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Exhibit 10.2    
  

 
 

INVESTMENT TECHNOLOGY GROUP, INC.
  THIRD AMENDED AND RESTATED
  1998 STOCK UNIT AWARD PROGRAM    
  

	1.
	Purpose

        This
1998 Stock Unit Award Program (the "Program") is implemented under the 1994 Stock Option and Long-Term Incentive Plan, as amended and restated (the "Plan"), of
Investment Technology Group, Inc. (the "Company") in order to provide an additional incentive to selected members of senior management and key employees to increase the success of the Company,
by substituting stock units for a portion of the cash compensation payable to such persons on a mandatory basis, which stock units represent an equity interest in the Company to be acquired and held
under the Program on a long-term, tax-deferred basis, and otherwise to promote the purposes of the Plan. 

	2.
	Definitions

        Capitalized
terms used in the Program but not defined herein shall have the same meanings as defined in the Plan. In addition to such terms and the terms defined in Section 1, the
following terms used in the Program shall have the meanings set forth below: 

        2.1  "Account"
means the account established for each Participant pursuant to Section 7(g) hereof. 

        2.2  "Actual
Reduction Amount" means the amount by which a given quarterly or year-end bonus payment to a Participant is in fact reduced under Section 6. 

        2.3  "Administrator"
shall be the person or committee appointed by the Committee to perform ministerial functions under the Program and to exercise other authority delegated
by the Committee. 

        2.4  "Assigned
Reduction Amount" means an amount determined by the Administrator in accordance with Section 6(b), in the case of an individual Participant, which shall
be used under Section 7(a) to determine the number of Stock Units to be credited to the Participant's Account in respect of a given calendar quarter. The assigned Reduction Amount does not
accumulate from one quarter to the next. 

        2.5  "Current
Participant" means a Participant who, during the current year, is subject to mandatory payment of a portion of compensation by grant of Stock Units under the
Program. 

        2.6  "Participant"
means an eligible person who is granted Stock Units under the Program, which Stock Units have not yet been settled. 

        2.7  "Stock
Unit" means an award, granted pursuant to Section 6.5 and 6.6 of the Plan, representing a generally nontransferable right to receive one share of Common
Stock at a specified future date together with a right to Dividend Equivalents as specified in Section 7(d) hereof and subject to the terms and conditions of the Plan and the Program.
Notwithstanding anything to the contrary, in the case of Stock Units granted to employees of ITG Canada Corp. and KTG Technologies Corp., the Committee may, in its discretion, settle such Stock Units
by delivery of cash equal to the Fair Market Value, on the third anniversary of the date of grant of such Stock Units, of the number of shares of Common Stock equal to the number of such Stock Units.
Stock Units are bookkeeping units, and do not represent ownership of Common Stock or any other equity security. 

        2.8  "Termination
of Employment" means termination of a Participant's employment by the Company or a subsidiary for any reason, including due to death or disability,
immediately after which event the Participant is not employed by the Company or any subsidiary. 

	3.
	Administration 

        (a)  Authority. The Program shall be established and administered by the Committee, which shall have all authority under the
Program as it has under the Plan; provided, however, that terms of the 

grant of Stock Units hereunder may not be inconsistent with the express terms set forth in the Program. Ministerial functions under the Program and other authority specifically delegated by the
Committee shall be performed or exercised by and at the direction of the Administrator. 

        (b)  Manner of Exercise of Authority. Any action of the Committee or its delegatee with respect to the Program shall be final,
conclusive, and binding on all persons, including the Company, subsidiaries, participants granted Stock Units which have not yet been settled, and any person claiming any rights under the Program from
or through any Participant, except that the Committee may take action within a reasonable time after any such action superseding or overruling a prior action. 

        (c)  Limitation of Liability. Each member of the Committee or delegatee shall be entitled to, in good faith, rely or act upon
any report or other information furnished to him by any officer or other employee of the Company or any subsidiary or any agent or professional assisting in the administration of the Plan, such member
or person shall not be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Program, and such member or person shall, to the extent
permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination, or interpretation. 

