Document:

Form of Non-Qualified Stock Option Agreement

 EXHIBIT 10.4 

Multi-State Version 
 KNIGHT CAPITAL
GROUP, INC. 
 2010 Equity Incentive Plan 

Employee Stock Option Agreement 
 This
agreement, including Exhibit A (collectively, the “Agreement”) is made as of «Grant_Date» (the “Grant Date”), by and between Knight Capital Group, Inc. (the “Company”) and «First_Name»
«Last_Name», (the “Grantee”). 
 WHEREAS, the Committee has, pursuant to the 2010 Equity Incentive Plan (the
“Plan”), which is hereby incorporated by reference, and subject to the terms and conditions thereof, made an Award to the Grantee and authorized and directed the execution and delivery of this Agreement; 

NOW, THEREFORE, in consideration of the foregoing, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and the Grantee hereby agree as follows: 
  

	 	1.	Award. The Grantee is hereby granted a Non-Qualified Stock Option (an “Option”) to purchase from the Company «M_of_Options» shares of the
Company’s Stock, subject to adjustments made by the Committee under Article 11 of the Plan, at «Average_Strike_Price» per share (the “Exercise Price”). The term of such Option shall be ten (10) years, commencing on
the Grant Date (the “Term”). This Option is not intended to qualify as an Incentive Stock Option. 

  

	 	2.	Exercise. The Option may be exercised only in accordance with the Plan, as supplemented by this Agreement, and not otherwise. 

 

	 	a.	During its Term and before its earlier termination in accordance with Section 3 of this Agreement, the Option shall become exercisable in accordance with the
following schedule: 

  

			
	 Percent of Option
	  	Exercisable as of:
	
33 
1/3%
	  	First Anniversary of the Grant Date
	
66 
2/3%
	  	Second Anniversary of the Grant Date
	
100%
	  	Third Anniversary of the Grant Date

The Option may be exercised for less than the full number of shares of Stock for which the Option is then exercisable. 

 

	 	b.	 To the extent then exercisable, the Option may be exercised by the Grantee by giving written notice of exercise to the Company in such form as may be
provided by the Committee, specifying the number of shares of Stock for which the Option is to be exercised and such other information as the Committee may require. Such exercise shall be effective upon receipt by the Company of such written notice
together with the required payment of the Exercise Price and any applicable withholding taxes. Such payment may be made by cash, check, or, provided that such shares of Stock have been owned by the Grantee for at least six months before such
payment, by the delivery of shares of Stock having a Fair Market Value equal to the aggregate Exercise Price, or by a combination of such methods, and any applicable withholding taxes. The Grantee may also simultaneously exercise the Option and sell
all or a portion of the shares of Stock thereby acquired, pursuant to a brokerage or similar arrangements approved in advance by the Committee, and use all or a portion of the proceeds from such sale as payment of the Exercise Price and any
applicable withholding taxes. Subject to the foregoing, the 

	 	 
Company will deliver to the Grantee within a reasonable period thereafter, a certificate or certificates representing the shares of Stock so acquired, registered in the name of the Grantee or in
accordance with other delivery instructions provided by the Grantee and acceptable by the Committee. 

  

	 	3.	Termination. 

  

	 	a.	Except as otherwise provided in Grantee’s Offer Letter or Employment Agreement, as applicable, with an affiliated entity of the Company, the Option shall terminate
upon the expiration of its Term or, if earlier, termination of the Grantee’s employment; provided that upon the Grantee’s Retirement, or if the Grantee’s employment is terminated by death or disability, the Option shall,
notwithstanding Section 2.a. of this Agreement, thereupon become fully exercisable and shall terminate upon the expiration of its Term or, if earlier, thirty-six (36) months after the date of such Retirement or termination of employment;
provided further that if the Grantee’s employment is terminated by the Company other than for Cause, the Option shall, to the extent then exercisable in accordance with Section 2.a. hereof, terminate upon the expiration of its Term or, if
earlier, three (3) months after the date of such termination of employment. Notwithstanding the foregoing, in the event that the Grantee dies while an Option is exercisable following a termination of employment, the Option will remain
exercisable by the Grantee’s estate or beneficiary only until the first anniversary of the Grantees’s date of death, and whether or not such first anniversary occurs prior to or following the expiration of its Term or thirty-six
(36) months after the date of such Retirement or termination due to disability, or three (3) months following the date of termination of service by the Company other than for Cause (as applicable). 

 

	 	b.	A transfer of an Employee from the Company to a Subsidiary or Affiliate of the Company, whether or not incorporated, or vice versa, or from one Subsidiary or Affiliate of
the Company to another, and a leave of absence, duly authorized in writing by the Company, shall not be deemed a termination of employment. 

  

	 	4.	Change-In-Control. Upon a Change-In-Control, the Option shall become fully exercisable. In addition, the Committee may, in its sole discretion, take any other
actions authorized by the Plan to assure fair and equitable treatment of the Grantee. Any such action of the Committee shall be conclusive and binding on the Company and the Grantee. 

