Document:

Exhibit
10.1

EMPLOYMENT
AGREEMENT

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into
effective as of March 7, 2007 (the “Effective Date”), by and between Amylin Pharmaceuticals, Inc.,
a Delaware corporation (the “Company”), and Daniel M. Bradbury (the “Executive”).  The Company and the Executive are hereinafter
collectively referred to as the “Parties” and individually referred to as a “Party”.

The Company desires to retain the Executive’s
experience, skills, abilities, background and knowledge and is therefore willing
to engage the Executive’s services on the terms and conditions set forth in
this Agreement.

The Executive desires to be in the employ of the
Company and is willing to accept such employment on the terms and conditions
set forth in this Agreement.

The Company and the Executive are parties to that
certain Employment Succession Agreement dated June 1, 2006 (the “Prior Agreement”) and desire to
amend and restate the Prior Agreement in its entirety.

Agreement

In consideration of the foregoing recitals and the
mutual promises and covenants herein contained and for other good and valuable
consideration the Parties, intending to be legally bound, agree as follows:

1.                             Employment.

1.1                               Title.  The
Executive shall have the title of Chief Executive Officer and President of the
Company and shall serve in such other capacity or capacities as the Board of
Directors of the Company (the “Board”) may from time to time prescribe.  The
Executive shall also serve as a member of the Board subject to the terms of
this Agreement.

1.2                               Duties.  The Executive shall do and perform all
services, acts or things necessary or advisable to manage and conduct the
business of the Company and which are normally associated with the position of
Chief Executive Officer and President, consistent with the bylaws of the
Company and as required by the Board.

1.3                               Location.  Unless the Parties otherwise agree in
writing, the Executive shall perform services pursuant to this Agreement at the
Company’s offices located in San Diego, California; provided, however, that the Company may from time to time
require the Executive to travel temporarily to other locations in connection
with the Company’s business.

2.                             Loyal And Conscientious Performance; Noncompetition.

2.1                               Loyalty.  During the Executive’s employment by the
Company the Executive shall devote the Executive’s full business energies,
interest, abilities and productive time to the proper and efficient performance
of the Executive’s duties under this Agreement.

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2.2                               Non-competition.  Except with the prior written consent of the
Board, the Executive will not, while employed by the Company, or during any
period during which Executive is receiving compensation or any other
consideration from the Company, including, but not limited to, benefits
provided pursuant to the benefit plans described in Section 3.6 herein,
engage in competition with the Company and/or any of its affiliates,
subsidiaries, or joint ventures currently existing or which shall be
established during Executive’s employment by the Company (collectively, “Affiliates”) either
directly or indirectly, in any manner or capacity, as adviser, principal,
agent, affiliate, promoter, partner, officer, director, employee, stockholder,
owner, co-owner, consultant, or member of any association or otherwise, in any
phase of the business of developing, manufacturing and marketing of products or
services which are in the same field of use or which otherwise compete with the
products or services or proposed products or services of the Company and/or any
of its Affiliates.

2.3                               Agreement not to Participate in Company’s
Competitors.  During his
employment by the Company, the Executive agrees not to acquire, assume or
participate in, directly or indirectly, any position, investment or interest
known by the Executive to be adverse or antagonistic to the Company, its
business or prospects, financial or otherwise or in any company, person or
entity that is, directly or indirectly, in competition with the business of the
Company or any of its Affiliates. 
Ownership by the Executive, as a passive investment, of less than 2% of
the outstanding shares of capital stock of any corporation with one or more
classes of its capital stock listed on a national securities exchange or
publicly traded on the Nasdaq Stock Market or in the over-the-counter
market shall not constitute a breach of this Section.

3.                             Compensation.

3.1                               Base Salary.  Effective immediately, the Company shall pay
the Executive a base salary of $575,000.00 per year, payable in regular periodic
payments in accordance with Company policy. 
Such base salary shall be prorated for any partial year of employment on
the basis of a 365-day fiscal year.  The
Compensation Committee of the Board (the “Compensation Committee”)
will review the Executive’s salary on an annual basis and determine, in its
exclusive discretion, whether other changes are appropriate.

3.2                               Discretionary Bonus.  In addition to the Executive’s base salary,
the Executive will be eligible to receive bonuses pursuant to the Company’s
Executive Cash Bonus Plans as they may be established and in effect from time
to time.  The Executive’s bonus target
for 2007 will be 100% of base salary.

3.3                               Stock Option.  In connection with and upon the Executive’s
assumption of the additional duties prescribed by this Agreement, the Executive
shall be granted an option to purchase 450,000 shares of the Company’s stock
(the “Option”).  The Option shall be an incentive stock option
to the extent permitted by applicable tax laws and shall be governed by the
terms of the Company’s 2001 Equity Incentive Plan and related Option Grant
Notice (the “Plan”).  The Option shall vest over 4 years so long as
the Executive remains employed by the Company, with 25% vesting on the first
anniversary of this Agreement and the balance vesting 1/48th on
the final day of each month thereafter during the following 3 year period.

