Document:

Exhibit 4.9

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of _________ 2021, is made and entered into by and among TradeStation Group, Inc., a Florida corporation (the “Company”),
Quantum Ventures LLC, a Delaware limited liability company (the “Sponsor Holdco”), Chardan Quantum LLC, a Delaware
limited liability company (“Chardan”), the Persons set forth on Exhibit A hereto (together with the Sponsor
Holdco and Chardan, each, a “Sponsor Party” and, together, the “Sponsor Parties”), and Monex Group,
Inc. (“Monex” and, collectively with each Sponsor Party and any other person or entity who hereafter becomes a party
to this Agreement, each a “Holder” and collectively the “Holders”).

 

RECITALS

 

WHEREAS, the Company is party to that certain Agreement
and Plan of Merger, dated as of November 4, 2021 (the “Merger Agreement”), by and among the Company, Quantum FinTech
Acquisition Corporation, a Delaware corporation (“Quantum”), and TSG Merger Sub, Inc., a Delaware corporation and a
direct, wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which, among other things, on or about the
date hereof, Merger Sub will merge with and into Quantum (with Quantum being the surviving entity and a wholly-owned subsidiary of the
Company) in exchange for Quantum’s stockholders receiving shares of common stock, par value $0.01 per share, of the Company (the
 “Common Shares”);

 

WHEREAS, the Sponsor Parties and Quantum
are parties to that certain Registration and Stockholder Rights Agreement, dated as of February 4, 2021 (the “Prior Agreement”),
which Prior Agreement will terminate with respect to the Sponsor Parties and the other parties thereto upon execution and delivery of
this Agreement;

 

WHEREAS, on February 4, 2021, Quantum, the
Sponsor Holdco and Chardan entered into those certain Private Placement Warrants Purchase Agreements, pursuant to which the Sponsor Holdco
purchased 4,450,000 warrants and Chardan purchased 1,112,500 warrants in a private placement transaction occurring simultaneously with
the closing of Quantum’s initial public offering (the “Private Placement Warrants”);

 

WHEREAS, the Sponsor Parties are acquiring
Common Shares (including the Common Shares issued or issuable upon the exercise of any other equity security issued to a Sponsor Party
pursuant to the terms of the Merger Agreement, including the Private Placement Warrants) on or about the date hereof pursuant to the Merger
Agreement;

 

WHEREAS, on or about the date hereof, pursuant
to the Merger Agreement, the Private Placement Warrants are automatically and irrevocably modified to provide that such Private Placement
Warrant no longer entitled the holder thereof to purchase the amount of share(s) of Quantum common stock set forth therein and in substitution
thereof such Private Placement Warrant shall entitle the holder thereof to acquire such number of shares of Common Shares per Private
Placement Warrant; and

 

WHEREAS, in connection
with the transactions contemplated by the Merger Agreement, the Company and the Holders desire to enter into this Agreement, pursuant
to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth
in this Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration of the representations,
covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE I 

DEFINITIONS

 

Section
1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:

 

“Adverse Disclosure” shall
mean any public disclosure of material non-public information, which, in the good faith judgment of the President or Chief Financial Officer
of the Company, after consultation with counsel to the Company, (a) would be required to be made in any Registration Statement or Prospectus
in order for the applicable Registration Statement or Prospectus not to contain any Misstatement, (b) would not be required to be made
at such time but for the filing, effectiveness or continued use of such Registration Statement or Prospectus, and (c) the Company has
(x) a bona fide business purpose for not making or (y) determined the premature disclosure of such information would materially adversely
affect the Company.

 

“Affiliate” shall mean, with respect
to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by,
or is under common control with, the Person specified; provided that no Holder shall be deemed an Affiliate of any other Holder
solely by reason of an investment in, or holding of Common Shares (or securities convertible or exchangeable for share of Common Shares)
of, the Company. As used in this definition, “control” (including with correlative meanings, “controlled by” and
 “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management
or policies (whether through ownership of voting securities or by contract or other agreement).

 

“Agreement” shall have the meaning given
in the Preamble.

 

“Board” shall mean the Board of Directors
of the Company.

 

“Claims” shall have the meaning given in
subsection 4.1.1.

 

“Closing Date” shall mean the date of this
Agreement.

 

“Commission” shall mean the Securities and
Exchange Commission.

 

“Common Shares” shall have the meaning given
in the Recitals.

 

“Company” shall have the meaning given in
the Preamble.

 

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“Company Shelf Takedown Notice”
shall have the meaning given in subsection 2.1.3.

 

“Company Support Agreement”
shall mean that certain Company Support Agreement, dated as of November 4, 2021 (as amended, restated, supplemented or otherwise modified
in accordance with the terms thereto), by and among the Company, Quantum and Monex.

 

“Demand Registration” shall have the meaning
given in subsection 2.2.1.

 

“DR Demanding Holders”
shall mean the applicable Holders having the right to make, and actually making, a written demand for the Registration of Registrable
Securities pursuant to subsection 2.2.1.

 

“DR Requesting Holder” shall have the meaning
given in subsection 2.2.1.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form S-1 Shelf” shall have the meaning
given in subsection 2.1.1.

 

“Form S-3 Shelf” shall have the meaning
given in subsection 2.1.2.

 

“Holders” shall have the meaning given in
the Preamble hereto.

 

“Maximum Number of Securities”
shall have the meaning given in subsection 2.2.4.

 

“Merger Agreement” shall have the meaning
given in the Recitals hereto.

 

“Minimum Amount” shall have the meaning
given in subsection 2.1.3.

 

“Misstatement” shall mean
an untrue statement of a material fact or an omission to state a material fact required to be stated therein, or necessary to make the
statements therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances under which they were
made) not misleading.

 

“Monex” shall have the meaning given in
the Preamble.

 

“Monex Lock-Up Period”
shall have the meaning given to the term “Lock-up Period” in the Company Support Agreement.

 

“Permitted Transferees” shall
mean a person or entity to whom the Holders are permitted to Transfer Registrable Securities prior to the expiration of the (a) SPAC Holder
Lock-Up Period, with respect to the Registrable Securities owned by the Sponsor Parties, or (b) Monex Lock-Up Period, with respect to
the Registrable Securities owned by Monex.

 

“PIPE
Securities” shall mean shares of Common Stock issued to investors pursuant to Subscription Agreements entered into in
connection with the transactions contemplated by the Merger Agreement solely to the extent such securities are entitled to
piggy-back registration rights thereunder.

 

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“Piggyback Registration” shall have the
meaning given in subsection 2.3.1.

 

“Prior Agreement” shall have the meaning
given in the Recitals hereto.

 

“Prospectus” shall mean
the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable Security”
shall mean (a) any outstanding Common Shares or other equity security of the Company held by a Holder immediately following the Closing,
(b) any Common Shares issued to a Holder pursuant to the terms of the Merger Agreement (including the Common Shares issued or issuable
upon the exercise of any other equity security issued to a Holder pursuant to the terms of the Merger Agreement), (c) the Private Placement
Warrants (including any Common Shares issued or issuable upon the exercise of any Private Placement Warrants), and (d) any other equity
security of the Company issued or issuable with respect to the securities referred to in the foregoing clauses (a) through (c) by way
of a share dividend or share split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization
or otherwise; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable
Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities
Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii)
a Registration Statement on Form S-8 (or any successor form) covering such securities is effective; (iii) such securities shall have
been otherwise transferred, new certificates for such securities not bearing (or book entry positions not subject to) a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration
under the Securities Act; (iv) such securities shall have ceased to be outstanding; (v) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with
no volume or other restrictions or limitations); or (vi) such securities have been sold to, or through, a broker, dealer or underwriter
in a public distribution or other public securities transaction.

 

“Registration” shall mean
a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the
Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

		(a)	all registration and filing fees (including fees with respect to filings required to be made with the
Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Registrable Securities are then listed;

 

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		(b)	fees and expenses of compliance with securities or blue-sky laws (including reasonable fees and disbursements
of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

		(c)	printing, messenger, telephone, delivery and road show or other marketing expenses;

 

		(d)	reasonable fees and disbursements of counsel for the Company;

 

		(e)	reasonable fees and disbursements of all independent registered public accountants of the Company incurred
in connection with such Registration;

 

		(f)	reasonable fees and expenses of one (1) legal counsel selected by the Company to render any local counsel
opinions in connection with the applicable Registration; and

 

		(g)	reasonable fees and expenses of one (1) legal counsel selected by (i) the majority-in-interest of the DR Demanding Holders initiating
a Demand Registration, (ii) the majority-in-interest of the SUO Demanding Holders initiating a Shelf Underwritten Offering, or (iii) the
majority-in-interest of participating Holders under Section 2.3 if the Registration was initiated by the Company for its own account
or that of a Company shareholder other than pursuant to rights under this Agreement, in each case to be registered for offer and sale
in the applicable Registration.

 

“Registration Statement”
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Securities Act” shall
mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Takedown Notice” shall have the meaning
given in subsection 2.1.3.

 

“Shelf Underwritten Offering” shall have
the meaning given in subsection 2.1.3.

 

“SPAC Holder Lock-Up Period”
shall have the meaning given to the term “Lock-up Period” in the Sponsor Support Agreement.

 

“Sponsor Parties” shall have the meaning
given in the Preamble.

 

“Sponsor Support
Agreement” shall mean that certain Sponsor Support Agreement, dated as of November 4, 2021 (as amended, restated,
supplemented or otherwise modified in accordance with the terms thereto), by and among the Company, Sponsor Holdco, Chardan, Monex,
Quantum and the other parties thereto.

 

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“Subscription Agreements”
shall mean those certain subscription agreements, dated November 4, 2021 (as amended, restated, supplemented or otherwise modified in
accordance with the terms thereof), by and between Quantum and certain subscribers to purchase shares of common stock of Quantum, par
value $0.0001 per share.

 

“SUO Demanding Holders”
shall mean the applicable Holders having the right to make, and actually making, a written demand for a Shelf Underwritten Offering of
Registrable Securities pursuant to subsection 2.1.3.

 

“SUO Requesting Holder” shall have the meaning
given in subsection 2.1.3.

 

“Transfer” shall mean
to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily,
or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance,
hypothecation or similar disposition of, any interest owned by a person or any interest (including a beneficial interest) in, or the ownership,
control or possession of, any interest owned by a person.

 

“Underwriter” shall mean
a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s
market-making activities.

 

“Underwritten Registration” or
 “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in
a firm commitment underwriting for distribution to the public.

 

“Warrant Agreement” shall
mean that certain Warrant Agreement, dated February 4, 2021, by and between Quantum and Continental Stock Transfer & Trust Company,
as warrant agent.

 

ARTICLE II 

REGISTRATIONS

 

Section
2.1      Shelf Registration.

