Document:

Executive Employment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”), effective as of
May 16, 2007, is entered into by and between Spark Networks plc, a company organized under the laws of England and Wales (the “Company”), with its principal office at 8383 Wilshire Boulevard, Suite 800, Beverly Hills, California
90211, and Gregory J. Franchina, an individual residing at the address set forth in the records of the Company (the “Executive”). 
 In
consideration of the promises and the respective covenants and agreements of the parties herein contained, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Employment:  
 The Company hereby agrees to employ Executive, and Executive hereby agrees to serve the
Company, on the terms and conditions set forth herein. 
 2. Term:  
 The employment of Executive by the Company as provided in paragraph 1 will commence on the “Commencement Date,” defined as June 1, 2007, and will continue indefinitely, subject to the termination
provisions as set forth in paragraph 5. 
 3. Position and Duties:  
 Executive shall serve as Chief Information Officer and shall report directly to the CEO of the Company. The Executive shall be located in the Company’s Beverly Hills, CA office and the Executive shall have such
duties and responsibilities as are commensurate with his position, and any reasonable and appropriate additional responsibilities and authority as may be from time to time assigned to Executive by the Company. Executive shall devote substantially
all his working time and efforts to the business affairs of the Company, provided that, notwithstanding the foregoing, Executive may (i) make and manage personal business investments of his choice subject to the Company’s Code of Business
Conduct and Ethics and disclosure requirements under applicable law, (ii) serve as a director of any business enterprise with the prior written consent of the Company’s CEO, which consent shall not be unreasonably withheld, and
(iii) serve in any capacity with any civic, educational, religious or charitable organization, or any governmental entity or trade association provided such activity does not affect Executive’s ability to perform his role. From time to
time the Company may assign the Executive to work in other departments of the Company, or for a subsidiary, affiliated, or holding company, in a materially similar position with materially similar duties and responsibilities. 
 4. Compensation and Related Matters:  
 (a) Salary:
The Company shall pay to Executive an annual salary at a rate of not less than $231,000 per year (the “Base Salary”), paid in accordance with the Company’s regular and normal payroll practices and withholdings. The Executive will be
entitled to annual bonuses and salary increase reviews in accordance with the normal customs and practices of the Company. 
  

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 (b) Performance Bonus: Executive shall be eligible for an annual bonus based on the calendar year performance of
the Company and the Executive (the “Performance Bonus”). The target amount of the bonus shall be $125,000 and shall be determined based on the Company’s calendar year revenue, a measure of the Company’s calendar year profits such
as earnings before interest, taxes, depreciation and amortization (“EBITDA”) or adjusted EBITDA, and a discretionary component. With the exception of the fiscal year ending December 31, 2007, the Performance Bonus shall be based on a
12-month “Performance Period” beginning on January 1 and ending on December 31 of each fiscal year during the Term of employment. The Performance Period for the fiscal year ending December 31, 2007 shall begin on the
Commencement Date. The exact formula for the bonus for 2007 will be determined by the Company and presented to the Executive as soon as reasonably practicable, and the actual amount earned by the Executive shall be pro-rated for the Executive’s
actual employment in 2007. To be eligible for the Performance Bonus, the Executive must maintain continuous employment with the Company throughout the Performance Period and through the date of the Performance Bonus payment (unless the Agreement is
terminated by the Company without Cause or by the Executive for Good Reason after the Performance Period has been completed, but before payment of the Performance Bonus, in which case the Executive will receive the Performance Bonus payment on the
date Company makes such payment). Payment of the Performance Bonus shall be made at the Company’s discretion following the completion of the annual audited financial statements, but in no event later than six (6) months from the last day
of each performance period, provided Executive has maintained continuous employment with the Company through such date (unless the Agreement is terminated by the Company without Cause or by the Executive for Good Reason after the Performance Period
has been completed, but before payment of the Performance Bonus, in which case the Executive will receive the Performance Bonus payment on the date Company makes such payment). If Executive has remained continuously employed by the Company on the
date of the Performance Bonus payment, or on the date on which a Performance Bonus would have been paid for 2007, he shall receive a minimum bonus payment of $15,000 for 2007, notwithstanding any additional amounts earned due to performance or at
the discretion of the Company. In the event the Company fails to determine a formula for the Performance Bonus prior to 60 days after the start of the Performance Period, the Executive will earn the pro rata share of the bonus between the start of
the Performance Period and the date upon which the formula is determined by the Company and presented to the Executive. 
 (c) Vacation: In
addition to legal holidays observed by the Company, Executive shall be entitled to fifteen (15) days of paid vacation per year (which is equivalent to seventeen (17) days of paid-time-off (“PTO”) under the Company’s current
PTO policy), subject to the applicable maximum cap on accrual and other standard vacation policies of the Company. The Company may grant Executive advances against future vacation accruals at Executive’s request. Upon termination of Employment,
unused vacation days will be paid out to Executive on the date of termination based on the accrued amount of vacation compensation due to Executive. 
 (d) Expenses: During the term of Executive’s employment hereunder, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by Executive in performing services hereunder, including
all expenses for travel and living expenses 

  