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3.4                               Periodic Option Grants.  The Executive shall be eligible to receive
stock option grants periodically based upon corporate performance, as determined
by the Board in its exclusive discretion.

3.5                               Employment Taxes.  All of the Executive’s compensation shall be
subject to customary withholding taxes and any other employment taxes as are
commonly required to be collected or withheld by the Company.

3.6                               Benefits.  The Executive shall, in accordance with
Company policy and the terms of the applicable plan documents, be eligible to
participate in benefits under any executive benefit plan or arrangement which
may be in effect from time to time and made available to the Company’s
executive or key management employees, including but not limited to:  the Company’s Change in Control Employee
Severance Benefit Plan, Deferred Compensation Plan, 401K Savings Plan, Employee
Stock Purchase Plan, group health insurance, disability insurance, life
insurance, and paid personal leave.

4.                             Term.

4.1                               At-Will Employment.  The Executive shall be employed at will.  Either the Executive or the Company may
terminate this Agreement and the employment relationship at any time, with or
without notice, for any reason or no reason. 
Upon the termination of the Executive’s employment the Executive agrees
to immediately resign from the Board.

4.2                               Termination
by the Company Without Cause or Resignation by the Executive for Good Reason.

(a)                            If
the Executive is terminated by the Company without Cause (as defined below) or
resigns for Good Reason (as defined below), then the Company shall pay the
Executive his base salary and accrued and unused vacation benefits earned in
accordance with Company policies through the date of such termination or
resignation at the rate in effect at the time thereof.  In addition, upon the Executive’s delivery to
the Company of an effective Release and Waiver in the form attached hereto as Exhibit A within 21 days of such termination or resignation, the Executive
shall be entitled to the following benefits: 
(i) severance pay in the form of a one-time lump sum payment (the “Severance Pay”) equal to the
greater of (a) 12 months of the Executive’s then current base salary plus the
bonus the Executive would have earned if the Executive had been employed by the
Company from the date of such termination or resignation through the end of the
fiscal year of the Company in which such termination or resignation occurs at the
full target bonus in effect at the time of such termination or resignation and
(b) other such amount as may be determined by the Compensation Committee in its
sole discretion, (ii) provided that the Executive makes a timely election for continuation coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
reimbursement through the date that is 12 months following such termination or
resignation of medical and dental insurance premiums applicable to continued
coverage for the Executive under the Company’s medical and dental plans as in
effect on the date of such termination or resignation at the full beneficiary
and dependent levels then in effect and (iii) reimbursement through the date
that is 12 months following such termination or resignation of the cost of the
Employee’s continued life and disability insurance costs, to the

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extent that such coverage is reasonably similar to that in
effect at the date of such termination or resignation.

(b)                                  If,
at the time of termination of the Executive’s employment by the Company without
Cause or the Executive’s resignation for Good Reason, the Executive is not
serving as a Board
member and is not otherwise serving as a consultant to the Company, or
if at the time of such termination or resignation the Executive is continuing
to serve as a Board member or is otherwise serving as a consultant to the
Company but during the 12 month period following such termination or
resignation, the
Executive ceases to serve as a Board member and is not otherwise serving as a
consultant to the Company, then, unless the Executive fails to deliver
to the Company an effective Release and Waiver in the form attached hereto as Exhibit A within 21 days of such termination or resignation, effective as of
immediately prior to such termination, resignation, cessation of service as a
Board member or cessation of other service as a consultant to the Company, as
applicable, and until the date that is 12 months following such termination or
resignation, the Executive shall serve as a consultant to the Company pursuant
to this paragraph (b) with respect to such general business matters as may be
reasonably agreed to by the Executive and the Company.  Such service by the Executive as a consultant
shall be performed solely in consideration of the covenants of the Company set
forth in this Section 4.2 and for no additional consideration.  Any work product or inventions generated by
the Executive during such service as a Consultant shall be deemed work for hire
and shall be the property of the Company.

(c)                               For
purposes of this Section 4.2:

(A)                          “Cause” means that, in the
reasonable determination of the Company, the Executive has (i) been convicted
of or pleaded guilty or nolo contendere
to a felony or any crime involving moral turpitude or dishonesty; (ii)
participated in a fraud or act of dishonesty against the Company; (iii)
willfully and materially breached a Company policy; (iv) intentionally damaged
the Company’s property; (v) willfully and materially breached his Proprietary
Information and Inventions Agreement with the Company; (vi) engaged in conduct
that, in the reasonable determination of the Company, demonstrates gross
unfitness to serve; or (vii) repeatedly failed to satisfactorily perform job
duties to which he previously agreed in writing.  The conduct described under clauses (iii),
(vi) and (vii) above will only constitute Cause if such conduct is not cured
within 90 days after the Executive’s receipt of written notice from the Company
or the Board specifying the particulars of the conduct that may constitute
Cause; and

(B)                          “Good Reason” means the Executive voluntarily terminates his employment with
the Company within 30 days after any of the following are undertaken without
Cause and without the Executive’s express written consent:  (i) the
Company changes the Executive’s employment title such that the Executive is no
longer Chief Executive Officer of the Company; or (ii) the Company relocates
its principal executive offices to a location more than fifty (50) miles from
the location at which the Executive was performing his duties immediately prior
to such relocation (excluding in any case travel on the Company’s business
consistent with the Executive’s duties as Chief Executive Officer of the
Company).

