Document:

EX-10.26

 

Exhibit 10.26

PHH CORPORATION

RESTRICTED STOCK UNIT

AWARD NOTICE

Accelerated Vesting Schedule Modification

On June 28, 2005, PHH Corporation (the “Company”) awarded you Restricted Stock Units. A portion of
those Restricted Stock Units would be subject to accelerated vesting on June 28, 2006, June 28,
2007, June 28, 2008 and June 28, 2009, if the Company achieves certain targets for net income
growth and return on equity for fiscal year ending immediately prior to such vesting date.
However, due to the changes in the Company’s business during fiscal year 2005, the Compensation
Committee has modified the accelerated vesting targets for 2005 through 2008 as set forth below.
This document constitutes part of and is subject to the terms and provisions of the Award Notice,
the PHH Corporation Restricted Stock Unit Award Agreement (the “Agreement”), and the PHH
Corporation 2005 Equity Incentive Plan (the “Plan”). The terms used but not defined in this
modification shall have the meanings set forth in the Award Notice, the Agreement, or the Plan.

	 	 	 
	Grantee:

	 	[Name]

[Address]
	 
	 	 
	Participant #:

	 	[Social Security Number]
	 
	 	 
	Grant Date:

	 	June 28, 2005
	 
	 	 
	Number of Restricted
Stock Units:

	 	[___]
	 
	 	 
	Performance Goals for Accelerated Vesting:
	 
	 	 
	Modified Vesting Schedule:

	 	Accelerated Vesting Date: June 28, 2006

25% of the Restricted Stock Units shall become vested on June 28,
2006, if the Company achieves 100% of its target (Pre-Tax Income
After Minority Interest, excluding spin-off related expenses, equal
to $181.0 million) for the 2005 fiscal year.
	 
	 	 
	 

	 	Accelerated Vesting Date: June 28, 2007

25% of the Restricted Stock Units shall become vested on June 28,
2007, if the Company achieves 100% of its target (Pre-Tax Income
After Minority Interest, excluding one-time items, as determined by
the Compensation Committee) for the fiscal year ended immediately
prior to June 28, 2007.
	 
	 	 
	 

	 	Accelerated Vesting Date: June 28, 2008

25% of the Restricted Stock Units shall become vested on June 28,
2008, if the Company achieves 100% of its target (Pre-Tax Income
After Minority Interest, excluding one-time items, as determined by
the Compensation Committee) for the fiscal year ended immediately
prior to June 28, 2008.
	 
	 	 
	 

	 	Accelerated Vesting Date: June 28, 2009

25% of the Restricted Stock Units shall become vested on June 28,
2009, if the Company achieves 100% of its target (Pre-Tax Income
After Minority Interest, excluding one-time items, as determined by
the Compensation Committee) for the fiscal year ended immediately
prior to June 28, 2009.

 

 

     All of the terms and conditions of the Restricted Stock Unit Award Notice except those modified
above, remain in full force and effect.

	 	 	 	 	 	 	 
	 	 	PHH CORPORATION	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	Date:
	 	December                , 2005	 	 

RETAIN THIS MODIFICATION, YOUR NOTIFICATION AND YOUR AWARD AGREEMENT WITH YOUR

IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.EX-10.27

 

Exhibit 10.27

PHH CORPORATION

2005 EQUITY AND INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION

AWARD NOTICE

Accelerated Vesting Schedule Modification

On June 28, 2005, PHH Corporation (the “Company”) awarded you Non-Qualified Stock Options. A
portion of those Non-Qualified Stock Options would be subject to accelerated vesting on June 28,
2006, June 28, 2007, June 28, 2008 and June 28, 2009, if the Company achieves certain targets for
net income growth and return on equity for each fiscal year ending immediately prior to such
vesting date. However, due to the changes in the Company’s business during fiscal year 2005, the
Compensation Committee has modified the accelerated vesting targets for 2005 as set forth below.
This document constitutes part of and is subject to the terms and provisions of the Award Notice,
the PHH Corporation Non-Qualified Stock Option Award Agreement (the “Agreement”), and the PHH
Corporation 2005 Equity Incentive Plan (the “Plan”). The terms used but not defined in this
modification shall have the meanings set forth in the Award Notice, the Agreement, or the Plan.

	 	 	 
	Optionee:

	 	[Name]

[Address]
	 
	 	 
	Social Security #:

	 	[Social Security Number]
	 
	 	 
	Grant Date:

	 	June 28, 2005
	 
	 	 
	Number of Shares:

	 	[                    ]
	 
	 	 
	Exercise Price:

	 	$24.99 
	 
	 	 
	Expiration Date:

	 	     The Options shall expire at 5:00 p.m.
Eastern Time on the 10th anniversary
of the Grant Date, unless fully exercised or
terminated earlier.
	 
	 	 
	Performance Goals for Accelerated Vesting:
	 
	 	 
	Modified Vesting Schedule:

	 	Accelerated Vesting Date: June 28, 2006

25% of the Options shall become vested on June 28, 2006, if the Company
achieves 100% of its target (Pre-Tax Income After Minority Interest,
excluding spin-off related expenses, equal to $181.0 million) for the
2005 fiscal year.
	 
	 	 
	 

	 	Accelerated Vesting Date: June 28, 2007

25% of the Options shall become vested on June 28, 2007, if the Company
achieves 100% of its target (Pre-Tax Income After Minority Interest,
excluding one-time items, as determined by the Compensation Committee)
for the fiscal year ended immediately prior to June 28, 2007.
	 
	 	 
	 

	 	Accelerated Vesting Date: June 28, 2008

25% of the Options shall become vested on June 28, 2008, if the Company
achieves 100% of its target (Pre-Tax Income After Minority Interest,
excluding one-time items, as determined by the Compensation Committee)
for the fiscal year ended immediately prior to June 28, 2008.
	 
