Document:

Exhibit
10.17

	
  Christopher Giancarlo Employment Agreement

  	
   

  

 

EMPLOYMENT
AGREEMENT

This EMPLOYMENT
AGREEMENT (“Agreement”) is entered into as of March 26, 2007 (the “Effective
Date”), by and between GFI Group Inc.
(the “Company” or “GFI”), a Delaware Corporation and Christopher Giancarlo, an
individual (“Executive”).

WHEREAS, Executive is currently employed as the
Executive Vice President - Corporate Development of the Company; and

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

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged,
the parties hereto agree as follows:

1.                                      Nature
of Employment.

(a)                                  The
Company hereby agrees to continue to employ Executive as a full-time employee
in the position of  Executive Vice
President - Corporate Development  and
Executive accepts such continued employment, on the terms and conditions set
forth in this Agreement, for the Term of this Agreement (as defined in Section
2 below).  Throughout the Term, Executive
will report directly to the Chief Executive Officer of the Company (the “CEO”)
and will perform and discharge well and faithfully such duties and functions
consistent with his position as Executive Vice President - Corporate
Development as may be assigned to him from time to time by the CEO in his
discretion in connection with the conduct of the Company’s business, including
with respect to any business conducted by any affiliate of the Company
(including any subsidiaries, parents, or other enterprises under common
ownership or control with the Company) (each a “Related Entity”).  If Executive is elected or appointed an
officer or director of the Company, or any other Related Entity, during the
period of Executive’s employment with the Company, Executive will serve in such
capacity without additional compensation.

(b)                                 During
the period of Executive’s employment with the Company, Executive:  (i) will devote 100% of his employment
energies, interests, abilities and time to the performance of his duties and
shall not, without the written consent of the CEO, render to others any service
of any kind for compensation; (ii) will not render services to any business
activity that is directly or indirectly competitive with any business conducted
by the Company or any Related Entity; (iii) will observe and carry out such
reasonable rules, regulations, policies, directions and restrictions as may be
established from time to time by the Board or the board of directors of any
Related Entity, including but not limited to the published standard policies,
practices and procedures of the Company as in effect from time to time, as
applied to other senior executives of the Company; and (iv) do such reasonable
traveling as may be required in connection with the performance of such duties
and responsibilities consistent with such traveling requirements prior to the
execution of this Agreement.

(c)                                  Executive
may serve on corporate, civic and/or charitable boards with the consent of the
Company, provided that the  Company
may require Executive to resign any or all such board seats in their sole
discretion if they believe such board participation conflicts with Executive’s
role with the Company or is otherwise too time-consuming or distracting to
Executive.

(d)                                 Executive
acknowledges that this Agreement contains non-competition and non-disclosure of
proprietary information provisions, and Executive agrees to comply with these
provisions. Executive understands that entering into and complying with these
provisions is a condition to Executive’s continued employment and that failure
to comply with the terms and conditions of these provisions may result in
termination “for cause” under this Agreement and in other damages to the
Company.

2.                                      Term
of Employment.

Subject to earlier termination in accordance with the
terms hereof, the term of this Agreement shall commence on the Effective Date
and shall continue through February 28, 2010; provided, however,
that Executive’s employment by the Company will automatically be extended by twelve
(12) additional months on March 1, 2010 and on each subsequent March 1, unless
either party provides written notice to the other party no less than sixty (60)
days prior to such March 1 of its intention not to extend the term of Executive’s
employment.  The period from the
Effective Date until the later of February 28, 2010 or the end of any
subsequent extension of Executive’s employment pursuant to this Section 2,
unless earlier terminated as provided herein, shall be referred to as the “Term”.  If the Company provides a Notice of
Non-Renewal, the provisions of Section 5(b) shall continue to apply in
accordance with its terms after the expiration of the Term unless and until the
parties provide otherwise in a written agreement executed by both parties.

3.                                      Compensation
and Benefits.

For the full and faithful performance of the services
to be rendered by Executive and in consideration of Executive’s obligations
under this Agreement, provided Executive is not in breach of this Agreement,
the Company shall pay to Executive and Executive shall be entitled to receive:

(a)                                  Base Compensation.  As compensation for his services to be
rendered hereunder, the Company shall pay to Executive a base salary at the
rate of $265,000 per annum until March 1, 2007 and thereafter at the rate of
$300,000 per annum (as applicable, the “Base Salary”), which shall be payable
in periodic installments in accordance with the standard payroll practices of
the Company in effect from time to time. 
During the Term, Executive’s Base Salary shall be reviewed at least
annually by the Company and may be increased (but not decreased) from time to
time as shall be determined by the Company.

(b)                                 Discretionary Bonus. The Company may
pay Executive a discretionary bonus, in such an amount, on such terms and at
such time as may be determined by the Company its sole and absolute discretion
(“Discretionary Bonus”), it being specifically understood that the
Discretionary Bonus may be paid in any combination of cash, restricted stock
units (“RSUs”) 

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and/or other forms of equity or other
compensation approved by the Compensation Committee of the Board (the “Committee”).

(c)                                  Fringe Benefits.  During the Term, the Company shall also make
available to Executive such benefits and perquisites as are generally provided
by the Company to its executives at Executive’s level of responsibility, provided,
however, that nothing herein contained shall be deemed to require the
Company to adopt, maintain or continue in effect any particular plan or
policy.  Executive shall further be
entitled to paid vacation, holidays, personal days and sick days in accordance
with the Company’s standard policies and procedures in effect from time to
time; provided,  however, Executive shall be entitled to not less
than four weeks of vacation per year.

(d)                                 Expenses. 
During the Term, the
Company shall reimburse Executive in accordance with applicable Company policy
in effect from time to time, for normal, reasonable and approved out-of-pocket
business expenses incurred by Executive in connection with the performance of
his duties and responsibilities hereunder; provided that Executive
submits documentation reasonably required by Company expense reimbursement
policies and procedures in effect and as amended from time to time.  The Company shall also reimburse Executive
for such annual expenses and membership costs, consistent with past practice,
incurred by Executive for the purpose of attending continuing legal education
programs and otherwise maintaining good standing in the New York State bar.

(e)                                  Withholding.  All amounts of compensation payable to
Executive hereunder shall be subject to, and paid after reduction for, any and
all required deductions or withholdings for federal, state, local and foreign
income tax withholding, Social Security, Medicare, unemployment or other
similar government benefit or insurance contributions, and any other deductions
or withholdings required by law or authorized by Executive.

(f)                                    Stay Bonus.  Within 10 days after the occurrence of a
Change in Control, the Company will pay Executive a lump sum cash payment of
$1,000,000 (the “Stay Bonus”).  If
Executive voluntarily terminates his employment during the six (6) month
transition period following the Change in Control for any reason other than due
to the assignment of duties materially inconsistent with Executive’s duties and
responsibilities with the Company immediately prior to the Change in Control (“Inconsistent
Duties”), Executive shall be required to repay the Stay Bonus.  It is understood and agreed that requesting
Executive to transition matters for which he is responsible prior to the Change
in Control shall not be considered to be Inconsistent Duties hereunder.

4.                                      Special
Covenants.

(a)                                  Nondisclosure of Confidential and Proprietary
Information.

(i)                                    Executive
acknowledges that before and during the Term, Executive has had and will have
access to and possession of trade secrets, confidential information and/or
proprietary information (collectively, and as defined more extensively below, “Confidential
Information”) of the Company and its Related Entities and their respective
clients.  Executive recognizes and 

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acknowledges that this Confidential Information is valuable, special
and unique to the business of the Company and each Related Entity, and that access
to and knowledge thereof are essential to the performance of Executive’s duties
to the Company and to each Related Entity, if applicable.  During the time that Executive is an employee
of the Company and at all times thereafter, Executive will keep secret and will
not use or disclose any Confidential Information to any person or entity, in
any fashion or for any purpose whatsoever, except at the request of the Company
or as may be required by applicable law.