        (d)  Status as Subplan Under the Plan. The Program constitutes a subplan implemented under the Plan, to be administered in
accordance with the terms of the Plan. Accordingly, all of the terms and conditions of the Plan are hereby incorporated by reference, and, if any provision of the Program or a statement or document
relating to Stock Units granted hereunder conflicts with a provision of the Plan, the provision of the Plan shall govern. 

	4.
	Stock
Subject to the Program 

        Shares
of Common Stock delivered upon settlement of Stock Units under the Program shall be shares reserved and available under the Plan. Accordingly, Stock Units may be granted under the
Program if sufficient shares are not then reserved and available under the Plan, and the number of shares delivered in settlement of Stock Units hereunder shall be counted against the shares reserved
and available under the Plan. Awards may be granted under the Plan even though the effect of such grants will be to reduce the number of shares remaining available for grants hereunder. Stock Units
granted under the Program in place of compensation under the Plan resulting from a 162(m) Award (as defined in the Plan) or in place of compensation under the Company's
Pay-for-Performance Incentive Plan shall be subject to annual per-person limitations applicable to such compensation under such plan. 

	5.
	Eligibility
and Selection 

        The
Committee may select any person who is eligible to be granted an Award under the Plan to be granted Stock Units under the Program as a mandatory portion of compensation otherwise
payable to the Participant. A Participant who is selected to be a Current Participant in one year will not necessarily be selected to be a Current Participant in a subsequent year. 

	6.
	Mandatory
Reduction of Bonus Compensation 

        (a)  Amount of Mandatory Reduction. A Current Participant's cash compensation shall be automatically reduced by an amount
determined in accordance with a schedule adopted by the Committee and applicable to compensation payable in the specified year; provided, however, that
the Committee may adjust the schedule applicable to an individual Current Participant. For 1998, the initial year under the Program, unless adjusted by the Committee in an individual case, the amount
of total compensation payable to a Current Participant shall be reduced on a mandatory basis as follows: 

5%
of the first $100,000 of annual compensation;

10% of the next $100,000 of annual compensation;

15% of the next $400,000 of annual compensation; and

20% of annual compensation in excess of $600,000. 

The
foregoing notwithstanding, in no event will the amount by which cash compensation is reduced exceed the amount of bonus payable to the Participant. For purposes of the Program, the amount by which
cash compensation is reduced hereunder shall be calculated without regard to any reductions in compensation resulting from Participant's contributions under any Section 401(k),
Section 125, pension plan, or other plan of the Company or a subsidiary, and such amount shall not be deemed a reduction in the Participant's compensation for purposes of any such
Section 401(k), Section 125, pension plan, or other plan of the Company or a subsidiary. 

        (b)  Manner of Reduction of Compensation. Amounts by which compensation is reduced under Section 6(a) will be
subtracted from bonus amounts in respect of services during the year otherwise payable to the Current Participant at or following the end of the first three calendar quarters of such year and at or
following the end of the year. The amount by which each bonus amount payable following the end of the first three calendar quarters will be reduced will be calculated based on a reasonable estimate of
total compensation for the year, taking into account the amount by which compensation previously has been reduced for the year (i.e., in the case of a Participant employed since the beginning of the
year and for whom estimated annual compensation has not varied during the year, by calculating an estimated aggregate amount by which compensation will be reduced for the year and reducing the
quarterly bonus payment by one-fourth of such amount), and will be calculated at the time the year-end bonus amount otherwise becomes payable based on actual compensation for
the year, taking into account the amount by which compensation previously has been reduced for the year (i.e., by calculating the actual amount by which compensation will be reduced for the year and
reducing the year-end bonus payment by that amount less the amount by which compensation was reduced in previous quarters). The foregoing notwithstanding, the Administrator may determine
in the case of any individual Participant, including a Participant who is not paid a bonus on a quarterly basis, the extent (if any) to which any bonus amounts other than the Participant's
year-end bonus amount shall be reduced taking into account the terms of the Participant's compensation arrangement and the Participant's individual circumstances. In such cases, the
Administrator may assign to the Participant an Assigned Reduction Amount for each calendar quarter, so that Stock Units will be automatically
granted to such Participant under Section 7(a) at times and in amounts comparable to grants to other Participants, such that, on a full-year basis, the aggregate of the
Participant's Assigned Reduction Amounts and any Actual Reduction Amounts used to determine the number of Stock Units credited to the Participant's Account under Section 7(a) for such year will
equal the aggregate amount by which the Participant's full-year's compensation is to be reduced (after giving effect to adjustments under Section 7(b)). 