	 	 
	 

	 	Accelerated Vesting Date: June 28, 2009

25% of the Options shall become vested on June 28, 2009, if the Company
achieves 100% of its target (Pre-Tax Income After Minority Interest,
excluding one-time items, as determined by the Compensation Committee)
for the fiscal year ended immediately prior to June 28, 2009.

All of the terms and conditions of the Non-Qualified Stock Option Award Notice, except those
modified above, remain in full force and effect.

 

 

	 	 	 	 	 	 	 
	 	 	PHH CORPORATION	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	Date:
	 	December___, 2005	 	 

RETAIN THIS MODIFICATION, YOUR NOTIFICATION, AND YOUR AWARD AGREEMENT WITH YOUR

IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.EX-10.1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement between GLG Partners, Inc. (“GLG”) and Jeffrey M. Rojek (the “Employee”)
is made on this 9th day of January, 2008 (this “Agreement”).

GLG and the Employee hereby agree to the employment of the Employee by GLG on the following terms
and conditions:

	1.	 	Effective Date; Commencement of Employment.
	 
	1.1	 	This Agreement will not be effective until it has been approved by the board of directors of
GLG (the “Board”). In the event that this Agreement is not approved by the Board on or before
March 18, 2008, then this Agreement will become null and void and without any effect.
	 
	1.2	 	The Employee’s employment under this Agreement will commence on March 18, 2008 (the “Start
Date”).
	 
	2.	 	Title; Duties; Responsibilities.
	 
	2.1	 	The Employee shall, during the term of his employment with GLG, but not before the date set
forth in clause 1.2, serve GLG in the capacity of Chief Financial Officer. The Employee’s
duties shall include, but not be limited to, those typical of the chief financial officer of a
financial services company, and such other duties as may be required by GLG from time to time
consistent therewith, or where not, by agreement between the parties hereto.
	 
	2.2	 	During the term of the Employee’s employment with GLG, the Employee shall:

	 	(a)	 	at all times and in all respects conform to and comply with the lawful and
reasonable directions of GLG, and, to the extent applicable to the Employee, conform to
and comply with all rules or codes of conduct and statements of principle in force from
time to time or required by any regulatory body in relation to the business of GLG or
any of its subsidiaries (collectively, the “GLG Entities”);
	 
	 	(b)	 	unless prevented by sickness or other incapacity, or otherwise as directed by
GLG, devote the whole of his time, attention, and abilities during hours of work (which
shall be normal business hours and such additional hours as may be necessary for the
proper performance of his duties) to the business and affairs of the GLG Entities;
	 
	 	(c)	 	work at GLG’s offices in New York City, New York or such other place of
business of GLG in the New York City greater metropolitan area as GLG may reasonably
require for the proper performance of the Employee’s duties; provided that the Employee
shall be required to travel frequently and

 

 

	 	 	 	for extended periods of time for business purposes, including to any other office
maintained by any of the GLG Entities; and
	 
	 	(d)	 	not, without the prior written consent of GLG, directly or indirectly carry on
or be engaged, concerned, or interested in any other business, trade, or occupation
that is in competition with the business of any GLG Entity, other than as a holder
directly or through nominees of not more than three percent (3%) in the aggregate of
any class of shares, debentures, or other securities in issue from time to time of any
company that is publicly-traded on any recognized stock exchange.

	2.3	 	The Employee shall not, without the prior written consent of GLG, either directly or
indirectly, publish any opinion, fact, or material, or deliver any lecture or address, or
participate in the making of any film, radio broadcast, or television transmission, or
communicate with any representative of the media or any third party, (a) relating to the
business or affairs of the GLG Entities, or relating to any of their officers, employees,
members, clients, suppliers, distributors, agents, or shareholders, or (b) relating to the
development or exploitation of Intellectual Property (as defined in clause 10.1). For the
purpose of this clause 2.3, “media” shall include television (terrestrial, satellite, and
cable), internet, radio, newspapers, and other journalistic publications. This clause 2.3
will not apply to communications made by the Employee to the media or other third-parties to
the extent that such communications are consistent with the Employee’s duties to GLG.
	 
	3.	 	Salary.

	3.1	 	During the term of the Employee’s employment with GLG, GLG will pay the Employee a salary at
a rate equal to a gross amount of $400,000 per annum, from which tax and other withholdings
will be deducted. This amount will be paid to the Employee in equal monthly installments.
	 
	4.	 	Bonus.
	 
	4.1	 	The Employee will, during the term of his employment with GLG, be eligible for a
discretionary bonus, payable, if at all, by GLG on an annual basis, from which tax and other
withholdings will be deducted. Bonuses are based on numerous factors, including the
performance of the GLG Entities and the Employee’s individual contribution, and, except as
otherwise set forth in this clause 4, are not guaranteed. A Bonus, if any, is normally paid
in January of the year following the year in which such bonus is earned. Except for the bonus
payments set forth in clause 4.2, any bonus payable to the Employee may be conditioned upon
the achievement of performance goals established in accordance with Section 162(m) of the
Internal Revenue Code, as amended (“Section 162(m)”).
	 
	4.2	 	Notwithstanding anything to the contrary in clause 4.1, for each of the first two years of
the Employee’s employment with GLG, GLG will pay the Employee a cash bonus

2

 

	 	 	of no less than $600,000, from which tax and other withholdings will be deducted. Such
bonus will be paid to the Employee in 2009 and 2010, respectively, but no later than 30 days
after the first and second anniversaries of the Start Date, as applicable. Each such bonus
may be paid to the Employee in more than one payment during the specified payment period.
	 