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while away from home on business or at the request of and in the service of the Company, provided that such expenses are incurred and accounted for in
accordance with the policies and procedures established by the Company. For the avoidance of doubt, Executive shall be reimbursed for cell phone usage and monthly broadband access fees to enable him to effectively manage and monitor the
company’s systems. 
 (e) Health, and Other Benefits: The Company shall keep in full force and effect, and Executive shall be entitled to
continue to participate in, all of the Company’s Executive benefit plans or arrangements, including without limitation health insurance, providing Executive and his immediate family with at least equal benefits thereunder. The Company shall not
make any changes in such plans and arrangements which would adversely affect Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all Executives of the Company and does not result in a
proportionately greater reduction in the rights of or benefits to Executive as compared with any other Executives of the Company. 
 (f) Options:
On the Commencement Date, the Company shall issue to Executive options to purchase 275,000 of the Company’s ordinary shares (the “Options”). The exercise price per share of the Options will be equal to the fair market value per share,
as quoted on the Frankfurt Stock Exchange, on the Commencement Date. Twenty-five percent (25%) of the Options shall vest and become exercisable on the first anniversary of the Commencement Date and thereafter six-and-a-quarter percent
(6.25%) of the Options shall vest and become exercisable at the end of each three-month period following such date, such that all of the Options shall be vested and exercisable as of the fourth anniversary of the Commencement Date. In addition,
the Options will contain a “Change of Control Provision” whereby all unvested Options will vest if any person acquires a vested interest in more than 50% of the Company’s shares (except in the case of a scheme of arrangement
(“Scheme”) pursuant to Section 425 of the Companies Act 1985 for the purpose of establishing the Company as a wholly owned subsidiary of Spark Networks, Inc., a Delaware corporation (“Inc”) whereby upon the Scheme taking
effect each of the shareholders of the Company receive shares in Inc in the same proportions as they held shares in the Company immediately before the Scheme took effect) (a “Change of Control”). However, in the event a successor company
desires to retain Executive’s services for the one-year period following a Change of Control, such acceleration of unvested Options and the payment of any proceeds from such option acceleration shall occur in accordance with the terms and
conditions set forth under Section 5(g) below. Executive shall be required to sign an option certificate between Executive and the Company and the vesting and exercise of the Options shall be subject to the terms of such option certificate and
the Company’s 2004 Share Option Scheme. 
 5. Termination and Severance:  
 (a) Termination without Cause. The Company may terminate this Agreement without Cause by giving thirty (30) days written notice to the Executive. The Executive may terminate this Agreement without Good
Reason by giving thirty (30) days written notice to the Company. 
 (b) Termination upon Death or Disability. Executive’s employment
hereunder shall terminate upon his death. If, as a result of Executive’s incapacity due to physical or mental illness, as reasonably and in good faith determined by the Board, Executive shall 

  

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have been absent from his duties hereunder on a full-time basis for the entire period of three consecutive months, and within thirty (30) days after
written notice of termination is given (which may occur before or after the end of such three-month period), Executive shall not have returned to the performance of his duties hereunder on a full-time basis, the Company may terminate
Executive’s employment hereunder. 
 (c) Termination by the Company for Cause. The Company may terminate this Agreement for “Cause” at
any time. For purposes of this Agreement “Cause” shall mean and include only: (i) a material misappropriation of any monies or assets or properties of the Company, (ii) a material breach by the Executive of the terms of this
Agreement that has not been cured within thirty (30) days after written notice to the Executive of such breach, (iii) the conviction of, or plea of guilty or nolo contendere, by the Executive to a felony or to any criminal offense
involving the Executive’s moral turpitude or (iv) gross negligence or willful misconduct of the Executive in connection with the material duties required by this Agreement. 
 (d) Termination by Executive for Good Reason. The Executive may terminate this Agreement for “Good Reason” at any time. Good Reason shall include (i) Company’s requirement that Executive
relocate to a location in excess of fifty (50) miles from Company’s current office location in Beverly Hills, CA; (ii) Executive’s Base Salary or the Executive’s Performance Bonus target opportunity is reduced by the Company
or unpaid by the Company if earned and payable, or the terms and conditions for stock option agreements are not fully complied with by the Company; (iii) a material reduction in Executive’s title, or a material reduction in
Executive’s duties and/or responsibilities; or (iv) any material breach by Company of this Agreement which is not cured within thirty (30) days of written notice thereof by Executive to Company. 
 (e) Severance Pay. If Company terminates this Agreement without Cause under Section 5(a) or if Executive terminates this Agreement for Good Reason under
Section 5(d), Executive shall be entitled to receive severance pay from Company for a period of six (6) months following termination payable in accordance with the Company’s normal payroll cycle; provided, however, that Executive
executes a Separation Agreement that includes a general mutual release by the Company and Executive in favor of the other and their successors, affiliates, and estates to the fullest extent permitted by law, drafted by and in a form reasonably
satisfactory to the Company and Executive, and Executive does not revoke the mutual general release within any legally required revocation period, if applicable. The amount of severance pay to be paid to Executive each month shall be equal to:
(i) Executive’s monthly salary under Section 4(a) in effect at the time the Agreement is terminated, plus (ii) in the event Executive has completed more than four months of the then current Performance Period at the time of such
termination, one-sixth of the Performance Bonus pro-rated for the completed portion of the Performance Period. All legally required and authorized deductions and tax withholdings shall be made from such severance pay, including for wage
garnishments, if applicable, to the extent required or permitted by law. 
 (f) Return of Company Property following Termination. Upon termination for
whatever reason, the Executive shall return all books, documents, papers, materials and any other property of the Company, including any Company vehicles (including the documentation pertaining thereto), which may be in the Executive’s
possession or under the Executive’s power or control. 
  

