Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT 

 

This Registration Rights
Agreement (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”)
is dated as of [●], 2019, and is between Tradeweb Markets Inc., a Delaware corporation (the “Company”),
and the Refinitiv Holders (as defined below), the Bank Holders (as defined below) and the other holders of Registrable Securities
(as defined below) party hereto from time to time. Such holders of Registrable Securities party hereto are collectively referred
to herein as the “Securityholders.”

 

ARTICLE I

DEFINITIONS 

 

In this Agreement:

 

“Affiliate”
has the meaning ascribed thereto in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof.

 

“Agreement” has
the meaning set forth in the preamble.

 

“Bank Holders”
means the entities listed on the signature pages hereto under the heading “Bank Holders” and their respective Permitted
Transferees.

 

“Business
Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial
banks in New York City are authorized or required by law to close.

 

“Change
of Control” means the transfer (whether by tender offer, merger, consolidation or other similar transaction), in
one transaction or a series of related transactions, to a person or group of affiliated persons, of the Company’s voting
securities if, after such transfer, such person or group of affiliated persons would hold more than 50% of the outstanding voting
securities of the Company (or the surviving entity); provided, however, that for purposes of this definition, a portfolio
operating company (other than the Company or any of its subsidiaries) that is an Affiliate of another person shall not be deemed
to control, be controlled by or be under common control with such other person.

 

“Class
A Common Stock” means the shares of Class A common stock, par value $0.01 per share, of the Company, and any other
capital stock of the Company into which such common stock is reclassified or reconstituted.

 

“Class
B Common Stock” means the shares of Class B common stock, par value $0.01 per share, of the Company, and any other
capital stock of the Company into which such common stock is reclassified or reconstituted.

 

“Class
C Common Stock” means the shares of Class C common stock, par value $0.01 per share, of the Company, and any other
capital stock of the Company into which such common stock is reclassified or reconstituted.

 

“Class
D Common Stock” means the shares of Class D common stock, par value $0.01 per share, of the Company, and any other
capital stock of the Company into which such common stock is reclassified or reconstituted.

 

“Common
Stock” means the Class A Common Stock, the Class B Common Stock, the Class C Common Stock and the Class D Common
Stock, collectively.

 

     

     

    

 

“Common
Units” has the meaning given to such term in the LLC Agreement.

 

“Company”
has the meaning set forth in the preamble.

 

“Control”
(including its correlative meanings, “Controlled by” and “under common Control with”)
means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through
ownership of securities, by contract or otherwise) of a Person.

 

“Demand
Notice” has the meaning set forth in Section 2.1(a) hereof.

 

“Employee”
has the meaning given to such term in the Tradeweb Markets Inc. 2019 Omnibus Equity Incentive Plan.

 

“Employee
Trading Window” means the period during which Employees are permitted to trade securities of the Company pursuant
to the Company’s Insider Trading Policy following the public release of the Company’s financial results for the second
quarter and the fourth quarter of each calendar year.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time.

 

“Extended
Lock-Up Period” means the period beginning on the pricing date of the IPO and continuing to and including the date
that is 365 days after the pricing date of the IPO.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Initial
Lock-Up Period” means the period beginning on the pricing date of the IPO and continuing to and including the date
that is 180 days after the pricing date of the IPO.

 

“Initial
Ownership Securities” means, collectively, shares of Common Stock and securities convertible into, redeemable or
exchangeable for or that represent the right to receive shares of Common Stock, including Common Units, held by the Refinitiv Holders
and the Bank Holders as of the closing date of the IPO after giving effect to the application of the net proceeds of the IPO as
described in the final prospectus used in connection with the IPO.

 

“IPO”
means an underwritten registered public offering of the Company’s Class A Common Stock in connection with which the Class
A Common Stock first becomes listed on a Recognized Exchange.

 

“LLC Agreement”
means the Fifth Amended and Restated Limited Liability Company Agreement of Tradeweb Markets LLC, dated as of [●], 2019,
as amended, restated, supplemented or modified, from time to time.

 

“Permitted
Transferee” means, in the case of any Securityholder, (i) any Affiliate of such Securityholder, including any affiliated
private equity funds, co-invest and side-by-side entities and other affiliated investment vehicles (other than any portfolio operating
company) or any successor of such Securityholder or of any of the foregoing; provided, that such Affiliate or successor
shall agree in writing to be bound by the terms of this Agreement by executing and delivering an assignment and joinder agreement
to the Company, substantially in the form of Exhibit A to this Agreement or (ii) any other Securityholder.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded
as a legal entity under applicable law, or any governmental authority or any department, agency or political subdivision thereof.

 

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“Recognized
Exchange” means The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market.

 

“Refinitiv
Holders” means the entities listed on the signature pages hereto under the heading “Refinitiv Holders”
and their respective transferees to whom a Refinitiv Holder transfers Registrable Securities and related rights under this Agreement
in accordance with Section 6.1 of this Agreement.

 

“Registrable
Securities” means (i) shares of Class A Common Stock that may be delivered (x) upon redemption of, or in exchange
for, Common Units held by Securityholders or (y) in exchange for shares of Class B Common Stock held by Securityholders and (ii)
shares of Class A Common Stock otherwise held by Securityholders from time to time. For purposes of this Agreement, Registrable
Securities shall cease to be Registrable Securities when (i) a registration statement covering resales of such Registrable Securities
has been declared effective under the Securities Act by the SEC and such Registrable Securities have been disposed of pursuant
to such effective registration statement, (ii) such Registrable Securities have been disposed of pursuant to Rule 144 (or any similar
provision then in effect) under the Securities Act or otherwise sold or transferred in a private transaction in which the Securityholder’s
rights under this Agreement are not assigned to the transferee of such securities, (iii) such Registrable Securities cease to be
outstanding (or issuable upon redemption or exchange), or (iv) with respect to the Bank Holders, such entities collectively own
a number of shares of Common Stock, in the aggregate, that is less than 10% of the total number of shares of Common Stock then
outstanding; provided, that, for the purpose of this clause (iv), with respect to each Bank Holder, on an individual basis,
in no event shall the Registrable Securities held by such Bank Holder, together with any other Securityholder that is an Affiliate
of such Bank Holder, cease to be Registrable Securities if such Bank Holder, together with any such Affiliate, owns a number of
shares of Common Stock, in the aggregate, that is more than 2% of the total number of shares of Common Stock then outstanding.

 

“Registration
Expenses” means any and all expenses incurred in connection with the Company’s performance of or compliance
with this Agreement, including:

 

(a)  all
SEC, stock exchange or FINRA registration, listing and filing fees (including, if applicable, the reasonable fees and expenses
of any “qualified independent underwriter,” as such term is defined in Rule 5121 of FINRA, and of its counsel) and
all rating agency fees;

 

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

 

(c)  all
printing, messenger and delivery expenses;

 

(d)  the
reasonable fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses
of any special audits and/or “cold comfort” letters required by or incident to such performance and compliance;

 

(e)  any
fees and disbursements of underwriters customarily paid by the issuers or sellers of securities, including liability insurance
if the Company so desires, and the reasonable fees and expenses of any special experts retained in connection with the requested
registration or underwritten offering, but excluding underwriting discounts and commissions and transfer taxes, if any;

 

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(f)  the
reasonable fees and out-of-pocket expenses of not more than one law firm (as selected by the Refinitiv Holders, if participating
in such registration or underwritten offering, and otherwise, by Securityholders of a majority of the Registrable Securities included
in such registration or underwritten offering) incurred in connection with such registration or underwritten offering;

 

(g)  the
costs and expenses of the Company relating to analyst and investor presentations or any “road show” undertaken in connection
with the registration or underwritten offering and/or marketing of the Registrable Securities; and

 

(h)  any
other fees and disbursements customarily paid by the issuers of securities.

 

“SEC”
means the U.S. Securities and Exchange Commission or any successor agency.

 

“Shares”
means shares of Class A Common Stock.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time.

 

“Securityholders”
has the meaning set forth in the preamble.

 

“Transfer”
means, with respect to any security, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, mortgage, encumber,
hypothecate or otherwise transfer, in whole or in part, any of the economic consequences of ownership of such security, whether
directly or indirectly, or agree or commit to do any of the foregoing (but for the avoidance of doubt, excluding the redemption
or exchange of Common Units for shares of Common Stock) and (ii) when used as a noun, a direct or indirect sale, assignment, disposition,
exchange, pledge, mortgage, encumbrance, hypothecation or other transfer, in whole or in part, of any of the economic consequences
of ownership of such security or any agreement or commitment to do any of the foregoing (but for the avoidance of doubt, excluding
the redemption or exchange of Common Units for shares of Common Stock).

 

“WKSI”
means a well-known seasoned issuer, as defined in Rule 405 under the Securities Act.

 

ARTICLE II

REGISTRATION RIGHTS

 

The following demand and
piggyback rights are subject in all cases to any cutbacks imposed in accordance with Section 3.5 hereof, the limitations
set forth in Section 2.7 hereof and the restrictions on transfer set forth in Section 3.8 hereof.

 

2.1
Right to Demand a Non-Shelf Registered Offering.

 

(a)  Upon
the written demand of one or more of the Refinitiv Holders or the Bank Holders made at any time and from time to time (a “Demand
Notice”), the Company will facilitate in the manner described in this Agreement a non-shelf registered offering of
the Registrable Securities requested by such Refinitiv Holders or Bank Holders to be included in such offering; provided,
however, that if a Demand Notice is delivered prior to the expiration of the Initial Lock-up Period, the Company shall not
be obligated to publicly file, but may be obligated to prepare and confidentially submit, a registration statement related to such
Demand Notice prior to the expiration of the Initial Lock-up Period.

 

(b)  Any
demanded non-shelf registered offering may, at the Company’s option, include Shares to be sold by the Company for its own
account and by Employees, and will also include Registrable Securities to be sold by Securityholders that exercise their related
piggyback rights pursuant to Section 2.2 hereof and any other Shares to be sold by the holders of registration rights granted
other than pursuant to this Agreement exercising such rights, in each case, to the extent exercising such rights on a timely basis.

 

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(c)  Without
limiting any other obligations of the Company hereunder, as soon as reasonably practicable, but in no event later than 45 days
after receiving a valid Demand Notice, the Company shall file (or confidentially submit) with the SEC a registration statement
covering all of the Registrable Securities covered by such Demand Notice as well as any other Registrable Securities as to which
registration is properly requested in accordance with Section 2.2 hereof (which other Registrable Securities may be included
by means of a pre-effective amendment) and any other Shares to be sold by the Company for its own account or properly requested
in accordance with other registration rights agreements with the Company.

 

2.2 Right to
Piggyback on a Non-Shelf Registered Offering. In connection with any registered offering of Shares covered by a non-shelf
registration statement (whether pursuant to the exercise of demand rights or at the initiative of the Company), the Securityholders
may, in accordance with this Agreement, exercise piggyback rights to have included in such offering Registrable Securities held
by them. The Company will facilitate in the manner described in this Agreement any such non-shelf registered offering.

 

2.3 Right to
Demand and be Included in a Shelf Registration.

 

(a)  Upon
the delivery of a Demand Notice, made by one or more of the Refinitiv Holders or the Bank Holders at any time and from time to
time when the Company is eligible to utilize a shelf registration statement to sell Shares in a secondary offering on a delayed
or continuous basis in accordance with Rule 415 under the Securities Act, the Company will facilitate in the manner described in
this Agreement a shelf registration of Registrable Securities requested by such Refinitiv Holders or Bank Holders to be included
in such shelf registration; provided, however, that if a Demand Notice is delivered prior to the expiration of the
Initial Lock-up Period, the Company shall not be obligated to publicly file, but may, to the extent permitted by applicable law,
be obligated to prepare and confidentially submit, a registration statement related to such Demand Notice prior to the expiration
of the Initial Lock-up Period. In connection with any shelf registration (whether pursuant to the exercise of demand rights or
at the initiative of the Company), the Securityholders may, in accordance with this Agreement, exercise piggyback rights to have
included in such shelf registration Registrable Securities held by them.

 

(b)  Any
demanded shelf registration may, at the Company’s option, include Shares to be sold by the Company for its own account and
by Employees, and will also include Registrable Securities to be sold by Securityholders that exercise their related piggyback
rights pursuant to Section 2.3(a) hereof, in each case, to the extent exercising such rights on a timely basis. If at the
time of such request the Company is a WKSI, such shelf registration may, if requested, cover an unspecified number of Registrable
Securities to be sold by the Securityholders and, upon the approval of the board of directors of the Company, cover an unspecified
number of Shares to be sold by the Company.

 

(c)  Without
limiting any other obligations of the Company hereunder, as soon as reasonably practicable, but in no event later than 45 days
after receiving a valid Demand Notice, the Company shall file (or confidentially submit) with the SEC a shelf registration statement
covering all of the Registrable Securities requested by such Demand Notice as well as any other Registrable Securities as to which
registration is properly requested in accordance with Section 2.3(a) hereof and any other Shares to be sold by the Company
for its own account.

