of the Company or of any Related Entity in connection with
the provision of services the same as or of a type
similar to those being provided or dealt in by the Company or any Related
Entity on the Termination Date, and with the provision of which services by the
Company  Executive was actively involved
or of which he had material knowledge in the course of his employment during
the Relevant Period (“Services”).  For the
purposes of this Section 4(d), the term “Customer” means any person,
business or entity that was a customer of the Company or any Related Entity at
any time during the Relevant Period and with whom Executive, or any person for
whom Executive was responsible, had dealings or of whose dealings with the
Company or any Related Entity Executive had material knowledge in the course of
his employment at any time during the Relevant Period.

 

                                                                                                (iii)                                       During the Period of Restriction,
Executive will not, directly or indirectly on his own account or on behalf of
or in conjunction with any other person, business or entity, in competition
with the Company or any Related Entity:

 

                                                                                                                                                        (A)                      accept business from or do business with;
or

 

                                                                                                                                                        (B)                        canvass or solicit business or custom
from:

 

any Prospective Customer of the Company or of any Related Entity in
connection with the provision of any Services. 
For the purposes of this Section 4(d), the term “Prospective
Customer” means any person, business or entity that was at any time during the
Relevant Period in negotiations with the Company or any Related Entity or who
had invited a bid or tender from, or proposal by, the Company or any Related
Entity to become a client or customer of the Company or any Related Entity and
with whom Executive, or any person for whom Executive was responsible, had
material dealings or of whose dealings with the Company or any Related Entity
Executive had material knowledge in the course of his employment at any time
during the Relevant Period, provided that the negotiations are still continuing
or a decision by such a person, business or entity to become a client or
customer of the Company or any Related Entity is still outstanding on the
Termination Date.

 

                                                                                                (iv)                                      During the Period of Restriction,
Executive will not, directly or indirectly on his own account or on behalf of
or in conjunction with any other person, business or entity, in competition
with the Company or any Related Entity, induce, solicit or entice or attempt to
induce, solicit or entice any Supplier to cease conducting business with the
Company or any 

 

 

 

 

9

 

 

Related Entity or to reduce the amount of business
conducted with the Company or any Related Entity or adversely to vary the terms
upon which any business is conducted with the Company or any Related
Entity.  For the purposes of this Section 4(d),
the term “Supplier” means any person, business or entity who at any time during
the Relevant Period supplied goods or services (other than utilities and goods
or services supplied for administrative purposes) to the Company or any Related
Entity or was negotiating with or had pitched to the Company or
any Related Entity to supply goods or services (other than utilities and goods
or services supplied for administrative purposes) to the Company or any Related
Entity, and in each
case with whom Executive had material dealings in the course of his employment
at any time during the Relevant Period.

 

                                                                                                (v)                                         During the Period of Restriction,
Executive may not engage or be employed anywhere in the world in activities,
render services to or affiliate himself, in any capacity (including as a
director, officer, employee, consultant, independent contractor, partner,
member or investor) (except save by way of portfolio investment in publicly
traded shares whereby Executive owns less than 1% of the outstanding stock of
such entity), with any person, business or entity that provides, or is planning
to provide, business services that are competitive with those rendered by the
Company or any Related Entity on the Termination Date and in which Executive
was actively and materially involved, or about which Executive had material
knowledge, in the course of his employment at any time during the Relevant
Period. Notwithstanding the foregoing, during the Period of Restriction, with
the Company’s prior written consent (as determined by the President in his
reasonable discretion), the Executive may render services to any entity whose
primary business purpose is not competitive with any services rendered by the
Company or any Related Entity on the Termination Date.

 

                                                                                                (vi)                                      As additional consideration for the
restrictions upon Executive pursuant to Sections 4(d)(i), (ii), (iii) and
(iv), the Company shall, during the Period of Restriction, pay Executive a
monthly pro rata portion of the Guarantee for such 12 month period (unless
Executive has received or is to receive the payments and other consideration
set forth in Section 5(b), (d) or (e), which Executive agrees is
ample consideration for Executive’s obligations under this Section 4(d)).
Upon any breach by Executive of the restrictions during the Period of
Restriction, the Company’s obligation to pay such compensation shall
immediately cease. The Company may, in its sole discretion, agree by notice in
writing to Executive to shorten the Period of Restriction.

 

                (e)                                  Covenants Reasonable;
Additional Remedies; Due Consideration.