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(d)                                  If
the Company determines that the Severance Pay fails to satisfy the distribution
requirement of Section 409A(a)(2)(A) of the Internal Revenue Code as a result
of Section 409A(a)(2)(B)(i) of the Internal Revenue Code, the payment of such
benefit shall be accelerated to the minimum extent necessary so that the
benefit is not subject to the provisions of Section 409A(a)(1) of the Internal
Revenue Code.  (It is the intention of
the preceding sentence to apply the short-term deferral provisions of Section
409A of the Internal Revenue Code, and the regulations and other guidance
thereunder, to any such payments, and the payment schedule as revised after the
application of the preceding sentence shall be referred to as the “Revised Payment Schedule.”)  However, if there is no Revised Payment
Schedule that would avoid the application of Section 409A(a)(1) of the Internal
Revenue Code, the payment of such benefits shall not be paid pursuant to a
Revised Payment Schedule and instead shall be delayed to the minimum extent
necessary so that such benefits are not subject to the provisions of Section
409A(a)(1) of the Internal Revenue Code. 
The Company may attach conditions to or adjust the amounts paid pursuant
to this Section 4.2 to preserve, as closely as possible, the economic
consequences that would have applied in the absence of this Section 4.2; provided, however, that no such condition or adjustment
shall result in the payments being subject to Section 409A(a)(1) of the
Internal Revenue Code.

4.3                               Termination
by Reason of Death or Complete Disability. 
The Executive’s employment with the Company shall terminate effective
upon the date of the Executive’s death or Complete Disability.  “Complete Disability” shall mean the
Executives’ inability to perform his duties under this Agreement because he has
become permanently disabled within the meaning of any policy of disability
income insurance covering employees of the Company then in force.  In the event the Company has no policy of
disability income insurance covering employees of the Company in force when the
Executive becomes disabled, the term Complete
Disability shall mean the Executive’s inability to perform his duties
under this Agreement by reason of any incapacity, physical or mental, which the
Board, based upon medical advice or an opinion provided by a licensed physician
acceptable to the Board, determines to have incapacitated him from
satisfactorily performing all of his usual services for the Company for a
period of at least ninety (90) days during any twelve (12) month period
(whether or not consecutive).  Based upon
such medical advice or opinion, the determination of the Board shall be final
and binding and the date such determination is made shall be the date of such Complete
Disability for purposes of this Agreement.

4.4                               Termination
of Employment other than by the Company without Cause or Resignation by the
Executive for Good Reason.  If the
Executive’s employment with the Company terminates for any reason other than
termination by the Company without Cause or resignation by the Executive for
Good Reason, the Company shall pay the Executive his base salary and accrued
and unused vacation benefits earned through the date of such termination or resignation at
the rate in effect at the time of such termination or resignation, and the Company shall
thereafter have no further obligations to the Executive under this Agreement.

4.5                               Survival of Certain Provisions; Withholding.  Section 5, and to the extent applicable,
Section 2.2, shall survive the termination of this Agreement.  Any and all benefits payable to the Executive
under this Section 4 shall be subject to customary withholding taxes and any
other employment taxes as are commonly required to be collected or withheld by
the Company.

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5.                             Confidential And
Proprietary Information; Nonsolicitation.

5.1                               Proprietary Information and
Inventions Agreement.  As a
condition of employment the Executive agrees to comply with the Company’s
standard Proprietary Information and Inventions Agreement.

5.2                               Protection of Trade Secrets.  While employed by the Company and for one
year thereafter, the Executive agrees that in order to protect the Company’s
trade secrets and confidential and proprietary information from unauthorized
use, the Executive will not, either directly or through others, solicit or
attempt to solicit any employee, consultant or independent contractor of the
Company to terminate his or her relationship with the Company in order to
become an employee, consultant or independent contractor to or for any other
person or business entity.

6.                             Assignment And
Binding Effect.

This Agreement shall be
binding upon and inure to the benefit of the Executive and the Executive’s
heirs, executors, personal representatives, assigns, administrators and legal
representatives.  Because of the unique
and personal nature of the Executive’s duties under this Agreement, neither
this Agreement nor any rights or obligations under this Agreement shall be
assignable by the Executive.  This
Agreement shall be binding upon and inure to the benefit of the Company and its
successors, assigns and legal representatives.

7.                             Choice Of Law.

This Agreement shall be
construed and interpreted in accordance with the internal laws of the State of
California.

8.                             Integration.

This Agreement, including
the Proprietary Information and Inventions Agreement, contains the complete,
final and exclusive agreement of the Parties relating to the terms and
conditions of the Executive’s employment and the termination of the Executive’s
employment, and supersedes all prior and contemporaneous oral and written
employment agreements or arrangements between the Parties including without
limitation the Prior Agreement.  To the
extent this Agreement conflicts with the Proprietary Information and Inventions
Agreement, the Proprietary Information and Inventions Agreement controls.

