Document:

Form of Indemnification Contract entered into by the Regristrant's Board of Dire

 Exhibit 10.26 
  
 DIRECTOR’S 
  
 INDEMNIFICATION AGREEMENT 
  
 This Agreement, dated as of July     , 2003 is made by and between Knight Trading Group, Inc., a Delaware corporation (the
“Company”), and             who is currently serving as a director of the Company (the “Indemnitee”). 
  
 WHEREAS, the Indemnitee is currently serving as a director of the Company;

  
 WHEREAS, the Company has determined that it is in the best
interests of the Company to enter into indemnification agreements with its current directors; 
  
 WHEREAS, the Company wishes the Indemnitee to continue to serve as a director of the Company and the Indemnitee is willing, under the current circumstances, to continue to serve as a director of the Company;

  
 WHEREAS, the Indemnitee is currently entitled to
indemnification under the Delaware General Corporation Law (the “DGCL”), the Amended and Restated Certificate of Incorporation of the Company (the “Restated Certificate”) and the Amended and Restated By-Laws of the Company (the
“By-Laws”), which the Indemnitee does not regard to be adequate protection against the risks associated with his service to or at the request of the Company; 
  
 WHEREAS, it is the intention of this Agreement to provide indemnification protection to and rights for the Indemnitee
whenever he is subject to a Proceeding (as defined herein), whether the Indemnitee then is a director or other Agent (as defined herein) or not; and 
  
 WHEREAS, the Company has concluded that additional protection is appropriate for its directors. 
  
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows: 
  
 Section
1.    Definitions. 
  
 (a)
“Agent” of the Company shall mean any person who was, is or may be in the future a director, officer, employee, agent or fiduciary of the Company or a Subsidiary, or is or was serving at the request of, for the convenience of, or to
represent the interests of the Company or a Subsidiary as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise or entity, including service with respect to an employee
benefit plan. 
  
 (b) “Disinterested Director” of the
Company shall mean a director of the Company who is not and was not a party to the Proceeding for which indemnification is being sought by the Indemnitee. 
  
 (c) “Expenses” shall include all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’
and experts’ fees, costs, retainers, court costs, transcripts, witness fees, travel expenses, duplicating costs, printing costs, binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) actually
and reasonably incurred by the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or establishing or enforcing a right to indemnification under this Agreement, Section 145 of the DGCL, the Restated Certificate, the
By-Laws or otherwise. 
  
 (d) “Independent Legal
Counsel” shall mean a law firm, a member of a law firm or an independent practitioner, who is experienced in matters of corporation law and shall include any person who, under the applicable standards of professional conduct then prevailing,
would not have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. 
  
 (e) “Proceeding” shall mean any threatened, pending or completed action, arbitration, mediation, suit or other
proceeding, whether civil, criminal, administrative, investigative or any other type whatsoever. 

 (f) “Subsidiary” shall mean any corporation, partnership, joint venture or other enterprise, a
majority of whose equity interests are owned or controlled by the Company, directly or through one or more other persons or entities. 
  
 Section 2.    Agreement to Serve.    The Indemnitee agrees to serve as a director or Agent of the
Company, at the Indemnitee’s will (or under separate agreement, if such agreement exists), in the capacity the Indemnitee currently serves, so long as he is duly appointed or elected and qualified in accordance with the applicable provisions of
the By-Laws or the By-Laws of any Subsidiary, until such time as he tenders his resignation in writing or his term is otherwise completed; provided, however, that nothing contained in this Agreement is intended to create any right to continued
service as a director or other Agent of the Company; provided further, that nothing contained in this Agreement (as opposed to any separate agreement) shall prevent the Indemnitee from resigning his position or positions at the Company. 