 

	 	5.	Harmful Conduct. In the event the Grantee (a) is terminated for Cause or (b) engages in any activity determined in the discretion of the Committee to be
in competition with any activity of the Company, or otherwise inimical, contrary or harmful to the interests of the Company (including, but not limited to, accepting employment with or serving as a consultant, adviser or in any other capacity to an
entity that is in competition with or acting against the interests of the Company) following the termination of his or her employment, the Committee may, in its sole discretion, require such Grantee to pay to the Company an amount equal to the
excess of (i) the Fair Market Value of the Stock purchased by such Grantee through the exercise of Options, calculated as of the date of such purchase, during the fifteen month period commencing twelve months before the Grantee’s last day
of employment and ending three months after the last day of employment over (ii) the aggregate Exercise Price of such Options. 

  

	 	6.	Withholding. The Company shall withhold all applicable taxes required by law from all amounts paid in respect of the Option. The Grantee may satisfy the withholding
obligation by paying the amount of any taxes in cash or, with the approval of the Committee, shares of Stock may be deducted from the payment to satisfy the obligation in full or in part. The amount of the withholding and the number of shares to be
deducted shall be determined by the Committee with reference to the Fair Market Value of the Stock when the withholding is required to be made. 

	 	7.	Non-assignability. Except with the consent of the Committee, no Award shall be assignable or transferable except by will or by the laws of descent and distribution. During
the Grantee’s lifetime, the Award shall be exercised only by the Grantee, or by his guardian or legal representative. 

  

	 	8.	Rights as a Stockholder. The Grantee shall have no rights as a stockholder with respect to any Stock subject to an Award until the date the Grantee becomes the holder of
record with regard thereto. 

  

	 	9.	No Right to Continued Employment. Nothing herein shall obligate the Company or any Subsidiary or Affiliate of the Company to continue the Grantee’s employment for any
particular period or on any particular basis of compensation. 

  

	 	10.	Burden and Benefit. The terms and provisions of this Agreement shall be binding upon, and shall inure to the benefit of, the Grantee and his executors or administrators,
heirs, and personal and legal representatives 

  

	 	11.	Execution. This Option is not enforceable until this Agreement has been signed by the Grantee and the Company. By executing this Agreement, the Grantee shall be deemed to
have accepted and consented to any action taken under the Plan by the Committee, the Board or its delegates. In addition, by executing this Agreement, the Grantee shall be deemed to have accepted and consented to the restrictive covenants set forth
in Exhibit A, attached hereto and made a part hereof. 

  

	 	12.	Law Governing Disputes. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to the conflicts of law
principles thereof. 

  

	 	13.	Modifications. No change or modification of this Agreement shall be valid unless it is in writing and signed by the parties hereto. 

 

	 	14.	Entire Agreement. This Agreement, together with the Plan, sets forth all of the promises, agreements, conditions, understandings, warranties and representations between
the parties hereto regarding the Option, and there are no promises, agreements, conditions, understandings, warranties or representations, oral or written, express or implied, between them regarding the Option other than as set forth herein or
therein. The terms and conditions of the Plan are incorporated by reference herein, and to the extent that any conflict may exist between any term or provision of this Agreement and any term or provision of the Plan, the term or provision of the
Plan shall control. 

  

	 	15.	Genders. The use of any gender herein shall be deemed to include the other gender and the use of the singular herein shall be deemed to include the plural and vice versa,
wherever appropriate. 

  

	 	16.	Notices. Any and all notices required herein shall be addressed: (i) if to the Company, to the principal executive office of the Company; and (ii) if to the
Grantee, to his address as reflected in the records of the Company. 

  

	 	17.	Invalid or Unenforceable Provisions. The invalidity or unenforceability of any particular provision of this Agreement shall not effect the other provisions hereof, and
this Agreement shall be construed in all respects as if the invalid or unenforceable provisions were omitted. 

  

	 	18.	Definitions. Any capitalized term used herein but not defined shall have the meaning ascribed to such term in the Plan. 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and year first
written above. 
  

	
	 Knight Capital Group, Inc.

	
	  

	 Thomas M. Joyce

	 Chairman and Chief Executive Officer

 

	
	
	  

	 Employee Signature

	
	  

	 Employee Name (Please Print)

 EXHIBIT A- APPLICABLE RESTRICTIVE COVENANTS 

In consideration for Grantee agreeing to the following restrictions, the Company agrees to provide Grantee with the Stock Units pursuant to this Agreement, as well
as one or more of the following: initial or continued employment with the Company; portions of the Company’s confidential, proprietary and trade secret information; the ability to develop relationships with the Company’s potential and
existing suppliers, financing sources, customers and employees; and specialized training in, and knowledge of, the business group the Grantee is employed with: 

(a) At all times during Grantee’s employment with the Company, and for the applicable Protected Period (as defined below) following the termination of
Grantee’s employment by the Company for “Cause” (as defined in the Plan), Grantee shall be bound by the Noncompete Obligation (defined below). 

(b) In the event Grantee voluntarily terminates his/her employment for any reason or where the Company terminates Grantee’s employment without Cause, the
Company may elect, in its sole discretion upon notice to Grantee, to require that Grantee be bound by the Noncompete Obligation during the applicable Protected Period, in which instance the Company will provide Grantee the following severance
benefits (“Severance Benefits”): 
 (i) during the Protected Period, continuation of Grantee’s salary in
accordance with the Company’s standard payroll practice. In the event Grantee does not receive a salary from the Company, Grantee shall receive an amount, as determined by the Company in its sole discretion, based on Grantee’s corporate
title with the Company or its affiliated entities; and 
 (ii) in the event that Grantee elects continued medical benefits
covering Grantee and his/her qualifying dependents under the Company’s group health plan – pursuant to the statutory scheme commonly known as “COBRA” – the Company shall pay for such coverage during the Protected Period and,
subject to the American Recovery and Reinvestment Act of 2009, Grantee must pay for any such coverage following the end of the Protected Period; provided, however, that Grantee shall immediately inform the Company if Grantee obtains medical coverage
during the Protected Period from another source and, upon receipt of such notice, the Company shall no longer be obligated to pay for such coverage. 