 

2.1.1 Following
the Closing Date, the Company shall use its reasonable best efforts to (i) file a Registration Statement under the Securities Act
within sixty (60) days after the Closing Date to permit the public resale of all the Registrable Securities held by the Holders from
time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then
in effect) on the terms and conditions specified in this subsection 2.1.1 and (ii) cause such Registration Statement to be
declared effective as soon as practicable after the filing thereof. The Registration Statement filed with the Commission pursuant to
this subsection 2.1.1 shall be a shelf registration statement on Form S-1 (a “Form S-1 Shelf”) or such
other form of registration statement as is then available to effect a registration for resale of such Registrable Securities,
covering such Registrable Securities, and shall contain a Prospectus in such form as to permit any Holder to sell such Registrable
Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in
effect) at any time beginning on the effective date for such Registration Statement. A Registration Statement filed pursuant to this subsection
2.1.1 shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the
Holders. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this subsection
2.1.1 to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement
is available (including to use its reasonable best efforts to add Registrable Securities held by Permitted Transferees) or, if not
available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders
until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable following the effective date
of a Registration Statement filed pursuant to this subsection 2.1.1, but in any event within five (5) business days of such
date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration
Statement filed pursuant to this subsection 2.1.1 (including the documents incorporated therein by reference) will comply as
to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the
circumstances under which such statement is made).

 

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2.1.2
The Company shall use its reasonable best efforts to convert the Form S-1 Shelf filed pursuant to subsection 2.1.1 to a
shelf registration statement on Form S-3 (a “Form S-3 Shelf”) as promptly as practicable after the Company is eligible
to use a Form S-3 Shelf and have the Form S-3 Shelf declared effective as promptly as practicable and to cause such Form S-3 Shelf to
remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or,
if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Holders
until all such Registrable Securities have ceased to be Registrable Securities.

 

2.1.3 At
any time and from time to time following the effectiveness of the shelf registration statement required by subsection 2.1.1 or subsection
2.1.2, any Holder may request to sell all or a portion of their Registrable Securities in an underwritten offering that is
registered pursuant to such shelf registration statement (a “Shelf Underwritten Offering”); provided that
such Holder(s) reasonably expects to sell Registrable Securities yielding aggregate gross proceeds in excess of $20.0 million from
such Shelf Underwritten Offering (such amount of Registrable Securities, as applicable, the “Minimum Amount”).
All requests for a Shelf Underwritten Offering shall be made by giving written notice to the Company (the “Shelf Takedown
Notice”). Each Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in
the Shelf Underwritten Offering and the expected price range (net of underwriting discounts and commissions) of such Shelf
Underwritten Offering. Within two (2) business days after receipt of any Shelf Takedown Notice, the Company shall give written
notice of such requested Shelf Underwritten Offering to all other Holders of Registrable Securities (the “Company Shelf
Takedown Notice”) and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such
Holder’s Registrable Securities in a Registration pursuant to a Shelf Underwritten Offering (each such Holder that includes
all or a portion of such Holder’s Registrable Securities in such Shelf Underwritten Offering, a “SUO Requesting
Holder”) shall so notify the Company of its intent to participate in such Shelf Underwritten Offering, in writing, within
three (3) business days after the receipt by such Holder of the Company Shelf Takedown Notice. Upon receipt by the Company of any
such written notification from a SUO Requesting Holder(s) to the Company, subject to the provisions of subsection 2.2.4, the
Company shall include in such Shelf Underwritten Offering all Registrable Securities of such SUO Requesting Holder(s). The Company
shall, together with all participating Holders of Registrable Securities of the Company proposing (and permitted) to distribute
their securities through such Shelf Underwritten Offering, enter into an underwriting agreement in customary form for such Shelf
Underwritten Offering with the managing Underwriter or Underwriters selected by the majority-in-interest of the participating
Holders after consultation with the Company and shall take all such other reasonable actions as are reasonably requested by the
managing Underwriter or Underwriters in order to facilitate the disposition of such Registrable Securities. In connection with any
Shelf Underwritten Offering contemplated by this subsection 2.1.3, subject to Section 3.3 and Article
IV, the underwriting agreement into which each Holder and the Company shall enter shall contain representations,
covenants, indemnities and other rights and obligations in customary form for such Shelf Underwritten Offering by the Company. Any
Shelf Underwritten Offering effected pursuant to this subsection 2.1.3 shall be counted as a Registration for purposes of the
limit on the number of Registrations that can be effected under Section 2.2 hereof.

 

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Section
2.2      Demand Registration.

 

2.2.1
Request for Registration. Subject to the provisions of subsection 2.2.5 and Sections 2.4 and 3.4 hereof
and provided that the Company does not have an effective Registration Statement pursuant to subsection 2.1.1 or subsection
2.1.2 covering Registrable Securities, (a) Sponsor Holdco, (b) Chardan and (c) Monex, may make a written demand for Registration
of all or part of their Registrable Securities on (i) Form S-1, or such other form of registration statement as is then available to
effect a registration for resale of such Registrable Securities, covering such Registrable Securities or (ii) if available, Form S-3,
which in the case of either clause (i) or (ii), may be a shelf registration statement filed pursuant to Rule 415 under the Securities
Act, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s)
of distribution thereof (such written demand a “Demand Registration”). The Company shall, promptly (but in any event
within fifteen (15) days following the Company’s receipt of a Demand Registration), notify, in writing all other Holders of Registrable
Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s
Registrable Securities in such Registration, a “DR Requesting Holder”) shall so notify the Company, in writing, within
three (3) business days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written
notification from a DR Requesting Holder(s) to the Company, subject to subsection 2.2.4 below, such DR Requesting Holder(s) shall
be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect,
as soon thereafter as practicable, the Registration of all Registrable Securities requested by the DR Demanding Holders and DR Requesting
Holders pursuant to such Demand Registration. The Company shall not be obligated to effect more than an aggregate of (x) two (2) Registrations
pursuant to a Demand Registration or a Shelf Underwritten Offering initiated by Sponsor Holdco and (y) one (1) Registrations pursuant
to a Demand Registration or a Shelf Underwritten Offering initiated by Chardan under subsection 2.1.3 or this subsection 2.2.1
with respect to any or all Registrable Securities; provided, however, that a Registration shall not be counted for
such purposes unless a Registration Statement that may be available at such time has become effective and all of the Registrable Securities
requested by the DR Demanding Holders and the DR Requesting Holders (or in the case of a Shelf Underwritten Offering, the SUO Demanding
Holders and the SUO Requesting Holders) to be registered on behalf of the DR Demanding Holders and the DR Requesting Holders (or in the
case of a Shelf Underwritten Offering, the SUO Demanding Holders and the SUO Requesting Holders) in such Registration have been sold,
in accordance with Section 3.1 of this Agreement.

 

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2.2.2
Effective Registration. Notwithstanding the provisions of subsection 2.2.1 above or any other part of this Agreement,
a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (a) the Registration Statement filed
with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and
(b) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that
if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to
a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any
other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of
the DR Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing, but in no event later than five (5) days after the removal, rescission or other termination of such stop
order or injunction, of such election; provided, further, that the Company shall not be obligated or required to file another
Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand
Registration by the same DR Demand Holder becomes effective or is subsequently terminated.

 

2.2.3
Underwritten Offering. Subject to the provisions of subsection 2.2.4 and Sections 2.4 and 3.4 hereof,
if a majority-in-interest of the DR Demanding Holders so advise the Company as part of their Demand Registration that the offering of
the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such
DR Demanding Holder or DR Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon
such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such
Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an
Underwritten Offering under this subsection 2.2.3, subject to Section 3.3 and Article IV, shall enter into an underwriting
agreement in customary form with the Company and the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest
of the DR Demanding Holders initiating the Demand Registration.

 

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2.2.4
Reduction of Underwritten Offering. In the event of a Demand Registration that is to be an Underwritten Offering or a Shelf
Underwritten Offering, and if the managing Underwriter or Underwriters, in good faith, advises the Company and, in the case of a Demand
Registration, the DR Demanding Holders and the DR Requesting Holders (if any) (or in the case of a Shelf Underwritten Offering, the SUO
Demanding Holders and the SUO Requesting Holders (if any)), in writing that, in its opinion, the dollar amount or number of Registrable
Securities that the DR Demanding Holders and the DR Requesting Holders (if any) (or in the case of a Shelf Underwritten Offering, the
SUO Demanding Holders and the SUO Requesting Holders (if any)) desire to sell, taken together with all other Common Shares or other equity
securities that the Company desires to sell for its own account and the Common Shares, if any, as to which a Registration has been requested
pursuant to separate written contractual piggy-back registration rights held by any other stockholders of the Company who desire to sell,
exceeds the maximum dollar amount or maximum number of equity securities that can be sold in such Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then the Company
shall include in such Underwritten Offering, as follows: (a) first, the Registrable Securities of the DR Demanding Holders and the DR
Requesting Holders (if any) (or in the case of a Shelf Underwritten Offering, the SUO Demanding Holders and the SUO Requesting Holders
(if any)) and any PIPE Securities pro rata based on the number of securities requested to be sold that can be sold without exceeding
the Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (a), the Common Shares or other equity securities that the Company desires to sell for its own account, which can be sold without
exceeding the Maximum Number of Securities; and (c) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (a) and (b), the Common Shares or other equity securities of other persons or entities that the Company is obligated
to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding
the Maximum Number of Securities.

 

2.2.5 Demand
Registration Withdrawal. A DR Demanding Holder or a DR Requesting Holder in the case of a Demand Registration (or a SUO
Demanding Holder or a SUO Requesting Holder in the case of a Shelf Underwritten Offering) shall have the right to withdraw all or a
portion of its Registrable Securities included in a Demand Registration pursuant to subsection 2.2.1 or a Shelf Underwritten
Offering pursuant to subsection 2.1.3 for any or no reason whatsoever upon written notification to the Company and the
Underwriter or Underwriters (if any) of its intention to so withdraw at any time up to (a) in the case of a Demand Registration not
involving an Underwritten Offering or a Shelf Underwritten Offering, one (1) day prior to the effective date of the applicable
Registration Statement or (b) in the case of any Demand Registration involving an Underwritten Offering or any Shelf Underwritten
Offering, one (1) day prior to the expected pricing date of such Underwritten Offering or Shelf Underwritten Offering; provided, however,
that upon withdrawal by a majority-in-interest of the DR Demanding Holders initiating a Demand Registration (or in the case of a
Shelf Underwritten Offering, withdrawal of an amount of Registrable Securities included by the Holders in such Shelf Underwritten
Offering, in their capacity as SUO Demanding Holders, being less than the Minimum Amount), the Company shall cease all efforts to
secure effectiveness of the applicable Registration Statement or complete the Underwritten Offering, as applicable. The Company
shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration or a
Shelf Underwritten Offering prior to and including its withdrawal under this subsection 2.2.5; provided that upon
withdrawal by a majority-in-interest of the DR Demanding Holders initiating a Demand Registration (or in the case of a Shelf
Underwritten Offering, withdrawal of an amount of Registrable Securities included by the Holders in such Shelf Underwritten
Offering, in their capacity as SUO Demanding Holders, being less than the Minimum Amount), such Registration shall be counted
towards the limit on Registrations set forth in subsection 2.2.1.

 

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Section
2.3      Piggyback Registration.

