Document:

Exhibit
4.3

LPL INVESTMENT HOLDINGS
INC.

(f/k/a “BD INVESTMENT HOLDINGS INC.”)

Form of Stock Bonus
Agreement

Under the Fourth Amended
and Restated 2000 Stock Bonus Plan

This AGREEMENT, dated as
of __________, is between LPL Investment Holdings Inc. (f/k/a “BD Investment Holdings Inc.”), a Delaware
corporation (“Parent”), and
{__________}, Rep. #(___) (the “Registered Representative”).

WHEREAS, the Board of
Directors of LPL Holdings, Inc., a Massachusetts corporation (the “Company”) has determined that under the Fourth Amended and Restated 2000 Stock Bonus Plan (as amended, modified or supplemented from time to time, the “Plan”), the terms of which are
incorporated herein by reference, a Triggering
Company Sale (as defined in the Plan)
occurred on December 28, 2005;

WHEREAS, in connection with the Triggering Company Sale, Parent has assumed all of the Company’s
obligations under, and adopted for
itself, the Plan and, as a result of such assumption and adoption, all references to (x) “the Company” in the Plan shall be deemed to refer to “Parent”
and (y) all references to “Common Stock” in the Plan shall be deemed to refer to “common stock, par value $0.01, per share, of Parent;
and

WHEREAS,
the Registered Representative is eligible to receive Bonus Credits pursuant to
the Plan; and

WHEREAS,
as a condition precedent to the issuance
of the Bonus Credits to the Registered Representative, the Registered
Representative must enter into this Agreement.

NOW,
THEREFORE, in consideration of the mutual promises and agreements set forth herein, the parties hereto hereby agree as follows:

1.                                       Issuance
of Bonus Credits.

This
Agreement evidences the issuance by Parent to the Registered Representative of
{_____} Bonus Credits on the terms provided herein and in the Plan. Any capitalized
term used and not otherwise defined herein shall have the meaning ascribed to it in the Plan.

2.                                       Vesting
of Bonus Credits; Payment of Common Stock.

(a)           Vesting of Bonus Credits

(i)            If at any time after the date of this
Agreement and before the third annual anniversary of the Triggering Company Sale, Parent (or
any of subsidiaries (including LPL)) or the Registered Representative
terminates the Registered Representative Agreement, then, except as otherwise
provided in Section 2(a)(ii) or (iii) below, any 

“invested Bonus Credits held by the Registered Representative shall be
immediately forfeited to Parent. One-third of the aggregate number of Bonus
Credits evidenced by this Agreement shall vest on each of the first, second and
third annual anniversary of the closing of the Triggering Company Sale, subject
to the Registered Representative’s continued service and Section 2(a)(ii) and
(iii) below.

(ii)           If a Registered Representative dies at any time on or before the third
annual anniversary of the Triggering Company Sale, all unvested Bonus Credits
held by the Registered Representative immediately prior to his or her death
shall become vested Bonus Credits and shall become property of such Registered
Representative’s estate, notwithstanding the terms of clause (i) of this
Section 2(a); provided, however, that such Bonus Credits shall remain subject
to the Bonus Agreement.

(iii)          If a Registered Representative retires from
the securities industry at the age of 65 or older and, in connection with such
retirement, Parent or such Registered Representative terminates the Registered
Representative Agreement between Parent (or its affiliates) and such Registered
Representative on or before the third annual anniversary of the Triggering
Company Sale, all unvested Bonus Credits held by the Registered Representative
immediately prior to his or her retirement shall become vested Bonus Credits,
notwithstanding the terms of clause (i) of this Section 2(a); provided,
however, that such Bonus Credits shall remain subject to the Bonus Agreement.
If, at any time prior to the occurrence of a Liquidity Event (as defined in
Section 2(b)), the Registered Representative ceases to remain retired from the
securities industry and conducts any broker-dealer or investment advisory activities
for any fee, commission or other consideration without Parent’s consent, any
Bonus Credits that vested as a result of this clause (iii) of this Section 2(a)
shall be immediately forfeited to Parent.