 
 Section 3.    Mandatory
Indemnification.    Subject to the limitations set forth in Section 7, if the Indemnitee is a person who was, is or may in the future be a party or is or may in the future be threatened to be made a party to or is or may in
the future be involved, including involvement as a witness, in any Proceeding, including any Proceeding by or in the right of the Company, any Subsidiary or any affiliate of the Company or any Subsidiary, by reason of the fact that he is or was or
has agreed to become a director or another Agent, or by reason of any action alleged to have been taken or omitted by him in any such capacity, the Company shall indemnify the Indemnitee (whether he is then a director or other Agent or not) against
all Expenses, liability and loss (including, but not limited to, judgments, fines, excise taxes or penalties pursuant to the Employee Retirement Income Act of 1974 and amounts paid or to be paid in settlement) actually and reasonably incurred by him
in connection with the investigation, defense, settlement or appeal of such Proceeding; provided, however, that except as provided in Section 7(c) with respect to a Proceeding seeking to enforce rights to indemnification or other rights under this
Agreement, the Company shall indemnify the Indemnitee in connection with a Proceeding (or part thereof) initiated by the Indemnitee only if such Proceeding (or part thereof) was authorized by either the Board of Directors of the Company or the
Disinterested Directors thereof. 
  
 Section
4.    Mandatory Advancement of Expenses.    The Company shall advance all Expenses as and when incurred by the Indemnitee in connection with the investigation, defense, settlement or appeal of any
Proceeding to which the Indemnitee is a party or is threatened to be made a party or with respect to which the Indemnitee is otherwise involved (including involvement as a witness) as a director or another Agent of the Company. The Indemnitee hereby
undertakes to repay such amounts advanced if, but only if and to the extent that, it shall ultimately be determined pursuant to the provisions hereof that the Indemnitee is not entitled to be indemnified by the Company as authorized hereby or under
applicable law. The advances to be made hereunder shall be paid by the Company to the Indemnitee within twenty (20) days following delivery of a written request therefor by the Indemnitee to the Company, which request shall reasonably evidence such
Expenses incurred; provided, however, that, if and to the extent that the DGCL requires, an advancement of Expenses incurred by the Indemnitee in his capacity as a director or another Agent of the Company shall be made only upon delivery of an
undertaking by or on behalf of the Indemnitee to repay all amounts so advanced if it ultimately shall be determined by final judicial decision from which there is no further right to appeal that the Indemnitee is not entitled to be indemnified for
such Expenses under this Agreement or otherwise. 
  
 Section
5.    Partial Indemnification. 
  
 If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties or amounts paid in settlement actually and reasonably incurred by him
in the investigation, defense, appeal or settlement of any Proceeding, but not, however, for the total amount thereof, the Company nevertheless shall indemnify the Indemnitee for the portion of such Expenses, judgments, fines or penalties to which
the Indemnitee is entitled. 
  

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 Section 6.    Notice and Other Indemnification Procedures. 

 
 (a) Promptly after receipt by the Indemnitee of notice of the
commencement of or the threat of commencement of any Proceeding, the Indemnitee shall, if the Indemnitee believes that the indemnification with respect thereto properly may be sought from the Company under this Agreement, notify the Company of the
commencement or threat of commencement thereof. The failure to notify or promptly notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee otherwise than under this Agreement, and shall relieve the
Company from liability hereunder only to the extent the Company actually and materially has been prejudiced. 
  
 (b) If, at the time of the receipt of a notice pursuant to Section 6(a), the Company has directors’ and officers’ liability insurance
(“D&O Insurance”) in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurer or insurers in accordance with the procedures set forth in the D&O Insurance policy or policies. The Company
thereafter shall take all necessary or desirable action to cause such insurer or insurers to pay, to or on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policy or policies.

  
 (c) In the event the Company shall be obligated to pay the
Expenses of the Indemnitee in connection with any Proceeding, the Company shall be entitled to assume the defense of such Proceeding, with counsel subject to the reasonable approval of the Indemnitee, upon the delivery to the Indemnitee of written
notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of
counsel or other related expenses subsequently incurred by the Indemnitee with respect to the same Proceeding; provided that (i) the Indemnitee shall have the right to employ his own counsel in any such Proceeding at the Indemnitee’s expense
and (ii) if (A) the employment of counsel by the Indemnitee previously has been expressly authorized by the Company, or (B) the Indemnitee shall have concluded upon the written advice of counsel reasonably acceptable to the Company that there is an
actual or potential conflict of interest between the Company and the Indemnitee in the conduct of any such defense, or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding, the Expenses, including the
fees and expenses of the Indemnitee’s counsel, shall be paid by the Company; provided, further, that the Company shall not be required to pay the expenses of more than one such separate counsel for each group of persons it is indemnifying in
any one Proceeding (a “Group”) to the extent no person included in such Group has concluded upon the written advice of counsel reasonably acceptable to the Company that there is an actual or potential conflict of interest between such
person and any other member of the Group and, in any such case, thereafter such person shall not be included in such Group (it being understood that more than one Group may be determined to exist for any one Proceeding and the Company shall not be
required to pay the expenses of more than one such separate counsel for each such Group). 
  
