Document:

Exhibit 10.30

 

AMENDMENT
NO. 1 TO

EMPLOYMENT AGREEMENT

 

This AMENDMENT NO. 1
(this “Amendment”) to that certain Employment Agreement, dated as of March 26,
2007 (the “Agreement”), by and between GFI Group Inc., a Delaware
corporation (the “Company”), and Christopher
Giancarlo (“Executive”), is made on December 5, 2008 (the “Amendment
Effective Date”).

 

WHEREAS, the Company and
Executive desire to amend the Agreement according to Section 12(a) thereof
so that it complies with Code § 409A; and

 

WHEREAS, the Company and
Executive have each approved this Amendment and the changes to the Agreement
that it will effect.

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the undersigned agree as follows:

 

Section 1.                                            Amendments.  The Agreement shall be amended as follows:

 

A.           Section 5(a) shall
be amended by adding at the end of the last sentence thereof the phrase “and
Executive shall continue to make himself available on a full-time basis to
perform any requested employment duties during such time”.

 

B.             Section 5(b) shall
be amended by adding at the end of the last sentence thereof the following:

 

, and any revocation
period with respect to such release shall have expired, in each case within
sixty (60) days of the date of termination, and such payments shall, subject to Section 13 hereof,
be made upon the sixtieth (60th) day following Executive’s termination of
employment, provided that to the extent
any such payments do not constitute “deferred compensation” for purposes of
Code Section 409A, such payments shall be made after the release is
executed and no longer subject to revocation.

 

C.             Section 5(d) shall
be amended by (1) inserting in the last sentence thereof, immediately
following the word “executes”, the phrase “and does not revoke”, and (2) adding
at the end of the last sentence thereof the following:

 

, and any revocation
period with respect to such release shall have expired, in each case within
sixty (60) days of the date of termination, and such payments shall, subject to Section 13 hereof,
be made upon the sixtieth (60th) day following Executive’s termination of
employment, provided that to the extent
any such payments do not constitute “deferred compensation” for purposes of
Code Section 409A, such payments shall be made after the release is
executed and no longer subject to revocation.

 

 

D.            Section 5(e) shall
be amended by adding at the end of the last sentence thereof the following:

 

, and any revocation
period with respect to such release shall have expired, in each case within
sixty (60) days of the date of termination, and such payments shall, subject to Section 13 hereof,
be made upon the sixtieth (60th) day following Executive’s termination of
employment, provided that to the extent
any such payments do not constitute “deferred compensation” for purposes of
Code Section 409A, such payments shall be made after the release is
executed and no longer subject to revocation.

 

E.              Section 5(g) shall
be deleted in its entirety.

 

F.              Section 6 (“Parachute
Payments”) shall be amended by (1) deleting from the last sentence thereof
all language following the phrase “required to be reduced,”, and (2) adding
at the end of second sentence thereof, as amended, the following:

 

, such reduction shall be
implemented by determining the “Parachute Payment Ratio” (as defined below) for
each “parachute payment” and then reducing the “parachute payments” in order,
beginning with the “parachute payment” with the highest Parachute Payment
Ratio.  “Parachute payments” with the
same Parachute Payment Ratio shall be reduced based on the payment dates of
such “parachute payments,” with amounts having later payment dates being
reduced first.  “Parachute payments” with
the same Parachute Payment Ratio and the same payment dates shall be reduced on
a pro rata basis (but not below zero) prior to reducing “parachute payments”
with lower Parachute Payment Ratios.  For
purposes of this Section, the term “Parachute Payment Ratio” means a fraction
the numerator of which is the value of the applicable “parachute payment” for
purposes of Code Section 280G and the denominator of which is the
intrinsic value of such “parachute payment.”

 

G.             The following shall
be added as Section 13 of the Agreement:

 

13.                                Section 409A
Compliance

 

(a)                                  A
termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or
benefits upon or following a termination of employment unless such termination
is also a “separation from service” within the meaning of Code Section 409A
and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service.”

 

(b)                                 Notwithstanding
any other payment schedule provided herein to the contrary, if Executive is
deemed on the date of termination to be a “specified 

 

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employee” within the meaning of that term under Code Section 409A(a)(2)(B),
then each of the following shall apply:

 

(i)                                     With
regard to any payment that is considered deferred compensation under Code Section 409A
payable on account of a “separation from service,” such payment shall be made
on the date which is the earlier of (A) the expiration of the six
(6)-month period measured from the date of such “separation from service” of
Executive, and (B) the date of Executive’s death (the “Delay Period”)
to the extent required under Code Section 409A.  Upon the expiration of the Delay Period, all
payments delayed pursuant to this Section (whether they would have
otherwise been payable in a single sum or in installments in the absence of
such delay) shall be paid to Executive in a lump sum, and all remaining
payments due under this Agreement shall be paid or provided in accordance with
the normal payment dates specified for them herein; and

 

(ii)                                  To
the extent that any benefit to be provided during the Delay Period are
considered deferred compensation under Code Section 409A provided on
account of a “separation from service,” and such benefits are not otherwise
exempt from Code Section 409A, Executive shall pay the cost of such
benefits during the Delay Period, and the Company shall reimburse Executive, to
the extent that such costs would otherwise have been paid by the Company or to
the extent that such benefits would otherwise have been provided by the Company
at no cost to Executive, the Company’s share of the cost of such benefits upon
expiration of the Delay Period, and any remaining benefits shall be reimbursed
or provided by the Company in accordance with the procedures specified herein.