 

2.3.1 Piggyback
Rights. If the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of Common
Shares (including equity securities exercisable or exchangeable for, or convertible into, Common Shares), for its own account or for
the account of stockholders of the Company, other than a Registration Statement (a) filed in connection with any employee share
option or other benefit plan, (b) a Registration Statement on Form S-4 or Form S-8 (or any successor forms), (c) for an exchange
offer or offering of securities solely to the Company’s existing shareholders, (d) for an offering of debt that is convertible
into equity securities of the Company, (e) for a dividend reinvestment plan or similar plans, (f) filed pursuant to Section
2.1, (g) filed pursuant to Section 2.2, or (h) filed in connection with any business combination or acquisition involving
the Company, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as
soon as practicable (but not less than ten (10) days prior to the anticipated filing by the Company with the Commission of any
Registration Statement with respect thereto), which notice shall (A) describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution (including whether such registration will be pursuant to a shelf registration
statement), the proposed date of filing of such Registration Statement with the Commission and the name of the proposed managing
Underwriter or Underwriters, if any, in such offering, in each case to the extent then known, (B) describe such Holders’
rights under this Section 2.3 and (C) offer to all of the Holders of Registrable Securities the opportunity to register the
sale of such number of Registrable Securities as such Holders may request in writing within ten (10) days after receipt of such
written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such
Registrable Securities identified in a Holder’s response notice described in the foregoing sentence to be included in such
Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed
Underwritten Offering, if any, to permit the Registrable Securities requested by the Holders pursuant to this subsection
2.3.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company or
Company shareholder(s) for whose account the Registration Statement is to be filed included in such Registration and to permit the
sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such
Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.3.1,
subject to Section 3.3 and Article IV, shall enter into an underwriting agreement in customary form with the
Underwriter(s) selected for such Underwritten Offering by the Company or Company shareholder(s) for whose account the Registration
Statement is to be filed. For purposes of this Section 2.3, the filing by the Company of an automatic shelf registration
statement for offerings pursuant to Rule 415(a) that omits information with respect to any specific offering pursuant to Rule 430B
shall not trigger any notification or participation rights hereunder until such time as the Company amends or supplements such
Registration Statement to include information with respect to a specific offering of Registrable Securities (and such amendment or
supplement shall trigger the notice and participation rights provided for in this Section 2.3).

 

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2.3.2
Reduction of Piggyback Registration. If a Piggyback Registration is to be an Underwritten Offering and the managing Underwriter
or Underwriters, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that, in its opinion, the dollar amount or number of the Common Shares or other equity securities that the Company desires
to sell, taken together with (a) the Common Shares or other equity securities, if any, as to which Registration has been demanded pursuant
to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (b)
the Registrable Securities as to which registration has been requested pursuant to Section 2.3 hereof, and (c) the Common Shares
or other equity securities, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration
rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

 

2.3.2.1
if the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (a) first,
the Common Shares or other equity securities that the Company desires to sell for its own account, which can be sold without exceeding
the Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (a), the PIPE Securities, pro rata based on the number of PIPE Securities requested to be included, which can be sold without exceeding
the Maximum Number of Securities; and (c) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (a) and (b), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to
subsection 2.3.1 hereof ; and (d) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (a), (b) and (c), the Common Shares or other equity securities, if any, as to which Registration has been requested pursuant to
written contractual piggy-back registration rights of other shareholders of the Company, which can be sold without exceeding the Maximum
Number of Securities; and

 

2.3.2.2
if the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration (a) first, the Common Shares or other equity securities, if any, of such requesting persons
or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities,
the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.3.1
hereof and the PIPE Securities, pro rata base on the number of securities requested to be included, which can be sold without exceeding
the Maximum Number of Securities; (b) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (a) and (b), the Common Shares or other equity securities that the Company desires to sell for its own account, which can be
sold without exceeding the Maximum Number of Securities; and (c) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (a) and (b), the Common Shares or other equity securities for the account of other persons or entities
that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which
can be sold without exceeding the Maximum Number of Securities.

 

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2.3.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw all or any portion
of its Registrable Securities in a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and
the Underwriter or Underwriters (if any) of his, her or its intention to withdraw such Registrable Securities from such Piggyback Registration
up to (a) in the case of a Piggyback Registration not involving an Underwritten Offering or Shelf Underwritten Offering, one (1) day prior
to the effective date of the applicable Registration Statement or (b), in the case of any Piggyback Registration involving an Underwritten
Offering or any Shelf Underwritten Offering, one (1) day prior to the expected pricing date of such Underwritten Offering or Shelf Underwritten
Offering. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to
separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback
Registration at any time prior to the effectiveness of such Registration Statement. The Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to and including its withdrawal under this subsection 2.3.3.

 

2.3.4
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.3
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.2 hereof or a Shelf Underwritten
Offering effected under subsection 2.1.3.

 

Section
2.4 Restrictions on Registration Rights. If (a) during the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand
Registration pursuant to subsection 2.2.1 and it continues to actively employ, in good faith, all reasonable efforts to cause the
applicable Registration Statement to become effective; (b) the Holders have requested an Underwritten Registration and the Company and
the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (c) in the good faith judgment of the
Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to delay
the filing of such Registration Statement at such time, the Company shall have the right, upon giving prompt written notice of such action
to the Holders (which notice shall not specify the nature of the event giving rise to such delay or suspension), delay the filing or initial
effectiveness of, or suspend use of, such Registration Statement for the shortest period of time determined in good faith by the Company
to be necessary for such purpose.

 

ARTICLE III 

COMPANY PROCEDURES

 

Section
3.1 General Procedures. If the Company is required to effect the Registration of Registrable Securities, the Company shall
use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the
intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as reasonably possible:

 

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3.1.1
prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by
such Registration Statement have been sold;

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required by
the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations
thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold
in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3
(a) at least five (5) days prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish
to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement
(including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included
in such Registration or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such Holders, and (b) except in the case of a Registration under Section 2.3, not file any such Registration
Statement or Prospectus, or amendment or supplement thereto, to which any such Holder or Registrable Securities shall have reasonably
objected on the grounds that such Registration Statement or Prospectus or supplement or amendment thereto, does not comply in all material
respects with the requirements of the Securities Act or the rules and regulations thereunder;

 

3.1.4 prior
to any public offering of Registrable Securities, but in any case no later than the effective date of the applicable Registration
Statement, use its reasonable best efforts to (a) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of
Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and to
keep such registration or qualification in effect for so long as such Registration Statement remains in effect and (b) take such
action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by
such other governmental authorities as may be necessary by virtue of the business and operations of the Company or otherwise and do
any and all other acts and things that may be necessary or advisable, in each case, to enable the Holders of Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify or take any action to which it would be subject to general service of process or taxation in any such
jurisdiction where it is not then otherwise so subject;

 

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3.1.5
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

3.1.6
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

3.1.7
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of any request
by the Commission that the Company amend or supplement such Registration Statement or Prospectus or the issuance of any stop order by
the Commission suspending the effectiveness of such Registration Statement or Prospectus the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to amend or supplement such Registration Statement or Prospectus or prevent
the issuance of any stop order or to obtain its withdrawal if such stop order should be issued, as applicable;

 

3.1.8
advise each Holder of Registrable Securities covered by such Registration Statement, promptly (and in any event within five (5)
business days) after the Company receives notice thereof, of the time when such registration statement has been declared effective or
a supplement to any Prospectus forming a part of such registration statement has been filed;

 

3.1.9 notify
the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event or the existence of any condition as a result of which the Prospectus included in such
Registration Statement, as then in effect, includes a Misstatement, or in the opinion of counsel for the Company it is necessary to
supplement or amend such Prospectus to comply with law, and then to correct such Misstatement or include such information as is
necessary to comply with law, in each case as set forth in Section 3.4 hereof, at the request of any such Holder promptly
prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be
necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus shall not include a Misstatement or
such Prospectus, as supplemented or amended, shall comply with law;

 

3.1.10
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate in the preparation of any Registration Statement, each such Prospectus included therein or filed with the Commission,
and each amendment or supplement thereto, and will give each of them such access to its books and records and such opportunities to discuss
the business, finances and accounts of the Company and its subsidiaries with its officers, directors and the independent public accountants
who have certified its financial statements as shall be necessary, in the opinion of such Holders’ and such Underwriters’
respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act, and will cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that if requested by the Company, such representatives
or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release
or disclosure of any such information;

 

    15 

     

    

 

3.1.11
obtain a “cold comfort” letter (including a bring-down letter dated as of the date the Registrable Securities are delivered
for sale pursuant to such Registration) from the Company’s independent registered public accountants in the event of an Underwritten
Offering, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing
Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders and any Underwriter;

 

3.1.12
in connection with an Underwritten Offering, use reasonable best efforts to obtain for the underwriter(s) opinions of counsel for
the Company, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be
reasonably requested by such underwriters;

 

3.1.13
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing Underwriter of such offering;

 

3.1.14
otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and to make available
to its security holders, as soon as reasonably practicable, an earnings statement that satisfies the provisions of Section 11(a) of the
Securities Act and the rules and regulations thereunder, including Rule 158 thereunder (or any successor rule promulgated thereafter by
the Commission);

 

3.1.15
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $100.0 million, use
its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders,
including causing the officers and directors of the Company to enter into customary “lock-up agreements,” in connection with
such Registration.

 

Section
3.2      Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, stock transfer taxes and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

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Section
3.3      Participation in Underwritten Offerings.

 

3.3.1 No
person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated
pursuant to the terms of this Agreement unless such person (a) agrees to sell such person’s securities on the basis provided
in any underwriting arrangements approved by the Company and (b) completes and executes all customary questionnaires, powers of
attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under
the terms of such underwriting arrangements.

 

3.3.2
The Company will use its commercially reasonable efforts to ensure that no Underwriter shall require any Holder to make any representations
or warranties to or agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such
Holder and such Holder’s intended method of distribution and any other representation required by law, and if, despite the Company’s
commercially reasonable efforts, an Underwriter requires any Holder to make additional representation or warranties to or agreements with
such Underwriter, such Holder may elect not to participate in such Underwritten Offering (but shall not have any claims against the Company
as a result of such election). Any liability of such Holder to any Underwriter or other person under such underwriting agreement shall
be limited to an amount equal to the proceeds (net of expenses and underwriting discounts and commissions) that it derives from such registration.

 

Section
3.4       Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement
or Prospectus contains a Misstatement, or in the opinion of counsel for the Company it is necessary to supplement or amend such Prospectus
to comply with law, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended Prospectus correcting the Misstatement or including the information counsel for the Company believes to be
necessary to comply with law (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as
soon as practicable after the time of such notice such that the Registration Statement or Prospectus, as so amended or supplemented, as
applicable, will not include a Misstatement and complies with law), or until it is advised in writing by the Company that the use of the
Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration
at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written
notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for
the shortest period of time, but in no event more than sixty (60) days, determined in good faith by the Board to be necessary for such
purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their
receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer
to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised
its rights under this Section 3.4. The Holders shall maintain the confidentiality of such notice and its contents.

 

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Section
3.5       Covenants of the Company. As long as any Holder shall own Registrable Securities, the Company hereby covenants and agrees
at all times while it shall be a reporting company under the Exchange Act, to file timely (or obtain extensions in respect thereof and
file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further
covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to
enable such Holder to sell Registrable Securities held by such Holder without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission),
including providing any legal opinions; provided that the delivery of any legal opinions may be subject to receipt by the Company
and/or its transfer agent of customary representations of the applicable Holder, which are satisfactory to the Company and its transfer
agent, as applicable. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized
officer as to whether it has complied with such requirements.

