# EDGAR Filing Document

**Accession Number:** 0001278021
**File Stem:** 0001193125-23-004112
**Filing Date:** 2023-1
**Character Count:** 167829
**Document Hash:** 4c4bc64fe5e30f9f94ea744b3d5e8fc5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004112.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004112

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230103

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARKETAXESS HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001278021
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **IRS NUMBER:** 522230784
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34091
- **FILM NUMBER:** 23516501

**BUSINESS ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-831-6000

**MAIL ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKETAXESS HOLDING INC
- **DATE OF NAME CHANGE:** 20040129

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 3, 2023

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## MarketAxess Holdings Inc.

#### (Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-34091** | **52-2230784** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

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#### 55 Hudson Yards

#### New York, New York 10001

#### (Address of principal executive offices, including zip code)
(212) 813-6000

#### (Registrant's telephone number, including area code)

#### Not applicable

#### (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.003 per share | MKTX | NASDAQ Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

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#### Appointment of Executive Chair and Transition of Chief Executive Officer Role
On January 9, 2023, MarketAxess Holdings Inc. (the "<u>Company</u>") announced via press release that, effective April 3, 2023 (the "<u>Effective Date</u>"), Mr. Richard M. McVey, currently Chairman of the Board of Directors ("<u>Board</u>") and Chief Executive Officer of the Company will become Executive Chairman of the Board and Mr. Christopher R. Concannon, currently President and Chief Operating Officer, will be promoted to Chief Executive Officer of the Company. The Board elected Messrs. Concannon and McVey to such roles on January 3, 2023, subject to the Chair of the Compensation and Talent Committee (the "<u>Committee</u>") of the Board's approval of the terms of Messrs. Concannon's and McVey's employment agreements, which occurred on January 6, 2023. Mr. Concannon will also continue to serve as a director on the Company's Board and the Company intends to have continued independent Board leadership in the form of a Lead Independent Director.

Mr. Concannon, age 55, has been the President and Chief Operating Officer and a director of the Company since January 2019. He previously served as President and Chief Operating Officer of Cboe Global Markets, Inc., one of the world's largest exchange holding companies, a position he was appointed to upon Cboe's acquisition of Bats Global Markets, Inc. in 2017. Until Bats' acquisition by Cboe, Mr. Concannon served as Chief Executive Officer from March 2015. Mr. Concannon has more than 20 years of experience as an executive at Nasdaq, Virtu Financial, Instinet and as an attorney at Morgan, Lewis & Bockius, LLP and the SEC. Mr. Concannon has received a B.A. from Catholic University, an M.B.A. from St. John's University, and a J.D. from Catholic University's Columbus School of Law.

There were no arrangements or understandings pursuant to which Mr. Concannon was selected as Chief Executive Officer of the Company. Mr. Concannon does not have a family relationship with any director or executive officer of the Company. There have been no transactions since the beginning of the Company's last fiscal year, and there are no currently proposed transactions, in which the Company was or is to be a participant, in which the amount involved exceeds $120,000 and in which Mr. Concannon had, or will have, a direct or indirect material interest.

On January 6, 2023, the Company entered into new employment letter agreements with each of Mr. McVey and Mr. Concannon, each of which will be effective as of the Effective Date. Capitalized terms used but not defined below have the meanings set forth in the relevant employment agreements described below.

#### Employment Agreement with Mr. Concannon
Mr. Concannon's new employment agreement (the "<u>Concannon Agreement</u>") provides that Mr. Concannon will be employed by the Company as its Chief Executive Officer for an initial five-year term, with successive one-year automatic renewals unless either party elects not to extend the term at least 90 days prior to the last day of the term. Under the Concannon Agreement, Mr. Concannon's minimum annual base salary is $650,000 per year and he is eligible to receive an annual cash bonus and annual equity awards. The terms and conditions of any annual cash bonus or equity award will be determined by the Committee in its sole discretion, and the awards will be granted under the Company's annual performance incentive plan or equity plan, as applicable, each as in effect at the time of the award. The annual cash incentive for the 2023 calendar year, and any annual equity award made in 2024 based on the 2023 performance year, will be calculated on a pro-rata basis taking into account the award percentages that correspond to Mr. Concannon's positions before and after the Effective Date.

The Concannon Agreement provides that Mr. Concannon's employment may be terminated by him or by the Company at any time. In the event of a termination of Mr. Concannon's employment (i) due to his death or by the Company as a result of his having a Disability within the Change of Control Protection Period; or (ii) whether during or outside a Change in Control Protection Period (x) by the Company other than for a Cause Event; or (y) by Mr. Concannon as a result of his resignation for Good Reason, then, subject to his execution of a waiver and general release, Mr. Concannon will be entitled to:

• receive his base salary for 24 months after termination;

• be paid an amount equal to two times his Average Bonus, to be paid in 24 monthly installments;

• be paid any accrued and earned but unpaid annual bonus for the year prior to the year of termination; and

• payment of the cost of continuation health coverage under COBRA for Mr. Concannon, his spouse and his dependents for up to 18 months following termination.

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In the event that Mr. Concannon's employment is terminated (i) due to the Company providing a notice of non-extension of the term or (ii) outside of a Change in Control Protection Period due to his death or Disability, then, subject to his execution of a waiver and general release, Mr. Concannon will be entitled to:

• continue to receive his base salary for 12 months after termination;

• be paid an amount equal to his Average Bonus, paid in 12 monthly installments;

• be paid any accrued and earned but unpaid annual bonus for the year prior to the year of termination; and

• payment of the cost of continuation health coverage under COBRA for Mr. Concannon, his spouse and his dependents for up to 12 months following termination.

The Concannon Agreement further provides that any compensation received by Mr. Concannon will be subject to any compensation recapture policies adopted by the Company that are generally applicable to the Company's executive officers.

Mr. Concannon will continue to be subject to the terms of the Proprietary Information and Non-Competition Agreement previously entered into with the Company and he entered into an Indemnification Agreement with the Company on January 6, 2023, which is materially consistent with the form of indemnification agreement previously filed by the Company.

*Equity Awards* 

In connection with the entry into the Concannon Agreement, Mr. Concannon will be entitled to receive on the Effective Date the following equity awards under the Company's 2020 Equity Incentive Plan (the "<u>Incentive Plan</u>"): (i) restricted stock units with a target grant date fair value of $1.05 million (as determined by the Committee by dividing award value by the average closing price of Company stock on the ten trading days leading up to and including the grant date, rounded to the nearest whole number), which award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Restricted Stock Unit Agreement for Mr. Concannon filed as Exhibit 10.3 hereto; and (ii) performance stock units with a target grant date fair value of $2.45 million (as determined by the Committee based on the Monte Carlo method), which award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Performance Stock Unit Agreement for Mr. Concannon filed as Exhibit 10.4 hereto.

#### Employment Agreement with Mr. McVey
Mr. McVey's new employment agreement (the "<u>McVey Agreement</u>") provides that Mr. McVey will be employed by the Company as its Executive Chairman for a term expiring on the date of the Company's 2025 annual meeting of stockholders. The term may be extended by mutual written agreement of the parties at any time. The expected duties of Mr. McVey as Executive Chairman are set forth in the McVey Agreement and include transitioning his prior responsibilities to the new Chief Executive Officer and managing the transition of relationships with key clients and stakeholders. It is expected that Mr. McVey will spend approximately 66% on average of his business time during the term on the performance of duties as Executive Chairman.

Mr. McVey's minimum annual base salary is $650,000 per year and he is eligible to receive an annual cash bonus and annual equity awards. The terms and conditions of any annual cash bonus and equity award will be determined by the Committee in its sole discretion. The annual cash incentive for the 2023 calendar year, and any annual equity award made in 2024 based on the 2023 performance year, will be calculated on a pro-rata basis taking into account the award percentages that correspond to Mr. McVey's positions before and after the Effective Date.

The McVey Agreement provides that Mr. McVey's employment may be terminated by him or by the Company at any time. In the event of a termination of Mr. McVey's employment outside the Change in Control Protection Period other than (i) due to his death, (ii) by Mr. McVey voluntarily (other than as a result of his resignation for Good Reason); or (iii) by the Company as a result of his having a Disability or for a Cause Event, then, subject to his execution of a waiver and general release, Mr. McVey will be entitled to:

• continue to receive his base salary for 24 months after termination;

• be paid an amount equal to two times his Average Bonus, to be paid in 24 monthly installments;

• be paid any accrued and earned but unpaid annual bonus for the year prior to the year of termination; and

• payment of the cost of continuation health coverage under COBRA for Mr. McVey, his spouse and his eligible dependents for up to 18 months following termination.

If Mr. McVey's employment is terminated within a Change in Control Protection Period due to his resignation for Good Reason or other than (i) by him voluntarily (other than as a result of a resignation for Good Reason) or (ii) by the Company as a result of a Cause Event, then, subject to his execution of a waiver and general release, Mr. McVey will be entitled to:

• continue to receive his base salary for 24 months after termination;

• be paid an amount equal to two times his Average Bonus, to be paid in 24 monthly installments;

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• be paid any accrued and earned but unpaid annual bonus for the year prior to the year of termination; and

• payment of the cost of continuation health coverage under COBRA for Mr. McVey, his spouse and his eligible dependents for up to 24 months following termination.

In the event that Mr. McVey's employment is terminated outside of a Change in Control Protection Period due to his death or by the Company as a result of his having a Disability, then, subject to his execution of a waiver and general release Mr. McVey will be entitled to:

• continue to receive his base salary for 12 months after termination;

• be paid an amount equal to his Average Bonus, to be paid in 12 monthly installments;

• be paid any accrued and earned but unpaid annual bonus for the year prior to the year of termination; and

• payment of the cost of continuation health coverage under COBRA for Mr. McVey, his spouse and his eligible dependents for up to 12 months following termination.

The McVey Agreement further provides that any compensation whether in the form of cash, Company common stock or other forms of property received by Mr. McVey will be subject to any compensation recapture policies adopted by the Company.

Mr. McVey will continue to be subject to the terms of the Proprietary Information and Non-Competition Agreement and the Indemnification Agreement previously entered into with the Company.

The foregoing descriptions do not purport to be complete statements of the parties' rights and obligations under the Concannon Agreement, the McVey Agreement, the Form of Restricted Stock Unit Agreement for Mr. Concannon or the Form of Performance Stock Unit Agreement for Mr. Concannon. The above descriptions are qualified in their entirety by reference to the full texts thereof, which are filed as Exhibit 10.1, 10.2, 10.3 and 10.4, respectively, to this Current Report on Form 8-K.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure**  |

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On January 9, 2023, the Company issued a press release announcing that Mr. McVey, Chairman of the Board and Chief Executive Officer of the Company will transition to the role of Executive Chairman of the Board, while Mr. Concannon, the Company's current President and Chief Operating Officer, will be promoted to Chief Executive Officer of the Company, effective as of April 3, 2023. The press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) that is furnished pursuant to this Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, and shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference into such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits**  |

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(d) Exhibits:

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| | |
|:---|:---|
| 10.1 | [Employment Letter Agreement dated as of January 6, 2023, by and between Christopher R. Concannon and MarketAxess Holdings Inc.](d408729dex101.htm) |
| 10.2 | [Employment Letter Agreement dated as of January 6, 2023, by and between Richard M. McVey and MarketAxess Holdings Inc.](d408729dex102.htm) |
| 10.3 | [Form of Restricted Stock Unit Award Agreement for Christopher R. Concannon pursuant to the MarketAxess Holdings Inc. 2020 Equity Incentive Plan.](d408729dex103.htm) |
| 10.4 | [Form of Performance Stock Unit Agreement for Christopher R. Concannon pursuant to the MarketAxess Holdings Inc. 2020 Equity Incentive Plan.](d408729dex104.htm) |
| 99.1 | [Press Release issued by MarketAxess Holdings Inc. on January 9, 2023.](d408729dex991.htm) |
| 104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | MARKETAXESS HOLDINGS INC. | MARKETAXESS HOLDINGS INC. |
| Date: January 9, 2023 | By: | /s/ Scott Pintoff |
|  | Name: | Scott Pintoff |
|  | Title: | General Counsel & Corporate Secretary |

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## Exhibit 10.1

**EXHIBIT 10.1** 

EXECUTION VERSION

**MarketAxess Holdings Inc.** 

55 Hudson Yards 15<sup>th</sup> Floor

New York, New York, 10001

January 6, 2023

Christopher R. Concannon

Re: <u>Terms of Employment</u>

Dear Chris:

The purpose of this letter agreement (this "<u>Letter Agreement</u>") is to set forth the terms and conditions of your employment as Chief Executive Officer with MarketAxess Holdings Inc. (the "<u>Company</u>"), which shall become effective as of a date designated by the Board of Directors of the Company (the "<u>Board</u>") that is not later than April 3, 2023 (the "<u>Effective Date</u>"). Until the Effective Date, you will continue to serve as the President and Chief Operating Officer of the Company pursuant to a Letter Agreement between you and the Company dated January 7, 2019 (the "<u>COO Agreement</u>"), which shall continue in full force and effect until the Effective Date in accordance with its terms. In the event that your employment with the Company is terminated for any reason prior the Effective Date, the terms of the COO Agreement shall control and this Letter Agreement shall be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Title, Term and Duties</u>. Effective as of the Effective Date, you shall be employed by the Company as its Chief Executive Officer, and you will continue to serve as a member of the Board. Your employment as Chief Executive Officer under the terms and conditions of this Letter Agreement shall be for a term commencing on the Effective Date and expiring on the fifth anniversary of the Effective Date (the "<u>Initial Term</u>"). On the day following the last day of the Initial Term and each anniversary thereof, the term of this Letter Agreement shall be automatically extended for successive one-year periods, <u>provided</u>, <u>however</u>, that either party hereto may elect not to extend the term of this Letter Agreement by giving written notice to the other party at least ninety (90) days prior to the end of the Initial Term or any such anniversary thereof. Notwithstanding anything else herein, you and the Company retain the right to terminate your employment hereunder at any time for any reason or no reason in accordance with the terms of this Letter Agreement. The period of time between the Effective Date and the termination of your employment hereunder shall be referred to herein as the "<u>Term</u>."

