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VIRTU FINANCIAL, INC. AMENDED AND RESTATED
2015 MANAGEMENT INCENTIVE PLAN
RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT
THIS RESTRICTED STOCK UNIT AND COMMON STOCK AWARD AGREEMENT  (the
“Agreement”), is entered into as of February 1, 2021 (the “Date of Grant”), by and between Virtu Financial,  Inc., a Delaware corporation (the  “Company”),  and Stephen Cavoli     (the “Participant”).
WHEREAS, the Company has adopted the Virtu Financial, Inc. Amended and Restated 2015 Management Incentive Plan (the “Plan”), pursuant to which shares of Class A Common Stock and Restricted Stock Units  (“RSUs”) may be  granted; and
WHEREAS, the Compensation Committee of the Board of Directors of the Company has determined  that it  is  in  the best interests of the  Company and its  stockholders  to grant the shares of Class A Common Stock in recognition of Participant’s service to the Company and its Affiliates from January 1, 2020 through December 31, 2020, and RSUs provided for herein  to the Participant  subject to the  terms set forth herein.
NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the  parties hereto, for  themselves, their successors and assigns, hereby agree as  follows:

1.Grant  of Common Stock and Restricted Stock Units.
(a)Grant. The Company hereby grants to the Participant a total number of shares of Class A Common Stock equal to approximately $470,000 divided by the Issue Price (the “Shares”), and a total number of RSUs equal to  approximately  $705,000    divided  by the Issue Price, in  each case on the terms and conditions set forth in this  Agreement and as otherwise  provided  in  the Plan.  The RSUs shall be credited to a separate book-entry account maintained  for the Participant  on the books of the Company,  which  may be maintained  by a third  party.  The “Issue Price” shall mean the volume  weighted  average price of shares of the Company’s  Class A Common  Stock traded during  the  three days preceding the  Date of Grant,  as determined by  the Company.

(b)Incorporation by Reference. The provisions of the Plan are incorporated herein by reference.  Except as otherwise expressly set forth herein, this  Agreement shall be construed in  accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated  by the Committee  from time  to time pursuant  to the Plan.  Any capitalized  terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee  shall  have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive  upon  the Participant and his  legal representative in respect of any questions arising under the Plan or this Agreement. The Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound  by all  the terms and provisions   of the Plan.

2.Vesting  and Settlement.

(a)The Shares shall  be one hundred percent (100%) vested as of the Date of   Grant.

(b)Except as may otherwise be provided herein, subject to the Participant’s continued employment or service with the Company or an Affiliate, the RSUs shall vest in  equal installments on each of the  first three (3) anniversaries of the  Date of Grant (each such date, a “Vesting  Date”).  Upon

each Vesting Date, such portion of the RSUs that vest on such date shall no longer be subject to the transfer restrictions pursuant to Section 9(a) hereof or cancellation pursuant to Section 4 hereof. Any fractional RSUs resulting from the application of the vesting schedule shall be aggregated and the RSUs resulting  from such aggregation  shall vest on  the final  Vesting Date.

a.Vested RSUs shall be settled within ten (10) days following the Vesting Date for such  RSUs in  shares of Class A Common  Stock, or cash, as determined  by the  Committee  in  its  sole discretion.

1.Dividend Equivalents. In the event of any issuance of a cash dividend on the shares of Class A Common Stock (a “Dividend”), the Participant shall be entitled  to receive, with  respect to each RSU granted pursuant to this  Agreement and outstanding  as of the record date for such Dividend,  payment of  an amount equal to the Dividend at the same time as the Dividend is paid to holders of shares of Class A Common  Stock generally.