(ii)                                 The term “Confidential
Information”, includes, but is not limited to, information written, in digital
form, in graphic form, electronically stored, orally transmitted or memorized
concerning or relating to the Company or
any of its Related Entities,
including all financial data relating to the business of GFI and/or any of its
Related Entities, lines of credit or debt obligations, customer pricing
information, personal and contract information about or relating to GFI
employees, or traders and other dealer representatives, profit and loss statements,
broker, desk or company productivity data, financial models, computer software
programs, source and other codes, information about direct communication lines,
electronic and voice trading systems and screen systems, all information about
the Company’s or any of its Related Entities’ business prospects and
opportunities, and all other information about or gained from any customer to
the Company or to any Related Entity providing services during Executive’s
employment with the Company and all information reasonably determined by the
Company to be proprietary or confidential. 
Notwithstanding the foregoing, this clause shall not apply (i) to any
disclosure of Confidential Information required by law or by any court,
arbitrator, mediator or administrative or legislative body (including any
committee thereof) with actual or apparent jurisdiction to order Executive to
disclose or make accessible, (ii) to the extent required in connection with any
other litigation, arbitration or mediation involving this Agreement, including,
but not limited to, the enforcement of this Agreement, (iii) as to Confidential
Information that is or becomes generally known to the public or within the
relevant trade or industry other than due to Executive’s violation of Section
4(a)(i), or (iv) information disclosed to Executive in good faith by a third
person who, to the best of Executive’s knowledge, was legally entitled to
disclose such information.

(iii)                              Executive further
recognizes that GFI and certain Related Entities have received and in the
future will receive from third parties confidential or proprietary information
(“Third  Party Information”) subject to a duty
on their part to maintain the confidentiality of such information and to use it
only for certain limited purposes.  Executive
will hold Third Party Information in the strictest confidence and will not
disclose to anyone (other than Company personnel who need to know such
information in connection with their work for GFI) or use, except in connection
with 

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work for GFI, Third Party Information unless expressly authorized by
GFI in writing.

(iv)                             All Confidential
Information, proprietary and/or confidential files and records are and at all
times shall remain the exclusive property of the Company.  Executive agrees to store and maintain all
Confidential Information in a secure place. 
Executive agrees to make no use of any Confidential Information on his
own behalf or on behalf of any other person or entity other than the Company.
Executive further agrees that any property situated on the Company’s premises
and owned by the Company, including computer disks and other digital, analog or
hard copy storage media, filing cabinets, lockers, desks or other work areas,
is subject to inspection by Company personnel at any time with or without
notice.  When Executive leaves the employ
of the Company, Executive will deliver to the Company (and will not keep in his
possession, recreate or deliver to anyone else) any and all devices, records,
recordings, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, computer materials,
equipment, other documents or property, together with all copies thereof (in
whatever medium recorded), belonging to the Company, any Related Entity or their
successors or assigns.

(b)                                 Assignment of Inventions and Intellectual Property.

(i)                                    The term “Proprietary
Rights” means all trade secrets, trademarks, service marks, patents,
copyrights, mask works and other intellectual property rights throughout the
world.  The term “Inventions” means all
Proprietary Rights, inventions, ideas, processes, formulas, source and object
codes, data, programs, technology, writings, software programs, other works of
authorship, know-how, discoveries, developments, designs, schematics, manuals,
drawings, techniques, employee suggestions, development tools, computer
printouts, or any claim of rights (or any related improvements or modifications
to the foregoing).

(ii)                                 Subject to Sections
4(b)(iii) and 4(b)(iv), Executive hereby assigns and agrees to assign in the
future (when any such Invention or Proprietary Right is first reduced to
practice or first fixed in a tangible medium, as applicable) to the Company all
right, title and interest in and to any and all Inventions (and all Proprietary
Rights with respect thereto) whether or not patentable or registrable under
copyright or similar statutes, made or conceived or reduced to practice or
learned by Executive, either alone or jointly with others, during or at any
time after the period of employment with the Company, which (a) relate to
methods, designs, brokerage or other products, trading systems and screens or
any other processes which relate to or pertain to the actual or anticipated
business, functions, operations, research or development of the Company, (b)
arise (wholly or partly) from Executive’s efforts during any time that
Executive is 

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employed by the Company or utilizing any physical or intellectual
property owned by the Company, or any Related Entity, or (c) is based on any
information or knowledge gained by Executive through his employment with the
Company.  Inventions assigned to the
Company, or to a third party as directed by the Company pursuant to this
Section, are hereinafter referred to as “Company Inventions.”

(iii)                              During Executive’s period
of employment, and for twelve (12) months thereafter, Executive will promptly
disclose to the Company, fully and in writing, all Inventions authored,
conceived or reduced to practice by Executive, either alone or jointly with others.  In addition, Executive will promptly disclose
to the Company all patent applications filed by Executive or on his behalf
within  twelve (12) months  after termination of employment.

(iv)                             Executive also agrees to
assign all right, title and interest in and to any particular Company Invention
to a third party as directed by the Company.

(v)                                Executive acknowledges
that all original works of authorship which are made by Executive (solely or
jointly with others) within the scope of employment and which may be protected
by copyright are “works made for hire”, pursuant to United States Copyright Act
(17 U.S.C. Section 101) and are the property of the Company or any Related
Entity, as applicable, without limitation which shall own all rights of
copyright therein including the sole and exclusive right to reproduce such
works in multiple copies of distribution or sale to the public and to create
and exploit derivative works based thereon.

(vi)                             Executive will execute,
verify and deliver assignments of such Proprietary Rights to the Company or its
designee.  Executive’s obligation to
assist the Company with respect to Proprietary Rights relating to such Company
Inventions in any and all countries will continue beyond the termination of
employment and the Company will provide compensation at a reasonable rate after
termination for the time actually spent by Executive at the Company’s request
on such assistance.

(c)                                  No Inducement or Employment of Other Employees.

During the Term and the
twelve (12) month period immediately following termination of Executive’s
employment for any reason (the “Period of Restriction”), Executive will not, directly or indirectly employ, assist any person,
entity or enterprise to employ, solicit the employment of, or attempt to
affiliate for profit in any manner with (as applicable, a “Prohibited Action”),
any employee of, or any independent contractor performing services for, the
Company or any of its Related Entities, or any person who was an employee or
independent contractor with the Company or any of its Related Entities at any
time during the six (6) month period immediately preceding the Prohibited
Action, and Executive will not induce or otherwise encourage any such 

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employee
or independent contractor to leave the employ of, or to cease rendering
services to the Company or any of
its Related Entities.

(d)                                 Non-Solicitation, Non-Competition.

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

(ii)                                 During the Period of
Restriction, Executive may not engage anywhere in the world in activities,
render services to or affiliate himself, in any capacity (including as a
director, officer, employee, consultant, independent contractor, partner,
member or investor) (except save by way of portfolio investment in shares
quoted on a recognized stock exchange whereby Executive owns less than 1% of
the outstanding stock of such entity), with any entity that provides services
that are competitive with those rendered by the Company or any Related
Entity.  Notwithstanding the foregoing,
during the Period of Restriction, (i) Executive may affiliate himself with a
law firm that provides legal services to a competitor of the Company provided
Executive does not directly provide advice to such competitor during the Period
of Restriction and (ii) with the Company’s prior written consent (as determined
by the CEO in his sole discretion), Executive may render services to any entity
whose primary business purpose is not competitive with any services rendered by
the Company or any related entity.

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

(i)                                    Executive
acknowledges that he will occupy a position of responsibility and trust, in
which Executive will have access to Confidential Information and will be privy
to the confidential business plans and prospects of the Company and its Related
Entities, that Executive’s relationships with employees of the Company and/or
its Related Entities may be critical to the continued success of the Company
and/or its Related Entities, that the business of the Company and its Related
Entities are conducted on a worldwide basis, and that Executive’s services
under this Agreement are 

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important, valuable and unique. Executive (i) further acknowledges that
the restrictive covenants of this Section 4 are reasonably necessary to protect
valuable business interests of the Company and its Related Entities and that it
is Executive’s intention and the intention of the Company that such
restrictions and remedies shall be enforceable to the fullest extent
permissible by law and (ii) agrees that he will not challenge the reasonability
or enforceability of any of the restrictive covenants of this Section 4;
provided that Executive may challenge the enforceability of Section 4 based
upon a breach of this Agreement by the Company that occurs prior to any
violation of Section 4 by Executive that is not cured within 30 days of receipt
of written notice from Executive that is given without 30 days of the
occurrence of such purported breach.  If
it shall be found by a court of competent jurisdiction that any such
restriction or remedy is unenforceable but would be enforceable if some part
thereof were deleted or the period or area of application reduced, then such
restriction or remedy shall apply with such modification as shall be necessary
to make it enforceable.