During the Term, you will report directly to the Board. While you are employed by the Company, you will devote substantially all of your business time and efforts to the performance of your duties hereunder and use your best efforts in such endeavors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Base Salary, Bonus, Equity and Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, the Company will pay you a base salary at a minimum rate of $650,000 per year (which is your adjusted base salary as of January 1, 2023), payable in accordance with the usual payroll practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, during the Term, you will be eligible to receive an annual cash incentive subject to, and in accordance with, the Company's annual performance incentive plan as in effect from time to time on terms and conditions established and evaluated by the Compensation and Talent Committee of the Board (the "<u>Compensation Committee</u>") in its sole discretion. With

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respect to the 2023 calendar year, your annual cash incentive will be calculated on a pro-rata basis taking into account your respective target bonus percentages based on your positions before and after the Effective Date (i.e., the target bonus percentage for the 2023 annual cash incentive will be a blended percentage based on the number of days in 2023 that you serve as President/Chief Operating Officer and Chief Executive Officer, respectively). The annual cash incentive is payable when such cash incentives are generally paid to senior executives of the Company, which is generally no later than March 15 of the following calendar year, and, except as expressly set forth in this Letter Agreement, subject to your continued employment with the Company on the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In consideration for your entering into this Letter Agreement and serving as the Company's Chief Executive Officer, on the Effective Date, you will receive the following equity awards (the "<u>Promotion Awards</u>") under the Company's 2020 Equity Incentive Plan (the "<u>Incentive Plan</u>"): (i) restricted stock units with a target grant date value of $1.05 million (the number of restricted stock units to be determined by dividing such award value by the average closing price of the Company's common stock on the ten trading days leading up to and including the Effective Date, rounded to the nearest whole number), which award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Restricted Stock Unit Agreement attached as Exhibit A; and (ii) performance stock units with a target grant date value of $2.45 million (as determined by the Compensation Committee based on the Monte Carlo method), which award will be granted pursuant to, and will be subject to the terms and conditions of, the Form of Performance Stock Unit Agreement attached as <u>Exhibit B</u>. All awards will be granted pursuant to, and will be subject to the terms and conditions of, the Incentive Plan and the applicable award agreements.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the Term, you will be eligible to receive annual equity awards ("<u>Annual Equity Awards</u>") on terms and conditions that are expected to be generally consistent with the terms and conditions of awards made to other senior executives of the Company, but in all cases determined by the Compensation Committee in its sole discretion. Any Annual Equity Award made in 2024 based on the 2023 performance year will be calculated on a pro-rata basis taking into account your respective positions before and after the Effective Date (i.e., the value of the Annual Equity Award made in 2024 based on the 2023 performance year will be determined with reference to the number of days in 2023 that you serve as President/Chief Operating Officer and Chief Executive Officer, respectively). It is expected that the Annual Equity Awards will be delivered in the form and subject to the terms and conditions approved by the Compensation Committee in its sole discretion, including with respect to vesting, as set forth in the applicable award agreements. You acknowledge that the Annual Equity Award granted to you in 2024 based on the 2023 performance year will take into account $1.0 million of amortized value of the multi-year equity grants provided to you on January 4, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You will be subject to share ownership guidelines ("<u>SOGs</u>") of ten times your then current base salary. You are expected to comply with this provision at all times while employed as Chief Executive Officer of the Company. The SOGs may change from time to time as determined by the Board in its sole discretion, as recommended by the Nominating and Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During the Term, you will be entitled to participate, to the extent eligible thereunder, in all benefit plans and programs, in accordance with the terms thereof in effect from time to time, as are generally made available by the Company to senior management of the Company (including, without limitation, any health benefits, life insurance and disability insurance), at a level comparable to other senior management of the Company. In addition, during the Term, the Company will provide you with the office equipment and network connections reasonably necessary to enable you to work efficiently from your home, as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During and after the Term, you will be entitled to the indemnification by the Company in accordance with the terms and conditions of the Indemnification Agreement, dated as of January 6, 2023, between you and the Company (the "<u>Indemnification Agreement</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Business Expenses</u>. Upon presentation of appropriate documentation, you will be reimbursed by the Company for reasonable business expenses, in accordance with Company policies applicable to senior management, in connection with the performance of your duties hereunder. The Company will also pay up to $15,000 for the reasonable fees and expenses of your legal counsel and tax advisor in connection with the review and negotiation of this Letter Agreement (and any other agreements to be entered substantially contemporaneously in connection therewith) promptly upon presentation of invoices thereof in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severance/Termination of Employment/Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event your employment with the Company pursuant to this Letter Agreement is terminated other than: (w) due to your death, (x) by you voluntarily, including without limitation as a result of your non-extension of the Term as provided in Section 1 (and in any event other than as a result of your resignation for Good Reason); (y) by the Company as a result of the Company's non-extension of the Term as provided in Section 1, or (z) by the Company as a result of (A) your having a Disability (as defined below), (B) your willful misconduct, gross misconduct, or gross negligence in the performance of your duties under this Letter Agreement that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company, (C) your conviction of, or plea of guilty or *nolo contendere* to, a crime relating to the Company or any affiliate, or any felony, (D) a material breach by you of this Letter Agreement, any other material written agreement entered into between you and the Company, or any material written policy of the Company signed by you, including without limitation the Code of Conduct and Code of Ethics for the Chief Executive Officer and Senior Financial Officers, as well as polices related to personal trading, insider trading, workplace conduct and sexual harassment, in each case that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company, (E) your intentional failure or refusal to follow a lawful and proper direction of the Board that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company, or (F) any other conduct by you, whether or not in the course of performing your responsibilities hereunder, that has or is reasonably likely to have a material adverse effect on the business, assets or reputation of the Company ((B) through (F) each a "<u>Cause Event</u>"), subject to your executing and delivering to the Company within 60 days following the date of such termination a fully effective waiver and general release in substantially the form attached to the Letter Agreement as <u>Exhibit C</u> (the "<u>Release</u>") (which form may be amended by the Company with such changes as the Company or its counsel determine are reasonably necessary to support the legality and effectiveness of the Release), which the Company will provide to you within seven (7) days following the date of termination, the Company will: (i) continue to pay you in accordance with this Section 4(a) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount equal to two (2) times the average of the annual full-year cash bonuses you received from the Company for the three (3) completed calendar years prior to termination (provided that (x) if there have been only two completed calendar years prior to the termination during which you served as Chief Executive Officer, the amount shall be calculated using the average of the cash bonuses for those two years, (y) if there has been only one completed calendar year prior to termination during which you served as Chief Executive Officer, the amount shall be calculated using the cash bonus for that year, and (z) if the termination occurs prior to the end of the 2023 calendar year, the amount shall be deemed to be the full amount of the 2023 annual cash incentive, calculated as described in Section 2(b) above as if the effective date of your termination were on December 31, 2023 and the respective target bonus percentages were achieved for the full 2023 calendar year) (any such amount, the "<u>Average Bonus</u>"), payable in accordance with this Section 4(a) in twenty-four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) if you timely elect to continue health coverage under the Company's plan in accordance with COBRA, pay your, your spouse's and your dependents' continuation coverage premiums to the

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extent, and for so long as, you remain eligible for such continuation coverage under the applicable plan and pursuant to applicable law, but in no event for more than eighteen (18) months from the date of termination; *provided*, that the payments for continuation coverage shall be made only to the extent that such payments will not (i) subject the Company or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a), and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60<sup>th</sup>) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto. For the avoidance of doubt, this Section 4(a) will apply in the event that your employment with the Company pursuant to this Letter Agreement is terminated, whether during or outside of the Change in Control Protection Period, (x) by the Company other than for a Cause Event or (y) by you as a result of your resignation for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event your employment with the Company pursuant to this Letter Agreement is terminated (x) by the Company as a result of the Company's non-extension of the Term as provided in Section 1, or (y) as a result of your death or Disability outside the Change in Control Protection Period, subject to your (or, in the event of your death, your estate) executing and delivering to the Company within 60 days following the date of such termination a fully effective copy of the Release, which the Company will provide within seven (7) days following the date of termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(b) your base salary for a period of twelve (12) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you (or, in the event of your death, your estate) an amount equal to one (1) times the Average Bonus, payable in accordance with this Section 4(b) in twelve (12) approximately equal monthly installments commencing on the date set forth below; (iii) pay you (or, in the event of your death, your estate) any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv) (provided in the manner described therein) for up to twelve (12) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a) in the event of a termination by the Company due to your having a Disability, and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60<sup>th</sup>) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event your employment with the Company pursuant to this Letter Agreement is terminated: (x) automatically upon your death, or (y) by the Company as a result of your having a Disability, in any case, on or within eighteen (18) months after a Change in Control (as defined in the Incentive Plan on the date hereof) or within three (3) months prior to a Change in Control that constitutes a Change in Control Event within the meaning of Section 409A of Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>") (the "<u>Change in Control Protection Period</u>"), in lieu of the payments and benefits described in Section 4(b), and subject to your executing and delivering to the Company within 60 days following the date of such termination a fully effective copy of the Release, which the Company will provide to you within seven (7) days following the date of termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(c) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount equal to two (2) times the Average Bonus, payable in accordance with this Section 4(c) in twenty-four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you (or, in the event of your death, your estate) any accrued and earned but unpaid annual bonus for the prior calendar year