	7.
	Grant
of Stock Units 

        (a)  Automatic Grant of Stock Units. Each Participant shall be automatically granted Stock Units, as of fifteen days after the
last day of each calendar quarter, in a number equal to the Participant's Actual Reduction Amount or Assigned Reduction Amount (as applicable) divided by the Fair Market Value of a share of Common
Stock on the last day of such calendar quarter. In addition, each Participant shall be automatically granted Stock Units, as of fifteen days after the last day of each calendar quarter, in a number
equal to 15% of the number of Stock Units granted under this Section 7(a) at that date. Stock Units shall be initially credited to the Participant's Account as of the date of grant (it being
recognized, however, that the determination of the number of Stock Units granted and the posting of such transactions to the Account may occur after date of grant under this Section 7(a), based
on the time at which quarterly bonus amounts are determined and the Actual Reduction Amount or Assigned Reduction Amount determined in accordance with Section 6 hereof). Other provisions of the
Program notwithstanding, no grant of Stock Units shall be effective until the date of grant specified in this Section 7(a), and, at any time prior to such date of grant, the Committee shall
retain full discretion to adjust a Participant's Actual Reduction Amount or Assigned Reduction Amount downward or otherwise reduce or cancel the automatic grant of Stock Units, provided that any such
adjustment or reduction in the number of Stock Units to be issued shall result in a reversal of any corresponding reduction in compensation under Section 6(b). 

        (b)  Risk of Forfeiture; Cancellation of Certain Stock Units. Stock Units shall at all times be fully vested and
non-forfeitable. The foregoing notwithstanding, if, at the end of a given year (upon calculation of year-end bonuses), the aggregate of the Participant's Actual Reduction
Amounts and any Assigned Reduction Amounts used to determine the number of Stock Units credited under Section 7(a) for such year exceeds the amount by which the full-year's
compensation should have been reduced under Section 6(a) (the "corrected full-year amount"), the Participant shall be paid in cash, without interest, the amount (if any) by which
such Actual Reduction Amounts and Assigned Reduction Amounts exceeded such corrected full-year amount, and any Stock Units credited to the Participant under Section 7 as a result of
such excess Actual Reduction Amounts and Assigned Reduction Amounts shall be cancelled. Unless otherwise determined by the Administrator, the Stock Units to be cancelled shall be cancelled from each
of the four quarterly grants in the proportion the Actual Reduction Amounts and Assigned Reduction Amounts used in determining such quarterly grant bore to the aggregate of the Actual Reduction
Amounts and Assigned Reduction Amounts used in determining all grants of Stock Units over the full year. 

        (c)  Nontransferability. Stock Units and all rights relating thereto shall not be transferable or assignable by a Participant,
other than by will or the laws of descent and distribution, and shall not be pledged, hypothecated, or otherwise encumbered in any way or subject to execution, attachment, or similar process. 