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 (g) Continuation of Employment after Change of Control. In the event a successor company desires to retain
Executive’s services for the one-year period following a Change of Control on all of the terms and conditions set forth in this Agreement, this Agreement shall continue to remain in force and effect and any cash or other proceeds received by
Executive with respect to fifty percent (50%) of Executive’s options the vesting of which were accelerated under Section 4(f) by reason of the Change of Control (the “Accelerated Proceeds”) shall be deposited in an escrow
(the “Escrow”) with an independent escrow holder to be held for Executive’s benefit pursuant to an escrow agreement which shall provide that (i) if Executive’s employment with the successor company is terminated during the
one-year period following the Change of Control by the successor company for Cause or by Executive without Good Reason, Executive shall forfeit the Accelerated Proceeds (and any earnings thereon) and they shall be paid to the predecessor company
immediately, and (ii) the Accelerated Proceeds (and any earnings thereon) shall be paid to Executive immediately upon earlier of (x) the first anniversary of the Change of Control if Executive maintains continuous employment with the
successor company throughout the one-year period following such Change of Control date, or (y) the date of Executive’s termination of employment with the successor company if Executive’s employment is terminated for any reason other
than by the successor company for Cause or by Executive without Good Reason. Any taxes due on the Accelerated Proceeds shall be withheld and paid from the Escrow at the appropriate time. 
 6. No Solicitation:  
 As consideration for the Company to enter into this Agreement and for the eligibility to
receive any severance pay pursuant to Section 5(e), Executive agrees that he shall not, for a period of twelve (12) months following the termination of this Agreement, for whatever reason, directly, either as a principal, agent, employee,
employer, shareholder, partner, or in any other capacity, solicit or attempt to cause any customer of the Company (or any subsidiary, affiliated, or holding companies) not to do business with the Company, nor shall the Executive directly and
knowingly solicit or attempt to solicit for employment, employ or disaffect any other employee of the Company (or any subsidiary, affiliated, or holding companies), other than through normal recruiting efforts applied generally to the public. In the
event of a breach or threatened breach by Executive of any of the provisions of this paragraph, the Company, in addition to and not in limitation of any rights, remedies or damages available to the Company at law or in equity, shall be entitled to
injunctive relief in order to prevent or to restrain any such breach by Executive or by Executive’s partners, agents, representatives, servants, employers, employees and/or any and all persons directly or indirectly acting for or with him.

 7. Confidentiality:  
 Executive acknowledges
that, in and as a result of his employment hereunder, he will be making use of, acquiring, and/or adding to the confidential information of special and unique nature and value relating to such matters as the Company’s non-public trade secrets,
systems, procedures, manuals, customer information, confidential reports and lists of clients, as well as the nature and type of services rendered by the Company and the equipment and methods used by the Company (collectively the “Confidential
Information”). As a material inducement to the Company to enter into this Agreement, and to pay to Executive the compensation 

  

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referred to in this Agreement, Executive covenants and agrees that he shall not, at any time during or following the term of his employment hereunder,
directly, divulge or disclose, or use for any purpose whatsoever, any of such Confidential Information which has been obtained by or disclosed to him as a result of his employment by the Company, except to the extent necessary to perform
Executive’s obligations to the Company or pursuant to the final, binding order or requirement of a court, administrative agency or other governmental body, provided Executive has provided Company with reasonable opportunity to oppose such order
or requirement. Confidential Information does not include any information that has become publicly and widely known and made generally available through no wrongful act of Executive. In the event of a breach of threatened breach by Executive of any
of the provisions of this paragraph, the Company, in addition to and not in limitation of any rights, remedies or damages available to the Company at law or in equity shall be entitled to injunctive relief in order to prevent or to restrain any such
breach by Executive, or by Executive’s partners, agents, representatives, servants, employers, employees and/or any and all persons directly or indirectly acting for or with him. 
 8. Ownership and Work Product:  
 The ownership, copyright, and any other rights to any intellectual property
(including any business methods) developed by Executive during the performance of his duties for the Company under this Agreement shall be considered “Works for Hire” and shall be the sole property of the Company. 
 9. Notice:  
 For the purposes of this Agreement, notices,
demands and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by registered mail, return receipt requested, postage prepaid,
addressed as set forth above, or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 10. Miscellaneous:  
 (a) The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of California. The parties consent to the exclusive jurisdiction and venue of the federal and state courts located in Los Angeles County, California.

 (b) Paragraphs 4(b), 4(d), 4(e), 4(f), 5, 6, 7, 10, and 11 of this Agreement shall remain in full force and effect and shall survive the termination
of this Agreement. 
 (c) No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by Executive and Company. This Agreement supersedes any other prior agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof. 
  

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 11. Successors and Assigns:  
 The Company may assign this Agreement to any successor company or entity; provided, that the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly assume and agree to perform the provisions hereunder in the same manner and to the same extent that the Company would be required to perform if no such succession had taken
place. Executive may not assign this Agreement to any other person or entity, provided that upon Executive’s death, Executive’s named beneficiaries, estate or heirs, as the case may be, shall succeed to all of Executive’s rights under
this Agreement. 
 12. Validity:  
 The validity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year written below. 
  