(iv)          Parent or its subsidiaries may terminate a
Registered Representative Agreement for any reason specified in the Registered
Representative Agreement.

(b)           Payment
of Common Stock. Promptly upon
the earlier of (i) immediately prior to a Company Sale (occurring after the date of this Agreement) that also constitutes a
change in control event under Section 409A of the Internal Revenue
Code of 1986, as amended, or the
regulations thereunder (“Section 409A”) or (ii) immediately following the
earlier of (A) 180 days following an IPO or (B) if
required to avoid the imposition of tax under Section 409A, two and one-half months after the close of Parent’s tax year (for
federal income tax purposes) in which the IPO occurs (either of the events in clause (i) or (ii), a “Liquidity
Event”), allocated Bonus Credits
that are vested shall automatically convert into a like number of shares of Common Stock (“Bonus Shares”),
subject to adjustment pursuant to Section 11 of the Plan. Following a
Liquidity Event, Bonus Credits
that are not vested (and have not
previously been forfeited) at the time of such Liquidity Event shall convert to
Bonus Shares upon vesting.

3.                                       Nontransferability
of Bonus Credits.

The Bonus Credits shall
not be assignable or otherwise transferable by the Registered Representative
without the prior written consent of the Board, which may be granted or withheld at the sole discretion of the Board. Notwithstanding
the foregoing, in the event of the Registered 

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Representative’s
death, all rights under this Agreement and the Plan in respect
of Bonus Credits held by the
Registered Representative immediately prior to his or her death shall pass by
will or by the laws of descent and distribution as the case may be. Any heir or
legatee of the Registered Representative shall take rights herein granted subject to the terms and
conditions hereof.

4.                                       Investment
Representations.

Prior to the delivery of
Bonus Shares, the Board may require the Registered Representative to give
written assurances in substance and form satisfactory to the Board to the effect that the Registered
Representative is acquiring the Bonus Shares for such
person’s own account for investment and
not with any present intention of selling or otherwise distributing the
same, and to such other effects as Parent deems necessary, appropriate or
desirable in order to comply with federal and applicable state securities laws, or with covenants or representations made by Parent in connection with any
public offering of its capital stock.

In addition, the
Registered Representative represents, warrants and covenants as follows:

(a)           The Registered Representative is
acquiring the Bonus Credits for his or her own account for investment only, and
not with a view to, or for sale in connection with, any distribution of the
Registered Representative in violation of the Securities Act of 1933, as
amended, or any rule or regulation under the Securities Act.

(b)           The Registered Representative has had
such opportunity as he or she has deemed adequate to obtain from
representatives of Parent and its subsidiary, LPL, such information as is
necessary to permit him to evaluate the merits and risks of his or her
investment in Parent.

(c)           The Registered Representative has
sufficient experience in business, financial and investment matters to be able
to evaluate the risks involved in the acquisition of the bonus Credits and to
make an informed investment decision with respect to such investment.

5.                                       No
Employment Status.

Nothing
contained in the Plan or
in this Agreement or other agreement
or instrument executed in
connection with the Plan shall confer upon the Registered Representative the
status as an employee of LPL or Parent or interfere in any way with the right
of LPL at any time to terminate the Registered Representative Agreement.

6.                                       No
Rights as Shareholder.

Unless
and until Bonus Shares are issued to the Registered Representative, the
Registered Representative shall have no
rights as a shareholder with respect to any shares to be issued under
the Plan (including, without limitation, any voting rights, the right to inspect or receive Parent’s balance
sheets or financial statements or any
rights to receive dividends or non-cash distributions with respect to
such shares).

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7.                                       Notices.

Any notice hereunder
shall be in writing and shall be deemed
to have been duly given when mailed
by first class mail, or delivered by hand,
(i) if to Parent, to its principal executive office, attention:
President with a copy to the General Counsel; and (ii) if to the Registered
Representative, to the address of the Registered Representative listed in the
record books of Parent and its subsidiary, LPL.