 

                                                                                                    (i)                                         Executive acknowledges that he will
occupy a position of significant responsibility and trust, in which Executive
will have access to

 

 

 

 

 

 

10

 

Confidential Information and will be privy to the
confidential business plans and prospects of the Company and its Related
Entities, that Executive’s relationships with customers, clients, suppliers and
employees of the Company and/or its Related Entities may be critical to the
continued success of the Company and/or its Related Entities, that the business
of the Company and its Related Entities are conducted on a worldwide basis, and
that Executive’s services under this Agreement are important, valuable and
unique.  Executive (i) further
acknowledges that the restrictive covenants of this Section 4 are
reasonably necessary to protect valuable business interests of the Company and
its Related Entities and that it is the Executive’s intention and the intention
of the Company that such restrictions and remedies shall be enforceable to the
fullest extent permissible by law, and (ii) acknowledges that the
provisions of this Section 4 are in addition to, and not in substitution
of, any restrictive covenants to which Executive is subject pursuant to any
agreement with Jersey Partners, Inc. 
If it shall be found by a court of competent jurisdiction that any such
restriction or remedy is unenforceable but would be enforceable if some part
thereof were deleted, then such restriction or remedy shall apply with such
deletion as shall be necessary to make it enforceable.

 

(ii)                                  The parties hereto acknowledge that the
Period of Restriction applicable to the foregoing covenants may be shortened in
the sole and absolute discretion of the Company, and that the Company is under
no obligation to enforce the full period of the Period of Restriction.

 

(iii)                               The parties hereto acknowledge and agree
that in the event of a violation of any of the provisions of this Section 4
(including Section 4(e)(i)), the Company and/or its Related Entities would
suffer irreparable harm, the damages suffered by the Company and/or its Related
Entities may be difficult to ascertain, and the Company and/or its Related
Entities may not have an adequate remedy at law.  Accordingly, the parties agree that in the
event of such a breach by Executive, if the Company so elects, the Company
and/or its Related Entities shall be entitled, in addition to all other
remedies available to it, to enforce this Section 4 by seeking an
injunction, restraining order, specific performance or other injunctive relief,
without bond.  Such remedies shall not be
deemed to be exclusive of any other remedies available to the Company and/or its
Related Entities, by judicial or arbitral proceedings or otherwise.

 

(iv)                              Executive acknowledges that the Company’s
agreement to provide the benefits payable to Executive upon termination of
employment pursuant to Section 5 are additional consideration for
Executive’s agreement to abide by the restrictive covenants contained in this Section 4
including, without limitation, the non-solicitation and non-competition
provisions of Section 4(d) and the Company shall be released from any
obligation to provide 

 

11

 

such benefits in the event that Executive has violated any of these
covenants.

 

(v)                                 The Company

 

(A)                              The Company (for itself and as agent and
trustee for and on behalf of each of the Related Entities) and the Executive
hereby irrevocably submit to the non-exclusive jurisdiction of the English
Courts in relation to any legal action or proceedings of any kind whatsoever to
enforce Sections 4(c) and (d) and this Section 4(e) (including,
without limitation, by way of interim or final injunction, an account of profit
or any other equitable relief or an action for damages or restitution or any
other monetary remedy) or otherwise arising out of or in connection with
Sections 4(c) and (d) and this Section 4(e) (“Proceedings”).

 

(B)                                The Executive hereby waives any objection
to Proceedings in the English Courts on the grounds of venue or on the grounds
that the Proceedings have been brought in an inconvenient forum and  further irrevocably agrees that a judgment or Order in
any Proceedings brought in the English Courts shall be conclusive and binding on him and may be
enforced in the Courts of the State of New York and the United States referred
to in Section 10(e) and in the Courts of any other jurisdiction.

 

(C)                                Notwithstanding
the submissions in paragraph (A) above, the Company and each of the
Related Entities shall have the right to take Proceedings in any other
jurisdiction, including for the avoidance of doubt in the Courts of the State
of New York and the United States referred to in Section 10(e), and the
taking of Proceedings in any jurisdiction shall not preclude the Company or any
Related Entity from taking Proceedings in any other jurisdiction, whether
concurrently or not.  In particular, but
without prejudice to the generality of the foregoing, the Company and each of
the Related Entities shall have the right to take Proceedings with a view to
obtaining interim relief in any jurisdiction as they may think fit.

 

(vi)                              Each Related Entity, whether or not in
existence at the date of this Agreement but only for so long as it remains a
Related Entity, may take Proceedings in the English Courts, subject to and in
accordance with the provisions of the Contracts (Rights of Third Parties) Act
1999, but the parties reserve the right to rescind or vary the contract made by
this Agreement without the consent of any Related Entity.

