Employment Agreement between Instinet, LLC and Michael Bundy



 Exhibit 10.4 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of this 4th day of August, 2005 by and between Instinet, LLC, a Delaware
corporation (the “Company”), and Michael Bundy (“Executive”). 
  
 WITNESSETH: 
  
 WHEREAS, Executive
is to be employed by the Company as its Executive Vice President and Chief Technology Officer; 
  
 WHEREAS, the Company and Executive desire to set forth the terms and conditions of Executive’s employment with the Company and Executive desires to accept such employment on the terms and conditions set forth
herein; 
  
 WHEREAS, this form of Executive Employment Agreement
has been approved by the Compensation Committee of the Company; 
  
 WHEREAS, each of the Company and Executive agrees that Executive will have a prominent role in the management of the business, and the development of the goodwill, of the Company and its Affiliates, and will establish and develop relations
and contacts with the principal customers and suppliers of the Company and its Affiliates in the United States (collectively, the “Restricted Territory”), all of which constitute valuable goodwill of, and could be used by Executive to
compete unfairly with, the Company and its Affiliates; and 
  
 WHEREAS, (i) in the course of his employment with the Company, Executive will obtain confidential and proprietary information and trade secrets concerning the business and operations of the Company and its Affiliates in the Restricted
Territory that could be used to compete unfairly with the Company and its Affiliates; (ii) Executive will create and develop certain work products, inventions and other intellectual property which constitute an essential portion of the property of
the Company and its Affiliates, (iii) the covenants and restrictions contained in Sections 8 through 14, inclusive, are intended to protect the legitimate interests of the Company and its Affiliates in their respective goodwill, trade secrets and
other confidential and proprietary information and intellectual property; and (iv) Executive desires to be bound by such covenants and restrictions. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein and for other good and valuable consideration, the
Company and Executive hereby agree as follows: 
  
 l.
Agreement to Employ. Upon the terms and subject to the conditions of this Agreement, the Company hereby agrees to employ Executive, and Executive hereby accepts such employment with the Company. This Agreement replaces and supercedes any and
all earlier Employment Agreements between Executive and the Company or its affiliates (including without limitation any offer letters between Executive and the Company), which the parties agree have no further force or effect. 







 2. Term; Position and Responsibilities. 
  
 (a) Term of Employment. Unless Executive’s employment shall
sooner terminate pursuant to Section 7, the Company shall employ Executive on the terms and subject to the conditions of this Agreement for a term commencing on the date hereof (the “Commencement Date”) and ending on the two-year
anniversary of the Commencement Date (the “Initial Term”). Effective upon the expiration of the Initial Term and of each Additional Term (as defined below), Executive’s employment hereunder shall be deemed to be automatically
extended, upon the same terms and conditions, for an additional period of one year (each, an “Additional Term”), in each such case, commencing upon the expiration of the Initial Term or the then current Additional Term, as the case may be,
unless the Company or Executive, shall have given notice at least 3 months prior to the expiration of the Initial Term or such Additional Term, of its or his intention not to extend the Employment Period (as defined below) hereunder. Any such notice
of non-extension delivered by the Company to Executive shall be deemed a termination of Executive’s employment by the Company without Cause as of (i) the last day of the Initial Term or then current Additional Term, as the case may be, or (ii)
any earlier date specified by the Company in such notice, provided that such earlier date is not less than 30 days after the date such notice is delivered. Any such notice of non-extension delivered by Executive to the Company shall be deemed a
termination of Executive’s employment by Executive without Good Reason as of the last day of the Initial Term or then current Additional Term, as the case may be. The period during which Executive is employed by the Company pursuant to this
Agreement shall be referred to as the “Employment Period.” 
  