        (d)  Dividend Equivalents on Stock Units. Dividend Equivalents shall be credited on Stock Units as follows: 

	(i)
	Cash and Non-Common Stock Dividends. If the Company declares and pays a dividend or
distribution on Common Stock in the form of cash or property other than shares of Common Stock, then a number of additional Stock Units shall be credited to a Participant's Account as of the payment
date for such dividend or distribution equal to (i) the number of Stock Units credited to the Account as of the record date for such dividend or distribution multiplied by (ii) the
amount of cash plus the fair market value of any property other than shares actually paid as a dividend or distribution on each outstanding share of Common Stock at such payment date, divided by
(iii) the Fair Market Value of a share of Common Stock at such payment date.

	(ii)
	Common Stock Dividends and Splits. If the Company declares and pays a dividend or distribution on Common
Stock in the form of additional shares of Common Stock, or there occurs a forward split of Common Stock, then a number of additional Stock Units shall be credited to the Participant's Account as of
the payment date for such dividend or distribution or forward split equal to (i) the number of Stock Units credited to the Account as of the record date for such dividend or distribution or
split multiplied by (ii) the number of additional shares of Common Stock actually paid as a dividend or distribution or issued in such split in respect of each outstanding share of Common
Stock. 

        (e)  Adjustments to Stock Units. The number of Stock Units credited to each Participant's Account shall be appropriately
adjusted, in order to prevent dilution or enlargement of Participants' rights with respect to such Stock Units, to reflect any changes in the number of outstanding shares of Common Stock resulting
from any event referred to in Section 5.5 of the Plan, taking into account any Stock Units credited to the Participant in connection with such event under Section 7(d). 

        (f)    Fractional Shares. The number of Stock Units credited to a Participant's Account shall include fractional shares
calculated to at least three decimal places, unless otherwise determined by the Committee. 

        (g)  Accounts and Statements. The Administrator shall establish, or cause to be established, an Account for each Participant.
An individual statement of each Participant's Account will be issued to each Participant not less frequently than annually. Such statements shall reflect the Stock Units credited to the Participant's
Account, transactions therein during the period covered by the statement, 

and other information deemed relevant by the Administrator. Such statement may include information regarding other plans and compensatory arrangements for Directors. 

        (h)  Consideration for Stock Units. Stock Units shall be granted for the general purposes set forth in Section 1 of the
Program. Except as specified in Section 6 and 7 of the Program, a Participant shall not be required to pay any cash consideration or other tangible or definable consideration for Stock Units,
nor may a Participant choose to receive Stock Units in lieu of other compensation or other compensation in lieu of Stock Units. No negotiation shall take place between the Company and any Participant
as to the amount, timing, or other terms of an award of Stock Units. 

	8.
	Settlement

        (a)  Issuance and Delivery of Shares in Settlement. Stock Units shall be settled by issuance and delivery, as promptly as
practicable on or after the third anniversary of the date of grant of such Stock Units, to the Participant or, following his death, to the Participant's designated beneficiary, of a number of shares
of Common Stock equal to the number of such Stock Units; provided, however, that the Committee may, in its discretion, accelerate the settlement date of
any or all Stock Units. The Committee may, in its discretion, make delivery of shares hereunder by depositing such shares into an account maintained for the Participant (or of which the Participant is
a joint owner, with the consent of the Participant) established in connection with the Company's Employee Stock Purchase Plan or another plan or arrangement providing for investment in Common Stock
and under which the Participant's rights are similar in nature to those under a stock brokerage account. If the Committee determines to settle Stock Units by making a deposit of shares into such an
account, the Company may settle any fractional share by means of such deposit. In other circumstances or if so determined by the Committee, the Company shall instead pay cash in lieu of fractional
shares, on such basis as the Committee may determine. In no event will the Company in fact issue fractional shares. Notwithstanding anything to the contrary, in the case of Stock Units granted to
employees of ITG Canada Corp. and KTG Technologies Corp., the Committee may, in its discretion, settle such Stock Units by delivery of cash equal to the Fair Market Value, on the third anniversary of
the date of grant of such Stock Units, of the number of shares of Common Stock equal to the number of such Stock Units. Upon settlement of Stock Units, all obligations of the Company in respect of
such Stock Units shall be terminated, and the shares so distributed shall no longer be subject to any restriction or other provision of the Program. 