 

(vii)                           Sections 4(c) and
(d) and this Section 4(e) and, solely for the purposes of
construing Sections 4(c) and (d) and this Section 4(e), any
other Section of 

 

12

 

this Agreement to the extent
that the same applies to Sections 4(c) and (d) and this Section 4(e),
shall, in relation to any actual, threatened or anticipated breach of any of
the provisions of Sections 4(c) or (d) by or on behalf of the
Executive anywhere in England, Wales, Scotland or Northern Ireland, be governed
by and construed solely in accordance with the laws of England and Wales, and
to that extent the first sentence of Section 10(d) shall not apply.

 

5.                                      Termination of
Employment.

 

(a)                                  The Term and the Executive’s employment
by the Company and its Related Entities (i) may be terminated (A) by
the Company at any time with Cause in accordance with Section 5(e)(i),
without Cause or due to Executive’s Disability, or (B) by the Executive
for Good Reason in accordance with Section 5(e)(iii) and (ii) shall
automatically terminate upon Executive’s death. 
Upon any termination of Executive’s employment, Executive agrees to
automatically resign, and is deemed to have automatically resigned from, all
positions with the Company and its Related Entities, including as a member of
the Board or the board of any subsidiary. 
In the event either Party provides a Notice of Non-Renewal, the Company may
place Executive on garden leave during all or a portion of the 90-day notice
period, which may entail, without limitation, relieving Executive of his
positions and/or duties with the Company and its Related Entities or preventing
Executive from performing his services at a Company location and any such
actions shall not be a breach of this Agreement, be considered to be a
termination of the Executive without Cause or constitute an event of “Good
Reason”.  The Company shall continue to
comply with its obligations under Section 3 during any period of garden
leave.

 

(b)                                 In the event the Term and the Executive’s
employment is terminated by Executive for Good Reason or by the Company for any
reason other than Cause, Executive’s Disability or due to a Notice of
Non-Renewal in compliance with Section 2, Executive shall be entitled to
receive  (i) the amount of Executive’s
Base Salary and expenses accrued with respect to the period prior to the date
of termination of Executive’s employment, to the extent not previously paid; (ii) bonus
for the prior year, if any, that the Company has declared that Executive has
earned but which has not yet been paid; (iii) a lump sum cash payment in
an amount equal to the remaining Guarantee, if any, payable under the
Agreement; and (iv) continued medical coverage at active employee rates
for the longer of the 12 month period following such termination and the
remainder of the Term, unless, if earlier, until Executive receives other
employer-provided coverage. In addition, any and all outstanding RSUs and stock
options granted to Executive that are subject to vesting based solely and
exclusively on the continued performance of services by Executive (“Time-Based
Awards”) that are unvested shall immediately vest and, if applicable, become
exercisable in full upon the date of such termination and any outstanding
Time-Based Awards that are stock options shall remain exercisable for three (3) months
after the date of such termination; provided that all vested options issued
pursuant to the 2004 Equity Incentive Plan will remain 

 

13

 

exercisable until the later of (i) 2 1/2 months after the date
such options would normally expire and (ii) the last day of the year in
which the Executive is terminated.  Any
amount payable or benefit provided to Executive pursuant to this Section 5(b) (other
than clause (i)) shall be paid or provided to Executive only in the event that
he executes and does not revoke a release of claims agreement substantially in
the form attached hereto as Exhibit A.

 

(c)                                  In the event the Term and the Executive’s
employment is terminated by the Company for Cause or voluntarily by Executive
other than for Good Reason, (i) the Company shall pay Executive the amount
of Executive’s Base Salary and expenses accrued with respect to the period
prior to the date of termination of Executive’s employment, to the extent not
previously paid, (ii) all outstanding unexercised options, whether vested
or unvested at the time of the termination, and all unvested RSUs will
terminate immediately upon termination, and (iii) except to the extent set
forth in Section 4(d)(vi) above, the Company shall have no other or
further obligation to Executive hereunder, including without limitation any
obligation to make severance payments or payments in respect of Discretionary
Bonus of the Guarantee.

 

(d)                                 In the event that Executive’s employment
is terminated by reason of Executive’s death or Disability, the Company shall
pay Executive (or his personal representative as the case may be): (i) the
amount of Executive’s Base Salary and expenses accrued with respect to the
period prior to the date of termination of Executive’s employment, to the
extent not previously paid; (ii) bonus for the prior year, if any, that
the Company has declared that Executive has earned but which has not yet
paid;  (iii) a lump sum cash payment
equal to a pro rata portion of the Guarantee, if any, payable for the year in
which termination under this Section 5(d) occurs (such pro rata
portion to be based on the number of days of the current year of the Term that
Executive has been employed by the Company before the termination);  (iv) continued medical coverage at
active-employee rates for two years or, if earlier, until the Executive
receives subsequent employer-provided coverage; and (v) the amount of any
benefits as are payable to Executive (or his personal representative) by reason
of such death or disability under the terms of any employee plan or insurance
program maintained by the Company and in which Executive was a participant. In
addition, any and all outstanding Time-Based Awards that are unvested shall
immediately vest and, if applicable, become exercisable in full upon the date
of such termination and any outstanding Time-Based Awards that are stock
options shall remain exercisable for the period specified in the applicable
option agreement.  Any amount payable to
Executive pursuant to clause (iii) and (iv) of this Section 5(d) shall be paid to
Executive only in the event that he (or his personal representative as the case
may be) executes a release of liability in favor of the Company substantially
in the form attached hereto as Exhibit A.