	4.3	 	In the event that the Employee’s employment with GLG is terminated by GLG without Cause (as
defined in clause 8.3) before all of the bonus payments set forth in clause 4.2 are made to
the Employee, then the Employee shall become entitled to receive any remaining bonus payments
under clause 4.2 at the time or times that such remaining payment or payments would have been
made to the Employee under clause 4.2 had his employment not been terminated. Any payments to
be made under this clause 4.3 shall be subject to the Employee’s duty to mitigate set forth in
clause 8.2.
	 
	4.4	 	In order to be eligible to receive any bonus under this clause 4, except as otherwise
provided in clause 4.3, the Employee must be actively employed by GLG and not serving out any
period of notice (such as the notice period given prior to termination) on the date that that
bonus is paid.
	 
	5.	 	Equity Incentive Awards.
	 
	5.1	 	GLG will recommend to the Compensation Committee of the Board (the “Compensation Committee”)
that the Employee be granted, on or about the Start Date, with a second grant to be made on or
about the first anniversary of the Start Date, an award of restricted stock that has a value
of $500,000, as determined in good faith by GLG at the time each such award is granted (the
“Equity Award”). For purposes of determining the value of the Equity Award, such value will
be calculated assuming a notional price equal to the closing price of a share of GLG common
stock on the last trading day immediately preceding the respective date of grant. All or part
of the Equity Award may be conditioned upon the achievement of performance goals established
in accordance with Section 162(m).
	 
	 	 	The terms and conditions of the Equity Award that GLG will recommend to be granted by the
Compensation Committee to the Employee on or about the Start Date are set forth in the
restricted stock agreement attached hereto as Exhibit A.
	 
	5.2	 	In addition to the awards set forth in clause 5.1, the Employee may receive such other equity
incentive awards as the Compensation Committee may determine in its sole discretion from time
to time, and such awards may be conditioned upon the achievement of performance goals
established in accordance with Section 162(m). Such equity incentive awards may include,
without limitation, grants of stock options, stock appreciation rights, restricted stock,
and/or restricted stock units. The terms and conditions of each equity incentive award will
be set forth in a definitive award agreement to be entered into by the parties hereto.

3

 

	5.3	 	Notwithstanding anything in this clause 5 to the contrary, the Employee will only receive an
equity incentive award if, at the time the award is granted, he is actively employed by GLG
and not serving out any period of notice (such as the notice period given prior to
termination).
	 
	6.	 	Expenses.
	 
	6.1	 	GLG shall reimburse the Employee in respect of all reasonable travelling, accommodation, and
other similar out-of-pocket expenses wholly, exclusively, and necessarily incurred by the
Employee in or about the performance of his duties, provided that any expense claims are
supported by relevant documentation and are made in accordance with GLG’s expenses policy from
time to time in force.
	 
	7.	 	Benefits and Vacation.
	 
	7.1	 	During the term of the Employee’s employment with GLG, and provided that the Employee
satisfies, and continues to satisfy, any plan eligibility requirements, the Employee shall be
entitled to participate in, and receive benefits under, any pension benefit plan, welfare
benefit plan (including, without limitation, health insurance), vacation benefit plan, or
other employee benefit plan made available by GLG to its senior employees based in its New
York City offices. In addition, during the term of the Employee’s employment with GLG, the
Employee will be provided with fringe benefits to the same extent that such benefits are
provided by GLG to its senior management employees. Any such plan or benefit arrangement may
be amended, modified, or terminated by GLG from time to time with or without notice to the
Employee.
	 
	8.	 	Termination of Employment.
	 
	8.1	 	By the Employee; Death. The Employee may terminate his employment with GLG for any
reason by giving to GLG not less than twelve weeks of notice in writing. In the event that
the Employee terminates his employment without giving GLG the requisite notice under this
clause 8.1, then, in addition to any other remedy that GLG may have with respect to the
Employee for breach of this Agreement, the “Restriction Period” under clause 12.1.6 will be
extended for the number of days that is equal to the number of days by which the Employee’s
notice under this clause 8.1 is deficient (i.e., if the Employee provides GLG will eight weeks
of notice of termination, then the “Restriction Period” will be extended by four weeks).
	 
	 	 	The Employee’s employment with GLG will automatically terminate upon his death.
	 
	8.2	 	By GLG Without Cause. GLG may terminate the Employee’s employment without Cause (as
defined in clause 8.3) by giving to the Employee not less than twelve weeks of notice in
writing. Alternatively, GLG may, in its absolute discretion, elect to terminate the
employment of the Employee at any time with immediate effect by paying the Employee in a lump
sum his salary under clause 3.1 for twelve weeks in

4

 

	 	 	lieu of providing the Employee with any advance notice of termination, from which payment
taxes and other withholdings will be deducted.
	 
	 	 	In the event of a termination of the Employee’s employment by GLG without Cause on or before
the second anniversary of the Start Date, then, subject to clause 8.6, GLG shall continue to
pay to the Employee his salary under clause 3.1 through the second anniversary of the Start
Date, from which payments taxes and other withholdings will be deducted. In such event, the
Employee may also be entitled to additional compensation pursuant to the terms of clause
4.3.
	 
	 	 	At all times while the Employee is receiving payments under clause 4.3 or this clause 8.2
(or would be receiving payments but for clause 8.6), the Employee shall have a duty to
mitigate the amount of such payments that GLG is obligated to pay to the Employee by making
a good faith effort to obtain alternative employment (or paid work as a partner, consultant,
or otherwise). Any compensation that the Employee earns during such time period as a result
of other employment or work as a partner, consultant, or otherwise shall offset, on a
dollar-for-dollar basis, the amount of such payments that GLG otherwise would be obligated
to pay to the Employee under this Agreement. The Employee shall have an affirmative duty to
promptly notify GLG of any employment or other paid work that he obtains (and in any event
no later than seven days after obtaining such employment or other paid work) while receiving
payments under clause 4.3 or this clause 8.2. The failure of the Employee to make a good
faith effort to obtain such employment or other paid work will be grounds for GLG to refuse
to make any further payments under clause 4.3 or this clause 8.2 and to recoup any payments
under clause 4.3 and this clause 8.2 that it has already made to the Employee.
	 
