Document:

Exhibit 10.1

    

    May 7,
2009

     

     

    PERSONAL
& CONFIDENTIAL

     

    Robert
Moitoso

    [Home
address redacted]

     

    

    Re:    Amendment
No. 2 to Employment Agreement dated January 3, 2007 between you and NYFIX, Inc.,
as amended by Amendment No. 1 dated December 29, 2008 (the
“Agreement”).

     

    Dear
Bob:

    

    You and
NYFIX, Inc. agree to the following amendments to the Agreement.

    

    The
second full paragraph on Page 3 of the Agreement, as amended by Amendment No. 1,
is hereby further amended in its entirety and replaced with:

    

    “While we
certainly hope that your employment with NYFIX will be long and mutually
rewarding, this offer is not a guarantee of employment for a specific period of
time.  You should understand that you are an employee at-will, which
means that either you or NYFIX may terminate your employment for any reason, at
any time, with or without notice.  Please understand that no
supervisor, manager or representative of NYFIX other than the Chief Executive
Officer or the Chief Financial Officer has the authority to enter into any
agreement with you for employment for any specified period of time or to make
any promises or commitments contrary to the forgoing.  Further, any
employment agreement entered into by the Chief Executive Officer or the Chief
Financial Officer shall not be enforceable unless it is in a formal written
agreement and signed by you and one of these designated company
representatives.  Notwithstanding the above, in the event you
voluntarily terminate your employment with Good Reason (as defined on Attachment
“A”) or the Company terminates your employment without “Cause” (as defined on
Attachment “A”), subject to the provisions of Attachment A, commencing 30
(thirty) days after termination of employment, you will receive (i) twelve (12)
months’ base pay at your then-current rate, less required withholdings, payable
in accordance with the Company’s normal payroll practices, and (ii)
reimbursement for your out-of-pocket COBRA expense during the severance period,
provided that you execute a release document in form and substance acceptable to
NYFIX in its reasonable discretion (a “Release”), within such thirty-day period,
and that any waiting or revocation periods contained in such release shall have
expired prior to the 30th day
following the date of termination.  All severance payments hereunder
are subject to the provisions of Attachment B.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The below
definition of “Good
Reason” will be added to the Definitions Section of Attachment A of the
Agreement:

    

    “The term
“Good Reason”
shall mean the occurrence of any of the following events:  (i)
a material diminution in your duties; (ii) a material reduction in your base
salary; or (iii) the relocation of your principal place of
employment outside the Northeastern United States.

    

    Any
termination by you for Good Reason shall be communicated by means of a written
notice delivered by you to the Company within 90 of the initial existence of the
occurrence or condition on which you base your claim for Good
Reason.  If the condition is capable of being corrected, the Company
shall have 30 during which it may remedy the condition.  If the
condition is not corrected, you must leave employment within 12 (twelve) months
after the initial occurrence of the condition giving rise to your claim for Good
Reason.”

    

    If you
are in agreement with the foregoing, kindly execute a copy of this letter and
return it to the undersigned.

    

    NYFIX,
Inc.

    

    

    Very
truly yours,

     

    /s/ Steven
Vigliotti____

    Steven
Vigliotti

    Chief
Financial Officer

    

    Accepted
and Agreed:

    

    / s/ Robert
Moitoso

    

    Robert
Moitoso120
      Albany Street

                    Suite
      450, Tower II

                    New
      Brunswick, NJ 08901

                    Tel:
      732-509-9100 Fax: 732-509-9101

                    www.thexchange.com

                  

          

        

      

       

      March 15,
2004

       

       

      Steven
Heap

      12408
Fairfax Station Road

      Clifton,
VA 20124

      

      Dear
Steve:

       

      On behalf
of Arbinet-thexchange, I am pleased to offer you the position of CTO & Vice
President Business Development based in Herndon, Virginia. You will report to me
effective March 16, 2004.

      

      Your
starting compensation will be $150,000 per annum paid semi­-monthly and you
will be eligible for a bonus of up to 25% of your salary based upon the
achievement of the Company's and individual assigned performance goals. The
bonus will be paid as Profit Sharing of 10%
of
Net Income (paid quarterly, in arrears) for businesses you launch,
provided that such Incentive Compensation does not exceed $100,000 per annum,
but shall be no less than $25,000
annually. You will be paid a one-time signing bonus of $10,000 upon the start of
your employment. This position is considered a full-time, exempt position for
purposes of federal wage-hour law, which means that you will not be
eligible for overtime time pay for hours actually worked in excess of 40 hours
in a given work week.