8.                                       Restrictive Legends.

Certificates representing
Bonus Shares (if issued) may have affixed thereto legends in substantially the
following form, in addition to any other legends that may be required under federal
or state securities laws:

“The shares represented
by this certificate have not
been registered under the Securities Act of 1933, as amended, and may not be
sold, transferred or otherwise disposed of in the absence of an effective
registration statement under such
Act or an opinion of counsel
satisfactory to the corporation to the effect that such registration is not
required.”

9.                                       Effectiveness;
Provisions of the Plan.

This Agreement shall
become effective upon the execution hereof by Parent and the Registered
Representative and is subject to the provisions of the Plan (as amended,
modified or supplemented from time to time in accordance therewith), a copy of
which is furnished to the Registered Representative herewith.

10.                                 Severability.

The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, and each other provision of this Agreement
shall be severable and enforceable to the
extent permitted by law.

11.                                 Entire
Agreement.

This Agreement and the Plan constitute the entire agreement between the parties, and supersedes all prior agreements
and understandings, relating to the subject matter of this Agreement by and
between Parent and the Registered Representative.

12.                                 Governing Law.

Notwithstanding
Section 22(b) of the Plan, this Agreement shall be construed, interpreted and
enforced in accordance with the internal laws of the State of Delaware
without regard to any applicable
conflicts of laws.

13.                                 Taxes.

Parent and the
Registered Representative
acknowledge and agree that
Parent shall not exercise
general supervision or control
over the time, place or manner in which the Registered 

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Representative provides
services to Parent and its Affiliates, and that in performing such services the
Registered Representative shall be acting and shall act at all times as an independent contractor only and not as an employee, agent, partner
or joint venturer of or with Parent. Accordingly, Registered Representative
acknowledges that he is solely responsible
for the payment of all Federal, state, local and other taxes that are
required by applicable laws or regulations
to be paid with respect to the amounts payable hereunder.

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IN
WITNESS WHEREOF, the parties hereto
have executed this Agreement as of
the date first above written.

	
  

  	
  LPL INVESTMENT HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
   

  
	
   

  	
   

  	
  Name: Mark S. Casady

  
	
   

  	
   

  	
  Title: Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REGISTERED REPRESENTATIVE

  
	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
   

  
	
   

  	
   

  	
  Name:             
                REP #{_____}

  
	
   

  	
   

  	
  Title:Exhibit
4.4

CONFIDENTIAL

FOURTH
AMENDED AND RESTATED 2000 STOCK BONUS PLAN

LPL
INVESTMENT HOLDINGS INC.

(f/k/a “BD INVESTMENT HOLDINGS INC.”)

amended and restated
effective as of January 17, 2006

1.             Purpose.  The purpose of this 2000 Stock Bonus Plan
(the “Plan”) of LPL Investment Holdings Inc. (f/k/a “BD Investment Holdings
Inc.”) (the “Company”) is to reward the most successful and loyal independent
contracted agents (the “Registered Representatives”) of Linsco/Private Ledger
Corp. (“LPL”), a wholly-owned subsidiary of the Company, by providing the
Registered Representatives with an interest in shares of the Company’s Common
Stock (as defined in Section 2 below) following the sale of LPL Holdings Inc. (“LPL
Holdings”).  The 2000 Stock Bonus Plan as
originally adopted by LPL Holdings (and prior to the Company’s assumption
thereof) provided for the issuance to Registered Representatives of shares of
Common Stock only in connection with an initial public offering of Common Stock
to be underwritten on a firm commitment basis by a nationally recognized
investment banking firm pursuant to a registration statement filed with, and
declared effective by, the United States Securities and Exchange Commission (“IPO”).  This Plan was amended and restated in 2005 to
provide for the issuance to Registered Representatives after the closing of the
sale of LPL Holdings (the “Triggering Company Sale”) of Bonus Credits (as
defined in Section 4 below) that are convertible into shares of Common
Stock.  This amendment and restatement
provides far technical conforming changes to the Plan in light of the Company’s
assumption of the Plan from LPL Holdings in connection with the Triggering
Company Sale.

2.             Type of Stock.  For purposes of the Plan, all references to “Common
Stock” shall mean the common stock, par value $0.01, of the Company.