 

(c)                                  All
expenses or other reimbursements under this Agreement shall be made on or prior
to the last day of the taxable year following the taxable year in which such
expenses were incurred by Executive (provided that if any such reimbursements
constitute taxable income to Executive, such reimbursements shall be paid no
later than March 15th of the calendar year following the calendar year in
which the expenses to be reimbursed were incurred), and no such reimbursement
or expenses eligible for reimbursement in any taxable year shall in any way
affect the expenses eligible for reimbursement in any other taxable year.

 

(d)                                 For
purposes of Code Section 409A, Executive’s right to receive any
installment payment pursuant to this Agreement shall be treated as a right to
receive a series of separate and distinct payments.

 

(e)                                  Whenever
a payment under this Agreement specifies a payment period with reference to a
number of days (e.g., “payment shall be made within thirty (30) days
following the date of termination”), the actual date of payment within the
specified period shall be within the sole discretion of the Company.

 

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(f)                                    Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any
payment under this Agreement that constitutes “deferred compensation” for
purposes of Code Section 409A be subject to offset, counterclaim, or
recoupment by any other payment pursuant to this Agreement or otherwise unless
otherwise permitted by Code Section 409A or pursuant to any written
agreement providing for the forfeiture of compensation upon the occurrence of
certain events.

 

Section 2.                                            Effect
of Amendment.  Except as set forth in
Section 1 of this Amendment, the provisions of the Agreement shall not be
amended or altered by this Amendment and shall continue in full force and
effect.

 

Section 3.                                            Miscellaneous.  This Amendment shall be governed by the internal
laws of the State of New York.  This
Amendment may be executed in one or more counterparts, each of which when
executed and delivered shall be deemed to be an original and all counterparts
taken together shall constitute one and the same instrument.  This Amendment and the Agreement (as amended
hereby) constitute the entire understanding of the parties hereto with respect
to the subject matter hereof, and any and all prior agreements and
understandings between the parties regarding the subject matter hereof, whether
written or oral, except for the Agreement (as amended hereby), are superceded
by this Amendment.  Any provision of this
Amendment which is invalid or unenforceable in any jurisdiction shall be
ineffective to the extent of such invalidity or unenforceability without
invalidating or rending unenforceable the remaining provisions hereof, and any
invalidity or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

 

IN WITNESS WHEREOF, this
Amendment has been duly executed and delivered by the undersigned parties on
the Amendment Effective Date.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  GFI GROUP INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Christopher Giancarlo

  

 

4Exhibit 10.27

 

TRAVELCENTERS OF AMERICA LLC

 

RESTRICTED SHARE AGREEMENT

 

This
Restricted Share Agreement (this “Agreement”) is made as of                                   ,
between                      
                     
(the “Employee”) and TravelCenters of America LLC (the “Company”).

 

In
consideration of the mutual promises and covenants contained in this Agreement,
and for other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.           
Grant of Shares.  Subject to the terms and conditions
hereinafter set forth and the terms and conditions of the TravelCenters of
America LLC 2007 Equity Compensation Plan, as it may be amended from time to
time (the “Plan”), the Company hereby grants to the Employee, effective as of
the date of this Agreement,                     
of its limited liability company interests represented by common shares, no par
value per share.  The shares so granted are hereinafter referred to
as the “Shares,” which term shall also include any shares of the Company issued
to the Employee by virtue of his or her ownership of the Shares, by share
dividend, share split, recapitalization or otherwise.

 

2.           
Vesting; Forfeiture of Shares.

 

(a)           The
Shares shall vest one-fifth as of the date hereof and a further one-fifth on                           
of each of the next four calendar years commencing on                                   .  Any
Shares not vested as of any date are herein referred to as “Unvested Shares.”

 

(b)           At
the option of the Company and in the event the Employee ceases to render
significant services, whether as an employee or otherwise, to (i) the
Company, (ii) the entity which is the manager or shared services
provider to the Company or an entity controlled by, under common control
with or controlling such entity (collectively, the “Manager”), or (iii) an
affiliate of the Company (which shall be deemed for such purpose to include any
other entity to which the Manager is the manager or shared services
provider), all or any portion of the Unvested Shares shall be forfeited by the
Employee as of the date the Employee ceases to render such
services.  The Company may exercise such option by delivering or mailing
to the Employee (or his estate), at any time after the Employee has ceased to
render such services, a written notice of exercise of such
option.  Such notice shall specify the number of Unvested Shares to
be forfeited.