			
	SPARK NETWORKS PLC
		
	By:	 	/s/ Adam S. Berger
		 	Adam S. Berger
		 	Chief Executive Officer
	
	EXECUTIVE
		
	  	 	/s/ Gregory J. Franchina
		 	Gregory J. Franchina

  

 7May 15, 2007

Mr. Brian
Bellardo

NYFIX, Inc. 

100 Wall Street - 26th Floor

New York, NY 10005

Dear Brian:

This
is to confirm  your  conversations  with NYFIX,  Inc.  ("NYFIX"  or the  "Company")
 concerning  your continuing employment at the Company, effective as of the date of this
letter.

In
connection with your continuing  employment  with the Company and in  consideration  of
your agreement to the terms and  conditions  of this  revised  letter  agreement,  the
Company is offering  the package  described herein.  This  package is in lieu of any
other  Company  benefits,  and by signing  this letter  agreement  you are acknowledging
 that you have read and  understand its terms and conditions and that such benefits are
more valuable to you than any other benefits to which you may otherwise be entitled from
NYFIX:

		1. 	EMPLOYMENT
 PERIOD:  You will  continue in NYFIX's  employ as Senior Vice  President  and General
 Counsel           until you or NYFIX gives prior  written  notice of  termination  of at
least sixty (60) days.  The period           during  which you are  employed  by NYFIX
shall be referred  to as the  "Employment  Period."  During the           Employment
 Period,  you will  continue to be paid a base  salary,  less  applicable  withholdings.
 Your           current base salary is  $248,063.  You will  continue to be eligible for
all of your current  benefits to           the extent they are provided to similarly
 situated  NYFIX  employees on the same terms as those provided           to similarly
situated NYFIX employees,  including without  limitation, 

1

	 	paid
holidays,  as defined by the           Company's  holiday  schedule,  four weeks of paid
vacation each calendar year with vacation accruing on a           prorata  basis during
each pay period,  health/medical  insurance  plans,  dental  insurance  plan,  life
          insurance plan,  disability  insurance plan,  401(k) and other pension and
retirement plan  arrangements.           You will also be eligible for new benefits  that
may be made  available to similarly  situated  employees           from time to time.
 Your base  salary may be  increased  at any time during the  Employment  Period in an
          amount agreed upon by the Company.  In no event,  however,  shall your
 compensation be decreased without           your prior  written  consent.  To the extent
the Company  extends  special  bonuses or  incentives  which           could  include
 equity or equity  related  compensation  awards to  similarly  situated  employees of
the           Company,  it will grant bonuses and  incentives to you consistent  with
your position as General  Counsel           of the  Company.  Any equity and equity
 related  compensation  awards shall be subject to the same terms           as applicable
to similarly  situated  employees.  The last day of the Employment Period shall be known
as           the "Effective Date".

		      2. 	RETENTION
 BONUS:  If you have not terminated  your  employment and NYFIX has not terminated you
for Cause           (as  defined  below):  (1) on or before  June 30,  2007,  NYFIX will
pay you a cash bonus  equal to three           months of your base salary ("Cash Bonus"),
 less required  withholdings;  and (2) on or before  September           30, 2007,  in
addition to the Cash Bonus,  you will receive an  additional  three months of Severance
Pay           for a total of fifteen (15)  (instead of twelve (12))  months of  Severance
 Pay, and the Payment  Period           (as defined in the next  paragraph)  will be
fifteen  (15)  months.  NYFIX will pay the Cash Bonus on the           first regular pay
day following June 30, 2007.  "Cause" means misappropriation of funds from NYFIX.

		      3. 	SEPARATION
 PAY:  Whether  termination  is  initiated  by you or NYFIX for any reason or without
 reason,           except  termination by NYFIX for Cause (as defined  above),  you (or,
upon your death before all benefits           and amounts  are paid to you  pursuant to
this letter  agreement,  your legal  representative  or estate)           will receive
 separation  pay from the Effective Date at your then current base salary,  less
 applicable           withholdings  ("Separation  Pay") for a period equal to twelve (12)
months (or fifteen (15) months if the           provisions  of  subparagraph  (2) of
 paragraph  2  above  are  met).  These  payments  will  be  made in           accordance
 with NYFIX's regular payroll  practices and shall be less required  withholdings.  The
period           during  which you are  entitled to receive  Separation  Pay under this
 paragraph  3 and, if  applicable,           paragraph  2, shall be  referred  to as the
 "Payment  Period".  You agree that if you owe any amounts to           the  Company
 (directly  or through  third  party  accounts,  such as  non-business-related  charges
on a           Company-issued  credit card or cellular  telephone)  following the
Effective  Date, you hereby  authorize           the  Company  to  deduct  the full
 value  of such  amounts  from any  payments  owed to you  under  this
          Agreement.  The amount of any  payment  or benefit  provided  for you under
this  Agreement  shall not be           reduced by  retirement  benefits.  Furthermore,
 you shall not be required to mitigate  the 

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	 	amount
of any payment  provided for you by seeking other  employment  or  otherwise,  nor shall
the amount of           any payment or benefit  provided you hereunder be reduced by any
 compensation  earned by you as a result           of  employment  by another  employer
 (provided  such  employment  does not  violate  the  provisions  of           paragraph
11 of this Agreement).