(ii)                                 The parties hereto
acknowledge and agree that in the event of a violation of any of the provisions
of this Section 4 (including Section 4(e)(i)), the Company and/or its Related
Entities would suffer irreparable harm, the damages suffered by the Company
and/or its Related Entities may be difficult to ascertain, and the Company
and/or its Related Entities may not have an adequate remedy at law.  Accordingly, the parties agree that in the
event of such a breach by Executive, if the Company so elects, the Company
and/or its Related Entities shall be entitled, in addition to all other remedies
available to it, to enforce this Section 4 by seeking an injunction,
restraining order, specific performance or other injunctive relief, without
bond.  Notwithstanding the provisions of
Section 13(e) below, an action by the Company and/or its Related Entities
seeking to impose any of such remedies may be brought in a court of law.  Such remedies shall not be deemed to be
exclusive of any other remedies available to the Company and/or its Related
Entities, by judicial or arbitral proceedings or otherwise.

(iii)                              Executive acknowledges
that the Company’s agreement to provide the benefits payable to Executive upon
termination of employment pursuant to Section 5 are additional consideration
for Executive’s agreement to abide by the restrictive covenants contained in
this Section 4 including, without limitation, the non-solicitation and
non-competition provisions of Section 4(d) and the Company shall be released
from any obligation to provide such benefits in the event of Executive’s
violation of any of these covenants.

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5.                                      Termination
of Employment.

(a)                                  The
Term and Executive’s employment by the Company and its Related Entities (i) may
be terminated (A) by the Company at any time with Cause in accordance with
Section 5(f)(i) or without Cause or due to Executive’s Disability, (B) by
Executive at any time outside the Protection Period (as defined below) for any
or no reason upon not less than 90 days written notice or (C) during the
Protection Period (I) by Executive for Good Reason in accordance with Section
5(f)(iii) and (II) by Executive without Good Reason upon not less than 90 days
written notice and (ii) shall automatically terminate upon Executive’s
death.  Upon any termination of Executive’s
employment, Executive agrees to automatically resign, and is deemed to have
automatically resigned from, all positions with the Company and its Related
Entities, including as a member of the Board or the board of any
subsidiary.  In the event Executive
provides notice of his intent to terminate his employment without Good Reason,
the Company may place Executive on garden leave during all or a portion of the
90-day notice period, which may entail, without limitation, relieving Executive
of his positions and/or duties with the Company and its Related Entities or
preventing Executive from performing his services at a Company location and any
such actions shall not be a breach of this Agreement, be considered to be a
termination of Executive without Cause or constitute an event of “Good Reason”.
The Company shall continue to comply with its obligations under Section 3
during any period of garden leave.

(b)                                 In
the event the Term and Executive’s employment is terminated by the Company for
any reason other than Cause or Disability or voluntarily by Executive for Good
Reason, in each case, outside the Protection Period, Executive shall be
entitled to receive  (i) the amount of
Executive’s Base Salary and expenses accrued with respect to the period prior
to the date of termination of Executive’s employment, to the extent not
previously paid; (ii) a lump sum cash payment in an amount equal to the greater
of (A) the sum of Executive’s annual Base Salary as of the day immediately
preceding the date of such termination, and the average annual bonus (including
the cash and equity component of such annual bonus) earned by Executive during
the two most recently completed fiscal years of the Company (“Average Bonus”)
and (B) the sum of the amount of Base Salary otherwise payable to Executive
through the end of the Term and a pro rated portion of Executive’s Average
Bonus based on the number of days that have elapsed as of Executive’s date of
termination during the relevant calendar year; and (iii) continued medical
coverage at active employee rates for the longer of the remainder of the Term
and one year from Executive’s date of termination or, if earlier, until
Executive receives other employer-provided coverage.  In addition, any and all outstanding RSUs
previously granted to Executive as part of any annual bonus shall immediately
vest.  Any amount payable or benefit
provided to Executive pursuant to this Section 5(b) (other than clause (i))
shall be paid or provided to Executive only in the event that he executes and
does not revoke a release of claims agreement substantially in the form attached
hereto as Exhibit A.

(c)                                  In
the event the Term and Executive’s employment is terminated (i) by the Company
for Cause or (ii) voluntarily by Executive other than for Good Reason, (I) the
Company shall pay Executive the amount of Executive’s Base Salary and expenses
accrued with respect to the period prior to the date of termination of
Executive’s employment, to the extent not previously paid, (II) all outstanding
unexercised options, whether vested or unvested at the time of the termination,
and all unvested RSUs will terminate immediately upon termination, and (III)
the Company shall have no other or further obligation to Executive hereunder,
including without limitation any obligation to make severance payments or
payments in respect of Discretionary Bonus.

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(d)                                 In
the event that Executive’s employment is terminated by reason of Executive’s
death or Disability, the Company shall pay Executive (or his personal
representative as the case may be): (i) the amount of Executive’s Base Salary
and expenses accrued with respect to the period prior to the date of
termination of Executive’s employment, to the extent not previously paid; (ii)
bonus for the prior year, if any, that the Company has declared that Executive
has earned but which has not yet paid; 
(iii) a lump sum cash payment equal to Executive’s annual bonus
(including the cash and equity component of such annual bonus) from the prior
year based on the number of days of the current year Executive has been
employed by the Company and the denominator of which is 365;  (iv) continued medical coverage at
active-employee rates for one year; and (v) the amount of any benefits as are
payable to Executive (or his personal representative) by reason of such death
or disability under the terms of any employee plan or insurance program
maintained by the Company and in which Executive was a participant. In
addition, any and all outstanding RSUs previously granted to Executive as part
of any annual bonus shall immediately vest. 
Any amount payable to Executive pursuant to clause (iii) and (iv) of this Section 5(d) shall be
paid to Executive only in the event that he (or his personal representative as
the case may be) executes a release of liability in favor of the Company in a
form satisfactory to the Company.

(e)                                  In
the event the Term and Executive’s employment is terminated (x) by the Company
for any reason other than Cause or (y) by Executive for Good Reason, in each
case, within the one year period immediately following a Change in Control (the
“Protection Period”), Executive shall be entitled to receive: the Stay Bonus,
to the extent unpaid, and the benefits provided in Section 5(b); provided that
in lieu of, and not in addition to, the severance benefits specified Section
5(b)(ii), Executive shall be entitled to receive a cash lump sum payment equal
to the sum of (A) two multiplied by the amount of Executive’s annual Base
Salary as of the day immediately preceding the date of such termination and (B)
a pro rated portion of Executive’s Average Bonus based on the number of days
that have elapsed as of Executive’s date of termination during the relevant
calendar year.  Any amount payable or
benefit provided to Executive pursuant to this Section 5(d) (other than clause
(i)) shall be paid or provided to Executive only in the event that he executes
and does not revoke a release of claims agreement substantially in the form
attached hereto as Exhibit A.

(f)                                    For
purposes of this Agreement:

(i)                                     The
CEO, in the exercise of good faith and reasonable judgment, may terminate the
Term and Executive’s employment for “Cause” if, after giving Executive notice
and an opportunity to be heard by the CEO, the CEO determines that any of the
following has occurred:  (i) Executive’s
willful and continued failure to substantially perform his material duties for
the Company (other than due to disability) following written notice specifying
such failure and the manner in which Executive may rectify such failure in the
future, if rectifiable (it being understood that the manner in which Executive
may rectify such failure must be reasonable); (ii) Executive’s breach of any
material term of this Agreement that is not cured within 30 days of written
notice from the Company; (iii) Executive’s engaging in willful, intentional
misconduct (it being understood that good faith business judgments made by
Executive are not 

 10
 

willful, intentional misconduct) that has resulted in damage to the
Company’s business or reputation; (iv) Executive having been indicted or
convicted of, or pleaded guilty or nolo
contendere to, a felony or other crime of moral turpitude; (v)
Executive having engaged in fraud against the Company or having intentionally
misappropriated Company property; (vi) Executive’s breach of any fiduciary duty
owed to the Company that has a detrimental effect on the Company’s reputation
or business that is not cured within 30 days after written notice specifying
such breach of duty and the manner in which Executive may rectify such breach
of duty in the future, if rectifiable (fraud or misappropriation not being
rectifiable), and Executive fails to rectify such breach of duty within 30 days
of written notice from the Company; (vii) a failure by Executive to comply with
the Company’s material employment policies and rules that is not cured within
30 days of written notice from the Company, (viii) Executive’s obstructing or
impeding or failing to cooperate with any investigation authorized by the Board
or any governmental or self-regulatory entity, (ix) Executive being found
liable in any Securities and Exchange Commission or other civil or criminal
securities law action or becoming subject to any cease and desist order with
respect to such action (regardless of whether Executive admits or denies
liability), or (x) Executive’s failure to maintain any and all licenses
necessary to the performance of the duties described in Section 1(a) above.