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2.4 Non-Underwritten
Shelf Takedowns.  A non-underwritten offering or sale of Registrable Securities pursuant
to a shelf registration statement may be initiated by any Securityholder at any time and from time to time following the Initial
Lock-Up Period. Except as set forth in Section 2.5 hereof, the initiating Securityholder shall not be required to permit
the offer and sale of Registrable Securities by other Securityholders in connection with any non-underwritten shelf takedown initiated
by the initiating Securityholder.

 

2.5 Demand and
Piggyback Rights for Underwritten Shelf Takedowns. Upon the delivery of a Demand Notice by one or more of the Refinitiv
Holders or the Bank Holders, made at any time and from time to time following the Initial Lock-Up Period, the Company will facilitate
in the manner described in this Agreement an “underwritten shelf takedown” of Registrable Securities off of an effective
shelf registration statement. In connection with any underwritten shelf takedown (whether pursuant to the exercise of demand rights
or at the initiative of the Company), the Securityholders may, in accordance with this Agreement, exercise piggyback rights to
have included in such takedown Registrable Securities held by them that are registered on such shelf registration statement.

 

2.6 Right
to Reload a Shelf. Upon the written request of the Refinitiv Holders or the Bank Holders, the Company will file and seek
the effectiveness of a post-effective amendment to an existing shelf registration statement that was not filed as an automatically
effective shelf registration statement covering an unspecified number of Registrable Securities in order to register up to the
number of Registrable Securities previously taken down off of such shelf registration statement by such Refinitiv Holders or Bank
Holders and not yet “reloaded” onto such shelf registration statement. The Company will consult and coordinate with
the Refinitiv Holders or the Bank Holders, as applicable, in order to accomplish such replenishments from time to time in a sensible
manner.

 

2.7 Limitations
on Registration Rights. 

 

(a)  Any
demand for the filing of a registration statement or for a registered offering or an underwritten shelf takedown, and the exercise
of any piggyback rights, will be subject to the constraints of any applicable lockup arrangements, and any such demand must be
deferred until such lockup arrangements no longer apply. If a demand has been made for a non-shelf registered offering or for an
underwritten shelf takedown, no further demands may be made so long as the related offering is still being pursued. Notwithstanding
anything in this Agreement to the contrary, the Securityholders will not have piggyback rights with respect to the following registrations
by the Company: (i) a registration relating solely to employee benefit plans; (ii) a registration on Form S-4 or S-8 (or other
similar successor forms then in effect under the Securities Act); (iii) a registration pursuant to which the Company is offering
to exchange its own securities for other securities; (iv) a registration relating solely to dividend reinvestment or similar plans;
(v) a shelf registration pursuant to which only the initial purchasers and subsequent transferees of debt securities of the Company
or any subsidiary of the Company that are convertible for equity securities of the Company or such subsidiary and that are initially
issued pursuant to Rule 144A and/or Regulation S of the Securities Act may resell such debt securities and sell the equity interests
into which such debt securities may be converted; or (vi) a registration where the securities are not being sold for cash.

 

(b)  The
Company may postpone the filing of a demanded registration statement, suspend the effectiveness of any shelf registration statement
or defer the facilitation of a demanded underwritten offering (whether a non-shelf registered offering or a shelf takedown), in
any such case for a reasonable “blackout period” not in excess of 90 days if the board of directors of the Company
determines in good faith that such registration or offering could materially interfere with a bona fide business, acquisition,
divestiture or financing transaction of the Company or is reasonably likely to require premature disclosure of information, the
premature disclosure of which could materially and adversely affect the Company; provided that the Company shall not delay
the filing, suspend the effectiveness or defer the facilitation of any demanded registration statement more than once in any 12-month
period. The blackout period will end upon the earlier to occur of (i) in the case of a bona fide business, acquisition,
divestiture or financing transaction, a date not later than 90 days from the date such postponement, suspension or deferral commenced,
and (ii) in the case of disclosure of non-public information, the earlier to occur of (x) the filing by the Company of its next
succeeding Form 10-K or Form 10-Q, or (y) the date upon which such information is otherwise disclosed.

 

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(c)  In
order to be valid, each Demand Notice must provide the information described in Section 3.1 (as applicable) and Section
4.5 hereof or be followed by such information, when requested as contemplated by Section 4.5 hereof.

 

(d)  The
Securityholders shall not deliver a Demand Notice to the Company during the Employee Trading Windows unless during the same calendar
year a demanded registered offering has occurred in which Employees were permitted to participate.

 

(e)  The
Company shall not be required to effect a demand for any non-shelf registered offering, shelf registration or underwritten shelf
takedown unless the market value, based on the closing price of the Class A Common Stock on the Business Day immediately preceding
the date of the Demand Notice, of the aggregate amount of Registrable Securities requested in such Demand Notice and any subsequent
notices regarding the exercise of registration piggyback rights to be included in such registration or offering, as applicable,
is at least $100 million.

 

(f)  The
Company shall not be required to effect more than one demand (whether a non-shelf registered offering, a shelf registration or
an underwritten shelf takedown) in any 12-month period; provided, however, (i) that until the first anniversary of
the pricing date of the IPO, the Company shall not be required to effect more than two demands (whether a non-shelf registered
offering, a shelf registration or an underwritten shelf takedown) and (ii) that an underwritten shelf takedown demanded in connection
with a demanded shelf registration shall constitute a single demand. Notwithstanding the foregoing, the restrictions set forth
in this Section 2.7(f) shall terminate on the earlier of (i) the third anniversary of the pricing date of the IPO and, (ii)
the date on which the Bank Holders collectively own a number of shares of Common Stock, in the aggregate, that is less than 10%
of the total number of shares of Common Stock then outstanding.

 

(g)  Notwithstanding
anything in this Agreement to the contrary, from and after the time that the Bank Holders collectively own a number of shares of
Common Stock, in the aggregate, that is less than 10% of the total number of shares of Common Stock then outstanding, the Bank
Holders will have no further demand rights pursuant to this Agreement.

 

ARTICLE III

NOTICES, CUTBACKS AND OTHER MATTERS 

 

3.1 Notifications
Regarding Demands. In order for the Refinitiv Holders or the Bank Holders, as applicable, to exercise their right to demand
that a registration statement be filed or that a non-shelf registered offering or an underwritten shelf takedown be effected, they
must include in their Demand Notice the number of Registrable Securities sought to be registered or taken down and the proposed
plan of distribution.

 

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3.2 Notifications
Regarding Registration Piggyback Rights.

 

(a)  In
the event that the Company (i) receives any demand from the Refinitiv Holders or the Bank Holders, as applicable, pursuant to Section
2.1 hereof, or (ii) files (or confidentially submits) a registration statement with respect to a non-shelf registered offering,
the Company will promptly give to each of the Securityholders a written notice thereof no later than 5:00 p.m., New York City time,
on the fifth Business Day following receipt by the Company of such demand or the filing (or confidential submission) of such registration
statement, as applicable. Any Securityholder wishing to exercise its piggyback rights with respect to any such non-shelf registration
statement must notify the Company of the number of Registrable Securities it seeks to have included in such registration statement
in a written notice. Such notice must be given as soon as practicable, but in no event later than five Business Days following
the receipt of written notice from the Company.

 

(b)  In
the event that the Company (i) receives any demand from the Refinitiv Holders or the Bank Holders, as applicable, pursuant to Section
2.3 hereof, or (ii) files a shelf registration statement, the Company will promptly give to each of the Securityholders a written
notice thereof no later than 5:00 p.m., New York City time, on the fifth Business Day following receipt by the Company of such
demand or the filing of such shelf registration statement, as applicable. Any Securityholder wishing to exercise its piggyback
rights with respect to any such shelf registration statement must notify the Company of the number of Registrable Securities it
seeks to have included in such registration statement in a written notice. Such notice must be given as soon as practicable, but
in no event later than five Business Days following the receipt of written notice from the Company. Notwithstanding anything in
this Agreement to the contrary, in the event that an underwritten shelf takedown is requested or proposed in connection with the
filing of a shelf registration statement, the notification provisions set forth in Section 3.3 hereof shall apply in lieu
of the foregoing.

 

(c)  Pending
any required public disclosure and subject to applicable legal requirements, the parties will maintain appropriate confidentiality
of their discussions and any notifications regarding a prospective non-shelf registered offering or shelf registration statement.

 

3.3
Notifications Regarding Demanded Underwritten Shelf Takedowns.

 

(a)  The
Company will keep the Securityholders holding Registrable Securities that are registered on any shelf registration statement reasonably
apprised of all pertinent aspects of any underwritten shelf takedown demanded by the Refinitiv Holders or the Bank Holders, as
applicable, in order that such Securityholders may have a reasonable opportunity to exercise their related piggyback rights (but
in no event more than two Business Days thereafter). Without limiting the Company’s obligation as described in the preceding
sentence, having a reasonable opportunity requires that such Securityholders be notified by the Company of an anticipated underwritten
shelf takedown (whether pursuant to the exercise of demand rights pursuant to Section 2.5 hereof or at the initiative of the Company)
no later than 5:00 p.m., New York City time, on the third Business Day prior to (i) if applicable, the date on which the preliminary
prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such offering is expected
to be finalized and (ii) in all cases, the date on which the pricing of the relevant offering is expected to occur.

 

(b)  Any
Securityholder wishing to exercise its piggyback rights with respect to an underwritten shelf takedown must notify the Company
of the number of Registrable Securities it seeks to have included in such takedown in a written notice. Such notice must be given
as soon as practicable, but in no event later than 5:00 p.m., New York City time, on the Business Day prior to (i) if applicable,
the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing
efforts for such offering is expected to be finalized and (ii) in all cases, the date on which the pricing of the relevant offering
is expected to occur, which date shall be included as the deadline for Securityholder responses in the Company’s written
notice.

 

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(c)  Pending
any required public disclosure and subject to applicable legal requirements, the parties will maintain appropriate confidentiality
of their discussions and any notifications regarding a prospective shelf takedown.

 

3.4 Plan of Distribution,
Underwriters, Advisors and Counsel. If a majority of the Shares proposed to be sold in an underwritten offering through
a non-shelf registration statement or through an underwritten shelf takedown is being sold by the Company for its own account,
the Company will be entitled to determine the plan of distribution and select the managing underwriters and any provider of advisory
services, which may include Affiliates of the Securityholders, for such offering. Otherwise, the Refinitiv Holders, if participating
in such offering (or Securityholders holding a majority of the Registrable Securities requested to be included if the Refinitiv
Holders are not participating in such offering), will be entitled to determine the plan of distribution and select the managing
underwriters and any provider of advisory services, which may include Affiliates of the Securityholders; provided that such
investment banker or bankers, managers and providers of advisory services shall be reasonably satisfactory to the Company and the
Securityholders holding a majority of the Registrable Securities participating in such offering (if not the Refinitiv Holders).
Refinitiv Holders, if participating in such offering (or Securityholders holding a majority of the Registrable Securities requested
to be included if the Refinitiv Holders are not participating in such offering), will be entitled to select counsel for the selling
Securityholders (which may be the same as counsel for the Company). In the case of a shelf registration statement, the plan of
distribution will provide as much flexibility as is reasonably possible and as requested by any Securityholders holding a majority
of the Registrable Securities participating in such shelf registration.

 

3.5 Cutbacks.
If the managing underwriters advise the Company and the selling Securityholders that, in their opinion, the number of Shares requested
to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the
distribution of the Shares being offered, the price that will be paid in such offering or the marketability thereof, such offering
will include only the number of Shares that the underwriters advise can be sold in such offering. If the offering is being made
on account of a demand made by the Refinitiv Holders or the Bank Holders, as applicable, pursuant to Section 2.1 hereof
or Section 2.5 hereof, the selling Securityholders, any Employees (and any other Persons having registration rights pari
passu with the Securityholders and participating in such offering) and the Company, as applicable, will be subject to cutback
pro rata based on the number of Registrable Securities and other Shares, as applicable, initially requested by them to be
included in such offering, without distinguishing between Securityholders (or other Persons exercising pari passu registration
rights) who made the demand for such offering or otherwise. If the Company is selling Shares for its own account in such offering
and the offering is not being made on account of a demand made by the Refinitiv Holders or the Bank Holders, as applicable, pursuant
to Section 2.1 hereof or Section 2.5 hereof, the Company will have first priority. To the extent of any remaining
capacity, the selling Securityholders (and any other Persons having registration rights pari passu with the Securityholders
and participating in such offering) will be subject to cutback pro rata based on the number of Registrable Securities and
other Shares, as applicable, initially requested by them to be included in such offering, without distinguishing between Securityholders
(or other Persons exercising pari passu registration rights) who made the demand for such offering or otherwise.