 

Section
3.6       Legend Removal Obligations. In connection with the written request of any
Holder, the Company shall remove any restrictive legend included on the certificates (or, in the case of book-entry shares, any
other instrument or record) representing such Holder’s and/or its affiliates’ or Permitted Transferee’s ownership
of Common Stock, and promptly issue a certificate (or evidence of the issuance of securities in book-entry form) without such
restrictive legend or any other restrictive legend to the holder of the applicable shares of Common Stock upon which it is stamped,
if (i) such shares of Common Stock are registered for resale under the Securities Act and such Registration Statement for such
shares of Common Stock has not been suspended under the Securities Act, the Exchange Act or the rules and regulations of the
Commission promulgated thereunder, (ii) such shares of Common Stock are sold or transferred pursuant to Rule 144, or (iii) such
shares of Common Stock are eligible for sale pursuant to Section 4(a)(1) of the Securities Act or Rule 144 without volume or
manner-of-sale restrictions. Following the earlier of (A) the effective date of a Registration Statement registering such shares of
Common Stock or (B) Rule 144 becoming available for the resale of such shares of Common Stock without volume or manner-of-sale
restrictions, the Company, upon the written request of the Holder or its Permitted Transferee, shall instruct the Company’s
transfer agent to remove the legend from such shares of Common Stock (in whatever form) and shall cause Company counsel to issue any
legend removal opinion required by the transfer agent. Any reasonable and documented fees (with respect to the transfer agent,
Company counsel, or otherwise) associated with the removal of such legend shall be borne by the Company. If a legend is no longer
required pursuant to the foregoing, the Company will, as soon as practicable, and in any case no later than three (3) business days
following the delivery by any Holder or its Permitted Transferee to the Company or the transfer agent (with notice to the Company)
of a legended certificate (if applicable) representing such shares of Common Stock and, to the extent such sale is not pursuant to
an effective registration statement, such other documentation as reasonably requested by the Company, deliver or cause to be
delivered to the holder of such Common Stock a certificate representing such shares of Common Stock (or evidence of the issuance of
such shares of Common Stock in book-entry form) that is free from all restrictive legends; provided that, notwithstanding the
foregoing, the Company will not be required to deliver any opinion, authorization, certificate or direction to remove the
restrictive legend pursuant to this Section 3.6 if (x) removal of the legend would result in or facilitate transfers of securities
in violation of applicable law or (y) following receipt of instruction from the Company, the transfer agent refuses to remove the
legend.

 

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ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION

 

Section
4.1      Indemnification.

 

4.1.1
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors,
partners, managers, shareholders, members, employees, agents, investment advisors and each person who controls such Holder (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, damages, liabilities
and expenses (including attorneys’ fees), joint or several (or actions or proceedings, whether commenced or threatened, in respect
thereof) (collectively, “Claims”), to which any such Holder or other persons may become subject, insofar as such Claims
arise out of or are based on any untrue or alleged untrue statement of any material fact contained in any Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading and the Company will promptly reimburse such Holder or
other person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Claim;
except insofar as the Claim or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in such filing in reliance upon and in conformity with information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided in the foregoing
with respect to the indemnification of the Holder.

 

4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating pursuant to this Agreement,
each Holder agrees to indemnify the Company, its officers, directors, partners, managers, shareholders, members, employees and agents
and each person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from
and against any Claims, to which any the Company or such other persons may become subject, insofar as such Claims arise out of or are
based on any untrue statement of any material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that such untrue statement or omission is contained in any information furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint
and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in
proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration
Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls
such Underwriters (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided
in the foregoing with respect to indemnification of the Company.

 

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4.1.3
Any person entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of any Claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (b) unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such Claim, permit such indemnifying party to assume the defense of such Claim with counsel reasonably satisfactory to
the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one (1) counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) and which settlement includes a statement or admission of fault or culpability on the part of such indemnified party
or does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect to such claim or litigation.

 

4.1.4
The indemnification and contribution provided for under this Agreement (a) shall remain in full force and effect regardless of
any investigation made by or on behalf of the indemnified party or any officer, director, partners, shareholders or members, employees,
agents, investment advisors, Affiliates or controlling person of such indemnified party and shall survive the Transfer of Registrable
Securities and (b) are not exclusive and shall not limit any rights or remedies which may be available to any indemnified party at law
or in equity or pursuant to any other agreement.

 

4.1.5 If
the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any Claims, then the indemnifying party, in lieu of indemnifying the indemnified party,
shall contribute to the amount paid or payable by the indemnified party as a result of such Claims in such proportion as is
appropriate to reflect the relative fault of the indemnifying party or parties on the other hand in connection with the statements
or omissions that resulted in such Claims, as well as any other relevant equitable considerations; provided, however,
that the liability of any Holder or any director, officer, employee, agent, investment advisor or controlling person thereof under
this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise
to such liability. In connection with any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or
supplement thereto filed by the Company, the relative fault of the indemnifying party or parties, on the one hand, and the
indemnified party or parties, on the other hand, shall be determined by reference to, among other things, whether any untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of
the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections
4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in
connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not
take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection
4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

 

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4.1.6
The indemnification required by this Section 4.1 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

ARTICLE V 

MISCELLANEOUS

 

Section
5.1       Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery
in person or by courier service providing evidence of delivery, or (c) transmission by hand delivery, electronic mail, telecopy, telegram
or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and,
in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as
it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the
addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 8050 S.W. 10th
Street, Suite 4000, Plantation, Florida 33324, Attention: John Bartleman, President (JBartleman@TradeStation.com) and Marc Stone, Chief
Legal Officer (MStone@TradeStation.com ) and, if to any Holder, at such Holder’s address or facsimile number as set forth in the
Company’s books and records. Any party may change its address for notice at any time and from time to time by written notice to
the other parties hereto, and such change of address shall become effective ten (10) days after delivery of such notice as provided in
this Section 5.1.

 

Section
5.2      Assignment; No Third Party Beneficiaries.

 

5.2.1
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

5.2.2 Prior
to the expiration of the (a) SPAC Holder Lock-Up Period, with respect to the Registrable Securities owned by the Sponsor Parties, or
(b) Monex Lock-Up Period, with respect to the Registrable Securities owned by Monex, no Holder may assign or delegate such
Holder’s rights, duties or obligations under this Agreement, in whole or in part, except to such Holder’s applicable
Permitted Transferees. For the avoidance of doubt, a Holders’ rights, duties or obligations under this Agreement are
transferable in connection with a sale of Registerable Securities to a Holder’s Permitted Transferees in any transaction
following which such Registrable Securities would remain Registrable Securities.

 

    21 

     

    

 

5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the applicable Holders, which shall include Permitted Transferees.

 

5.2.4
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and Section 5.2 hereof.

 

5.2.5
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (a) written notice of such assignment as provided in Section 5.1 hereof
and (b) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any Transfer or assignment made
other than as provided in this Section 5.2 shall be null and void.

 

Section
5.3       Severability. If any portion of this Agreement shall be declared void or unenforceable by any court or administrative
body of competent jurisdiction, such portion shall be deemed severable from the remainder of this Agreement, which shall continue in all
respects to be valid and enforceable.

 

Section
5.4       Counterparts. This Agreement may be executed in multiple counterparts
(including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the
same instrument, but only one of which need be produced. The words “execution,” “signed,”
 “signature,” “delivery” and words of like import in or relating to this Agreement or any document to be
signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to
conduct the transactions contemplated hereunder by electronic means.

 

Section
5.5       Governing Law; Venue; Waiver of Jury Trial. This Agreement, and all claims or
causes of action based upon, arising out of, or related to this Agreement or the transactions contemplated hereby, shall be governed
by, and construed in accordance with, the internal laws of the State of New York. Any action based upon, arising out of or related
to this Agreement or the transactions contemplated hereby may only be brought in the federal courts of the United States of America
located in the City of New York, Borough of Manhattan or the courts of the State of New York, in each case located in the City of
New York, Borough of Manhattan, and each of the parties hereto irrevocably submits to the exclusive jurisdiction of such courts in
any such action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum,
agrees that all claims in respect of the action shall be heard and determined only in any such court, and agrees not to bring any
action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court. Nothing herein
contained shall be deemed to affect the right of any party to serve process in any manner permitted by law or to commence legal
proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in
any Action brought pursuant to this Section 5.5. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

    22 

     

    

 

Section
5.6       Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority-in-interest
of the then-outstanding number of Registrable Securities at the time in question, compliance with any of the provisions, covenants and
conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified, provided,
however, that notwithstanding the foregoing, any waiver hereof or amendment or modification hereto that disproportionately adversely
affects Monex or either of the Sponsor Parties shall require the prior written consent of Monex or the Sponsor Parties that hold a majority-in-interest
of the then-outstanding number of Registrable Securities held by the Sponsor Parties so affected. No course of dealing between any Holder
or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies
under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of
any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies
hereunder or thereunder by such party.

 

Section
5.7       Other Registration Rights. Other than pursuant to the terms of the Subscription Agreements and the Warrant Agreement,
the Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company
to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company
for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that
this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions among the parties thereto
and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

Section
5.8       Prior Agreement. The Sponsor Parties, as parties to the Prior Agreement, hereby agree that the Prior Agreement is terminated
as of the Closing Date and is replaced in its entirety by this Agreement.

 

Section
5.9       Entire Agreement. This Agreement (including the documents and the instruments referred to in this Agreement), together
with the Merger Agreement, the Company Support Agreement and the Sponsor Support Agreement, constitutes the entire agreement and supersedes
all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement.

 

    23 

     

    

 

Section
5.10       Term. This Agreement shall terminate (a) with respect to any Holder on the
date on which such Holder ceases to hold Registrable Securities and (b) otherwise upon the date as of which all of the Registrable
Securities have been sold pursuant to a Registration Statement (but in each case in no event prior to the applicable period referred
to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the
Commission)). The provisions of Article IV shall survive any termination.

 

[Signature Pages Follow]

 

    24 

     

    

 

IN WITNESS WHEREOF, the undersigned have caused
this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TradeStation Group, Inc.
	 	 
	 	By: 	              
	 	 	Name: 
	 	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	SPONSOR PARTIES:
	 	 
	 	Quantum Ventures LLC
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	Chardan Quantum LLC
	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	 
	 	Name:
    John Schaible
	 	 
	 	 
	 	Name:
    Miguel Leon
	 	 
	 	 
	 	Name:
    Daniel Caamano, V
	 	 
	 	 
	 	Name:
    Sandip I. Patel
	 	 
	 	 
	 	Name:
    Thomas J. Hammond
	 	 
	 	 
	 	Name:
    Richard Korhammer
	 	 
	 	 
	 	Name: Steven J. Carlson

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	MONEX:
	 	 
	 	Monex Group, Inc.
	 	 
	 	By: 	         
	 	 	Name: 
	 	 	Title:

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

EXHIBIT A

 

	John Schaible 	 
	Miguel Leon 	 
	Daniel Caamano, V 	 
	Sandip I. Patel 	 
	Thomas J. Hammond 	 
	Richard Korhammer 	 
	Steven J. CarlsonExhibit 10.5

 

TRADESTATION GROUP, INC. 2021
OMNIBUS INCENTIVE PLAN

 

1.       Purpose.
The purpose of the TradeStation Group, Inc. 2021 Omnibus Incentive Plan is to provide a means through which the Company and the other
members of the Company Group may attract and retain key personnel, and to provide a means whereby directors, officers, employees, consultants,
and advisors of the Company and the other members of the Company Group can acquire and maintain an equity interest in the Company, or
be paid incentive compensation, including incentive compensation measured by reference to the value of Common Stock, thereby strengthening
their commitment to the welfare of the Company Group and aligning their interests with those of the Company’s stockholders.