	8.3	 	By GLG With Cause. The Employee’s employment may be terminated by GLG with Cause at
any time and without notice. “Cause” shall be deemed to exist if the Employee shall at any
time:

	 	(a)	 	be guilty of gross misconduct or be in material breach of any provision of
this Agreement; or
	 
	 	(b)	 	be in breach of regulatory requirements (including any Securities Exchange
Commission requirements) or internal compliance rules of any GLG Entity consistent
therewith that is applicable to the Employee; or
	 
	 	(c)	 	have any required registration terminated or cancelled by the Securities
Exchange Commission or any other regulatory authority governing financial services
business in the United States or in any other relevant jurisdiction; or
	 
	 	(d)	 	have any certification, registration, license, or similar requirement to
maintain his status as a certified public accountant or a state-licensed accountant
suspended, withdrawn, revoked, or otherwise terminated,

5

 

	 	 	 	provided that such suspension, withdrawal, revocation, or termination will not be
grounds to terminate the Employee with Cause if it occurs because of the Employee’s
failure to complete any necessary continuing professional education hours or
credits and such failure was consented to in advance and in writing by GLG; or
	 
	 	(e)	 	be investigated (which includes any informal or formal stage in any
administrative, investigative, enforcement, adjudicative, disciplinary, or judicial
investigation or proceeding, but excludes any such investigation or proceeding the
subject of which is GLG and not the Employee) in the United States by the Securities
Exchange Commission, the Financial Industry Regulatory Authority, Inc., or another
government agency or regulatory body or authority, or in any other relevant
jurisdiction by a government agency or regulatory body or authority, for a potential
violation of securities laws, including any insider trading rules, or any applicable
rule or regulation of any governmental agency or regulatory body or authority
governing the financial services business or people who work in such business,
provided that, if such investigation has been completed and results in a finding of no
violation by the Employee, then, to the extent that GLG has not yet exercised its
right to terminate the Employee with Cause as a result of such investigation, such
investigation will no longer be grounds for GLG to terminate the Employee with Cause;
or
	 
	 	(f)	 	be guilty of any serious negligence in connection with or affecting the
business or affairs of any GLG Entity for which the Employee is required to perform
duties; or
	 
	 	(g)	 	be guilty of conduct that brings or is likely to bring the Employee or any
GLG Entity into disrepute; or
	 
	 	(h)	 	be convicted of a criminal offence for which the Employee may be arrested
(other than a traffic violation for which a non-custodial penalty is imposed); or
	 
	 	(i)	 	be in material breach of any of the conditions or continuing obligations
under clause 13.

	8.4	 	GLG is not under any obligation to provide the Employee with any work, and GLG may suspend
the Employee or place him on a leave of absence without duties, exclude the Employee from all
or any premises of GLG, and/or require that the Employee not contact any colleagues or
clients, not work on any GLG matters or projects, and not access electronic data in GLG’s
offices via home computers, modems, or otherwise, including, without limitation:

6

 

	 	8.4.1	 	for any period in connection with any investigation into (a) any alleged
misconduct or neglect by the Employee or (b) any alleged action or inaction that may
constitute Cause under clause 8.3; or
	 
	 	8.4.2	 	for any period not exceeding the applicable notice period after either party
has given notice of termination of employment;

	 	 	provided that throughout such period the Employee’s salary under clause 3.1 and benefits
under clause 7.1 shall continue to be paid or provided by GLG in accordance with those
clauses. The Employee acknowledges and agrees that, during any period of suspension, all
obligations and duties of the Employee contained in this Agreement (other than those
suspended as set out in this clause 8.4) will continue to have full force and effect.
	 
	8.5	 	GLG reserves the right to condition any compensation under this clause 8, or the Employee’s
right to continue to receive salary and/or bonus for any portion of any notice period under
this clause 8 during which the Employee is not performing services, upon the Employee’s
execution of a full general release and such release becoming effective.
	 
	8.6	 	To the extent that any amount payable under this Agreement constitutes an amount payable
under a “nonqualified deferred compensation plan” (as defined in Section 409A of the Internal
Revenue Code) following a “separation from service” (as defined in Section 409A of the
Internal Revenue Code), including any amount payable under clause 4.3 or this clause 8, then,
notwithstanding any other provision in this Agreement to the contrary, such payment will not
be made to the Employee until the day after the date that is six months following the
Employee’s “separation from service,” but only if the Employee is deemed by GLG, in accordance
with any relevant procedures that it may establish, to be a “specified employee” under Section
409A of the Internal Revenue Code at the time the Employee “separates from service.” This
clause 8.6 will not be applicable after the Employee’s death.
	 
	8.7	 	Upon the termination of his employment (for whatever reason and howsoever arising), the
Employee shall not at any time thereafter make any untrue or misleading oral or written
statement concerning the business and affairs of any GLG Entity, nor represent himself or
permit himself to be held out as being in any way connected with or interested in the business
of any GLG Entity (except as a former employee for the purpose of communicating with
prospective employers or complying with any applicable law, or as a holder of any outstanding
equity award granted to the Employee).
	 