 

3.6 Withdrawals.
Even if Registrable Securities held by a Securityholder have been part of a registered underwritten offering, such Securityholder
may, no later than the time at which the public offering price and underwriters’ discount are determined with the managing
underwriter, decline to sell all or any portion of the Registrable Securities being offered for its account.

 

    	 	-9-	 

     

    

 

3.7 Lockups.
In connection with any underwritten offering of Shares (whether or not participating in such offering), the Company and each Securityholder
will agree (in the case of Securityholders, with respect to Registrable Securities respectively held by them), if requested by
the managing underwriter or underwriters in such underwritten offering, to be bound by lockup restrictions (which must apply in
like manner to all of the Securityholders) that are substantially similar to the lockup restrictions agreed to in connection with
the IPO except that such restrictions shall be for a customary period specified by the managing underwriters or underwriters not
to exceed (i) in the case of the first registered offering of Shares following the IPO, 90 days following the date of the underwriting
agreement entered into in connection with such underwritten offering and (ii) thereafter, 60 days following the date of the underwriting
agreement entered into in connection with such underwritten offering. The Company shall use its reasonable best efforts to cause
its executive officers and directors (and managers, if applicable) and shall use commercially reasonable efforts to cause other
holders of Common Stock participating in such offering who beneficially own (within the meaning of Rules 13d-3 and 13d-5 under
the Exchange Act as in effect on the date of this Agreement) Shares, to enter into lockup agreements that contain restrictions
that are no less restrictive than the restrictions contained in the lockup agreements executed by the Securityholders.

 

For the avoidance of
doubt, this lockup obligation will fall away with respect to each Bank Holder once the Bank Holder’s rights and obligations
under this Agreement terminate in accordance with Section 7.5 hereof. In addition, the Securityholders shall be bound by
their obligations with respect to any lockup arrangements or other restrictions on transfer of Registrable Securities set forth
in Section 3.8 hereof or the LLC Agreement, as applicable.

 

3.8 Restrictions
on Transfer.

 

(a)  Each
Refinitiv Holder and Bank Holder agrees that it shall not Transfer any Initial Ownership Securities, except in compliance with
the terms and conditions set forth in this Section 3.8. Any attempt by any Refinitiv Holder or Bank Holder to Transfer any
Initial Ownership Securities not in compliance with this Section 3.8 shall be null and void, and the Company shall not,
and shall cause any transfer agent not to, give any effect in the Company’s share register to such attempted Transfer.

 

(b)  During
the Initial Lock-Up Period, the Refinitiv Holders and the Bank Holders shall not Transfer any Initial Ownership Securities without
the prior written consent of the Company.

 

(c)  During
the Extended Lock-Up Period, the Refinitiv Holders and the Bank Holders shall not Transfer any Initial Ownership Securities without
the prior written consent of the Company; provided, however, that the Refinitiv Holders and the Bank Holders shall
be permitted to Transfer up to 50% of their respective Initial Ownership Securities during the Extended Lock-Up Period without
the prior written consent of the Company.

 

(d)  Any
Initial Ownership Securities held by the Refinitiv Holders and the Bank Holders after the Extended Lock-Up Period shall cease to
be subject to any restrictions on Transfer set forth in this Section 3.8.

 

(e)  Notwithstanding
the foregoing, any Refinitiv Holder or Bank Holder may at any time Transfer, without the prior written consent of the Company,
its Initial Ownership Securities (i) to one or more of its Permitted Transferees, (ii) as a bona fide gift or gifts to charitable
organization transferees or recipients in an aggregate amount, together with any other Securityholder that is an Affiliate of such
Refinitiv Holder or Bank Holder, as applicable, not to exceed 1% of the total number of shares of Common Stock then outstanding,
(iii) by pledging, hypothecating or otherwise granting a security interest in Initial Ownership Securities to one or more lending
institutions as collateral or security for any loan, advance or extension of credit and any transfer upon foreclosure upon such
Initial Ownership Securities or (iv) in connection with or upon the occurrence of a Change of Control.

 

    	 	-10-	 

     

    

 

(f)  If
any Securityholder of Registrable Securities is granted an early release from the restrictions described herein during the Initial
Lock-Up Period or the Extended Lock-Up Period with respect to any Registrable Securities, then immediately upon such early release
each other Securityholder shall also be deemed to have been granted an early release from its obligations hereunder with respect
to a pro rata amount of Registrable Securities; provided, however, that if any such early release is granted in connection
with a demanded offering, then immediately upon such early release, each other Securityholder shall also be deemed to have been
granted an early release from its obligations hereunder as if the end of the Initial Lock-Up Period or, if after the end of the
Initial Lock-Up Period, the end of the Extended Lock-Up Period, shall have occurred on the date of such early release (and, for
the avoidance of doubt, such Securityholders shall have the right to piggyback on such demanded offering with respect to such released
Shares pursuant to Section 2.2 hereof).

 

ARTICLE IV

FACILITATING REGISTRATIONS AND OFFERINGS 

 

4.1 General.
If the Company becomes obligated under this Agreement to facilitate a registration and/or underwritten offering of Registrable
Securities on behalf of Securityholders, the Company will do so with the same degree of care and dispatch as would reasonably be
expected in the case of a registration and/or underwritten offering by the Company of Shares for its own account. Without limiting
this general obligation, the Company will fulfill its specific obligations as described in this Article IV.

 

4.2 Registration
Statements. In connection with each registration statement that is demanded by the Refinitiv Holders or the Bank Holders
in accordance with this Agreement or as to which piggyback rights otherwise apply, the Company will:

 

(a)  (i)
prepare and file (or confidentially submit) with the SEC a registration statement on an appropriate form covering the applicable
Registrable Securities, (ii) file amendments thereto as warranted, (iii) seek the effectiveness thereof as soon as reasonably practicable,
and (iv) file with the SEC prospectuses and prospectus supplements as may be required, all in consultation with the Refinitiv Holders
and the Bank Holders, as applicable, and as reasonably necessary in order to permit the offer and sale of the such Registrable
Securities in accordance with the applicable plan of distribution;

 

(b)  (i)
within a reasonable time prior to the filing (or confidential submission) of any registration statement, any prospectus, any amendment
to a registration statement, amendment or supplement to a prospectus or any free writing prospectus (including all exhibits filed
therewith, if so requested), provide copies of such documents to the participating Securityholders and to the underwriter or underwriters
of an underwritten offering, if applicable, and to their respective counsel; fairly consider such reasonable changes to any such
documents prior to or after the filing (or confidential submission) thereof as the counsel to the Securityholders or any underwriters
may timely request; and make such representatives of the Company as shall be reasonably requested by the participating Securityholders
or any underwriters available for discussion of such documents; and (ii) if requested by the participating Securityholders or the
underwriter or underwriters of any underwritten offering, if applicable, or their respective counsel, prior to the filing of any
document which is to be incorporated by reference into a registration statement or a prospectus, provide copies of such document
to counsel for the Securityholders and any underwriters; fairly consider such reasonable changes to such document prior to or after
the filing thereof as such counsel shall timely request; and make such representatives of the Company as shall be reasonably requested
by such counsel available for discussion of such document;

 

(c)  use
all reasonable efforts to cause each registration statement and the related prospectus and any amendment or supplement thereto,
as of the effective date of such registration statement, amendment or supplement and during the distribution of the registered
Registrable Securities (x) to comply in all material respects with the requirements of the Securities Act (including the rules
and regulations promulgated thereunder) and (y) not to contain any 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;

 

    	 	-11-	 

     

    

 

(d)  notify
each participating Securityholder promptly, and, if requested by such Securityholder, confirm such notice in writing, (i) when
a registration statement has become effective and when any post-effective amendments and supplements thereto become effective if
such registration statement or post-effective amendment is not automatically effective upon filing pursuant to Rule 462 under the
Securities Act, (ii) of the issuance by the SEC or any state securities authority of any stop order, injunction or other order
or requirement suspending the effectiveness of a registration statement or the initiation of any proceedings for that purpose,
(iii) if, between the effective date of a registration statement and the closing of any sale of Registrable Securities covered
thereby pursuant to any agreement to which the Company is a party, the representations and warranties of the Company contained
in such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect
to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding
for such purpose, and (iv) of the happening of any event during the period a registration statement is effective as a result of
which such registration statement or the related prospectus contains any untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein not misleading;

 

(e)  furnish
counsel for the underwriters, if any, and counsel for the participating Securityholders copies of any correspondence with the SEC
or any state securities authority relating to the registration statement or prospectus;

 

(f)  otherwise
use all reasonable efforts to comply in all material respects with all applicable rules and regulations of the SEC, including making
available to its security holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section
11(a) of the Securities Act and Rule 158 thereunder (or any similar provision then in force); and

 

(g)  use
all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement at the earliest
possible time.

 

4.3 Non-Shelf
Registered Offerings and Underwritten Shelf Takedowns. In connection with any non-shelf registered offering or underwritten
shelf takedown that is demanded by the Refinitiv Holders or the Bank Holders, as applicable, or as to which piggyback rights otherwise
apply, the Company will:

 

(a)  cooperate
with the selling Securityholders and the sole underwriter or managing underwriter of an underwritten offering to facilitate the
timely preparation and delivery of book-entry statements or certificates representing the Registrable Securities to be sold and
not bearing any restrictive legends, to the extent permitted by the restrictions on transfer set forth in Section 3.8 hereof;
and enable such Registrable Securities to be in such denominations (consistent with the provisions of the governing documents thereof)
and registered in such names as such selling Securityholders or such sole underwriter or managing underwriter of such underwritten
offering of Registrable Securities may reasonably request at least two Business Days prior to any sale of such Registrable Securities;

 

(b)  furnish
to each Securityholder and to each underwriter participating in the relevant offering, without charge, as many copies of the applicable
prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Securityholder
or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities;
the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by each such Securityholder and
underwriter in connection with the offering and sale of the Registrable Securities covered by the prospectus or the preliminary
prospectus;

 

    	 	-12-	 

     

    

 

(c)  (i)
use all reasonable efforts to register or qualify the Registrable Securities being offered and sold, no later than the time the
applicable registration statement becomes effective, under all applicable state securities or blue sky laws of such jurisdictions
as each underwriter or any selling Securityholder, shall reasonably request; (ii) use all reasonable efforts to keep each such
registration or qualification effective during the period such registration statement is required to be kept effective; and (iii)
do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter and selling
Securityholder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Securityholder;
provided, however, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in
securities in any jurisdiction in which it is not so qualified or to consent to be subject to general service of process (other
than service of process in connection with such registration or qualification or any sale of Registrable Securities in connection
therewith) in any such jurisdiction;

 

(d)  cause
all Registrable Securities being sold to be qualified for inclusion in or listed on any Recognized Exchange on which the Shares
are then so qualified or listed if so requested by the selling Securityholders, or if so requested by the underwriter or underwriters
of such underwritten offering of Registrable Securities;

 

(e)  cooperate
and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter
in an underwritten offering;

 

(f)  use
all reasonable efforts to facilitate the distribution and sale of any Registrable Securities to be offered pursuant to this Agreement,
including without limitation by making “road show” presentations, holding meetings with and making calls to potential
investors and taking such other customary and appropriate actions as shall be reasonably requested by the selling Securityholders
or the lead managing underwriter of an underwritten offering;

 

(g)  in
the case of an underwritten offering that includes a provider of advisory services, enter into and perform its obligations under
customary agreements (including an advisory services agreement and an indemnification agreement in customary form); and

 

(h)  enter
into customary agreements (including underwriting agreements in customary form, and including provisions with respect to indemnification
and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein)
and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities
and in connection therewith:

 

(i) make
such representations and warranties to the selling Securityholders and the underwriters in form, substance and scope as are customarily
made by issuers to underwriters in similar underwritten offerings;

 

(ii) obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the lead managing underwriter) addressed to the underwriters (and, if so requested, to each selling Securityholder)
covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably
requested by such Securityholders and underwriters;

 

(iii) obtain
“cold comfort” letters and updates thereof from the Company’s independent certified public accountants addressed
to the underwriters (and, if so requested and if permissible, the selling Securityholders) which letters shall be customary in
form and shall cover matters of the type customarily covered in “cold comfort” letters to underwriters in connection
with primary underwritten offerings;

 

    	 	-13-	 

     

    

 

(iv) to the
extent requested and customary for the relevant transaction, enter into a securities sales agreement with the selling Securityholders
providing for, among other things, the appointment of such representative as agent for the selling Securityholders for the purpose
of soliciting purchases of Registrable Securities, which agreement shall be customary in form, substance and scope and shall contain
customary representations, warranties and covenants; and

 

(v) deliver
such documents and certificates as the underwriters, the selling Securityholders, or their respective counsel, shall reasonably
request to evidence continued validity of the representations and warranties made in accordance with Section 4.3(h)(i) above
and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into
by the Company; and

 

(i)   use
all reasonable efforts to facilitate the settlement of the Registrable Securities to be sold, including with the Company’s
transfer agent and through the facilities of The Depository Trust Company.