		      4. 	COBRA/WELFARE
 BENEFITS/401(K):  You are  eligible  to elect  continuation  of your  coverage  (and
 your           dependents'  coverage) on the Effective Date under NYFIX's group
 healthcare  insurance plans pursuant to           Part 6 of Title I of the Employee
 Retirement  Income  Security Act of 1974, as amended,  and all related           state
and local laws  ("COBRA").  Pursuant to this letter  agreement,  if you timely elect
 COBRA,  NYFIX           will  reimburse  you the full cost that you incur  should you
elect to continue  such  coverage,  for the           duration of the Payment Period
("COBRA  Reimbursements"),  upon submission of proof of payment.  Any such
          COBRA  Reimbursements  shall end at the  conclusion  of the  calendar  month in
which the Payment  Period           ends,  although you shall remain eligible to receive
COBRA continued group health  insurance  coverage at           your own cost for the time
period set forth under  applicable  law.  If you,  your spouse and  dependents
          become  eligible for benefits under a future  employer's  health and medical
plan prior to the expiration           of the Payment  Period,  your  entitlement  to
COBRA Benefits  shall cease.  All other employee  benefits           including,  without
 limitation,  participation in NYFIX's 401(k) plan (other than with respect to vested
          benefits),  life  insurance,  short- and  long-term  disability,  incentives,
 and vacation and sick pay,           shall terminate as of the Effective  Date, or on
the date(s)  thereafter set forth in the applicable plan           documents. Your right
to receive vested 401(k) benefits, if any shall continue.

		      5. 	ACCRUED
 SALARY/VACATION  PAY/BUSINESS  EXPENSES:  In the first payroll cycle after the Effective
Date,           unless earlier  required by applicable  law, NYFIX will pay you any
accrued but unpaid Salary through the           Effective Date, all accrued,  but unused,
 vacation through the Effective Date and will reimburse you for           all theretofore
 unreimbused  business expenses  incurred in accordance with Company policy,  through the
          Effective Date, less required withholdings.

		      6. 	ANNUAL
 BONUS:  If you complete a full calendar year during the  Employment  Period,  NYFIX will
pay you           your full  entitlement  under any  outstanding  annual bonus plan in
effect for that year  calculated  in           accordance  with the  provisions  of that
plan.  For any period of less than a full  calendar year during           the  Employment
 Period,  NYFIX will pay you,  on the date any such  payment  is made to other  similarly
          situated  employees,  your  entitlement  under any  outstanding  annual bonus
plan in effect at "target."           Such  amount  will be  prorated  for the  portion
of the year  during  which the  Effective  Date  occurs           beginning on January 1
of that calendar  year,  including  2007, and ending on the Effective  Date,  less
          required  withholdings.  Annual Bonuses for calendar year 2007, and each
calendar year 

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	 	thereafter
 shall           be based upon individual and corporate goals  (established  by NYFIX),
 with the specified  target amount           of such Annual Bonuses no less than 35% of
your then current annualized Base Salary.

		      7. 	MISCELLANEOUS:
  The  Company  acknowledges  that,  during  the six (6) months  following  the end of
the           Employment  Period, you shall be entitled to avail yourself,  at the
Company's  expense,  of the services           of Ralph  Roberto of  Keystone  Partners
 (or his  designees  or  affiliates),  a career  counselor,  for           services
agreed by all three parties, which agreement will not be unreasonably withheld by the
Company.

		      8. 	CONFIDENTIALITY
 & NON  DISPARAGEMENT:  You  agree to  treat  as  confidential  and not to  disclose  any
          confidential  or non-public  materials or  information of NYFIX and its
 affiliated  companies  which you           have  learned  or  discovered,  or will
 learn or  discover,  during  your  employment  by NYFIX  and its           affiliated
 companies,  including the terms of this letter  agreement,  except as necessary in the
course           of your  employment or as required by court order or subpoena,  other
than to your legal  counsel  and/or           tax advisors with the understanding that he
or she will maintain the  confidentiality  thereof.  You also           agree to  refrain
 from  disparaging  or  holding  up to  ridicule  the name of NYFIX and its  affiliated
          companies,  and their  directors,  officers and employees.  The Company agrees
that none of its directors           or Section 16 executive  officers  will  denigrate,
 disparage,  defame,  impugn or  otherwise  damage or           assail  your  reputation
 or  integrity.  Nothing in this  letter  agreement  shall  interfere  with your
          obligations  to respond  truthfully  to any  demand or  service  of  process
 from or order of a court or           governmental agency of competent jurisdiction.

		      9. 	You
and NYFIX agree that (i) any internal,  external or media communication  concerning the
termination of           your  employment  by  NYFIX  shall be made by NYFIX in a form
 and  content  required  by law in  NYFIX's           opinion,  and NYFIX agrees to
provide you with a draft prior to release.  If NYFIX is  approached  by any
          person for a reference on your  behalf,  NYFIX  agrees that a  representative
 of the Company will give a           written  reference  consistent with a draft
 reference  letter prepared by you, so long as it is truthful           in all respects.