 

		2.	Definitions. The following definitions shall be applicable throughout the Plan.

 

		(a)	“Absolute Share Limit” has the meaning given to such term in Section 5(b)
                                                                                                                                   of the Plan.

 

		(b)	“Adjustment Event” has the meaning given to such term in Section 11(a) of the Plan.

 

(c)       “Affiliate”
means any Person that directly or indirectly controls, is controlled by, or is under common control with the Company. The term “control”
(including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting or other securities, by contract, or otherwise.

 

(d)       “Applicable
Law” means each applicable law, rule, regulation and requirement, including, but not limited to, each applicable U.S. federal,
state or local law, any rule or regulation of the applicable securities exchange or inter-dealer quotation system on which the securities
of the Company may be listed or quoted and each applicable law, rule or regulation of any other country or jurisdiction where Awards are
granted under the Plan or Participants reside or provide services, as each such laws, rules and regulations shall be in effect from time
to time.

 

(e)       “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Other Equity-Based Award, and Other Cash-Based Award granted under the Plan.

 

(f)       “Award
Agreement” means the document or documents by which each Award (other than an Other Cash-Based Award) is evidenced, which
may be in written or electronic form.

 

		(g)	“Board” means the Board of Directors of the Company.

 

     

     

    

 

(h)       “Cause”
means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) “Cause”, as defined in any
employment, severance, consulting or other similar agreement between the Participant and the Service Recipient in effect at the time
of such Termination, or (ii) in the absence of any such employment, severance, consulting or other similar agreement (or the absence
of any definition of “Cause” contained therein), the Participant’s (A) willful neglect in the performance of the
Participant’s duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B)
engagement in conduct in connection with the Participant’s employment or service with the Service Recipient, which results in,
or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other
member of the Company Group; (C) conviction of, or plea of guilty or no contest to (I) any felony or (II) any other crime that
results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or
any other member of the Company Group; (D) material violation of the written policies of the Service Recipient, including, but not
limited to, those relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the
manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement, or misuse of funds or
property belonging to the Service Recipient or any other member of the Company Group; (F) act of personal dishonesty that involves
personal profit in connection with the Participant’s employment or service to the Service Recipient; or (G) breach of any
restrictive covenant and/or confidentiality agreement with any member of the Company Group; provided, in any case, that a
Participant’s resignation after an event that would be grounds for a Termination for Cause will be treated as a Termination
for Cause hereunder.

 

		(i)	“Change in Control” means:

 

(i)       the
acquisition (whether by purchase, merger, consolidation, combination, or other similar transaction) by any Person of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then-outstanding
shares of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or
warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock; or (B) the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors;
provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (I) any
acquisition by the Company or any Affiliate; (II) any acquisition by any employee benefit plan sponsored or maintained by the Company
or any Affiliate; or (III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of
Persons including the Participant (or any entity controlled by the Participant or any group of Persons including the Participant);

 

(ii)       during
any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any Person
becoming a director subsequent to the Effective Date, whose election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such Person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent
Director; provided, however, that no individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the
Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or
on behalf of any Person other than the Board shall be deemed to be an Incumbent Director; or

 

    2

     

    

 

(iii)       the
sale, transfer, or other disposition of all or substantially all of the assets of the Company Group (taken as a whole) to any Person
that is not an Affiliate of the Company.

 

(j)       “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall
be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to
such section, regulations, or guidance.

 

(k)       “Committee”
means the Compensation Committee of the Board or any properly delegated subcommittee thereof or, if no such Compensation Committee or
subcommittee thereof exists, the Board.

 

(l)       “Common
Stock” means the common stock of the Company, par value $0.01 per share (and any stock or other securities into which such
Common Stock may be converted or into which it may be exchanged).

 

(m)       “Company”
means TradeStation Group, Inc., a Florida corporation, and any successor thereto.

 

		(n)	“Company Group” means, collectively, the Company and its Subsidiaries.

 

(o)       “Date
of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in such
authorization.

 

(p)       “Designated
Foreign Subsidiaries” means all members of the Company Group that are organized under the laws of any jurisdiction other
than the United States of America that may be designated by the Board or the Committee from time to time.

 

(q)       “Detrimental
Activity” means any of the following: (i) unauthorized disclosure or use of any confidential or proprietary information
of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant’s employment or service
with the Service Recipient for Cause; (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound,
including, without limitation, any covenant not to compete or not to solicit, in any agreement with any member of the Company Group; or
(iv) fraud or conduct contributing to any financial restatements or irregularities, in each case, as determined by the Committee in its
sole discretion.

 

(r)       “Disability”
means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) “Disability”, as defined in
any employment, severance, consulting or other similar agreement between the Participant and the Service Recipient in effect at the
time of Termination; or (ii) in the absence of any such employment, severance, consulting or other similar agreement (or the absence
of any definition of “Disability” contained therein), a condition entitling the Participant to receive benefits under a
long-term disability plan of the Service Recipient or other member of the Company Group in which such Participant is eligible to
participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or
accident to perform the duties of the position at which the Participant was employed or served when such disability commenced. Any
determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company (or its
designee) in its sole and absolute discretion.

 

    3

     

    

 

		(s)	“Effective Date” [ ], 20[21].

 

(t)       “Eligible
Person” means any: (i) individual employed by any member of the Company Group; provided, however, that no such
employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is
set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director or officer of any
member of the Company Group; or (iii) consultant or advisor to any member of the Company Group, or any other Person, in each case,
to whom an offer of securities is permitted to be registered pursuant to a registration statement on Form S-8 under the Securities
Act (or for consultants or advisors outside of the U.S. who can be offered securities consistent with Applicable Law), who, in the
case of each of clauses (i) through (iii) above, has entered into an Award Agreement or who has received written notification from
the Committee or its designee that they have been selected to participate in the Plan.

 

(u)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any section
of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or other interpretative guidance under
such section or rule, and any amendments or successor provisions to such section, rules, regulations, or guidance.

 

		(v)	“Exercise Price” has the meaning given to such term in Section 7(b) of the Plan.

 

(w)       “Fair
Market Value” means, on a given date: (i) if the Common Stock is listed on a national securities exchange, the closing
sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if
there are no such sales on that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is
not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average
between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last
preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted
in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee in good faith to be the fair market
value of the Common Stock; provided, however, as to any Awards granted on or with a Date of Grant of the date of the
pricing of the Company’s initial public offering, “Fair Market Value” shall be equal to the per share price at
which the Common Stock is offered to the public in connection with such initial public offering.

 

		(x)	“GAAP” has the meaning given to such term in Section 7(d) of the Plan.

 

		(y)	“Immediate Family Members” has the
meaning given to such term in Section 13(b)(ii)of the Plan.

 

 (z)        “Incentive Stock Option” means an Option which is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

 

    4

     

    

 

		(aa)	“Indemnifiable Person” has the meaning given to such term in Section 4(e) of the Plan.

 

(bb)       “Non-Employee
Director” means a member of the Board who is not an employee of any member of the Company Group.

 

(cc)       “Nonqualified
Stock Option” means an Option which is not designated by the Committee as an Incentive Stock Option.

 

		(dd)	“Option” means an Award granted under Section 7 of the Plan.

 

		(ee)	“Option Period” has the meaning given to such term in Section 7(c)(i) of the Plan.

 

(ff)       “Other
Cash-Based Award” means an Award that is granted under Section 10 of the Plan that is denominated and/or payable in cash.

 

(gg)       “Other
Equity-Based Award” means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, or Restricted Stock
Unit that is granted under Section 10 of the Plan and is (i) payable by delivery of Common Stock and/or (ii) measured by reference to
the value of Common Stock.

 

(hh)       “Participant”
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to the Plan.

 

(ii)       “Performance
Conditions” means specific levels of performance of the Company (and/or one or more members of the Company Group,
divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any
combination of the foregoing), which may be determined in accordance with GAAP or on a non-GAAP basis on, without limitation, the
following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted earnings
per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit
or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, but not limited to,
return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including,
but not limited to, operating cash flow, free cash flow, or cash flow return on capital), which may be but are not required to be
measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization
(including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including, but not
limited to, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative
expense savings; (xiii) operating efficiency; (xiv) objective
measures of customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other ‘value
creation’ metrics; (xvii) enterprise value; (xviii) sales; (xix) stockholder return; (xx) customer/client retention; (xxi)
competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of
projects (including, but not limited to, succession and hiring projects, completion of specific acquisitions, dispositions,
reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and
meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi)
cost of capital, debt leverage, year-end cash position or book value; (xxvii) strategic objectives; (xxviii) account opening metrics
and trading volume; (xxix) gross or net authorizations; (xxx) backlog; or (xxxi) any combination of the foregoing. Any one or more
of the aforementioned performance criteria may be stated as a percentage of another performance criteria, or used on an absolute or
relative basis to measure the performance of one or more members of the Company Group as a whole or any divisions or operational
and/or business units, product lines, brands, business segments, or administrative departments of the Company and/or one or more
members of the Company Group or any combination thereof, as the Committee may deem appropriate, or any of the above performance
criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the
Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices.

 

    5

     

    

 

		(jj)	“Permitted Transferee” has the meaning given to such term in Section 13(b)(ii) of the Plan.

 

(kk)       “Person”
means any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).

 

(ll)       “Plan”
means this TradeStation Group, Inc. 2021 Omnibus Incentive Plan, as it may be amended and/or restated from time to time.

 

(mm)       “Qualifying
Director” means a Person who is, with respect to actions intended to obtain an exemption from Section 16(b) of the Exchange
Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the meaning of Rule 16b-3 under the Exchange
Act.

 

(nn)       “Restricted
Period” means the period of time determined by the Committee during which an Award is subject to restrictions, including
vesting conditions.

 

(oo)       “Restricted
Stock” means Common Stock, subject to certain specified restrictions (which may include, without limitation, a requirement
that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section
9 of the Plan.

 

(pp)       “Restricted
Stock Unit” means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities, or other
property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously
employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

 

		(qq)	“SAR Period” has the meaning given to such term in Section 8(c)(i) of the Plan.

 

(rr)       “Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or
rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, or other interpretative guidance under
such section or rule, and any amendments or successor provisions to such section, rules, regulations, or guidance.

 

(ss)       “Service
Recipient” means, with respect to a Participant holding a given Award, the member of the Company Group by which the original
recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides,
or following a Termination was most recently providing, services, as applicable.

 

    6

     

    

 

		(tt)	“Stock Appreciation Right” or “SAR” means an Award granted under Section 8 of the Plan.

 

		(uu)	“Strike Price” has the meaning given to such term in Section 8(b) of the Plan.

 

		(vv)	“Subsidiary” means, with respect to any specified Person:

 

(i)       any
corporation, association, or other business entity of which more than 50% of the total voting power of shares of such entity’s voting
securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)       any
partnership or limited liability company (or any comparable foreign entity) (A) the sole general partner or managing member (or functional
equivalent thereof) or the managing general partner or manager of which is such Person or Subsidiary of such Person or (B) the only general
partners or managing members (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or
any combination thereof).

 

(ww)       “Sub-Plans”
means any sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting or facilitating the offering
of Awards to employees of certain Designated Foreign Subsidiaries or otherwise outside the jurisdiction of the United States of America,
with each such Sub-Plan designed to comply with Applicable Law in such foreign jurisdictions. Although any Sub-Plan may be designated
a separate and independent plan from the Plan in order to comply with Applicable Law, the Absolute Share Limit and the other limits specified
in Section 5(b) of the Plan shall apply in the aggregate to the Plan and any Sub-Plan adopted hereunder.