        (b)  Tax Withholding. The Company and any subsidiary may deduct from any payment to be made to a Participant any amount that
federal, state, local, or foreign tax law requires to be withheld with respect to the settlement of Stock Units. At the election of the Committee, the Company may withhold from the shares of Common
Stock to be distributed in settlement of Stock Units that number of shares having a Fair Market Value, at the settlement date, equal to the amount of such withholding taxes. 

        (c)  No Elective Deferral. Participant's may not elect to further defer settlement of Stock Units or otherwise to change the
applicable settlement date under the Program. 

	9.
	General
Provisions 

        (a)  No Right to Continued Employment. Neither the Program nor any action taken hereunder, including the grant of Stock Units,
will be construed as giving any employee the right to be retained in the employ of the Company or any of its subsidiaries, nor will it interfere in any way with the right of the Company or any of its
subsidiaries to terminate such employee's employment at any time. 

        (b)  No Rights to Participate; No Stockholder Rights. No Participant or employee will have any claim to participate in the
Program, and the Company will have no obligation to continue the Program. A grant of Stock Units will confer on the Participant none of the rights of a stockholder of the Company (including no rights
to vote or receive dividends or distributions) until settlement by delivery of Common Stock, and then only to the extent that such Stock Unit has not otherwise been forfeited by the Participant. 

        (c)  Changes to the Program. The Committee may amend, alter, suspend, discontinue, or terminate the Program without the
consent of Participants; provided, however, that, without the consent of an affected Participant, no such action shall materially and adversely affect
the rights of such Participant with respect to outstanding Stock Units, except insofar as the Committee's action results in accelerated settlement of the Stock Units. 

        10.  Effective Date and Termination of Program. The Program shall become effective as of January 1, 1998, and shall
apply to compensation payable during 1998 and thereafter. Unless earlier terminated under Section 9(c), the Program shall terminate at such time after 1998 as no Stock Units previously granted
under the Program remain outstanding. 

	Adopted by the Committee:	 	June 4, 1998	 	 
	Amended and restated by the Committee:	 	February 25, 1999	 	 
	Amended and restated by the Committee:	 	March 20, 2002	 	 
	Amended and restated by the Committee:	 	September 3, 2002	 	 

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Exhibit 10.2

INVESTMENT TECHNOLOGY GROUP, INC. THIRD AMENDED AND RESTATED 1998 STOCK UNIT AWARD PROGRAMQuickLinks
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Exhibit 10.3  

 
 

INVESTMENT TECHNOLOGY GROUP, INC.
  DIRECTORS' RETAINER FEE SUBPLAN    
  

Section 1. Introduction.  

        The Investment Technology Group, Inc. Directors' Retainer Fee Subplan (the "Subplan") is implemented under the 1994 Stock Option and Long-Term
Incentive Plan, as amended and restated from time to time (the "Plan") of Investment Technology Group, Inc. (the "Company") in order to provide nonemployee directors with an election to receive
payment of their annual retainer fees in the form of shares of Common Stock or cash or to defer payment of their annual retainer fees in the form of Deferred Share Units. The Plan is intended to
encourage qualified individuals to accept nominations as directors of the Company and to strengthen the mutuality of interest between the nonemployee directors and the Company's other shareholders. 

Section 2. Definitions.  

        Capitalized terms used in the Subplan but not defined herein shall have the same meanings as defined in the Plan. In addition to such terms and the terms defined
in Section 1 hereof, the following terms used in the Subplan shall have the meaning set forth below. 

	(a)
	"Deferred
Share Unit" means a fully vested unit entitling the holder to receive one share of Common Stock per unit in accordance with the terms of the Subplan.