(ii)                                 The Company may
terminate the term and Executive’s employment due to “Disability” in the event
any physical or mental illness, disability or impairment that, after reasonable
accommodation, prevents or may reasonably be expected to prevent Executive from
continuing the performance of Executive’s normal duties and responsibilities
hereunder for a period in excess of 180 consecutive days  or
of 270 non-consecutive days within any 18 month period.

(iii)                              Executive may terminate
the term and Executive’s employment for “Good Reason” in the event that without
Executive’s express prior written consent, the occurrence of any one or more of
the following occurs: (i) a material diminution of Executive’s positions,
titles, duties, or responsibilities from, or the assignment to Executive of
duties materially inconsistent with, those in effect on the date of the
Agreement (for the avoidance of doubt, it is agreed that Executive ceasing to
(x) have global oversight of the mergers and acquisition process, and (y) be
the global head of investor relations shall be a material diminution of
Executive’s responsibilities); (ii) the Company’s requiring Executive to be
based at a location in excess of thirty-five (35) miles from the location of
Executive’s principal job location or office as of the effective date of the
Agreement, except for required travel on the Company’s business to an extent
substantially consistent with Executive’s present business obligations; (iii) a
reduction by the Company of Executive’s Base Salary, (iv) the Company’s breach
of any material terms of the Agreement; or (v) 

 11
 

the failure of the Company to require assumption of the Agreement by a
successor, except if such assumption would occur by operation of law.  Notwithstanding anything to the contrary
contained herein, “Good Reason” shall not be deemed to exist, and Executive may
not terminate his employment for Good Reason, unless (i) Executive has provided
written notice to the Company of the existence of Good Reason within 90 days of
the occurrence of the event purporting to constitute Good Reason, (ii) the
Company fails to cure such event within 30 days of receipt of such notice (it
being understood that Executive ceasing to (x) have global oversight of the
mergers and acquisition process, and (y) be the global head of investor
relations is a circumstance which is not curable by the Company) and (iii)
Executive terminates his employment within 5 days after the later of the
Company’s failure to cure such event or, if such termination occurs after a
Change in Control, the expiration of the six-month period specified in Section
3(f).

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

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

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

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

 12
 

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

(E)                                the consummation of any
merger, consolidation or other similar corporate transaction (a “Corporate
Transaction”) unless, immediately after such transaction, the stockholders of
the Company immediately prior to the transaction own, directly or indirectly,
in substantially the same proportion as they owned the Voting Stock of the
Company prior to such transaction, more than 50% of the Voting Stock of the
company surviving such transaction or its ultimate parent company if such
surviving company is a subsidiary of another entity (there being excluded from
the number of shares held by such stockholders, but not from the Voting Stock
of the combined company, any shares received by affiliates of such other
company in exchange for stock of such other company).

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

(g)                                 To
the extent required by Section 409A of the Code, any payment required to be
made to Executive under this Section 5 shall be deferred until the first day of
first month commencing after the six month anniversary of Executive’s
termination of employment.  The Company
shall make a lump sum payment to Executive on or about such date in an amount
equal to the aggregate payments that would have otherwise been paid to
Executive during such deferral period.

(h)                                 Amounts
payable to Executive pursuant to this Section 5 shall be in full and complete
satisfaction of Executive’s rights under this Agreement and any other claims he
may have in respect of employment by the Company and its related Entities.

6.                                      Parachute
Payments.

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

 13
 

7.                                      No
Conflicting Obligations; No Conflicting Agreements.

Executive represents and warrants to the Company that
(i) Executive is not a party to or subject to any other binding covenants,
contracts, agreements, arrangements, employee manuals or other writings
regarding his employment with any third party, (ii) Executive has the ability
and the authority to enter into this Agreement, (iii) entering into and
performing under this Agreement will not violate any agreement between
Executive and any third party, and (iv) there exist no obligations to any third
party that will restrict Executive’s performance of his duties to the Company
under this Agreement.

8.                                      Notification
of New Employer.

Prior to accepting any other employment during the
Period of Restriction, Executive shall notify his potential new employer of
those of his obligations which are continuing under this Agreement after the
termination thereof.

9.                                      Notices.

Any notice, request or other communication permitted
or required by this Agreement shall be in writing and shall be deemed to have
been given (i) immediately when personally delivered to the recipient (provided
a written acknowledgment of receipt is obtained), (ii) five (5) days after
mailing by certified or registered mail, postage prepaid, return receipt
requested or (iii) two (2) days after being sent by a nationally recognized
overnight courier (provided that a written acknowledgment of receipt is
obtained by the overnight courier), to the party concerned at the address
indicated below (or such other address as the recipient shall have specified by
ten (10) days’ advance written notice given in accordance with this Section 9).

	
   

  	
  If to the Company:

  	
  GFI Group Inc.

  
	
   

  	
   

  	
  100 Wall Street

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  If to Executive:

  	
  at the address on file with the Company.

  

 

10.                               Opportunity
for Review.

EXECUTIVE ACKNOWLEDGES THAT HE HAS REVIEWED THIS
AGREEMENT CAREFULLY AND HAS HAD AMPLE OPPORTUNITY TO OBTAIN ADVICE AS TO THE
MEANING OF THE TERMS, COVENANTS AND AGREEMENTS CONTAINED HEREIN FROM SUCH
PROFESSIONAL ADVISORS AS EXECUTIVE HAS DEEMED APPROPRIATE OR NECESSARY.

11.                               Indemnification.

(a)                                  During
the Term and thereafter, the Company shall provide Executive with coverage
under its current directors’ and officers’ liability policy to the same extent
that it provides such coverage to its other senior executives.  Subject to limitations imposed by law, the 

 14
 

Company’s by-laws and the Company’s directors’
and officers’ liability policy, the Company shall indemnify and hold harmless
Executive to the fullest extent permitted by law from and against any and all
claims, damages, expenses (including attorneys’ fees), judgments, penalties,
fines, settlements, and all other liabilities incurred or paid by him in
connection with the investigation, defense, prosecution, settlement or appeal
of any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative and to which Executive was or
is a party or is threatened to be made a party by reason of the fact that
Executive is or was an officer, employee or agent of the Company or any of its
affiliates, or by reason of anything done or not done by Executive in any such
capacity or capacities, provided that Executive acted in good faith, in a
manner that was not grossly negligent and did not constitute willful misconduct
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe his conduct was unlawful.  The
Company also shall pay any and all expenses (including attorneys’ fees)
incurred by Executive as a result of Executive being called as a witness in
connection with any matter involving the Company and/or any of its officers or
directors.

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

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

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

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

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

 15

12.                               General.

(a)                                  To the extent
Executive would be subject to the additional 20% tax imposed on certain
deferred compensation arrangements pursuant to Section 409A of the Code as
a result of any provision of this Agreement, the Company agrees to cooperate with
Executive to execute any amendment to the provisions hereof reasonably
necessary to implement this Section 13(a) but only (i) to the minimum extent
necessary to avoid application of such tax and (ii) to the extent that the
Company would not, as a result, suffer any adverse consequences.  Notwithstanding the foregoing, the Company
shall not be responsible for any additional 20% tax imposed pursuant to Code
Section 409A, nor will the Company indemnify or otherwise reimburse Executive
for any liability incurred as a result of Code Section 409A.

(b)                                 No waiver by the
Company of any breach of this Agreement will be a waiver of any preceding or
subsequent breach. No waiver by the Company of any right under this Agreement
will be construed as a waiver of any other right. The Company will not be
required to give notice to enforce strict adherence to all terms of this
Agreement.

