Document:

Unassociated Document

    Exhibit
10.20

    

    December
29, 2008

     

     

    PERSONAL
& CONFIDENTIAL

     

    Donald
Henderson

    [Home
address redacted]

     

    

    
      	
               Re:

            	
              Employment
      Agreement dated May 25, 2006 between you and NYFIX, Inc.

              (the
“Agreement”).

            

    

     

     

    Dear
Don:

    

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

    

    

    
      	
              1.  

            	
              Section
      8, 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 is amended as follows:

            

    

    

    
      	
              a.  

            	
              The
      words “Subject to Section 27:” are added between the caption and the
      beginning of the text of Section
20(a);

            

    

    
      	
              b.  

            	
              The
      words “following the date of termination, which amount shall be payable in
      accordance with the Company’s regular payroll practices.” Are added at the
      end of Section 20(a) prior to the
period;

            

    

    
      	
              c.  

            	
              The
      words “(as defined below)” are added after the first instance of the words
      “Change in Control” appearing in Section
20(a);

            

    

    
      	
              d.  

            	
              The
      next to last sentence of Section 20(b) (“The timing for any payment
      provided for in this paragraph shall be subject to the provisions of
      Section 27 of this Agreement.”) is
deleted;

            

    

    
      	
              e.  

            	
              The
      following is added at the end of the first sentence of subsection 20(d),
      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”.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              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 Section
21(a);

            

    

     

    
      	
              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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (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).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

     

    

     

    
      
        
          
            	 
      	
                    NYFIX,
      Inc.

                  
	 
      	 
      
	 
      	
                     

                    Very
      truly yours,

                    /s/
      Howard Edelstein

                    Howard
      Edelstein

                    Chief
      Executive Officer

                  
	
                    Accepted
      and Agreed:

                     

                    /s/
      Donald Henderson

                    Donald
      Henderson

                    December
      29, 2008Unassociated Document

    Exhibit
10.22

    

    December
31, 2008

     

    

    PERSONAL &
CONFIDENTIAL

    

    Annemarie
Tierney

    [Home
address redacted]

    

    
      	
                Re:

            	
              Employment
      Agreement dated December 12, 2007 between you and NYFIX, Inc.

              (the
“Agreement”).

            

    

    

    Dear
Annemarie:

    

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

    

    

    
      	
              1.  

            	
              The
      following language is added to the  fifth sentence of the second
      paragraph on Page 1 of the
Agreement:

            

    

    

    “payable
in a lump sum no later than March 15 of the year after the year in which the
bonus was achieved.” 

    

    
      	
              2.  

            	
              The
      fifth sentence of the first full paragraph on Page 3 of your agreement is
      amended in its entirety and replaced with the following two
      sentences:

            

    

     

    “Notwithstanding
the above, in the event you voluntarily terminate your employment with Good
Reason or the Company terminates your employment without “Cause” (as defined on
Attachment “A”), you will receive (i) a lump sum cash payment 30 days following
your termination date equal to twelve (12) months’ base pay at your then-current
rate, less required withholdings, (ii) reimbursement for your out-of-pocket
COBRA expense during the 12 month period following your termination in
accordance with NYFIX’s standard payroll practices, and (iii) acceleration of
outstanding unvested equity as provided under the terms set forth on the
attached forms of grant, provided that within 30 days of your termination you
have executed, and any applicable revocation period has expired with respect to,
a release document a form reasonably similar to that attached hereto to as
Exhibit B (a “Release”).  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.

     

     

    
      	
              3.  

            	
              A
      new Attachment B is added to read as set forth in Attachment B
      hereto.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

     

    
 

     

    
      
        
          	 
      	
                  NYFIX,
      Inc.

                
	 
      	
                   

                   

                
	 
      	
                  Very
      truly yours,

                  /s/ Steven Vigliotti

                  Steven
      Vigliotti

                  Chief
      Financial Officer

                
	
                  Accepted
      and Agreed:

                   

                   

                  /s/ Annemarie Tierney

                  Annemarie
      Tierney

                  December 31, 2008

                  Date

                	 
      

        

      

    

     

     

     

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Attachment
B

    

    Payments Subject to Section
409A

     

    Subject
to the provisions in this Attachment B, 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.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              (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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]