Document:

Exhibit
10.15

    

    December
30, 2008

    

    PERSONAL
& CONFIDENTIAL

    

    Steven R.
Vigliotti

    [Home
address redacted]

    

    
      	
              Re:

            	
              Employment
      Agreement dated January 31, 2006 between you and NYFIX, Inc. (the
      ”Agreement”).

            

    

    

    Dear
Steve:

    

    You and
NYFIX, Inc. agree to the following amendments to the Agreement.

    

    
      	
            	
              1.

            	
              Section
      8, of the agreement is amended to add the following at the beginning of
      the first sentence of the
paragraph:

            

    

    

    “Subject
to the terms and conditions set forth in Section 27 (e),”

    

    
      	
            	
              2.

            	
              Section
      20 (a) is amended as follows:

            

    

    

    
      	
               
      

            	
              a.

            	
              The
      words “, subject to Section 27” are added between “then” and the semicolon
      at the end of Section 20(a);

            

    

    
      	
               
      

            	
              b.

            	
              The
      following words appearing after “one year” in the second line of
      subsection 20(a)(i) (“; PROVIDED,
      HOWEVER that if such termination occurs after a Change in Control”) are
      deleted and replaced with the following: “following the date of
      termination, which amount shall be payable in accordance with the
      Company’s regular payroll practices; PROVIDED, HOWEVER that if such
      termination occurs on or within two years after a Change in Control
      (defined below)”;

            

    

    
      	
               
      

            	
              c.

            	
              The
      following is added at the end of the first sentence of subsection
      20(a)(iii), prior to the period: “provided, however, that the Executive’s
      right to exercise vested awards shall extend no later than ten (10) years
      from the date of grant”.

            

    

     

    
      
         

      

      
        Page 1 of
5

        
          

        

      

      
         

      

    

    
      	
            	
              3.

            	
              Section
      21  is amended as
follows:

            

    

    

    
      	
               
      

            	
              a.

            	
              The
      words “provided that such payment is subject to the limitations set forth
      under Section 280G,” is added after the first instance of the word
      “Executive” appearing in such
section;

            

    

     

    
      	
               
      

            	
              b.

            	
              The
      following is added at the end of Section 21 (a) as a separate
      paragraph:

            

    

     

    “To the
extent Executive is required to waive any payment in order to satisfy Section
21(a)(i) or 21(a)(ii), then such payments shall be reduced in the following
order: (i) any accelerated vesting of equity awards with an exercise price at or
above the fair market value of the Company’s stock price, in each case in
reverse order beginning with payments or benefits that are to be paid the
farthest in time from the date that triggers the applicability of this Section
21(a), (ii) any cash payments, (iii) any taxable benefits, (iv) any nontaxable
benefits, and (v) any accelerated vesting of equity awards not covered in (i)
above, in each case in reverse order beginning with payments or benefits that
are to be paid the farthest in time from the date that triggers the
applicability of the Section 21(a).

    

    
      	
            	
              4.

            	
              The
      following language is added as the final sentence of Section
      22:

            

    

    

    “Notwithstanding
anything herein to the contrary, the payments shall be made in accordance with
the terms of Section 20 hereof unless there is a bona-fide dispute between the
parties.”

    

    
      	
            	
              5.

            	
              Section
      27 is amended to read in full as
follows:

            

    

    

    “Subject
to the provisions in this Section 27, any severance payments or benefits under
this Agreement shall begin only upon the date of Executive’s “separation from
service” (determined as set forth below) which occurs on or after the date of
termination of Executive’s employment.  The following rules shall
apply with respect to distribution of the payments and benefits, if any, to be
provided to Executive under this Agreement:

     

    (a)           It
is intended that each installment of the severance payments and benefits
provided under this Agreement shall be treated as a separate “payment” for
purposes of Section 409A of the Code and the guidance issued thereunder
(“Section 409A”).  Neither the Company nor Executive shall have the
right to accelerate or defer the delivery of any such payments or benefits
except to the extent specifically permitted or required by Section
409A.

     

    (b)           If,
as of the date of Executive’s “separation from service” from the Company,
Executive is not a “specified employee” (within the meaning of Section 409A),
then each installment of the severance payments and benefits shall be made on
the dates and terms set forth in this Agreement.