 

The above shall be done at such times as
customarily occur in similar non-shelf registered offerings or underwritten shelf takedowns.

 

4.4 Due Diligence.
In connection with each registration and offering of Registrable Securities to be sold by Securityholders, the Company will, in
accordance with customary practice, make available for inspection by representatives of such Securityholders and the underwriters
and any counsel or accountant retained by such Securityholders or underwriters all relevant financial and other records, pertinent
corporate documents and properties of the Company and cause appropriate officers, managers, employees, outside counsel and accountants
of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in
connection with their due diligence exercise, including through in-person meetings, but subject to customary privilege constraints.

 

4.5 Information
from Securityholders. Each Securityholder that holds Registrable Securities covered by any registration statement will
furnish to the Company such information regarding itself as is required to be included in the registration statement or as is otherwise
required by FINRA or the SEC in connection with such registration statement, the ownership of Registrable Securities by such Securityholder
or the proposed distribution by such Securityholder of such Registrable Securities as the Company may from time to time reasonably
request in writing. Each Securityholder that holds Registrable Securities covered by any registration statement agrees to notify
the Company as promptly as reasonably practicable of any inaccuracy or change in information previously furnished to the Company
by such Securityholder or the occurrence of any event that would cause any registration statement or the related prospectus and
any amendment or supplement thereto, as of the effective date of such registration statement, amendment or supplement and during
the distribution of the Registrable Securities to include 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 and, in each case, to furnish to the Company,
as promptly as practicable, any additional information required to correct and update the information previously furnished by such
Holder.

 

4.6 Expenses.
All Registration Expenses incurred in connection with any registration statement, non-shelf registered offering or shelf takedown
covering Registrable Securities held by the Securityholders will be borne by the Company. However, underwriters’, brokers’
and dealers’ discounts and commissions applicable to Registrable Securities sold for the account of a Securityholder will
be borne by such Securityholder.

 

    	 	-14-	 

     

    

 

ARTICLE V

INDEMNIFICATION 

 

5.1 Indemnification
by the Company. In the event of any registration under the Securities Act by any registration statement pursuant to rights
granted in this Agreement of Registrable Securities held by Securityholders, the Company will indemnify and hold harmless Securityholders,
their officers, directors and affiliates (and the officers, directors, employees, general and limited partners, and controlling
persons of the any of the foregoing), and each underwriter of such securities and each other Person, if any, who Controls any Securityholder
or such underwriter within the meaning of the Securities Act, against any losses, claims, damages, or liabilities (including legal
fees and costs of court), joint or several, to which Securityholders or such underwriter or controlling Person may become subject
under the Securities Act or otherwise, including, subject to Section 5.3 hereof, any amount paid in settlement of any litigation
commenced or threatened, and shall promptly reimburse such Persons, as and when incurred, for any legal or other expenses reasonably
incurred by them in connection with investigating any claims and defending any actions, insofar as such losses, claims, damages,
or liabilities (or any actions in respect thereof) arise out of or are based upon (i) any violation or alleged violation by the
Company of the Securities Act, any blue sky laws, securities laws or other applicable laws of any state or country in which such
securities are offered and relating to action taken or action or inaction required of the Company in connection with such offering,
(ii) any untrue statement or alleged untrue statement of any material fact contained, on its effective date, in any registration
statement under which such securities were registered under the Securities Act or any amendment or supplement to any of the foregoing,
or in any document incorporated by reference therein, or any issuer free writing prospectus (including any “road show”,
whether or not required to be filed with the SEC), or that arises of or are based upon omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) any untrue statement
or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the effective date of
such registration statement, or any final prospectus (as amended or supplemented if the Company shall have filed with the SEC any
amendment or supplement thereto) or the omission or alleged omission to state in such prospectus a material fact necessary in order
to make the statements in such prospectus in the light of the circumstances under which they were made, not misleading; provided,
however, that the Company shall not be liable to any Securityholder or its underwriters or controlling Persons in any such
case to the extent that any such loss, claim, damage, or liability arises out of or is based upon an untrue statement or alleged
untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or such
prospectus or such amendment or supplement to any of the foregoing, or in any document incorporated by reference therein, or any
issuer free writing prospectus (including any “road show”, whether or not required to be filed by the SEC), in reliance
upon and in conformity with written information furnished to the Company or its representatives by or on behalf of such Securityholder
or such underwriter specifically for use therein.

 

5.2 Indemnification
by Securityholders. Each Securityholder as a condition to including Registrable Securities in such registration statement
will indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 5.1 hereof) the Company,
each director of the Company, each officer of the Company who shall sign the registration statement, and any Person who Controls
the Company within the meaning of the Securities Act (i) with respect to any statement in or omission from such registration statement
or any prospectus contained therein or any amendment or supplement to any of the foregoing, or in any document incorporated by
reference therein, or any issuer free writing prospectus (including any “road show”, whether or not required to be
filed with the SEC), if such statement or omission was made in reliance upon and in conformity with written information furnished
to the Company or its representatives by or on behalf of such Securityholder specifically regarding such Securityholder for use
therein, and (ii) only in the case of non-underwritten shelf takedowns pursuant to Section 2.4 hereof, with respect to compliance
by such Securityholder with applicable laws in effecting the sale or other disposition of the securities covered by such registration
statement; provided, that the liability of each Securityholder pursuant to this Section 5.2 shall not exceed the
amount by which the total price at which the Shares were offered to the public by such Securityholder.

 

    	 	-15-	 

     

    

 

5.3 Indemnification
Procedures. Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim
referred to in Section 5.1 and Section 5.2 hereof, the indemnified party will, if a claim in respect thereof is to
be made or may be made against an indemnifying party, give written notice to such indemnifying party of the commencement of the
action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its obligations in this
Article V, except to the extent that the indemnifying party is actually prejudiced by the failure to give notice. If any
such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the
defense of the action with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party
to such indemnified party of its election to assume defense of the action, the indemnifying party will not be liable to such indemnified
party for any legal or other expenses incurred by the latter in connection with the action’s defense other than reasonable
costs of investigation. An indemnified party shall have the right to employ separate counsel in any action or proceeding and participate
in the defense thereof, but the fees and expenses of such counsel shall be at such indemnified party’s expense unless (i)
the employment of such counsel has been specifically authorized in writing by the indemnifying party, which authorization shall
not be unreasonably withheld, (ii) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory
to the indemnified party within 30 days after notice of any such action or proceeding, or (iii) the named parties to any such action
or proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party
shall have been advised by such counsel that there may be one or more legal defenses available to the indemnified party that are
different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have
the right to assume the defense of such action or proceeding on behalf of the indemnified party), it being understood, however,
that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees
and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith
opinion of both counsel for the indemnifying party and counsel for the indemnified party in order to adequately represent the indemnified
parties) for the indemnified party and that all such fees and expenses shall be reimbursed as they are incurred upon written request
and presentation of invoices. Whether or not a defense is assumed by the indemnifying party, the indemnifying party will not be
subject to any liability for any settlement made without its consent (not to be unreasonably withheld). No indemnifying party will
consent to entry of any judgment or enter into any settlement without the written consent of the indemnified party unless such
judgment or settlement (i) includes as an unconditional term the giving by the claimant or plaintiff, to the indemnified party,
of a release from all liability in respect of such claim or litigation and (ii) does not involve the imposition of equitable remedies
or the imposition of any non-financial obligations on the indemnified party.

 

5.4 Contribution.
If the indemnification required by this Article V from the indemnifying party is unavailable to or insufficient to hold
harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities,
or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties
and (ii) if the allocation in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect the
relative benefit referred to in clause (i) and also the relative fault of the indemnified and indemnifying parties, in connection
with the actions which resulted in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable
considerations. The relative benefits received by a party shall be deemed to be in the same proportion as the total net proceeds
from the offering (before deducting expenses) received by it bear to the total amounts (including, in the case of any underwriter,
any underwriting commissions and discounts) received by each other party. The relative fault of the indemnifying party and the
indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or any omission or alleged omission to state a material fact, has been made by,
or relates to information supplied by, such indemnifying party or parties, and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses,
claims, damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such party in connection with any investigation or proceeding. The Company and Securityholders agree that it would
not be just and equitable if contribution pursuant to this Section 5.4 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 the prior provisions
of this Section 5.4. 

 

    	 	-16-	 

     

    

 

Notwithstanding the
provisions of this Section 5.4, no indemnifying party shall be required to contribute any amount in excess of the amount
by which the total price at which the securities were offered to the public by such indemnifying party exceeds the amount of any
damages which such indemnifying party has otherwise been required to pay pursuant to this Article V. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such a fraudulent misrepresentation.

 

ARTICLE VI  

OTHER AGREEMENTS 

 

6.1 Transfer
of Rights.

 

(a)  Any
Refinitiv Holder may transfer all or any of its rights under this Agreement, subject to Section 3.8 hereof, to any transferee
of Registrable Securities held by such Refinitiv Holder to the extent such transfer is not in violation of any requirements applicable
under any agreement such Refinitiv Holder has with the Company. Any such transfer of registration rights will be effective upon
receipt by the Company of (i) written notice from such Refinitiv Holder stating the name and address of any transferee and identifying
the number of shares of Registrable Securities with respect to which rights under this Agreement are being transferred and the
nature of the rights so transferred, and (ii) a joinder to this Agreement in the form of Exhibit A hereto evidencing such
transferee’s agreement to be bound by the terms of this Agreement. Following any such transfer, the Company and the transferring
Refinitiv Holder will notify the other Securityholders as to who the transferees are and the nature of the rights so transferred.

 

(b)  No
Bank Holder shall assign all or any part of this Agreement without the prior written consent of the Company and the Refinitiv Holders;
provided, however, that without the prior written consent of the Company or the Refinitiv Holders, any Bank Holder
may assign its rights and obligations under this Agreement in whole or in part to any Permitted Transferee that becomes a party
hereto by executing and delivering an assignment and joinder agreement to the Company, substantially in the form of Exhibit
A to this Agreement. Following any such transfer, the Company and the transferring Bank Holder will notify the other Securityholders
as to who the transferees are and the nature of the rights so transferred.

 

(c)  In
the case of an in-kind distribution of Registrable Securities pursuant to Section 6.5 of this Agreement with an ability
to resell Registrable Securities off of a shelf registration statement, such in-kind transferees will, as transferee Securityholders,
be entitled to the rights under this Agreement applicable to the Registrable Securities so transferred without the requirement
to enter into a written agreement pursuant to Section 6.1(a) or (b) above. In that regard, however, in-kind transferees that do
not enter in such a written agreement will not be given demand or piggyback rights; rather, their means of registered resale will
be limited to sales off a shelf registration statement with respect to which no special actions are required by the Company or
the other Securityholders, and as to which no lockup will arise.

 

    	 	-17-	 

     

    

 

(d)  In
the event that the Company effects the separation of any portion of its business into one or more entities (each, a “NewCo”),
whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization,
reorganization or similar transaction, and any Securityholder will receive equity interests in any such NewCo as part of such separation,
the Company shall cause any such NewCo to enter into a registration rights agreement with each such Securityholder that provides
each such Securityholder with registration rights vis-á-vis such NewCo that are substantially similar to those set forth
in this Agreement, giving due consideration to the nature of NewCo and other relevant considerations.

 

(e)  The
Company shall not assign all or any part of this Agreement without the prior written consent of the Refinitiv Holders.

 

(f)  Except
as otherwise provided herein, this Agreement will inure to the benefit of and be binding on the parties hereto and their respective
successors and permitted assigns.

 

6.2 Merger or
Consolidation. In the event the Company engages in a merger or consolidation in which the Registrable Securities are converted
into securities of another company, appropriate arrangements will be made so that the registration rights provided under this Agreement
continue to be provided to Securityholders by the issuer of such securities. To the extent such new issuer, or any other company
acquired by the Company in a merger or consolidation, was bound by registration rights obligations that would conflict with the
provisions of this Agreement, the Company will, unless Securityholders then holding at least 90% of the Registrable Securities
otherwise agree, use its commercially reasonable efforts to modify any such “inherited” registration rights obligations
so as not to interfere in any material respects with the rights provided under this Agreement. To the extent any such modification
of “inherited” registration rights disproportionately and adversely impacts any Securityholder hereunder, such modification
shall not be effective as to such Securityholder without the consent of such Securityholder.

 

6.3 Limited Liability.
Notwithstanding any other provision of this Agreement, neither the members, general partners, limited partners or managing directors,
or any directors or officers of any members, general or limited partner, advisory director, nor any future members, general partners,
limited partners, advisory directors, or managing directors, if any, of any Securityholder shall have any personal liability for
performance of any obligation of such Securityholder under this Agreement in excess of the respective capital contributions of
such members, general partners, limited partners, advisory directors or managing directors to such Securityholder.