 (d) All payments of Expenses and other amounts by the Company to the Indemnitee pursuant to this Agreement shall be made as soon as practicable after a written demand therefor by the Indemnitee is presented to the
Company, but in no event later than (i) twenty (20) days after such demand is presented or (ii) such later date as may be permitted for the determination of entitlement to indemnification pursuant to Section 7, if applicable; provided, however, that
the advancement of Expenses shall be made within the time provided in Section 4. 
  
 Section 7.    Determination of Right to Indemnification. 
  
 (a) To the extent the Indemnitee has been successful on the merits or otherwise in defense of any Proceeding referred to in Section 3 or in the defense of
any claim, issue or matter described therein, the Company shall indemnify the Indemnitee pursuant to Section 3 against Expenses actually and reasonably incurred by him in connection with the investigation, defense or appeal of such Proceeding. If
the Indemnitee has not been successful on the merits or otherwise in any such defense, the Company also shall indemnify the Indemnitee pursuant to Section 3 unless, and only to the extent that, the Indemnitee has not met the applicable standard of
conduct under the DGCL as it now exists or hereafter may be amended (but, in the case of any such amendment, 

  

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only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to
such amendment). 
  
 (b) The determination as to whether the
Indemnitee is entitled to indemnification shall be made as follows: (1) if requested by the Indemnitee, by Independent Legal Counsel selected by the Indemnitee with the consent of the Company (which consent shall not be unreasonably withheld) or (2)
if no request is made by the Indemnitee for a determination by Independent Legal Counsel, (i) by a quorum of the Board of Directors consisting of Disinterested Directors or (ii) if such quorum is not obtainable or, even if obtainable, if a quorum of
Disinterested Directors so directs, by Independent Legal Counsel in a written opinion. 
  
 (c) Notwithstanding a determination that the Indemnitee is not entitled to indemnification with respect to a specific Proceeding, the Indemnitee shall have the right to apply to the Court of Chancery of Delaware, the
court in which that Proceeding is or was pending, or any other court of competent jurisdiction, for the purpose of enforcing the Indemnitee’s right to indemnification or the advance payment of Expenses pursuant to this Agreement, the Restated
Certificate, the By-Laws or Section 145 of the DGCL as it now exists or hereafter may be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said
law permitted the Company to provide prior to such amendment). The burden of proof shall be on the Company in any such suit to demonstrate that the Indemnitee is not entitled to indemnification or advance payment of Expenses. The Indemnitee’s
Expenses incurred in successfully establishing his right to indemnification or advancement of Expenses, in whole or in part, in any such action (or settlement thereof) shall be paid by the Company. 
  
 (d) Notwithstanding anything in Section 3 or 4 to the contrary, the Company
shall not be liable under this Agreement to make any indemnity payment or advancement of Expenses in connection with any Proceeding (i) to the extent that payment actually is made, within the time frame contemplated by this Agreement, to or on
behalf of the Indemnitee under an insurance policy paid for by the Company, except in respect of any amount in excess of the limits of liability of such policy or any applicable deductible under such policy; (ii) to the extent that payment has been
or will, within the time frame contemplated by this Agreement, be made to the Indemnitee by the Company otherwise than pursuant to this Agreement; or (iii) to the extent that there was a final adjudication by a court of competent jurisdiction that
the Indemnitee has not met the applicable standard of conduct required to entitle the Indemnitee to indemnification under the DGCL as it now exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such
amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment). 
  
