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[IHOP LETTERHEAD]  

 
 

Exhibit 10.1    
  

July 16,
2002 

Gregg
Nettleton

6650 Buckingham Circle

Cumming, GA 30040 

Dear
Gregg, 

On
behalf of IHOP Corp. I am very pleased to confirm our contingent offer of employment as Chief Marketing Officer. This offer is contingent upon clearing the normal background investigation we do on
all potential employees. As you know, the role of Chief Marketing Officer is critical in leading our efforts to enhance and further the IHOP brand and I am excited to have the opportunity to partner
with someone of your caliber in this process. Below are the specifics of our offer: 

Hire Date: Your start date as Chief Marketing Officer will be Monday, July 15, 2002. The existing consulting contract between you and IHOP Corp.
dated April 22, 2002 will terminate as of Friday, July 12, 2002 and your monthly compensation thereunder will be prorated for 1/2 month's work. 

Salary: As we discussed, your annual base salary will be $275,000. As of April 1, 2003, your salary will become $300,000 provided your
performance up to that time meets expectations. 

Bonus: You will participate in the Company's 2002 Executive Incentive Plan with a target bonus of 35% of your base salary. As outlined in the enclosed
Plan, bonuses are based on both Company and individual performance. We will agree on Individual Business Objectives for the balance of the year once you are on board. A portion of your bonus is based
on EPS which will be calculated in the same manner for all Executive Team members. Your first year's bonus, if earned, will be prorated for the number of complete months worked and payable after board
approval in March, 2003. As discussed below, we will be reviewing IHOP's Executive Compensation package in detail, to include the bonus program, within the next 12 months. Should it be determined that
an increased bonus % is warranted at that time, the difference between the new bonus rate and 35% will be awarded to you retroactive to your start date of July 15, 2002. 

Signing Bonus: You will be given a signing bonus of $10,000 payable upon date of hire. 

Benefits: You will participate in the Company's health, dental, life and retirement benefit plans, subject to the terms, conditions, and limitations
contained in the applicable plan documents and policies (see attached). As requested, until your family moves to California, we will pay you $479/month to cover the costs of health insurance you are
currently enrolled in. This will be in lieu of health insurance benefits offered through IHOP Corp. 

Stock Options: Upon hire, you will receive a stock option grant of 20,000 shares based on the stock price in effect on your hire date. Thereafter, you
will be eligible to participate in IHOP Corp.'s stock option plans as determined by the Board of Directors. 

Car Allowance: You will receive a car allowance of $700 per month plus reimbursement of all automobile expenses, such as gasoline, maintenance,
insurance, and vehicle registration. 

Professional Services Allowance: As an executive you are entitled to a reimbursement of up to $10,000 annually for such expenses as unreimbursed medical
bills, gym membership, investment, tax, or legal counseling, etc. Please see the attached list for details of the expenses covered under this policy. Your first year's benefit under this plan will be
prorated for the number of complete months worked. 

Temporary Housing: We will house you in either a hotel or corporate apartment until your family relocates from Atlanta. The decision on housing will be
determined at a later date depending on which is least expensive, given anticipated needs and travel. It is our expectation that you will be renting a vehicle for a short period of time. We anticipate
that you will be providing your own ground transportation while in Southern California (either by purchase or relocation of an Atlanta vehicle) within a reasonable time period. Additionally, we will
pay for a weekly round trip flight to and from Atlanta, if needed, until your family relocates. This period should not exceed 12 months and the cost
will be capped at $30,000 excluding tickets already purchased at the signing of this agreement and excluding relocation inspection travel costs for your family. 

Relocation: Upon relocation, we will use our standard relocation guidelines (attached) to assist you. 

        Over
the next 12 months we will be reviewing the Executive Compensation Program with the goal of offering a package that is competitive, equitable, and appropriate for the organization
structure that may exist at that time. Although we cannot guarantee any specific changes to our Compensation Package, please know that it is our intent to work with you, and others on the Executive
Team, to determine the objectives and parameters of this program. 

        Should
your employment terminate with IHOP Corp. and/or its subsidiaries and affiliates for any reason during the 24 month period after your hire date, the total cost of the signing
bonus, corporate housing, and relocation will be reimbursable to IHOP. You will be required to sign IHOP's standard employment agreement with executives, which provides for an initial employment term
of two years. 

        I
look forward to working with you as of your start date of July 15, 2002. If you have any questions before this date, please feel free to contact me. In the meantime, please
acknowledge receipt of this offer by signing an original copy of this letter and returning it to me for our files. I am truly looking forward to a great working partnership! 