 (b) Position and Responsibilities. During the Employment Period, Executive shall serve as Executive Vice President and Chief Technology Officer of the Company, and shall have such duties and responsibilities as are customarily
assigned to individuals serving in such position and such other duties consistent with Executive’s title and position as the Board of Directors of the Company (the “Board”) specifies from time to time. Executive shall devote all of
his skill, knowledge, commercial efforts and working time to the conscientious and faithful performance of his duties and responsibilities for the Company (except for (i) vacation time as provided by Company policy and absence for sickness or
similar disability and (ii) to the extent that it does not interfere with the performance of Executive’s duties hereunder, (A) such reasonable time as may be devoted to the fulfillment of Executive’s civic responsibilities and, subject to
the prior written approval of the Board and to compliance with the provisions of Sections 8 through 14, inclusive, service on boards of directors of other corporations and entities and (B) such reasonable time as may be necessary from time to time
for personal financial matters). 
  
 3. Base Salary. As
compensation for the services to be performed by Executive during the Employment Period, the Company shall pay Executive a base salary at an annualized rate of $350,000, payable in installments on the Company’s regular payroll dates. The
Company shall review Executive’s base salary annually during the period of his employment hereunder and, in its sole discretion, may adjust such base salary for any Additional Term, provided that if Company elects to decrease Executive’s
salary for any Additional Term, Company shall give Executive written notice of the amount of such decrease at least 30 days prior to the commencement of such Additional Term. Any such adjustment shall be based upon 

  

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such factors as the Compensation Committee of the Board (the “Compensation Committee”) shall consider relevant. The annual base salary payable to
Executive under this Section 3 shall hereinafter be referred to as the “Base Salary”. 
  
 4. Incentive Compensation Arrangements. 
  
 (a) Annual Incentive Bonus. During the Employment Period and subject to the review and approval of the Compensation Committee, Executive shall be
eligible to participate in the annual bonus program maintained by the Company for its senior executives. Executive shall have the opportunity to receive an annual bonus under such Annual Incentive Bonus program (the “Bonus”), which may be
in cash, restricted stock, options or other non-cash compensation, in an amount to be determined by the Compensation Committee based on the achievement by the Company and Executive of such performance objectives as may be established from time to
time by the Compensation Committee or other committee of the Board. Provided that Executive is an employee of Company on the date payment of annual bonuses for 2005 are actually paid by the Company to its active executives, Company shall pay
Executive a Bonus in or about February 2006 in the amount of $500,000. For each year thereafter, Executive’s annual Bonus shall be no less than $500,000 for each completed performance year covered by this Agreement. 
  
 (b) Equity Compensation Awards. During the Employment Period,
Executive shall be eligible to participate in any equity compensation stock plan maintained by the Company for its senior executives, subject to the review and approval of the Compensation Committee. The terms and conditions of all awards under such
plans maintained by the Company or its Affiliates, including the grant, vesting, exercise, payment and all other terms of such awards, shall be governed by the terms of the equity compensation plan under which such awards were granted, as such plan
or plans may be amended and in effect from time to time. Company agrees that, upon the occurrence of both (i) the consummation of the merger of Instinet Group Incorporated with the Nasdaq Stock Market, Inc. and (ii) the implementation of a new
equity compensation plan to cover the institutional agency brokers majority-owned by Silver Lake Partners, in its first cycle of awards under the new plan, Company will award to Executive no less than 50% of the value of such equity compensation
award that it makes to its Chief Executive Officer in such cycle. 
  
 5. Employee Benefits. During the Employment Period, Executive shall be eligible to participate in the employee benefit plans and programs maintained by the Company from time to time in which senior executives of the Company are
eligible to participate, including to the extent maintained by the Company medical, dental, accidental, disability and life insurance plans and profit sharing, pension, retirement, deferred compensation and savings plans, in accordance with the
terms and conditions thereof as in effect from time to time. The benefits referred to in this Section 5 shall be provided to Executive on a basis that is commensurate with Executive’s position and duties with the Company. 
  
 6. Perquisites and Expenses. 
  
 (a) General. During the Employment Period, Executive shall be
eligible to participate in all special benefit or perquisite programs of the Company generally available from time to time to senior executives of the Company, on the terms and conditions thereof as in effect from time to time. 
  