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that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv) (provided in the manner described therein) for up to eighteen (18) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a), and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60<sup>th</sup>) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You will be under no obligation to seek other employment and there will be no offset against any amounts owing to you under Sections 4(a), (b) or (c) above, as applicable, on account of any remuneration attributable to any subsequent employment that you may obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this Letter Agreement, "<u>Good Reason</u>" shall mean any of the following events that are not cured by the Company within thirty (30) days after the Company's receipt of written notice from you specifying the event claimed to be Good Reason (the "<u>Cure Period</u>"): (i) you no longer holding the title of Chief Executive Officer of the Company, (ii) a material diminution in your duties, authorities or responsibilities or the assignment to you of duties or responsibilities that are materially adversely inconsistent with your then position (other than as a result of you ceasing to be a director); it being acknowledged and agreed that the performance of duties by the Company's Executive Chairman pursuant to the terms of the letter agreement between the Company and the Executive Chairman in effect as of the Effective Date shall not represent a material diminution in your duties, authorities or responsibilities, as provided above; (iii) a material breach of this Letter Agreement by the Company; (iv) a requirement by the Company that your principal place of work be moved to a location more than fifty (50) miles away from its current location; or (v) the failure of the Company to obtain and deliver to you a reasonably satisfactory written agreement from any successor to all or substantially all of the Company's assets to assume and agree to perform this Letter Agreement. You shall be required to provide the Company with written notice of the existence of Good Reason no later than forty-five (45) days after the date on which you have had, or should have had, actual knowledge of the event that is alleged to constitute Good Reason, the Company shall notify you no later than the end of the Cure Period whether it agrees that a Good Reason event has occurred (and if it has occurred, whether the Company intends to cure it), and you must actually resign within ninety (90) days of the end of the Cure Period in order to for such resignation to be considered a resignation for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this Letter Agreement, "<u>Disability</u>" shall mean your having a permanent and total disability as defined in Section 22(e)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon termination of your employment hereunder for any reason, all of your then outstanding equity awards shall be treated as set forth in the applicable award agreement and the Company will have no obligations under this Letter Agreement other than as provided herein and to pay you: (i) any base salary you have earned and accrued but remains unpaid as of the date of your termination of employment, paid in accordance with the usual payroll practices of the Company; (ii) any unreimbursed business expenses otherwise reimbursable in accordance with the Company's policies as in effect from time to time, paid in accordance with such policies and Section 7(d) below; and (iii) benefits paid and or provided in accordance with the terms of the applicable plans and programs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) You agree that you will provide the Company with not less than sixty (60) days written notice of your voluntary termination of employment other than any such termination as a result of your non-extension of the Term as provided in Section 1 or as a result of your resignation for Good Reason; provided that the Company may, in its sole discretion, make the date of your voluntary termination effective earlier than any such notice date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>280G Excise Tax</u>. In the event that you become entitled to payments and/or benefits provided by this Letter Agreement or any other amounts or benefits in the "nature of compensation" (whether pursuant to the terms of this Letter Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code or any person affiliated with the Company or such person) as a result of such change in ownership or effective control of the Company (collectively the "<u>Company Payments</u>"), and if such Company Payments will be subject to the tax (the "<u>Excise Tax</u>") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed by any taxing authority) the amount of any Company Payments will be automatically reduced to an amount one dollar less than an amount that would subject you to the Excise Tax; provided, however, that the reduction will occur only if the reduced Company Payments received by you (after taking into account all applicable federal, state and local income, social security and other taxes) would be greater than the unreduced Company Payments to be received by you minus (i) the Excise Tax payable with respect to such Company Payments and (ii) all other applicable federal, state and local income, social security and other taxes on such Company Payments. If such reduction is to be effective, the Company Payments shall be reduced in the following order: (a) any cash severance based on salary or bonus, (b) any other cash amounts payable to you, (c) any benefits valued as "parachute payments" within the meaning of Code Section 280G(b)(2); (d) acceleration of vesting of any stock option or similar awards for which the exercise price exceeds the then fair market value, and (e) acceleration of vesting of any equity not covered by clause (d) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Restrictive Covenants</u>. You acknowledge and agree that the terms of the Proprietary Information and Non-Competition Agreement that you have previously executed (the "<u>Proprietary Information and Non-Competition Agreement</u>") shall remain in full force and effect pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Code Section</u> <u>409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision to the contrary in this Letter Agreement, a termination of your employment will not be deemed to have occurred for purposes of any provision of this Letter Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" (within the meaning of Code Section 409A) and, for purposes of any such provision of this Letter Agreement, references to a "termination" or "termination of employment" will mean separation from service. If you are deemed on the date of termination of your employment to be a "specified employee", within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology set forth in Code Section 409A, then with regard to any payment or the providing of any benefit that constitutes "non-qualified deferred compensation" pursuant to Code Section 409A, such payment or benefit will not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of your separation from service or (ii) the date of your death. On the first day of the seventh month following the date of your separation from service or, if earlier, on the date of your death, all payments delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) will be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this Letter Agreement will be paid or provided in accordance with the normal payment dates specified for them herein in each case without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If you (or your representative) inform the Company that any provision of this Letter Agreement would cause you to incur any additional tax or interest under Code Section 409A or any regulations or Treasury guidance promulgated thereunder, the Company will consider in good faith reforming such provision, after consulting with and receiving your approval (which will not be unreasonably withheld); provided that the Company agrees to maintain, to the maximum extent practicable, the original intent and economic benefit to you of the applicable provision without violating the provisions of Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties agree that this Letter Agreement shall be interpreted to be exempt from or comply with Code Section 409A and all provisions of this Letter Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. In no event will the Company be liable for any additional tax, interest or penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A or the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reimbursement of costs and expenses provided for under this Letter Agreement shall be made no later than December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With regard to any installment payments provided for herein, each installment thereof shall be deemed a separate payment for purposes of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever a payment under this Letter Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) With respect to the provisions of this Letter Agreement providing for your indemnification by the Company and/or the payment or advancement of costs and expenses associated with indemnification, any such amounts shall be paid or advanced to you only in a manner and to the extent that such amounts are exempt from the application of Code Section 409A in accordance with the provisions of Treasury Regulation 1.409A-1(b)(10).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Directors and Officers Liability Insurance</u>. While you are employed by the Company hereunder and while potential liability exists thereafter, the Company will cover you under the Company's directors' and officers' liability insurance on the same basis as other directors and senior management of the Company, which liability insurance shall at all times provide coverage in an amount that is reasonable and customary for companies of a similar size in the Company's industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may withhold from any and all amounts payable to you such federal, state, local and all other taxes as may be required to be withheld pursuant to any applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You represent and warrant to the Company that you have no written employment agreement or any other written agreement or other understanding of any nature whatsoever with your employer immediately preceding the entering into this Letter Agreement (or any other former employer) that would prohibit you from entering into this Letter Agreement. Accordingly, you represent and warrant that you are legally able to enter into this Letter Agreement and accept employment with the Company; that you are not prohibited by the terms of any agreement, understanding, law or policy from entering in this Letter Agreement; and that the terms hereof and of the Proprietary Information and Non-Competition Agreement will not and do not violate or contravene the terms of any agreement, understanding, law or policy to which you are or may be a party, or by which you may be bound or subject. Notwithstanding anything else herein, this Letter Agreement is personal to you and neither the Letter Agreement nor any rights hereunder may be assigned by you.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Letter Agreement shall be construed, enforced and interpreted in accordance with and governed by the internal laws of the State of New York, without reference to rules relating to conflicts of laws (whether of the State of New York or any other jurisdiction) which would result in the application of the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective as of the Effective Date, this Letter Agreement contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof, including the COO Agreement, other than any equity award agreements entered into on or prior to the date hereof, the Indemnification Agreement and the Proprietary Information and Non-Competition Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No modifications of this Letter Agreement will be valid unless made in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Arbitration</u>. Any controversy or claim arising out of or relating to this Letter Agreement or your employment with the Company shall be settled by arbitration in New York, New York administered by the American Arbitration Association ("<u>AAA</u>") under its Commercial Arbitration Rules. The arbitration shall be arbitrated by a single arbitrator mutually selected by you and the Company, with the AAA to appoint the arbitrator in the event that the parties are unable to agree on the selection within thirty days following the initiation of the arbitration. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The parties acknowledge and agree that in connection with any such arbitration and regardless of outcome (a) each party shall pay all its own costs and expenses, including without limitation its own legal fees and expenses, and (b) joint expenses shall be borne equally among the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Recoupment</u>. Notwithstanding anything to the contrary in this Letter Agreement or any equity or other compensation award agreement between you and the Company, you hereby acknowledge and agree that all compensation paid to you by the Company, whether in the form of cash, the Company's common stock or any other form of property, will be subject to any compensation recapture policies established by the Board (or any committee thereof) generally applicable to the Company's executive officers from time to time, in its sole discretion.

[Signature page follows]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| MARKETAXESS HOLDINGS INC. | MARKETAXESS HOLDINGS INC. |
| By: | /s/ Scott Pintoff |
| Name: Scott Pintoff | Name: Scott Pintoff |
| Title: General Counsel & Corporate Secretary | Title: General Counsel & Corporate Secretary |

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| |
|:---|
| Accepted and Agreed: |
| /s/ Christopher R. Concannon |
| Christopher R. Concannon |
| Date: January 6, 2023 |

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<u>EXHIBIT C</u> 

<u>WAIVER AND GENERAL RELEASE</u> 

[DATE]

[NAME and ADDRESS]

Dear [insert name]:

This Waiver and General Release (this "<u>Agreement</u>") serves to memorialize the terms of the termination of your employment with MarketAxess Holdings Inc.("<u>MarketAxess</u>"). The terms of this Agreement, including your right to the payments and benefits referred to in Paragraph 2 below, are contingent upon and subject to your executing and not revoking this Agreement. As used in this Agreement, the terms "<u>you</u>" and "<u>your</u>" refer to [insert name].

1 Termination of Employment.

You hereby acknowledge and agree that your employment with MarketAxess was terminated effective [DATE] (the "<u>Termination Date</u>"), and that after the Termination Date you will not represent yourself as being an employee, officer, agent or representative of MarketAxess for any purpose. The Termination Date will be the termination date of your employment for purposes of participation in and coverage under all benefit plans and programs sponsored by or through MarketAxess, except as otherwise provided in this Agreement.

2 <u>Severance Payments and Benefits</u>.

Subject to your full compliance with all of your obligations under this Agreement, including but not limited to the covenants contained in Paragraphs 3 and 4, in addition to payment of all unpaid vested compensation and benefits earned by you through the Termination Date ((a)-(d) below, the "Severance Benefits"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You will continue to be paid your current semi-monthly pay of [ ] ($[ ]) per pay period (less standard applicable tax withholdings and other deductions required by law), for a period of [ ] <sup>6</sup> months from the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You will be entitled to an amount equal to [ ] ($[ ]) <sup>7</sup>, payable in equal monthly installments (less standard applicable tax withholdings and other deductions required by law), for a period of [ ] <sup>8</sup> months from the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You will be paid any accrued and earned but unpaid annual bonus for [ ]<sup>9</sup> that would have been paid but for your termination of employment, payable when such annual bonus would have otherwise been paid to you in accordance with the applicable annual performance incentive plan; and

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<sup>6</sup> Insert applicable period from Section 4 of the Employment Agreement for payment of base salary continuation.

<sup>7</sup> Insert amount based on applicable multiple for Average Bonus in accordance with Section 4 of the Employment Agreement. 

<sup>8</sup> Insert applicable period from Section 4 of the Employment Agreement for payment of Average Bonus.

<sup>9</sup> Insert calendar year prior to year of termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If you timely elect to continue health coverage under the [NAME OF HEALTH PLAN] (the "Health Plan") in accordance with COBRA, MarketAxess will pay your, your spouse's and your dependent's continuation coverage premiums to the extent, and for so long as you remain eligible for such continuation coverage under the Health Plan and pursuant to applicable law, but in no event for more than [______]<sup>10</sup> months from the Termination Date; *provided*, that the payments for such continuation coverage shall be made only to the extent that such payments will not (i) subject MarketAxess or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law.

3 <u>Employee's General Release and Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) YOU HEREBY RELEASE MARKETAXESS AND ALL OF ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY REFERRED TO HEREIN AS THE "<u>RELEASEES</u>"), JOINTLY AND SEVERALLY, FROM ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, WHICH YOU OR YOUR HEIRS, SUCCESSORS OR ASSIGNS HAVE OR MAY HAVE AGAINST ANY RELEASEE ARISING ON OR PRIOR TO THE DATE THAT YOU EXECUTE THIS AGREEMENT AND ANY AND ALL LIABILITY WHICH ANY SUCH RELEASEE MAY HAVE TO YOU, WHETHER DENOMINATED CLAIMS, DEMANDS, CAUSES OF ACTION, OBLIGATIONS, DAMAGES OR LIABILITIES ARISING FROM ANY AND ALL BASES, HOWEVER DENOMINATED, INCLUDING BUT NOT LIMITED TO CLAIMS FOR WRONGFUL DISCHARGE, ACCRUED BONUS OR INCENTIVE PAY, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAMILY AND MEDICAL LEAVE ACT OF 1993, TITLE VII OF THE UNITED STATES CIVIL RIGHTS ACT OF 1964, 42 U.S.C. § 1981, WORKERS ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE NEW YORK HUMAN RIGHTS LAW, INCLUDING NEW YORK EXECUTIVE LAW § 296, § 8-107 OF THE ADMINISTRATIVE CODE AND CHARTER OF NEW YORK CITY OR ANY OTHER FEDERAL, STATE, OR LOCAL LAW AND ANY WORKERS' COMPENSATION OR DISABILITY CLAIMS UNDER ANY SUCH LAWS. THIS RELEASE IS FOR ANY AND ALL CLAIMS, INCLUDING BUT NOT LIMITED TO CLAIMS ARISING FROM AND DURING YOUR EMPLOYMENT RELATIONSHIP WITH RELEASEES OR AS A RESULT OF THE TERMINATION OF SUCH RELATIONSHIP. NOTWITHSTANDING ANY PROVISION CONTAINED IN THIS AGREEMENT, THIS RELEASE IS NOT INTENDED TO INTERFERE WITH YOUR RIGHT TO FILE A CHARGE WITH THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION IN CONNECTION WITH ANY CLAIM YOU BELIEVE YOU MAY HAVE AGAINST ANY OF THE RELEASEES. HOWEVER, BY EXECUTING THIS AGREEMENT, YOU HEREBY WAIVE THE RIGHT TO RECOVER IN ANY PROCEEDING YOU MAY BRING BEFORE THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION OR IN ANY PROCEEDING BROUGHT BY THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION ON YOUR BEHALF. THIS RELEASE IS FOR ANY RELIEF, NO MATTER HOW DENOMINATED, INCLUDING, BUT NOT LIMITED TO, INJUNCTIVE RELIEF, WAGES, BACK PAY, FRONT PAY, COMPENSATORY DAMAGES, OR PUNITIVE DAMAGES. THIS RELEASE SHALL NOT APPLY TO ANY OBLIGATION OF MARKETAXESS PURSUANT TO THIS AGREEMENT.