2.Termination of Employment or Service. If the Participant’s employment or service with the Company  and its  Affiliates  terminates for any reason, all  unvested RSUs shall  be cancelled immediately and the Participant shall not be entitled to receive any payments with respect thereto; provided, however,  that in the event of the Participant’s Retirement (as defined below) and compliance with the terms thereof,  the RSUs shall continue vesting in accordance with the terms of this  Agreement as if  the Participant remained employed through each Vesting Date (subject to the forfeiture provisions of the Plan and the clawback provisions   set forth herein).  For  purposes  of  this  Agreement, “Retirement”  means a determination  by  the Company,  in  its  sole  and absolute  discretion,  that the Participant  has had a retirement from the Company and its Affiliates upon  a voluntary  resignation  of employment  by the Participant (i)  after the Participant completed  a minimum   of five  (5) full  years of service as an employee   of the Company and its Affiliates (regardless of whether such service is continuous),  (ii)  the Participant having attained the age of fifty (50) at the time of termination, (iii) the  sum of the Participant’s years of  service and age equals  or exceeds sixty-five  (65) at the time  of termination,  (iv)  the Participant has   entered into  and complies  with  the terms of a non-compete agreement with a term equal to the greater  of
(x) two years and (y) the remaining  period  up to and including   the Vesting Date in  a form to be provided  by the Company and (v) the Participant has duly executed, delivered and not revoked a customary release and waiver of all claims in a form acceptable to the Company. For the avoidance of doubt, any failure to comply  with the terms of such non-compete agreement will  result  in  the forfeiture of any unvested   RSUs.

3.Rights as a Stockholder. The Participant shall not be deemed for any purpose to be the owner of any shares of Class A Common Stock constituting  the Shares or underlying  the RSUs unless, until  and to  the extent that (i) the Company shall have issued and delivered to the Participant the shares of Class A Common Stock constituting the Shares or underlying  the RSUs and (ii)  the Participant’s name shall have  been entered as a stockholder  of record with  respect to such shares of Class A Common  Stock on  the books of the Company. The Company shall  cause the actions described in  clauses (i)  and (ii)  of the preceding sentence to occur promptly following settlement as contemplated by this Agreement, subject to compliance  with  applicable  laws.

4.Compliance  with Legal Requirements.

a.Generally.  The granting  of the Shares and the granting  and settlement of the RSUs, and any other obligations   of the  Company  under this  Agreement, shall  be subject to all  applicable  U.S.  federal, state and local laws, rules and regulations,  all  applicable  non-U.S. laws, rules and regulations  and  to such approvals by any regulatory or governmental agency as may be required. The Participant 
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agrees to take all steps the Committee or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federaland state securities law and non-U.S. securities law in exercising his  rights  under this  Agreement.

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a.Taxes and Withholding.  The grant of the Shares and the vesting  and settlement of the  RSUs shall be subject to the Participant satisfying  any applicable  U.S. federal, state and local tax  withholding   obligations   and non-U.S. tax withholding   obligations.    The  Participant shall  be required  to pay to the Company, and the Company shall have the right and is hereby authorized to withhold any cash, shares of Class A Common Stock, other securities or other property or from any compensation or other amounts owing to the Participant, the amount (in cash, Class A Common Stock, other securities or other property) of any required  withholding   taxes in  respect of the Shares or in  respect of the RSUs, settlement of the RSUs or any payment or transfer of the RSUs, and to take any such other action  as the Committee    or the Company  deem necessary to satisfy all  obligations   for the payment of such withholding   taxes.  In  its  sole  discretion,  the Company may permit  the Participant to satisfy, in  whole  or in  part, the tax obligations by (A) withholding shares of Class A Common  Stock from the Shares having  a Fair Market  Value  equal to such withholding   liability   and (B) withholding   shares of Class A Common  Stock that would otherwise be deliverable to the Participant upon settlement of the RSUs with a Fair Market Value  equal to  such withholding  liability.