9.                             Amendment.

This Agreement cannot be
amended or modified except by a written agreement signed by the Executive and
the Chairman of the Board.

10.                      Waiver.

No term, covenant or
condition of this Agreement or any breach thereof shall be deemed waived,
except with the written consent of the Party against whom the wavier is
claimed, and any waiver or any such term, covenant, condition or breach shall
not be deemed to

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be a waiver of any preceding or succeeding breach of
the same or any other term, covenant, condition or breach.

11.                      Severability.

The finding by a court of
competent jurisdiction of the unenforceability, invalidity or illegality of any
provision of this Agreement shall not render any other provision of this
Agreement unenforceable, invalid or illegal. 
Such court shall have the authority to modify or replace the invalid or
unenforceable term or provision with a valid and enforceable term or provision
which most accurately represents the Parties’ intention with respect to the
invalid or unenforceable term or provision.

12.                      Interpretation;
Construction.

The headings set forth in
this Agreement are for convenience of reference only and shall not be used in
interpreting this Agreement.  This
Agreement has been drafted by legal counsel representing the Company, but the
Executive has been encouraged to consult with, and have consulted with, the
Executive’s own independent counsel and tax advisors with respect to the terms
of this Agreement.  The Parties acknowledge
that each Party and its counsel has reviewed and revised, or had an opportunity
to review and revise, this Agreement, and any rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not
be employed in the interpretation of this Agreement.

13.                      Representations And
Warranties.

The Executive represents
and warrants that the Executive is not restricted or prohibited, contractually
or otherwise, from entering into and performing each of the terms and covenants
contained in this Agreement, and that the Executive’s execution and performance
of this Agreement will not violate or breach any other agreements between the
Executive and any other person or entity.

14.                      Counterparts.

This Agreement may be
executed in two counterparts, each of which shall be deemed an original, all of
which together shall contribute one and the same instrument.

15.                      Litigation Costs.

Should
any claim be commenced between the Parties or their personal representatives
concerning any provision of this Agreement or the rights and duties of any
person in relation to this Agreement, the Party prevailing in such action shall
be entitled, in addition to such other relief as may be granted, to a
reasonable sum as and for that Party’s attorney’s fees in such action.

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In Witness Whereof, the Parties have
executed this Agreement as of the date first above written.

 

	
   

  	
   

  	
  AMYLIN PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: 

  	
  March 7, 2007

  	
   

  	
   

  	
  By:

  	
    /s/ Joseph
  C. Cook, Jr.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Joseph C. Cook, Jr.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated: 

  	
  March 7, 2007

  	
   

  	
   

  	
  By:

  	
    /s/ Daniel
  M. Bradbury

  	
   

  
	
   

  	
   

  	
   

  	
  Daniel M. Bradbury

  

 

[SIGNATURE PAGE TO
EMPLOYMENT AGREEMENT]

EXHIBIT A

RELEASE
AND WAIVER OF CLAIMS

In
consideration of the payments and other benefits set forth in Section  4.2 of that certain Employment Agreement dated March 1,
2007 (the “Employment
Agreement”), to which this form is attached, I, Daniel M. Bradbury,
hereby furnish Amylin
Pharmaceuticals, Inc. (the “Company”), with the following release and
waiver (“Release and Waiver”).

In
exchange for the consideration provided to me by the Employment Agreement that
I am not otherwise entitled to receive, I hereby generally and completely
release the Company and its directors, officers, employees, shareholders,
partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities
and obligations, both known and unknown, that arise out of or are in any way
related to events, acts, conduct, or omissions occurring prior to my signing
this Release and Waiver.  This general
release includes, but is not limited to: (1) all claims arising out of or in
any way related to my employment with the Company or the termination of that
employment; (2) all claims related to my compensation or benefits from the
Company, including, but not limited to, salary, bonuses, commissions, vacation
pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership interests in the Company; (3) all claims
for breach of contract, wrongful termination, and breach of the implied
covenant of good faith and fair dealing; (4) all tort claims, including,
but not limited to, claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (5) all federal, state, and local
statutory claims, including, but not limited to, claims for discrimination, harassment,
retaliation, attorneys’ fees, or other claims arising under the federal Civil
Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of
1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment
and Housing Act (as amended).

I
also acknowledge that I have read and understand Section 1542 of the California
Civil Code which reads as follows:  “A general release does not extend to claims which the creditor does not
know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the
debtor.”  I hereby
expressly waive and relinquish all rights and benefits under that section and
any law of any jurisdiction of similar effect with respect to any claims I may
have against the Company.