 

(e)                                  For purposes of this Agreement:

 

14

 

(i)                                     The President, in the exercise of good faith
and reasonable judgment, may terminate the Term and Executive’s employment for “Cause”
if, after giving Executive notice and an opportunity to be heard by the
President, the President determines that any of the following has
occurred:  (i) Executive’s willful
and continued failure to substantially perform his material duties for the
Company (other than due to disability) after the Company tendered Employee no
less than thirty (30) days notice of such failure and after Executive has
failed to cure any such failure or deficiency within such thirty (30) days, if
curable, (ii) Executive’s breach of any material term of this Agreement
that is not cured within 30 days of written notice from the Company, (iii) Executive’s
engaging in willful, intentional misconduct that has resulted in material or
demonstrable damage to the Company’s business or reputation, (iv) Executive
having been indicted or convicted of, or pleaded guilty or nolo contendere to, a felony or other
crime of moral turpitude, (v) Executive having engaged in fraud against
the Company or having intentionally misappropriated Company property or
breached any fiduciary duty owed to the Company that has a material or
demonstrable detrimental effect on the Company’s reputation or business, (vi) a
failure by Executive to comply with a material written employment policy or rule of
the Company that is not cured within 30 days of written notice from the
Company, (vii) Executive’s unreasonable obstruction or impeding of, or
failure to cooperate with, any investigation authorized by the Board or any
governmental or self-regulatory entity, (viii) Executive being found
liable in any Securities and Exchange Commission or other civil or criminal
securities law action or becoming subject to any cease and desist order with
respect to such action (regardless of whether Executive admits or denies
liability), or (ix) Executive’s failure to maintain any and all licenses
necessary to the performance of the duties described in Section 1(a) above.

 

(ii)                                  The Company may terminate the term and
Executive’s employment due to “Disability” in the event any physical or mental
illness, disability or impairment that, after reasonable accommodation, has
prevented Executive from continuing the performance of Executive’s normal
duties and responsibilities hereunder for a period in excess of 210 consecutive
days  or of 270 non-consecutive
days within any 18 month period.

 

(iii)                               Executive may terminate the term and Executive’s
employment for “Good Reason” in the event that without the Executive’s express
prior written consent, the Company’s materially breaches any material terms of
the Agreement.  Notwithstanding anything
to the contrary contained herein, “Good Reason” shall not be deemed to exist,
and Executive may not terminate his employment for Good Reason, unless (i) Executive
has provided written notice to the Company of the existence of Good Reason
within 90 days of the Executive acquiring knowledge of the occurrence of the
event purporting to constitute Good Reason, (ii) the Company fails to cure
such event within 30 days of receipt of such notice and (iii) Executive 

 

15

 

terminates his employment within 5 days of the Company’s failure to
cure such event within the 30 day notice period.

 

(f)           To the extent required by Section 409A
of the Code, any payment required to be made to Executive under this Section 5
shall be deferred until the first day of first month commencing after the six
month anniversary of Executive’s termination of employment.  The Company shall make a lump sum payment to
Executive on or about such date in an amount equal to the aggregate payments
that would have otherwise been paid to Executive during such deferral period.

 

(g)          Amounts payable to Executive pursuant
to this Section 5 shall be in full and complete satisfaction of Executive’s
rights under this Agreement and any other claims he may have in respect of
employment by the Company and its related Entities.

 

6.                                      No Conflicting
Obligations; No Conflicting Agreements.

 

Executive represents and warrants to the Company that (i) Executive
is not a party to or subject to any other binding covenants, contracts,
agreements, arrangements, employee manuals or other writings regarding his
employment with any third party, (ii) Executive has the ability and the
authority to enter into this Agreement, (iii) entering into and performing
under this Agreement will not violate any agreement between Executive and any
third party, and (iv) there exist no obligations to any third party that
will restrict Executive’s performance of his duties to the Company under this
Agreement.

 

7.                                      Notification of New
Employer.

 

Prior to accepting any other employment during the
Period of Restriction, Executive shall notify his potential new employer of those
of his obligations which are continuing under this Agreement after the
termination thereof.