Sincerely, 

      

      

Julia Stewart

President & Chief Executive Officer 

      

This will acknowledge my acceptance of this contingent offer of employment:  

	By:	/s/  GREGG NETTLETON      
 Gregg Nettleton	 	Date:	July 11, 2002

 
 

Relocation Assistance    
  

	•
	House Hunting Trips—IHOP will reimburse you for reasonable expenses incurred by you and your
spouse for a maximum of two (2) five-day advance trips for house hunting in the Southern California area.

	•
	Temporary Housing—IHOP will provide you with a corporate apartment for a period of no more than
12 months prior to the time your family relocates.

	•
	Sale of Residence at Old Location—IHOP will reimburse reasonable (non-recurring) expenses for the
sale, such as real estate commissions, legal fees, title fees, mortgage penalties, transfer tax payments and other miscellaneous closing costs, not to exceed 6% of the sales price.

	•
	Purchase of Residence in Southern California—IHOP will reimburse reasonable (non-recurring)
expenses for the purchase, such as appraisal costs, escrow, title, recording documents and other miscellaneous closing costs, not to exceed 1.5% of the purchase price.

	•
	Household Goods—IHOP will pay reasonable charges for packing, unpacking and transportation costs
for one (1) pick-up at origin and one (1) delivery at destination, plus insurance costs and normal appliance servicing.

	•
	Travel Expenses—IHOP will reimburse your reasonable expenses transporting you and your family to
the new location. Reimbursement will be based on the most direct route.

	•
	Miscellaneous Expense Allowance—At the time of your move to Southern California, IHOP will
provide up to $5,000 to compensate for incidental expense incurred in relocating (e.g. cable, fax phone installation, utilities, etc.)

	•
	IHOP
will gross up all reimbursed relocation expenses to cover tax consequences.

	•
	In
the event you voluntarily terminate your employment with IHOP prior to two years following relocation, you agree to repay IHOP for all your reimbursed
relocation expenses. 

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Exhibit 10.1

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Exhibit 10.1    
  

 
 

EMPLOYMENT AGREEMENT BETWEEN
  INVESTMENT TECHNOLOGY GROUP, INC.
  AND RAYMOND L. KILLIAN, JR.    
  

        
July 1, 2002 

Dear
Ray: 

        We
are delighted that you have agreed to continue to be employed by ITG Inc. (the "Company") as an Advisor to the Company. This letter sets forth the terms of your continued
employment. 

	1.
	The
term of your employment as an Advisor hereunder will begin on January 1, 2003 and continue through December 31, 2006.

	2.
	As
an Advisor to the Company, you will provide strategic advice to the Chief Executive Officer of the Company and call on customers from time to time. It is anticipated that you will
devote approximately one week per month to your duties with the Company.

	3.
	Your
salary during the term of your employment hereunder will be $600,000 per annum, payable in biweekly installments in accordance with the normal payroll practices of the Company.

	4.
	In
addition to salary, you will be entitled to benefits under any plan or arrangement available generally for senior executives of the Company, subject to and consistent with the terms
and conditions and overall administration of such plans as set forth from time to time in the applicable plan documents. In addition, you and your spouse will be eligible to receive medical benefits
for the remainder of your lives on terms substantially similar to the medical benefits provided to senior executives from time to time. Such medical benefits will either be provided under the
Company's
medical benefit plan or through Company paid medical insurance obtained by the Company for your benefit and the benefit of your spouse.

	5.
	The
Company will reimburse you for all reasonable expenses incurred by you in the course of performing your duties under this agreement which are consistent with the Company's policies
in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company's requirements with respect to reporting and documentation of such expenses.

	6.
	You
will not disclose or use at any time during or after your employment with the Company any Confidential Information of which you are or become aware, whether or not such information
is developed by you, except to the extent that such disclosure or use is directly related to and required by your performance of duties assigned to you pursuant to this agreement. Under all
circumstances and at all times, you will take all appropriate steps to safeguard Confidential Information in your possession and to protect it against disclosure, misuse, espionage, loss and theft.
"Confidential Information" means information that is not generally known to the public and that was or is used, developed or obtained by the Company or its subsidiaries in connection with their
business. It shall not include information (a) required to be disclosed by court or administrative order (after notice to the Company and an opportunity for the Company to defend against such
disclosure), (b) lawfully obtainable from other sources or which is in the public domain through no fault of yours; or (c) the disclosure of which is consented to in writing by the
Company.