 Section 8.    Limitation of Actions and Release of Claims.    No Proceeding shall be brought and no
cause of action shall be asserted by the Company or any Subsidiary or by any person or entity on behalf of the Company or any Subsidiary against the Indemnitee, his spouse, heirs, estate, executors or administrators after the expiration of one year
from the act or omission of the Indemnitee upon which such Proceeding is based; provided, however, that in the event that the Indemnitee fraudulently has concealed the facts underlying such cause of action, no Proceeding shall be brought and no
cause of action shall be asserted after the expiration of one year from the earlier of (i) the date the Company or any Subsidiary discovers such facts or (ii) the date the Company or any Subsidiary could have discovered such facts by the exercise of
reasonable diligence. Any claim or cause of action of the Company or any Subsidiary, including claims predicated upon the negligent act or omission of the Indemnitee, shall be extinguished and deemed released unless asserted by filing of a legal
action within such period. This Section 8 shall not apply to any cause of action which has accrued on the date hereof and of which the Indemnitee is aware on the date hereof but as to which the Company has no actual knowledge apart from the
Indemnitee’s knowledge. 
  
 Section
9.    Non-exclusivity.    The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnitee may have
under any provision of law, the Restated Certificate of Incorporation or the By-Laws, a vote of the Company’s stockholders 

  

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or Disinterested Directors, any other agreement, or otherwise, both as to administrators in his official capacity and to action in another capacity while
occupying his position as an Agent of the Company, and the Indemnitee’s rights hereunder shall continue after the Indemnitee has ceased acting as an Agent of the Company and shall inure to the benefit of the heirs, executors and administrators
of the Indemnitee. 
  
 Section
10.    Settlement.    The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding without its prior written consent, which
consent shall not be unreasonably withheld by the Company. The Company shall not settle any Proceeding as it relates to the Indemnitee without the Indemnitee’s prior written consent, which consent shall not be unreasonably withheld by the
Indemnitee; provided, that such consent shall not be required if such settlement (i) includes a release of the Indemnitee from all liability arising out of such Proceeding and (ii) does not include an admission of fault or culpability by or on
behalf of the Indemnitee. In the event that such consent is not given by either the Company or the Indemnitee, as the case may be, and the parties hereto are unable to agree on a proposed settlement, Independent Legal Counsel shall be retained by
the Company, at its expense, with the consent of the Indemnitee, which consent shall not be unreasonably withheld, for the purpose of determining whether or not the proposed settlement is reasonable under all the circumstances; and if Independent
Legal Counsel determines the proposed settlement is reasonable under all the circumstances, the settlement may be consummated without the consent of the other party; provided, however, that no settlement which would impose any penalty or limitation
on the Indemnitee (as opposed to the Company or any other person or entity) shall be made for the benefit of or imposed upon the Indemnitee without his prior written consent. 
  
 Section 11.    Subrogation Rights.    In the event of any payment
under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against any person or organization and the Indemnitee shall take all actions that reasonably may be requested to
secure such rights; provided, that the Indemnitee shall not be required to admit any liability or waive any attorney-client privilege. 
  
 Section 12.    Allowance for Compliance with Commission Requirements.    The Indemnitee acknowledges
that the Securities and Exchange Commission (the “Commission”) has expressed the opinion that indemnification of directors and officers from liabilities under the Securities Act of 1933 (the “Act”) is against public policy as
expressed in the Act and is, therefore, unenforceable. The Indemnitee hereby acknowledges and agrees that it will not be a breach of this Agreement for the Company to undertake with the Commission in connection with the registration for sale of any
shares or other securities of the Company from time to time that, in the event a claim for indemnification against such liabilities (other than the payment by the Company of Expenses incurred or paid by a director or officer of the Company in the
successful defense of any Proceeding) is asserted in connection with such shares or other securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
competent jurisdiction the question of whether or not such indemnification by the Company is against public policy as expressed in the Act and the Company will be governed by the final adjudication of such issue. The Indemnitee further agrees that
such submission to a court of competent jurisdiction shall not be a breach of this Agreement. 
  
 Section 13.    Scope. 
  
 (a) Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically
authorized by the other provisions of this Agreement, the Restated Certificate, the By-Laws or by statute. In the event of any change, after the date of this Agreement, in any applicable law, statute or rule which expands the right of a Delaware
corporation to indemnify a member of its board of directors or another Agent, such change shall be deemed to be within the purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In the event of any change in any
applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board of directors or another Agent, such change, to the extent not otherwise required by such law, statute or rule to be applied to this
Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 
  

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 (b) The Indemnitee’s rights hereunder shall apply to claims made against the Indemnitee arising out
of alleged acts or omissions which occurred prior to the date hereof as well as those which occur after the date hereof. 
  