The receipt of Severance Benefits is conditioned upon the execution of a general waiver and release agreement in a form agreeable to the Company. 

(c) In the event that Grantee voluntarily terminates employment with the Company or the Company terminates Grantee’s employment without Cause, and the Company
does not elect to provide the Severance Benefits to Grantee under Paragraph (b) above, Grantee shall not be bound by the Noncompete Obligation. If Grantee voluntarily terminates employment with the Company or the Company terminates
Grantee’s employment without Cause and the Company elects to provide such Severance Benefits for a period of less than the Protected Period, Grantee shall be bound by the Noncompete Obligation only during the period the Company is paying
Severance Benefits. 
 (d) The Company may elect, in its sole discretion, to provide notice to Grantee prior to a termination without Cause (instead of
offering Severance Benefits under Paragraph (b) above), the amount of said notice to be equal to the otherwise applicable Protected Period. During this notice period, Grantee will remain an employee of the Company and will assist in
transitioning the business relationships with customers and other business contacts with which Grantee has had material involvement as requested by the Company and as needed to help the Company retain such business relationships. However, Grantee
acknowledges and agrees that the Company can remove Grantee from active service during this notice period at its discretion but that doing so will not eliminate Grantee’s duty to remain loyal to the Company while on the Company’s payroll
and to otherwise comply with the restrictions in this Agreement. The Company reserves the right at its absolute discretion to require Grantee not to carry 

 
out Grantee’s duties or to carry out limited duties for the Company prior to the termination date. During the notice period, the Company shall be under no obligation to provide any work to,
or vest any powers in, Grantee and Grantee shall have no right to perform any services for the Company. During the notice period, the Company shall be entitled at its absolute discretion: (i) to require Grantee not to attend Grantee’s
place of work or any other premises of the Company; and (ii) to require Grantee to work from Grantee’s home. During the notice period, Grantee shall continue to receive Grantee’s salary and all contractual benefits in the usual way
and shall remain an employee of the Company with all associated duties under the common law. 
 (e) Grantee further agrees that for one (1) year
following the termination of Grantee’s employment by either Grantee or the Company for any reason or no reason, Grantee will not, without the prior written consent of the Company, directly or indirectly (i) solicit, encourage, or induce
any employee of the Company to terminate his or her employment with the Company; or (ii) hire or employ any person who is or was an employee or consultant of the Company. 

(f) Grantee further agrees that for the Protected Period and thirty (30) days thereafter, upon the termination of Grantee’s employment by either Grantee
or the Company for any reason or no reason, Grantee will not, without the prior written consent of the Company, directly or indirectly: (i) solicit any customer, supplier or vendor of the Company with which or with whom Grantee was involved as
part of Grantee’s job responsibilities during Grantee’s employment with the Company (other than any such customer with which or with whom Grantee conducted business prior to commencement of his/her employment with the Company) or regarding
which or whom Grantee learned Confidential Information during Grantee’s employment with the Company to obtain a Conflicting Product or Service from a Competing Business; or (ii) encourage or induce any customer, supplier or vendor of the
Company not to do business with the Company or to reduce the amount of business it is doing or might do in the future with the Company or its affiliated entities. If Grantee is a resident of Georgia, for as long as Grantee is a resident of Georgia
the foregoing Paragraph (f) is rewritten as follows: Grantee agrees that for a period of one (1) year following the termination of Grantee’s employment by either Grantee or the Company for any reason or no reason, Grantee will not, in
any way, directly or indirectly, solicit, divert, or take away, or attempt to solicit, divert or take away, customers of the Company that Grantee served while Grantee was employed with the Company, to sell to such customer any service or product
that the Company provides at the time Grantee signed this Agreement, unless an authorized Company officer gives Grantee written permission to do so. Grantee and the Company agree this restriction is inherently reasonable because it is limited to the
places or locations where the customer is doing business at the time. 
 (g) Grantee further acknowledges and agrees that the protective covenants herein
are material and important terms of this Agreement, and Grantee further agrees that should all or any part or application of Paragraphs (a), (b), (d), (e) or (f) of this Agreement be held or found invalid or unenforceable for any reason
whatsoever by a court of competent jurisdiction in an action between Grantee and the Company (despite, and after application of, any applicable rights to reformation that could add or renew enforceability), the Company shall be entitled to receive
from Grantee a return of the Stock Units and Severance Benefits (if applicable). If Grantee has sold, transferred, or otherwise disposed of the Stock Units, the Company shall be entitled to receive from Grantee the profits (if any) derived by
Grantee by virtue of such sale, transfer, or other disposition. 
 (h) Grantee agrees not to engage in any unauthorized use or disclosure of the
Company’s Confidential Information, customer relationships, or specialized training. Grantee agrees to use the Company’s Confidential Information and other benefits of Grantee’s employment to further the business interests of the
Company. Grantee agrees to preserve records on current and prospective Company customers, suppliers, and other business relationships that Grantee develops or helps to develop, and not use these records in any way, directly or indirectly, to harm
the Company’s business. Grantee agrees not to use the Company’s Confidential Information or any document or record concerning the business and affairs of the Company (“Company Record”) for any purpose without the prior written
authorization of an officer of the Company, except that Grantee may use Confidential Information and Company 

 
Records to perform Grantee’s duties. These restrictions on use or disclosure of Confidential Information will only apply for three (3) years after the end of Grantee’s employment
where information that does not qualify as a trade secret is concerned; however, the restrictions will continue apply to trade secret information for as long as the information at issue remains qualified as a trade secret. 