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 (b) Business Travel, Lodging, etc. During the Employment Period, the Company shall reimburse
Executive for reasonable travel, lodging, meal and other reasonable expenses incurred by him in connection with the performance of his duties and responsibilities hereunder upon submission of evidence, satisfactory to the Company, of the incurrence
and purpose of each such expense and otherwise in accordance with terms and conditions of the Company’s business expense reimbursement policy applicable to its senior executives as in effect from time to time. 
  
 (c) Vacation. During the Employment Period, Executive shall be
entitled to paid vacation on an annualized basis in the amount provided by Company policy, without carryover accumulation. 
  
 (d) Relocation Reimbursement. Upon the presentation of appropriate invoices or other evidence of expense by Executive, the Company shall reimburse
Executive for up to $20,000 of expenses, actually incurred in his relocation to the New York metropolitan area. 
  
 (e) Corporate Apartment. Company agrees to provide to Executive an appropriate residential apartment acceptable to Executive at Company expense for
a period of time not to exceed six months from the Commencement Date. 
  
 7. Termination of Employment. 
  
 (a)
Termination Due to Death or Disability. Executive’s employment may be terminated by the Company due to Executive’s Disability (as defined in the Company’s Human Resources policies). In the event that Executive’s employment
hereunder terminates due to his death or is terminated by the Company due to Executive’s Disability, no termination benefits shall be payable to or in respect of Executive except as provided in Section 7(f) (ii). 
  
 (b) Termination by the Company for Cause. Executive’s employment
may be terminated by the Company for Cause (as defined below). In the event of a termination of Executive’s employment by the Company for Cause, no termination benefits shall be payable to or in respect of Executive except as provided in
Section 7(f)(ii). For purposes of this Agreement, a termination by the Company for Cause shall mean termination by action of the President or Chief Executive Officer because of (i) Executive’s material breach of this Agreement that continues
for ten business days after Executive is notified of such breach in writing; (ii) Executive’s unjustified willful failure to carry out any reasonable lawful written instructions of the Company relating to the Executive’s performance of his
duties (using the same criteria as would be applied to other executives of like level of the Company) that continues for ten business days after Executive is notified of such failure in writing, (iii) diverting or usurping a corporate opportunity of
the Company unless Executive makes such opportunity available to the Company and relinquishes all Executive’s right, title and interest therein within ten days after the Company notifies Executive in writing requesting that Executive take such
action, (iv) gross negligence or recklessness by Executive in the performance of his material duties hereunder (using the same criteria as would be applied to other executives of like level of the Company) 

  

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that continues for ten business days after Executive is notified in writing of his actions constituting such gross negligence or recklessness, and (v) fraud,
dishonesty or other acts or omissions by Executive resulting in a material breach of a fiduciary or other material duty to the Company that continues for ten business days after Executive is notified of such breach in writing, or (vi) plea of guilty
by or the conviction of Executive of a felony (other than vehicular manslaughter). 
  
 (c) Termination Without Cause. Executive’s employment may be terminated by the Company Without Cause (as defined below). In the event of a termination of Executive’s employment by the Company Without
Cause, no termination benefits shall be payable to or in respect of Executive except as provided in Section 7(f)(i). For purposes of this Agreement and the Options, a termination “Without Cause” shall mean a termination of Executive’s
employment by the Company other than due to Executive’s death or Disability as described in Section 7(a) and other than for Cause as described in Section 7(b). 
  