 Section 14.    Severability.    If any provision or provisions of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held
invalid, illegal or unenforceable and to give effect to Section 13. 
  
 Section 15.    Modification and Waiver.    No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver
of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
  
 Section 16.    Successors and
Assigns.    The terms of this Agreement shall bind, and shall inure to the benefit of, the heirs, executors, administrators, successors and legal assigns of the parties hereto. 
  
 Section
17.    Notices.    All notices, requests, demands and other communications under this Agreement shall be in writing (including telecopier or similar writing) and shall be deemed to have been given
at the time when mailed, enclosed in a registered or certified postpaid envelope, in any general or branch office of the United States Postal Service, or sent by Federal Express or other similar overnight courier service, addressed to the address of
the parties as set forth on the signature page of this Agreement or to such changed address as such party may have fixed by notice or, if given by telecopier, when such telecopy is transmitted and the appropriate answerback is received. 

 
 Section 18.    Governing
Law.    This Agreement shall be governed exclusively by and construed according to the internal laws of the State of Delaware, without regard to its conflicts of law rules. 
  
 Section 19.    Consent to
Jurisdiction.    The Company and the Indemnitee each hereby irrevocably consents to the jurisdiction of the courts of the State of Delaware and the Company irrevocably consents to the jurisdiction of any court in which the
Indemnitee brings action pursuant to Section 7(c), for all purposes in connection with any Proceeding which arises out of or relates to this Agreement. The Company agrees not to initiate any such action or Proceeding in any state other than Delaware
and both the Company and the Indemnitee hereby agree to waive their right to a trial by jury in any such Proceeding. 
  
 Section 20.    Assignment.    Neither this Agreement nor any duties or responsibilities pursuant
hereto may be assigned by the Company to any other person or entity without the prior written consent of the Indemnitee; provided, however, that, at the request of the Indemnitee, the rights, duties and obligations of the Company hereunder shall be
assigned (by contract, operation of law or otherwise) to the successor or transferee party, as the case may be, in the event of (i) a sale, transfer or other disposal of all or substantially all of the assets of the Company and its subsidiaries
taken as a whole, or (ii) a merger, consolidation or other similar transaction in which the Company is not the surviving entity. In addition, in the event of (x) a party or parties acting together with any affiliates thereof, acquiring beneficial
ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of 50% or more of the stock of the Company ordinarily entitled to vote in the election of directors (“Voting Stock”), or (y) any other transaction or series of
related transactions (including, without limitation, any reorganization, merger or consolidation) as a result of which the Company’s stockholders of record as constituted immediately prior to such transaction (or series of related transactions)
hold less than fifty 

  

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(50%) of the Voting Stock of the surviving or acquiring entity immediately following consummation of such transaction (or series of related transactions),
the rights, duties and obligations of the Company hereunder may be assigned (by contract, operation of law or otherwise) to another person or entity if such person or entity has net worth at the time of such assignment at least equal to the net
worth of the Company at such time. 
  

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 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first
above written. 
  
 KNIGHT TRADING GROUP, INC.

  

	 
		
	 By:
	 	

	 	 	 Name:
 Title:
  

	 Address:                                     
                                        
         

	                                       
                                        
                      

	                                       
                                        
                      

	 Telecopy
No.:                                       
                                     

	 	 	 
	 	 	 
	 INDEMNITEE:

		
	 	 	

	 	 	 Name:
 Title:
  

	 Address:                                     
                                        
         

	                                       
                                        
                      

	                                       
                                        
                      

	 Telecopy
No.:                                       
                                     

	 	 	 
	 	 	 

  

 8Separation and Release Agreement, dated June 11, 2003

 Exhibit 10.27 
  
 SEPARATION AGREEMENT AND GENERAL RELEASE 
  
 This SEPARATION AGREEMENT and GENERAL RELEASE (hereinafter referred to as the “Agreement”) is made and entered into this
11th day of June 2003, by and between Anthony Sanfilippo and Knight Trading Group, Inc., a Delaware corporation,
having its principal place of business at 525 Washington Boulevard, Jersey City, New Jersey 07310 (hereinafter referred to as “Knight”). Upon execution by the parties, the following terms shall apply: 
  

	1.	 	Mr. Sanfilippo understands and agrees that his active employment will end no later than June 15 and that from that date to August 1, he will be available for transition and
consultation. His employment will end completely as of August 1, 2003 (hereinafter referred to as the “Termination Date”). He will not receive salary after the June 15th payroll, but will continue to receive benefits through August 1, 2003. 