1.Clawback. Notwithstanding anything to the contrary contained herein, the Committee may  cancelthe Shares and RSU award if the Participant, without  the consent of the Company,  has engaged in  or engages in  activity  that is  in  conflict  with  or adverse to the interest of the Company  or any Affiliate while employed by or providing services to the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, or violates a non-competition, non-solicitation, non-disparagement, non-disclosure or confidentiality covenant or agreement with the Company or any Affiliate,  as determined  by the Committee.  In such event, the Participant will  forfeit any compensation,  gain or other value realized previously or thereafter on the vesting  or settlement of the RSUs, the sale or  other transfer of the Shares and the RSUs, or the sale of shares of Class A Common Stock acquired in respect of the RSUs, and must promptly repay such amounts to the Company.  If the Participant receives  any amount in excess of what the Participant should have received with respect to the Shares or under the terms of the RSUs for any reason (including   without  limitation   by reason of a financial  restatement, mistake in calculations or other administrative error), all  as determined by the Committee,  then the  Participant shall be required to promptly repay any such excess amount to the Company. To the extent required by applicable  law  and/or the rules  and regulations  of NASDAQ or any other securities exchange  or inter-dealer quotation system on which the Class A Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by  the Company,  the  Shares and the RSUs shall  be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated  by reference into this  Agreement).

2.Contractual Obligations.
a.Nothing in this  Agreement shall supersede, modify,  replace or cancelany existing contractual obligations, including  but  not limited  to restrictive covenants, applicable  to you  in  any employment agreement, offer letter, prior equity award agreement or any other agreement or contract with the  Company or its  Affiliates.

b.In the event that the Participant violates  any of the  contractual obligations   referred to in this Section 8, in  addition  to any other remedy which  may be available  at law or in  equity,  the RSUs shall be automatically  forfeited effective as of the date on which  such violation   first occurs.  The foregoing  rights and remedies are in addition to any other rights and remedies that may be available  to the Company  and shall not  prevent (and the Participant shall not  assert that they shall  prevent) the Company from bringing  one or more actions in  any applicable  jurisdiction  to recover damages as a result of the  Participant’s  breach of such restrictive  covenants.

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1.Miscellaneous.

a.Transferability. The RSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered (a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified domestic relations order or as otherwise permitted under Section 15(b) of the Plan. Any attempted Transfer of the RSUs contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the RSUs, shall be null and void  and without effect.

b.Waiver.   Any right  of the  Company  contained in  this  Agreement may be  waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right,  or as a waiver of the  same right  with  respect to any subsequent occasion for its  exercise, or as  a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute  a waiver of any other breach or a waiver of the continuation  of    the same breach.

c.Section  409A.   The  RSUs are intended to be exempt from, or compliant   with,
Section 409A of the Internal Revenue Code (“Code”). Notwithstanding the foregoing  or any provision  of the Plan or this Agreement, if any provision  of the Plan or this  Agreement contravenes Section  409A of  the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the  Code, the Committee may, in  its  sole discretion  and without  the Participant’s consent, modify  such provision to (i)  comply  with,  or avoid  being  subject to, Section  409A of the Code, or to avoid  the incurrence of taxes, interest and penalties under Section 409A of the Code, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision   without  materially  increasing  the cost to the Company  or contravening  the  provisions   of Section 409A of the Code. This Section 9(c) does not create an obligation on the part of the Company to modify  the Plan or this  Agreement and does not  guarantee that the RSUs will  not  be subject to interest and penalties  under  Section 409A.

d.General Assets. All amounts credited in respect of the RSUs to the book-entry account under this Agreement shall continue for all purposes to be part of the general assets of the Company. The Participant’s interest in such account shall make the Participant only a general, unsecured creditor of the Company.

e.Notices. Any notices provided for in this Agreement or the Plan shall be in writing and  shall be deemed sufficiently  given  if  either hand delivered  or if  sent by fax, pdf/email  or overnight  courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention  of the General Counsel at the Company’s  principal  executive  office.

f.Severability.  The invalidity  or unenforceability  of any provision  of this  Agreement shall  not affect the validity  or enforceability  of any other provision  of this  Agreement, and each other provision  of this  Agreement shall be severable and enforceable to the extent permitted by  law.

g.No Rights to Employment or Service. Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the rights of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant at any time  for any reason whatsoever.