3.             Administration.  The Board of Directors of the Company (the “Board”),
or any committee the Board may designate, shall have plenary authority to
administer the Plan, including without limitation, the determination of the
allocation of Bonus Credits.  All
decisions made by the Board or designated committee pursuant to the Plan shall
be final and conclusive.  The Board or
designated committee may correct any defect or supply any omission or reconcile
any inconsistency in the Plan or in any agreement related hereto in the manner
and to the extent it shall deem appropriate to carry the same into effect.  No director or person acting pursuant to
authority delegated by the Board shall be liable for any action or
determination under the Plan made in good faith.

4.             Eligibility.  Registered Representatives who held their
securities licenses with LPL on December 31, 2005 shall be eligible Registered
Representatives (“Eligible Registered Representatives”).  Eligible Registered Representatives whose
sales and service fees, in the 

aggregate, represent not
less than the top 50% of gross commissions and advisory services fees (as
defined in LPL’s standard Registered Representative Agreement as that agreement
may be in effect from time to time) generated by all Eligible Registered
Representatives in the aggregate during the Award Year (as defined in Section 5
below) are eligible, at the discretion of the Board, to receive bonus credits
(the “Bonus Credits”) (expressed as rights to receive Common Stock) subject to
the terms and conditions of the Plan. 
Unless otherwise directed by the Board, the Company shall not issue to
any Eligible Registered Representative any certificate or other documentation
representing the Bonus Credits. 
Notwithstanding the above, at the discretion of the Board, LPL branch
office managers who have entered into Branch Office Manager Agreements with LPL
may be deemed to be Registered Representatives and the Gross Revenues of the
individuals in each branch office (other than the Gross Revenues of any other
Registered Representative in such branch office who is a Qualifier (as defined
in Section 6 below)) shall be aggregated for the account of the LPL branch
office manager for such office for purposes of the Plan.

5.             Award Year.  The “Award Year” shall be the approximately
52 week period (as represented by 24 commission cycles) immediately prior to,
and ending on, September 30, 2005.

6.             Qualification Requirements For
Participation in the Plan.  In order
for an Eligible Registered Representative to qualify to receive Bonus Credits,
the gross commission plus total advisory fees,12b-l fees paid on mutual funds
and trailing fees paid on other financial products (“Gross Revenues”) of the
Eligible Registered Representative produced during the Award Year must rank
within the top 50% of LPL’s Gross Revenues produced during the Award Year when
every Eligible Registered Representative’s Gross Revenues are listed in
descending order of productivity by amount. 
If deemed necessary and appropriate by the Board, the Company shall
estimate trailing fees and any such estimate, to the extent relied upon by the
Board, shall be binding for purposes of the Plan and the determinations
hereunder.  Starting with the top producer,
the Company shall add each Eligible Registered Representative’s Gross Revenues
going down the list until the sum represents at least 50% of total Gross
Revenues during the Award Year.  Each
Eligible Registered Representative whose Gross Revenues are counted to arrive
at the 50% total (a “Qualifier”) shall be eligible to receive Bonus Credits and
participate in the Plan.  Gross Revenues
to be counted toward qualifying for receipt of Bonus Credits shall be those
which were processed by LPL’s commission accounting system during the Award
Year.

7.             Allocation of Bonus Credits.  The total number of available Bonus Credits
shall be divided into three buckets, with each bucket having a different
allocation formula for the Registered Representatives who are Qualifiers.  Tabulation of Gross Revenues and Recurring
Fees (as defined in Section 7(b) below) is subject to the characterization of
revenues provided to LPL’s commission accounting department by the product
sponsors during the Award Year.  The
three buckets, which shall comprise 100% of the Bonus Credits, are as follows:

(a)           The Gross Revenue Bucket shall account for 50% of the
total Bonus Credits and be allocated on the basis of each Qualifier’s Gross
Revenues.  Each Qualifier’s allocation of
the Gross Revenue Bucket shall be determined by the following allocation
formula:  the number of Bonus Credits in the Gross Revenue Bucket multiplied by
an amount equal to the quotient of the Qualifier’s Gross Revenues divided by
the total Grass Revenues of all Qualifiers.