	9.	 	Confidential Information.
	 
	9.1	 	“Confidential Information” means any information that belongs to any GLG Entity, or any of
their clients or suppliers, including, without limitation, Intellectual Property (as defined
in clause 10.1), technical data, market data, trade secrets, research,

7

 

	 	 	business plans, product information, projects, services, client lists, client preferences,
client transactions, supplier lists, supplier rates, hardware, technology, inventions,
developments, processes, formulas, designs, marketing methods and strategies, pricing
strategies, sales methods, financial information, transactional information, corporate and
tax structures, revenue figures, account information, credit information, financing
arrangements, information disclosed to the Employee by any GLG Entity in confidence
directly or indirectly, information that the Employee ought reasonably to understand is
confidential, and information in respect of which any GLG Entity is bound by an obligation
of confidence to a third party, and whether in writing (including via email), orally, or by
electronic records, drawings, pictures, or inspection of tangible property.
	 
	9.2	 	The Employee acknowledges that, during the course of his employment with GLG, the Employee
will have access to Confidential Information. The Employee agrees, both during the term of
his employment with GLG and following its termination, that he will hold the Confidential
Information in the strictest confidence, and that he will not use or attempt to use, other
than in the proper performance of the Employee’s duties, the Confidential Information except
for the benefit of the GLG Entities, and he will not disclose any Confidential Information to
any other person or entity without the prior written authorization of GLG. The Employee shall
use best endeavors to prevent the unauthorized publication or misuse of any Confidential
Information.
	 
	9.3	 	The restrictions of clause 9.2 do not apply to any Confidential Information that (a) has
entered into the public domain other than by a breach of this Agreement or other obligation of
confidentiality of which the Employee is aware, or (b) solely to the extent and for the
duration required, is required to be disclosed under a validly-issued court order and which
disclosure the GLG Entities, following the Employee’s immediate notification to GLG of such
requirement, are unable legally to prevent.
	 
	9.4	 	The Employee will be required, and hereby agrees, to execute any additional confidentiality
agreements with any GLG Entity in such form as will be required by GLG or such GLG Entity.
	 
	9.5	 	Following the termination of the Employee’s employment with GLG, or at any time during its
continuance upon request by GLG, the Employee will promptly deliver to GLG and not keep in his
possession, recreate, or deliver to any other person or entity, any and all property that
belongs to any GLG Entity, or that belongs to any other third party and is in the Employee’s
possession as a result of his employment with GLG, including, without limitation, any
Confidential Information, computer hardware and software, palm pilots, pagers, cell phones,
blackberries, PDAs, other electronic equipment, records, data, client lists and information,
notes, reports, correspondence, financial information, corporate information, account
information, files, and other documents and information, including any and all copies of the
foregoing.

8

 

	10.	 	Intellectual Property.
	 
	10.1	 	“Intellectual Property” means any rights in or to intellectual property including, without
limitation, patents, trade marks, service marks, design rights, copyrights, utility models,
inventions, drawings, rights in computer programs (including both object code and source
code), and whether registered or unregistered, applications for registration of any of the
foregoing and the right to apply for them in any part of the world, and rights of like nature
arising or subsisting anywhere in the world in relation to all of the foregoing.
	 
	10.2	 	The Employee agrees that all Intellectual Property that the Employee creates or discovers
during the course of or as a result of his employment with GLG and that relates to or is
capable of being used in the business of any GLG Entity shall vest automatically in and belong
exclusively to GLG or its nominee, and the Employee shall not have any rights or licenses in
such Intellectual Property except as explicitly granted in writing to him by GLG.
	 
	10.3	 	If, at any time in the course of the Employee’s employment with GLG, the Employee makes or
discovers or participates in the making or discovery of any Intellectual Property relating to
or capable of being used in the business of any GLG Entity, then the Employee shall
immediately disclose full details of such Intellectual Property to GLG, and at the expense of
GLG the Employee shall do all things necessary or desirable for obtaining appropriate forms of
protection for the Intellectual Property in such parts of the world as may be specified by GLG
and for vesting all rights in the same in GLG or its nominee.
	 
	10.4	 	The Employee hereby irrevocably appoints GLG or its nominee to be the Employee’s agent to
sign any instrument, or to execute or do any act, on the Employee’s behalf in order to give
GLG or its nominee the full benefit of this clause 10, and in favor of any third party a
certificate in writing signed by an officer of GLG that any instrument or act falls within the
authority of GLG conferred by this clause 10 shall be conclusive evidence that such is the
case.
	 
	10.5	 	The Employee hereby waives all of the Employee’s moral rights, if any, in respect of any acts
of any GLG Entity or any party acting on its authority, in relation to any Intellectual
Property that is the property of or licensed to GLG, its nominee, or any GLG Entity by virtue
of this clause 10.
	 
	10.6	 	The Employee agrees that he will disclose to GLG in writing prior to the Start Date all
Intellectual Property that was made or discovered by the Employee prior to such date, or that
belongs to the Employee either solely or jointly with others (each such item referred to as a
“Prior Invention” and collectively as “Prior Inventions”). Other than as so disclosed, the
Employee agrees and acknowledges that there are no Prior Inventions. If, in the course of the
Employee’s employment with GLG, the Employee incorporates a Prior Invention into any product,
software, business

9

 

	 	 	material, process, service, or machine of any GLG Entity, then the GLG Entities are hereby
granted a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license (with the
right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell,
and otherwise distribute such Prior Invention as part of or in connection with such
product, software, business material, process, service, or machine.
	 
	10.7	 	The Employee shall keep and maintain adequate and up to date written records of all
Intellectual Property made or discovered by the Employee (either solely or jointly with
others) during his employment with GLG. The records may be in the form of notes, sketches,
drawings, flow charts, electronic data or recordings, laboratory notebooks, or any similar
format appropriate to the relevant Intellectual Property and/or required from time to time by
GLG. The records will be available to and remain the sole property of GLG at all times, and
the Employee shall not perform any action with such records (other than to maintain them in an
up to date state) without the express permission of GLG, such permission to be at the sole
discretion of GLG.
	 