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<sup>10</sup> Insert applicable period from Section 4 of the Employment Agreement for continuation coverage.

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YOU ACKNOWLEDGE THAT THE SEVERANCE BENEFITS THAT YOU WILL RECEIVE UNDER PARAGRAPH 2 OF THIS AGREEMENT REPRESENT GOOD AND VALUABLE CONSIDERATION FOR YOUR ENTERING INTO THIS AGREEMENT TO WHICH YOU OTHERWISE DID NOT HAVE A RIGHT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event there is presently pending any action, suit, claim, charge or proceeding with any federal, state or local court or agency relating to any claim within the scope of Paragraph 3(a), or if such a proceeding is commenced in the future, you shall, to the extent permitted by law, promptly withdraw it, with prejudice, to the extent that you have the power to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Agreement shall affect your vested rights, if any, to any equity award granted to you under the MarketAxess equity incentive plan(s). Your rights to benefits under any such plan(s) will be determined in accordance with the terms of such plan(s) and your award agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall affect your vested rights, if any, to retirement benefits under any 401(k) retirement plan(s) offered by MarketAxess. Your rights to benefits under any such 401(k) plan(s) and any other employee benefits plans will be determined in accordance with the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall affect your eligibility for indemnification in accordance with MarketAxess' certificate of incorporation, bylaws or other corporate governance document, or any indemnification agreement with MarketAxess, or any applicable insurance policy, with respect to any liability you incurred or might incur as an employee, officer or director of MarketAxess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) You will receive payment for any accrued, unused vacation days.

4 <u>Other Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Return of Documents</u>. You agree that on or before [ ], 20___, you will return to MarketAxess all property and all information concerning the business of MarketAxess in your possession, custody or control that has been furnished to you or is held by you, at your office, residence or elsewhere, and shall not retain any copies, duplicates, reproductions or excepts thereof. If necessary, arrangements will be made by MarketAxess to ship MarketAxess property from your home to MarketAxess at no cost to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Existing Agreements</u>. You agree to comply with the Proprietary Information and Non-Competition Agreement that you previously executed which shall remain in full force and effect and which is expressly incorporated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Disparagement</u>. You shall not make any public statements, encourage others to make statements or release information intended to disparage or defame MarketAxess, any of its affiliates or any of their respective directors or officers. . Notwithstanding the foregoing, nothing in this Paragraph 4(c) shall prohibit you from making truthful statements when required by order of a court or other body having jurisdiction or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Future Cooperation</u>. You agree to reasonably cooperate with MarketAxess and its counsel (including attending meetings) with respect to any claim, arbitral hearing, lawsuit, action or governmental or other investigation relating to the conduct of the business of MarketAxess or its affiliates and agree to provide full and complete disclosure to MarketAxess and its counsel in response to any inquiry in connection with any such matters, without further compensation (except as to reasonable out-of-pocket expenses actually incurred by you in complying with this provision) and agree to cooperate with any other reasonable inquiry of MarketAxess.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Forfeitures in Event of Breach</u>. You acknowledge and agree that, notwithstanding any other provision of this Agreement, in the event this Agreement does not become effective as provided in Paragraph 9, below, or you materially breach any of your obligations under Paragraphs 3 or 4 of this Agreement, you shall forfeit your right to receive the Severance Benefits that have not been paid or provided to you as of the date of such forfeiture and you shall be liable to MarketAxess for liquidated damages in the amount of the consideration already paid pursuant to Paragraph 2, above.

5 <u>Remedies</u>.

You acknowledge and agree that the covenants, obligations and agreements contained in Paragraph 4 herein relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause MarketAxess irreparable injury for which adequate remedies are not available at law. Therefore, you agree that MarketAxess shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond or any other security) as a court of competent jurisdiction may deem necessary or appropriate to restrain you from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies MarketAxess may have. MarketAxess and you 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 Paragraph 5 and the interpretation and enforcement of this Paragraph 5 insofar as such interpretation and enforcement relate to any request or application for injunctive relief in accordance with the provisions of this Paragraph 5, 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 Paragraph 5, provided that MarketAxess may seek to enforce any such injunctive relief in any court of competent jurisdiction.

6 <u>No Admission</u>.

This Agreement does not constitute an admission of liability or wrongdoing of any kind by MarketAxess or its affiliates.

7 <u>Heirs and Assigns</u>.

The terms of this Agreement shall be binding on the parties hereto and their respective successors and assigns.

8 <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Integration</u>. This Agreement constitutes the entire understanding of MarketAxess and you with respect to the subject matter hereof and supersedes all prior understandings or agreements, written or oral between you and MarketAxess except for those agreements that are expressly incorporated herein. The terms of this Agreement may be changed, modified or discharged only by an instrument in writing signed by the parties hereto. A failure of MarketAxess or you to insist on strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other provision hereof. In the event that any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Choice of Law</u>. This Agreement shall be construed, enforced and interpreted in accordance with and governed by the internal laws of the State of New York, without reference to rules relating to conflicts of laws (whether of the State of New York or any other jurisdiction) which would result in the application of the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Construction of Agreement</u>. The rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.

9 <u>Knowing and Voluntary Waiver</u>.

You acknowledge that you received a copy of this Agreement on [DATE] and that you reviewed and understand all of its provisions. You acknowledge that you have been advised to consult with an attorney prior to executing this Agreement, and you have been given the opportunity to consider this Agreement for 21 days. You further acknowledge that by your free and voluntary act of signing below, you agree to all terms of this Agreement and intend to be legally bound thereby.

If you wish to enter into this Agreement, you must sign it and return it to MarketAxess Holdings Inc., 55 Hudson Yards, 15<sup>th</sup> Floor, New York, NY 10001, Attention: Chief Human Resources Officer, no earlier than your Termination Date and no later than [DATE].

This Agreement shall not become effective until the eighth (8<sup>th</sup>) day following the date on which you sign this Agreement ("<u>Effective Date</u>"). You may at any time prior to the Effective Date revoke this Agreement delivering a notice in writing of such revocation to MarketAxess Holdings Inc., 55 Hudson Yards, 15<sup>th</sup> Floor, New York, NY 10001, Attention: Chief Human Resources Officer. In the event you revoke this Agreement prior to the eight (8<sup>th</sup>) day after the execution thereof, this Agreement, and the promises contained herein shall become null and void.

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| | |
|:---|:---|
| MARKETAXESS HOLDINGS INC. | MARKETAXESS HOLDINGS INC. |
| By: |  |
|  | Name: |
|  | Title: |
| ACCEPTED: | ACCEPTED: |
|  | insert name |

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<u>Acknowledgment</u> 

On the<u> </u> day of ______, 20__, before me personally came [insert name], to me known and known to be to be the person described herein, and who executed, the foregoing Waiver and General Release, and duly acknowledged to me that he executed the same.

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| |
|:---|
| Notary Public |
|  Date: |

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 <br> Commission Expires:

## Exhibit 10.2

**Exhibit 10.2** 

Execution Copy

**MarketAxess Holdings Inc.** 

55 Hudson Yards, 15th Floor

New York, NY 10001

January 6, 2023

Mr. Richard M. McVey, Chairman and Chief Executive Officer

c/o MarketAxess Holdings Inc.

55 Hudson Yards, 15th Floor,

New York, NY 10001

Re: <u>Terms of Employment</u>

Dear Rick:

The purpose of this letter agreement (this "<u>Letter Agreement</u>") is to set forth the terms and conditions of your employment as Executive Chairman of MarketAxess Holdings Inc. (the "<u>Company</u>"), which shall become effective as of a date designated by the Board of Directors of the Company (the "<u>Board</u>") that is not later than April 3, 2023 (the "<u>Effective Date</u>"). Until the Effective Date, you will continue to serve as the Chief Executive Officer and Chairman of the Company pursuant to a Letter Agreement between you and the Company dated January 15, 2015, as amended on January 12, 2017 and November 6, 2018 (the "<u>CEO Agreement</u>"), which shall continue in full force and effect until the Effective Date in accordance with its terms. In the event that your employment with the Company is terminated for any reason prior to the Effective Date, the terms of the CEO Agreement shall control and this Letter Agreement shall be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Title, Term and Duties</u>. Effective as of the Effective Date, you shall be employed by the Company as the Executive Chairman of the Board. Your employment as Executive Chairman under the terms and conditions of this Letter Agreement shall be for a term commencing on the Effective Date and expiring on the date of the Company's 2025 annual meeting of stockholders (the "<u>Term</u>"). The Term may be extended by mutual written agreement of the parties at any time. Notwithstanding anything else herein, you and the Company retain the right to terminate your employment hereunder at any time for any reason or no reason in accordance with the terms of this Letter Agreement. The period of time between the Effective Date and the termination of your employment hereunder shall be referred to herein as the "<u>Term.</u>"