 

		(xx)	“Substitute Awards” has the meaning given to such term in Section 5(e) of the Plan.

 

(yy)       “Termination”
means the termination of a Participant’s employment or service, as applicable, with the Service Recipient for any reason (including
death or Disability).

 

3.       Effective
Date; Duration. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after which date
no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such
expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such
Awards.

 

    7

     

    

 

		4.	Administration.

 

(a)       General.
The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange
Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time
such member takes any action with respect to an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3
promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail to qualify as a Qualifying
Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

 

(b)       Committee
Authority. Subject to the provisions of the Plan and Applicable Law, the Committee shall have the sole and plenary authority, in
addition to other express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii)
determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be
covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv)
determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be
settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards, or other property, or canceled,
forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi)
determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock, other securities,
other Awards, or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the
election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in,
and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii)
establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for
the proper administration of the Plan; (ix) adopt Sub-Plans; and (x) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan.

 

(c)
        Delegation. Except to the extent prohibited by Applicable Law, the Committee may allocate all or any portion of its responsibilities
and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any Person or Persons
selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the
foregoing, the Committee may delegate to one or more officers of any member of the Company Group the authority to act on behalf of the
Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee
herein, and which may be so delegated in accordance with Applicable Law, except for grants of Awards to Non-Employee Directors. Notwithstanding
the foregoing in this Section 4(c), it is intended that any action under the Plan intended to qualify for an exemption provided by Rule
16b-3 promulgated under the Exchange Act related to Persons who are subject to Section 16 of the Exchange Act will be taken only by the
Board or by a committee or subcommittee of two or more Qualifying Directors. However, the fact that any member of such committee or subcommittee
shall fail to qualify as a Qualifying Director shall not invalidate any action that is otherwise valid under the Plan.

 

(d)       Finality
of Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions
under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made
at any time, and shall be final, conclusive, and binding upon all Persons, including, without limitation, any member of the Company Group,
any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

 

    8

     

    

 

(e)       Indemnification.
No member of the Board, the Committee, or any employee or agent of any member of the Company Group (each such Person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan
or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified
and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that may be
imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit, or proceeding to which such
Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to
be taken or determination made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable
Person, with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment
in any such action, suit, or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person
any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount
of such advance if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified);
provided, that the Company shall have the right, at its own expense, to assume and defend any such action, suit, or proceeding
and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel
of the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent
that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person
determines that the acts, omissions, or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted
from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited
by Applicable Law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall
not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under
the organizational documents of any member of the Company Group, as a matter of Applicable Law, under an individual indemnification agreement
or contract, or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable
Persons harmless.

 

(f)       Board
Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and
from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to
Applicable Law and the rules of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted.
In any such case, the Board shall have all the authority granted to the Committee under the Plan.

 

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		5.	Grant of Awards; Shares Subject to the Plan; Limitations.

 

(a)       Grants.
The Committee may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall vest and become
exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation,
attainment of Performance Conditions.

 

(b)       Share
Reserve and Limits. Awards granted under the Plan shall be subject to the following limitations: (i) subject to Section 11 of
the Plan, no more than [insert limit][Note: Initial reserved pool will equal 6.7% of the fully diluted shares of Common
Stock] shares of Common Stock (the “Absolute Share Limit”) shall be available for Awards under the
Plan; provided, however, that the Absolute Share Limit shall be increased on the first day of each fiscal year
beginning with the fiscal year ended on March, 21 20[23] in an amount equal to the least of (x) 3% of the total number of shares of
Common Stock outstanding on the last day of the immediately preceding fiscal year, and (y) a lower number of shares of Common Stock
as determined by the Board; (ii) subject to Section 11 of the Plan, the maximum number of shares of Common Stock for which Incentive
Stock Options may be granted is the Absolute Share Limit; and (iii) during a single fiscal year, each Non-Employee Director, shall
be granted a number of shares of Common Stock subject to Awards, taken together with any cash fees paid to such Non-Employee
Director during such fiscal year, equal to (A) $1,000,000 (calculating the value of any such Awards based on the fair value of such
Awards on the Date of Grant for financial reporting purposes) or (B) such lower amount as determined by the Board prior to the Date
of Grant, either as part of the Company’s Non-Employee Director compensation program or as otherwise determined by the Board
in the event of any change to such Non-Employee Director’s compensation program or for any particular period of service. To
the extent the Board makes a determination pursuant to clause (iii)(B) above with respect to any year of service, such determination
shall in no event be applicable to any subsequent year of service without a further determination by the Board in respect of any
subsequent year of service.

 

(c)       Share
Counting. Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled, forfeited, terminated,
settled in cash, or otherwise is settled without issuance to the Participant of the full number of shares of Common Stock to which the
Award related, the unissued shares of Common Stock will again be available for grant under the Plan. Shares of Common Stock withheld in
payment of the Exercise Price, or taxes relating to an Award, and shares equal to the number of shares surrendered in payment of any Exercise
Price, or taxes relating to an Award, shall be deemed to constitute shares not issued to the Participant and shall be deemed to again
be available for Awards under the Plan; provided, however, that such shares shall not become available for issuance hereunder if
either: (i) the applicable shares are withheld or surrendered following the termination of the Plan; or (ii) at the time the applicable
shares are withheld or surrendered, it would constitute a material revision of the Plan subject to stockholder approval under any then-applicable
rules of the national securities exchange on which the Common Stock is listed.

 

(d)       Source
of Shares. Shares of Common Stock issued by the Company in settlement of Awards may be authorized and unissued shares of Common Stock,
shares of Common Stock held in the treasury of the Company, shares of Common Stock purchased on the open market or by private purchase,
or a combination of the foregoing.

 

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(e)       Substitute
Awards. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding
Awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute
Awards”). Substitute Awards shall not be counted against the Absolute Share Limit; provided, that Substitute Awards
issued in connection with the assumption of, or in substitution for, outstanding Options intended to qualify as “incentive stock
options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available
for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares of Common Stock
under a stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately
adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number
of shares of Common Stock available for issuance under the Plan.

 

		6.	Eligibility. Participation in the Plan shall be limited to Eligible Persons.

 

		7.	Options.

 

(a)       General.
Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each Participant.
Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options
unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options
shall be granted only to Eligible Persons who are employees of a member of the Company Group, and no Incentive Stock Option shall be granted
to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive
Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder
approval requirements of Section 422(b)(1) of the Code; provided, that any Option intended to be an Incentive Stock Option shall
not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified
Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant
shall be subject to, and comply with, such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended
to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification,
such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

 

(b)       Exercise
Price. Except as otherwise provided by the Committee, the exercise price (“Exercise Price”) per share
of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of
Grant); provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant
of such Option, owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company
Group, the Exercise Price per share shall be no less than 110% of the Fair Market Value per share on the Date of Grant.

 

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		(c)	Vesting and Expiration; Termination.

 

(i)       Options
shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee
including, without limitation, those set forth in Section 5(a) of the Plan; provided, however, that notwithstanding any
such vesting dates or events, the Committee may in its sole discretion accelerate the vesting of any Options at any time and for any
reason. Options shall expire upon a date determined by the Committee, not to exceed ten years from the Date of Grant (the “Option
Period”); provided, that if the Option Period (other than in the case of an Incentive Stock Option) would expire
at a time (A) when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed
 “blackout period”) and (B) the Fair Market Value exceeds the Exercise Price per share on such expiration date, then the Option
Period shall be automatically extended until the 30th day following the expiration of such prohibition. Notwithstanding the
foregoing, in no event shall the Option Period exceed five years from the Date of Grant in the case of an Incentive Stock Option granted
to a Participant who on the Date of Grant owns stock representing more than 10% of the voting power of all classes of stock of any member
of the Company Group. To the extent that the aggregate fair market value of shares of Common Stock with respect to which Incentive Stock
Options are exercisable for the first time by any individual during any calendar year (under all plans of the Company) exceeds $100,000,
such Options will be treated as Nonqualified Stock Options to the extent required by Section 422 of the Code.

 

(ii)       Unless
otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant’s Termination
by the Service Recipient for Cause, all outstanding Options granted to such Participant shall immediately terminate and expire; (B) a
Participant’s Termination due to death or Disability, each outstanding unvested Option granted to such Participant shall immediately
terminate and expire, and each outstanding vested Option shall remain exercisable for one year thereafter (but in no event beyond the
expiration of the Option Period); and (C) a Participant’s Termination for any other reason, each outstanding unvested Option granted
to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for 90 days thereafter
(but in no event beyond the expiration of the Option Period).

 

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(d)       Method
of Exercise and Form of Payment. No shares of Common Stock shall be issued pursuant to any exercise of an Option until payment
in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any
Federal, state, local, and non-U.S. income, employment, and any other applicable taxes that are statutorily required to be withheld
in accordance with Section 13(d) of the Plan. Options which have become exercisable may be exercised by delivery of written or
electronic notice of exercise to the Company, or any third-party administrator, as applicable, (or telephonic instructions to the
extent provided by the Committee) in accordance with the terms of the Option and any other exercise procedure established by the
Committee, accompanied by payment of the Exercise Price. The Exercise Price shall be payable: (i) in cash, check, cash equivalent,
and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures
approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual
physical transfer of such shares to the Company); provided, that such shares of Common Stock are not subject to any pledge or
other security interest and have been held by the Participant for at least six months (or such other period as established from time
to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles
(“GAAP”)); or (ii) by such other method as the Committee may permit in its sole discretion, including,
without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) if
there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise”
pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable
instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of the Option and to deliver
promptly to the Company an amount equal to the Exercise Price; or (C) a “net exercise” procedure effected by withholding
the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise Price
and any Federal, state, local, and non-U.S. income, employment, and any other applicable taxes that are statutorily required to be
withheld in accordance with Section 13(d) of the Plan. In determining the methods that a Participant may utilize to pay the Exercise
Price, the Committee may consider such factors as it determines are appropriate; provided, however, that, with respect
to Incentive Stock Options, all such discretionary determinations shall be made by the Committee at the time of grant and specified
in the Award Agreement. Unless otherwise determined by the Committee, any fractional shares of Common Stock shall be settled in
cash.

 

(e)       Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall
notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any share of Common Stock
acquired pursuant to the exercise of such Incentive Stock Option. Unless otherwise provided pursuant to Applicable Law, a disqualifying
disposition is any disposition (including, without limitation, any sale) of such share of Common Stock before the later of (i) the date
that is two years after the Date of Grant of the Incentive Stock Option, or (ii) the date that is one year after the date of exercise
of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee,
retain possession, as agent for the applicable Participant, of any share of Common Stock acquired pursuant to the exercise of an Incentive
Stock Option until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant
as to the sale of such share of Common Stock.

 

(f)       Compliance
With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which
the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other Applicable
Law.

 

		8.	Stock Appreciation Rights.

 

(a)       General.
Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the conditions set
forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award
Agreement. Any Option granted under the Plan may include tandem SARs, provided, that, no tandem SARs may be granted for more
shares of Common Stock than are subject to the Option to which it relates. The Committee also may award SARs to Eligible Persons
independent of any Option.