	(b)
	"Director"
means a member of the Board who is not, and has not been during the preceding three months, (i) an employee of the Company or any parent or subsidiary of the Company
or (ii) a consultant who has received, during the preceding 12-month period, payments in excess of $150,000 from the Company and its subsidiaries for consulting services.

	(c)
	"Subplan
Benefits" means the benefits described in Sections 5 and 6 hereof. 

Section 3. Administration.  

        The Subplan shall be administered by the Committee. The Committee shall have full authority to construe and interpret the Subplan, and any action of the Committee
with respect to the Subplan shall be final, conclusive, and binding on all persons. 

Section 4. Cash or Stock Election.  

        Each Director may elect to receive his or her annual retainer fee in the form of cash or fully vested shares of Common Stock. In addition, each Director may elect
to defer receipt of his or her annual retainer fee in the form of Deferred Share Units as provided in Section 5 below. If a Director elects to receive his or her annual retainer fee in the form
of vested shares of Common Stock, the shares will be distributed on the date the annual retainer fee is otherwise payable, and the amount of Common Stock distributed shall be the number of shares of
Common Stock having an aggregate Fair Market Value on the payment date equal to the amount of the Director's annual retainer fee that is otherwise payable on that date. Fractional shares will be
rounded up to the nearest whole share. A Director's election to receive his or her annual retainer fee in the form of cash or vested shares of Common Stock shall continue in effect until the Director
notifies the Company in writing, in a manner consistent with Section 5 below, that the Director wishes to prospectively change his or her election. If a Director fails to make any election
under the Subplan, the Director's annual retainer fee shall be paid in cash. 

Section 5. Deferred Share Unit Accounts.  

        The Company shall maintain a Deferred Share Unit account (an "Account") for each Director who has elected to defer his or her annual retainer. Deferred Share
Units will be credited to each such Account as follows: 

	(a)
	Each
Director may make an irrevocable election on or before the December 31 by written notice to the Company, to defer payment of all of the compensation otherwise payable as
his or her annual retainer fee for service as a Director for the following calendar year. Notwithstanding the foregoing, a Director may make such an election within 60 days after the Effective
Date or first becoming eligible to participate in the Subplan (whichever is later), with respect to compensation payable after the effective
date of the election. All compensation which a Director elects to defer pursuant to this Section 5(a) shall be credited in the form of Deferred Share Units to the Director's Account. The number
of units so credited will be equal to the number of shares of Common Stock having an aggregate Fair Market Value (on the date the compensation would otherwise have been paid) equal to the amount by
which the Director's compensation was reduced pursuant to the deferral election. Deferrals of compensation hereunder shall continue until the Director notifies the Company in writing that the Director
wishes his or her compensation for the following calendar year, and succeeding periods to be paid on a current basis either in the form of cash or Common Stock.

	(b)
	As
of each date on which a cash dividend is paid on Common Stock, there shall be credited to each Account that number of Deferred Share Units (including fractional units) determined
by (i) multiplying the amount of such dividend (per share) by the number of Deferred Share Units in such Account; and (ii) dividing the total so determined by the Fair Market Value of a
share of Common Stock on the date of payment of such cash dividend. The additions to a Director's Account pursuant to this Section 5(b) shall continue until the Director's Subplan Benefit is
fully paid. 

Section 6. Subplan Benefits.  

	(a)
	Form.    The Subplan Benefit of a Director shall consist of shares of Common Stock equal in number to the Deferred Share
Units in the Director's Account. Any fractional Deferred Share Units shall be rounded up to the nearest whole Deferred Share Unit.

	(b)
	Distribution.
	(i)
	The
Subplan Benefit of a Director shall be distributed at the time of termination of the Director's service on the Board.

	(ii)
	In
the case of the death of a Director, the Director's Subplan Benefit shall be distributed, within a reasonable time as determined by the Company,
after the Director's death to the Director's surviving spouse as beneficiary if such spouse is still living or, if not living, in equal shares to the then living children of the Director as
beneficiaries or, if none, to the Director's estate as beneficiary, unless the Director has requested a different distribution by written notice to the Secretary of the Company. 