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a.Fractional Shares. In lieu of issuing a fraction of a share of Class A Common Stock resulting from adjustment of the Shares or the RSUs pursuant to Section 12 of the Plan or otherwise, the Company shall be entitled to pay to the Participant an amount in cash equal to the Fair Market Value of such fractional share.

b.Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke  such designation.

c.Successors. The terms of this Agreement shall be binding  upon  and inure  to the benefit  of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators,  heirs  and successors of the Participant.

d.Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto, except as set forth in Section 8 hereof. No change, modification or waiver of any provision of this  Agreement shall be valid  unless  the  same be in writing and signed  by the parties hereto, except for any changes permitted without  consent under Section  12 or 14 of the  Plan.

e.Governing Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the  State of Delaware, without  regard to principles   of conflicts  of laws thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the  laws of any jurisdiction   other than the State of  Delaware.

i.Dispute Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected with the Plan, this  Agreement, the Shares or the RSUs shall be solely  and finally  settled by  the Committee,  acting in  good  faith,  the determination of which shall  be final. Any matters not covered by the preceding sentence shall be solely  and finally settled in accordance with the Plan, and the Participant and the Company consent to the personal jurisdiction  of the United  States Federaland state courts sitting in  Wilmington,  Delaware as the exclusive jurisdiction  with  respect to matters arising  out of or related to the enforcement of the Committee’s determinations and resolution of matters, if any, related to the Plan or this Agreement not required to be resolved by the Committee. Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the  last known address of such Person, such service to become effective ten (10) days after such mailing.

ii.Waiver of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable  law, any right  it  may have to a trial  by jury  in  any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated (whether based on contract, tort or any other theory). Each party hereto (A) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would  not, in  the event of litigation,   seek to enforce the foregoing  waiver  and
(B) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by,  among other things,  the mutual  waivers and certifications  in  this  section.

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f.Headings; Gender.   The  headings  of  the Sections  hereof are provided  for convenience only  and are not to serve as a basis for interpretation  or construction,  and shall not constitute  a part, of   this

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Agreement. Masculine pronouns and other words of masculine gender shall refer to both men and women  as appropriate.

a.Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan (pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument and shall become effective when one or more counterparts have been signed by  each of the parties and delivered to the other  parties.

b.Electronic Signature  and Delivery.  This  Agreement may be accepted by return signature or by electronic confirmation. By accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any time upon three business days’ notice to the Company,  in  which case subsequent prospectuses, annual reports and other information  will  be  delivered  in  hard copy to the Participant).

c.Electronic Participation in Plan.  The Company  may, in  its sole  discretion,  decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained  by the Company  or a third party designated by  the Company.

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To accept or reject your Restricted Stock award, please complete the on-line form  (“Accept or Reject Your  Grant”)  as promptly  as possible, but,  in any case, within  thirty  (30) days after the Grant Date. If you accept your award you will be deemed to have agreed to the  terms  and conditions  set forth  in this  Agreement and the  terms  and conditions   of the Plan, all of which are made part of this Agreement. Your Agreement is available to you online  in your Schwab Equity Award Center (EAC) account via this link https://www.schwab.com/public/eac/home.

VIRTU FINANCIAL, INC.

By:     Name:  Douglas  A. Cifu
Title:   Chief  Executive OfficerDocument

VIRTU FINANCIAL, INC. 
DEFERRED COMPENSATION PLAN
Effective November 13, 2020
The Virtu Financial, Inc. Deferred Compensation Plan is intended to provide a select group of management employees the ability to defer certain compensation earned by such employees.  It is intended that this Plan will be supplemented by annual summaries describing the Plan and participation in the Plan for the applicable Plan Year; in the event of a conflict between the Plan and an annual summary, the terms of the Plan shall control.
ARTICLE I.