  

	2.	 	In addition to this separation agreement and release, on August 1, 2003 Knight shall pay Mr. Sanfilippo $62,500 and on that date Mr. Sanfilippo agrees he shall deliver a release in
the form of paragraph 4 below covering the period from the time of execution of this agreement through and including August 1. Except as set forth herein, no other cash compensation or severance shall be paid in connection with the end of Mr.
Sanfilippo’s employment. 

  

	3.	 	Mr. Sanfilippo’s medical and dental coverage will cease effective August 31, 2003. In exchange for the execution of this Agreement, Knight will reimburse the COBRA costs for
continuation of medical and/or dental coverage for 4 months from the end of regular coverage provided you seek reimbursement from Knight within six months of the Effective Date. 

  

	4.	 	As a material inducement to Knight to enter into this Agreement, Mr. Sanfilippo, for himself, his heirs, executors, administrators, trustees, legal representatives, successors and
assigns (hereinafter collectively referred to as the “Releasor”), hereby forever fully releases, discharges and acquits Knight, any and all of its affiliates and related entities, parent, divisions, employee benefit plans, successors and
assigns and its and their past, present or future officers, directors, trustees, fiduciaries, administrators, employees, agents, representatives, predecessors, and investors from any and all claims, charges, demands, sums of money, actions, rights,
cause of action, obligations and liabilities of any kind or nature whatsoever, at law or in equity, which may have had, claims to have had, now has, or claims to have, which are or may be based upon any facts, acts, conduct, representations,
omissions, contracts, claims, events, causes, matters or things of any conceivable kind or character existing or occurring at any time on or before the Effective Date of this Agreement, including, but not limited to: 

  

	 	4.1	 	any claims or actions under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Worker Adjustment and Retraining Notifications Act, the Employee
Retirement Income Security Act, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act, and the New Jersey Law Against Discrimination and any other applicable state laws against
discrimination; 

  

	 	4.2	 	any other claims of discrimination in employment (based on any federal, state or local law, statutory or decisional); 

  

	 	4.3	 	any claim arising out of the terms and conditions of Mr. Sanfilippo’s employment with Knight, the termination of such employment, and/or any of the events relating directly or
indirectly to or surrounding that termination; 

  

	 	4.4	 	any and all claims related to compensation of any kind, including but not limited to, bonuses, incentive payments, severance pay, separation pay, and vacation pay;

  

	 	4.5	 	any and all claims for damages of any kind; 

	 	4.6	 	any and all claims arising out of the execution of this Agreement; or 

  

	 	4.7	 	any and all claims for attorney’s fees, costs, disbursements or the like. 

  

	 	4.8	 	Nothing in this agreement shall affect any rights to indemnification Mr. Sanfilippo may have under Knight’s by-laws, under any applicable law or any insurance policies that may
be in effect. 

  

	5.	 	Mr. Sanfilippo agrees: 

  

	 	5.1	 	that he will not disclose, or use for his benefit or the benefit of any other person or entity, any information received from Knight or any of its affiliates which is confidential
or proprietary or which constitutes trade secrets of Knight or its affiliates, and which: (i) has not been disclosed publicly by Knight or its affiliates, (ii) is otherwise not a matter of public knowledge, or (iii) is a matter of public knowledge
but which he has reason to know became a matter of public knowledge through an unauthorized disclosure. Proprietary or confidential information shall include information that has been developed by Knight or its affiliates and is unique to Knight or
its affiliates, the unauthorized disclosure or use of which could reduce the value of such information to Knight or its affiliates. Such information also includes, without limitation, Knight or its affiliates’ client lists (to the extent such
lists contain information other than the identity of clients), its trade secrets, any confidential information about (or provided by ) any client or prospective or former client of Knight or its affiliates, and any information referring or relating
to legal, litigation or regulatory matters. Nothing set forth in this Paragraph shall be interpreted to prohibit Mr. Sanfilippo from disclosing any such information as may be required by law; 

  