    
      
         

      

      
        Page 2 of
5

        
          

        

      

      
         

      

    

    (c)           If,
as of the date of Executive’s “separation from service” from the Company,
Executive is a “specified employee” (within the meaning of Section 409A),
then:

     

    (i)           
Each installment of the severance payments and benefits due under this Agreement
that, in accordance with the dates and terms set forth herein, will in all
circumstances, regardless of when the separation from service occurs, be paid
within the short-term deferral period (as defined in Section 409A) shall be
treated as a short-term deferral within the meaning of Treasury Regulation
Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A;
and

     

    (ii)           Each
installment of the severance payments and benefits due under this Agreement that
is not described in Section 27(c)(i) above and that would, absent this
subsection, be paid within the six-month period following Executive’s
“separation from service” from the Company shall not be paid until the date that
is six months and one day after such separation from service (or, if earlier,
Executive’s death), with any such installments that are required to be delayed
being accumulated during the six-month period and paid in a lump sum, together
with interest from the originally scheduled payment date to the date of payment
at the applicable federal rate, on the date that is six months and one day
following Executive’s separation from service and any subsequent installments,
if any, being paid in accordance with the dates and terms set forth herein;
provided, however, that the
preceding provisions of this sentence shall not apply to any installment of
severance payments and benefits if and to the maximum extent that such
installment is deemed to be paid under a separation pay plan that does not
provide for a deferral of compensation by reason of the application of Treasury
Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an
involuntary separation from service).  Any installments that
qualify for the exception under Treasury Regulation
Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of
Executive’s second taxable year following the taxable year in which the
separation from service occurs.

     

    (d)           The
determination of whether and when Executive’s separation from service from the
Company has occurred shall be made in a manner consistent with, and based on the
presumptions set forth in, Treasury Regulation Section
1.409A-1(h).  Solely for purposes of this Section 27(d), “Company”
shall include all persons with whom the Company would be considered a single
employer as determined under Treasury Regulation Section
1.409A-1(h)(3).

    
      
         

      

      
        Page 3 of
5

        
          

        

      

      
         

      

    

    (e)           All
reimbursements and in-kind benefits provided under this Agreement shall be made
or provided in accordance with the requirements of Section 409A to the extent
that such reimbursements or in-kind benefits are subject to Section 409A,
including, where applicable, the requirements that (i) any reimbursement is for
expenses incurred during Executive’s lifetime (or during a shorter period of
time specified in this Agreement), (ii) the amount of expenses eligible for
reimbursement during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (iii) the reimbursement of an eligible
expense will be made on or before the last day of the calendar year following
the year in which the expense is incurred and (iv) the right to reimbursement is
not subject to set off or liquidation or exchange for any other
benefit.”

     

    If you
are in agreement with the foregoing, kindly execute a copy of this letter and
return it to the undersigned.

    

    — The
remainder of this page is intentionally left blank —

    
      
         

      

      
        Page 4 of
5

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                	 
      	 	
                        NYFIX,
      Inc.

                      
	 
      	 	 
      
	 
      	 	
                        Very
      truly yours,

                      
	 
      	 	
                        /s/ Howard Edelstein

                      
	 
      	 	
                        Howard
      Edelstein

                      
	 
      	 	
                        Chief
      Executive Officer

                      
	
                        Accepted
      and Agreed:

                      	 	 
      
	 
      	 	 
      
	
                        /s/ Steven Vigliotti

                      	 	 
      
	
                        Steven
      Vigliotti

                      	 	 
      
	
                        December 30, 2008

                      	 	 
      

              

            

          

        

      

    

     

    
      
         

      

      
        Page 5 of
5Exhibit
10.18

    

    December
31, 2008

    

    PERSONAL
& CONFIDENTIAL

    

    C. Thomas
Richardson

    [Home
address redacted]

    

    
      	
              Re:

            	
              Employment
      Agreement dated January 4, 2008 between you and NYFIX,
  Inc.

            

    

    (the
“Agreement”).