		      10. 	RETURN
OF PROPERTY AND ONGOING ASSISTANCE: By signing this letter  agreement,  you represent
that, at the           expiration  of the  Employment  Period,  or earlier at NYFIX's
 request,  you will return all  materials,           documents  and/or  property  of
NYFIX  that was  issued  to you or is  otherwise  in your  possession  or
          control.  Such  property  includes  but is not  limited to computer  and
 telephone  equipment,  computer           software and data,  passwords,  manuals,
 non-public business information and records, and client records           and contact
information.

	 	You
agree that you will make yourself  available on reasonable  notice to cooperate fully
with the Company          in the  resolution  of any  disputes  or  litigation 

4

	 	which
 the  Company  may face for which you may have          knowledge of any facts or events,
 material or otherwise and,  except where  prohibited by applicable law,          you
will not  voluntarily  discuss any such disputes,  litigation,  facts or events with
anyone other than          the Company and your  attorneys and advisors.  Following the
Effective  Date,  the Company agrees that any          such  requests for  cooperation
 will be reasonable  and where  feasible  shall occur during  non-business          hours
 unless by mutual  agreement.  You also agree to make  yourself  available on  reasonable
 notice to          cooperate with the Company in connection  with any current or future
 inquiries or  investigations  by any          governmental  authority or agency (e.g.
 SEC),  or any lawsuit by any third party  involving  the Company,          its  officers
 and  directors  (present  or past),  or the  Employee.  The  Company  agrees to advance
all          reasonable and necessary  out-of-pocket  expenses incurred by you in
connection  therewith,  including but          not  limited  to  anticipated  reasonable
 attorneys'  fees and  anticipated  disbursements.  You agree to          provide an
accounting for such funds  advanced,  including  receipts for expenses,  and to promptly
return          funds not used. In addition to the above, to the extent you make yourself
 available in person,  you shall          receive  compensation  from NYFIX in the amount
of Two Thousand  United  States  Dollars  ($2,000.00)  per          diem.  NYFIX  agrees
 that  your  offer  to so make  yourself  so  available  in  person  extends  only to
         non-business  hours or non-business days (or, if unavoidable,  to business hours
or business days, subject          to  NYFIX's  agreeing  to a  schedule  for your
 services  acceptable  to your  employer  at the time such          services  are
 requested).  In the event that you are  requested by NYFIX to cooperate as required in
this          paragraph,  NYFIX shall reimburse you for your reasonable  out-of-pocket
legal, travel,  lodging and other          expenses in accordance with Company policy.

		      11. 	NON-COMPETITION:
 You agree that you will not,  directly or  indirectly,  except as agreed in writing by
          the Chief Executive Officer of NYFIX:

	 	(a)
within  twelve  (12)  months  following  the  Effective  Date,  hire or solicit for
                  employment  any then  current  employee  of or  consultant  to NYFIX
(or any  affiliated                   company thereof) (hereinafter  collectively
 "NYFIX"), or any person who was an employee                   of or  consultant  to
NYFIX  within six (6) months of the date that you begin to solicit                   or
offer to hire such person, or

	 	(b)
within six (6) months  following  the  Effective  Date,  engage in employment or any
                  consulting   arrangement  with  any  of  the  following  companies:
  Thomson  Financial                   Services' Traderoute or Autex,  Transaction
Network Services (TNS), Radianz,  Tradeware,                   Citigroup's Lava Trading,
Liquidnet, Pipeline Trading or ITG Posit.

	 	You
will  forfeit  all  benefits  under  this  letter  agreement  in the event  you  engage
in any of the           activities  mentioned in this  paragraph.  This  paragraph does
not, 

5

	 	however,
 prohibit you from owning,           directly or indirectly,  solely as an investment,
 securities of any entity which are publicly  traded if           you do not own 5% or
more of any class of securities of such entity.

		12. 	STOCK
 OPTIONS:  You  understand  that you will have until ninety (90) days from the Effective
Date (the "Lapse          Date") to exercise  any equity  awards  validly  granted to you
under the NYFIX,  Inc.  2001 Stock  Option          Plan,  the NYFIX,  Inc.  Amended and
Restated  1991  Incentive and  Nonqualified  Stock Option Plan or any          equity
 award plan  adopted by the Company  after the date of this  letter  agreement
 (collectively,  the          "Plans"),  unless any such Plan  provides for a different
 period of time within which to exercise  equity          awards,  that are exercisable
 and vested as of the Effective Date, as reflected in the Options  Statement
         that will be  provided  to you upon your  termination.  If you would like to
 exercise  any of such vested          options,  you must so notify the Company's
Director of Human Resources,  via email, on or before the Lapse          Date.  Any such
 exercise  shall be subject  to the terms of the  Plans,  applicable  law,  the
 Company's          ability to issue stock, and the Company's procedures  regarding the
exercise of stock options.  Subject to          the  foregoing,  upon  payment  by you
 prior to the Lapse  Date of the  aggregate  exercise  price of the          options
 exercised  plus  applicable  withholdings,  the Company  will cause the shares to be
issued.  All          remaining  outstanding  vested  options not exercised in this
fashion will lapse as of the Lapse Date; all          options unvested as of the
Effective Date lapse as of that date.