(c)                                  The captions and
paragraph headings used in this Agreement are for convenience of reference
only, and will not affect the construction or interpretation of this Agreement
or any of the provisions hereof.

(d)                                 This Agreement shall
be governed by, and construed and enforced in accordance with, the internal
laws of the State of New York without regard to their conflicts of law
provisions.  Each of the parties hereto
acknowledges that service of process in any proceeding before a court of law
arising out of or in connection with this Agreement may be made by delivery of
a copy thereof in accordance with the notice provisions of Section 10 of this
Agreement.

(e)                                  Except
for an action described in Section 4(d) or as required by the rules and
regulations of the National Association of Securities Dealers, the parties
hereby agree that all claims, disputes or controversies arising under this
Agreement or otherwise concerning in any way Executive’s employment (“Claims”),
including, without limitation, Claims for wages or salary, severance or other
compensation; Claims for breach of any contract or covenant (express or
implied); tort Claims; Claims for any type of discrimination including, without
limitation, race, sex, religion, national origin, age, marital status or
disability; Claims for benefits (except where any applicable employee benefit
or pension plan specifies a different procedure for resolving such Claims) and
Claims for violation of any federal, state or other governmental law, statute,
regulation, rule or ordinance (but excluding Claims for worker’s compensation
or unemployment benefits), shall be resolved only in the courts of the State of
New York sitting in the County of New York or the United States District Court
for the Southern District of New York and the appellate courts having
jurisdiction of appeals in such courts. 
In that context, and without limiting the generality of the foregoing
(but subject to Section 4(d) and the rules and regulations promulgated by the
National Association of Securities Dealers), each of the parties hereto
irrevocably and unconditionally (a) submits for himself or itself in any Claim,
or for the recognition and enforcement of any judgment in respect thereof (a “Proceeding”),
to the exclusive jurisdiction of the courts of the State of New York sitting in
the Count of New York, the court of the United States of America for the
Southern District of New York, and appellate courts having jurisdiction of
appeals from any of the foregoing, and agrees that all claims in respect of any
such Claim shall be heard and determined in such New York State court or, to
the 

 16
 

extent permitted by law, in such federal court; (b) consents that any
such Claim may and shall be brought in such courts and waives any objection
that he or it may now or thereafter have to the venue or jurisdiction of any
such Claim in any such court or that such Claim was brought in an inconvenient
court and agrees not to plead or claim the same; (c) waives all right to trial
by jury in any Claim (whether based on contract, tort or otherwise) arising out
of or relating to this Agreement or Executive’s employment by the Company or
any Related Entity, or his or its performance under or the enforcement of this
Agreement; (d) agrees that service of process in any such Claim may be effected
by mailing a copy of such process by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such party at his or
its address as provided in Section 9; and (e) agrees that nothing in this
Agreement shall affect the right to effect service of process in any other
manner permitted by the laws of the State of New York.

(f)                                    Executive agrees that, during the Term, for
(1) year thereafter and, if longer, during the pendancy of any litigation or
other proceeding or other proceeding, (i) Executive shall not communicate with
anyone (other than Executive’s attorneys and tax and/or financial advisors and
except to the extent Executive determines in good faith is necessary in the
performance of Executive’s duties hereunder) with respect to the facts or
subject matter of any pending or potential litigation, or regulatory or
administrative proceeding involving the Company or any of its affiliates, other
than any litigation or other proceeding in which Executive is a
party-in-opposition, without giving prior notice to the Company or the Company’s
counsel, and (ii) in the event that any other party attempts to obtain
information or documents from Executive (other than in connection with any
litigation or other proceeding in which Executive is a party-in-opposition)
with respect to matters Executive believes in good faith are related to such
litigation or other proceeding, Executive shall promptly so notify the Company’s
counsel.  Executive agrees to cooperate,
in a reasonable and appropriate manner, with the Company and its attorneys,
both during and after the termination of Executive’s employment, in connection
with any litigation or other proceeding arising out of or relating to matters
in which Executive was involved prior to the termination of Executive’s
employment to the extent the Company pays all expenses Executive incurs in
connection with such cooperation and to the extent such cooperation does not
unduly interfere (as determined by Executive reasonably and in good faith) with
Executive’s personal or professional schedule.

(g)                                 This Agreement may be
assigned by the Company without Executive’s consent to an affiliated entity of
the Company, including any survivor entity or other successor in interest, but
no such assignment shall relieve the Company of its full responsibilities
hereunder, or to a successor in interest to the assets and business of the Company.  Executive may not assign his rights or
obligations under this Agreement without the written consent of the
Company.  This Agreement will be binding
upon and will inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, personal representatives, successors and
permitted assigns.

(h)                                 This Agreement may be
executed in counterparts, each of which will be deemed to be an original
hereof, but all of which together will constitute one and the same instrument.

(i)                                     This Agreement
constitutes the sole and entire agreement and understanding between the parties
hereto as to the subject matter hereof, and supersedes all prior discussions,
agreements and understandings of every kind and nature between them as to such
subject matter; 

 17
 

provided that, for the sake of clarity, this Agreement (other than the
provisions of this Agreement providing for the acceleration of vesting of RSUs)
shall not supersede any agreement entered into with respect to any outstanding
RSUs granted to Executive prior to the date hereof.

(j)                                     This Agreement is
intended for the sole and exclusive benefit of the parties hereto and their
respective heirs, executors, administrators, personal representatives,
successors and permitted assigns, and no other person or entity will have any
right to rely on this Agreement or to claim or derive any benefit herefrom
absent the express written consent of the party to be charged with such
reliance or benefit.

(k)                                  If any provision of
this Agreement is held invalid or unenforceable, either in its entirety or by
virtue of its scope or application to given circumstances, such provision will
thereupon be deemed modified only to the extent necessary to render same valid,
or not applicable to given circumstances, or excised from this Agreement, as
the situation may require; and this Agreement will be construed and enforced as
if such provision had been included herein as so modified in scope or
application, or had not been included herein, as the case may be.

(l)                                     The provisions of
Section 4, 5, 9, 11 and 12 of this Agreement will survive the termination of
Executive’s employment in accordance with their terms.  The provisions of Sections 4 and 11 of this
Agreement will survive expiration of this Agreement as a result of the giving
of a Notice of Non Renewal by either party and will continue to apply in
accordance with their terms unless and until the parties provide otherwise in a
written agreement executed by both parties.

 18
 

IN WITNESS THEREOF, the parties have executed and delivered
this Agreement as of the date first written above.

	
  

  	
  GFI
  Group Inc.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Christopher
  J. Giancarlo

  
						

 

 19
 

EXHIBIT
A

Form of
Release

THIS RELEASE (this “Release”)
is made as of this   th   day
of          , 200 , by and
between [Name] (the “Company”), and [Name]  (“Executive”).

PRELIMINARY
RECITALS

A.                                   Executive’s
employment with the Company has terminated.

B.                                     [Executive
and the Company are parties to an Employment Agreement, dated as of               (the “Agreement”)].

AGREEMENT

In consideration of the
payments due Executive under the Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

1.                                       Executive,
intending to be legally bound, does hereby, on behalf of himself and his
agents, representatives, attorneys, assigns, heirs, executors and
administrators (collectively, the “Executive Parties”) REMISE, RELEASE
AND FOREVER DISCHARGE the Company, its affiliates, subsidiaries, parents, joint
ventures, and its and their officers, directors, shareholders, members, and
managers, and its and their respective successors and assigns, heirs,
executors, and administrators (collectively, the “Company Parties”) from
all causes of action, suits, debts, claims and demands whatsoever in law or in
equity, which Executive or any of the Executive Parties ever had, now has, or
hereafter may have, by reason of any matter, cause or thing whatsoever, from
the beginning of Executive’s initial dealings with the Company to the date of
this Release, and particularly, but without limitation of the foregoing general
terms, any claims arising from or relating in any way to Executive’s employment
relationship with Company, the terms and conditions of that employment
relationship, and the termination of that employment relationship, including,
but not limited to, any claims arising under the Age Discrimination in
Employment Act, as amended, 29 U.S.C. § 621 et seq. (“ADEA”), Title VII of The
Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil
Rights Act of 1966, 42 U.S.C. §1981, the Civil Rights Act of 1991, Pub. L. No.
102-166, the Americans with Disabilities Act, 

 20
 

42 U.S.C. §12101 et seq., the Age Discrimination in
Employment Act, as amended, 29 U.S.C. §621 et seq., the Fair Labor Standards
Act, 29 U.S.C. §201 et seq., the National Labor Relations Act, 29 U.S.C. §151
et seq., and any other claims under any federal, state or local common law,
statutory, or regulatory provision, now or hereafter recognized, but not
including such claims to payments and other rights provided Executive under the
Agreement.  This Release is effective without
regard to the legal nature of the claims raised and without regard to whether
any such claims are based upon tort, equity, implied or express contract or
discrimination of any sort.  Except as
specifically provided herein, it is expressly understood and agreed that this
Release shall operate as a clear and unequivocal waiver by Executive of any
claim for accrued or unpaid wages, benefits or any other type of payment.