During the Term, you will report directly to the Board, and will perform such duties as reasonably requested by the Board consistent with your position. A list of your expected duties and responsibilities as Executive Chairman is set forth on <u>Exhibit A</u> hereto, which may be amended or supplemented by mutual understanding of the parties from time to time. It is expected that you will spend approximately 66% on average of your business time during the Term to the performance of your duties as Executive Chairman. However, nothing in this Agreement shall preclude you from serving on the boards of a reasonable number of business entities, trade associations and charitable organizations; provided that such activities do not, either individually or in the aggregate, interfere with the proper performance of your duties and responsibilities hereunder; create a conflict of interest; or violate any provision of this Agreement; and provided further that service on the board of any business entity must be approved in advance by the Nominating and Corporate Governance Committee of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Base Salary, Bonus, Equity and Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, the Company will pay you a base salary at a minimum rate of $650,000 per year (which is your adjusted base salary as of January 1, 2023), payable in accordance with the usual payroll practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, during the Term, you will be eligible to receive an annual cash incentive subject to, and in accordance with, the Company's annual performance incentive plan as in effect from time to time on terms and conditions established and evaluated by the Compensation and Talent Committee of the Board (the "<u>Compensation Committee</u>") in its sole discretion. With respect to the 2023 calendar year, your annual cash incentive will be calculated on a pro-rata basis taking into account your respective target bonus percentages based on your positions before and after the Effective Date. The annual cash incentive is payable when such cash incentives are generally paid to senior executives of the Company, which is generally no later than March 15 of the following calendar year, and, except as expressly set forth in this Letter Agreement, subject to your continued employment with the Company on the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the Term, you will be eligible to receive annual equity awards ("<u>Annual Equity Awards</u>") on terms and conditions that are expected to be generally consistent with the terms and conditions of awards made to other senior executives of the Company, but in all cases determined by the Compensation Committee in its sole discretion. Annual Equity Award values will take into account the amortized value of all prior multi-year equity grants. Any Annual Equity Award made in 2024 based on the 2023 performance year will be calculated on a pro-rata basis taking into account your respective positions before and after the Effective Date. It is expected that the Annual Equity Awards will be delivered in the form and subject to the terms and conditions approved by the Compensation Committee in its sole discretion, including with respect to vesting as set forth in the applicable award agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You will be subject to share ownership guidelines ("<u>SOGs</u>") of ten times your then current base salary. You are expected to comply with this provision at all times while employed as Executive Chairman with the Company. The SOGs may change from time to time as determined by the Board in its sole discretion, as recommended by the Nominating and Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the Term, you will be entitled to participate, to the extent eligible thereunder, in all benefit plans and programs (other than equity based arrangements and annual incentive compensation), in accordance with the terms thereof in effect from time to time, as are generally made available by the Company to senior management of the Company (including, without limitation, any, health benefits, life insurance and disability insurance), at a level comparable to other senior management of the Company. In addition, during the Term, the Company will provide you with the office equipment and network connections reasonably necessary to enable you to work efficiently from your home, as determined by the Company. Further, during the Term, you will be eligible to receive annual equity awards in such form and amounts and on such terms and conditions determined by the Compensation Committee in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During and after the Term, you will be entitled to the indemnification by the Company in accordance with the terms and conditions of the Indemnification Agreement, dated as of November 4, 2004, between you and the Company (the "<u>Indemnification Agreement</u>"<u>).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Business Expenses</u>. Upon presentation of appropriate documentation, you will be reimbursed by the Company for reasonable business expenses, in accordance with Company policies applicable to senior management, in connection with the performance of your duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severance/Termination of Employment/Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event your employment with the Company pursuant to this Letter Agreement is terminated outside the Change in Control Protection Period (as defined in Section 4(c)) other than: (x) due to your death, (y) by you voluntarily (other than as a result of your resignation for Good Reason); or (z) by the Company as a result of (A) your having a Disability (as defined below), (B) your willful misconduct or gross negligence in the performance of your duties under this Letter Agreement that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company, (C) your conviction of, or plea of guilty or *nolo contendere* to, a crime relating to the Company or any affiliate or any felony, or (D) a material breach by you of this Letter Agreement, any other material written agreement entered into between you and the Company or any material written policy of the Company signed by you, including without limitation the Code of Conduct and Code of Ethics for the Chief Executive Officer and Senior Financial Officers, as well as policies related to personal trading, insider trading, workplace conduct and sexual harassment, in each case that is not cured by you within thirty (30) days after your receipt of written notice given to you by the Company ((B) through (D) each a "<u>Cause Event</u>"), subject to your executing and delivering to the Company within 60 days following the date of such termination a fully effective waiver and general release in substantially the form attached to the Letter Agreement as <u>Exhibit B</u> (the "<u>Release</u>") (which form may be amended by the Company with such changes as the Company or its counsel determine are reasonably necessary to support the legality and effectiveness of the Release), which the Company will provide to you within seven (7) days following the date of termination, the Company will: (i) continue to pay you in accordance with this Section 4(a) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount equal to two (2) times the average of the annual full-year cash bonuses you received from the Company for the three (3) completed calendar years prior to termination (the "<u>Average Bonus</u>"), payable in accordance with this Section 4(a) in twenty-four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) to the extent your participation is permitted to continue pursuant to the terms of the applicable Company group health insurance plans and policies other than pursuant to COBRA, and you satisfy the conditions for such continued participation, the Company will pay your, your

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spouse's and your eligible dependents' premiums for such extended coverage to the extent, and for so long as, you and they remain eligible for such extended coverage under the applicable plans and policies; and, following the cessation of such extended coverage, if you are eligible (and make a timely election) to continue health coverage under the applicable plans in accordance with COBRA, the Company will pay your, your spouse's and your eligible dependents' continuation coverage premiums under COBRA to the extent, and for so long as, you and they remain eligible for such continuation coverage under COBRA under the applicable plans and pursuant to applicable law, but in no event for more than eighteen (18) months from the date of the loss of extended coverage, in each case, subject to the terms and conditions of the applicable plan and COBRA; provided, that the payments for extended or continuation coverage shall be made only to the extent that such payments will not (i) subject the Company or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law; and provided, further, that in no event shall the Company have any obligation to pay for such extended and/or continuation coverage after twenty-four (24) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a), and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60<sup>th</sup>) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event your employment with the Company pursuant to this Letter Agreement is terminated outside the Change in Control Protection Period: (x) automatically upon your death, (y) by the Company as a result of your having a Disability, subject to your (or, in the event of your death, your estate) executing and delivering to the Company within 60 days following the date of such termination a fully effective copy of the Release, which the Company will provide within seven (7) days following the date of termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(b) your base salary for a period of twelve (12) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you (or, in the event of your death, your estate) an amount equal to one (1) times the Average Bonus, payable in accordance with this Section 4(b) in twelve (12) approximately equal monthly installments commencing on the date set forth below; (iii) pay you (or, in the event of your death, your estate) any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv) (provided in the manner described therein) for up to twelve (12) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a) in the event of a termination by the Company due to your having a Disability, and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60<sup>th</sup>) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event your employment with the Company pursuant to this Letter Agreement is terminated by you for Good Reason (as defined below) or other than: (x) by you voluntarily (other than as a result of your resignation for Good Reason); or (y) by the Company as a result of a Cause Event, in any case, on or within eighteen (18) months after a Change in Control (as defined in the Incentive Plan on the date hereof) or within three (3) months prior to a Change in Control that constitutes a Change in Control Event within the meaning of Section 409A of Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>") (the "<u>Change in Control Protection Period</u>"), in lieu of the payments and benefits described in Section 4(a) or 4(b), as applicable, and subject to your executing and delivering to the Company within 60 days following the date of such termination a fully effective copy of the Release, which the Company will provide to you within seven (7) days following the date of termination, the Company will: (i) continue to pay you (or, in the event of your death, your estate) in accordance with this Section 4(c) your base salary for a period of twenty-four (24) months commencing on the date set forth below in accordance with the usual payroll practices of the Company, but off the employee payroll; (ii) pay you an amount equal to two (2) times the Average Bonus, payable in accordance with this Section 4(c) in twenty- four (24) approximately equal monthly installments commencing on the date set forth below; (iii) pay you any accrued and earned but unpaid annual bonus for the prior calendar year that would have been paid but for such termination, payable when such annual bonus would have otherwise been paid in accordance with the applicable annual performance incentive plan; and (iv) provide you with the benefits described in Section 4(a)(iv) (provided in the manner described therein) for up to twenty-four (24) months from the date of termination. Notwithstanding anything herein to the contrary, payment of the amounts described in subsections (i), (ii) and (iii) above shall, to the extent required, be subject to the delay provided under Section 7(a), and in the event that such delay does not apply to the amounts described in subsection (i) and (ii), then the first payments of such amounts will made on the sixtieth (60<sup>th</sup>) day after the date of termination, which first payment will include payment of any amounts that would otherwise be due prior thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You will be under no obligation to seek other employment and there will be no offset against any amounts owing to you under Sections 4(a), (b) or (c) above, as applicable, on account of any remuneration attributable to any subsequent employment that you may obtain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For purposes of this Letter Agreement, "<u>Good Reason</u>" shall mean any of the following events that is not cured by the Company within thirty (30) days after the Company's receipt of written notice from you specifying the event claimed to be Good Reason: (i) you no longer holding the title of Executive Chairman of the Company, or the failure of the Board to nominate you as a director or, once elected to the Board, the failure of the Board to elect you as Executive Chairman, (ii) a material diminution in your duties, authorities or responsibilities or the assignment to you of duties or responsibilities that are materially adversely inconsistent with your position as described in Section 1; (iii) a material breach of this Letter Agreement by the Company; (iv) a requirement by the Company that your principal place of work be moved to a location more than fifty (50) miles away from its current location; or (v) the failure of the Company to obtain and deliver to you a reasonably satisfactory written agreement from any successor to all or substantially all of the Company's assets to assume and agree to perform this Letter Agreement. You shall be required to provide the Company with written notice of your termination of employment for Good Reason no later than forty-five (45) days after the occurrence of the event that constitutes Good Reason.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this Letter Agreement, "<u>Disability</u>" shall mean your having a permanent and total disability as defined in Section 22(e)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon termination of your employment hereunder for any reason, all of your then outstanding equity awards shall be treated as set forth in the applicable award agreement and the Company will have no obligations under this Letter Agreement other than as provided above and to pay you: (i) any base salary you have earned and accrued but remains unpaid as of the date of your termination of employment, paid in accordance with the usual payroll practices of the Company; (ii) any unreimbursed business expenses otherwise reimbursable in accordance with the Company's policies as in effect from time to time, paid in accordance with such policies and Section 7(d) below; and (iii) benefits paid and or provided in accordance with the terms of the applicable plans and programs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) You agree that you will provide the Company with not less than sixty (60) days written notice of your voluntary termination of employment other than as a result of your resignation for Good Reason; provided that the Company may, in its sole discretion, make the date of your voluntary termination effective earlier than any such notice date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that the Board fails to nominate you as a director of the Company or, once elected to the Board, the Board fails to elect you as Executive Chairman, any outstanding equity awards granted to you while you held the roles of CEO or Executive Chairman shall vest on your last day as a director of the Company; provided, however, any such award subject to performance-based vesting shall vest based on target performance level for any performance period that has not been completed prior to the vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>280G Excise Tax</u>. In the event that you become entitled to payments and/or benefits provided by this Letter Agreement or any other amounts or benefits in the "nature of compensation" (whether pursuant to the terms of this Letter Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code or any person affiliated with the Company or such person) as a result of such change in ownership or effective control of the Company (collectively the "<u>Company Payments</u>"), and if such Company Payments will be subject to the tax (the "<u>Excise Tax</u>") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed by any taxing authority) the amount of any Company Payments will be automatically reduced to an amount one dollar less than an amount that would subject you to the Excise Tax; provided, however, that the reduction will occur only if the reduced Company Payments received by you (after taking into account all applicable federal, state and local income, social security and other taxes) would be greater than the unreduced Company Payments to be received by you minus (i) the Excise Tax payable with respect to such Company Payments and (ii) all other applicable federal, state and local income, social security and other taxes on such Company Payments. If such reduction is to be effective, the Company Payments shall be reduced in the following order: (a) any cash severance based on salary or bonus, (b) any other cash amounts payable to you, (c) any benefits valued as "<u>parachute payments</u>" within the meaning of Code Section 280G(b)(2); (d) acceleration of vesting of any stock option or similar awards for which the exercise price exceeds the then fair market value, and (e) acceleration of vesting of any equity not covered by clause (d) above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Restrictive Covenants</u>. You acknowledge and agree that the terms of the Proprietary Information and Non-Competition Agreement that you previously executed (the "Proprietary Information and Non-Competition Agreement") shall remain in full force and effect pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Code Section</u> <u>409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision to the contrary in this Letter Agreement, a termination of your employment will not be deemed to have occurred for purposes of any provision of this Letter Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" (within the meaning of Code Section 409A) and, for purposes of any such provision of this Letter Agreement, references to a "termination" or "termination of employment" will mean separation from service. If you are deemed on the date of termination of your employment to be a "specified employee", within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology set forth in Code Section 409A, then with regard to any payment or the providing of any benefit that constitutes "non-qualified deferred compensation" pursuant to Code Section 409A, such payment or benefit will not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of your separation from service or (ii) the date of your death. On the first day of the seventh month following the date of your separation from service or, if earlier, on the date of your death, all payments delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) will be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this Letter Agreement will be paid or provided in accordance with the normal payment dates specified for them herein in each case without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If you (or your representative) inform the Company that any provision of this Letter Agreement would cause you to incur any additional tax or interest under Code Section 409A or any regulations or Treasury guidance promulgated thereunder, the Company will consider in good faith reforming such provision, after consulting with and receiving your approval (which will not be unreasonably withheld); provided that the Company agrees to maintain, to the maximum extent practicable, the original intent and economic benefit to you of the applicable provision without violating the provisions of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties agree that this Letter Agreement shall be interpreted to comply with Code Section 409A and all provisions of this Letter Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. In no event will the Company be liable for any additional tax, interest or penalties that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A or the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reimbursement of costs and expenses provided for under this Letter Agreement shall be made no later than December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section I 05(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With regard to any installment payments provided for herein, each installment thereof shall be deemed a separate payment for purposes of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Whenever a payment under this Letter Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the extent that this Letter Agreement provides for your indemnification by the Company and/or the payment or advancement of costs and expenses associated with indemnification, any such amounts shall be paid or advanced to you only in a manner and to the extent that such amounts are exempt from the application of Code Section 409A in accordance with the provisions of Treasury Regulation l.409A- 1(b)(10).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Directors and Officers Liability Insurance</u>. While you are employed by the Company hereunder and while potential liability exists thereafter, the Company will cover you under the Company's directors' and officers' liability insurance on the same basis as other directors and senior management of the Company, which liability insurance shall at all times provide coverage in an amount that is reasonable and customary for companies of a similar size in the Company's industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may withhold from any and all amounts payable to you such federal, state, local and all other taxes as may be required to be withheld pursuant to any applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You represent that your execution and performance of this Letter Agreement will not be in violation of any other agreement to which you are a party. Notwithstanding anything else herein, this Letter Agreement is personal to you and neither the Letter Agreement nor any rights hereunder may be assigned by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Letter Agreement shall be governed by, and construed under and in accordance with, the internal laws of the State of New York, without reference to rules relating to conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective as of the Effective Date, this Letter Agreement contains the entire agreement of the parties relating to the subject matter hereof, and supersedes in its entirety any and all prior agreements, understandings or representations relating to the subject matter hereof, including the CEO Agreement, other than any equity award agreements entered into on or prior to the date hereof, the Indemnification Agreement, the Proprietary Information and Non-Competition Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No modifications of this Letter Agreement will be valid unless made in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Arbitration</u>. Any controversy or claim arising out of or relating to this Letter Agreement or your employment with the Company shall be settled by arbitration in New York, New York administered by the American Arbitration Association ("<u>AAA</u>") under its Commercial Arbitration Rules. The arbitration shall be arbitrated by a single arbitrator mutually selected by you and the Company, with the AAA to appoint the arbitrator in the event that the parties are unable to agree on the selection within thirty days following the initiation of the arbitration. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The parties acknowledge and agree that in connection with any such arbitration and regardless of outcome (a) each party shall pay all its own costs and expenses, including without limitation its own legal fees and expenses, and (b) joint expenses shall be borne equally among the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Recoupment</u>. Notwithstanding anything to the contrary in this Letter Agreement or any equity or other compensation award agreement between you and the Company, you hereby acknowledge and agree that all compensation paid to you by the Company, whether in the form of cash, the Company's common stock or any other form of property, will be subject to any compensation recapture policies established by the Board (or any committee thereof) from time to time, in its sole discretion.