    

    Dear
Tom:

    

    You and
NYFIX, Inc. agree to the following amendments to the Agreement.

    

    
      	
            	
              1.

            	
              The
      sixth sentence of the last full paragraph (such paragraph beginning with
      the words “While we certainly hope”) beginning on Page 4 of your agreement
      (such sentence beginning with the words “Notwithstanding the above, in the
      event you terminate your employment for ‘Good Reason’”) is amended as
      follows:

            

    

    

    
      	
               
      

            	
              a.

            	
              The
      words “provided you sign a Release containing generally the release
      language attached as Attachment E to this Agreement (the “Release”)” are
      deleted;

            

    

    
      	
               
      

            	
              b.

            	
              The
      words ” , subject to Attachment C,” are inserted prior to the words “(i)
      twelve (12) months’ Base Salary”;

            

    

    
      	
               
      

            	
              c.

            	
              Subparagraph
      (i) of such sentence is amended by adding the words “and commencing 30
      days following the termination of employment” prior to the
      semicolon;

            

    

    
      	
               
      

            	
              d.

            	
              Subparagraph
      (ii) of such sentence is amended by adding the words “payable in a lump
      sum within 30 days of your termination” prior to the
      semicolon;

            

    

    
      	
               
      

            	
              e.

            	
              The
      words “but not later than March 15 of the applicable following year”
      appearing at the end of such sentence are deleted and replaced by the
      words “but not later than March 15 of the year following
      termination.”

            

    

    

    
      	
            	
              2.

            	
              The
      seventh sentence of the last full paragraph beginning on Page 4 of your
      agreement (such sentence beginning with the words “Alternatively, in the
      event you terminate your employment for Good Reason”) is amended as
      follows:

            

    

    
      
         

      

      
        Page 1 of
5

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              a.

            	
              The
      words “payable in accordance with the Company’s normal payroll practices
      and commencing 30 days following termination of your employment,” are
      inserted before the words “less required
  withholdings”;

            

    

    
      	
               
      

            	
              b.

            	
              The
      words “provided you execute a Release containing generally the release
      language attached as Attachment E to this Agreement” appearing after the
      words “less required withholdings” are
deleted.

            

    

    

    
      	
            	
              3.

            	
              A
      new (eighth) sentence is inserted after the seventh sentence of such
      paragraph, to read in full as
follows:

            

    

    

    “Your
severance payments and benefits provided above shall be made or shall commence
according to the terms of this Agreement on the 30th day
after your termination, provided that you execute a release containing the
general release language attached as Attachment E to this Agreement (the
“Release”), and that Release has become binding and any applicable revocation
period has lapsed as of such date.”

    

    
      	
            	
              4.

            	
              A
      new (tenth) sentence is inserted at the end of such paragraph, to read in
      full as follows:

            

    

    

    “The
distribution of the payments and benefits you receive upon your termination of
employment with the Company shall be subject to the terms and conditions set
forth in Attachment C.”

    

    
      	
            	
              5.

            	
              Attachment
      C is amended to read in its entirety as set forth in the attachment
      hereto.

            

    

    

    If you
are in agreement with the foregoing, kindly execute a copy of this letter and
return it to the undersigned.

    
      
         

      

      
        Page 2 of
5

        
          

        

      

      
         

      

    

     

    
      
        	 
      	 
      	
                NYFIX,
      Inc.

              
	 
      	 
      	 
      
	 
      	 
      	
                Very
      truly yours,

              
	 
      	 
      	
                /s/ Steven Vigliotti

              
	 
      	 
      	
                Steven
      Vigliotti

              
	 
      	 
      	
                Chief
      Financial Officer

              
	
                Accepted
      and Agreed:

              	 
      	 
      
	 
      	 
      	 
      
	
                /s/ C. Thomas Richardson

              	 
      	 
      
	
                C.
      Thomas Richardson

              	 
      	 
      
	
                December 31, 2008

              	 
      	 
      

      

    

    
      
         

      

      
        Page 3 of
5

        
          

        

      

      
         

      

    

    Attachment
C

    

    Payments Subject to Section
409A

     