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(b)           The
Recurring Fees Bucket shall account for 25% of the total Bonus Credits and be
allocated on the basis of each Qualifier’s total advisory fees, 12b-1 fees paid
on mutual funds and trailing fees paid on other financial products (“Recurring
Fees”).  Each Qualifies allocation of the
Recurring Fees Bucket shall be determined by the following allocation
formula:  the number of Bonus Credits in the Recurring Fees Bucket multiplied by
an amount equal to the quotient of Qualifier’s Recurring Fees divided by the
Total Recurring Fees of all Qualifiers.

(c)           The
Tenure Bucket shall account for 25% of the total Bonus Credits and be allocated
only to Qualifiers who have been registered with LPL for at least five years as
of September 30, 2005 (the “Tenured Qualifiers”).  Each Tenured Qualifier’s allocation of the
Tenure Bucket shall be determined by the following allocation formula:  the number
of Bonus Credits in the Tenure Bucket multiplied by an amount equal to the
quotient of the Tenured Qualifier’s Gross Revenues divided by the total Gross
Revenues of all Tenured Qualifiers.

8.             Form of Agreement.  Each Qualifier who elects to participate in
the Plan shall be required to sign a stock bonus agreement (the “Bonus
Agreement”), in such form as may be approved by the Board, incorporating among
other things the terms of Section 13 below (with such modifications and changes
as the Board may from time to time approve). 
Each Bonus Agreement shall become effective upon execution by the
Company and the Qualifier.

9.             Conversion of Bonus Credits.  Upon the earlier of (i) immediately prior to
a sale of all or substantially all of the business or assets of LPL Holdings or
the Company that occurs after December 31, 2005 that also constitutes a change
in control event under Section 409A of the Internal Revenue Code of 1986, as
amended, or the regulations thereunder (“Section 409A”), or (ii) on the earlier
of (A) 180 days following an IPO or (B) if required to avoid the imposition of
tax under Section 409A, two and one-half months after the close of the calendar
year in which an IPO occurs (either of the events in clause (i) or (ii), a (“Liquidity
Event”), allocated Bonus Credits that are vested shall automatically convert
into a like number of shares of Common Stock (“Bonus Shares”), subject to
Section 11 below.  Bonus Credits that are
not vested at the time of a Liquidity Event shall convert to Bonus Shares upon
vesting.

10.           Stock Subject to the Plan.  A total of 771,693 shares of Common Stock are
reserved and available for grants under the Plan.  The Board, in its sole discretion, may make
such substitution or adjustments in the aggregate number and kind of shares
reserved for issuance under the Plan.

11.           Adjustments.  The Board shall make or provide for a fair
and proportionate adjustment in the number, price and kind of Common Stock
underlying the Bonus Credits in order to maintain the proportional interests of
the Qualifiers and preserve the value of the Bonus Credits granted hereunder in
the event of any merger, reorganization, stock split or stock dividend
following the date of this amendment and restatement.  Neither fractional shares nor cash in lieu
thereof shall be issued on account of any such adjustments.

12.           Transferability.  The Bonus Credits shall not be assignable or
otherwise transferable by the Qualifier without the prior written consent of
the Board, which may be granted or withheld at the sole discretion of the
Board.  Bonus Credits and Bonus Shares
shall be 

 3
 

subject to the
restrictions set forth herein and in the Bonus Agreement and any restrictions
imposed under federal or state securities law.

13.           Termination and Forfeiture of
Bonus Credits.  If at any time after
the allocation of Bonus Credits to a Qualifier and before the third annual
anniversary of the Triggering Company Sale, either LPL or the Qualifier
terminates the Representative Agreement, then, except as otherwise provided
below on in an applicable Bonus Agreement approved by the Board, any unvested
Bonus Credits held by the Qualifier shall be immediately forfeited to the
Company.  One third of the aggregate
number of Bonus Credits of each Qualifier shall vest on each of the first,
second and third annual anniversary of the closing of the Triggering Company
Sale.