 

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(b)       Strike
Price. Except as otherwise provided by the Committee in the case of Substitute Awards, the strike price (“Strike Price”)
per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of
Grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a
Strike Price equal to the Exercise Price of the corresponding Option.

 

		(c)	Vesting and Expiration; Termination.

 

(i)       A
SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration
provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable in such manner and on
such date or dates or upon such event or events as determined by the Committee including, without limitation, those set forth in Section
5(a) of the Plan; provided, however, that notwithstanding any such vesting dates or events, the Committee may, in its sole
discretion, accelerate the vesting of any SAR at any time and for any reason. SARs shall expire upon a date determined by the Committee,
not to exceed ten years from the Date of Grant (the “SAR Period”); provided, that if the SAR Period
would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s insider trading policy (or Company-imposed
 “blackout period”), then the SAR Period shall be automatically extended until the 30th day following the expiration
of such prohibition.

 

(ii)       Unless
otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant’s
Termination by the Service Recipient for Cause, all outstanding SARs granted to such Participant shall immediately terminate and
expire; (B) a Participant’s Termination due to death or Disability, each outstanding unvested SAR granted to such Participant
shall immediately terminate and expire, and each outstanding vested SAR shall remain exercisable for one year thereafter (but in no
event beyond the expiration of the SAR Period); and (C) a Participant’s Termination for any other reason, each outstanding
unvested SAR granted to such Participant shall immediately terminate and expire, and each outstanding vested SAR shall remain
exercisable for 90 days thereafter (but in no event beyond the expiration of the SAR Period).

 

(d)       Method
of Exercise. SARs which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company
in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded.

 

(e)       Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that
is being exercised multiplied by the excess of the Fair Market Value of one share of Common Stock on the exercise date over the
Strike Price, less an amount equal to any Federal, state, local, and non-U.S. income, employment, and any other applicable taxes
that are statutorily required to be withheld in accordance with Section 13(d) of the Plan. The Company shall pay such amount in
cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee. Any
fractional shares of Common Stock shall be settled in cash.

 

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		9.	Restricted Stock and Restricted Stock Units.

 

(a)       General.
Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Restricted Stock and Restricted
Stock Unit so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement.

 

(b)       Stock
Certificates and Book-Entry Notation; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause
a stock certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in
the name of the Participant and held in book-entry form subject to the Company’s directions and, if the Committee determines that
the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered
by such agreement. If a Participant shall fail to execute and deliver (in a manner permitted under Section 13(a) of the Plan or as otherwise
determined by the Committee) an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock
power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions set forth in
this Section 9, Section 13(b) of the Plan and the applicable Award Agreement, a Participant generally shall have the rights and privileges
of a stockholder as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock. To the extent
shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to
the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further
obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units.

 

		(c)	Vesting; Termination.

 

(i)       Restricted
Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner and on such date or dates
or upon such event or events as determined by the Committee including, without limitation, those set forth in Section 5(a) of the Plan;
provided, however, that notwithstanding any such dates or events, the Committee may, in its sole discretion, accelerate
the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted Period at any time and for any
reason.

 

(ii)       Unless
otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a Participant’s Termination
for any reason prior to the time that such Participant’s Restricted Stock or Restricted Stock Units, as applicable, have
vested, (A) all vesting with respect to such Participant’s Restricted Stock or Restricted Stock Units, as applicable, shall
cease and (B) unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited to the
Company by the Participant for no consideration as of the date of such Termination.

 

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		(d)	Issuance of Restricted Stock and Settlement of Restricted Stock Units.

 

(i)       Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award
Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If
an escrow arrangement is used, upon such expiration the Company shall issue to the Participant or the Participant’s beneficiary,
without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted
Stock which have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full
share).

 

(ii)       Unless
otherwise provided by the Committee in an Award Agreement or otherwise, upon the expiration of the Restricted Period with respect to any
outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant’s beneficiary, without charge,
one share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; provided,
however, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common Stock in lieu
of issuing only shares of Common Stock in respect of such Restricted Stock Units or (B) defer the issuance of shares of Common Stock (or
cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration of the Restricted Period if such extension
would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common
Stock in respect of such Restricted Stock Units, the amount of such payment shall be equal to the Fair Market Value per share of the Common
Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units.

 

(e)       Legends
on Restricted Stock. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any, shall bear
a legend or book-entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate,
until the lapse of all restrictions with respect to such shares of Common Stock:

 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY
IS RESTRICTED PURSUANT TO THE TERMS OF THE TRADESTATION GROUP, INC. 2021 OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT
BETWEEN TRADESTATION GROUP, INC. AND THE PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES
OF TRADESTATION GROUP, INC.

 

10.        Other
Equity-Based Awards and Other Cash-Based Awards. The Committee may grant Other Equity-Based Awards and Other Cash-Based Awards
under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and dependent on such conditions as the
Committee shall from time to time in its sole discretion determine including, without limitation, those set forth in Section 5(a) of
the Plan. Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and each Other Cash-Based
Award granted under the Plan shall be evidenced in such form as the Committee may determine from time to time. Each Other
Equity-Based Award or Other Cash-Based Award, as applicable, so granted shall be subject to such conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement or other form evidencing such Award, including, without limitation,
those set forth in Section 13(c) of the Plan.

 

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11.       
Changes in Capital Structure and Similar Events. Notwithstanding any other provision in this Plan to the contrary, the
following provisions shall apply to all Awards granted hereunder (other than Other Cash-Based Awards):

 

(a)       General.
In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of
Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, split-off, spin-off, combination, repurchase, or exchange of shares of Common Stock or other securities of
the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other
similar corporate transaction or event that affects the shares of Common Stock (including a Change in Control), or (ii) unusual or
nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations, or other requirements, that
the Committee determines, in its sole discretion, could result in substantial dilution or enlargement of the rights intended to be
granted to, or available for, Participants (any event in (i) or (ii), an “Adjustment Event”), the
Committee shall, in respect of any such Adjustment Event, make such proportionate substitution or adjustment, if any, as it deems
equitable, to any or all of: (A) the Absolute Share Limit, or any other limit applicable under the Plan with respect to the number
of Awards which may be granted hereunder; (B) the number of shares of Common Stock or other securities of the Company (or number and
kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted
under the Plan or any Sub-Plan, provided, however, that any such substitution or adjustment with respect to Options
and SARs under the Plan shall occur in accordance with the requirements of Section 409A of the Code; and (C) the terms of any
outstanding Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company (or
number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate; (II) the
Exercise Price or Strike Price with respect to any Award; or (III) any applicable performance measures; provided, that in the
case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment
to outstanding Awards to reflect such equity restructuring. Any adjustment under this Section 11 shall be conclusive and binding for
all purposes.

 

(b)       Adjustment
Events. Without limiting the foregoing, except as may otherwise be provided in an Award Agreement, in connection with any Adjustment
Event, the Committee may, in its sole discretion, provide for any one or more of the following:

 

(i)       substitution
or assumption of Awards (or awards of an acquiring company), acceleration of the exercisability of, lapse of restrictions on, or
termination of Awards, or a period of time (which shall not be required to be more than ten days) for Participants to exercise
outstanding Awards prior to the occurrence of such event (and any such Award not so exercised shall terminate upon the occurrence of
such event); and

 

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(ii)
subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, cancellation of any one or
more outstanding Awards and payment to the holders of such Awards that are vested as of such cancellation (including, without limitation,
any Awards that would vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by
the Committee in connection with such event) the value of such Awards, if any, as determined by the Committee (which value, if applicable,
may be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event),
including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of
the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate
Exercise Price or Strike Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise
Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and
terminated without any payment or consideration therefor), or, in the case of Restricted Stock, Restricted Stock Units, or Other Equity-Based
Awards that are not vested as of such cancellation, a cash payment or equity subject to deferred vesting and delivery consistent with
the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards prior to cancellation,
or the underlying shares in respect thereof.

 

Payments to holders pursuant to clause (ii) above shall be made in
cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive property,
cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction
if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the
Award at such time (less any applicable Exercise Price or Strike Price).

 

(c)       Other
Requirements. Prior to any payment or adjustment contemplated under this Section 11, the Committee may require a Participant to (i)
represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata share
of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights,
holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as may be necessary
to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee.

 

(d)       Fractional
Shares. Any adjustment provided under this Section 11 may provide for the elimination of any fractional share that might otherwise
become subject to an Award.

 

(e)       Binding
Effect. Any adjustment, substitution, determination of value or other action taken by the Committee under this Section 11 shall
be conclusive and binding for all purposes.

 

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		12.	Amendments and Termination.

 

(a)       Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any
time; provided, that no such amendment, alteration, suspension, discontinuance, or termination shall be made without stockholder
approval if: (i) such approval is required under Applicable Law; (ii) it would materially increase the number of securities which may
be issued under the Plan (except for increases pursuant to Section 5 or 11 of the Plan), or (iii) it would materially modify the requirements
for participation in the Plan; provided, further, that, other than pursuant to Section 11, any such amendment, alteration, suspension,
discontinuance, or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of
any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder, or beneficiary.
Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 12(b) of the Plan without stockholder approval.

 

(b)       Amendment
of Award Agreements. The Committee may, to the extent consistent with the terms of the Plan, any applicable Award Agreement and Section
409A of the Code, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel, or terminate, any
Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after a Participant’s Termination);
provided, that, other than pursuant to Section 11, any such waiver, amendment, alteration, suspension, discontinuance, cancellation,
or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant; provided, further, that without stockholder
approval, except as otherwise permitted under Section 11 of the Plan, (i) no amendment or modification may reduce the Exercise Price of
any Option or the Strike Price of any SAR; (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option
or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash payment that is greater than the intrinsic
value (if any) of the canceled Option or SAR; and (iii) the Committee may not take any other action which is considered a “repricing”
for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of
the Company are listed or quoted.

 

		13.	General.

 

(a)       Award
Agreements. Each Award (other than an Other Cash-Based Award) under the Plan shall be evidenced by an Award Agreement, which shall
be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable
thereto, including, without limitation, the effect on such Award of the death, Disability, or Termination of a Participant, or of such
other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form (written or electronic)
as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate,
or a letter) evidencing the Award. The Committee need not require an Award Agreement to be signed by the Participant or a duly authorized
representative of the Company.

 

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		(b)	Nontransferability.

 

(i)       Each
Award shall be exercisable only by such Participant to whom such Award was granted during the Participant’s lifetime, or, if permissible
under Applicable Law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached,
sold, or otherwise transferred or encumbered by a Participant (unless such transfer is specifically required pursuant to a domestic relations
order or by Applicable Law) other than by will or by the laws of descent and distribution and any such purported assignment, alienation,
pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against any member of the Company Group; provided,
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance.

 

(ii)       Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a
Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement
to preserve the purposes of the Plan, to: (A) any Person who is a “family member” of the Participant, as such term is
used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the
Securities and Exchange Commission (collectively, the “Immediate Family Members”); (B) a trust solely for
the benefit of the Participant and the Participant’s Immediate Family Members; (C) a partnership or limited liability company
whose only partners or members are the Participant and the Participant’s Immediate Family Members; or (D) a beneficiary to
whom donations are eligible to be treated as “charitable contributions” for federal income tax purposes (each transferee
described in clauses (A), (B), (C), and (D) above is hereinafter referred to as a “Permitted Transferee”); provided,
that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the
Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

 

(iii)       The
terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee and any reference in the
Plan or in any applicable Award Agreement to a Participant shall be deemed to refer to the Permitted Transferee, except that: (A)
Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B)
Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration
statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the
Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or
appropriate; (C) neither
the Committee nor the Company shall be required to provide any notice to a Permitted Transferee, whether or not such notice is or
would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a
Participant’s Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with
respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to
the extent, and for the periods, specified in the Plan and the applicable Award Agreement.