(i) As used herein, the following terms shall have the meaning ascribed to them: 

a. “Protected Period” shall mean: 

i. For Executive Vice Presidents and Senior Managing Directors: six (6) months; 

ii. For Managing Directors: four (4) months; 

iii. For Directors and Vice Presidents: three (3) months; and 

iv. Below Vice President: eight (8) weeks. 

b. “Noncompete Obligation” means that Grantee will not, directly or indirectly, provide services to a Competing Business that are
identical or similar to those Grantee performed for the Company or which serve the same or similar function or purpose or which are otherwise likely to result in the disclosure of Confidential Information. 

c. “Competing Business” means any person or entity engaged in the business of providing a Conflicting Product or Service anywhere
in the United States, Europe or Asia. If you are a resident of Georgia, for as long as you are a resident of Georgia, the foregoing definition of Competing Business is rewritten as follows: “Competing Business” means any person or entity
engaged in the business of providing a Conflicting Product or Service in a country in which Knight does business and regarding which you have responsibilities. 

d. “Conflicting Product or Service” means a product and/or service that is the same or similar in function or purpose to a Company
product and/or service, such that it would replace or compete with: a product and/or service the Company provides to its customers; or a product or service that is under development or planning by the Company but not yet provided to customers and
regarding which Grantee was provided Confidential Information in the course of his/her employment. 
 e. “Confidential
Information” refers to the Company’s trade secrets and any other legally protectable information that is maintained as confidential by the Company and that is not authorized for disclosure to the public. 

(j) If a court finds a restriction herein to be unenforceable as written, such court (for the jurisdiction covered by that court only) will revise the restriction
so as to make it enforceable to protect the Company’s legitimate business interests. If one or more of the provisions of this Agreement are deemed void by law, then the remaining provisions will continue in full force and effect. 

(k) If Grantee is already subject to similar restrictive covenants in Grantee’s employment agreement or offer letter, the restrictive covenants in those
agreements will control and supercede the provisions in this Agreement.Separation agreement with Gary Katcher, dated July 30, 2010

 EXHIBIT 10.5 

July 30, 2010 
 Mr. Gary Katcher

 c/o Schulte Roth & Zabel LLP 

919 Third Avenue 
 New York, NY 10022 

 Re: Separation from Employment 

Dear Gary: 
 This letter agreement (the “Agreement”)
between you and Knight Libertas Holdings LLC (formerly known as Libertas Holdings LLC), a Delaware limited liability company, having its principal place of business at One Greenwich Office Park South, Greenwich, CT 06831 (hereinafter referred
to as “Libertas” or collectively with its indirect parent, Knight Capital Group, Inc. and its affiliates and subsidiaries as “Knight” or the “Company”), confirms our understanding and agreement with respect to your
termination of employment with the Company as follows: 
 1. Termination. You confirm the termination of your employment effective July 31,
2010 (hereinafter, the “Separation Date”). You agree that after the Separation Date that you will not represent yourself to be associated in any capacity with the Company or its affiliates and will not be required to come to the
Company’s premises after this time, but will be given reasonable access to the premises for transition purposes. You agree to resign as of the Separation Date from all positions you hold or occupy with Knight including as a Board member and
director. You further agree to cooperate and execute administrative documents necessary to effectuate such termination and resignations. Upon the Separation Date, you will cease to actively participate in all benefit plans and programs, including,
but not limited to, the Company’s 401(k) plan and any entitlements thereunder will be governed by the terms of such plans and programs. You agree that any amounts payable under Paragraph 2(b) below will not be taken into account in determining
any such entitlements. 
 2. Consideration. (a) You will be entitled to the following payments and benefits (subject to applicable deductions
and withholdings) within ten (10) business days of the Separation Date. Terms not defined in the Agreement and the Release attached as Exhibit A hereto (the “Release”) shall have the meanings assigned to the terms in your employment
agreement with the Company, dated May 5, 2008, as amended (the “Employment Agreement”): 
  

	 	(i)	Your unpaid salary through the Separation Date. 

  

	 	(ii)	Your accrued and unused vacation time through the Separation Date. 

  

	 	(iii)	Reimbursement for any unreimbursed expenses to which you are entitled pursuant to Section 3(d) of the Employment Agreement. 