	7.
	You
acknowledge that during your employment with the Company, you have and will become familiar with trade secrets and other Confidential Information concerning the Company, its
subsidiaries and their respective predecessors, and that your services have been and will be of special, unique and extraordinary value to the Company. In addition, you hereby agree that at any time
during your employment with the Company, and for a period ending one (1) year after the termination of your employment (the "Noncompetition Period"), you will not directly or indirectly 

own,
manage, control, participate in, consult with, render services for, or in any manner engage in, any business competing with the businesses of the Company or its subsidiaries as such businesses
exist or are in process or being planned as of the date of termination of your employment, within any geographical area in which the Company or its subsidiaries engage or plan to engage in such
businesses. It will not be considered a violation of this paragraph 7 for you to be a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly
traded, so long as you have no active participation in the business of such corporation. 

	8.
	You
hereby agree that (a) during the period you are employed by the Company and for a period of one (1) year thereafter (the "Nonsolicitation Period") you will not,
directly or indirectly through another entity, induce or attempt to induce any employee of the Company or its subsidiaries to leave the employ of the Company or its subsidiaries, or in any way
interfere with the relationship between the Company or its subsidiaries and any employee thereof or otherwise employ or receive the services of any individual who was an employee of the Company or its
subsidiaries at any time during such Nonsolicitation Period or within the six-month period prior thereto, and (b) during the Nonsolicitation Period, you will not induce or attempt
to induce any customer, supplier, client, broker, licensee or
other business relation of the Company or its subsidiaries to cease doing business with the Company or its subsidiaries.

	9.
	If,
at the enforcement of paragraphs 7 or 8, a court holds that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties
agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and that the court will be permitted to revise the
restrictions contained herein to cover the maximum duration, scope and area permitted by law.

	10.
	In
the event that you as part of your activities on behalf of the Company generate, author or contribute to any invention, design, new development, device, product, method of process
(whether or not patentable or reduced to practice or comprising Confidential Information), any copyrightable work (whether or not comprising Confidential Information) or any other form of Confidential
Information relating directly or indirectly to the business of the Company as now or hereinafter conducted (collectively, "Intellectual Property"), you acknowledge that such Intellectual Property is
the sole and exclusive property of the Company and hereby assign all right, title and interest in and to such Intellectual Property to the Company. Any copyrightable work prepared in whole or in part
by you during your employment with the Company will be deemed "a work made for hire" under Section 201(b) of the Copyright Act of 1976, as amended, and the Company will own all of the rights
comprised in the copyright therein. You will promptly and fully disclose all Intellectual Property and will cooperate with the Company to protect the Company's interests in and rights to such
Intellectual Property (including providing reasonable assistance in securing patent protection and copyright registrations and executing all documents as reasonably requested by the Company, whether
such requests occur prior to or after termination of your employment hereunder).

	11.
	You
acknowledge that (a) the covenants contained herein are reasonable, (b) your services are unique, and (c) a breach or threatened breach by you of any of your
covenants and agreements with the Company contained in paragraphs 6, 7, 8 or 10 could cause irreparable harm to the Company for which it would have no adequate remedy at law. Accordingly, and in
addition to any remedies which the Company may have at law, in the event of an actual or threatened breach by you of such covenants and agreements, the Company will have the absolute right to apply to
any court of competent jurisdiction for such injunctive or other equitable relief as such court may deem necessary or appropriate in the circumstances.

	12.
	The
Company may withhold from any amounts payable under this agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law
or regulation. 

	13.
	This
agreement constitutes the entire agreement among the parties and supersedes any prior understandings, agreements or representations by or among the parties, written or oral, that
relate to the subject matter hereof.

	14.
	Paragraphs
4 and 6 through 10 will survive and continue in full force in accordance with their terms notwithstanding any termination of your employment hereunder.

	15.
	All
questions concerning the construction, validity and interpretation of this agreement will be governed by the internal law of New York, without regard to principles of conflict of
laws thereof. 

Please
sign a counterpart of this letter agreement confirming your acceptance, and return it to me. 

	 	 	Sincerely,
	

 	
 	

/s/  ROBERT J. RUSSEL      
	 	 	

	 	 	Robert J. Russel
	 	 	Chief Executive Officer

Accepted
this 1st day of July, 2002: 

/s/
Raymond L. Killian, Jr. 

QuickLinks

Exhibit 10.1

EMPLOYMENT AGREEMENT BETWEEN INVESTMENT TECHNOLOGY GROUP, INC. AND RAYMOND L. KILLIAN, JR.

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