 (d) Termination by Executive. Executive may terminate his employment for any reason, including for Good Reason (as
defined below). In the event of a termination of Executive’s employment by Executive other than for Good Reason, no termination benefits shall be payable to or in respect of Executive except as provided in Section 7(f)(ii) and in the event of a
termination of Executive’s employment by Executive for Good Reason, no termination benefits shall be payable to or in respect of Executive except as provided in Section 7(f)(i). For purposes of this Agreement, a termination of employment by
Executive for “Good Reason” shall mean a termination by Executive of his employment with the Company within 30 days following the occurrence, without Executive’s consent, of any of the following events: (i) a material diminution in
the Executive duties, authority, position or responsibilities; (ii) a material decrease in the Executive’s base pay, fees, incentive compensation opportunities, and/or employee benefits and perquisites; or (iii) a requirement that the Executive
relocate his or her primary place of employment or service by more that 30 miles; provided that the Executive shall have given the Company or the relevant Affiliate of the Company notice of the event or events constituting Good Reason and the
Company or such Subsidiary shall have failed to cure such event or events within 10 business days after receipt of such notice. The foregoing notwithstanding, the Company and the Executive agree that any downsizing, reduction in force,
reorganization, streamlining or consolidation of the Company either in anticipation, or in the immediate aftermath, of the merger of Company’s parent, Instinet Group Incorporated, with The Nasdaq Stock Market, Inc. shall not in any
circumstances amount to sufficient grounds for a “diminution” or “material decrease” as those terms are used in the Good Reason definition in this Section. 
  
 (e) Notice of Termination; Date of Termination. 
  
 (i) Notice of Termination. Any termination by the Company pursuant to Section 7(a), 7(b) or 7(c), or by Executive
pursuant to Section 7(d), shall be communicated by a written Notice of Termination addressed to the other party to this Agreement. A “Notice of Termination” shall mean a notice stating that Executive or the Company, as the case may be, is
electing to terminate Executive’s employment with the Company, stating the proposed effective date of such termination, indicating the specific provision of this Section 7 under which such termination is being effected and, if applicable,
setting forth in reasonable detail the circumstances claimed to provide the basis for such termination. 
  

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 (ii) Date of Termination. The term “Date of Termination” shall mean (i) if
Executive’s employment is terminated by his death, the date of his death, (ii) if Executive’s employment is terminated by the Company for Cause, the date on which Notice of Termination is given or, if later, the effective date of
termination specified in such Notice of Termination, and (iii) if Executive’s employment is terminated by the Company Without Cause, due to Executive’s Disability or by Executive for any reason, the date specified in the applicable Notice
of Termination provided that such date shall not be less than 30 days nor more than 60 days after the date on which Notice of Termination is given. 
  
 (f) Payments Upon Certain Terminations. 
  
 (i) In the event of a termination of Executive’s employment by the Company Without Cause or a termination by Executive of his employment for Good
Reason during the Employment Period, the Company shall pay to Executive (or, following his death, to Executive’s estate) within 30 days of the Date of Termination his (x) full Base Salary through the Date of Termination, (y) reimbursement for
any unreimbursed business expenses incurred by Executive prior to the Date of Termination that are subject to reimbursement pursuant to Section 6(b) and (z) payment for vacation time accrued as of the Date of Termination but unused (such amounts
under clauses (x), (y) and (z), collectively the “Accrued Obligations”). In addition, in the event of any such termination of Executive’s employment, provided Executive executes and delivers to the Company a Release and
Discharge of Claims (that shall not impose upon Executive any broader restrictive covenant or post-employment limitation than those contained in this Agreement) in a form acceptable to the Company, Executive (or, following his death,
Executive’s estate) shall be entitled to the following payments and benefits, as liquidated damages: 
  
 (A) continued payments of the Base Salary, payable in installments in accordance with the Company’s regular payroll policies, for the
period beginning on the Date of Termination and ending on the eighteen months anniversary of the Date of Termination (the “Severance Period”); 
  
 (B) a portion of Executive’s Bonus for the fiscal year of the Company that includes the Date of Termination, such portion to equal
the product (such product, the “Pro Rata Bonus”) of (1) the minimum Bonus payable to Executive for such year had he remained employed for the entire fiscal year as provided in Section 4(a), multiplied by (2) a fraction, the numerator of
which is equal to the number of days in such fiscal year that precede the Date of Termination and the denominator of which is equal to 365, such amount to be payable to Executive within five business days following the date (the “Bonus Payment
Date”) annual bonuses for such fiscal year are actually paid by the Company to its active executives; 
  
