Thomas Joyce, whose position as chairman and chief executive of Knight Capital Group was on the line as the company negotiated a takeover earlier this month, will be paid US$7.5 million to ensure he remains with the stock-trading company, according to a regulatory filing.
The payment will be made to Mr Joyce when Knight is acquired by Getco Holding Co, a high-frequency trading firm that beat out a competitor to acquire Knight for about US$1.4 billion.
The payment is aimed at ensuring that Mr Joyce remains \"through at least the consummation of the proposed transactions\" with Getco, it said.
The merger, which was announced on Dec. 19, is expected to close in late April or early May.
The payment will be made to Mr Joyce when Knight is acquired by Getco Holding Co, a high-frequency trading firm that beat out a competitor to acquire Knight for about US$1.4 billion.
The payment is aimed at ensuring that Mr Joyce remains \"through at least the consummation of the proposed transactions\" with Getco, it said.
The merger, which was announced on Dec. 19, is expected to close in late April or early May.