DEFINITIONS
Capitalized terms used in this Plan shall have the meanings specified below.
i.“Account” or “Accounts” shall mean all of the Bonus Deferral Subaccounts or Company Stock Unit Subaccounts that are specifically provided in this Plan.
ii.“Affiliate” means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest.  The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.
iii.“Annual Bonus Payments” shall mean the compensation earned pursuant to any annual incentive plan or annual bonus plan or program adopted by the Company; provided, however, that the following compensation shall not qualify as “Annual Bonus Payments” hereunder: spot bonuses, hiring bonuses, separation payments, retention payments, or other special or extraordinary payments.  For the sake of clarity, payments of amounts under such annual incentive plan or annual bonus plan or program in connection with such Participant’s separation from service or termination of employment from the Company are to be treated for purposes of the Plan as an Annual Bonus Payment (and not a separation payment), even if the amounts are fixed and/or accelerated in connection with such separation or termination (provided that the timing of the payment and the extent to which the amount is substantially certain shall be taken into account in determining whether a deferral in respect of such payments shall be permitted under the Plan). 
iv.“Beneficiary” or “Beneficiaries” shall mean the person or persons designated in writing by a Participant in accordance with procedures established by the Committee or the Plan 

Administrator to receive the benefits specified hereunder in the event of the Participant’s death.  No Beneficiary designation shall become effective until it is filed with the Committee or the Plan Administrator.  If there is no such designation or if there is no surviving designated Beneficiary, then the Participant’s surviving spouse or recognized domestic partner shall be the Beneficiary.  If there is no surviving spouse or recognized domestic partner to receive any benefits payable in accordance with the preceding sentence, the duly appointed and currently acting personal representative of the Participant’s estate (which shall include either the Participant’s probate estate or living trust) shall be the Beneficiary.
v.“Board of Directors” or “Board” shall mean the Board of Directors of Virtu Financial, Inc.
vi.“Bonus Deferral Subaccount” shall mean the bookkeeping account maintained by the Company or the Plan Administrator for each Participant that is credited with amounts equal to (i) the Cash Award that he or she elects to defer, if any, and (ii) earnings and losses (based on the Investment Rate) attributable thereto.
vii.“Cash Awards” shall mean, for any Plan Year, the portion of the Annual Bonus Payment payable in cash.
viii. “Change in Control” has the meaning ascribed to such term in the Management Incentive Plan, but only if such transaction is also a change in the ownership or effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation within the meaning of U.S. Treas. Regs. Section 1.409A-3(i)(5).
ix.“Change in Control Distribution Date” shall mean, in the case of a distribution to be made upon a Change in Control, the consummation of the Change in Control. 
x.“Code” shall mean the Internal Revenue Code of 1986, as amended.  Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.
xi.“Committee” shall mean a committee as the Compensation Committee may appoint to administer the Plan or, if no such committee has been appointed by the Compensation Committee, then it shall be the Compensation Committee.
xii.“Company” shall mean Virtu Financial, Inc., a Delaware corporation.
xiii.“Company Common Stock” means the Class A common stock, par value $0.00001 per share, of the Company.
xiv.“Company Stock Unit Subaccount” shall mean the bookkeeping account maintained by the Company or the Plan Administrator for each Participant that is credited with (i) a number of Company stock units equal to the Equity Award that he or she elects to defer, 