	10.8	 	All rights and obligations of the Employee under this clause 10 shall continue in full force
and effect after the termination of his employment and shall be binding upon the Employee’s
heirs, assigns, and personal representatives.
	 
	11.	 	Further Obligations of the Employee.
	 
	11.1	 	The Employee shall, during his employment with GLG and (where appropriate) after its
termination, comply (and, if applicable, shall procure that his spouse and minor children
shall comply) with all applicable rules of law, regulations, and codes of conduct of any GLG
Entity in effect from time to time in relation to dealings in shares, debentures, or other
securities, and the Employee shall, in relation to any dealings in securities of foreign
companies, comply with all laws of any foreign state affecting dealings in the securities of
such companies.
	 
	11.2	 	The Employee represents that his employment with GLG does not violate any prior agreement
with a former employer or third party. Should the Employee breach such representation, the
Employee agrees to indemnify the GLG Entities on demand for any and all damages (including,
without limitation, legal fees) that any GLG Entity incurs as a result of the Employee’s
breach of such representation.
	 
	12.	 	Restrictive Covenants.
	 
	12.1	 	For the purpose of this clause 12, the following expressions shall have the following
respective meanings:

	 	12.1.1	 	“Business” means the management, investment management, and investment advisory
businesses, and the business of structuring, establishing, marketing, distributing, and
managing investment funds, as

10

 

	 	 	 	carried on by any GLG Entity on the Employee’s employment termination date.
	 
	 	12.1.2	 	“Intermediary” means (a) any person who, at any time during the two years immediately
preceding the Employee’s employment termination date, promoted, marketed, advised, or
arranged for investors in the services and/or products (including investment funds) of
any GLG Entity, (b) any person who, during such two-year period, was a partner, member,
employee, or agent of, or consultant to, such Intermediary, or (c) any person who,
during such two-year period, was a partner, member, employee or agent of a client or
prospective client of any GLG Entity and who was working in the capacity of an
Intermediary, and in all cases, with which Intermediary the Employee had direct
dealings on behalf of any GLG Entity in connection with such Intermediary’s promoting,
marketing, advising, or arranging for investors in the services and/or products
(including investment funds) of any GLG Entity.
	 
	 	12.1.3	 	“Key Individual” means any person who, at the Employee’s employment termination date,
is employed or engaged (including, without limitation, as a partner of member) by any
GLG Entity (a) with whom the Employee has had material contact during the course of his
employment with GLG, and (b) either (i) is employed or engaged in marketing services
and/or products (including investment funds), in managing fund assets, as an analyst,
or in a senior management position, or (ii) is in the possession of Confidential
Information, or (iii) is directly managed by or reports to the Employee; and in the
event that any person is found to have been solicited by the Employee prior to the
Employee’s employment termination date and such person would have been a Key Individual
on the Employee’s employment termination date but for the actions of the Employee, then
such person will also be considered to be a Key Individual.
	 
	 	12.1.4	 	“Prospective Intermediary” means any person (a) with whom or which any GLG Entity
entered into negotiations or discussions, or (b) on whom or which any GLG Entity
expended a material amount of money, in either case during the period of six months
immediately preceding the Employee’s employment termination date and to the knowledge
of the Employee prior to his employment termination date, and in either case, (i) with
a view toward securing introductions to others for the purpose of providing services or
doing business with such other persons, (ii) with whom or which person the Employee had
direct dealings on behalf of any GLG Entity, and (iii) which person does not
affirmatively indicate to the GLG Entities, prior to the Employee’s employment
termination date, that he, she, or it does not wish to become an Intermediary of the
GLG Entities.

11

 

	 	12.1.5	 	“Restricted Area” means the United States, the United Kingdom, and any other country
in which the Employee has undertaken his duties for the GLG Entities to a material
extent at any time during the period of twelve months immediately preceding the
Employee’s employment termination date.
	 
	 	12.1.6	 	“Restriction Period” means the period of the Employee’s employment with GLG, plus (a)
the period of twelve months for purposes of clauses 12.3, 12.4.1, 12.4.3, 12.4.6,
12.4.8, and 12.4.10, (b) the period of six months for purposes of clauses 12.4.2 and
12.4.4, and (c) the period of eighteen months for purposes of clauses 12.4.5, 12.4.7,
and 12.4.9, with the time periods in clauses (a), (b), and (c) calculated from the
Employee’s employment termination date; provided that the length of the post-employment
period may be extended in accordance with the terms of clause 8.1.

	12.2	 	The Employee acknowledges that, during the course of his employment with GLG, he will have
(a) access to Confidential Information, and/or (b) influence over or connection with existing
and prospective clients, Intermediaries, Prospective Intermediaries, employees, and other
service providers of the GLG Entities, and accordingly, having had the opportunity to take
legal advice or voluntarily having waived such opportunity, is willing to enter into the
covenants described in this clause 12 in order to provide the GLG Entities with reasonable
protection for those interests.
	 
	12.3	 	The Employee hereby covenants with GLG that he will not, for the Restriction Period, without
the prior written consent of GLG in its sole and absolute discretion, either alone or jointly
with or on behalf of any person, directly or indirectly, carry on or set up, or be employed or
engaged by or in, or otherwise assist or be interested in, in any capacity (except as a
shareholder or other equity owner of not more than three percent (3%) of the shares of any
company whose shares are publicly traded on any recognized stock exchange), a business that is
carried on in competition with the Business anywhere within the Restricted Area.
	 