		      13. 	GENERAL
 RELEASE:   You  hereby  irrevocably  and  unconditionally   release  and  discharge
 NYFIX,  its           affiliated  companies,  and its and their  former and current
 officers,  directors  and  employees  from           liability  for any claims,  causes
of action and demands that you have or may have against it and them as           of the
date of your signing  this letter  agreement,  whether they are known or unknown to you,
 relating           in any way to your employment with NYFIX,  including without
limitation any claims,  causes of action and           demands  related  to or  for
 breach  of  express  or  implied  contract,  violation  of  public  policy,
          negligence,  interference  with contractual or business  relations or any other
tort, or arising under or           asserting any violations of any federal,  state or
local laws, rules or regulations,  any fair employment           practices or other
employee  relations  statutes  (including  without  limitation  Title VII of the Civil
          Rights Act of 1964,  the New York State Human  Rights Law,  the New York City
Human  Rights Law,  the New           York Labor Law, the Connecticut Fair Employment
 Practices Act, the Age  Discrimination in Employment Act           of 1967 ("ADEA"),
 the Americans with  Disabilities  Act of 1990 and the employment  laws and regulations
          of the  States  of New York and  Connecticut,  or  arising  under or  asserting
 violations  of any rule,           executive  order,  law or  ordinance,  or any  other
 obligation  (including,  without  limitation,  your           Employment  Agreement
 dated as of August 1, 2006,  except for the  provisions  of  Paragraph 18 thereof,
          which  shall  continue  in full force and  effect).  Nothing  herein,  however,
 shall  prevent  you from           exercising  any rights under the Older Workers
 Benefit  Protection Act to challenge the validity of this           waiver and release
of ADEA claims  pursuant to this letter  agreement and nothing herein 

6

	 	shall
 interfere           with your COBRA rights.  The  foregoing  release  excludes any
claims,  demands and causes of action that           relate, in any way, to your
enforcement of the terms of this letter agreement.

		      14. 	SECTION
 409A:  This  agreement is intended to comply with Section 409A of the Internal  Revenue
Code of           1986, as amended (the "Code"),  and any applicable guidance or
regulations,  including  transition rules,           thereunder  (collectively,  "Section
409A").  To the extent required by Section 409A and  notwithstanding           any other
 provision  of this letter  agreement,  if you are a  "specified  employee"  (as defined
 under           Section  409A(a)(2)(B)(i) of the Code) no payment or benefit that
constitutes  deferred  compensation for           purposes of Section 409A will be
provided to you  following  your  separation  from service  prior to the           first
to occur of (i) the date of your death or (ii) the first day of the  seventh  month
 following  the           month in which your  separation  from  service  occurs,.  Any
 payment  that is delayed  pursuant  to the           immediately  preceding  sentence
 shall  instead be paid in a lump sum  promptly  following  the first to           occur
of the two dates  specified in the immediately  preceding  sentence.  The parties hereto
 recognize           that certain  provisions  of this letter  agreement  may be affected
by Section 409A and it is understood           and agreed that you are responsible for
consulting with your tax advisor  regarding the potential  impact           of Section
409A regarding the pay and benefits  provided  herein.  It is also  understood and agreed
that           NYFIX is not  responsible  for any adverse  consequence  from the
 application of Section 409A to the pay           and  benefits  provided  herein.  The
 parties  agree to  negotiate  in good faith to amend  this  letter           agreement
or to take such other actions as may be necessary or advisable to comply with Section
409A.

		      15 	INDEMNIFICATION/REIMBURSEMENT
 OF LEGAL AND OTHER EXPENSES:  Notwithstanding  anything to the contrary in
          this letter  agreement,  the Company  agrees to indemnify you and hold you
harmless to the fullest extent           not  prohibited  by  applicable  law and NYFIX's
 by-laws  against all expenses  and/or losses (which the           Company will advance,
 in accordance with  applicable law) relating to,  resulting from or arising out of
          any threatened,  pending or completed action,  suit, claim or proceeding
 related to your employment with           the Company,  including,  but not limited to,
Ritchie v. Castillo, Case No.  FST-CV-06-4009324S (Sup. Ct.           Conn.) and
McLaughlin v. Castillo,  Case No.  FST-CV-06-4009405S  (Sup. Ct. Conn.).  In addition,
 to the           extent the Company  maintains  related  liability  insurance,  you will
be  eligible to receive  coverage           under such policy if such  coverage is
included  under such policy at no additional  cost This  provision           shall
survive the termination of your employment with NYFIX.

	 	NYFIX,
upon reasonable notice, shall advance to you the reasonable and necessary  out-of-pocket
 expenses,          including  attorney's fees and disbursements,  paid or incurred by
you in connection with any matter as to          which you are indemnified.  You shall be
entitled to receive,  upon application  therefore, 

7

	 	advances
from          the Company to cover the costs and expenses paid or incurred by you in
defending any claim,  action,  suit          or proceeding  against you or in complying
 with any demand,  service of process,  order or request from a          court or
 governmental  agency in  connection  with any matter as to which you are  indemnified.
 You will          repay to the Company amounts  advanced  pursuant to this paragraph 15
if it shall ultimately be determined          in a final  judgment  that you are not
 entitled to be  indemnified  for the matter to which such  amounts          relate.