 

6.4 Rule 144.
If the Company is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will
file any reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to the
requirements of Section 13, 14 or 15(d) of the Exchange Act but is not required to file such reports, it will, upon the request
of any Securityholder, make publicly available such information) and it will take such further action as any Securityholder may
reasonably request, so as to enable such Securityholder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Securityholder, the Company
will deliver to such Securityholder a written statement as to whether it has complied with such requirements. For the avoidance
of doubt, this Section 6.4 shall not in any way limit or otherwise modify any applicable lockup arrangements or other restrictions
on transfer set forth in Section 3.8 hereof or the LLC Agreement, as applicable.

 

    	 	-18-	 

     

    

 

6.5 In-Kind Distributions.
If any Securityholder seeks to effectuate an in-kind distribution of all or part of its Registrable Securities to its direct or
indirect partners, members or other equityholders, the Company will, subject to applicable lockups and other restrictions on transfer
set forth in Section 3.8 hereof or the LLC Agreement, as applicable, work with such Securityholder and the Company’s
transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Securityholder, as well as any
resales by such in-kind transferees under a shelf registration statement covering such distributed Registrable Securities with
respect to which no special actions are required by the Company or the other Securityholders.

 

ARTICLE VII

MISCELLANEOUS 

 

7.1 Notices.
All notices, requests, demands and other communications required or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, fax, email or air courier guaranteeing delivery to the Persons at the respective addresses
set forth below or pursuant to such other instructions as may be designated in writing by the party to receive such notice.

 

	
         
	(a)	If to the Company, to: 

 

Tradeweb Markets Inc.

1177 Avenue of the Americas

New York, New York 10036

Attention: Douglas Friedman

Fax: (646) 430-6264

E-mail: Douglas.Friedman@tradeweb.com

 

with a copy (not constituting notice) to:

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

Attention:
Steven Scheinfeld and Andrew Barkan

Fax: (212) 859-4000

E-mail: Steven.Scheinfeld@friedfrank.com and Andrew.Barkan@friedfrank.com

 

	 	(b)	If to the Refinitiv Holders, to: 

 

Refinitiv TW Holdings LLC

[●]

Attention: Darren Pocsik

Fax: [●]

E-mail: darren.pocsik@refinitiv.com

 

with a copy (not constituting notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention:
Jonathan Ozner

Fax: 212-455-2502

E-mail: jozner@stblaw.com

 

	 	(c)	If to any other Securityholder, at the address set forth across such Securityholder’s name on Schedule A to this Agreement. 

 

    	 	-19-	 

     

    

 

Any such notice, request,
demand or other communication shall be deemed to have been duly given (a) on the date of delivery if delivered personally or by
facsimile or electronic transmission, (b) on the first Business Day after being sent if delivered by nationally recognized overnight
delivery service and (c) upon the earlier of actual receipt thereof or five Business Days after the date of deposit in the United
States mail if delivered by mail.

 

7.2 Section Headings.
The article and section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement. References in this Agreement to a designated “Article” or “Section” refer to an Article
or Section of this Agreement unless otherwise specifically indicated.

 

7.3 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

 

7.4 Consent
to Jurisdiction and Service of Process; Waiver of Jury Trial.

 

(a)  The
parties to this Agreement hereby agree to submit to the jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York, and appellate courts from any thereof in any action or proceeding
arising out of or relating to this Agreement.

 

(b)  EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

7.5 Amendments;
Termination.

 

(a)  This
Agreement may be amended only by an instrument in writing executed by the Company and Securityholders holding at least a majority
of the Registrable Securities collectively held by them; provided that any amendment that would adversely impact the rights
hereunder of the Refinitiv Holders or the Bank Holders shall require the prior written consent of the Refinitiv Holders or Bank
Holders holding a majority of the Registrable Securities collectively held by them, as applicable; provided, further,
that any amendment that would disproportionately and adversely impact (i) the rights hereunder of the Securityholders party hereto
other than the Refinitiv Holders without similarly affecting the rights hereunder of the Refinitiv Holders (other than the granting
of demand rights to any new party to become a Securityholder hereunder and rights incidental thereto) shall require the prior approval
of such Securityholders other than the Refinitiv Holders holding a majority of the Registrable Securities held by such Securityholders,
or (ii) the rights hereunder of any Securityholder other than the Refinitiv Holders without similarly affecting the rights hereunder
of all other Securityholders other than the Refinitiv Holders shall require the prior written consent of such Securityholder.

 

(b)  Notwithstanding
anything in Section 7.5(a) hereof to the contrary, if the Company at any time after the date of this Agreement grants to
any other holders of its securities any rights to request or cause the Company to effect the registration under the Securities
Act or offering or sale of any such securities on any terms materially more favorable to such holders than the terms set forth
in this Agreement, the terms of this Agreement shall, upon the request of any Securityholder, be deemed amended or supplemented
to the extent necessary to provide all Securityholders such more favorable rights and benefits.

 

(c)  This
Agreement will terminate as to any Securityholder when it no longer holds any Registrable Securities.

 

    	 	-20-	 

     

    

 

7.6 Entire Agreement.
This Agreement and the LLC Agreement contain the entire understanding of the parties with respect to the subject matter hereof.
The registration rights granted under this Agreement supersede any registration, qualification or similar rights with respect to
any of the Registrable Securities granted under any other agreement, and any of such preexisting registration rights are hereby
terminated.

 

7.7 Severability.
The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or render unenforceable any
of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable,
to the extent necessary to render it valid and enforceable and to the extent permitted by law and consistent with the intent of
the parties to this Agreement.

 

7.8 Counterparts.
This Agreement may be executed in multiple counterparts, including by means of facsimile, each of which shall be deemed an original,
but all of which together shall constitute the same instrument.

 

7.9 Additional
Holders. Notwithstanding anything herein to the contrary, the Company may from time to time add additional holders of securities
of the Company as parties to this Agreement with the consent of the Refinitiv Holders and without the consent or additional signatures
of any other holders of Registrable Securities hereunder. In order to become a party to this Agreement, such additional party must
execute a signature page evidencing such party’s agreement to be bound hereby as a Securityholder, and upon the Company’s
receipt of any such additional holder’s executed signature page hereto, such additional holder shall be deemed to be a party
hereto and such additional signature pages shall be a part of this Agreement.

 

7.10 Equitable
Remedies. The parties hereto agree that irreparable harm would occur in the event that any of the agreements and provisions
of this Agreement were not performed fully by the parties hereto in accordance with their specific terms or conditions or were
otherwise breached, and that money damages are an inadequate remedy for breach of this Agreement because of the difficulty of ascertaining
and quantifying the amount of damage that will be suffered by the parties hereto in the event that this Agreement is not performed
in accordance with its terms or conditions or is otherwise breached. It is accordingly hereby agreed that the parties hereto shall
be entitled to an injunction or injunctions to restrain, enjoin and prevent breaches of this Agreement by the other parties and
to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, such
remedy being in addition to and not in lieu of, any other rights and remedies to which the other parties are entitled to at law
or in equity.

 

7.11 No
Inconsistent Agreements. Except to the extent provided in Section 7.5(b) hereof, from and after the date of this
Agreement, the Company shall not enter into any agreement with any person, including any holder or prospective holder of any securities
of the Company, giving or granting any registration (or related) rights the terms of which are more favorable than, senior to or
conflict with, the registration or other rights granted to the Securityholders hereunder.

 

[Remainder of page intentionally left
blank]

 

    	 	-21-	 

     

    

  

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

 

	 	COMPANY:
	 	 
	 	TRADEWEB MARKETS INC.
	 	 	 
	 	By: 	

	 	 	Name: 
	 	 	Title: 

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

	 	
        REFINITIV HOLDERS:

         

        REFINITIV TW HOLDINGS LLC

	 	 	     
	 	By: 	

	 	Names:	 
	 	Title:	 
	 	 
	 	REFINITIV US PME LLC
	 	 	 
	 	By: 	

	 	Names:	 
	 	Title:	 

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

	 	BANK HOLDERS:
	 	 	 
	 	By: 	
 

	 	 	    
	 	By: 	
 

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

Schedule A

 

Notices

 

	

         
	 	Securityholder Name	 	Contact Information
	1.	 		 	
        Attention: [●]

        Fax: [●]

        E-mail: [●]

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

Exhibit A 

 

FORM OF ASSIGNMENT AND JOINDER 

 

[ ], 20 

 

Reference is made to the Registration Rights
Agreement, dated as of [●], 2019, by and among Tradeweb Markets Inc. (the “Company”), the Refinitiv
Holders (as defined therein), the Bank Holders (as defined therein) and the other parties thereto (as amended, restated, supplemented
or otherwise modified from time to time, the “Registration Rights Agreement”). Capitalized terms used
but not otherwise defined herein shall have the meanings ascribed to such terms in the Registration Rights Agreement.

 

Pursuant to Section 6.1 of the Registration
Rights Agreement, [ ] (the “Assignor”) in its capacity as a [Refinitiv / Bank Holder and a] Securityholder
in the Registration Rights Agreement hereby assigns [in part][or: in full] its rights and obligations under the Registration
Rights Agreement to each of [ ], [ ] and [ ] (each, an “Assignee” and collectively, the “Assignees”).
[For the avoidance of doubt, the Assignor will remain a party to the Registration Rights Agreement following the assignment in
part of its rights and obligations thereunder to the undersigned Assignees.]

 

Each undersigned Assignee hereby agrees
to and does become party to the Registration Rights Agreement as a [Refinitiv / Bank Holder and a] Securityholder. This assignment
and joinder shall serve as a counterpart signature page to the Registration Rights Agreement and by executing below each undersigned
Assignee is deemed to have executed the Registration Rights Agreement with the same force and effect as if originally named a party
thereto and each Assignee’s shares of Class A Common Stock (including shares of Class A Common Stock issuable upon redemption
of, or in exchange for, Common Units or in exchange for shares of Class B Common Stock, in each case held by each Assignee) shall
be included as Registrable Securities under the Registration Rights Agreement.

 

[Remainder of Page Intentionally Left
Blank.]

 

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have
duly executed this assignment and joinder as of the date first set forth above.

 

	 	ASSIGNOR:
	 	 
	 	[ ]
	 	 	
	 	By:	

	 	 	Name:
	 	 	Title:
	 	 
	 	ASSIGNEE(S):
	 	 
	 	[ ]
	 	 	 
	 	By:	

	 	 	Name:
	 	 	Title:

 

[Signature Page to Registration Rights
Agreement]Exhibit 10.5

 

RESTRICTIVE COVENANT AGREEMENT

 

RESTRICTIVE COVENANT
AGREEMENT, dated as of [__], 2019, among Refinitiv US PME LLC (f/k/a Thomson PME LLC) (“Refinitiv PME”), Refinitiv
Parent Limited (f/k/a F&R (Cayman) Parent Limited), an exempted company incorporated with limited liability under the laws
of the Cayman Islands (“Refinitiv Parent”), Refinitiv US Holdings Inc., a Delaware corporation (“Refinitiv
US Holdings”), Refinitiv TW Holdings LLC, a Delaware limited liability company (collectively with Refinitiv PME, Refinitiv
Parent and Refinitiv US Holdings, the “Refinitiv Entities”) Tradeweb Markets LLC (“TWM LLC”)
and Tradeweb Markets Inc. (“TWM Inc.”, and collectively, with TWM LLC, the “Tradeweb Parties”).
The Refinitiv Entities and the Tradeweb Parties are referred to as the “Parties”. Certain capitalized terms
used herein are defined in Article IV.

 

RECITALS

 

WHEREAS, in connection
with the initial public offering (the “IPO”) of TWM Inc., the parties to the Second Amended and Restated Master
Agreement, dated as of March 14, 2012, as amended (the “Master Agreement”), decided to terminate the Master
Agreement other than as set forth in this Agreement; and

 

WHEREAS, the Refinitiv
Entities will continue to be equityholders of TWM Inc. or TWM LLC, as the case may be, following the IPO and, therefore, the Parties
hereto agree that the Refinitiv Entities and their Affiliates would otherwise continue to be bound by the non-compete obligations
in Section 4.4 of the Master Agreement and will be subject to such obligations as such obligations are amended and restated as
set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements, covenants, representations and warranties contained herein, the Parties
hereby agree as follows:

 

ARTICLE I

REPRESENTATIONS AND WARRANTIES OF THE REFINITIV ENTITIES

 

Each Refinitiv Entity,
jointly and severally, represents and warrants to the Tradeweb Parties as of the date hereof as follows:

 

SECTION 1.1.      Organization
and Power.

 

Such Refinitiv Entity
is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization and has all necessary
power and authority to enter into this Agreement and to carry out its obligations hereunder.

 

SECTION 1.2.      Authorization.

 

The execution, delivery
and performance by such Refinitiv Entity of this Agreement is within its powers and has been duly authorized by all necessary corporate
action on its part. This Agreement constitutes a legal, valid and binding obligation of such Refinitiv Entity, enforceable against
such Refinitiv Entity in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar Laws relating to or affecting creditors’ rights generally, and general equitable principles
(whether considered in a proceeding in equity or at Law).