	 	5.2	 	that he will keep confidential any written material, records and documents made by him or coming into his possession during the course of his employment with Knight, which contain
or refer to any such proprietary, legal, litigation or regulatory related matters or any other confidential information as described in the proceeding paragraph and which: (i) has not been disclosed publicly by Knight and its affiliates, or (ii) is
otherwise not a matter of public knowledge but which he has reason to know became a matter of public knowledge through an unauthorized disclosure. Nothing herein shall prevent Mr. Sanfilippo from retaining and utilizing his personal records,
including copies of benefit plans and programs in which he retains an interest, desk calendars, or other personal office effects; 

  

	 	5.3	 	that he will continue to comply with Knight’s Policy Statement Regarding Confidential and Proprietary Information; 

  

	 	5.4	 	that he will keep secret and strictly confidential the existence and terms of this Agreement and further agrees not to disclose, make known, discuss or relay any information
concerning this Agreement, or any of the discussions leading up to this Agreement, to anyone other than members of his immediate family, and/or his tax advisor or attorney, provided that those to whom he makes such disclosure agree to keep said
information confidential and not disclose it to others. The foregoing shall not prohibit such disclosure (i) as may be ordered by any regulatory agency or court or as required by other lawful process, or (ii) as may be necessary for the prosecution
of claims relating to the performance or enforcement of this Agreement; 

  

	 	5.5	 	to give Knight timely and prompt written notice (in the manner provided for below) of the receipt of any request for information or subpoena, court order or other legal process
seeking or compelling the disclosure of any of the above information and/or documents, so as to allow Knight reasonable opportunity to take such action as may be necessary in order to protect such information and/or documents from disclosure;

  

	 	5.6	 	to provide reasonable cooperation with Knight and its counsel in connection with any investigation, administrative proceeding or litigation relating to any matter in which he was
involved or of which he has knowledge as a result of his employment by or Board membership of Knight; and 

  

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	 	5.7	 	to refrain from making any comments or statements to the press other than to say “I cannot comment” and to notify Knight’s General Counsel if you have been contacted
by the press; and 

  

	 	5.8	 	to refrain from making any comments or statement to present or former employees of Knight and its affiliates, to any individual or entity with whom or which Knight or any of its
affiliates has a business relationship, or to others, which could affect adversely the conduct of Knight’s business or its reputation or the conduct of business or the reputation of Knight’s parent or affiliates; 

 

	 	5.9	 	that until December 31, 2003, you will not, without the prior written consent of Knight, directly or indirectly solicit, encourage, or induce any employee of Knight or its
affiliated entities to terminate his or her employment with Knight; and 

  

	 	5.10	 	that in the event you become employed or enter in to a consulting relationship with a competitor of Knight Trading Group, Inc. or its affiliates and subsidiaries, you will offer to
resign immediately from the Board of Knight Trading Group, Inc. 

  

	6.	 	Mr. Sanfilippo represents and warrants that he has returned or will immediately return, to Knight all Knight property (including, without limitation, any and all Knight
identification cards; card key passes; corporate credit cards; corporate phone cards; documents in any form, written or electronic; files; memoranda; keys and software) in Mr. Sanfilippo’s possession and has not, and will not, retain any
duplicates or reproductions of such items. This provision shall not pertain to any documents that he may have or may obtain as a result of his Board membership. In addition, Mr. Sanfilippo need not return the Knight laptop that he has valued at
approximately $1,100. 

  

	7.	 	In light of his role and service with the company since prior to the initial public offering, Mr. Sanfilippo shall have until August 1, 2006 to exercise the options granted to him
on July 8, 1998, after which time such options shall expire. In accordance with terms set forth in Knight’s Employee Stock Option Agreement, any other vested options, including any options that may vest in June or July 2003, become fully
exercisable upon the Termination Date indicated herein, and shall terminate three (3) months after the date of such termination of employment. Similarly Mr. Sanfillipo shall be entitled to receive any restricted stock that vests prior to August 1,
2003. Any unvested options or unvested restricted stock will expire on the Termination Date. 

  

	8.	 	This Agreement shall not become effective until the eighth day following its execution by Mr. Sanfilippo (the “Effective Date”). Mr. Sanfilippo shall have the right to
revoke this Agreement for a period of seven days following the execution of this Agreement, by giving written notice of such revocation to Knight Securities L.P., 525 Washington Boulevard, 23rd Floor, Jersey City, New Jersey 07310, Attention: Joan Fader. This Agreement will expire if not executed by July 3, 2003. 