(b) You will be entitled to the following payments and benefits (subject to applicable deductions and withholdings) contingent upon your execution
and delivery, within twenty-one (21) days following your Separation Date, of the Release and non-revocation of the same as set forth in the Release: 

(i) A lump sum payment of $450,000 on the thirtieth day following the Separation Date, and a lump sum payment of $4,550,000 on February 1,
2011. 
 (ii) A lump sum cash payment on February 1, 2011 equaling the fair market value for 114,426 unvested shares of Knight
Capital Group, Inc. (“KCG”) common stock related to your 2009 bonus (the “bonus shares”). For purposes of establishing fair market value for the restricted shares, the fair market

 
value will be based on the average of the high and low sales price on the New York Stock Exchange for KCG common stock as of July 30, 2010. In exchange for the lump sum payment for your
bonus shares, your unvested bonus shares shall be forfeited. 
 (iii) Subject to your timely election of continuation coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and your continued copayment of premiums at the same level and cost to you as if you were an employee of the Company (excluding, for purposes of calculating cost,
an employee’s ability to pay premiums with pre-tax dollars), continued participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers you, your spouse and your
dependents for a period of twelve (12) months at the Company’s expense, provided that you are eligible and remain eligible for COBRA coverage. 

(iv) The Company will directly or through one or more affiliated entities, invest up to $12,500,000 in a hedge fund that you create, subject to
terms and conditions to be agreed by you and Knight, which will include (x) concurrently with Knight’s investment, your investment of at least $10,000,000 and the investment by one or more other investors of the difference between
$12,500,000 and the amount invested by you; (y) the hedge fund is created within two (2) years of the Separation Date; and (z) Knight being provided with investment terms at least as favorable as all other similarly situated investors
investing similar or lesser amounts in such hedge fund. Your formation of and involvement in a hedge fund will be deemed not to be competitive for purposes of the non-compete provisions set forth in Section 8 of this Agreement, provided you do
not act as a broker-dealer or engage in the origination and securitization of mortgages. 
 c. Return of Documents and Property. On
or before the Separation Date, you will return to the Company all equipment, data, material, books, records, documents (whether stored electronically or on computer hard drives or disks), computer disks, credit cards, Company keys, I.D. cards and
other property, including, without limitation, stand alone computer, fax machine, printers, telephones, and other electronic devices in your possession, custody, or control which are or were owned and/or leased by the Company in connection with the
conduct of the business of the Company (collectively referred to as “Company Property”). You further warrant that you have not retained, or delivered to any person or entity, copies of Company Property or permitted any copies of Company
Property to be made by any other person or entity. 
 3. Non-Disparagement. You shall not directly or indirectly issue, authorize or condone any
disparaging comments or statements about Knight to its present or former employees of Knight (or its subsidiaries or affiliates) or to any individual or entity with whom or which Knight or any of its subsidiaries is, or becomes, known to you to have
a business relationship, or to others, in each case that could reasonably be expected to adversely affect the conduct of Knight’s business or its reputation or the conduct of business or the business or reputation of any of Knight’s
current parents, subsidiaries, affiliates, officers, directors or employees. Knight will issue a memorandum to the Senior Operating Committee and up to fifteen (15) employees designated by you instructing them not to make disparaging comments
or statements about you. If any member of Knight’s Executive Committee becomes aware that a Knight employee has made disparaging comments or statements about you, or intends to do so, Knight will take reasonable steps to prevent, limit and/or
address the matter. 
 4. Confidentiality/Non-Disclosure. You shall continue to be bound by the covenants set forth in Section 6 of the
Employment Agreement. 
 5. Permitted Disclosure. 

(a) The Company agrees that its communications and disclosures regarding you or your separation from the Company shall be consistent with the press
release issued by the Company regarding your resignation on July 22, 2010. 

 (b) Nothing in the Agreement nor the Release shall prohibit or restrict you or the Company from:
(i) making any true, accurate and complete disclosure of information required by law, regulation or legal process, it being acknowledged and agreed that Knight will be required to file this Agreement and the Release as an exhibit to a Form 8K
or Form 10Q and include therein a summary of the terms thereof; (ii) providing true, accurate and complete information to, or testifying or otherwise participating in or assisting in any investigation or proceeding brought by, any federal or
state regulatory or law enforcement agency or legislative body, any self-regulatory organization; or (iii) testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of Sarbanes-Oxley Act or any
federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. 

(c) To the extent permitted by law, each of the parties hereto agrees to give the other parties hereto timely and prompt written notice (in the
manner provided for herein) of the receipt of any subpoena, court order or other legal process compelling the disclosure of any information and/or documents described so as to allow such other parties reasonable opportunity to take such action as
may be necessary in order to protect such information and/or documents from disclosure. 
 6. Cooperation. You agree to reasonably cooperate with
Knight and its counsel (including attending meetings) in connection with any internal or external investigation, ongoing accounting or business issues, administrative proceeding or litigation relating to any matter in which you were involved or of
which you have knowledge as a result of your employment by Knight. Such cooperation shall include making yourself reasonably available to meet and confer with Knight and its counsel. The Company agrees to reimburse you for your reasonable expenses
and attorneys’ fees you incur with such cooperation. In addition, you agree to inform Knight’s General Counsel of any transfers of KCG stock by either you of New Libertas for a period of six (6) months from the date this Agreement and
the Release become effective. Further, you and GK Partners will cooperate, at Knight’s direction, to affirmatively enforce at Knight’s expense all applicable non-compete, non-solicit, non-hire provisions against both members and economic
non-members of New Libertas for the benefit of Knight, and will not release any such individual from these restrictions without Knight’s consent, which will not be unreasonably withheld. 