Section 7. General.  

	(a)
	Nontransferabilily. Except as provided in Section 6(b)(ii), no payment of any Subplan Benefit of a Director shall be
anticipated, assigned, attached, garnished, optioned, transferred or made subject to any creditor's process, whether voluntarily or involuntarily or by operation of law. Any act in violation of this
subsection shall be void.

	(b)
	Compliance with Legal and Trading Requirements. The Subplan shall be subject to all applicable laws, rules and regulations, including,
but not limited to, federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required. 

	(c)
	Amendment. The Committee may amend, alter, suspend, discontinue, or terminate the Subplan without the consent of shareholders of the
Company or individual Directors, except that any such action will be subject to the approval of the Company's stockholders at the next annual meeting of the stockholders having a record date after the
date such action was taken if such stockholder approval is required by any federal or state law or regulation or the rules of any automated quotation system or securities exchange on which the Common
Stock may be quoted or listed, or if the Committee determines in its discretion to seek such stockholder approval; provided, however, that, without the
consent of an affected Director, no amendment, alteration, suspension, discontinuation, or termination of the Subplan may impair or, in any other manner, adversely affect the rights of such Director
to accrued Subplan Benefits hereunder.

	(d)
	Unfunded Status of Awards. The Subplan (other than Section 4 hereof) is intended to constitute an "unfunded" plan of deferred
compensation. With respect to any payments not yet made to a Director, nothing contained in the Subplan shall give any such Director any rights that are greater than those of a general creditor of the
Company; provided, however, that the Company may authorize the creation of trusts or make other arrangements to meet the Company's obligations under the
Subplan to deliver cash, or other property pursuant to any award, which trusts or other arrangements shall be consistent with the "unfunded" status of the Subplan unless the Company otherwise
determines with the consent of each affected Director.

	(e)
	Nonexclusivity of the Subplan. The adoption of the Subplan shall not be construed as creating any limitations on the power of the Board
or the Committee to adopt such other compensation arrangements as it may deem desirable, including, without limitation, the granting of options on Common Stock and other awards otherwise than under
the Subplan, and such arrangements may be either applicable generally or only in specific cases.

	(f)
	Adjustments. In the event that subsequent to the Effective Date any dividend in Common Stock, recapitalization, share split, reverse
split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other such change, affects the shares of Common Stock such that they are increased or
decreased or changed into or exchanged for a different number or kind of shares, other securities of the Company or of another corporation or other consideration, then in order to maintain the
proportionate interest of the Directors and preserve the value of the Directors' Deferred Share Units, there shall automatically be substituted for each Deferred Share Unit a new unit representing the
number and kind of shares, other securities or other consideration into which each outstanding share of Common Stock shall be changed and/or for which each such share of Common Stock shall be
exchanged. The substituted units shall be subject to the same terms and conditions as the original Deferred Share Units.

	(g)
	No Right to Remain on the Board. Neither the Subplan nor the crediting of Deferred Share Units under the Subplan shall be deemed to
give any individual a right to remain a director of the Company or create any obligation on the part of the Board to nominate any Director for reelection by the shareholders of the Company.

	(h)
	Governing Law. The validity, construction, and effect of the Subplan shall be determined in accordance with the laws of the State of
Delaware without giving effect to principles of conflict of laws.

	(i)
	Effective Date. The Subplan shall become effective as of August 30, 2002 (the "Effective Date").

	(j)
	Titles and Headings. The titles and headings of the Sections in the Subplan are for convenience of reference only. In the event of any
conflict, the text of the Subplan, rather than such titles or headings, shall control. 

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INVESTMENT TECHNOLOGY GROUP, INC. DIRECTORS' RETAINER FEE SUBPLAN

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