 

8.                                      Notices.

 

Any notice, request or other communication permitted
or required by this Agreement shall be in writing and shall be deemed to have
been given (i) immediately when personally delivered to the recipient
(provided a written acknowledgment of receipt is obtained), (ii) five (5) days
after mailing by certified or registered mail, postage prepaid, return receipt
requested or (iii) two (2) days after being sent by a nationally
recognized overnight courier (provided that a written acknowledgment of receipt
is obtained by the overnight courier), to the party concerned at the address
indicated below (or such other address as the recipient shall have specified by
ten (10) days’ advance written notice given in accordance with this Section 8).

 

	
   

  	
  If to the
  Company:

  	
  GFI Group Inc.

  
	
   

  	
   

  	
  55 Water Street

  
	
   

  	
   

  	
  New York, NY
  10041

  
	
   

  	
   

  	
  Attn: General
  Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  If to Executive:

  	
  at the address
  on file with the Company.

  

 

16

 

9.                                      Opportunity for Review.

 

EXECUTIVE ACKNOWLEDGES THAT HE HAS REVIEWED THIS AGREEMENT CAREFULLY
AND HAS HAD AMPLE OPPORTUNITY TO OBTAIN ADVICE AS TO THE MEANING OF THE TERMS,
COVENANTS AND AGREEMENTS CONTAINED HEREIN FROM SUCH PROFESSIONAL ADVISORS AS
EXECUTIVE HAS DEEMED APPROPRIATE OR NECESSARY.

 

10.                               General.

 

(a)                                  To the extent Executive would be subject
to the additional 20% tax imposed on certain deferred compensation arrangements
pursuant to Section 409A of the Code as a result of any provision of this
Agreement, the Company agrees to cooperate with Executive to execute any
amendment to the provisions hereof reasonably necessary to implement this Section 12(a) but
only (i) to the minimum extent necessary to avoid application of such tax
and (ii) to the extent that the Company would not, as a result, suffer any
adverse consequences.  Notwithstanding
the foregoing, the Company shall not be responsible for any additional 20% tax
imposed pursuant to Code Section 409A, nor will the Company indemnify or
otherwise reimburse Executive for any liability incurred as a result of Code Section 409A.

 

(b)                                 No waiver by the Company or the Executive
of any breach of this Agreement will be a waiver of any preceding or subsequent
breach. No waiver by the Company or the Executive of any right under this
Agreement will be construed as a waiver of any other right. Except as otherwise
provided in this Agreement, neither Executive nor the Company will be required
to give notice to enforce strict adherence to all terms of this Agreement.

 

(c)                                  The captions and paragraph headings used
in this Agreement are for convenience of reference only, and will not affect
the construction or interpretation of this Agreement or any of the provisions hereof.

 

(d)                                 Except as expressly provided for in
Sections 4(e)(iv), (v) and (vi), this Agreement shall be governed by, and
construed and enforced in accordance with, the internal laws of the State of
New York without regard to their conflicts of law provisions.  Each of the parties hereto acknowledges that
service of process in any proceeding before a court of law arising out of or in
connection with this Agreement may be made by delivery of a copy thereof in
accordance with the notice provisions of Section 8 of this Agreement.

 

(e)                                  Except as expressly provided for in
Sections 4(e)(iv) and (v) or as required by the rules and
regulations of the Financial Industry Regulatory Authority (“FINRA”), the
parties hereby agree that all claims, disputes or controversies arising under
this Agreement or otherwise concerning in any way Executive’s employment  (“Claims”), including, without limitation,
Claims for wages or salary, severance or other compensation; Claims for breach
of any contract or covenant (express or 

 

17

 

implied); tort Claims; Claims for any type of discrimination including,
without limitation, race, sex, religion, national origin, age, marital status
or disability; Claims for benefits (except where any applicable employee
benefit or pension plan specifies a different procedure for resolving such
Claims) and Claims for violation of any federal, state or other governmental
law, statute, regulation, rule or ordinance (but excluding Claims for
worker’s compensation or unemployment benefits), shall be resolved only in the
courts of the State of New York sitting in the County of New York or the United
States District Court for the Southern District of New York and the appellate
courts having jurisdiction of appeals in such courts.  In that context, and without limiting the
generality of the foregoing (but subject always to Sections 4(e)(iv) and (v) and
the rules and regulations promulgated by FINRA), each of the parties
hereto irrevocably and unconditionally (a) submits for himself or itself
in any Claim, or for the recognition and enforcement of any judgment in respect
thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the
State of New York sitting in the Count of New York, the court of the United
States of America for the Southern District of New York, and appellate courts
having jurisdiction of appeals from any of the foregoing, and agrees that all
claims in respect of any such Claim shall be heard and determined in such New
York State court or, to the extent permitted by law, in such federal court; (b) consents
that any such Claim may and shall be brought in such courts and waives any
objection that he or it may now or thereafter have to the venue or jurisdiction
of any such Claim in any such court or that such Claim was brought in an
inconvenient court and agrees not to plead or claim the same; (c) waives
all right to trial by jury in any Claim (whether based on contract, tort or
otherwise) arising out of or relating to this Agreement or Executive’s
employment by the Company or any Related Entity, or his or its performance
under or the enforcement of this Agreement; (d) agrees that service of
process in any such Claim may be effected by mailing a copy of such process by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such party at his or its address as provided in Section 9;
and (e) agrees that nothing in this Agreement shall affect the right to
effect service of process in any other manner permitted by the laws of the
State of New York.