(a)           Termination by Death of
Qualifier.  If a
Qualifier dies at any time on or before the third annual anniversary of the
Triggering Company Sale, all unvested Bonus Credits held by the Qualifier
immediately prior to his or her death shall become vested Bonus Credits and
shall become property of such Qualifier’s estate, notwithstanding the terms of
the first paragraph of this Section 13; provided, however, that such Bonus
Credits shall remain subject to the Bonus Agreement.

(b)           Termination by LPL.  LPL may terminate a Representative Agreement
for any reason specified in the Representative Agreement.

14.           Reallocation of Forfeited Bonus
Credits.  In January of each year
beginning in January 2007 and ending in January 2010, the Company may allocate
to Registered Representatives a number of Bonus Credits equal to the number of
Bonus Credits, if any, that are forfeited in accordance with the Plan in the
previous calendar year.  Any Registered
Representative with Gross Revenues for the one-year period ending on the previous
September 30 that equal or exceed the Gross Revenues of any Qualifier for the
one-year period ended September 30, 2005 shall be eligible to receive Bonus
Credits under this Section 14.  The Board
will determine the number of Bonus Credits, if any, to be allocated to each
Registered Representative eligible under this Section 14 and may base such
allocation on any methodology deemed reasonable by the Board in its
discretion.  One third of any such Bonus
Credits so allocated shall vest on each of the first, second and third annual
anniversary of the date of grant and be subject to the provisions of the Plan.

15.           Term.  The Plan shall automatically terminate upon
the first to occur of (a) the tenth anniversary of the effective date of the
Plan or (b) termination by the Board pursuant to Section 16 below.

16.           Amendment, Alteration, or
Termination.  The Board may amend,
alter or terminate the Plan in its sole discretion.  Reasons for amendments or alterations may
include, but are not limited to, changes in accounting rules, tax laws or
securities regulations which govern the Plan or impact its economics.  If the Plan is amended, altered or
terminated, neither Bonus Credits nor Bonus Shares outstanding as of the date
of such amendment, alteration or termination shall be materially and adversely
affected or impaired.

17.           Effective Date of Plan.  The Plan, as amended and restated, shall be
effective as of January 17, 2006.

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18.           Investment Representations.  The Board may require any person to whom
Bonus Credits or Bonus Shares are issued to give written assurances in
substance and form satisfactory to the Board to the effect that such person is
acquiring the same for such person’s own account for investment and not with
any present intention of selling or otherwise distributing the same, and to
such other effects as the Company deems necessary, appropriate or desirable in
order to comply with federal and applicable state securities laws, or with
covenants or representations made by the Company in connection with any public
offering of its capital stock.

19.           No Employment Status.  Nothing contained in the Plan or in the Bonus
Agreement or other agreement or instrument executed pursuant to the provisions
of the Plan shall confer upon any Registered Representative the status as an
employee of LPL or the Company or interfere in any way with the right of LPL at
any time to terminate the Representative.

20.           No Special Registered
Representative Status.  Nothing
contained in the Plan or in the Bonus Agreement or other agreement or
instrument executed, pursuant to the provisions of the Plan shall confer upon
any Registered Representative the status as registered representative licensed
with LPL or the Company.

21.           No Rights as Shareholder.  Unless and until Bonus Shares are issued to a
Qualifier, the Qualifier shall have no rights as a shareholder with respect to
any shares to be issued under the Plan (including, without limitation, any
voting rights, the right to inspect or receive the Company’s balance sheets or
financial statements or any rights to receive dividends or non-cash
distributions with respect to such shares).

22.           General Provisions.

(a)           Nothing contained in the Plan shall prevent LPL or the
Company from adopting other or additional compensation arrangements for LPL’s
Registered Representatives, and LPL’s and the Company’s employees, officers and
directors.

(b)           The
Plan and all actions taken hereunder shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, without
reference to principles of conflict of laws.

LPL
Investment Holdings Inc.

Approved by the Board of
Directors on June 30, 2006, effective as of January 17, 2006

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