if any, and (ii) an amount equal to the Dividend Equivalents (and earnings and losses (based on the Investment Rate) attributable to such Dividend Equivalents).
xv.“Compensation Committee” shall mean the Compensation Committee of the Board.
xvi.“Disability” shall mean a circumstance where the Company shall have cause to terminate a Participant’s employment or service on account of “disability,” as defined in any then-existing employment, consulting or other similar agreement between the Participant and the Company or, in the absence of such an employment, consulting or other similar agreement, a condition entitling the Participant to receive benefits under a long-term disability plan of the Company, or, in the absence of such a plan, as determined by the Committee based upon medical evidence acceptable to it; provided, however, that a Participant shall not have a Disability for purposes of the Plan unless the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering the Company’s employees.
xvii.“Distributable Amount” shall mean the vested balance in a Participant’s Accounts subject to distribution in a given Plan Year.
xviii.“Dividend Equivalents” shall mean, for any Participant who defers Equity Awards, an amount equal to the product of (a) the dividends (including extraordinary dividends, if so determined by the Committee) declared and paid to other stockholders of the Company in respect of one share of Company Common Stock, multiplied by (b) the number of Company stock units in such Participant’s Company Stock Unit Subaccount on the date such dividends are so declared.
xix.“Eligible Employee” shall mean those employees selected by the Committee in accordance with the procedures set forth in Article II.
xx.“Enrollment Period” shall mean a period of time, as determined by the Committee with respect to each Plan Year, ending no later than the December 31 preceding the commencement of such Plan Year.
xxi.“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.
xxii.“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto.  Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

xxiii.“Equity Award” shall mean, for any Plan Year, the portion of any Annual Bonus Payment payable in shares of Company Common Stock.
xxiv.“Fund” or “Funds” shall mean one or more of the investment funds selected by the Committee, or its designee, to which Participants may elect to make deemed investments pursuant to Section 3.3.
xxv.“In-Service Distribution Date” shall mean, in the case of a distribution to be made while the Participant is still employed by the Company, July 1st of any Plan Year elected by the Participant.
xxvi.“Investment Rate” shall mean, (i) for each Fund with a fixed rate of return, the annual interest rate applicable to such Fund, as determined by the Committee from time to time, and (ii) for any Fund that does not have a fixed rate of return, any appreciation or depreciation in the value of the investment in which the Participant is deemed invested.
xxvii.“Management Incentive Plan” shall mean the Company’s Amended and Restated 2015 Management Incentive Plan (or any successor plan), as in effect from time to time.
xxviii.“Participant” shall mean any Eligible Employee who becomes a Participant in this Plan in accordance with Article II.
xxix.“Plan” shall mean this Virtu Financial, Inc. Deferred Compensation Plan.
xxx.“Plan Administrator” shall mean, if applicable, any record keeper appointed by the Committee (which may include an Affiliate of the Company) to perform administrative and other functions associated with the Plan.
xxxi.“Plan Year” shall mean the Company’s fiscal year, which runs from January 1 to December 31.
xxxii.“Separation from Service” shall mean that the employment or service provider relationship with the Company and any entity that is to be treated as a single employer with the Company for purposes of Treasury Regulations Section 1.409A-1(h) (the “Single Employer”) terminates such that the facts and circumstances indicate it is reasonably anticipated that no further services will be performed or that the level of bona fide services the Participant would perform after the termination (whether as an employee or as an independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services to the Single Employer if the Participant has been providing services to the Single Employer less than 36 months).
xxxiii.“Separation from Service Distribution Date” shall, except as set forth in Section 3.2(f)(iv), mean, in the case of a distribution on account of a Separation from Service, the 

first day of the seventh month following the month in which the Separation from Service occurs.
xxxiv.“Unforeseeable Emergency” shall mean a severe unforeseeable financial hardship as defined in Section 409A and the regulations thereunder, including a severe financial hardship resulting from (i) an illness or accident of the Participant, the Participant’s spouse, the Participant’s designated Beneficiary, or the Participant’s dependent (as defined in Section 152 of the Code, without regard to section 152(b)(1), (b)(2), and (d)(1)(B)), (ii) the loss of the Participant’s property due to casualty, or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control.
ARTICLE II.