	12.4	 	The Employee hereby covenants with GLG that he will not, for the Restriction Period, without
the prior written consent of GLG in its sole and absolute discretion, either alone or jointly
with or on behalf of any person, directly or indirectly:

	 	12.4.1	 	in connection with the carrying on of any business that is in competition with the
Business, have business dealings with, provide services to, or otherwise accept the
custom of any person who or which has at any time during the period of twelve months
immediately preceding the Employee’s employment termination date done business or dealt
with, or received services from, any GLG Entity as a client, and with whom or which the
Employee shall have had dealings during the course of his employment with GLG or any
other service relationship with the GLG Entities, other than clients that were

12

 

	 	 	 	Business-related clients of the Employee (as opposed to clients of his accounting
practice) prior to the time he first provided services to any of the GLG Entities;
	 
	 	12.4.2	 	in connection with the carrying on of any business that is in competition with the
Business, have business dealings with, provide services to, or otherwise accept the
custom of any person who or which is a prospective client of any GLG Entity, by
providing any service to, dealing with, or doing business with such prospective client
that is the same or substantially similar to services and/or products (including
investment funds) that had been or are being marketed to such prospective client by any
GLG Entity on the Employee’s employment termination date or during the period of six
months immediately preceding such employment termination date, and of which marketing
the Employee is aware prior to his employment termination date, provided that, prior to
the Employee’s employment termination date, such prospective client has not
affirmatively indicated that he, she, or it does not wish to become a client of the GLG
Entities;
	 
	 	12.4.3	 	in connection with the carrying on of any business that is in competition with the
Business, have business dealings with any Intermediary for the purpose of securing or
seeking to secure from such Intermediary the opportunity to provide to his, her, or its
clients or prospective clients any services and/or products (including investment
funds) that are the same or substantially similar to those provided by any GLG Entity,
or to place the business of any such client or prospective client with another business
that is in competition with the Business;
	 
	 	12.4.4	 	in connection with the carrying on of any business that is in competition with the
Business, have business dealings with any Prospective Intermediary for the purpose of
securing or seeking to secure from such Prospective Intermediary the opportunity to
provide to his, her, or its clients or prospective clients any services and/or products
(including investment funds) that are the same or substantially similar to those
provided by any GLG Entity, or to place the business of any such client or prospective
client with another business that is in competition with the Business;
	 
	 	12.4.5	 	in connection with the carrying on of any business that is in competition with the
Business, canvass, solicit, or approach, or cause to be canvassed, solicited, or
approached, for orders or instructions in respect of any services and/or products
(including investment funds) of a type offered or provided by any GLG Entity, any
person who or which at the Employee’s employment termination date or at any time during
the period of twelve months prior to that date is a client of any GLG Entity, and with
whom or which the Employee shall have had dealings during the course of his employment
with GLG or any other service relationship with the GLG Entities, other than

13

 

	 	 	 	clients that were Business-related clients of the Employee (as opposed to clients
of his accounting practice) prior to the time he first provided services to any of
the GLG Entities;
	 
	 	12.4.6	 	in connection with the carrying on of any business that is in competition with the
Business, canvass, solicit, or approach, or cause to be canvassed, solicited, or
approached, for orders or instructions in respect of any services and/or products
(including investment funds) of a type offered or provided by any GLG Entity, any
person who or which is a prospective client of any GLG Entity, to whom or which such
services had been or are being marketed on the Employee’s employment termination date
or during the period of six months immediately preceding such employment termination
date, and of which marketing the Employee is aware prior to his employment termination
date, provided that, prior to the Employee’s employment termination date, such
prospective client has not affirmatively indicated that he, she, or it does not wish to
become a client of the GLG Entities;
	 
	 	12.4.7	 	in connection with the carrying on of any business that is in competition with the
Business, canvass, solicit, or approach, or cause to be canvassed, solicited, or
approached, any Intermediary for the purpose of securing or seeking to secure from such
Intermediary the opportunity to provide to his, her, or its clients or prospective
clients any services and/or products (including investment funds) that are the same or
substantially similar to those provided by any GLG Entity, or to place the business of
any such client or prospective client with another business that is in competition with
the Business;
	 
	 	12.4.8	 	in connection with the carrying on of any business that is in competition with the
Business, canvass, solicit, or approach, or cause to be canvassed, solicited, or
approached, any Prospective Intermediary for the purpose of securing or seeking to
secure from such Prospective Intermediary the opportunity to provide to his, her, or
its clients or prospective clients any services and/or products (including investment
funds) that are the same or substantially similar to those provided by any GLG Entity,
or to place the business of any such client or prospective client with another business
that is in competition with the Business;
	 
	 	12.4.9	 	solicit or endeavor to solicit for employment or for the provision of service, or
entice away or endeavor to entice away from employment or other service relationship
with the GLG Entities, any Key Individual who, on the Employee’s employment termination
date, is employed or engaged by any GLG Entity, or who was so employed or engaged at
any time during the six months immediately preceding the Employee’s employment
termination date; or

14

 

	 	12.4.10	 	hire or engage for services any Key Individual who, on the Employee’s employment
termination date, is employed or engaged by any GLG Entity, or who was so employed or
engaged at any time during the six months immediately preceding the Employee’s
employment termination date.

	12.5	 	Notwithstanding anything to the contrary in this clause 12, following the termination of the
Employee’s employment with GLG, the Employee will be permitted to (a) work for any certified
public accounting firm, provided that the Employee is not involved in (whether by working for,
advising, consulting with, or otherwise servicing) any aspect of such firm’s investment
management or investment advisory businesses, if any, including any such business conducted
through such firm’s subsidiaries or other related entities, and (b) service the clients of any
certified public accounting firm.
	 
	12.6	 	The Employee hereby agrees that he will, at the cost of GLG, enter into a direct agreement or
undertaking with any GLG Entity whereby he will accept restrictions and provisions
corresponding to the restrictions and provisions in this clause 12 in relation to such
activities and such area and for such a period not exceeding the Restriction Period as such
GLG Entity may reasonably require for the protection of its legitimate business interests.
	 