 

     

     

    

 

SECTION 1.3.       Governmental
Authorization.

 

The execution, delivery
and performance by such Refinitiv Entity of this Agreement requires no material action by, in respect of, or material filing with,
any Governmental Entity or Self-Regulatory Organization, agency or official.

 

SECTION 1.4.      Noncontravention.

 

The execution, delivery
and performance by such Refinitiv Entity of this Agreement does not and will not (i) violate its organizational documents, (ii)
violate any applicable Law in any material respect, (iii) require any material consent or other material action by any Person under,
constitute a material default under, or cause or permit the termination, cancellation or acceleration of any material right or
obligation or the loss of any material benefit to which such Refinitiv Entity is entitled under, any provision of any agreement
or other instrument binding upon such Refinitiv Entity, or (iv) result in the creation or imposition of any Encumbrance upon any
assets, properties or rights of such Refinitiv Entity, except for any such Encumbrances that would not, individually or in the
aggregate, have a material adverse effect on the business, operations, condition (financial or otherwise), assets or liabilities
of such Refinitiv Entity or on the ability of such Refinitiv Entity to perform its obligations hereunder.

 

ARTICLE II

NON-COMPETE AGREEMENT

 

SECTION 2.1.      Non-Competition.
Notwithstanding anything to the contrary contained in Article X of the TWM Inc. Charter, from and after the date hereof, the Parties
agree that:

 

(a)          for
so long as a Triggering Event has not occurred (the “Non-Compete Period”):

 

(i)          each
Refinitiv Entity shall not, and shall cause its Affiliates (other than TWM Inc. and its Subsidiaries) not to, directly or indirectly
(except as permitted in Section 2.1(b) below), (x) establish (other than by providing licensing, technology, hosting, connectivity,
consulting or similar services to a third party), (y) fund, purchase or own a Material Interest in, or (z) act as a primary business
operator or manager of, an electronic trade execution platform for trading in (A) the Fixed Income Asset Class Family or (B) Equity
Derivatives (a “Competitive Business”); and

 

(ii)         subject
to TWM LLC including single dealer offerings on its platform and performing all necessary development work to integrate such single
dealer offerings with Eikon to permit Eikon to display such offerings and provide execution links back to TWM LLC, each Refinitiv
Entity will, and will cause its Affiliates to, to the greatest extent commercially practicable, promote TWM LLC as the preferred
execution platform for single dealer prices by displaying the TWM LLC composite single dealer price at the top of the relevant
Eikon page and shall pass customers seeking to execute on such price to the TWM LLC environment for execution.

 

    	 	2	 

     

    

 

(b)          If,
after the date hereof and during the Non-Compete Period, the Refinitiv Entities or any of their Affiliates desires to engage in
a Competitive Business as described in Section 2.1(a) above for any group of securities, instruments, or other assets in the Fixed
Income Asset Class Family that are not traded at that time on any TradeWeb electronic trade execution platform (a “Proposed
Business”), the Refinitiv Entities or their applicable Affiliates (the “Offeror”) shall first deliver
to TWM LLC a written notice (a “First Offer Notice”), which shall (i) state the material details of Offeror’s
intention, including the intended trading model and group of securities, instruments, or other assets to be traded in the Proposed
Business and, where applicable, the material terms and conditions on which Offeror intends to fund or purchase the Proposed Business,
and (ii) offer to TWM LLC the right to establish, fund or purchase any Material Interest in, or act as the primary business operator
or manager of, the Proposed Business (the “First Offer”). The First Offer shall remain open and irrevocable
for 30 days following delivery of the First Offer Notice (the “First Offer Acceptance Period”). If written acceptance
of a First Offer is delivered within the First Offer Acceptance Period and TWM LLC establishes, funds, or purchases a Material
Interest in, or commences acting as a primary business operator or manager of, the Proposed Business within 3 months after the
First Offer Acceptance Period, then the Proposed Business shall be deemed a Competitive Business. If written acceptance of a First
Offer is not received within the First Offer Acceptance Period or if, within 3 months after the First Offer Acceptance Period,
TWM LLC does not establish, fund, or purchase a Material Interest in, or commence acting as the primary business operator or manager
of, the Proposed Business, then the First Offer shall be null and void and the Refinitiv Entities or their Affiliates shall have
the right to engage in the activity set forth in the First Offer Notice (in which case the Proposed Business shall not be considered
a Competitive Business), provided that it does so within 3 months following the later of (x) a written rejection of the
First Offer, (y) if no rejection or effective acceptance of the First Offer is received, the last day of the First Offer Acceptance
Period and (z) if effective acceptance of the First Offer is received, the last day of the 3 month period following the First Offer
Acceptance Period. If the Refinitiv Entities or any of their Affiliates do not engage in such activity within such time period
on substantially the same terms and conditions as set forth in the First Offer Notice, then the Refinitiv Entities or their Affiliates
shall not subsequently establish, fund or purchase a Material Interest in, or act as a primary business operator or manager of,
the Proposed Business unless it first delivers a new First Offer Notice and the terms and provisions of this Section 2.1(b) are
separately complied with. For purposes of this Section 2.1(b), any decision, action or consent to be taken or granted by TWM LLC
shall be taken or granted in accordance with Section 2.1(f).

 

(c)          Notwithstanding
the foregoing, a Competitive Business shall not include, and the provisions of Section 2.1(b) shall not apply to:

 

(i)          a
single-dealer-to-customer electronic trade execution platform for any asset classes, securities and other interests,

 

    	 	3	 

     

    

 

(ii)         Omgeo
LLC,

 

(iii)        any
electronic messaging system (whether operated as a standalone system or as a component of or in combination with other electronic
systems) intended primarily for trading in the Non-Fixed Income Asset Class Families, that provides the ability for system users
to exchange messages (including messages that conform to a parseable syntax for facilitating STP processing) relating to or for
purposes of trading, but which does not require use of a defined protocol of structured and sequenced messages to negotiate or
execute transactions,

 

(iv)        any
other electronic trading system for trading in the Non-Fixed Income Asset Class Families including any that includes, as part of
its system, the ability for users to trade associated securities, instruments, or other assets in the Fixed Income Asset Class
Family, provided that the revenue derived by Refinitiv Entities and their Affiliates from the trading of such associated
instruments on such system shall not exceed twenty percent (20%) of the total revenue derived by the Refinitiv Entities and their
Affiliates from such system,

 

(v)         Thomson
Reuters Matching platform (or any successor thereto), including trading thereon of associated short-term securities, instruments,
or other assets, including, but not limited to, overnight index swaps, U.S. and European commercial paper, bank deposits and other
money market instruments, provided that access to trading of such other instruments is intended for users whose primary
activity is trading foreign exchange instruments,

 

(vi)        any
new TradeWeb Asset Class as to which TWM LLC fails to generate fifty percent (50%) of revenue, volume, or other metric targets
set for such TradeWeb Asset Class, such metric targets and the timing for testing them shall be mutually reasonably agreed to at
the time such new TradeWeb Asset Class is approved,

 

(vii)       an
electronic trade execution platform established, funded, purchased or first operated or managed by any Refinitiv Entity or their
Affiliates, alone or with others, after January 2, 2008, that, at the time of such establishment, funding, purchase, or first operation
or management, is not a Competitive Business, provided, that to the extent the provisions of Section 2.1(b) applied
to such electronic trade execution platform at the time of its establishment, funding, purchase or first operation or management
by any Refinitiv Entity or their Affiliates, the Refinitiv Entities and their Affiliates complied with their obligations, if any,
under Section 2.1(b) above or under Section 4.4 of the Master Agreement in effect at the time thereof,

 

    	 	4	 

     

    

 

(viii)      an
electronic trade execution platform that any Refinitiv Entity or their Affiliates, directly or indirectly, establishes, funds,
purchases, operates, or manages with the prior approval of TWM LLC granted in accordance with Section 2.1(f),

 

(ix)         any
electronic trading platform supporting manually entered and accepted prices but not automated pricing or automated quote acceptance
relating to Refinitiv’s FI Callouts platform (or any successor thereto) in Sub-Saharan Africa (which, for the avoidance of
doubt, includes South Africa and Mauritius), Egypt, Morocco, Tunisia, Albania, Armenia, Ukraine, Serbia, Saudi Arabia, UAE, Pakistan,
Sri Lanka, Bangladesh, Myanmar, Thailand, Vietnam, and Indonesia, provided, that for any expansion of the foregoing geographies,
the Refinitiv Entities or their Affiliates shall require the prior approval of TWM LLC granted in accordance with Section 2.1(f),
such approval not to be unreasonably withheld or delayed, so long as at such time TWM Inc., TWM LLC or its Subsidiaries, is not
operating in the relevant geography and has no documented plans to do so in the twelve (12) month period following the date that
the Refinitiv Entities or their Affiliates seek such approval. TWC LLC shall indicate such approval or non-approval in writing
to the Refinitiv Entities. If TWC LLC fails to approve any such expansion, it shall, as part of such indication, provide the Refinitiv
Entities with reasonable written documentation evidencing TWC LLC’s operations or plans to operate in the relevant geography
in accordance with the foregoing,

 

(x)         any
electronic platform for the primary issuance of financial instruments through an auction process supporting manually entered bids
but not automated submission of bids, including relating to Refinitiv’s Auction platform (or any successor thereto), provided
that, such electronic platform shall not establish (other than by providing licensing, technology, hosting, connectivity, consulting
or similar services to a third party) a trading venue for trading in (A) the Fixed Income Asset Class Family or (B) Equity Derivatives
(a “Trading Venue”), other than a Trading Venue that would not be a Competitive Business in accordance with this Section
2.1(c), or

 

(xi)        any
Execution Management System (EMS), Order Management System (OMS), or Portfolio Management System (PMS), including relating to Refinitiv’s
REDI platform (or any successor thereto), provided that, such EMS, OMS or PMS shall not establish (other than by providing
licensing, technology, hosting, connectivity, consulting or similar services to a third party) a Trading Venue, other than a Trading
Venue that would not be a Competitive Business in accordance with this Section 2.1(c). 

 

    	 	5	 

     

    

 

(d)          The
Non-Compete Period shall terminate and the Refinitiv Entities and their Affiliates shall no longer be subject to the provisions
of this Section 2.1 in the event (A) that the overall revenue of TWM LLC declines by more than twenty-five percent (25%) in each
of two consecutive fiscal years, or (B) a Change of Control occurs with respect to the Refinitiv Entities, Refinitiv Equityholder
or any intermediate parent through which Refinitiv Equityholder holds Voting Securities.

 

(e)          Notwithstanding
the foregoing, the non-compete restrictions in respect of the Refinitiv Entities and its Affiliates pursuant to Section 2.1(a)
shall also not apply with respect to any Competitive Business conducted by any entity or business acquired by any Refinitiv Entity
or its Affiliates (whether through merger, stock purchase, asset purchase or other means of business combination) as long as such
Competitive Business (i) accounts for less than twenty percent (20%) of the revenues of the acquired entity or business during
the LTM period immediately prior to such acquisition and (ii) within 12 months of such acquisition, the Refinitiv Entities or their
Affiliates cause such Competitive Business to be (x) with the consent of TWM LLC granted in accordance with Section 2.1(f), contributed
to the Business, or (y) disposed of, including by a sale of such Competitive Business to a third party not Affiliated with the
Refinitiv Entities; provided, that in the event any such Competitive Business is contributed to the Business, the
Refinitiv Entities and TWM LLC (acting by Required Consent) shall in good faith cooperate to determine and agree upon the fair
market value of such contributed Competitive Business or, if TWM LLC does not consent to such value, appoint the Appraiser to determine
the fair market value of such contributed Competitive Business; and provided further, that the form of compensation that
shall be paid to the Refinitiv Entities or their Affiliates as consideration for such contribution shall be, at the option of TWM
LLC (acting by Required Consent), cash or the issuance of new Class A Common Stock to the Refinitiv Entities.

 

(f)          For
purposes of Section 2.1(b) and Section 2.1(e) and the other provisions of this Agreement that expressly so provide, any decision,
action or consent to be taken or granted by TWM LLC shall be taken or granted by TWM Inc. (as the manager of TWM LLC) by the casting
of affirmative votes (the “Required Consent”) by a simple majority of TradeWeb Management (together having one
vote) and the members of the board of directors of TWM Inc. who are independent directors (within the meaning of the rules of the
stock exchange or securities market on which shares of Class A Common Stock are at any time listed or quoted); provided that, notwithstanding
the foregoing, for purposes of Section 2.1(c)(viii) and (ix), any approval by TWM LLC shall mean approval by TradeWeb Management.

 

ARTICLE III

INDEMNIFICATION

 

SECTION 3.1.      Indemnification.