 (C) payment of an amount equal to 150% of the Severance Bonus (as defined below), such amount to be paid in two equal installments, the
first such installment to be paid within five business days following the Bonus Payment Date for the fiscal year of 

  

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the Company that includes the Date of Termination and the second such installment to be paid within five business days following the Bonus Payment Date for
the next succeeding fiscal year of the Company; and 
  
 (D) continued coverage during the Severance Period under the Company’s medical and dental insurance plans referred to in Section 5 (the “Continued Benefits”) for Executive and his eligible dependents participating in such
plans immediately prior to the Date of Termination, subject to timely payment by Executive of all premiums, contributions and other co-payments required to be paid by senior executives of the Company under the terms of such plans as in effect from
time to time. 
  
 The term “Severance Bonus” means the
highest annual Bonus paid to Executive for any of the three complete fiscal years of the Company ending immediately prior to the date of Termination during which Executive was employed by the Company or $1,000,000, whichever is greater. 

 
 Executive shall not have a duty to mitigate the costs to the Company under
this Section 7 (f) (i), nor shall any payments from Company to Executive of Base Salary, Severance Bonus and Pro Rata Bonus be reduced, offset or canceled by any compensation or fees earned by (whether or not paid currently) or offered to Executive
during the Severance Period by a subsequent employer or other Person (as defined below) for which Executive performs services, including but not limited to consulting services. The foregoing notwithstanding, should Executive receive benefits
coverage by a subsequent employer during the Severance Period, all health and medical benefits coverage provided by the Company to Executive shall immediately terminate. 
  
 (ii) If Executive’s employment shall terminate upon his death or Disability or if the Company shall terminate
Executive’s employment for Cause or Executive shall terminate his employment without Good Reason in any such case during the Employment Period, the Company shall pay to Executive (or, in the event of Executive’s death, to his estate) the
Accrued Obligations within 30 days following the Date of Termination. In addition, if Executive’s employment shall terminate upon his death or Disability during the Employment Period, the Company shall pay to Executive (or, in the event of
Executive’s death, to his estate) the Pro Rata Bonus, if any, in one lump sum within five business days following the Bonus Payment Date for the fiscal year of the Company that includes the Date of Termination. 
  
 (iii) Except as specifically set forth in this Section 7(f), no benefits
payable to Executive under any otherwise applicable plan, policy, program or practice of the Company or its Affiliates in which Executive was a participant during his employment with the Company or its Affiliates shall be limited by this Section
7(f), provided that Executive shall not be entitled to receive any payments or benefits under any such plan, policy, program or practice providing any bonus or incentive compensation or severance compensation or benefits (and the provisions
of this Section 7(f) shall supersede the provisions of any such plan, policy, program or practice). 
  
 (g) Resignation upon Termination. Effective as of any Date of Termination under this Section 7 or otherwise as of the date of Executive’s
termination of employment with the Company, Executive shall resign, in writing, from all Board memberships and other positions then held by him with the Company and its Affiliates. 
  

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 8. Unauthorized Disclosure. During the period of Executive’s employment with the Company and
following any termination of such employment, without the prior written consent of the Board or its authorized representative, except (a) with respect to disclosures made in the course of performing his duties hereunder or (b) to the extent required
by an order of a court having jurisdiction or under subpoena from an appropriate government agency, in which event, Executive shall use his best efforts to consult with the Board prior to responding to any such order or subpoena, and except as
required in the appropriate performance of his duties hereunder, Executive shall not disclose any confidential or proprietary trade secrets, customer lists, drawings, designs, programs, software, protocols, information regarding product development,
marketing plans, sales plans, manufacturing plans, management organization information (including but not limited to data and other information relating to members of the Board of Directors of the Company or any of its Affiliates or to management of
the Company or any of its Affiliates), operating policies or manuals, business plans, financial records, packaging design or other financial, commercial, business or technical information (x) relating to the Company or any of its Affiliates or (y)
that the Company or any of its Affiliates may receive belonging to suppliers, customers or others who do business with the Company or any of its Affiliates (collectively, “Confidential Information”) to any third person unless such
Confidential Information has been previously disclosed to the public or is in the public domain (other than by reason of Executive’s breach of this Section 8). 
  