I
acknowledge that, among other rights, I am waiving and releasing any rights I
may have under ADEA, that this Release and Waiver is knowing and voluntary, and
that the consideration given for this Release and Waiver is in addition to
anything of value to which I was already entitled as an executive of the
Company.  I further acknowledge that I
have been advised, as required by the Older Workers Benefit Protection Act,
that:  (a) the release and waiver granted
herein does not relate to claims under the ADEA which may arise after this
Release and Waiver is executed; (b) I have the right to consult with an
attorney prior to executing this Release and Waiver (although I may choose
voluntarily not to do so); and (c) I have 21 days from the date of termination
of my employment with the Company in which to consider this Release and Waiver
(although I may choose voluntarily to execute this Release and Waiver earlier);
(d) I have seven days following the execution of this Release and Waiver to
revoke my consent to this Release

and Waiver; and
(e) this Release and Waiver shall not be effective until the seven day
revocation period has expired.

I acknowledge my continuing obligations
under my Proprietary Information and Inventions Agreement with the
Company.  Pursuant to my Proprietary
Information and Inventions Agreement I understand that among other things, I
must not use or disclose any confidential or proprietary information of the
Company and I must immediately return all Company property and documents
(including all embodiments of proprietary information) and all copies thereof
in my possession or control.  I
understand and agree that my right to the severance pay I am receiving in
exchange for my agreement to the terms of this Release and Waiver is contingent
upon my continued compliance with my Proprietary Information & Inventions
Agreement.

This Release and Waiver,
including my Proprietary Information and Inventions Agreement, constitutes the
complete, final and exclusive embodiment of the entire agreement between the
Company and me with regard to the subject matter hereof.  I am not relying on any promise or
representation by the Company that is not expressly stated herein.  This Release and Waiver may only be modified
by a writing signed by both me and a duly authorized officer of the Company.

	
  Date: 

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  DANIEL M. BRADBURYExhibit 10.1

	
  Colin Heffron Employment Agreement

  	
  CONFIDENTIAL

  

 

EMPLOYMENT AGREEMENT

This EMPLOYMENT
AGREEMENT (“Agreement”) is entered into as of April 30, 2007 (the “Effective
Date”), by and between GFI Group Inc.
(the “Company” or “GFI”), a Delaware Corporation and Colin Heffron, an
individual (“Executive”).

WHEREAS, the Executive is currently employed as the
President (the “President”) of the Company; and

WHEREAS, the Company and Executive desire to enter
into this Agreement to set out the terms and conditions for the continued
employment relationship of Executive with the Company.

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 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 Chief Executive Officer of the Company (the “CEO”) and will
perform and discharge well and faithfully such duties and functions consistent
with his position as President as may be assigned to him from time to time by
the CEO 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”).  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 CEO, 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 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 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
Board and the CEO, provided that the Board or the CEO may require Executive to
resign any or all such board seats if it or 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
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 the Effective Date
and shall continue through December 31, 2009; provided, however,
that Executive’s employment by the Company will automatically be extended by
twelve (12) additional months on January 1, 2010 and on each subsequent January
1, unless either party provides written notice to the other party no less than
sixty (60) days prior to such January 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 December 31, 2009 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”.

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 $700,000 per annum (the “Base Salary”), which shall be payable in
periodic installments in accordance with the standard payroll practices of the
Company in effect from time to time.  
During the Term, the Executive’s Base Salary shall be reviewed at least
annually by the Compensation Committee (the “Committee”) of the Company’s Board
of Directors (the “Board”) and may be increased (but not decreased) from time
to time as shall be determined in the sole discretion of  Committee.

(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 Committee 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
equity or other compensation approved by the Committee.

(c)           Restricted Stock Grant.    GFI Group Inc. will issue Employee  100,000 Restricted Stock Units (the “Restricted
Stock Unit Grant”) with the terms and conditions set 

 2
 

 

forth in the
grant agreement attached as Exhibit A. The date of grant shall be determined by
the Committee in its sole discretion.

(d)          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
(including payment of the reasonable costs of Executive’s car lease/driver on
terms substantially similar to those in place on the date hereof), 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 four
weeks of vacation per year.  During the
Term, the Company shall provide to Executive life insurance coverage or other
death benefits in an amount determined by the Company (but in any event no less
than $1,400,000), payable in the event Executive dies during the Term. The
Executive shall be entitled to name the beneficiary or beneficiaries of such
benefits. The Executive shall cooperate with the Employer to provide all
information necessary to obtain such policy and shall make himself available
for any medical examinations required by the insurance company providing such
policy. Notwithstanding anything else contained herein, the Company shall not
have to pay any costs for the car lease, driver or life insurance coverage
described in this Section 3(d) in excess of $110,000 in any calendar year of
the Term.

(e)           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.

(f)           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.

(g)          Attorney’s Fees.  The Company will reimburse Executive for legal
fees with respect to the negotiation, preparation and execution of this
Agreement (up to a maximum reimbursement amount of $10,000).

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 

 3
 

 

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 at all times 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, 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 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 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 

 4
 

 

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.

(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, 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.

(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 Proprietary Rights, 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 

 5
 

 

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
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 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.