  

	9.	 	Mr. Sanfilippo acknowledges and warrants that: 

  

	 	9.1	 	the payments and benefits provided for by this Agreement exceed any thing of value to which he would otherwise be entitled under any Knight policy, plan, practice and/or procedure
or pursuant to any prior agreement or contract between Mr. Sanfilippo and Knight; 

  

	 	9.2	 	he has had ample opportunity to consider the terms and provisions of this Agreement; 

  

	 	9.3	 	he has been advised by Knight to consult with an attorney of his choosing prior to executing this Agreement; 

  

	 	9.5	 	he has carefully read this Agreement in its entirety and fully understands the significance of all of its terms and provisions; 

  

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	 	9.6	 	he is signing this Agreement voluntarily and of his own free will and assents to all the terms and conditions contained herein; and 

  

	 	9.7	 	any breach of the provisions of Paragraphs “4”, “5”, or “6” by Mr. Sanfilippo shall be considered a material breach of this Agreement. In the event of
such a breach (and in addition to any other legal or equitable remedy it may have), Knight shall be released from any obligation to make any payment under this Agreement and shall further be entitled to recover any damages and the reasonable costs
and attorneys’ fees incurred in seeking relief for any such breach. 

  

	10.	 	All notices, requests, demands and other communications hereunder to Knight shall be in writing and shall be deemed duly given when delivered, either by hand, by facsimile or by
overnight courier or by certified mail, return receipt requested, duly addressed as indicated below or to such changed address as Knight may subsequently designate: Knight Securities L.P., 525 Washington Boulevard, 23rd Floor, Jersey City, New Jersey 07310, Attention: Joan Fader. 

  

	11.	 	If, at any time after the Effective Date of this Agreement, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void, or
unenforceable, such provision shall be of no force and effect. The illegality or unenforceability of such provision, however, shall have no effect upon, and shall not impair the enforceability of any other provisions of this Agreement, provided,
however, that upon a finding by a court of competent jurisdiction that the release and covenant not to sue as provided for above is illegal and/or unenforceable, Mr. Sanfilippo shall be required to pay Knight all amounts paid to him by Knight.

  

	12.	 	Mr. Sanfilippo represents and acknowledges that, in executing this Agreement, he has not relied upon any representation or statement not set forth herein. 

 

	13.	 	The terms of this Agreement and all rights and obligations of the parties thereto including its enforcement shall be interpreted and governed by the laws of the State of New Jersey,
excluding any conflict-of-laws rule or principle that might refer the governance of this Agreement to the law of another jurisdiction. The parties consent to the jurisdiction of the state courts of New Jersey for the resolution of any dispute,
claim, or controversy arising or relating to this agreement. 

  

	14.	 	In the event of any dispute arising out of or relating to this Agreement or any breach hereof, the parties agree to submit to arbitration in accordance with the applicable rules of
the American Arbitration Association. Any arbitration shall take place in Jersey City, New Jersey, and shall be final and binding on the parties. 

  

	15.	 	No provisions of this Agreement may be modified, altered, waived or discharged unless such modification, alteration, waiver or discharge is agreed to in writing and signed by the
parties hereto. 

  

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	16.	 	This Agreement sets forth the entire agreement between the parties hereto and fully supersedes any and all prior agreements, or understandings between the parties hereto pertaining
to the subject matter hereof. 

  

					
	 	 	 /s/    Anthony M. Sanfilippo        

	 	 	 	 	 	SUBSCRIBED and SWORN to before me     
	 	 	Anthony M. Sanfilippo	 	 	 	 	 	this 27th day of June, 2003.    
					
	 	 	 June 27, 2003

 Date
	 	 	 	 	 	 /S/    PETER SILKOWITZ

					
	 	 	 	 	 	 	 	 	NOTARY PUBLIC

	 	

  

					
	 	 	 /S/    KAREN DOEBLIN

Knight Trading Group, Inc.
	 	 	 	 	 	             June 30, 2003

                     Date

					
	 	 	 Senior Vice President

 Title
	 	 	 	 	 	 

  

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