 

3.           
Legends.  Share certificates, if any, evidencing the Shares
shall prominently bear a legend in substantially the following terms:

 

 

“THE SHARES
EVIDENCED BY THIS CERTIFICATE WERE ISSUED PURSUANT TO AN INCENTIVE PLAN
MAINTAINED BY THE COMPANY.  THESE SHARES MAY BE
SUBJECT TO TRANSFER AND/OR VESTING RESTRICTIONS, AND UNVESTED SHARES ARE
SUBJECT TO REPURCHASE RIGHTS AND FORFEITURE CONDITIONS CONTAINED IN THE PLAN,
THE RELATED GRANT OF SHARES OR AN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL
HOLDER OF THESE SHARES.  A COPY OF
APPLICABLE RESTRICTIONS, REPURCHASE RIGHTS AND FORFEITURE CONDITIONS WILL BE
FURNISHED TO THE HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON REQUEST TO THE
SECRETARY OF THE COMPANY.”

 

In the event
that the Shares are not evidenced by share certificates, the share books and
records of the Company shall contain a notation in substantially the following
terms:

 

“THE SHARES
COVERED BY THIS STATEMENT WERE ISSUED PURSUANT TO AN INCENTIVE PLAN MAINTAINED
BY THE COMPANY.  THESE SHARES MAY BE
SUBJECT TO TRANSFER AND/OR VESTING RESTRICTIONS, AND UNVESTED SHARES ARE
SUBJECT TO REPURCHASE RIGHTS AND FORFEITURE CONDITIONS CONTAINED IN THE PLAN,
THE RELATED GRANT OF SHARES OR AN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL
HOLDER OF THESE SHARES.  A COPY OF
APPLICABLE RESTRICTIONS, REPURCHASE RIGHTS AND FORFEITURE CONDITIONS WILL BE
FURNISHED TO THE HOLDER OF THE SHARES COVERED BY THIS STATEMENT WITHOUT CHARGE
UPON REQUEST TO THE SECRETARY OF THE COMPANY.”

 

Certificates
evidencing Shares and shares not evidenced by certificates shall also bear or
contain, as applicable, legends and notations as may be required by the Plan or
the Company’s Limited Liability Company Agreement, as in effect from time to
time, or as the Company may otherwise determine appropriate.

 

4.           
Tax Withholding.   To the extent required by law, the Company
shall withhold or cause to be withheld income and other taxes incurred by the
Employee by reason of the Shares, and the Employee agrees that he or she shall
upon request of the Company pay to the Company an amount sufficient to satisfy
its tax withholding obligations from time to time (including as Shares become
vested) as the Company may request.

 

5.           
Miscellaneous.

 

(a)            Amendments.  Neither
this Agreement nor any provision hereof may be changed or modified except by an
agreement in writing executed by the Employee and the Company; provided,
however, that any change or modification that does not adversely affect the
rights hereunder of the Employee, as they may exist immediately prior to the
effective date of such change or modification, may be adopted by the Company
without an agreement in writing executed by the Employee, and the Company 

 

2

 

shall give the
Employee written notice of such change or modification reasonably promptly
following the adoption of such change or modification.

 

(b)            Binding
Effect of the Agreement.  This Agreement shall inure to the
benefit of, and be binding upon , the Company, the Employee and their
respective estates, heirs, executors, transferees, successors, assigns and
legal representatives.

 

(c)            Provisions
Separable.  In the event that any of the terms of this Agreement
shall be or become or is declared to be illegal or unenforceable by any court
or other authority of competent jurisdiction, such terms shall be null and void
and shall be deemed deleted from this Agreement, and all the remaining terms of
this Agreement shall remain in full force and effect.

 

(d)            Notices.  Any
notice in connection with this Agreement shall be deemed to have been properly
delivered if it is in writing and is delivered by hand or by facsimile
transmission or sent by registered certified mail, postage prepaid, to the
party addressed as follows, unless another address has been substituted by
notice so given:

 

	
  To the
  Employee:

  	
    To
  his address as set forth on the signature page hereof.

  
	
   

  	
   

  
	
  To the
  Company:

  	
  TravelCenters
  of America LLC

  
	
   

  	
  400 Centre
  Street

  
	
   

  	
  Newton, MA 02458

  
	
   

  	
  Attn:
  Secretary

  

 

(e)            Construction.  The
headings and subheadings of this Agreement have been inserted for convenience
only, and shall not affect the construction of the provisions
hereof.  All references to sections of this Agreement shall be deemed
to refer as well to all subsections which form a part of such section.

 

(f)            Employment
Agreement.  This Agreement shall not be construed as an agreement
by the Company, the Manager or any affiliate of the Company or the Manager to
employ the Employee, nor is the Company, the Manager or any affiliate of
the Company or the Manager obligated to continue employing the Employee by
reason of this Agreement or the grant of shares to the Employee hereunder.

 

(g)            Applicable
Law.  This Agreement shall be construed and enforced in
accordance with the laws of The Commonwealth of Massachusetts.

 

3

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement, or caused this
Agreement to be executed under seal, as of the date first above written.

 

 

	
  TRAVELCENTERS
  OF AMERICA LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
  EMPLOYEE:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  [Name]

  	
   

  
	
  [Address]

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