2.                                       Executive
expressly waives all rights afforded by any statute which limits the effect of
a release with respect to unknown claims. 
Executive understands the significance of his release of unknown claims
and his waiver of statutory protection against a release of unknown claims.

3.                                       Executive
agrees that he will not be entitled to or accept any benefit from any claim or
proceeding within the scope of this Release that is filed or instigated by him
or on his behalf with any agency, court or other government entity.

4.                                       The
parties agree and acknowledge that the Agreement, and the settlement and
termination of any asserted or unasserted claims against the Company and the
Company Parties pursuant to this Release, are not and shall not be construed to
be an admission of any violation of any federal, state or local statute or
regulation, or of any duty owed by the Company or any of the Company Parties to
Executive.

5.                                       Executive
certifies and acknowledges as follows:

(a)                                  That
he has read the terms of this Release, and that he understands its terms and
effects, including the fact that he has agreed to RELEASE AND FOREVER DISCHARGE
the Company and all Company Parties from any legal action or other liability of
any type related in any way to the matters released pursuant to this Release
other than as provided in the Agreement and in this Release;

(b)                                 That
he has signed this Release voluntarily and knowingly in exchange for the
consideration described herein, which he acknowledges is adequate and
satisfactory to him and which he acknowledges is in addition to any other
benefits to which he is otherwise entitled;

(c)                                  That
he has been and is hereby advised in writing to consult with an attorney prior
to signing this Release;

(d)                                 That
he does not waive rights or claims that may arise after the date this Release
is executed or those claims arising under the Agreement with respect to
payments and other rights due Executive on the date of, or during the period
following, the termination of his Employment;

 21
 

(e)                                  That
the Company has provided him with adequate opportunity, including a period of
twenty-one (21) days from the initial receipt of this Release and all other
time periods required by applicable law, within which to consider this Release
(it being understood by Executive that Executive may execute this Release less
than 21 days from its receipt from the Company, but agrees that such execution
will represent his knowing waiver of such 21-day consideration period), and he
has been advised by the Company to consult with counsel in respect thereof;

(f)                                    That
he has seven (7) calendar days after signing this Release within which to
rescind, in a writing delivered to the Company, the portion of this Release
related to claims arising under ADEA or any other claim arising under any other
federal, state or local that requires extension of this revocation right as a
condition to the valid release and waiver of such claim; and

(g)                                 That
at no time prior to or contemporaneous with his execution of this Release has
he filed or caused or knowingly permitted the filing or maintenance, in any
state, federal or foreign court, or before any local, state, federal or foreign
administrative agency or other tribunal, any charge, claim or action of any
kind, nature and character whatsoever (“Claim”), known or unknown,
suspected or unsuspected, which he may now have or has ever had against the
Company Parties which is based in whole or in part on any matter referred to in
Section 1 above; and, subject to the Company’s performance under this Release,
to the maximum extent permitted by law, Executive is prohibited from filing or
maintaining, or causing or knowingly permitting the filing or maintaining, of
any such Claim in any such forum. 
Executive hereby grants the Company his perpetual and irrevocable power
of attorney with full right, power and authority to take all actions necessary to
dismiss or discharge any such Claim.  Executive further covenants and agrees that he
will not encourage any person or entity, including but not limited to any
current or former employee, officer, director or stockholder of the Company, to
institute any Claim against the Company Parties or any of them, and that except
as expressly permitted by law or administrative policy or as required by
legally enforceable order he will not aid or assist any such person or entity
in prosecuting such Claim.

6.                                       The
Company (meaning, solely for this purpose, the Company’s directors and
executive officers and other individuals authorized to make official
communications on the Company’s behalf) will not disparage Executive or
Executive’s performance or otherwise take any action which could reasonably be
expected to adversely affect Executive’s personal or professional
reputation.  Similarly, Executive will
not disparage any Company Party or otherwise take any action which could
reasonably be expected to adversely affect the personal or professional reputation
of any Company Party.

7.                                       Miscellaneous

(a)                                  This
Release and the Agreement, and any other documents expressly referenced
therein, constitute the complete and entire agreement and understanding of
Executive and the Company with respect to the subject matter hereof, and
supersedes in its entirety any and all prior understandings, commitments,
obligations and/or agreements, whether written or oral, with respect thereto;
it being understood and agreed that this Release 

 22
 

and including the mutual
covenants, agreements, acknowledgments and affirmations contained herein, is
intended to constitute a complete settlement and resolution of all matters set
forth in Section 1 hereof.

(b)                                 The
Company Parties are intended third-party beneficiaries of this Release, and
this Release may be enforced by each of them in accordance with the terms
hereof in respect of the rights granted to such Company Parties hereunder.  Except and to the extent set forth in the
preceding two sentences, this Release is not intended for the benefit of any
Person other than the parties hereto, and no such other person or entity shall
be deemed to be a third party beneficiary hereof.  Without limiting the generality of the
foregoing, it is not the intention of the Company to establish any policy,
procedure, course of dealing or plan of general application for the benefit of
or otherwise in respect of any other employee, officer, director or
stockholder, irrespective of any similarity between any contract, agreement,
commitment or understanding between the Company and such other employee,
officer, director or stockholder, on the one hand, and any contract, agreement,
commitment or understanding between the Company and Executive, on the other
hand, and irrespective of any similarity in facts or circumstances involving
such other employee, officer, director or stockholder, on the one hand, and
Executive, on the other hand.

(c)                                  The
invalidity or unenforceability of any provision of this Release shall not
affect the validity or enforceability of any other provision of this Release,
which shall otherwise remain in full force and effect.

(d)                                 This
Release may be executed in separate counterparts, each of which shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

(e)                                  The
obligations of each of the Company and Executive hereunder shall be binding
upon their respective successors and assigns. 
The rights of each of the Company and Executive and the rights of the
Company Parties shall inure to the benefit of, and be enforceable by, any of
the Company’s, Executive’s and the Company Parties’ respective successors and
assigns.  The Company may assign all
rights and obligations of this Release to any successor in interest to the
assets of the Company.

(f)                                    No
amendment to or waiver of this Release or any of its terms shall be binding
upon any party hereto unless consented to in writing by such party.

(g)                                 ALL ISSUES
AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY
CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF
DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW
OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

*   *  
*   *   *

 23
 

Intending to be legally
bound hereby, Executive and the Company have executed this Release as of the
date first written above.

	
  

  	
  [NAME]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Title:

  

 

READ
CAREFULLY BEFORE SIGNING

I have read this Release
and have been given adequate opportunity,  including
21 days from my initial receipt of this Release, to review this Release and to
consult legal counsel prior to my signing of this Release.  I understand that by executing this Release I
will relinquish certain rights or demands I may have against the Company
Parties or any of them.

	
  

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name]

  
	
   

  	
   

  
	
   

  	
   

  
	
  Witness:

  	
   

  

 

 24Exhibit
10.44

URANIUM RESOURCES, INC.

2007 RESTRICTED
STOCK PLAN

General.  This 2007 Restricted Stock Plan (the “Plan”)
provides eligible employees of Uranium Resources, Inc. (the “Company”) and its
subsidiary corporations with the opportunity to increase their ownership
interest in the Company through the receipt of restricted shares of Common
Stock, par value $.001 per share, of the Company (“Restricted Stock”) granted
and issued by the Company, from time to time, subject to the terms and
conditions of the Plan.   Any such grants of Restricted Stock made to
eligible employees are subject to the provisions and limitations of Section
162(m) of the Internal Revenue Code of 1986 as amended (the “Code”).