 9. Non-Competition. During the period of Executive’s employment with the Company and, following any termination
thereof, the period ending (a) one year after the Date of Termination if Executive is terminated with Cause or resigns without Good Reason and (b) on the last day of the Severance Period if Executive is terminated without Cause or resigns for Good
Reason (such periods, collectively, the “Restriction Period”), Executive shall not, directly or indirectly, become employed by, engage in business with, serve as an agent or consultant to, or become a partner, member, principal,
stockholder or other owner (other than a holder of less than 1% of the outstanding voting shares of any publicly held company) of, any Person that competes or has a reasonable potential for competing, anywhere in the Restricted Territory, with the
Business (as defined below). 
  
 10. Non-Solicitation of
Employees. During the Restriction Period, Executive shall not, directly or indirectly, for his own account or for the account of any other Person, (i) solicit for employment, employ or otherwise interfere with the relationship of the
Company or any of its Affiliates with any natural person throughout the world who is or was employed by or otherwise engaged to perform services for the Company or any of its Affiliates at any time during which Executive was employed by the Company
or (in the case of any such activity during the period of Executive’s employment with the Company) or during the six-month period preceding such solicitation, employment or interference (in the case of any such activity after the date of
Executive’s termination of employment), other than any such solicitation or employment on behalf of the Company or its Affiliates during Executive’s employment with the Company, or (ii) induce any employee of the Company or its
Affiliates who is a member of management to engage in any activity which Executive is prohibited from engaging in under any of Sections 8, 

  

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9, 10 or 11 or to terminate his employment with the Company. For purposes of this Section 10 and Section 11, the terms “solicit” and
“solicitation” mean any communication of any kind whatsoever, regardless of by whom initiated, inviting, encouraging or requesting any person or entity to take or refrain from taking any action. 
  
 11. Non-Solicitation of Customers. During the Restriction Period,
Executive shall not, directly or indirectly, for his own account or for the account of any other Person, anywhere in the Restricted Territory, solicit or otherwise attempt to establish any business relationship of a nature that is competitive with
the Business or relationship of the Company or any of its Affiliates with any Person which is or was a customer, client or distributor of the Company or any of its Affiliates at any time during which Executive was employed by the Company (in the
case of any such activity during the period of Executive’s employment with the Company) or during the twelve-month period preceding the Date of Termination (in the case of any such activity after the date of Executive’s termination of
employment), other than any such solicitation on behalf of the Company or any of its Affiliates during Executive’s employment with the Company. 
  
 12. Return of Documents. In the event of the termination of Executive’s employment for any reason, Executive shall deliver to the Company all
of the property of the Company and its Affiliates and the non-personal documents and data of any nature and in whatever medium of each of the Company and its Affiliates, and he shall not take with him any such property, documents or data or any
reproduction thereof, or any documents containing or pertaining to any Confidential Information. 
  
 13. Work Product. Executive agrees to disclose in confidence to the Company any and all inventions, improvements, designs, original works of
authorship, formulas, processes, computer software programs, databases and trade secrets (including, but not limited to, market information and marketing designs, proposals and concepts) (all taken together, the “Developments”) that
Executive makes, conceives, first reduces to practice, or creates, either alone or jointly with others while Executive is employed by the Company and that: (a) result from any work performed by Executive for the Company, whether or not in the normal
course of Executive’s duties or during normal business hours; (b) reasonably relate to the actual or anticipated business, services, products, research or development of Executive; or (c) are developed with the use of the Company time,
equipment, supplies or facilities. Executive must promptly disclose Developments to the Company whether or not such Developments are patentable, copyrightable or protectible as trade secrets. Executive understands and agrees that all Developments
shall be the sole and exclusive property of the Company and shall constitute “work made for hire” (as that term is defined under Section 101 of the U.S. Copyright Act, 17 U.S.C. § 101) with the Company being the person for whom the
work was prepared and that all intellectual property rights therein shall be the sole and exclusive property of the Company, and that in the event that any such Development is deemed not to be a “work made for hire,” Executive hereby
irrevocably assigns, transfers and conveys to the Company, exclusively and perpetually, all right, title and interest which Executive may have or acquire in and to such Development throughout the world, including without limitation any copyrights
and patents, and the right to secure registrations, renewals, reissues, and extensions thereof. Executive agrees to sign any documents and to do all things necessary, without additional compensation, whether 