During Executive’s period of
employment and the twenty-four (24) month period thereafter, Executive will not, directly or indirectly
employ, assist any person, entity or enterprise to employ, solicit the
employment of, or attempt to affiliate for profit in any manner with (as
applicable, a “Prohibited Action”), any employee of, or any independent
contractor performing services for, the Company or any of its Related Entities,
or any person who was an employee or independent contractor with the Company or
any of its Related Entities at any time during the six (6) month period
immediately preceding the Prohibited Action, and Executive will not induce or 

 6
 

 

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.

(d)                                 Non-Solicitation, Non-Competition.

(i)                                     During Executive’s period of employment and the
twelve (12) month period thereafter (or such longer period specified in Section
4(d)(iii)) immediately following termination of Executive’s employment for any
reason (the “Period of Restriction”), Executive
agrees to refrain, directly or indirectly, from accepting business from, doing
business with, inducing or soliciting any Customer or vendor of the Company to
do business with any business or entity in
competition with any business in which the Company or any entity related to the
Company is engaged, except on behalf of the Company or as authorized in writing
by the Company. For the purposes of this
Section 4(d), the term (i) “Customers” shall include any person who is or was a
customer or a Prospective Customer of the Company or any of its Related
Entities at any time during the last twelve (12) months of Executive’s
employment under this Agreement and (ii) “Prospective Customer” shall include
any person or entity contacted or solicited by Executive within the last twelve
(12) months of Executive’s employment for the purpose of becoming a customer of
the Company or any Related Entity.

(ii)                                  During
the Period of Restriction, Executive may not engage 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 shares
quoted on a recognized stock exchange whereby Executive owns less than 1% of
the outstanding stock of such entity), with any entity that provides services
that are competitive with those rendered by the Company or any Related Entity.
Notwithstanding the foregoing, during the Period of Restriction, with the
Company’s prior written consent (as determined by the CEO in his sole
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.

(iii)                               Notwithstanding
anything to the contrary contained herein, the Period of Restriction shall
extend 24-months (instead of 12 months) following any termination of Executive’s
employment described in Section 5(b) or Section 5(e).

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

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

 7
 

 

and will be
privy to the confidential business plans and prospects of the Company and its
Related Entities, that Executive’s relationships with 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, (ii) agrees that he will not challenge the reasonability or
enforceability of any of the restrictive covenants of this Section 4, provided
that Executive may challenge the enforceability of Section 4 based upon a
breach of this Agreement by the Company that occurs prior to any violation of
Section 4 by the Executive and is not cured within 30 days of receipt of
written notice from Executive that is given within 30 days of the occurrence of
such purported breach, and (iii) 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 or the
period or area of application reduced, then such restriction or remedy shall
apply with such modification as shall be necessary to make it enforceable.

(ii)                                  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.  Notwithstanding the provisions of
Section 13(e) below, an action by the Company and/or its Related Entities
seeking to impose any of such remedies may be brought in a court of law.  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.

(iii)                               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 

 8
 

 

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 such benefits
in the event the Company determines reasonably and in good faith that Executive
has violated any of these covenants.  

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(f)(i) or without Cause or due to Executive’s Disability, (B) by the
Executive for Good Reason in accordance with Section 5(f)(iii) and (C) by the
Executive without Good Reason upon not less than 90 days written notice 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 Executive
provides notice of his intent to terminate his employment without Good Reason,
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 (x) the
Company for any reason other than Cause or due to Executive’s Disability, (y)
Executive for Good Reason or (z) the Executive on the last day of the Term
following the Company’s delivery of a Notice of Non-Renewal if, and only if,
the Executive previously notified the Company in writing of his intention to so
terminate at least 45 days before the end of the Term, 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 paid; (iii) a lump sum
cash payment in an amount equal to two multiplied by the sum of (A) the amount
of Executive’s annual Base Salary as of the day immediately preceding the date
of such termination, and (B) the average annual bonus earned by Executive
during the two most recently completed fiscal years of the Company (it being
understood that if Executive is terminated after the end of a fiscal year but
before the date on which bonuses for such year have been paid to senior
executives of the Company, Executive’s Average Bonus shall be calculated using
the two fiscal years immediately preceding such year) (“Average Bonus”) and;
(iv) continued medical coverage at active employee rates for the 24 month
period 

 9
 

 

following such
termination or, 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 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.  The RSU grant set forth in Section 3(c) and
any other outstanding equity awards granted to Executive that are subject to
vesting, in whole or in part, based on the achievement of objective or
subjective performance conditions (“Performance-Based Awards”) will vest and
become exercisable in full only according to the terms of such grant.  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 B.

(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)
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.

(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 the Executive’s annual bonus
(including the cash and equity component of such annual bonus) from the prior
year based on the number of days of the current year the Executive has been
employed by the Company and the denominator of which is 365;  (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

 10

 

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 outstanding
Performance-Based Awards will vest and become exercisable in full only
according to the terms of such grant. 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 in a form satisfactory to the Company.