 

(a)          Each
Refinitiv Entity hereby, severally and jointly, agrees to indemnify and hold harmless the TradeWeb Indemnified Parties from and
against any and all Losses that are incurred or suffered by the TradeWeb Indemnified Parties or any of them by reason of a Non-Compete
Indemnification Event.

 

(b)          Notwithstanding
any termination of the Master Agreement to the contrary,

 

    	 	6	 

     

    

 

(i)            (I)
all indemnity obligations provided by TWM LLC pursuant to Section 4.7 of the Master Agreement and (II) the provisions of Section
5.2(a)(iii) of the Master Agreement with respect to breaches of Section 4.7 of the Master Agreement (and any other provision thereof
necessary to ensure that the Thomson Reuters Indemnified Parties (as defined therein) retain the right to indemnification contemplated
by Section 5.2(a)(iii) of the Master Agreement as it relates to Section 4.7 of the Master Agreement) shall survive such termination
and the Thomson Reuters Indemnified Parties shall continue to have a right to indemnification with respect thereto; and

 

(ii)           the
provisions of Section 5.2(a)(i)(B) of the Master Agreement with respect to breaches of Section 4.7 of the Master Agreement (and
any other provision thereof necessary to ensure that the Tradeweb Indemnified Parties retain the right to indemnification contemplated
by Section 5.2(a)(i)(B) of the Master Agreement as it relates to Section 4.7 of the Master Agreement) shall survive such termination
and the Tradeweb Indemnified Parties shall continue to have a right to indemnification with respect thereto.

 

(c)          Definitions.
For purposes of this Article III, the following terms shall have the meanings set forth below:

 

(i)            a
“Non-Compete Indemnification Event” is (A) the failure of any representation or warranty made by any Refinitiv
Entity in this Agreement to be true and correct as of the date hereof, or (B) the breach of any covenant or agreement made by any
Refinitiv Entity or its Affiliates in this Agreement;

 

(ii)           an
“Indemnification Notice” is a written notice in reasonable detail delivered by the TradeWeb Indemnified Parties
to any Refinitiv Entity stating a demand for indemnification in accordance with this Section 3.1; and

 

(iii)          “Losses”
are any and all losses, damages, liabilities, obligations, costs and expenses (including, without limitation, reasonable attorneys’
fees and disbursements) actually sustained, suffered or incurred by the Tradeweb Indemnified Party seeking indemnification as a
result of any Non-Compete Indemnification Event (net of any indemnification actually recovered from third parties and insurance
proceeds actually received); provided, however, that Losses shall not include consequential damages, special damages,
punitive damages, or lost profits (other than those awarded to third parties in a claim for which a Tradeweb Indemnified Party
is indemnified hereunder as described in Section 3.2).

 

    	 	7	 

     

    

 

SECTION 3.2.      Procedure.

 

(a)          In
the event that a TradeWeb Indemnified Party shall incur or suffer any Losses (or shall reasonably anticipate that it shall suffer
any Losses) in respect of which indemnification may be sought by such Tradeweb Indemnified Party (such Person an “Indemnified
Party”) pursuant to the provisions of this Article III from the Refinitiv Entities (the “Indemnifying
Party”), the Indemnified Party shall submit to the Indemnifying Party an Indemnification Notice stating the nature and
basis of such claim. In the case of Losses arising by reason of any third-party claim, the Indemnification Notice shall be given
within thirty (30) days of the actual knowledge of the Indemnified Party of the filing or other written assertion of any such claim
against the Indemnified Party, but the failure of the Indemnified Party to give the Indemnification Notice within such time period
shall not relieve the Indemnifying Party of any liability that the Indemnifying Party may have to the Indemnified Party, except
to the extent that the Indemnifying Party is actually materially prejudiced thereby.

 

(b)          The
Indemnified Party shall provide to the Indemnifying Party reasonably detailed descriptions of all information and documentation
in the Indemnified Party’s possession that, in its reasonable judgment, is not privileged and is reasonably necessary to
support and verify any Losses that the Indemnified Party believes give rise to a claim for indemnification hereunder.

 

(c)          In
the case of third-party claims with respect to which an Indemnification Notice is given, the Indemnifying Party shall have the
option (x) to conduct any proceedings or negotiations in connection therewith, (y) to take all other steps to settle or defend
any such claim, and (z) to employ counsel of the Indemnifying Party’s choosing (subject to the Indemnified Party’s
prior written consent, not to be unreasonably withheld) to contest any such claim in the name of the Indemnified Party or otherwise;
provided, that (A) upon taking any of the actions described in the foregoing, the Indemnifying Party shall be deemed
to have accepted any and all indemnification obligations in connection with such third party claim; (B) no settlement shall be
effected without the advance written consent of the Indemnified Party; and (C) in the event that the Indemnified Party, in its
reasonable judgment, determines that the Indemnifying Party, after exercising its rights pursuant to this Section 3.2(c), has failed
to conduct any proceedings or negotiations or manage any claim with the same level of diligence as if such proceeding, negotiation
or claim were solely for its own account, the Indemnified Party may participate with the Indemnifying Party, with respect thereto,
at the expense of the Indemnifying Party. The Indemnified Party shall be entitled to participate at its own expense and by its
own counsel in any proceedings relating to any third-party claim, and the Indemnified Party shall be entitled to participate with
counsel of its own choice at the expense of the Indemnifying Party if, in the reasonable judgment of the Indemnified Party, representation
of both the Indemnified Party and the Indemnifying Party by the same counsel presents a conflict of interest or is otherwise inappropriate
under applicable standards of professional conduct. Subject to the provisions of this paragraph (c) the Indemnifying Party shall,
within thirty (30) days of receipt of the Indemnification Notice, notify the Indemnified Party of its intention to assume the defense
of any such claim, which notification shall include the name of the Person that the Indemnifying Party proposes to select as its
counsel. Until the Indemnified Party has received notice of the Indemnifying Party’s election whether to defend any such
claim, the Indemnified Party shall take reasonable steps to defend (but may not settle) such claim. If the Indemnifying Party shall
decline to assume the defense of any such claim in accordance with this paragraph (c), or shall fail to notify the Indemnified
Party within thirty (30) days after receipt of the Indemnification Notice of the Indemnifying Party’s election to defend
such claim in accordance with this paragraph (c), the Indemnified Party may defend such claim. The expenses of all proceedings,
contests or lawsuits in respect of any such claims (other than those incurred by the Indemnified Party that are referred to in
the second sentence of this paragraph (c)) shall be borne by the Indemnifying Party; provided that the Indemnified Party
shall be required to reimburse the Indemnifying Party for any such expenses if and to the extent that the Indemnifying Party is
ultimately determined not to be liable to indemnify the Indemnified Party under this Article III with respect to any such
proceeding, contest or lawsuit. Regardless of which Party shall assume the defense of the claim, the Parties agree to cooperate
fully with one another in connection therewith. In no event shall any Indemnified Party be entitled to double recovery hereunder.

 

    	 	8	 

     

    

 

ARTICLE IV

DEFINITIONS

 

For purposes of this
Agreement, the following terms shall have the meaning set forth below:

 

“Affiliate”
shall mean, in respect of any specified Person, a Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, the Person specified, provided, however, that for purposes of
this Agreement, an Affiliate of the Refinitiv Entities shall only include Refinitiv Equityholder and its Subsidiaries and shall
not include any equityholder of Refinitiv Equityholder (including BCP York Holdings (Delaware) L.P. and The Woodbridge Company
Limited, the holding company of the Thomson family) or their Affiliates (not including the Refinitiv Equityholder and its Subsidiaries). 
Without limiting the foregoing proviso, such proviso shall mean that the provisions of Section 2.1 shall only apply to Refinitiv
Equityholder and its Subsidiaries.

 

“Agreement”
shall mean this Restrictive Covenant Agreement, as the same may be further amended or restated from time to time.

 

“Appraiser”
shall mean Duff & Phelps Corporation, and if Duff & Phelps Corporation no longer exists or is unwilling or unable to act
as the Appraiser hereunder, another nationally recognized boutique firm with a practice focused on purchase price disputes mutually
acceptable to the Refinitiv Entities and TWM LLC (acting by Required Consent), and if no such firm is willing or able to act as
the Appraiser hereunder, then such nationally recognized investment banking or advisory firm selected by the Refinitiv Entities
and TWM LLC (acting by Required Consent) in good faith, and if the Refinitiv Entities and TWM LLC (acting by Required Consent)
cannot agree on an Appraiser within 30 days after it is determined that the initial Appraiser named above cannot act hereunder,
then either TWM LLC (acting by Required Consent) or the Refinitiv Entities may require that the Appraiser be selected by the President
of the American Arbitration Association or by his/her designee.

 

“Asset Class
Family” shall mean (A) each major group of asset classes commonly referred to as of the date hereof as: (i) cash equities,
(ii) equities derivatives, (iii) cash foreign exchange, (iv) foreign exchange derivatives, (v) cash commodities and energy, (vi)
commodities and energy derivatives, (vii) cash fixed income rates, (viii) fixed income rates derivatives, (ix) cash fixed income
credit and (x) fixed income credit derivatives and (B) each such other major group of asset classes as may be developed in the
future from time to time and commonly referred to in a manner similar to those in (A) above.

 

    	 	9	 

     

    

 

“Business”
shall mean, collectively, any business directly or indirectly operated and/or offered by TWM LLC as of or after the date hereof.

 

“Business
Day” shall mean a day other than a Saturday, Sunday or any other day on which commercial banks in the State of New York
are authorized or obligated to be closed.

 

“Change of
Control” shall mean, in respect of any specified Person, any of the following, in a single transaction or in a series
of related transactions after the date hereof: (i) the acquisition by any other Person or group (within the meaning of Section
13(d)(3) of the Exchange Act), by way of merger, recapitalization, consolidation, business combination or purchase of beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) (including through indirect purchase) or otherwise, of more
than fifty percent (50%) of the total voting power of such Person; (ii) the sale, transfer, assignment or disposition of all or
substantially all of the assets of such Person to any other Person or group; or (iii) any other transaction or series of related
transactions (other than dispersed trading in publicly traded securities) pursuant to which the shareholders of such Person immediately
prior to such transaction hold, directly or indirectly, less than fifty percent (50%) of the total voting power of such Person
or of any surviving or acquiring entity (or its parent) immediately following such transaction. Notwithstanding the foregoing,
a transaction will not constitute a “Change of Control” with respect to a specified Person if, following the transaction
described in clauses (i) and (ii) of the immediately preceding sentence, any specified Person will be beneficially owned directly
or indirectly in substantially the same proportions by the Persons who held the voting power of such specified Person immediately
before such transaction.

 

“Class A Common
Stock” means the Class A Common Stock, par value $0.00001 per share, of TWM Inc.

 

“Class B Common
Stock” means the Class B Common Stock, par value $0.00001 per share, of TWM Inc.

 

“Class C Common
Stock” means the Class C Common Stock, par value $0.00001 per share, of TWM Inc.

 

“Class D Common
Stock” means the Class D Common Stock, par value $0.00001 per share, of TWM Inc.

 

“Competitive
Business” shall have the meaning set forth in Section 2.1(a)(i).

 

“Common Stock”
means collectively, the shares of Class A Common Stock, Class B Common Stock, Class C Common Stock and Class D Common Stock, and
any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination,
or any reclassification, recapitalization, merger, consolidation or similar transaction.

 

“Common Unit”
means a common interest unit of TWM LLC.

 

    	 	10	 

     

    

 

“Control”
shall mean, with respect to a particular Person, the possession, directly or indirectly, of the power to direct or cause the direction
of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or
otherwise) of such Person.

 

“Encumbrance”
shall mean any lien, pledge, charge, claim, security interest, option, mortgage, right of first refusal or similar restriction,
including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Equity Derivatives”
shall mean single stock options, index options, single stock futures, index futures, ETFs, equity swaps, convertibles, equities
related volatility/variance products and dividend derivatives.

 

“Equity Securities”
means any and all shares of Common Stock of TWM Inc., and any and all other equity securities of TWM Inc. that may be issued from
time to time.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“First Offer”
shall have the meaning set forth in Section 2.1(b).

 

“First Offer
Acceptance Period” shall have the meaning set forth in Section 2.1(b).

 

“First Offer
Notice” shall have the meaning set forth in Section 2.1(b).

 

“Fixed Income
Asset Class Family” shall mean (i) Fixed Income Securities and (ii) derivatives of Fixed Income Securities.

 

“Fixed Income
Securities” shall mean all non-equity securities and other non-equity instruments that, in either case, provide a return
in the form of fixed periodic payments.

 

“Governmental
Entity” shall mean any domestic or foreign governmental or regulatory authority, agency or commission, including courts
of competent jurisdiction.

 

“Indemnification
Notice” shall have the meaning set forth in Section 3.1(c)(ii).

 

“Indemnified
Party” shall have the meaning set forth in Section 3.2(a).

