|VIRTU KCG HOLDINGS LLC filed this Form 8-K on 07/24/2017|
Except as otherwise provided for in this Agreement, all benefits and contractual entitlements extended to You and salary payments, including, but not limited to, pension contributions cease with effect from the Termination Date.
2.2. Your Form P45 will be made up to the Termination Date and issued to You as soon as practicable after the Termination Date.
3. COMPENSATION PAYMENT
3.1. Subject to your compliance in all material respects with your obligations as set out in this Agreement the Company will pay to You an ex gratia severance payment in respect to your 2017 Bonus of $3,200,000 (the Compensation Payment) (which includes your entitlement, if any, to a statutory redundancy payment), subject to receipt by the Company of a signed copy of this Agreement and the Certificate at Schedule 1 signed by your legal adviser.
3.2. The Compensation Payment will be paid in two instalments as follows:
3.2.1. $3,087,063 within 14 days of the later of the Termination Date and receipt by the Company of a signed copy of this Agreement and the Certificate at Schedule 1 signed by your legal adviser.
3.2.2. $112,937 will be paid within 107 days of the Termination Date.
For the avoidance of doubt each instalment shall only be payable if, on the date the instalment is due to be paid, You have complied with all terms of this Agreement.
3.3. The Company will also pay your reasonable legal fees incurred in obtaining advice only in respect of the termination of your employment and this Agreement directly to your solicitors, in the sum of no more than £500 (plus VAT) (the Legal Fees) within the later of 28 days after the Termination Date and receipt of their invoice addressed to You, but marked payable by the Company.
3.4. The Compensation Payment will be paid subject to the deduction of income tax and employee National Insurance Contributions in accordance with Income Tax (Earnings and Pensions) Act 2003.
4.1. The Company gives no warranty as to whether any income tax or employee national insurance contributions are payable in respect of any payments made or benefits made available to You pursuant to the terms of this Agreement and You are solely responsible for the payment of any tax of any nature and any liability to employee national insurance arising in respect of, or by reason of, any payment or benefit set out in this Agreement (save where the sum is actually deducted by the Company). You will indemnify the Company and each and every Associated Company and keep it and them fully and effectively indemnified on demand on a continuing basis against all and any liability to such taxation or national insurance contributions (including, without limitation, any liability resulting from a failure to make PAYE deductions) and any interest, penalties or costs incurred by the Company or any Associated Company in respect of such liability other than sums deducted by the Company under this Agreement. The Company shall give you reasonable notice of any demand for tax which may lead to liabilities on you under this indemnity and shall provide you with reasonable access to any documents you may reasonably require to dispute a claim provided that nothing in this clause shall prevent the Company from complying with its legal obligations with regard to HM Revenue and Customs or other competent body.