 

(f)                                    Executive agrees that, during the Term,
for (1) year thereafter and, if longer, during the pendancy of any
litigation or other proceeding or other proceeding, (i) Executive shall
not communicate with anyone (other than Executive’s attorneys and tax and/or
financial advisors and except to the extent Executive determines in good faith
is necessary in the performance of Executive’s duties hereunder) with respect
to the facts or subject matter of any pending or potential litigation, or
regulatory or administrative proceeding involving the Company or any of its
affiliates, other than any litigation or other proceeding in which Executive is
a party-in-opposition, without giving prior notice to the Company or the Company’s
counsel, and (ii) in the event that any other party attempts to obtain
information or documents from Executive (other than in connection with any
litigation or other proceeding in which Executive is a party-in-opposition)
with respect to matters Executive believes in good faith are related to such
litigation or other proceeding, Executive shall promptly so notify the Company’s
counsel.  

 

18

 

Executive agrees to cooperate, in a reasonable and appropriate manner,
with the Company and its attorneys, both during and after the termination of
Executive’s employment, in connection with any litigation or other proceeding
arising out of or relating to matters in which Executive was involved prior to
the termination of Executive’s employment to the extent the Company pays all
expenses Executive incurs in connection with such cooperation and to the extent
such cooperation does not unduly interfere (as determined by Executive
reasonably and in good faith) with Executive’s personal or professional
schedule.

 

(g)                                 This Agreement may be assigned by the
Company without the Executive’s consent to an affiliated entity of the Company,
including any survivor entity or other successor in interest, but no such
assignment shall relieve the Company of its full responsibilities hereunder, or
to a successor in interest to the assets and business of the Company.  The Executive may not assign his rights or
obligations under this Agreement without the written consent of the
Company.  This Agreement will be binding
upon and will inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, personal representatives, successors and
permitted assigns.

 

(h)                                 This Agreement may be executed in
counterparts, each of which will be deemed to be an original hereof, but all of
which together will constitute one and the same instrument.

 

(i)                                     This Agreement constitutes the sole and
entire agreement and understanding between the parties hereto as to the subject
matter hereof, and supersedes all prior discussions, agreements and
understandings of every kind and nature between them as to such subject matter,
including the employment agreement between Levi and GFI Holdings Ltd dated June 29,
2004.

 

(j)                                     This Agreement is intended for the sole
and exclusive benefit of the parties hereto and their respective heirs,
executors, administrators, personal representatives, successors and permitted
assigns, and no other person or entity will have any right to rely on this
Agreement or to claim or derive any benefit herefrom absent the express written
consent of the party to be charged with such reliance or benefit.

 

(k)                                  If any provision of this Agreement is
held invalid or unenforceable, either in its entirety or by virtue of its scope
or application to given circumstances, such provision will thereupon be deemed
modified only to the extent necessary to render same valid, or not applicable
to given circumstances, or excised from this Agreement, as the situation may
require; and this Agreement will be construed and enforced as if such provision
had been included herein as so modified in scope or application, or had not
been included herein, as the case may be.

 

(l)                                     The provisions of Sections 4, 5, 9, and
11 of this Agreement will survive the termination of Executive’s employment in
accordance with their terms.  The
provisions of Section 4 of this Agreement will survive expiration of this
Agreement as a result of the giving of a Notice of Non-Renewal by either party 

 

19

 

and will continue to apply in accordance with their terms unless and
until the parties provide otherwise in a written agreement executed by both
parties.

 

20

 

IN WITNESS THEREOF, the parties have executed and delivered this
Agreement as of the date first written above.

 

	
   

  	
  GFI
  Group Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Ronald
  Levi

  
					

 

21

 

 

EXHIBIT A

 

Form of Release

 

                THIS
RELEASE (this “Release”) is made as of this
    th  day of
                  ,
200  , by and between [Name] (the “Company”), and [Name]  (“Executive”).