(e)                                  In the event the Term
and the Executive’s employment is terminated (x) by the Company for any reason
other than Cause or due to Executive’s Disability or (y) by Executive for Good
Reason, in each case, within the one year period immediately following a Change
in Control, Executive shall be entitled to receive: the benefits provided in
Subsections (i), (ii), (iii) and (iv) of Section 5(b); provided that in lieu
of, and not in addition to, the severance benefits specified Section 5(b)(iii),
Executive shall be entitled to receive a cash lump sum payment equal to the sum
of (A) three multiplied by the amount of Executive’s annual Base Salary as of
the day immediately preceding the date of such termination and (B) two
multiplied by Executive’s Average Bonus. 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 three (3) months after the date of such termination; provided that all
vested options issued pursuant to the 2004 Equity Incentive Plan will remain
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 outstanding Performance-Based
Awards will vest and become exercisable in full only according to the terms of
such grant.  Any amount payable or
benefit provided to Executive pursuant to this Section 5(e) (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 B.

(f)                                    For
purposes of this Agreement:

(i)                                     The
Board or the CEO, 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 Board, the Board
determines by a majority vote (excluding Executive if he is then a member of
the Board), 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 written notice specifying such failure and the manner in
which the Executive may rectify such failure in the future, if rectifiable,
(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 

 11
 

 

engaging in
willful, intentional misconduct that has resulted in 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
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 are 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
occurrence of any one or more of the following occurs: (i) a material
diminution of the Executive’s positions (excluding removal from the Board of
Directors or any diminution arising reasonably from the fact that the Company
may no longer be a public company or that Executive may not be President of the
entirety of the new combined organization following a Change in Control),
titles, duties, or responsibilities from, or the assignment to the Executive of
duties materially inconsistent with, those in effect on the date of the
Agreement; (ii) the Company’s requiring Executive to be based at a location in
excess of thirty-five (35) miles from the location of the Executive’s principal
job location or office as of the effective date of the Agreement, except for
required travel on the Company’s business to an extent substantially consistent
with the Executive’s present business obligations; (iii) a reduction by the
Company of Executive’s Base Salary, (iv) the Company’s breach of any material
terms of the Agreement; or (v) the failure of the Company to require assumption
of the Agreement by a successor, except if such assumption would occur by
operation of law.  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 

 12
 

 

(i) Executive
has provided written notice to the Company of the existence of Good Reason
within 90 days 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 terminates his employment within 5 days of the
Company’s failure to cure such event.

(iv)                              The
term  “Change in Control” shall mean:

(A)                              any “person”
(as such term is used in Sections 3(a)(9) and 13(d) of the Exchange Act) or “group”
(as such term is used in Section 14(d)(2) of the Exchange Act) is or becomes a “beneficial
owner” (as such term is used in Rule 13d-3 promulgated under the Exchange Act)
of 50% or more of the Voting Stock of the Company other than pursuant to a
Corporate Transaction (as defined below) that does not constitute a Change in
Control under clause (E), below; provided that this clause (A) shall not apply
with respect to a stockholder of the Company who beneficially owns more than
25% of the Voting Stock of the Company on the effective date of the Agreement;

(B)                                all
or substantially all of the assets or business of the Company are disposed of
pursuant to a merger, consolidation or other transaction unless the
stockholders of the Company immediately prior to such merger, consolidation or
other transaction beneficially own, directly or indirectly, in substantially
the same proportion as they owned the Voting Stock of the Company,
substantially all of the voting stock or other ownership interests of the
entity or entities, if any, that succeed to the business of the Company;

(C)                                a
majority of the Board consists of individuals other than Incumbent Directors,
which term means the members of the Board on the effective date of the Agreement
or, if any such individual is no longer a member of the Board, any successor to
any such individual (or to any successor to any such individual) if the
election or nomination for election of such individual or successor was
supported by a majority of the directors who then comprised the Incumbent
Directors;

(D)                               the
Company adopts any plan of liquidation providing for the distribution of all or
substantially all of its assets if such plan of liquidation will result in the
winding-up of the business of the Company;

(E)                                 the
consummation of any merger, consolidation or other similar corporate
transaction (a “Corporate Transaction”) unless, immediately after such
transaction, the stockholders of the Company immediately prior to the
transaction own, directly or 

 13
 

 

indirectly, in
substantially the same proportion as they owned the Voting Stock of the Company
prior to such transaction, more than 50% of the Voting Stock of the company
surviving such transaction or its ultimate parent company if such surviving
company is a subsidiary of another entity (there being excluded from the number
of shares held by such stockholders, but not from the Voting Stock of the
combined company, any shares received by affiliates of such other company in
exchange for stock of such other company); or

For purposes of this Change in Control definition, “the
Company” shall include any entity that succeeds to all or substantially all of
the business of the Company and “Voting Stock” shall mean securities of any
class or classes having general voting power under ordinary circumstances, in
the absence of contingencies, to elect the directors of a corporation.

(g)          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.

(h)          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.                                      Parachute
Payments.