7. Covenant Not to Compete; Non-Solicitation; No Hire. You and we agree and acknowledge that the covenant not to compete, non-solicitation and no hire
provisions of (a) Section 5.9 of the Amended and Restated Interest Purchase Agreement By And Among Knight Capital Group, Inc., Knight/Trimark, Inc., Libertas Holdings LLC, New Libertas Holdings LLC and Gary Katcher, dated May 5, 2008
(the “Purchase Agreement”); and (b) Sections 6 and 7 of the Employment Agreement shall remain in full force and effect until July 31, 2011, at which time such covenants and provisions shall be null and void and shall have no
further force and effect, except that Parent, Purchaser and Company (as defined in the Purchase Agreement and or the Employment Agreement) shall retain the right to pursue any and all remedies in respect of a breach that occurs prior to
July 31, 2011 and you further agree and acknowledge that the amounts set forth in Paragraph 2 of this Agreement constitute separate, adequate and additional consideration for the continued application of Section 5.9. 

8. Indemnification Acknowledgement: By signing this Agreement, you affirmatively acknowledge that the indemnification obligations of you and New Libertas
under Sections 7 and 9 of the Purchase Agreement remain in full force and effect, in accordance with and subject to the terms, conditions and limitations set forth therein, including your and New Libertas’s obligations of indemnification and
reimbursement associated with the litigations entitled SV Special Situations Master Fund, Ltd. v. Knight Libertas LLC et al. and Cleland v. Knight Libertas et al. and any related actions, claims, expenses, proceedings and liabilities.

 9. Code Section 409. To the extent applicable, it is intended that this Agreement comply with or as
applicable, constitute a short-term deferral or otherwise be exempt from the provisions of Section 409A of the internal revenue code of 1986, as amended and the regulations and guidance promulgated there under (“Section 409A”). This
Agreement will be administered and interpreted in a manner consistent with this intent, and any provision that would cause this Agreement to fail to satisfy Section 409A will have no force and effect until amended to comply therewith (which
amendment may be retroactive to the extent permitted by Section 409A). You and we agree that your termination of employment shall be considered a “separation from service” from the Company within the meaning of Section 409A. To
the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period
immediately following your separation from service shall instead be paid on the first business day after the date that is six months following your termination of employment (or upon your death, if earlier). In addition, for purposes of this
Agreement, each amount to be paid or benefit to be provided to you pursuant to this Agreement shall be construed as a separate identified payment for purposes of Section 409A. With respect to expenses eligible for reimbursement under the terms
of this Agreement, (i) the amount of such expenses eligible for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement in another taxable year and (ii) any reimbursements of such expenses shall be made
no later than the end of the calendar year following the calendar year in which the related expenses were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation”
within the meaning of Section 409A or as otherwise set forth in Section 2 of this Agreement. 
 10. Modifications. Neither the Agreement
nor the Release may be changed orally, and no modification, amendment or waiver of any of the provisions contained in the Agreement and Release, nor any future representation, promise or condition in connection with the subject matter of the
Agreement and Release, shall be binding upon any party hereto unless made in writing and signed by such party. 
 11. Assignment. The Agreement and
Release shall be binding upon you and your executors, administrators, heirs and legal representatives. Neither you nor the Company may sell or otherwise assign any rights, obligations or benefits under this Agreement and Release, and any attempt to
do so shall be void; provided that the Company may transfer and assign its rights, obligations and benefits hereunder to a successor of all or substantially all of the business and/or assets of the Company so long as the Company requires such
successor to expressly assume and agree to perform the Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

12. Entire Agreement. Except as set forth in Sections 6, 7, 8 and 13 herein, the Agreement and the Release, together with the Purchase Agreement as amended
immediately after the execution of the Agreement and the Release, contains the entire agreement between the parties and supersedes and terminates any and all previous agreements between them, whether written or oral including the Term Sheet executed
between you and the Company, dated July 21, 2010, except as specifically set forth herein. 
 13. Survival. Notwithstanding anything to the
contrary set forth in this Agreement or the Release, Sections 6 and 8 of the Employment Agreement shall survive the termination of the Employment Agreement. In addition, the terms of the Confidential Information and Invention Assignment Agreement
(the “Confidentiality Agreement”) between you and the Company and dated July 22, 2008 remain in full force and effect. 
 14. Specific
Enforcement. The parties agree that this Agreement and Release may be specifically enforced in court or arbitration and may be used as evidence in a subsequent proceeding in which any of the parties allege a breach of this Agreement and Release.

 15. Notices. All notices in connection with or provided for under this Agreement and Release shall be validly
given or made only if made in writing and delivered personally, by facsimile or mailed by registered or certified mail, return receipt requested, postage prepaid, to the party entitled or required to receive the same, as follows: 

If to Employee, addressed to: 

Gary Katcher 

c/o Schulte Roth & Zabel LLP 

919 Third Avenue 

New York, NY 10022 

PHONE: 212-756-2000 

If to the Company, addressed to: 

Bronwen Bastone 

Knight Capital Group, Inc. 