 

PRELIMINARY RECITALS

 

A.            Executive’s employment with the Company has terminated.

 

B.            [Executive and the Company are parties to an Employment
Agreement, dated as of
                          (the “Agreement”)].

 

AGREEMENT

 

                In
consideration of the payments due Executive under the Agreement, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.             Executive, intending to be legally
bound, does hereby, on behalf of himself and his agents, representatives,
attorneys, assigns, heirs, executors and administrators (collectively, the “Executive
Parties”) REMISE, RELEASE AND FOREVER DISCHARGE the Company, its
affiliates, subsidiaries, parents, joint ventures, and its and their officers,
directors, shareholders, members, and managers, and its and their respective
successors and assigns, heirs, executors, and administrators (collectively, the
“Company Parties”) from all causes of action, suits, debts, claims and
demands whatsoever in law or in equity, which Executive or any of the Executive
Parties ever had, now has, or hereafter may have, by reason of any matter,
cause or thing whatsoever, from the beginning of Executive’s initial dealings
with the Company to the date of this Release, and particularly, but without
limitation of the foregoing general terms, any claims arising from or relating
in any way to Executive’s employment relationship with Company, the terms and
conditions of that employment relationship, and the termination of that
employment relationship, including, but not limited to, any claims arising
under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et
seq. (“ADEA”), Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C.
§ 2000e et seq., the Civil Rights Act of 1966, 42 U.S.C. §1981, the Civil
Rights Act of 1991, Pub. L. No. 102-166, the Americans with Disabilities
Act, 

 

22

 

42 U.S.C. §12101 et seq.,
the Age Discrimination in Employment Act, as amended, 29 U.S.C. §621 et seq.,
the Fair Labor Standards Act, 29 U.S.C. §201 et seq., the National Labor
Relations Act, 29 U.S.C. §151 et seq., and any other claims under any federal,
state or local common law, statutory, or regulatory provision, now or hereafter
recognized, but not including such claims to payments and other rights provided
Executive under the Agreement.  This
Release is effective without regard to the legal nature of the claims raised
and without regard to whether any such claims are based upon tort, equity,
implied or express contract or discrimination of any sort.  Except as specifically provided herein, it is
expressly understood and agreed that this Release shall operate as a clear and
unequivocal waiver by Executive of any claim for accrued or unpaid wages,
benefits or any other type of payment.

 

2.             Executive expressly waives all
rights afforded by any statute which limits the effect of a release with
respect to unknown claims.  Executive
understands the significance of his release of unknown claims and his waiver of
statutory protection against a release of unknown claims.

 

3.             Executive agrees that he will not
be entitled to or accept any benefit from any claim or proceeding within the
scope of this Release that is filed or instigated by him or on his behalf with
any agency, court or other government entity.

 

4.             The parties agree and acknowledge
that the Agreement, and the settlement and termination of any asserted or
unasserted claims against the Company and the Company Parties pursuant to this
Release, are not and shall not be construed to be an admission of any violation
of any federal, state or local statute or regulation, or of any duty owed by
the Company or any of the Company Parties to Executive.

 

5.             Executive certifies and
acknowledges as follows:

 

(a)           That he has read the terms of this
Release, and that he understands its terms and effects, including the fact that
he has agreed to RELEASE AND FOREVER DISCHARGE the Company and all Company
Parties from any legal action or other liability of any type related in any way
to the matters released pursuant to this Release other than as provided in the
Agreement and in this Release;

 

(b)           That he has signed this Release
voluntarily and knowingly in exchange for the consideration described herein,
which he acknowledges is adequate and satisfactory to him and which he
acknowledges is in addition to any other benefits to which he is otherwise
entitled;

 

(c)           That he has been and is hereby
advised in writing to consult with an attorney prior to signing this Release;

 

(d)           That he does not waive rights or
claims that may arise after the date this Release is executed or those claims
arising under the Agreement of the Company’s By-Laws with respect to payments
and other rights due Executive on the date of, or during the period following,
the termination of his Employment;

 

23

 

(e)           That the Company has provided him
with adequate opportunity, including a period of twenty-one (21) days from the
initial receipt of this Release and all other time periods required by
applicable law, within which to consider this Release (it being understood by
Executive that Executive may execute this Release less than 21 days from its
receipt from the Company, but agrees that such execution will represent his
knowing waiver of such 21-day consideration period), and he has been advised by
the Company to consult with counsel in respect thereof;

 

(f)            That he has seven (7) calendar
days after signing this Release within which to rescind, in a writing delivered
to the Company, the portion of this Release related to claims arising under
ADEA or any other claim arising under any other federal, state or local that
requires extension of this revocation right as a condition to the valid release
and waiver of such claim; and