In the event any payments to Executive constitute “parachute
payments” within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended (the “Code”), and will be subject to an excise tax imposed
pursuant to Section 4999 of the Code, Executive’s severance benefits will be
provided either in full or to such lesser extent which would result in no
portion of such benefits being subject to such excise tax, whichever results in
Executive receiving the greatest amount of severance benefits on an after-tax
basis (notwithstanding that all or some portion of such benefits may be subject
to such excise tax).  In the event
Executive’s severance benefits are required to be reduced, Executive may select
which portion(s) of his “excess parachute payments” benefits will be reduced or
eliminated.

7.                                      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.

 14
 

 

8.                                      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.

9.                                      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 9).

	
  If to the Company:

  	
   

  	
  GFI Group Inc.

  
	
   

  	
   

  	
  100 Wall Street

  
	
   

  	
   

  	
  New York, NY
  10005

  
	
   

  	
   

  	
  Attn: Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
  If to Executive:

  	
   

  	
  at the address on file with the Company.

  

 

10.                               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.

11.                                 Indemnification.

(a)                                  During
the Term and thereafter, the Company shall provide Executive with coverage
under its current directors’ and officers’ liability policy to the same extent
that it provides such coverage to its other senior executives.  Subject to limitations imposed by law, the
Company’s by-laws and the Company’s directors’ and officers’ liability policy,
the Company shall indemnify and hold harmless Executive to the fullest extent
permitted by law from and against any and all claims, damages, expenses
(including attorneys’ fees), judgments, penalties, fines, settlements, and all
other liabilities incurred or paid by him in connection with the investigation,
defense, prosecution, settlement or appeal of any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative and to which Executive was or is a party or is threatened to
be made a party by reason of the fact that Executive is or was an officer,
employee or agent of the Company or any of its affiliates, or by reason of 

 15
 

 

anything done or not done by Executive in any
such capacity or capacities, provided that Executive acted in good faith, in a
manner that was not grossly negligent and did not constitute willful misconduct
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe his conduct was unlawful.  The
Company also shall pay any and all expenses (including attorneys’ fees)
incurred by Executive as a result of Executive being called as a witness in
connection with any matter involving the Company and/or any of its officers or
director.

(b)                                 The
Company shall pay any expenses (including attorneys’ fees), judgments,
penalties, fines, settlements,
and other liabilities incurred by Executive in investigating, defending,
settling or appealing any action, suit or proceedings described in this Section
12 in advance of the final disposition of such action, suit or proceeding.  The Company shall promptly pay the amount of
such expenses to Executive, but in no event later than ten (10) days following
Executive’s delivery to the Company of a written request for an advance
pursuant to this Section 11, together with a reasonable accounting of such
expenses.

(c)                                  Executive
hereby undertakes and agrees to repay to the Company any advances made pursuant
to this Section 11 if and to the extent that it shall ultimately be found in
the final judicial decision that Executive is not entitled to be indemnified by
the Company for such amounts.  In
connection with any advancement of expenses, Executive further agrees to
execute and deliver the Company’s customary form of undertaking to repay such
advances if and to the extent that it shall ultimately be found in the final
judicial decision that Executive is not entitled to be indemnified by the
Company for such amounts.

(d)                                 The
Company shall make the advances contemplated by this Section 11 regardless of
Executive’s financial ability to make repayment, and regardless of whether
indemnification of the indemnitee
by the Company will ultimately be required. 
Any advances and undertakings to repay pursuant to this Section 11 shall
be unsecured and interest free.

(e)                                  The
provisions of this Section 11 shall survive the termination of the  Term or expiration of the term of this Agreement.

(f)                                    If
Executive has any knowledge of any actual or threatened action, suit or
proceeding, whether civil, criminal, administrative or investigative, as to
which Executive may request indemnity under this Section 11, Executive will
give the Company prompt written notice thereof; provided, that the
failure to give such notice shall not affect Executive’s right to
indemnification.

12.                               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 

 16
 

 

cooperate with
Executive to execute any amendment to the provisions hereof reasonably
necessary to implement this Section 13(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 of any breach of this Agreement will be a waiver of any
preceding or subsequent breach. No waiver by the Company of any right under
this Agreement will be construed as a waiver of any other right. The Company
will not 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)                                 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 10 of
this Agreement.

(e)                                  Except
for an action described in Section 4(d) or as required by the rules and
regulations of the National Association of Securities Dealers, 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 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 to Section 4(d) and the
rules and regulations promulgated by the National Association of Securities
Dealers), 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 

 17
 

 

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.  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

 18
 

 

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.

(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, 11 and 12 of this Agreement will survive the
termination of Executive’s employment in accordance with their terms.  The provisions of Sections 4 and 11 of this
Agreement will survive expiration of this Agreement as a result of the giving
of a Notice of Non-Renewal by either party 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.

 19
 

 

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

  
					

 

 20

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,

 21
 

 

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 with respect to payments and other rights due
Executive on the date of, or during the period following, the termination of
his Employment;

 22
 

 

(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

 23
 

 

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.

*   *  
*   *   *

 24
 

 

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:

  
	
   

  
	
   

  
	
   

  	
   

  
				

 

 25

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