[Signature page follows]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| MARKETAXESS HOLDINGS INC. | MARKETAXESS HOLDINGS INC. |
| By: | /s/ Scott Pintoff |
|  | Name: Scott Pintoff |
|  | Title: General Counsel & Corporate Secretary |

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| |
|:---|
|  Accepted and Agreed: |
|  /s/ Richard M. McVey |
|  Richard M. McVey |
|  Date: January 6, 2023 |

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Exhibit A

<u>Executive Chairman Roles and Responsibilities</u> 

During the Term, you shall have such authorities, duties and responsibilities consistent with your position as the Board may from time to time delegate to you, which shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing advice, guidance and assistance to the Chief Executive Officer, including consulting with respect to
the most material decisions of the Company (e.g., corporate strategy, mergers and acquisitions, major product and technology decisions or launches, fee plans, and executive team changes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) managing the transition of relationships with key clients and stakeholders from you to the Chief Executive
Officer, including attending meetings as needed with the Board, Company leadership, business partners, clients, employees and others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assisting the Chief Executive Officer with regulatory affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) assisting the Chief Executive Officer with investor relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) working with the lead independent director and Chief Executive Officer to prepare and establish schedules and
agendas for meetings of the Board and committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) serving in a motivational/ambassador capacity for the Company as time permits; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) transitioning your prior responsibilities as Chief Executive Officer to the new Chief Executive Officer in
accordance with the written transition plan to be approved by the Board prior to the Effective Date, as it may be amended from time to time.

During the Term, you shall not be assigned any duties or responsibilities that are materially inconsistent with, or that materially impair your ability to discharge, the foregoing duties and responsibilities and you shall, in your capacity as Executive Chairman of the Company, report solely and directly to the Board.

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<u>EXHIBIT B</u>

<u>WAIVER AND GENERAL RELEASE</u> 

[DATE]

Richard M. McVey

[ADDRESS]

Dear Richard:

This Waiver and General Release (this "<u>Agreement</u>") serves to memorialize the terms of the termination of your employment with MarketAxess Holdings Inc. ("<u>MarketAxess</u>"). The terms of this Agreement, including your right to the payments and benefits referred to in Paragraph 2 below, are contingent upon and subject to your executing and not revoking this Agreement. As used in this Agreement, the terms "<u>you</u>" and "<u>your</u>" refer to Richard M. McVey.

1. <u>Termination of Employment</u>.

You hereby acknowledge and agree that your employment with MarketAxess was terminated effective [DATE] (the "<u>Termination Date</u>"), and that after the Termination Date you will not represent yourself as being an employee, officer, agent or representative of MarketAxess for any purpose. The Termination Date will be the termination date of your employment for purposes of participation in and coverage under all benefit plans and programs sponsored by or through MarketAxess, except as otherwise provided in this Agreement.

2. <u>Severance Payments and Benefits</u>.

Subject to your full compliance with all of your obligations under this Agreement, including but not limited to the covenants contained in Paragraphs 3 and 4, in addition to payment of all unpaid vested compensation and benefits earned by you through the Termination Date ((a)-(d) below, the "<u>Severance Benefits</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You will continue to be paid your current semi-monthly pay of [________] ($[_________]) per pay period (less standard applicable tax withholdings and other deductions required by law), for a period of [____]<sup>1</sup> months from the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You will be entitled to an amount equal to [_______] ($[_______])<sup>2</sup>, payable in equal monthly installments (less standard applicable tax withholdings and other deductions required by law), for a period of [_______]<sup>3</sup> months from the Termination Date;

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<sup>1</sup> Insert applicable period from Section 4 of the Employment Agreement for payment of base salary continuation.

<sup>2</sup> Insert amount based on applicable multiple for Average Bonus in accordance with Section 4 of the Employment Agreement. 

<sup>3</sup> Insert applicable period from Section 4 of the Employment Agreement for payment of Average Bonus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You will be paid any accrued and earned but unpaid annual bonus for [______]<sup>4</sup> that would have been paid but for your termination of employment, payable when such annual bonus would have otherwise been paid to you in accordance with the applicable annual performance incentive plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent your participation is permitted to continue pursuant to the terms of [NAME OF HEALTH PLAN] (the "Health Plan") other than pursuant to COBRA, and you satisfy the conditions for such continued participation in the Health Plan, MarketAxess will pay your, your spouse's and your eligible dependents' premiums for such extended coverage to the extent, and for so long as, you and they remain eligible for such extended coverage under the Health Plan; and, following the cessation of such extended coverage, if you are eligible (and make a timely election) to continue health coverage under the Health Plan in accordance with COBRA, MarketAxess will pay your, your spouse's and your eligible dependents' continuation coverage premiums under COBRA to the extent, and for so long as, you and they remain eligible for such continuation coverage under COBRA under the Health Plan and pursuant to applicable law, but in no event for more than eighteen (18) months from the date of your loss of extended coverage, in each case, subject to the terms and conditions of the Health Plan and applicable law; provided, that the payments for extended or continuation coverage shall be made only to the extent that such payments will not (i) subject MarketAxess or any affiliate to any taxes or other penalties under Section 4980D of the Code or (ii) otherwise cause a violation of applicable law; and provided, further, that in no event shall MarketAxess have any obligation to pay for such extended and/or continuation coverage after twenty-four (24) months from the date of termination.

3. <u>Employee's General Release and Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) YOU HEREBY RELEASE MARKET AXESS AND ALL OF ITS AFFILIATES, AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY REFERRED TO HEREIN AS THE "<u>RELEASEES</u>"), JOINTLY AND SEVERALLY, FROM ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, WHICH YOU OR YOUR HEIRS, SUCCESSORS OR ASSIGNS HAVE OR MAY HAVE AGAINST ANY RELEASEE ARISING ON OR PRIOR TO THE DATE THAT YOU EXECUTE THIS AGREEMENT AND ANY AND ALL LIABILITY WHICH ANY SUCH RELEASEE MAY HAVE TO YOU, WHETHER DENOMINATED CLAIMS, DEMANDS, CAUSES OF ACTION, OBLIGATIONS, DAMAGES OR LIABILITIES ARISING FROM ANY AND ALL BASES, HOWEVER DENOMINATED, INCLUDING BUT NOT LIMITED TO CLAIMS FOR WRONGFUL DISCHARGE, ACCRUED BONUS OR INCENTIVE PAY, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAMILY AND MEDICAL LEAVE ACT OF 1993, TITLE VII OF THE UNITED STATES CIVIL RIGHTS ACT OF 1964, 42 U.S.C. § 1981, WORKERS ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE NEW YORK HUMAN RIGHTS LAW, INCLUDING NEW YORK EXECUTIVE LAW § 296, § 8-107 OF THE ADMINISTRATIVE CODE AND CHARTER OF NEW YORK CITY OR ANY OTHER FEDERAL, STATE, OR LOCAL LAW AND ANY WORKERS' COMPENSATION OR DISABILITY CLAIMS UNDER ANY SUCH LAWS. THIS RELEASE IS FOR ANY AND

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<sup>4</sup> Insert calendar year prior to year of termination.

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ALL CLAIMS, INCLUDING BUT NOT LIMITED TO CLAIMS ARISING FROM AND DURING YOUR EMPLOYMENT RELATIONSHIP WITH RELEASEES OR AS A RESULT OF THE TERMINATION OF SUCH RELATIONSHIP. NOTWITHSTANDING ANY PROVISION CONTAINED IN THIS AGREEMENT, THIS RELEASE IS NOT INTENDED TO INTERFERE WITH YOUR RIGHT TO FILE A CHARGE WITH THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION IN CONNECTION WITH ANY CLAIM YOU BELIEVE YOU MAY HAVE AGAINST ANY OF THE RELEASEES. HOWEVER, BY EXECUTING THIS AGREEMENT, YOU HEREBY WAIVE THE RIGHT TO RECOVER IN ANY PROCEEDING YOU MAY BRING BEFORE THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION OR IN ANY PROCEEDING BROUGHT BY THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR ANY STATE HUMAN RIGHTS COMMISSION ON YOUR BEHALF. THIS RELEASE IS FOR ANY RELIEF, NO MATTER HOW DENOMINATED, INCLUDING, BUT NOT LIMITED TO, INJUNCTIVE RELIEF, WAGES, BACK PAY, FRONT PAY, COMPENSATORY DAMAGES, OR PUNITIVE DAMAGES. THIS RELEASE SHALL NOT APPLY TO ANY OBLIGATION OF MARKETAXESS PURSUANT TO THIS AGREEMENT.

YOU ACKNOWLEDGE THAT THE SEVERANCE BENEFITS THAT YOU WILL RECEIVE UNDER PARAGRAPH 2 OF THIS AGREEMENT REPRESENT GOOD AND VALUABLE CONSIDERATION FOR YOUR ENTERING INTO THIS AGREEMENT TO WHICH YOU OTHERWISE DID NOT HAVE A RIGHT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event there is presently pending any action, suit, claim, charge or proceeding with any federal, state or local court or agency relating to any claim within the scope of Paragraph 3(a), or if such a proceeding is commenced in the future, you shall, to the extent permitted by law, promptly withdraw it, with prejudice, to the extent that you have the power to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Agreement shall affect your vested rights, if any, to any equity award granted to you under the MarketAxess equity incentive plan(s). Your rights to benefits under any such plan(s) will be determined in accordance with the terms of such plan(s) and your award agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall affect your vested rights, if any, to retirement benefits under any 401(k) retirement plan(s) offered by MarketAxess. Your rights to benefits under any such 401(k) Plan(s) and any other employee benefits plans will be determined in accordance with the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall affect your eligibility for indemnification in accordance with MarketAxess's certificate of incorporation, bylaws or other corporate governance document, or any indemnification agreement with MarketAxess, or any applicable insurance policy, with respect to any liability you incurred or might incur as an employee, officer or director of MarketAxess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) You will receive payment for any accrued, unused vacation days.

