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Exhibit
10.10
RESTRICTED STOCK AGREEMENT
Non-transferable
Grant to:
SALOMON SREDNI
(" Grantee ")
by
TradeStation Group, Inc., a Florida corporation
(the " Company "),
of
152,439 shares of its common stock, $0.01
par value,
pursuant to and subject to the provisions of the TradeStation
Group, Inc. Amended and Restated Incentive Stock Plan (the "
Plan ") and to the terms and conditions of this
non-transferable Restricted Stock Agreement (this "
Agreement "), effective as of the 20th day of February, 2007
(the " Effective Date "). Capitalized terms used herein and
not otherwise defined shall have the meanings assigned to such
terms in the Plan.
RECITALS
WHEREAS, the Company desires to issue to Grantee, as Chief
Executive Officer of the Company, ONE HUNDRED FIFTY TWO THOUSAND
FOUR HUNDRED THIRTY-NINE (152,439) shares (the " Shares
") of the Company’s common stock, $0.01 par value ("
Common Stock "); and
WHEREAS, Grantee desires to accept the issuance of the Shares
subject to all of the terms and conditions of this Agreement, and
is eligible to receive the Shares.
AGREEMENT
NOW, THEREFORE, in consideration of Grantee’s agreement to
provide future services to the Company and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and Grantee hereby agree as
follows:
1. Grant of Shares . The Company hereby grants the Shares
to Grantee, subject to all of the restrictions and the other terms
and conditions set forth in the Plan and in this Agreement. Unless
sooner vested in accordance with Section 3 hereof, and
provided that Grantee is then still employed by the Company on the
respective dates indicated below, the restrictions imposed under
Section 2 hereof on the Shares will expire and the Restricted
Shares (as hereinafter defined) shall vest as to the number of the
Restricted Shares as set forth below on each of the respective
dates as set forth below:
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Number of Shares
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Date
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Cumulative Percentage
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February 20, 2008
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20%
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February 20, 2009
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40%
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February 20, 2010
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60%
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February 20, 2011
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80%
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February 20, 2012
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100%
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Upon each of the foregoing dates, the number of
Restricted Shares indicated above shall cease to be subject to the
restrictions described herein. For the purposes of this Agreement,
the term " vesting " shall have the effect of converting
Restricted Shares into unrestricted Shares.
2. Restrictions . The Shares are subject to each of the
restrictions set forth in this Section 2 and " Restricted
Shares " mean those Shares that are subject to the restrictions
imposed hereunder which have not then expired or terminated. Except
as provided in Section 12(a) of the Plan, Restricted Shares
may not be sold, transferred, exchanged, assigned, pledged,
hypothecated or otherwise encumbered; provided, however, that,
notwithstanding the foregoing, Grantee may transfer all or part of
the Restricted Shares to one or more trusts for the benefit of
Grantee’s immediate family members (which for purposes hereof
shall be limited to the Grantee’s children, grandchildren and
spouse) or partnerships in which such immediate family members
and/or trusts are the only partners; provided that any such
transfer of Restricted Shares shall remain subject to all of the
restrictions and other terms and conditions hereof and the
transferee shall execute any and all documents required by the
Company to confirm the foregoing. If Grantee’s employment
with the Company terminates for any reason other than as set forth
in paragraphs (b) or (c) of Section 3 hereof, then
Grantee shall forfeit, without the payment or providing of any
consideration or other amounts of any kind whatsoever to Grantee,
all of Grantee’s right, title and interest in and to the
Restricted Shares as of and after the date of employment
termination and such Restricted Shares shall automatically revert
to the Company immediately following the event of forfeiture. The
restrictions imposed under this Section 2 shall apply to all
shares of the Company’s Common Stock or other securities
issued with respect to Restricted Shares hereunder in connection
with any merger, reorganization, consolidation, recapitalization,
stock dividend, stock split, business combination or other change
in corporate structure directly or indirectly in any way affecting
the Common Stock of the Company.
3. Expiration and Termination of Restrictions . The
restrictions imposed under Section 2 will expire on the
earliest to occur of the following (the period prior to such
expiration being referred to herein as the " Restricted
Period "):
(a) As to the number of Restricted Shares as and to the extent
indicated on the respective dates specified in Section 1
hereinabove; provided, however, that Grantee on those respective
dates is then still employed by the Company;
(b) As to all of the unvested Restricted Shares, on the date of
termination of Grantee’s employment by reason of death or "
Disability ." For the purposes of this Agreement, "
Disability " shall mean permanent disability as determined
by the Compensation Committee under the Plan, in its sole and
absolute discretion; or
(c) As to all of the unvested Restricted Shares, upon the
occurrence of a " Change in Control " (as such term is
defined below). For purposes of this Agreement, " Change in
Control " shall mean the occurrence of any of the following:
(i) any person or entity unaffiliated with the Company is or
becomes the "beneficial owner" (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934,
2
as amended from time to time), directly or
indirectly, of securities of the Company representing more than
fifty (50%) of the combined voting power of the
Company’s then outstanding securities; (ii) a merger or
consolidation of the Company with any other corporation or other
entity, other than a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity)
more than fifty percent (50%) of the combined voting power of
the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation,
provided, however, that a merger or consolidation effected to
implement a reorganization or recapitalization of the Company (or
similar transaction) in which no person or entity acquires more
than fifty (50%) of the combined voting power of the
Company’s then outstanding securities shall not constitute a
Change in Control of the Company; or (iii) the co
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