1.                                       Purpose of the Plan.  The purpose of the Plan is to retain and
motivate the managers and key employees of the Company, and of any subsidiary
corporation of the Company, by enabling such managers and key employees to
acquire new or additional stock ownership in the Company, thereby increasing
their proprietary interest in the Company’s business and enhancing their mutual
and personal interest in the Company’s success.  For purposes of the Plan,
a “subsidiary corporation” consists of any corporation at least fifty percent
(50%) of whose voting power (taking into account all classes of stock) is
directly or indirectly owned by the Company.

2.                                       Effective Date of the Plan.  The Plan shall become effective upon its
adoption by the Board of Directors, subject to approval by the stockholders of
the Company.  If the Plan is so approved, no further approval shall be
required with respect to the administration of grants made pursuant to the Plan
(except as provided in Section 9 and Section 10 hereof).

3.                                       Administration of the Plan.  The Plan shall be administered by the Compensation
Committee of the Board of Directors of the Company, or by a committee comprised
of at least two (2) directors selected by such Board of Directors (for Plan
purposes, the “Committee”).  A member of the Committee shall not be
eligible to participate in the Plan while serving on the Committee.

A majority of the Committee
shall constitute a quorum.  The acts of a majority of the members present
at any meeting at which a quorum is present (or acts approved in writing by all
members of the Committee) shall constitute binding acts of the Committee.

Subject to the terms and
conditions of the Plan, the Committee shall be authorized and empowered:

(a)                                  To select the managers and key employees to whom
grants may be made;

(b)                                 To determine the time or times when shares of
Restricted Stock will be granted, and the number of shares to be covered by any
grant;

(c)                                  To prescribe the terms and conditions of any
grants made under the Plan, and the forms and agreements used in connection
with such grants;

(d)                                 To determine the time or times when Restricted
Stock will vest upon the attainment of personal service or performance
standards pertaining to such Restricted Stock, and determine the legends or
markings to be placed upon stock certificates representing any such shares to
reflect such standards and restrictions;

(e)                                  To
determine the time or times during which such Restricted Stock grants may
be  terminated in whole or in part, or when any such grants may be
otherwise subject to forfeiture; and

(f)                                    To establish any other Restricted Stock agreement
provisions not inconsistent with the terms and conditions of the Plan;

 A-1
 

4.                                       Employees Eligible for Grants.  Grants may be made from time to time to
those managers and key employees of the Company or any subsidiary
corporation, who are designated by the Committee in its sole and exclusive
discretion (individually, a “Grantee”; collectively, the “Grantees”). 
Grantees may include, but shall not necessarily be limited to officers of the
Company and officers of subsidiary corporations.  The Committee may make
more than one Restricted Stock grant to the same Grantee, and the provisions of
Restricted Stock grants need not be the same with respect to each
Grantee.  No shares of Restricted Stock shall be granted to any manager or
key employee during any period of time when such manager or key employee is on
an unpaid leave of absence.

5.                                       Shares Subject to the Plan.  The Company’s common stock, par value
$.001 per share (“Common Stock”) shall be used to make grants of Restricted
Stock under the Plan.  Either Common Stock held as treasury stock, or
authorized and unissued Common Stock, or both, may be used to make Restricted
Stock grants (as determined by the Board of Directors of the Company), subject
only to the maximum limits of the Plan.

Subject to the provisions of the
next succeeding paragraph of this Section, no more than one million, five
hundred thousand (1,500,000) shares of Common Stock can be issued under the
Plan.  The number of shares of Restricted Stock which may be granted to any
manager or key employee in any calendar year may not exceed five hundred
thousand (500,000) shares.

If, at any time subsequent to the date of adoption of
the Plan by the Board of Directors, Common Stock is eliminated as a class, or
the number of shares of Common Stock outstanding increases or decreases, as a
result of a stock split, stock dividend, combination or exchange of shares,
exchange for other securities, reclassification, reorganization, redesignation,
merger, consolidation, recapitalization, or similar restructuring,
reorganization or corporate event, there shall automatically be substituted for
each share of Restricted Stock granted under the Plan (to the extent not yet
vested as of the date of such elimination, increase or decrease), the number
and kind of shares of stock or other securities into which each outstanding
share of Common Stock is to be changed or for which each such share of Common
Stock is to be exchanged.  In addition to the foregoing, the Committee
shall be entitled in the event of any such increase, decrease or exchange of
shares of Common Stock to make other adjustments to the securities subject to a
Restricted Stock grant, the provisions of the Plan, and to any related
Restricted Stock agreements (including adjustments which may provide for the
elimination of fractional shares) where necessary to preserve the terms and
conditions of any grants hereunder.

6.                                       Restricted Stock Provisions.

(a)                                   Shares
of Restricted Stock may be granted either alone or in addition to any other
compensation paid outside of the Plan.  The prospective recipient of a
Restricted Stock grant shall not have any rights with respect to such grant
unless and until such recipient has entered into a written Restricted Stock
Grant Agreement with the Company evidencing such grant, has delivered a fully
executed copy thereof to the Company, and has otherwise complied with the
applicable terms and conditions of such grant.

(b)                                  To
be enforceable, a grant of Restricted Stock must be accepted within a period of
60 days (or such shorter period as the Committee may specify at grant)
following the grant date; acceptance shall be evidenced by executing an
approved Restricted Stock Grant Agreement.   Upon acceptance of a
grant of Restricted Stock, a Grantee shall be issued a stock certificate in
respect of such shares of Restricted Stock.  Such certificate shall be
registered in the name of such Grantee, and shall bear an appropriate legend
identifying the terms, conditions, and restrictions applicable to such grant.

(c)                                   The
Committee shall require that: (i) the stock certificates evidencing shares of
Restricted Stock be held in the custody of the Company or its designee until
the restrictions thereon shall have lapsed, and (ii) as a condition of any
Restricted Stock grant, the Grantee shall

 A-2
 

have
delivered a stock power, endorsed in blank, relating to the Restricted Stock
covered by such grant.

(d)                                  Subject
to the provisions of the Plan and the Restricted Stock Grant Agreement, during
the period set by the Committee commencing with the date of such grant and the
date or circumstances under which all restrictions lapse  (the “Restriction
Period”), a Grantee shall not be able to sell, transfer, pledge, anticipate or
assign Restricted Stock.  Unless otherwise specified by the Committee, the
Restricted Period shall not be less than five years. The Committee shall
condition any lapse of the Restricted Period upon the attainment of specified
personal service  and/or performance standards specified by the Committee
at the time of grant; such standards may include, but shall not be limited to,
the attainment of financial performance goals, the attainment or maintenance of
specified prices for Common Stock, the attainment of a cumulative earnings per
share or an indicated return on equity.  In addition to the foregoing, the
Committee may condition the vesting of Restricted Stock on such other factors
as the Committee may determine and specify, acting in its sole
discretion.  Subject to the foregoing limitations, the Committee, in its sole
discretion, may also specify that a Restricted Period may lapse in
installments, or that the restrictions contained in a Restricted Stock grant
are to be waived or accelerated in whole or in part based on the attainment of
additional personal service or performance standards specified by  the
Committee, acting in its sole discretion.

(e)                                   Except
as provided in Section 7 and Section 8 of this Plan, a Grantee shall have, with
respect to the shares of Restricted Stock, all of the rights of a stockholder
of the Company, including the right to vote such Stock and the right to receive
any regular cash dividends paid out of current earnings in respect of such
Stock.  The Committee, in its sole discretion, as determined at the time
of grant, may permit or require any cash dividends paid in respect of
Restricted Stock to be reinvested in additional Restricted Stock, to the extent
shares are available under Section 5 of the Plan  Stock dividends, splits
and distributions issued with respect to Restricted Stock shall be treated as
additional shares of Restricted Stock that are subject to the same restrictions
and other terms and conditions that apply to the Restricted Stock with respect
to which such dividends are declared and paid, and the Committee may require a
Grantee to deliver additional stock powers covering any Restricted Stock
issuable pursuant to such stock dividend, split or distribution.  Any
other dividends paid or property distributed in respect of Restricted Stock,
other than regular dividends declared and paid out of current earnings, shall
be held by the Company subject to the same restrictions imposed upon the
Restricted Stock to which such dividends and/or property relates.