545 Washington Boulevard, 3rd Floor 

Jersey City, New Jersey 07310 

PHONE: 201-557-6861 

FAX: 201-222-7869 
 or at such other
address as either party may designate to the other by notice similarly given. Notice shall be deemed to have been given upon receipt in the case of personal delivery or facsimile and upon the date of receipt indicated on the return receipt in the
case of mail. 
 16. Severability. If, at any time after the Effective Date (as defined below) of this Agreement, any provision of this Agreement
shall be held by any court or other forum of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force and effect. The illegality or unenforceability of such provision, however, shall have no effect upon, and
shall not impair the enforceability of, any other provision of this Agreement. 
 17. Venue and Choice of Law/Waiver of Jury Trial: The exclusive
venue for any disputes arising hereunder shall be the state or federal courts located in the State of New Jersey, and each of the parties hereto irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each of the parties hereto also agrees that any final and
unappealable judgment against a party hereto in connection with any action, suit or other proceeding may be enforced in any court of competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award
or judgment shall be conclusive evidence of the fact and amount of such award or judgment. The Agreement and the Release and the rights and obligations of the parties hereto shall be governed and construed in accordance with the laws of the State of
New Jersey. If any provision hereof is unenforceable or is held to be unenforceable, such provision shall be fully severable, and this document and its terms shall be construed and enforced as if such unenforceable provision had never comprised a
part hereof, the remaining provisions hereof shall remain in full force and effect, and the court construing the provisions shall add as a part hereof a provision as similar in terms and effect to such unenforceable provision as may be enforceable,
in lieu of the unenforceable provision. 
 EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
RELATED HERETO, IN EACH CASE 

 
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR
CAUSE OF ACTION WILL BE DECIDED BY TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY. 
 18. Acknowledgment. By signing the Agreement and the Release, you certify that you have read the terms of
the Agreement and the Release, and that your execution of the Agreement and the Release shall indicate that the Agreement and the Release conforms to your understanding and is acceptable to you as a final agreement. You further acknowledge and agree
that, pursuant to Paragraph 2 of the Release, by signing this Agreement and the Release, you waive and release any and all claims you may have or have had against the Company and the Releasees, including, without limitation, claims under the Age
Discrimination in Employment Act. You further acknowledge and agree that you have been advised of the opportunity to consult with counsel of your choice and that you have been given a reasonable and sufficient period of time of not less than
twenty-one (21) days in which to consider and return this Agreement and the Release, subject to your right to sign this Agreement and the Release sooner. You further acknowledge and agree that upon your execution and return of this Agreement
and the Release, you will be permitted to revoke the Agreement and Release during a period of seven (7) calendar days following your execution hereof (the “Revocation Period”). To be effective, the revocation must be in writing and
must be hand-delivered or telecopied to the Company within the Revocation Period. The Agreement and the Release will not be effective until the Revocation Period has expired without revocation (the “Effective Date”). 

We appreciate your service to Knight, and we wish you the best in all your future endeavors. 

Sincerely yours, 
  

							
	Knight Libertas Holdings LLC	 	 
				
	By:	  	 /s/ Bronwen Bastone
	 		 	
		  	Bronwen Bastone	 		 	
		  	Managing Director- Human Resources	 		 	
		  	Knight Capital Group, Inc.	 		 	
		  	On behalf of Knight Libertas Holdings LLC	 		 	
			
	 /s/ Gary Katcher
	 	Date: 7/30/10	 	
	Gary Katcher	 		 	
			
	Subscribed and sworn to before me	 		 	
			
	This 30th day of July, 2010	 		 	
			
	 /s/ Concetta Bologna
	 		 	
	NOTARY PUBLIC	 		 	

 EXHIBIT A 

RELEASE 
 THIS
RELEASE AGREEMENT (the “Release”) is made as of this 30th day of July, 2010, by and between Gary Katcher (“Employee”) and Knight Libertas Holdings LLC (the “Surviving Entity”). 

FOR AND IN CONSIDERATION of the payments and benefits provided in Section 2(b) of the Letter Agreement between Employee and the Surviving
Entity, dated July 30, 2010, Employee, for himself, his successors and assigns, executors and administrators, now and forever hereby releases and discharges the Surviving Entity, together with all of its past and present parents, subsidiaries,
and affiliates, together with each of their officers, directors, stockholders, partners, employees, agents, representatives and attorneys, and each of their subsidiaries, affiliates, estates, predecessors, successors, and assigns (hereinafter
collectively referred to as the “Releasees”) from any and all rights, claims, charges, actions, causes of action, complaints, sums of money, suits, debts, covenants, contracts, agreements, promises, obligations, damages, demands or
liabilities of every kind whatsoever, in law or in equity, whether known or unknown, suspected or unsuspected, which Employee or Employee’s executors, administrators, successors or assigns ever had, now has or may hereafter claim to have by
reason of any matter, cause or thing whatsoever; arising from the beginning of time up to the date of the Release: (i) relating in any way to Employee’s employment relationship with the Surviving Entity or any of the Releasees, or the
termination of Employee’s employment relationship with the Surviving Entity or any of the Releasees; (ii) arising under any federal, local or state statute or regulation, including, without limitation, the Age Discrimination in Employment
Act of 1967, as amended by the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, the New Jersey Law against
Discrimination, and/or the Connecticut Fair Employment Practices Act, each as amended; (iii) relating to wrongful employment termination or breach of contract; or (iv) arising under or relating to any policy, agreement, understanding or
promise, written or oral, formal or informal, between the Surviving Entity and any of the Releasees and Employee; provided, however, that notwithstanding the foregoing, nothing contained in the Release shall in any way diminish or
impair: (a) any rights Employee may have under any provision of the Employment Agreement intended to survive termination of employment; (b) any rights Employee may have under the Purchase Agreement (as defined in the Employment Agreement)
except as set forth herein; (c) any rights Employee may have arising from and after the date the Release is executed; (d) any rights to indemnification that may exist from time to time under the Surviving Entity’s or any of the
Releasees’ certificates of incorporation or bylaws, or Delaware law; (e) any rights Employee may have to vested benefits under employee benefit plans of the Surviving Entity or any of the Releasees; (f) Employee’s ability to
bring appropriate proceedings to enforce the Release; (g) any rights or claims Employee may have that cannot be waived under applicable law; (h) Employee’s rights arising solely in his capacity as a stockholder of Knight Capital
Group, Inc. or its successor; (i) Employee’s right to appeal a denial of a claim for benefits submitted under any health and welfare insurance program maintained by the Surviving Entity or any of the Releasees for the benefit of Employee
or Employee’s dependents; (j) Employee’s right to file a claim for unemployment insurance benefits or for workers’ compensation insurance benefits; or (k) Employee’s right to director and officer insurance coverage, if
any (collectively, the “Excluded Claims”). Employee further acknowledges and agrees that, except with respect to Excluded Claims, the Surviving Entity and the Releasees have fully satisfied any and all obligations whatsoever owed to
Employee arising out of his employment with the Surviving Entity or any of the Releasees, including, but not limited to, any obligations under the Employment Agreement, and that no further payments or benefits are owed to Employee by the Surviving
Entity or any of the Releasees. 