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4. <u>Other Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Return of Documents</u>. You agree that on or before [_____], 20___, you will return to MarketAxess all property and all information concerning the business of MarketAxess in your possession, custody or control that has been furnished to you or is held by you, at your office, residence or elsewhere, and shall not retain any copies, duplicates, reproductions or excepts thereof. If necessary, arrangements will be made by MarketAxess to ship MarketAxess property from your home to MarketAxess at no cost to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Existing Agreements</u>. You agree to comply with the confidential information statement and the intellectual property, and non-competition agreement that you previously executed which shall remain in full force and effect and which are expressly incorporated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Disparagement</u>. You shall not make any public statements, encourage others to make statements or release information intended to disparage or defame MarketAxess, any of its affiliates or any of their respective directors or officers. Notwithstanding the foregoing, nothing in this Paragraph 4(c) shall prohibit you from making truthful statements when required by order of a court or other body having jurisdiction or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Future Cooperation</u>. You agree to reasonably cooperate with MarketAxess and its counsel (including attending meetings) with respect to any claim, arbitral hearing, lawsuit, action or governmental or other investigation relating to the conduct of the business of MarketAxess or its affiliates and agree to provide full and complete disclosure to MarketAxess and its counsel in response to any inquiry in connection with any such matters, without further compensation (except as to reasonable out-of-pocket expenses actually incurred by you in complying with this provision) and agree to cooperate with any other reasonable inquiry of MarketAxess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Forfeitures in Event of Breach</u>. You acknowledge and agree that, notwithstanding any other provision of this Agreement, in the event this Agreement does not become effective as provided in Paragraph 9, below, or you materially breach any of your obligations under Paragraphs 3 or 4 of this Agreement, you shall forfeit your right to receive the Severance Benefits that have not been paid or provided to you as of the date of such forfeiture and you shall be liable to MarketAxess for liquidated damages in the amount of the consideration already paid pursuant to Paragraph 2, above.

5. <u>Remedies</u>.

You acknowledge and agree that the covenants, obligations and agreements contained in Paragraph 4 herein relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause MarketAxess irreparable injury for which adequate remedies are not available at law. Therefore, you agree that MarketAxess shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond or any other security) as a court of competent jurisdiction may deem necessary or appropriate to restrain you from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and remedies MarketAxess may have. MarketAxess and you hereby irrevocably

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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 Paragraph 5 and the interpretation and enforcement of this Paragraph 5 insofar as such interpretation and enforcement relate to any request or application for injunctive relief in accordance with the provisions of this Paragraph 5, 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 Paragraph 5, provided that MarketAxess may seek to enforce any such injunctive relief in any court of competent jurisdiction.

6. <u>No Admission</u>.

This Agreement does not constitute an admission of liability or wrongdoing of any kind by MarketAxess or its affiliates.

7. <u>Heirs and Assigns</u>.

The terms of this Agreement shall be binding on the parties hereto and their respective successors and assigns.

8. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Integration</u>. This Agreement constitutes the entire understanding of MarketAxess and you with respect to the subject matter hereof and supersedes all prior understandings or agreements, written or oral between you and MarketAxess except for those agreements that are expressly incorporated herein. The terms of this Agreement may be changed, modified or discharged only by an instrument in writing signed by the parties hereto. A failure of MarketAxess or you to insist on strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other provision hereof. In the event that any provision of this Agreement is determined to be so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Choice of Law</u>. This Agreement shall be construed, enforced and interpreted in accordance with and governed by the laws of the State of New York excluding rules of law that would lead to the application of the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Construction of Agreement</u>. The rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.

------

9. <u>Knowing and Voluntary Waiver</u>.

You acknowledge that you received a copy of this Agreement on [DATE] and that you reviewed and understand all of its provisions. You acknowledge that you have been advised to consult with an attorney prior to executing this Agreement, and you have been given the opportunity to consider this Agreement for 21 days. You further acknowledge that by your free and voluntary act of signing below, you agree to all terms of this Agreement and intend to be legally bound thereby.

If you wish to enter into this Agreement, you must sign it and return it to MarketAxess Holdings Inc., 55 Hudson Yards, 15th Floor, New York, NY 10001, Attention: Chief Human Resources Officer, no earlier than your Termination Date and no later than [DATE].

This Agreement shall not become effective until the eighth (8th) day following the date on which you sign this Agreement ("<u>Effective Date</u>"). You may at any time prior to the Effective Date revoke this Agreement delivering a notice in writing of such revocation to MarketAxess Holdings Inc., 55 Hudson Yards, 15th Floor, New York, NY 10001, Attention: Chief Human Resources Officer. In the event you revoke this Agreement prior to the eight (8th) day after the execution thereof, this Agreement, and the promises contained herein shall become null and void.

------

---

| | |
|:---|:---|
| MARKETAXESS HOLDINGS INC. | MARKETAXESS HOLDINGS INC. |
| By: |  |
|  | Name: |
|  | Title: |
| ACCEPTED: | ACCEPTED: |
|  | Richard M. McVey |

---

<u>Acknowledgment</u> 

On the ____ day of __________, 20__, before me personally came Richard M. McVey, to me known and known to be to be the person described herein, and who executed, the foregoing Waiver and General Release, and duly acknowledged to me that he executed the same.

---

| |
|:---|
|  <u> </u> |
|  Notary Public |
|  Date:<u> </u> |

---

Commission Expires:

## Exhibit 10.3

**Exhibit 10.3** 

**FORM OF RESTRICTED STOCK UNIT AGREEMENT** 

**PURSUANT TO THE** 

**MARKETAXESS HOLDINGS INC.** 

**2020 EQUITY INCENTIVE PLAN** 

**THIS RESTRICTED STOCK UNIT AGREEMENT** (this "<u>Ag</u><u>r</u><u>e</u><u>e</u><u>ment</u>"), is made as of [DATE], 2023 (the "<u>Grant Date</u>"), by and between MarketAxess Holdings Inc. (the "<u>Compa</u><u>n</u><u>y</u>") and Christopher R. Concannon (the "<u>Pa</u><u>rticip</u><u>a</u><u>n</u><u>t</u>").

**WHEREAS,** the Board of Directors of the Company (the "<u>Board</u>") adopted The MarketAxess Holdings Inc. 2020 Equity Incentive Plan (as may be amended and/or restated from time to time) (the "<u>Plan</u>") which is administered by a Committee appointed by the Company's Board of Directors (the "<u>Committee</u>");

**WHEREAS,** pursuant to Section 3.2 of the Plan, the Committee has adopted guidelines (the "<u>Guidelines</u>") for the grant of restricted stock units ("<u>RSUs</u>") under the Plan; and

**WHEREAS,** the Company wishes to grant to the Participant RSUs as set forth below.

**NOW, THEREFORE,** the Company and the Participant agree as follows:

1.  **<u>Grant of RSUs</u>.** Subject to the terms and conditions of the Plan, the Guidelines and this
Agreement, on the Grant Date, the Company awarded to the Participant [XX]<sup>1</sup> RSUs. Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to
such term in the Participant's employment agreement with the Company, dated as of the date hereof (the "Employment Agreement"), or if not defined in such agreement, the Plan. A copy of the Plan has been delivered to the Executive.

2.  **<u>Vesting</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise set forth in an agreement between the Participant and the Company, the RSUs shall vest
according to the following schedule: (x) 25% of the RSUs shall vest on [DATE], 2026<sup>2</sup>, (y) 25% of the RSUs shall vest on [DATE], 2027<sup>3</sup>, and (z)
50% of the RSUs shall vest on [DATE], 2028<sup>4</sup> (in each case, the " <u>Vesting Date</u> "), subject to the Participant continuously providing services to the Company or its Affiliates through
each such date. Unless otherwise set forth below, if the Participant incurs a termination of service for any reason at any time prior to the applicable Vesting Date (including if the Participant voluntarily resigns without Good Reason), the
Participant shall forfeit any unvested RSUs as of the date of termination of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Participant's termination of service (i) by the Company without Cause (which term for all
purposes of this Agreement shall have the same meaning as a "Cause Event" under the Employment Agreement) during a CIC Period (as defined below), (ii) by the Participant for Good Reason during a CIC Period or (iii) due to the
Participant's death or Disability, then in each case of clauses (i), (ii) and (iii), all of the unvested RSUs shall vest in full as of the date of such termination of service, or, in the case of clauses (i) and (ii) above, the date of such
Change in Control, if later than the date of such termination of service.

------

<sup>1</sup> Note to draft: The number of RSUs representing $1.05 million, determined by dividing award value by the average closing price of Company stock on the ten trading days leading up to and including the Grant Date, rounded to the nearest whole number. 

<sup>2</sup> Note to draft: 3<sup>rd</sup> anniversary of the Grant Date

<sup>3</sup> Note to draft: 4<sup>th</sup> anniversary of the Grant Date

<sup>4</sup> Note to draft: 5<sup>th</sup> year anniversary of date of grant.

------

"CIC Period" shall mean during the period beginning three (3) months prior to the effective date of a Change in Control and ending on the second anniversary following such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the Participant's termination of service (i) by the Company without Cause outside the CIC
Period, or (ii) by the Participant for Good Reason outside the CIC Period, then in each case of clauses (i) and (ii), all of the unvested RSUs shall continue to vest on the applicable Vesting Date(s) as if the Participant had remained
actively employed through such date; <u>provided, however</u>, such unvested RSUs shall, at all times prior to the applicable Vesting Date(s), remain subject to forfeiture in accordance with Section 3 below.

3.  **<u>Forfeiture.</u>** Notwithstanding anything else set forth herein, all unvested RSUs and
Participant's rights in respect thereof, shall be immediately forfeited upon Participant's: (i) termination for Cause; (ii) breach of any of the Restrictive Covenants or (iii) conduct that occurred during Participant's
service of the Company that the Company learned of following the Participant's termination of service that would have given rise to a termination for Cause; provided that in the case of this Section 3(iii), no such forfeiture shall occur
if Participant could have cured the event giving rise to such Cause pursuant to the Employment Agreement if he were employed by the Company. For the avoidance of doubt, this award is also subject to any compensation recapture policies established by
the Board (or any committee thereof) generally applicable to the Company's executive officers from time to time, in its sole discretion.

"Restrictive Covenants" shall mean any of the restrictive covenants set forth in Sections 2, 4, 5, or 6 of the Proprietary Information and Non-Competition Agreement between the Participant and the Company ; provided, however; for purposes of this Agreement, the term of such Restrictive Covenants shall be deemed to extend to the last Vesting Date; provided, however, with regard to a breach of any of the restrictive covenants in Section 2 of the Proprietary Information and Non-Competition Agreement, such breach must be material for purposes of forfeiture under Section 3(ii) of this Agreement.

4.  **<u>Securities Representations</u>.** The grant of the RSUs and any issuance of shares of Common Stock
pursuant to this Agreement are being made by the Company in reliance upon the following express representations and warranties of the Participant.

The Participant acknowledges, represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he has been advised that he may be an "affiliate" within the meaning of Rule 144 under the Securities
Act and in this connection the Company is relying in part on his representations set forth in this section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if he is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Common Stock must be
held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a "re-offer prospectus") with regard to such Common Stock and the Company is under no
obligation to register the Common Stock (or to file a "re-offer prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if he is deemed an affiliate within the meaning of Rule 144 of the Securities Act, he understands that the
exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other
terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions.

5.  **<u>Not an Employment or Service Agreement</u>.** Neither the execution of this Agreement nor the
grant of RSUs hereunder constitute an agreement by the Company to employ or retain or to continue to employ or retain the Participant during the entire, or any portion of, the term of this Agreement.

------

6.  **<u>Miscellaneous</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company or any Affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This award of RSUs shall not affect in any way the right or power of the Board or stockholders of the Company
to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference
stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant agrees that the award of the RSUs hereunder is special incentive compensation and that it, any
dividends paid thereon (even if treated as compensation for tax purposes) will not be taken into account as "salary" or "compensation" or "bonus" in determining the amount of any payment under any pension, retirement or
profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and
signed by the party against whom it is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one
contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any party hereto at any time to require performance by another party of any provision of this
Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of
such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The headings of the sections of this Agreement have been inserted for convenience of reference only and shall
in no way restrict or modify any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All notices, consents, requests, approvals, instructions and other communications provided for herein shall be
in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set
forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee of the Board with a copy to General Counsel, MarketAxess Holdings
Inc., 55 Hudson Yards, 15th Floor, New York, NY 10001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be construed, interpreted and governed and the legal relationships of the parties
determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

------

7.  **<u>Provisions of Plan and Guidelines Control</u>.** This Agreement is subject to all the terms, conditions
and provisions of the Plan and the Guidelines, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan and the Guidelines as may be adopted by the Committee and as may
be in effect from time to time. The Plan and the Guidelines are incorporated herein by reference. A copy of the Plan and the Guidelines have been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent
with the terms, conditions and provisions of the Plan and the Guidelines, the Plan and the Guidelines shall control, and this Agreement shall be deemed to be modified accordingly. Unless otherwise indicated, any capitalized term used but not defined
herein shall have the meaning ascribed to such term in the Plan or the Guidelines. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated
herein or in the Plan or the Guidelines) and supersedes any prior agreements between the Company and the Participant.