 

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		(c)	Dividends and Dividend Equivalents.

 

(i)       The
Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents, or similar payments
in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property (in each case, without
interest), on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion,
including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the
Award or reinvestment in additional shares of Common Stock, Restricted Stock or other Awards.

 

(ii)       Without
limiting the foregoing, unless otherwise provided in the Award Agreement, any dividend otherwise payable in respect of any share of Restricted
Stock that remains subject to vesting conditions at the time of payment of such dividend shall be retained by the Company, and remain
subject to the same vesting conditions as the share of Restricted Stock to which the dividend relates and shall be delivered (without
interest) to the Participant within 15 days following the date on which such restrictions on such Restricted Stock lapse (and the right
to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends relate).

 

(iii)       To
the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units shall be entitled to be credited with dividend
equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion
of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends (and interest may, in the
sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined
by the Committee), which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the
underlying Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such Restricted
Stock Units, and if such Restricted Stock Units are forfeited, the Participant shall have no right to such dividend equivalent payments
(or interest thereon, if applicable).

 

		(d)	Tax Withholding.

 

(i)       A
Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash (by check or
wire transfer) equal to the aggregate amount of any income, employment, and/or other applicable taxes that are statutorily required to
be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect, in its sole discretion, to satisfy
this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant.

 

(ii)       Without
limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to
satisfy all or any portion of the minimum income, employment, and/or other applicable taxes that are statutorily required to be
withheld with respect to an Award by: (A) the delivery of shares of Common Stock (which are not subject to any pledge or other
security interest) that have been both held by the Participant and vested for at least six months (or such other period as
established from time to time by the Committee in order to avoid adverse accounting treatment under applicable accounting standards)
having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); or (B)
having the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be
retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of shares of
Common Stock with an aggregate Fair Market Value equal to an amount, subject to clause (iii) below, not in excess of such minimum
statutorily required withholding liability (or portion thereof).

 

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(iii) The Committee, subject to its having considered
the applicable accounting impact of any such determination, has full discretion to allow Participants to satisfy, in whole or in part,
any additional income, employment, and/or other applicable taxes payable by them with respect to an Award by electing to have the Company
withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon
the grant, exercise, vesting, or settlement of the Award, as applicable, shares of Common Stock having an aggregate Fair Market Value
that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess
of the maximum statutory withholding amount(s) in a Participant’s relevant tax jurisdictions).

 

(e)       Data
Protection. By participating in the Plan or accepting any rights granted under it, each Participant consents to the collection and
processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise
their rights under the Plan and generally administer and manage the Plan. This data will include, but may not be limited to, data about
participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to time and other appropriate financial
and other data (such as the date on which the Awards were granted) about the Participant and the Participant’s participation in
the Plan.

 

(f)       No
Claim to Awards; No Rights to Continued Employment; Waiver. No employee of any member of the Company Group, or other Person,
shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be
selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or
beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with
respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not
such Participants are similarly situated. Neither the Plan nor any action taken hereunder (including any Award) shall be construed
as giving any Participant any right to be retained in the employ or service of the Service Recipient or any other member of the
Company Group, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Service
Recipient or any other member of the Company Group may at any time dismiss a Participant from employment or discontinue any
consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any
Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued
exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period
provided under the Plan or any Award Agreement, except to the extent of any provision to the contrary in any written employment
contract or other agreement between the Service Recipient and/or any member of the Company Group and the Participant, whether any
such agreement is executed before, on, or after the Date of Grant.

 

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(g)       International
Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may, in its sole
discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such Participants in
order to permit or facilitate participation in the Plan by such Participants, conform such terms with the requirements of Applicable Law
or to obtain more favorable tax or other treatment for a Participant or any member of the Company Group.

 

(h)       Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more Persons as the
beneficiary or beneficiaries, as applicable, who shall be entitled to receive the amounts payable with respect to an Award, if any,
due under the Plan upon the Participant’s death. A Participant may, from time to time, revoke or change the
Participant’s beneficiary designation without the consent of any prior beneficiary by filing a new designation with the
Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation,
or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in
no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the
beneficiary shall be deemed to be the Participant’s spouse or, if the Participant is unmarried at the time of death, the
Participant’s estate.

 

(i)       Termination.
Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point following such event: (a)
neither a temporary absence from employment or service due to illness, vacation, or leave of absence (including, without limitation, a
call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service with one
Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; provided,
that, with respect to a Participant’s Incentive Stock Options, any leave of absence granted by the Committee to a Participant of
greater than three months, unless pursuant to a contract or statute that guarantees the right to reemployment, shall cause such Participant’s
Incentive Stock Option to become a Nonqualified Stock Option on the date that is six months following the commencement of such leave of
absence; and (b) if a Participant undergoes a Termination, but such Participant continues to provide services to the Company Group in
a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise
determined by the Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture,
spin-off, or other similar transaction), unless a Participant’s employment or service is transferred to another entity that would
constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination
hereunder as of the date of the consummation of such transaction.

 

(j)       No
Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no Person shall be entitled
to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been
issued or delivered to such Person.

 

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		(k)	Government and Other Regulations.

 

(i)       The
obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all Applicable Law. Notwithstanding
any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall
be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly
registered for sale pursuant to the Securities Act with the Securities and Exchange Commission (or as otherwise permitted under Applicable
Law) or unless the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company,
that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions
of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act
any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares
of Common Stock or other securities of any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders
and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, and Applicable Law, and, without
limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares
of Common Stock or other securities of any member of the Company Group issued under the Plan to make appropriate reference to such restrictions
or may cause such Common Stock or other securities of any member of the Company Group issued under the Plan in book-entry form to be held
subject to the Company’s instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan
to the contrary, the Committee reserves the right to add, at any time, any additional terms or provisions to any Award granted under the
Plan that the Committee, in its sole discretion, deems necessary or advisable in order that such Award complies with the legal requirements
of any governmental entity to whose jurisdiction the Award is subject.

 

(ii)       The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual
restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock
from the public markets, the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of
Common Stock from the Company, and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable, or
inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company
shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code: (A) pay to the
Participant an amount equal to the excess of (I) the aggregate Fair Market Value of the shares of Common Stock subject to such Award
or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or
issued, as applicable), over (II) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or
any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award), with such amount being
delivered to the Participant as soon as practicable following the cancellation of such Award (or portion thereof) or (B) in the case
of Restricted Stock, Restricted Stock Units, or Other Equity-Based Awards, provide the Participant with a cash payment or equity
subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted
Stock Units, or Other Equity-Based Awards, or the underlying shares in respect thereof.

 

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(l)       No
Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under a similar provision of law
may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee (or its designee in
accordance with Section 4(c) of the Plan) in writing prior to the making of such election. If a Participant, in connection with the acquisition
of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election,
the Participant shall notify the Company of such election within ten days after filing notice of the election with the Internal Revenue
Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or
other applicable provision.

 

(m)       Payments
to Persons Other Than Participants. If the Committee shall find that any Person to whom any amount is payable under the Plan is unable
to care for the Participant’s affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person
or the Participant’s estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee
so directs the Company, be paid to the Participant’s spouse, child, relative, an institution maintaining or having custody of such
Person, or any other Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any
such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 

(n)       Nonexclusivity
of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable,
including, without limitation, the granting of equity-based awards otherwise than under the Plan, and such arrangements may be either
applicable generally or only in specific cases.

 

(o)       No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other
hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to
purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor
shall the Company be obligated to maintain separate bank accounts, books, records, or other evidence of the existence of a segregated
or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured
general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance
of services, they shall have the same rights as other service providers under general law.

 

(p)       Reliance
on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as
the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the
independent public accountant of any member of the Company Group and/or any other information furnished in connection with the Plan
by any agent of the Company or the Committee or the Board, other than himself or herself.

 

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(q)       Relationship
to Other Benefits. No payment or issuance under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically provided in such other
plan or as required by Applicable Law.

 

(r)       Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Florida applicable to
contracts made and performed wholly within the State of Florida, without giving effect to the conflict of laws’ provisions
thereof. THE COMPANY AND EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION,
OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS
HEREUNDER.

 

(s)       Severability.
If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed
or deemed stricken as to such jurisdiction, Person, or Award and the remainder of the Plan and any such Award shall remain in full force
and effect.

 

(t)       Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, consolidation, or other reorganization of the Company, or upon any successor corporation or organization succeeding
to substantially all of the assets and business of the Company.

 

		(u)	Section 409A of the Code.

 

(i)       Notwithstanding
any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with Section 409A of the Code, and
all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or
penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and
penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties
under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any
obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties.
With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in
the Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from
service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that
may be made in respect of any Award granted under the Plan is designated as a separate payment.

 

(ii)       Notwithstanding
anything in the Plan to the contrary, if a Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and
which would otherwise be payable upon the Participant’s “separation from service” (as defined in Section 409A of the
Code) shall be made to such Participant prior to the date that is six months after the date of such Participant’s “separation
from service” or, if earlier, the date of the Participant’s death. Following any applicable six-month delay, all such delayed
payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.

 

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(iii)       Unless
otherwise provided by the Committee in an Award Agreement or otherwise, in the event that the timing of payments in respect of any Award
(that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) is accelerated upon the occurrence
of (A) a Change in Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the
definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of
the assets of a corporation pursuant to Section 409A of the Code or (B) a Disability, no such acceleration shall be permitted unless the
Disability also satisfies the definition of “Disability” pursuant to Section 409A of the Code.

 

(v)       Clawback/Repayment.
All Awards are subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture
or other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii) Applicable Law. To the extent
that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of
the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative
error), the Participant will be required to repay any such excess amount to the Company. No recovery of cash payments or shares of Common
Stock under any clawback, forfeiture or other similar policy or Applicable Law will be an event giving rise to a right to resign for “good
reason” or assert “constructive termination” (or any similar term) under any agreement with the Company or a Subsidiary.

 

(w)       Detrimental
Activity. Notwithstanding anything to the contrary contained herein, if a Participant has engaged in any Detrimental Activity,
as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of the following:

 

		(i)	cancellation of any or all of such Participant’s outstanding Awards; or

 

(ii)       forfeiture
by the Participant of any gain realized on the vesting, exercise or settlement of any Awards previously granted to such participant, and
repayment of any such gain promptly to the Company.

 

(x)       Right
of Offset. The Company will have the right to offset against its obligation to deliver shares of Common Stock (or other property
or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or
advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax
equalization, housing, automobile, or other employee programs) that the Participant then owes to any member of the Company Group and
any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the
foregoing, if an Award is “deferred compensation” subject to Section 409A of the Code, the Committee will have no right
to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement
if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an
outstanding Award.

 

(y)
Expenses; Titles and Headings. The expenses of administering the Plan shall be borne by the Company Group. The titles and
headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather
than such titles or headings, shall control.

 

    27

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