    The
parties mutually agree to cooperate on the application of 409A to the
agreement.  Subject to the provisions in this Attachment C, severance
payments or benefits under this offer letter shall begin only upon the date of
your “separation from service” (determined as set forth below) which occurs on
or after the date of termination of employment.  The following rules
shall apply with respect to distribution of the payments and benefits, if any,
to be provided to you under this offer letter:

     

    
      	
              (a)

            	
              It
      is intended that each installment of the severance payments and benefits
      provided under this offer letter shall be treated as a separate “payment”
      for purposes of Section 409A of the Internal Revenue Code and the guidance
      issued thereunder (“Section 409A”).  Neither you nor the Company
      shall have the right to accelerate or defer the delivery of any such
      payments or benefits except to the extent specifically permitted or
      required by Section 409A.

            

    

     

    
      	
              (b)

            	
              If,
      as of the date of your “separation from service” from the Company, you are
      not a “specified employee” (within the meaning of Section 409A), then each
      installment of the severance payments and benefits shall be made on the
      dates and terms set forth in this offer
letter.

            

    

     

    
      	
              (c)

            	
              If,
      as of the date of your  “separation from service” from the
      Company, you are a “specified employee” (within the meaning of Section
      409A), then:

            

    

     

    
      	
            	
              (i)

            	
              Each
      installment of the severance payments and benefits due under this offer
      letter that, in accordance with the dates and terms set forth herein, will
      in all circumstances, regardless of when the separation from service
      occurs, be paid within the short-term deferral period (as defined under
      Section 409A) shall be treated as a short-term deferral within the meaning
      of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent
      permissible under Section 409A; and

            

    

     

    
      	
            	
              (ii)

            	
              Each
      installment of the severance payments and benefits due under this offer
      letter that is not described in paragraph (i) above and that would, absent
      this subsection, be paid within the six-month period following your
      “separation from service” from the Company shall not be paid until the
      date that is six months and one day after such separation from service
      (or, if earlier, your death), with any such installments that are required
      to be delayed being accumulated during the six-month period and paid in a
      lump sum on the date that is six months and one day following your
      separation from service and any subsequent installments, if any, being
      paid in accordance with the dates and terms set forth herein; provided,
      however, that the preceding provisions of this sentence shall not apply to
      any installment of severance payments and benefits if and to the maximum
      extent that that such installment is deemed to be paid under a separation
      pay plan that does not provide for a deferral of compensation by reason of
      the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to
      separation pay upon an involuntary separation from
      service).  Any installments that qualify for the exception under
      Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than
      the last day of your second taxable year following the taxable year in
      which the separation from service
occurs.

            

    

    
      
         

      

      
        Page 4 of
5

        
          

        

      

      
         

      

    

    
      	
              (d)

            	
              The
      determination of whether and when your separation from service from the
      Company has occurred shall be made and in a manner consistent with, and
      based on the presumptions set forth in, Treasury Regulation Section
      1.409A-1(h).  Solely for purposes of this paragraph (d),
      “Company” shall include all persons with whom the Company would be
      considered a single employer as determined under Treasury Regulation
      Section 1.409A-(h)(3).

            

    

     

    
      	
              (e)

            	
              All
      reimbursements and in-kind benefits provided under this offer letter shall
      be made or provided in accordance with the requirements of Section 409A to
      the extent that such reimbursements or in-kind benefits are subject to
      Section 409A, including, where applicable, the requirement that (i) any
      reimbursement is for expenses incurred during your lifetime (or during a
      shorter period of time specified in this offer letter), (ii) the amount of
      expenses eligible for reimbursement during a calendar year may not affect
      the expenses eligible for reimbursement in any other calendar year, (iii)
      the reimbursement of an eligible expense will be made on or before the
      last day of the calendar year following the year in which the expense is
      incurred and (iv) the right to reimbursement is not subject to set off or
      liquidation or exchange for any other
benefit.

            

    

     

    
      	
              (f)

            	
              The
      Company may withhold (or cause to be withheld) from any payments made
      under this offer letter, all federal, state, city or other taxes as shall
      be required to be withheld pursuant to any law or governmental regulation
      or ruling.

            

    

     

    
      
         

      

      
        Page 5 of
5

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