 

(g)           That at no time prior to or
contemporaneous with his execution of this Release has he filed or caused or
knowingly permitted the filing or maintenance, in any state, federal or foreign
court, or before any local, state, federal or foreign administrative agency or
other tribunal, any charge, claim or action of any kind, nature and character
whatsoever (“Claim”), known or unknown, suspected or unsuspected, which
he may now have or has ever had against the Company Parties which is based in
whole or in part on any matter referred to in Section 1 above; and,
subject to the Company’s performance under this Release, to the maximum extent
permitted by law, Executive is prohibited from filing or maintaining, or
causing or knowingly permitting the filing or maintaining, of any such Claim in
any such forum.  Executive hereby grants
the Company his perpetual and irrevocable power of attorney with full right,
power and authority to take all actions necessary to dismiss or discharge any
such Claim.  Executive further covenants
and agrees that he will not encourage any person or entity, including but not
limited to any current or former employee, officer, director or stockholder of
the Company, to institute any Claim against the Company Parties or any of them,
and that except as expressly permitted by law or administrative policy or as
required by legally enforceable order he will not aid or assist any such person
or entity in prosecuting such Claim.

 

6.             The Company (meaning, solely for
this purpose, the Company’s directors and executive officers and other
individuals authorized to make official communications on the Company’s behalf)
will not disparage Executive or Executive’s performance or otherwise take any
action which could reasonably be expected to adversely affect Executive’s
personal or professional reputation. 
Similarly, Executive will not disparage any Company Party or otherwise
take any action which could reasonably be expected to adversely affect the
personal or professional reputation of any Company Party.

 

7.             Miscellaneous

 

(a)           This Release and the Agreement, and
any other documents expressly referenced therein, constitute the complete and
entire agreement and understanding of Executive and the Company with respect to
the subject matter hereof, and supersedes in its entirety any and all prior
understandings, commitments, obligations and/or agreements, whether written or
oral, with respect thereto; it being understood and agreed that this Release 

 

24

 

and including the mutual covenants, agreements,
acknowledgments and affirmations contained herein, is intended to constitute a
complete settlement and resolution of all matters set forth in Section 1
hereof.

 

(b)           The Company Parties are intended
third-party beneficiaries of this Release, and this Release may be enforced by
each of them in accordance with the terms hereof in respect of the rights
granted to such Company Parties hereunder. 
Except and to the extent set forth in the preceding two sentences, this
Release is not intended for the benefit of any Person other than the parties
hereto, and no such other person or entity shall be deemed to be a third party
beneficiary hereof.  Without limiting the
generality of the foregoing, it is not the intention of the Company to
establish any policy, procedure, course of dealing or plan of general
application for the benefit of or otherwise in respect of any other employee,
officer, director or stockholder, irrespective of any similarity between any
contract, agreement, commitment or understanding between the Company and such
other employee, officer, director or stockholder, on the one hand, and any
contract, agreement, commitment or understanding between the Company and
Executive, on the other hand, and irrespective of any similarity in facts or
circumstances involving such other employee, officer, director or stockholder,
on the one hand, and Executive, on the other hand.

 

(c)           The invalidity or unenforceability of
any provision of this Release shall not affect the validity or enforceability
of any other provision of this Release, which shall otherwise remain in full
force and effect.

 

(d)           This Release may be executed in
separate counterparts, each of which shall be deemed to be an original and all
of which taken together shall constitute one and the same agreement.

 

(e)           The obligations of each of the
Company and Executive hereunder shall be binding upon their respective
successors and assigns.  The rights of
each of the Company and Executive and the rights of the Company Parties shall
inure to the benefit of, and be enforceable by, any of the Company’s, Executive’s
and the Company Parties’ respective successors and assigns.  The Company may assign all rights and
obligations of this Release to any successor in interest to the assets of the
Company.

 

(f)            No amendment to or waiver of this
Release or any of its terms shall be binding upon any party hereto unless
consented to in writing by such party.

 

(g)           ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY,
ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF
THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE
APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

 

*   *   *  
*   *

 

25

 

                                Intending
to be legally bound hereby, Executive and the Company have executed this
Release as of the date first written above.

 

	
   

  	
  [NAME]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Title:

  

 

READ CAREFULLY BEFORE SIGNING

 

I have read this Release and have been given adequate
opportunity,  including 21 days
from my initial receipt of this Release, to review this Release and to consult
legal counsel prior to my signing of this Release.  I understand that by executing this Release I
will relinquish certain rights or demands I may have against the Company
Parties or any of them.

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name]

  
	
   

  
	
  Witness:

  
	
   

  
	
   

  	
   

  
			

 

26

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