	12.7	 	The covenants contained in this clause 12 are intended to be separate and severable and
enforceable as such, and to be enforceable to the fullest extent permissible under the laws of
each jurisdiction in which enforcement is sought. If any restriction contained in this
Agreement is for any reason held by a court to be excessively broad as to duration, activity,
geographical scope, or subject, then such restriction will be construed, judicially modified,
or “blue penciled” in such jurisdiction so as to thereafter be limited or reduced to the
extent required to be enforceable in such jurisdiction in accordance with applicable law. If
any restriction contained in this Agreement is held to be invalid, illegal, or unenforceable
in any respect under any applicable law in any jurisdiction, then such invalidity, illegality,
or unenforceability will not affect any other provision of this Agreement or any other
jurisdiction, but such restriction will be reformed, construed, and enforced in such
jurisdiction as if such invalid, illegal, or unenforceable restriction had never been
contained in this Agreement.
	 
	12.8	 	The Employee acknowledges that the remedy at law for his breach of this clause 12 will be
inadequate, and that the damages flowing from such breach will not be readily susceptible to
being measured in monetary terms. Accordingly, upon a breach or threatened breach of this
clause 12, GLG will be entitled to immediate injunctive relief (or other equitable relief) and
may obtain a temporary order restraining any breach or further breach. No bond or other
security will be required to obtain such relief, and the Employee consents to the issuance of
such equitable relief. Nothing in this clause 12.8 will be deemed to limit GLG’s remedies at
law or

15

 

	 	 	in equity that may be pursued or availed of by GLG for any breach or threatened breach by
the Employee of any part of this clause 12.
	 
	12.9	 	The covenants contained in this clause 12 have been agreed by the parties hereto to be
reasonable. The business of the GLG Entities is highly competitive, the terms of this clause
12 are material to the parties’ willingness to enter into this Agreement, and the terms and
conditions of this clause 12 are not more restrictive than is necessary to protect the
legitimate interests of the GLG Entities.
	 
	13.	 	Conditional Nature of Employment.
	 
	13.1	 	The Employee’s employment with GLG is subject to the following conditions:

	 	(a)	 	validity and accuracy of all representations made by the Employee regarding his
educational, vocational, professional, and any other appropriate qualifications, and
upon request by GLG the Employee will be required to produce any relevant documentation
supporting such representations;
	 
	 	(b)	 	compliance with any compliance regulations, codes of conduct, and personal
investment policies applicable to the Employee; and
	 
	 	(c)	 	the Employee’s successful and continued registration with, to the extent
applicable, the Securities Exchange Commission and any other relevant government agency
governing the financial services business.

	 	 	The Employee recognizes that his employment may be terminated with or without notice or
payment in the event that such requirements fail to be satisfied at any time during his
employment with GLG.
	 
	14.	 	Miscellaneous.
	 
	14.1	 	This Agreement constitutes the entire agreement and understanding between GLG and the
Employee and supersedes any other agreements, whether oral or written, with respect to the
subject matter of this Agreement. This Agreement may only be modified or amended by a further
agreement in writing signed by the parties hereto.
	 
	14.2	 	This Agreement is governed by and shall be construed in accordance with the laws of the State
of New York without giving effect to its conflict of laws principles.
	 
	14.3	 	Any action by the parties hereto related to this Agreement may be instituted in any state or
federal court having proper subject matter jurisdiction located within the State of New York,
or in any other court in which jurisdiction is otherwise proper. Accordingly, the Employee
and GLG irrevocably and unconditionally (a) submit to the jurisdiction of any such court and
(b) waive (i) any objection to the laying of venue of any such action brought in such court
and (ii) any claim that any such action brought in any such court has been brought in an
inconvenient forum.

16

 

	14.4	 	This Agreement may be executed in several counterparts, each of which shall be deemed to be
an original, and all such counterparts when taken together shall constitute one and the same
original.
	 
	14.5	 	GLG shall be entitled, without notice to the Employee, at any time during his employment with
GLG and upon the termination of such employment, to set off and/or make deductions from the
Employee’s compensation or from any other sums due to the Employee from any GLG Entity in
respect of any overpayment of any kind made to the Employee or in respect of any outstanding
debt or other sum due from the Employee. In addition, all payments made under this Agreement
to the Employee will be subject to applicable tax and other payroll withholdings.
	 
	14.6	 	Except to the extent that applicable law requires that any specific action be taken or
performed by the Compensation Committee, or to the extent otherwise provided in this
Agreement, any action to be taken or performed, or direction or consent to be provided, by GLG
under this Agreement may be taken, performed, or provided by either of GLG’s Co-Chief
Executive Officers (or if there is only one Chief Executive Officer, then by that individual).
	 
	14.7	 	Any waiver by GLG of any provision, or any breach of any provision, of this Agreement shall
not operate or be construed as a waiver of any subsequent breach of such provision or any
other provision herein.
	 
	14.8	 	Due to the personal nature of the services contemplated under this Agreement, this Agreement
and the Employee’s rights and obligations hereunder may not be assigned by the Employee. GLG
may assign its rights, together with its obligations hereunder, in connection with any sale,
transfer, or other disposition of all or substantially all of its business and/or assets,
provided that any such assignee of GLG agrees to be bound by the provisions of this Agreement.

	 	 	 	 	 	 	 
	GLG Partners, Inc.	 	 	 	 
	 
	 	 	 	 	 	 
	by:

	 	/s/ Noam Gottesman
 

Name: Noam Gottesman
	 	 	 	Date:  January 9, 2008      
	 

	 	Title: Co-Chief Executive Officer	 	 	 	 
	 
	 	 	 	 	 	 
	by:

	 	Employee	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Jeffrey M. Rojek	 	 	 	Date: January 9, 2008     
	 	 	 	 	 
	Jeffrey M. Rojek	 	 	 	 

17

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