	 	All
rights under this  paragraph 15 shall survive the  dissolution  of the Company,  provided
that a claim          for  indemnification  hereunder is made prior to the time
 distribution  upon liquidation of the assets of          the Company is made.

	 	NYFIX
will reimburse you for  out-of-pocket  legal fees incurred by you related to the
negotiation of this          Agreement, to a maximum reimbursement of $2,500.

		      16. 	BY
ASSUMPTION NYFIX  SUCCESSOR:  NYFIX agrees to require any successor  (whether  direct or indirect,
 by           purchase,  merger  consolidation,  reorganization  or  otherwise)  to
assume and agree to perform  NYFIX'           obligation  under this  agreement  in the
same  manner and to the same extent if no such  succession  had           taken place.

		      17. 	ADDITIONAL
 PROVISIONS:  Any notice given  pursuant to the Agreement to any party hereto shall be
deemed           to have been duly given when mailed by registered or certified  mail,
 return  receipt  requested,  or by           overnight courier, or when hand delivered
as follows:

	 	If to NYFIX:

	 	Chief Administrative Officer

100 Wall Street, 26th floor

New York, New York 10005
	 
	 
	 

	 	If
to you, to your last known address on file with NYFIX, with a copy to:

	 	Robert
M. Fields, Esq.

245 Park Avenue

39th Floor

New York, New York
10167-0002;

	 	or
at such other  address as either  party shall from time to time  designate  by written
 notice,  in the          manner provided herein, to the other party hereto.

8

	 	This
 letter  agreement  shall be binding  upon and inure to the  benefit  of the  parties
 hereto,  their          respective heirs, successors and assigns.

	 	Notwithstanding
 anything to the  contrary in this  letter  agreement,  in the event you should die at
any          time  before  any  amounts  payable to you under  this  letter  agreement
 are paid in full,  the  amounts          remaining  to be paid under this letter
 agreement  at the time of your death shall be paid (at such times          as such
amounts would have been paid to you) to your estate.

	 	Nothing
 contained in this letter  agreement shall be deemed or construed as an admission of
wrongdoing or          liability on your part or on the part of NYFIX.

	 	You
shall not be required  to mitigate  the amount of any  payment  provided  for  pursuant
to this letter          agreement by seeking other  employment  and to the extent that
you obtain or undertake  other  employment,          the  payments  to be made  under
 this  Agreement  will not be  reduced  by your  earnings  from the other
         employment.

	 	This
letter  agreement  shall be governed by, and  construed in  accordance  with the internal
laws of the          State of New  York,  without  regard  to  principles  of  conflicts
 of  laws.  Concurrent  with  complete          execution of this Agreement,  you shall
execute the Company's  standard form of Arbitration  Agreement and          Employee
Proprietary  Information & Intellectual  Property Agreement,  both of which shall be
binding upon          you.

	 	This
letter  agreement  may be  executed  by one or more of the  parties  hereto on any number
of separate          counterparts  and all such  counterparts  shall be deemed to be one
and the same  instrument.  Each  party          hereto  confirms that any facsimile copy
of such party's  executed  counterpart  of this letter  agreement          (or its
signature page thereof) shall be deemed to be an executed original thereof.

	 	By
signing and delivering  this letter  agreement  and/or any schedule,  exhibit,
 amendment,  or addendum          thereto,  each party will be deemed to  represent  to
the other  that the  signing  party has not made any          changes to such document
from the draft(s)  originally  provided to the other party by the signing  party,
         or vice versa,  unless the signing party has expressly called such changes to
the other party's  attention          in writing (e.g., by "redlining" the document or by
a comment memo or email message).

9

	 	This
letter  agreement  contains the entire  understanding  of the parties  relating to the
subject matter          hereof.  You  acknowledge  that no  representations,  oral or
 written,  have been made  other  than those          expressly set forth herein,  and
that you have not relied on any other  representations  in executing this          letter
 agreement.  This  letter  agreement  may be  modified  only in a  document  signed  by
both of the          parties  hereto and  referring  specifically  hereto.  All prior
 understandings  relating  to the subject          matter of this letter agreement,
whether oral or written, are hereby superseded by this document.

	 	You
have twenty-one (21) days from the date you receive this letter  agreement to consider
 accepting this          offer.  If you choose not to accept the offer within such
period,  it should be considered  withdrawn.  If          you accept the offer and sign
this letter  agreement you will then have seven (7) days to  reconsider  and
         revoke your acceptance, if you choose.

	 	We
advise you to take time to consider  this  proposal  and to consult  with an attorney
 prior to signing          it.  Please  indicate  your  understanding,  acceptance  and
approval of this letter  agreement by signing          your name and dating your
 signature  where  indicated  below.  Kindly  return the original of this letter
         agreement to me.  The enclosed duplicate original is for your files.

		      18. 	REQUIRED
 APPROVALS:  This letter  agreement  has been  approved by the  Compensation  Committee
and the           Board of Directors.

	 	 
	 	Sincerely,
	 	 
	 	 
	 	 
	 	/s/ Scott A. Bloom
	 	

	 	Scott A. Bloom
	 	EVP - Corporate Development
	 	And Chief Administrative Officer
	 	 
	Accepted and Agreed by:	 
	 	 
	 	 
	 	 
	/s/ Brian Bellardo 	 
	
	 
	Date   May 15, 2007 	 
	
	 

10

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