      

      You will
also be eligible to participate in the Company's employee stock option plan.
Under the option plan and subject to the Company's board of directors and
compensation committee approval, the Company will grant you an option to
purchase 650,000 shares of common stock of the Company at a per share exercise
price to be set by the Board of Directors. These options will be granted on the
first day of employment pursuant to a stock option agreement and vest over a
4-year period. Twenty-five percent of these options will vest after your
completion of one year of employment with the Company. The remaining options
will vest monthly (for so long as you remain employed by the Company) over the
subsequent three years (please see attached vesting schedule). These options
will be subject to various restrictions, including restrictions on transfer,
forfeiture and repurchase provisions. Further details regarding the option plan
will be provided to you once you have been granted options.

      

      In
addition to your compensation, you will be eligible to receive benefits that are
offered to all full-time Arbinet-thexchange employees. These benefits
are
described in the enclosed materials along with a copy of the employee handbook,
which describes the Company's policies and procedures that will govern certain
aspects of your employment. Please be
sure to review the handbook and sign and return the acknowledgement of
receipt page at the end of the handbook to Human Resources on or prior to your
first day of employment.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

      

      
        	 	
                Steven
      Heap

                March
      15, 2004

                Page
      2 of 3

              

      

       

      The
Company's vacation year runs from January 1st to December 31st and you will be
eligible for a 3-week vacation, which is accrued based on your date of hire as
explained in the handbook. Requests for holiday and vacation must be approved by
your manager to ensure adequate staffing of the department.

       

      It is
understood that your employment at the Company, will be on an "at will" basis.
This means that you or the Company may terminate our employment relationship at
any time, for any reason, with or without cause, and without
notice. Nothing in this letter creates any express or implied contract to the
contrary. This at-will relationship will remain in effect throughout your
employment with the Company and can be changed only by an express written
agreement.

       

      In the
event that your employment is terminated without cause, the Company will pay you
(i) any unpaid base salary through the date of termination and any accrued
vacation; (ii) severance pay equal to six (6) months base salary at the rate in
effect on the date of termination and (iii) COBRA
coverage payable under the Company health or welfare plan for you and your
dependents during the six (6) month period following the date of
termination.

      

      In the
event that your employment is terminated for any other reason, including cause,
the Company will pay you any unpaid base salary and compensation for accrued
vacation through the date of
termination. For the purposes of this letter "cause" shall mean any of
the following: (i) your willful misconduct in the performance of your duties to
the Company, or your willful failure to implement any legal policy of the
Company, (ii) conviction of or plea of guilty or any plea other than "not
guilty" to a felony, (iii) the violation by you of any material provision of
this letter which either is not cured within ten days after a written notice is
given to you by the Company or constitutes a habitual breach, (iv) your
dishonesty, misappropriation or fraud with regard to the property of the Company
or its affiliates or (v) failure to achieve assigned performance
goals.

      

      Your
offer of employment is contingent on verification of your employment eligibility
as required by the Immigration Reform and Control Act of 1986,
which requires us to verify your employment eligibility. On the first day of
work, please bring documents that show both your identification and
authorization to work in the United States. These documents can be a U.S. birth
certificate or social security card and driver's license; a U.S. passport;
or a Certificate of Naturalization.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	
                
                  Steven
      Heap

                  March 15,
      2004

                  Page 3 of
      3

                

              

      

       

       

       

      This
offer constitutes the entire understanding between you and the Company and
supersedes all previous verbal and written representations and agreements
relating to your employment by the Company.

       

      If you
agree to these terms, please sign and return this offer letter, to Kathy
Cunningham, Human Resources Manager by Tuesday, March 16, 2004.

      Accepted
by:

       

      
        
          	
                  Sincerely,

                	 
      
	
                  /s/
      J. Curt Hockemeier 

                	 
      
	
                  J.
      Curt Hockemeier 

                	 
      
	
                  President
      and Chief Executive Officer

                	 
      

        

      

       

      
        
          	
                  Accepted
      by:

                	 
	
                  /s/
      Steven Heap

                	 
	
                  Date:
      3/15/2004

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