  

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during Executive’s employment or after, to assist the Company to register, perfect, maintain and/or enforce the Company’s rights in any
Development, including without limitation any patent, copyright, trade secret or other right or interest. 
  
 14. Injunctive Relief with Respect to Covenants; Forum, Venue and Jurisdiction. Executive acknowledges and agrees that the covenants, obligations
and agreements of Executive contained in Sections 8, 9, 10, 11, 12, 13 and 14 relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company
irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a
court of competent jurisdiction may deem necessary or appropriate to restrain Executive from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and
remedies the Company may have. The Company and Executive hereby irrevocably submit to the exclusive jurisdiction of the courts of New York, and the Federal courts of the United States of America, in each case located in New York City in respect of
the injunctive remedies set forth in this Section 14 and the interpretation and enforcement of Sections 8, 9, 10, 11, 12, 13 and 14 insofar as such interpretation and enforcement relate to any request or application for injunctive relief in
accordance with the provisions of this Section 14, and the parties hereto hereby irrevocably agree that (a) the sole and exclusive appropriate venue for any suit or proceeding relating solely to such injunctive relief shall be in such a court, (b)
all claims with respect to any request or application for such injunctive relief shall be heard and determined exclusively in such a court, (c) any such court shall have exclusive jurisdiction over the person of such parties and over the subject
matter of any dispute relating to any request or application for such injunctive relief, and (d) each hereby waives any and all objections and defenses based on forum, venue or personal or subject matter jurisdiction as they may relate to an
application for such injunctive relief in a suit or proceeding brought before such a court in accordance with the provisions of this Section 14. All disputes not relating to any request or application for injunctive relief in accordance with this
Section 14 shall be resolved by arbitration in accordance with Section 17 (b). 
  
 Notwithstanding any other provision hereof, the Company’s obligations to pay Executive any amount or provide Executive with any benefit or right pursuant to Section 7(f) is subject to Executive’s compliance
with his obligations under Sections 8 through 14, inclusive. 
  
 15. Assumption of Agreement. The Company shall require any Successor thereto, by agreement in form and substance reasonably satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall
entitle Executive to compensation from the Company in the same amount and on the same terms as Executive would be entitled hereunder if the Company had terminated Executive’s employment Without Cause as described in Section 7, except that for
purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination. 
  

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 16. Entire Agreement. This Agreement (including the Exhibit hereto) constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof. All prior correspondence and proposals (including but not limited to summaries of proposed terms) and all prior promises, representations, understandings, arrangements and
agreements relating to such subject matter (including but not limited to those made to or with Executive by any other Person and those contained in any prior employment, consulting or similar agreement entered into by Executive and the Company or
any predecessor thereto or Affiliate thereof) are merged herein and superseded hereby. 
  
 17. Miscellaneous. 
  
 (a)
Binding Effect; Assignment. This Agreement shall be binding on and inure to the benefit of the Company and its successors and permitted assigns. This Agreement shall also be binding on and inure to the benefit of Executive and his heirs,
executors, administrators and legal representatives. This Agreement shall not be assignable by any party hereto without the prior written consent of the other parties hereto, except as provided pursuant to this Section 17(a). The Company may effect
such an assignment without prior written approval of Executive upon the transfer of all or substantially all of its business and/or assets (by whatever means), provided that the Successor to the Company shall expressly assume and agree to
perform this Agreement in accordance with the provisions of Section 15. 
  