 Employee understands and agrees that, except for the Excluded Claims, he has knowingly
relinquished, waived and forever released any and all rights to any personal recovery in any action or proceeding that may be commenced on Employee’s behalf arising out of the aforesaid employment relationship or the termination thereof,
including, without limitation, claims for backpay, front pay, liquidated damages, compensatory damages, general damages, special damages, punitive damages, exemplary damages, costs, expenses and attorneys’ fees. 

Employee acknowledges and agrees that Employee has been advised to consult with an attorney of Employee’s choosing prior to signing the
Release. Employee understands and agrees that Employee has the right and has been given the opportunity to review the Release with an attorney of Employee’s choice should Employee so desire. Employee also agrees that Employee has entered into
the Release freely and voluntarily. Employee further acknowledges and agrees that Employee has had at least twenty-one (21) calendar days to consider the Release, although Employee may sign it sooner if Employee wishes. In addition, once
Employee has signed the Release, Employee shall have seven (7) calendar days after the Employee shall have executed the Release and returned it to the Surviving Entity to revoke Employee’s consent and may do so by writing to: Bronwen
Bastone, Knight Capital Group, Inc., 545 Washington Boulevard, 3rd Floor, Jersey City, New Jersey 07310. 
 The Release shall not be
effective, and no payments shall be due hereunder until the eighth (8th) day after Employee shall have executed the Release and returned it to the Surviving Entity, assuming that Employee had not revoked Employee’s consent to the Release
prior to such date. 
 Employee agrees never to seek reemployment or future employment with the Surviving Entity or any of the other
Releasees. 
 It is understood and agreed by Employee that the payment made to him is not to be construed as an admission of any
liability whatsoever on the part of the Surviving Entity or any of the other Releasees, by whom liability is expressly denied. 

The Release is executed by Employee voluntarily and is not based upon any representations or statements of any kind made by the Surviving Entity
or any of the other Releasees as to the merits, legal liabilities or value of his claims. Employee further acknowledges that he has had a full and reasonable opportunity to consider the Release and that he has not been pressured or in any way
coerced into executing the Release. 
 The exclusive venue for any disputes arising hereunder shall be the state or federal courts
located in the State of New Jersey, and each of the parties hereto irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Each of the parties hereto also agrees that any final and unappealable judgment against a party hereto in connection with any action, suit or
other proceeding may be enforced in any court of competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or
judgment. 
 The Release and the rights and obligations of the parties hereto shall be governed and construed in accordance with
the laws of the State of New Jersey. If any provision hereof is unenforceable or is held to be unenforceable, such provision shall be fully severable, and this document and its terms shall be construed and enforced as if such unenforceable provision
had never comprised a part hereof, the remaining provisions hereof shall remain in full force and effect, and the court construing the provisions shall add as a part hereof a provision as similar in terms and effect to such unenforceable provision
as may be enforceable, in lieu of the unenforceable provision. 

 EACH PARTY TO THIS RELEASE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL
BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION WILL BE
DECIDED BY TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY. 
 This document contains all terms of the Release and, except as expressly set forth herein, supersedes and invalidates any
previous agreements or contracts of the parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, agreements, arrangements and understandings between Employee and the Surviving Entity or any of the
Releasees. No representations, inducements, promises or agreements, oral or otherwise, which are not embodied herein shall be of any force or effect. 

The Release shall inure to the benefit of and be binding upon the Surviving Entity and its successors and assigns. The terms of the Release are
personal to Employee and may not be assigned by Employee. 
 IN WITNESS WHEREOF, Employee has executed the Release as of the date
first written above. 
  

			
	 7/30/10
	  	 /s/ Gary Katcher

	 Date
	  	Gary Katcher

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