(f)                                     Subject
to the applicable provisions of the Restricted Stock Grant Agreement and
Section 7 of this Plan, upon termination of a Grantee’s employment with the
Company or subsidiary corporation (as applicable) for any reason during the
Restriction Period, all Restricted Stock then held by or in respect of such
Grantee will vest, or be forfeited (as applicable) in accordance with the terms
and conditions of the Plan, subject to any subsequent determinations made by
the Committee.

(g)                                  If
and when the Restriction Period applicable to Restricted Stock expires without
a prior forfeiture of such Stock, such Stock shall be released to the Grantee
by the Company (or its designee), together with any other property held by the
Company with respect to such Stock, and an appropriate stock certificate shall
be promptly delivered to the Grantee evidencing unrestricted ownership of such
Stock.

7.                                       Termination of Employment.  If a Grantee ceases to be an employee of
the Company or subsidiary corporation (as applicable), for any reason other
than death, normal or early retirement under the terms of the Company’s pension
and profit-sharing plans, or permanent and total disability, any 
Restricted Stock held in respect of such Grantee which has not yet vested
shall, unless otherwise determined by the Committee on or before the date of
such Grantee’s termination of employment, be forfeited as of  the
effective date of such termination.  Neither the Grantee nor any other
person shall have any right after such date to any part of any Restricted Stock
so forfeited.

 A-3
 

If a Grantee’s termination of
employment is due to death, normal or early retirement under the Company’s
pension or profit-sharing plans, or permanent and total disability, then such
Grantee’s Restricted Stock shall fully vest (to the extent not already vested)
upon the date of any such termination of employment and all applicable
restrictions thereon shall lapse and expire.  In the case of death, any
Restricted Stock held by the Company or its designee shall be transferred and
released to such Grantee’s estate, or the person designated by such Grantee by will
or in accordance with relevant state law.

In the event a Grantee takes or
is granted a leave of absence approved by the Company or such subsidiary
corporation, or is entitled to and takes a leave of absence by operation of law
(whether to perform\ military service, or as a result of sickness or injury, or
otherwise), such Grantee’s employment with the Company or such subsidiary
corporation shall not be considered terminated for Plan purposes.  Rather,
such Grantee shall be treated for Plan purposes as an ongoing employee of the
Company or such subsidiary corporation (as applicable) during such leave of
absence.

8.                                       Change of Control.  Upon the occurrence of a Change of
Control (as defined in this Section), notwithstanding any other Plan provision
or any agreement to the contrary, any and all Restricted Stock granted under
the Plan shall immediately and fully vest (to the extent not theretofore
vested), and all application restrictions thereon shall lapse and expire.

For purposes of the Plan, a
Change of Control shall be deemed to have occurred if:  (i) a tender offer
shall be made and consummated for the ownership of 25% or more of the
outstanding voting  securities of the Company; or (ii) the Company shall
be merged or consolidated with another corporation and, as a result of such
merger or consolidation, less than 75% of the outstanding voting securities of
the surviving or resulting corporation shall be owned in the aggregate by the
former stockholders of the Company as the same shall have existed immediately
prior to such merger or consolidation; or (iii) the Company shall sell
substantially all of its assets to another corporation which is not a wholly
owned subsidiary; or (iv) a person, within the meaning of Section 3(a)(9) or of
Section 13(d)(3) (as in effect on the date hereof) of the Exchange Act, shall
acquire, other than by reason of inheritance, fifty-one percent (51%) or more
of the outstanding voting securities of the Company (whether directly,
indirectly, beneficially or of record).  In making any such determination,
transfers made by a person to an affiliate of such person (as determined by the
Board of Directors of the Company), whether by gift, devise or otherwise, shall
not be taken into account.  For purposes of the Plan, ownership of voting
securities shall take into account and shall include ownership as determined by
applying the provisions of Rule 13d-3(d)(1)(i) as in effect on the date hereof
pursuant to the Exchange Act.

Notwithstanding the provisions
of subparagraph (iv) of this Section 8, the term “person,” as used in such
subparagraph, shall not include any holder who was the beneficial owner of more
than ten percent (10%) of the voting securities of the Company on the date the
Plan was adopted by the Board of Directors.

9.                                       Amendments to Plan.  The Committee is authorized to interpret
the Plan and from time to time adopt such rules and regulations for carrying
out the Plan as the Committee may deem advisable.  The Board of Directors
of the Company may at any time amend, modify, suspend or terminate the
Plan.  In no event, however, without the approval of stockholders, shall
any action of the Board of Directors result in:

(a)                                  Materially amending, modifying or altering the
eligibility requirements provided in Section 4 hereof; or

(b)                                 Materially increasing, except as provided in
Section 5 hereof, the maximum number of shares available to be granted as
Restricted Stock, except to conform the Plan and any agreements made hereunder
to changes in the Code or governing law.

10.                                 Investment Representation, Approvals and Listing.  The Committee may, if it deems
appropriate, condition any grant of Restricted Stock made hereunder upon
receipt of the following investment representation from the Grantee:

“I agree that any shares of the Common Stock of Uranium
Resources, Inc., which I may

 A-4
 

acquire by virtue of my acceptance of this Restricted
Stock grant shall be acquired for investment purposes only and not with a view
to distribution or resale, and may not be transferred, sold, assigned, pledged,
hypothecated or otherwise disposed of by me unless (i) a registration statement
or post-effective amendment to a registration statement under the Securities
Act of 1933, as amended, with respect to said shares of Common Stock has become
effective so as to permit the sale or other disposition of said shares by me;
or (ii) there is presented to Uranium Resources, Inc., an opinion of counsel
satisfactory to Uranium Resources, Inc., to the effect that the sale or other
proposed disposition of said shares of Common Stock by me may lawfully be made
otherwise than pursuant to an effective registration statement or
post-effective amendment to a registration statement relating to the said
shares under the Securities Act of 1933, as amended.”

The Company shall not be required
to issue any certificate or certificates representing shares of Common Stock in
connection with any grant of Restricted Stock made under the Plan prior to (i)
the obtaining of any approval from any governmental agency which the Committee
shall, in its sole discretion, determine to be necessary or advisable; (ii) the
admission of such Stock to listing on any national securities exchange on which
the Common Stock may be listed; (iii) the completion of any registration
requirements or other qualifications imposed on the Common Stock by any state
or federal law or ruling or regulations of any governmental body which the
Committee shall, in its sole discretion, determine to be necessary or advisable
or the determination by the Committee, in its sole discretion, that any
registration or other qualification of the Common Stock is not necessary or
advisable; and (iv) the obtaining of an investment representation from the
Grantee in the form stated above or in such other form as the Committee, in its
sole discretion, shall determine to be adequate.

11.                                 General
Provisions.  The form and substance of Restricted Stock Grant
Agreements made hereunder need not be identical.  Nothing in the Plan or
in any agreement (whether or not such agreement constitutes a Restricted Stock
Grant Agreement) shall confer upon any employee any right to continue in the
employ of the Company or any subsidiary corporation, to be entitled to any
remuneration or benefits not set forth in the Plan or any related Restricted
Stock Grant Agreement, or to interfere with or limit the right of the Company
or any subsidiary corporation to terminate such employee’s employment at any
time, with or without cause.

The
Plan may be assumed by the successors and assigns of the Company.  The
liability of the Company under the Plan is limited to the obligations set forth
herein, and no term or provision of the Plan shall be construed to impose any
liability on the Company in favor of any employee with respect to any loss,
cost or expense which such employee may incur in connection with or arising out
of any grant or agreement made in connection with the Plan.  All expenses
arising from or associated with administering the Plan shall be borne by the
Company.  The captions and section numbers appearing in the Plan are
inserted only as a matter of convenience, and do not define, limit, construe or
describe the scope or intent of the provisions of the Plan.

12.                                 Termination of This Plan.   The Plan shall terminate on April
10, 2017.  Thereafter no Restricted Stock shall be granted
hereunder.  Any and all shares of unvested Restricted Stock outstanding at
the time of termination of the Plan shall continue in full force and effect in
accordance with their restrictions and subject to the terms and conditions of
this Plan and any related Restricted Stock Grant Agreements.

As
adopted on April 10, 2007 by the Board of Directors and approved by the
stockholders
on               ,
2007.

 A-5

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