 (b) Arbitration. Any dispute or controversy arising under or in connection with this Agreement (except in connection with any request or application for injunctive relief in accordance with Section 14) shall be resolved by binding
arbitration. The arbitration shall be held in New York City and, except to the extent inconsistent with this Agreement, shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect at
the time of the arbitration, and otherwise in accordance with principles which would be applied by a court of law or equity. The arbitrator shall be acceptable to both the Company and Executive. If the parties cannot agree on an acceptable
arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by the Company, one appointed by Executive, and the third appointed by the other two arbitrators. All expenses of arbitration shall be borne by the party who
incurs the expense, or, in the case of joint expenses, by both parties in equal portions. 
  
 (c) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to principles of conflicts of laws. 
  
 (d) Taxes. The Company may withhold from any payments made under this
Agreement all applicable taxes, including but not limited to income, employment and social insurance taxes, as shall be required by law. 
  
 (e) Amendments. No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is approved by
the Board or a Person authorized thereby and is agreed to in writing by Executive. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of 

  

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similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No waiver of any provision of this Agreement shall be implied
from any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 
  
 (f) Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  

(g) Notices. Any notice or other communication required or permitted to be delivered under this Agreement shall be (i) in writing,
(ii) delivered personally, by courier service or by certified or registered mail, first-class postage prepaid and return receipt requested, (iii) deemed to have been received on the date of delivery or, if so mailed, on the third
business day after the mailing thereof, and (iv) addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 
  
 (A) If to the Company, to it at: 
  
       Office of the General Counsel

       Instinet, LLC 
       3 Times Square 
       New York, New York
10036 
  
 (B) if to Executive, to him at his residential address
as currently on file with the Company. 
  
 (h) Voluntary
Agreement; No Conflicts. Executive represents that he is entering into this Agreement voluntarily and that Executive’s employment hereunder and compliance with the terms and conditions of this Agreement will not conflict with or result in
the breach by Executive of any agreement to which he is a party or by which he or his properties or assets may be bound. 
  
 (i) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall
constitute one and the same instrument. 
  
 (j) Headings.
The section and other headings contained in this Agreement are for the convenience of the parties only and are not intended to be a part hereof or to affect the meaning or interpretation hereof. 
  
 (k) Certain Definitions. 
  
 “Affiliate”: with respect to any Person, means any other
Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person
is a Subsidiary, or another Subsidiary of a Person of which the first Person is also a Subsidiary. 
  

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 “Business”: means the provision of securities brokerage or financial services through
the Internet or any similar medium of electronic commerce dealing in equity sales, trading, execution or payment services for institutional clients or broker-dealers, from an operation base located anywhere within the United States. 
  
 “Control”: with respect to any Person, means the possession,
directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or
otherwise. 
  
 “Person”: any natural person,
firm, partnership, limited liability company, association, corporation, company, trust, business trust, governmental authority or other entity. 
  
 “Subsidiary”: with respect to any Person, each corporation or other Person in which the first Person owns or Controls, directly or
indirectly, capital stock or other ownership interests representing 50% or more of the combined voting power of the outstanding voting stock or other ownership interests of such corporation or other Person. 
  
 “Successor”: of a Person means a Person that succeeds to the
first Person’s assets and liabilities by merger, liquidation, dissolution or otherwise by operation of law, or a Person to which all or substantially all the assets and/or business of the first Person are transferred. 
  
 IN WITNESS WHEREOF, the Company has duly executed this Agreement by its
authorized representatives, and Executive has hereunto set his hand, in each case effective as of the date first above written. 
  

			
	INSTINET, LLC
		
	 By:
	 	 /s/ Alexander Goor


	 Name:
	 	 Alexander Goor

	 Title:
	 	 Executive Vice President

	
	 Executive:

		
	 	 	 /s/ Michael Bundy




  

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