 

“Indemnifying
Party” shall have the meaning set forth in Section 3.2(a).

 

“IPO”
shall have the meaning set forth in the Recitals.

 

“Law”
shall mean, with respect to any specified Person, all foreign, federal, state, local and Self-Regulatory Organization statutes,
laws, ordinances, regulations, rules, writs, injunctions, judgments, decrees and orders applicable to the specified Person or to
the businesses and assets thereof, including laws relating to privacy, data protection, and the collection and use of data.

 

“Losses”
shall have the meaning set forth in Section 3.1(c)(iii).

 

“LTM”
shall mean the immediately preceding 12 calendar month period.

 

    	 	11	 

     

    

 

“Master Agreement”
shall have the meaning set forth in the Recitals.

 

“Material
Interest” shall mean an investment of more than $5,000,000.

 

“Non-Compete
Indemnification Event” shall have the meaning set forth in Section 3.1(c)(i).

 

“Non-Compete
Period” shall have the meaning set forth in Section 2.1(a).

 

“Non-Fixed
Income Asset Class Family” shall mean any and all Asset Class Families other than the Fixed Income Asset Class Family.

 

“Offeror”
shall have the meaning set forth in Section 2.1(b).

 

“Parties”
shall have the meaning set forth in the Preamble.

 

“Permitted
Transferees” shall have the meaning set forth in the TWM Inc. Charter.

 

“Person”
shall mean any individual, entity, firm, corporation, partnership, association, limited liability company, joint-stock company,
trust, or unincorporated organization.

 

“Proposed
Business” shall have the meaning set forth in Section 2.1(b).

 

“Refinitiv
Entities” shall have the meaning set forth in the preamble.

 

“Refinitiv
Equityholder” means Refinitiv Holdings Ltd., an exempted company incorporated with limited liability under the laws of
the Cayman Islands, and its direct or indirect Subsidiaries (but excluding TWM Inc. and its Subsidiaries) that hold Voting Securities
as of the date hereof, and any Permitted Transferee of a Refinitiv Equityholder that holds Voting Securities.

 

“Refinitiv
Parent” shall have the meaning set forth in the Preamble.

 

“Refinitiv
PME” shall have the meaning set forth in the Preamble.

 

“Refinitiv
US Holdings” shall have the meaning set forth in the Preamble.

 

“Registered
Entities” shall mean any entity that is controlled, directly or indirectly, by TWM Inc. or TWM LLC and is required to
be registered as a broker or dealer, swap execution facility, introducing broker, multilateral trading facility, organized trading
facility, or other registered status, as applicable, with the United States Securities and Exchange Commission, Commodity Futures
Trading Commission or other U.S. regulator with jurisdiction over TWM LLC’s or its Subsidiaries’ services with respect
to the Tradeweb Asset Classes, or in a comparable capacity with any foreign regulator or any successor to such domestic or foreign
regulator.

 

“Required
Consent” shall have the meaning set forth in Section 2.1(f).

 

“Self-Regulatory
Organization” shall mean the Financial Industry Regulatory Authority, Inc., the National Futures Association, the Chicago
Board of Trade, the New York Stock Exchange, any national securities exchange (as defined in the Exchange Act and the rules and
regulations thereunder), any other securities exchange, futures exchange, contract market, commodities market, any other such exchange,
clearinghouse or corporation or other similar federal, state or foreign self-regulatory body or organization.

 

    	 	12	 

     

    

 

“Stockholders
Agreement” shall mean the Stockholders’ Agreement, dated [__], 2019, among TWM Inc. and the other parties thereto,
as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Subsidiary”
of any Person shall mean (i) a corporation more than fifty percent (50%) of the outstanding voting stock of which is owned, directly
or indirectly, by such Person or by one or more other Subsidiaries of such Person, or by such Person and one or more other Subsidiaries
thereof or (ii) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person,
or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power
to direct the policies, management and affairs thereof.

 

“TradeWeb
Asset Class” shall mean any asset class, security, or other interest offered by the Registered Entities, at any particular
time and from time to time.

 

“TradeWeb
Indemnified Party” shall mean TWM Inc., TWM LLC, their Subsidiaries and their respective officers, directors, shareholders,
members, partners, managers, employees, agents, representatives, successors and assigns.

 

“TradeWeb
Management” shall mean the chief executive officer and the president of TWM LLC or TWM Inc.

 

“TradeWeb
Parties” shall have the meaning set forth in the Preamble.

 

“Triggering
Event” means the first date on which the Stockholder Entities (as defined in the Stockholders Agreement) lose their right
to designate the Total Number of Directors (as defined in the Stockholders Agreement) as set forth in Section 2.1 of the Stockholders
Agreement (or equivalent provision in any amendment thereof that gives the right to the Stockholder Entities to designate at least
a majority of the total number of directors on the board of directors of TWM Inc.).

 

“TWM Inc.”
shall have the meaning set forth in the Preamble.

 

“TWM Inc.
Charter” shall mean the Amended and Restated Certificate of Incorporation of TWM Inc., as filed with the Secretary of
State of the State of Delaware, on [__], 2019, as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time.

 

“TWM LLC”
shall have the meaning set forth in the Preamble.

 

“Voting Securities”
means, at any time, outstanding shares of any class of Equity Securities of TWM Inc., which are then entitled to vote generally
in the election of directors.

 

    	 	13	 

     

    

 

ARTICLE V

MISCELLANEOUS

 

SECTION 5.1.      Notices.

 

All notices and other
communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made (i) as of
the date delivered, if delivered personally, (ii) on the date the delivering Party received confirmation (which in the case of
email shall be a non-automated confirmation), if delivered by email of a .pdf attachment, (iii) three (3) Business Days after being
mailed by registered or certified mail (postage prepaid, return receipt requested) or (iv) one (1) Business Day after being sent
by overnight courier (providing proof of delivery), to the Parties at the following addresses (or at such other address for a Party
as shall be specified in a notice given in accordance with this Section 5.1):

 

If to any Refinitiv Entity:

c/o Refinitiv US Holdings Inc.

One Station Place

Stamford CT 06902

Attention: Darren Pocsik, General
Counsel

Email: darren.pocsik@refinitiv.com

 

With a copy (which shall not
constitute notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Elizabeth A. Cooper

                 Jonathan Ozner

Email:
     ecooper@stblaw.com

                 jozner@stblaw.com

 

If to TWM Inc. or TWM LLC:

 

c/o TradeWeb Markets LLC

1177 Avenue of the Americas

31st Floor

New York, NY 10036

Attention: Scott Zucker

Email: Scott.Zucker@tradeweb.com

With a copy (which shall not constitute notice) to:

    	 	14	 

     

    

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Attention: Steven G. Scheinfeld, Esq.

                 David L. Shaw, Esq.

Email: Steven.Scheinfeld@friedfrank.com

           David.Shaw@friedfrank.com

 

SECTION 5.2.      Headings.

 

The headings contained
herein are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

SECTION 5.3.      Severability.

 

If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or under public policy, all other
conditions and provisions of this Agreement will nevertheless remain in full force and effect. If any term or other provision is
invalid, illegal or incapable of being enforced, the Parties hereto will (as promptly as practicable) amend or otherwise modify
this Agreement to replace any invalid, illegal or unenforceable provision with an effective and valid provision that gives effect
to the intent of the Parties to the maximum extent permitted by applicable Law. The Parties hereto agree that, if any court of
competent jurisdiction in a final non-appealable judgment determines that a specified time period, a specified business limitation
or any other term or provision of this Agreement is invalid, illegal, incapable of being enforced by any rule of Law or under public
policy, unreasonable or arbitrary, then such term or provision shall be ineffective to the extent, and only to the extent, of such
invalidity, illegality or unenforceability and shall be enforced to the greatest extent permitted by Law.

 

SECTION 5.4.      Entire
Agreement.

 

This Agreement (together
with any Annexures and Exhibits) constitutes the entire agreement of the Parties (and their Affiliates) and supersedes all prior
agreements and undertakings, both written and oral, among the Parties (and their Affiliates), or any of them, with respect to the
subject matter hereof.

 

SECTION 5.5.      Assignment.

 

This Agreement shall
not be assigned (except by operation of Law) without the prior written consent of the other Parties, which may be withheld in any
Party’s sole discretion.

 

SECTION 5.6.      Parties
in Interest.

 

This Agreement shall
be binding upon, inure solely to the benefit of and be enforceable by each Party and their respective successors and permitted
assigns hereto, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person other than
the Parties or any Persons subject to indemnification pursuant to Article III, who shall be considered express third party beneficiaries
of this Agreement, any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

    	 	15	 

     

    

 

SECTION 5.7.      Expenses.

 

Except as otherwise
expressly provided herein, all fees and expenses incurred in connection herewith shall be paid by the Party incurring such expenses.

 

SECTION 5.8.      Governing
Law; Consent to Jurisdiction.

 

This Agreement shall
be governed by, and construed in accordance with, the law of the State of Delaware applicable to contracts to be fully performed
therein. Each of the Parties hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the Court
of Chancery of the State of Delaware and the courts of the United States, in each case located in the County of New Castle in the
State of Delaware, for any litigation arising out of or relating to this Agreement, and further agrees that service of any process,
summons, notice or document by U.S. registered mail to its respective address set forth herein shall be effective service of process
for any litigation brought against it in any such court. Each of the Parties hereby irrevocably and unconditionally waives any
objection to the laying of venue of any litigation arising out of this Agreement in the courts of the State of Delaware or the
United States, in each case, located in the County of New Castle in the State of Delaware, and hereby further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such litigation brought in any such court has been brought in
an inconvenient forum.

 

SECTION 5.9.      Counterparts.

 

This Agreement may
be executed and delivered in one or more counterparts, and by the Parties in separate counterparts (which may be by electronic
mail in pdf format), each of which when executed and delivered shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement.

 

SECTION 5.10.    Further
Assurances.

 

The Parties shall cooperate
reasonably with each other and with their respective representatives in connection with any steps required to be taken as part
of their respective obligations under this Agreement, and shall (a) furnish upon request to each other such further information;
(b) execute and deliver to each other such other documents; and (c) do such other acts and things, all as the other Parties may
reasonably request for the purpose of carrying out the rights, interests and obligations of the Parties under this Agreement.

 

SECTION 5.11.    Amendment.

 

This Agreement may
be amended or waived at any time by an instrument in writing executed and delivered by all of the Parties.

 

SECTION 5.12.    Waiver.

 

The failure of any
Party to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.

 

    	 	16	 

     

    

 

SECTION 5.13.    Waiver
of Jury Trial.

 

Each Party hereby
waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury in respect of any litigation
directly or indirectly arising out of, under or in connection with this Agreement or any transaction contemplated hereby.

 

SECTION 5.14.    Specific
Performance.

 

The Parties agree that
a violation of any of the terms of this Agreement may cause irreparable injury to the Parties for which money damages, even if
available, may not be an adequate remedy. Therefore, the TradeWeb Parties will be entitled to seek an injunction, restraining order
or other equitable relief from a court of competent jurisdiction in the event of any breach of this Agreement. The rights and remedies
provided by this Agreement are cumulative and in addition to any other rights and remedies which the TradeWeb Parties may have
hereunder or at Law or in equity. If any action is brought by the TradeWeb Parties to enforce this Agreement, the Refinitiv Entities
agree not to oppose the granting of specific performance and other equitable relief on the basis that the TradeWeb Parties have
an adequate remedy at Law and the TradeWeb Parties shall not be required to pay or post any bond in connection with any such equitable
relief. The Parties further agree that the provisions of the covenants contained in Section 2.1 are reasonable and necessary to
protect the businesses of TWM Inc. and its Subsidiaries.

 

SECTION 5.15.    Interpretation.

 

(a)          Whenever
required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including”
in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means
such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof,
and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification
to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any
other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification.

 

(b)          The
use of the words “or,” “either” and “any” shall not be exclusive. The Parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

 

(c)          The
words “hereof,” “herein” and “hereunder” and words of like import used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement. Any statute or laws defined or referred
to herein shall include any rules, regulations or forms promulgated thereunder from time to time, and references to such statutes,
laws, rules, regulations and forms shall be to such statutes, laws, rules, regulations and forms as they may be from time to time
amended, amended and restated, modified or supplemented, including by succession of comparable statutes, laws, rules, regulations
and forms. References to the preamble, recitals, Articles and Sections are to the preamble, recitals, Articles and Sections of
this Agreement unless otherwise specified.

 

(the remainder of this page has been
intentionally left blank)

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF,
the Parties have each caused this Agreement to be executed and delivered as of the date first above written.

 

	 	TRADEWEB MARKETS LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	TRADEWEB MARKETS INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Restrictive Covenant Agreement]

 

    	 	18	 

     

    

 

	 	REFINITIV US PME LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	REFINITIV PARENT LIMITED
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	REFINITIV US HOLDINGS INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	REFINITIV TW HOLDINGS LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	19

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