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| |
|:---|
| **MARKETAXESS HOLDINGS INC.** |
| By: |

---

Name: Title:

Christopher R. Concannon

## Exhibit 10.4

**Exhibit 10.4** 

**FORM OF PERFORMANCE STOCK UNIT AGREEMENT** 

**PURSUANT TO THE** 

**MARKETAXESS HOLDINGS INC.** 

**2020 EQUITY INCENTIVE PLAN** 

**THIS PERFORMANCE STOCK UNIT AGREEMENT** (this "<u>Agreement</u>"), is made as of [DATE], 2023 (the "<u>Grant Date</u>"), by and between MarketAxess Holdings Inc. (the "<u>Company</u>") and Christopher R. Concannon (the "<u>Participant</u>").

**WHEREAS**, the Board of Directors of the Company (the "<u>Board</u>") adopted The MarketAxess Holdings Inc. 2020 Equity Incentive Plan (as may be amended and/or restated from time to time) (the "Plan") which is administered by a Committee appointed by the Company's Board of Directors (the "Committee");

**WHEREAS**, pursuant to Section 3.2 of the Plan, the Committee has adopted guidelines (the "Guidelines") for the grant of restricted stock units under the Plan; and

**WHEREAS**, the Company wishes to grant to the Participant performance-vesting restricted stock units ("PSUs") that are eligible to vest upon the achievement of the performance metric set forth on <u>Appendix A</u> attached hereto and subject to the Participant's continuing service with the Company or an Affiliate through the dates set forth herein.

**NOW, THEREFORE**, the Company and the Participant agree as follows:

1.  **<u>Grant of Performance Stock Unit</u>.** Subject to the terms and conditions of the Plan, the
Guidelines and this Agreement, on the Grant Date, the Company awarded to the Participant [XX]<sup>1</sup> PSUs, with vesting dates as contemplated by <u>Appendix A</u> (in each case, the " <u>Vesting Date</u> "). The PSUs are not eligible for deferral under Section 4 of the Guidelines. Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Participant's
employment agreement with the Company, dated as of the date hereof (the "Employment Agreement"), or if not defined in such agreement, the Plan. A copy of the Plan has been delivered to the Executive.

2.  **<u>Vesting</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise set forth in an agreement between the Participant and the Company, the number of PSUs that
vest on the applicable Vesting Date(s), if any, shall be determined by the level of attainment of the Performance Metric during the Performance Periods in accordance with <u>Appendix A</u> attached hereto, subject to the Participant continuously
providing services to the Company or its Affiliates through each such Vesting Date. The Committee shall certify the level of achievement of the Performance Metric no later than thirty (30) days following the last day of each Performance Period,
as contemplated by <u>Appendix A</u>. Notwithstanding the preceding sentence, any PSUs achieved by Participant shall settle as soon as practicable following the applicable Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise set forth below, if the Participant incurs a termination of service for any reason at any time
prior to the applicable Vesting Date(s) contemplated by <u>Appendix A</u> (including if the Participant voluntarily resigns without Good Reason), the Participant shall forfeit any unvested PSUs as of the date of termination of service.

------

<sup>1</sup> Note to draft: The number of PSUs representing a target value of $2.45 million, determined by the Monte Carlo method. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the Participant's termination of service (i) by the Company without Cause (which term for all
purposes of this Agreement shall have the same meaning as a "Cause Event" under the Employment Agreement) or (ii) by the Participant for Good Reason, in either case during the period beginning three (3) months prior to the
effective date of a Change in Control and ending on the second anniversary following such effective date (such period a "CIC Period" and such termination, a "CIC Termination"), then in each case the unvested PSUs shall vest in
full (x) based on actual performance for any Performance Period that is completed prior to the termination date, or (y) for any Performance Period that is not completed prior to the termination date, and notwithstanding anything in <u>Appendix A</u> to the contrary, based on the Change in Control price, as determined by the Committee by reference to the definitive documentation for the Change in Control transaction and with any such Performance Period under this clause
(y) being deemed to have ended on the date of the consummation of the Change in Control. Any PSU's that vest in accordance with this clause (c) shall vest as of the date of the Participant's termination of service or the date of
such Change in Control, if later than the date of such termination of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the Participant's death or Disability, the unvested PSUs shall vest in full (x) based on actual
performance for any Performance Period that is completed prior to the termination date, or (y) for any Performance Period that is not completed prior to the termination date, and notwithstanding anything in <u>Appendix A</u> to the contrary,
with the applicable price being based on the average closing stock price of each trading day during the 90 calendar days ending on the day before the termination date and with any such Performance Period under this clause (y) being deemed to
have ended on the date of the termination, and with such vesting to be effective as of the date of the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Participant's termination of service (i) by the Company without Cause, or (ii) by the
Participant for Good Reason, in each case, outside the CIC Period, the unvested PSUs shall vest on the applicable Vesting Date as if the Participant had remained actively employed through such date, based on actual performance for any Performance
Period; <u>provided, however</u>, such unvested PSUs shall, at all times prior to the applicable Vesting Date, remain subject to forfeiture in accordance with Section 3 below.

3.  **<u>Forfeiture.</u>** Notwithstanding anything else set forth herein, all unvested PSUs and vested but
unsettled PSUs and Participant's rights in respect thereof shall be immediately forfeited upon the Participant's: (i) termination for Cause; (ii) breach of any of the Restrictive Covenants or (iii) conduct that occurred
during Participant's service of the Company that the Company learned of following the Participant's termination of service that would have given rise to a termination for Cause; provided that in the case of this Section 3(iii), no
such forfeiture shall occur if Participant could have cured the event giving rise to such Cause pursuant to the Employment Agreement if he were employed by the Company. For the avoidance of doubt, this award is also subject to any compensation
recapture policies established by the Board (or any committee thereof) generally applicable to the Company's executive officers from time to time, in its sole discretion.

"Restrictive Covenants" shall mean any of the restrictive covenants set forth in Sections 2, 4, 5, or 6 of the Proprietary Information and Non-Competition Agreement between the Participant and the Company; provided, however; for purposes of this Agreement, the term of such Restrictive Covenants shall be deemed to extend to the last Vesting Date; provided, however, with regard to a breach of any of the restrictive covenants in Section 2 of the Proprietary Information and Non-Competition Agreement, such breach must be material for purposes of forfeiture under Section 3(ii) of this Agreement.

4.  **<u>Securities Representations</u>.** The grant of the PSUs and any issuance of shares of Common
Stock pursuant to this Agreement are being made by the Company in reliance upon the following express representations and warranties of the Participant.

------

The Participant acknowledges, represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he has been advised that he may be an "affiliate" within the meaning of Rule 144 under the Securities
Act and in this connection the Company is relying in part on his representations set forth in this section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if he is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Common Stock must be
held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a "re-offer prospectus") with regard to such
Common Stock and the Company is under no obligation to register the Common Stock (or to file a "re-offer prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if he is deemed an affiliate within the meaning of Rule 144 of the Securities Act, he understands that the
exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other
terms and conditions of Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions.

5.  **<u>Not an Employment or Service Agreement</u>.** Neither the execution of this Agreement nor the
grant of PSUs hereunder constitute an agreement by the Company to employ or retain or to continue to employ or retain the Participant during the entire, or any portion of, the term of this Agreement.

6.  **<u>Miscellaneous</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company or any Affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This award of PSUs shall not affect in any way the right or power of the Board or stockholders of the Company
to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference
stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant agrees that the award of the PSUs hereunder is special incentive compensation and that it, any
dividends paid thereon (even if treated as compensation for tax purposes) will not be taken into account as "salary" or "compensation" or "bonus" in determining the amount of any payment under any pension, retirement or
profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and
signed by the party against whom it is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one
contract.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The failure of any party hereto at any time to require performance by another party of any provision of this
Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of
such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The headings of the sections of this Agreement have been inserted for convenience of reference only and shall
in no way restrict or modify any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All notices, consents, requests, approvals, instructions and other communications provided for herein shall be
in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set
forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee of the Board with a copy to General Counsel, MarketAxess Holdings
Inc., 55 Hudson Yards, 15th Floor, New York, NY 10001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be construed, interpreted and governed and the legal relationships of the parties
determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

7.  **<u>Provisions of Plan and Guidelines Control</u>.** This Agreement is subject to all the terms,
conditions and provisions of the Plan and the Guidelines, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan and the Guidelines as may be adopted by the Committee
and as may be in effect from time to time. The Plan and the Guidelines are incorporated herein by reference. A copy of the Plan and the Guidelines have been delivered to the Participant. If and to the extent that this Agreement conflicts or is
inconsistent with the terms, conditions and provisions of the Plan and the Guidelines, the Plan and the Guidelines shall control, and this Agreement shall be deemed to be modified accordingly. Unless otherwise indicated, any capitalized term used
but not defined herein shall have the meaning ascribed to such term in the Plan or the Guidelines. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly
contemplated herein or in the Plan or the Guidelines) and supersedes any prior agreements between the Company and the Participant.

**<u>[Signature Page Follows]</u>**

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| |
|:---|
| **MARKETAXESS HOLDINGS INC.** |
| By: |
| Name: |
| Title: |
| Christopher R. Concannon |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g408729g0107040313770.jpg)

**MARKETAXESS PROMOTES CHRIS CONCANNON TO CHIEF EXECUTIVE OFFICER;** 

**RICHARD M. MCVEY TO BECOME EXECUTIVE CHAIRMAN** 

NEW YORK, January 9, 2023 – The Board of Directors of MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced that, effective April 3, 2023, Richard M. McVey, currently Chairman and Chief Executive Officer, will become Executive Chairman and Chris Concannon, currently President and Chief Operating Officer, will be promoted to Chief Executive Officer. Mr. Concannon will also continue to serve as a director on the Company's Board.

"Since founding MarketAxess in 2000, Rick has led our company through a period of extraordinary growth, marked by transformative innovations to improve global bond market structure for the benefit of all market participants," said Stephen P. Casper, Lead Independent Director of the MarketAxess Board. "As we head into an era of increasingly automated, data-driven trading, we are fortunate to have in Chris a proven leader deeply experienced in electronic markets. Chris and our strong leadership team are resolutely focused on our company's immense growth opportunity in the years ahead."

"In his current role, Chris has provided essential leadership as we successfully introduced a range of new trading protocols, expanded automated trading and execution, deepened our capabilities in data analytics and successfully integrated a number of strategic acquisitions," said McVey. "He will become CEO at a time when our growth potential has never been more promising, and our leadership team is deeper than ever. I am looking forward to my transition to Executive Chairman where my focus will be on supporting Chris in his new role, further developing corporate strategy, and working closely with key clients and our Board of Directors."

"I am fortunate in my new role to have an excellent team of colleagues around the world dedicated to our clients' success and to delivering value to our shareholders," said Concannon. "Across fixed-income markets, we see accelerated client adoption of technology needed to compete more effectively in markets increasingly shaped by automation, data analytics and the growth in ETFs. I believe MarketAxess has an exceptional opportunity to build on the impressive record of growth and innovation under Rick's leadership, and I look forward to continuing our work together."

Prior to MarketAxess, Mr. Concannon served as President and Chief Operating Officer of Cboe Global Markets, Inc., a position he was appointed to upon Cboe's acquisition of Bats Global Markets, Inc. in 2017. Until Bats' acquisition by Cboe, Mr. Concannon served as Chief Executive Officer of Bats since 2015. He has more than 20 years of experience as an executive at Nasdaq, Virtu Financial, Instinet and as an attorney at Morgan, Lewis & Bockius, LLP and the SEC.

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**About MarketAxess** 

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 1,900 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. MarketAxess' award-winning Open Trading<sup>®</sup> marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.

**Cautionary Note Regarding Forward-Looking Statements** 

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; reputational or credibility risks related to our data products and index business; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

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**Media Relations Contact:** 

Marisha Mistry

MarketAxess Holdings Inc.

+1 917 267 1232

<u>mmistry@marketaxess.com</u> 

**Investor Relations Contact:** 

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

<u>SDavidson2@marketaxess.com</u>