ELIGIBILITY FOR PARTICIPATION
i.Determination of Eligible Employee.  With respect to all Plan Years, Eligible Employees shall consist of all employees of the Company (or of any subsidiary that is incorporated in any State in the United States of America), determined as of January 1 of each Plan Year, that are (x) officers of the Company, and (y) eligible to receive compensation pursuant to an annual incentive plan, or annual bonus plan or program; provided, however, that any employee whose home country is not the United States of America shall not be considered an Eligible Employee hereunder.
ii.Participation.  An Eligible Employee shall become a Participant in the Plan by electing to make a deferral of Annual Bonus Payments in a Plan Year in accordance with Article III.
iii.Amendment of Eligibility Criteria.  The Committee may, in its discretion, change which employees are Eligible Employees under the Plan for any reason, including to comply with any applicable laws relating to the operation of the Plan.  Eligibility for participation in one Plan Year does not guarantee eligibility to participate in any future Plan Year.
ARTICLE III.

ELECTIONS
i.Election to Defer Annual Bonus Payments. 
(1)Timing of Election to Defer Annual Bonus Payments.  An Eligible Employee may elect to defer Annual Bonus Payments only during the Enrollment Period.
(2)Amount Eligible for Deferral. 
(i)Unless otherwise set forth in an Election Notice (as defined in Section 3.1(e)) for any Plan Year, an Eligible Employee may elect to defer between 0% and 50% of the Eligible Employee’s total annual compensation, provided that any election to defer shall only be 

applicable to Employee’s Annual Bonus Payments.  The Committee (or its designee) may change the amount or percentage that may be deferred in respect of any Annual Bonus Payment (or portion thereof) for any Plan Year at any time, or from time to time.
(ii)If necessary, the total amount deferred by a Participant shall be reduced in 1% increments in order to satisfy Social Security Tax (including Medicare), income tax withholding for compensation that cannot be deferred, employee benefit plan withholding requirements and any other withholding requirements.
(3)Irrevocable Elections.  Elections to defer Annual Bonus Payments shall become irrevocable as of the date for such Plan Year set by the Committee in its sole discretion.
(4)Duration of Election.  An Eligible Employee’s election to defer Annual Bonus Payments for any Plan Year is effective only for such Plan Year.
(5)Method of Election.  Elections to participate may be made in writing, through an electronic medium such as a website enrollment window or an email enrollment form provided by the Company or through a Plan Administrator (the “Election Notice”), provided that the election is binding when made and there is sufficient record of when such election is made.
ii.Elections as to Time and Form of Payment.  During the Enrollment Period, a Participant shall make an election regarding the time and form of payment of the Annual Bonus Payments deferred for that Plan Year (and all earnings and losses (based on the Investment Rate) attributable thereto, including in respect of Dividend Equivalents).
(1)Elections as to Time.  A Participant shall elect to receive a distribution of his Annual Bonus Payments to be deferred for a Plan Year (and all earnings and losses (based on the Investment Rate) attributable thereto, including in respect of Dividend Equivalents) (i) on an In-Service Distribution Date, (ii) on a Separation from Service Distribution Date, (iii) on a Change in Control, or (iv) a portion on an In-Service Distribution Date, a portion on a Change in Control and a portion on a Separation from Service Distribution Date.
(2)Elections as to Form.  A Participant shall elect the form of the distribution of his Annual Bonus Payments, whether in a lump sum payment or in annual installments.  If no such election is made, the Participant shall be deemed to have elected to receive payment in a lump sum.  A Participant may elect annual installments to be paid over a period not to exceed fifteen years.  A Participant’s election to receive payment in annual installments on a Separation from Service is subject to the terms of Section 6.3(a)(2).
(3)Application of Election.  An election as to time and form of payment made with respect to a given Plan Year shall apply only to the Annual Bonus Payments deferred for such Plan Year.

(4)No Changes Permitted.  Except as permitted by Section 3.2(e) below, elections as to time and form of payment shall become irrevocable as of the last day of the Enrollment Period or such later date as determined by the Committee in compliance with Section 409A.
(5)Subsequent Changes in Time and Form of Payment.  A Participant may delay the timing of a previously-scheduled payment or may change the form of a payment only if such subsequent deferral election meets all of the following requirements and the election rules set forth in Section 3.2(f):
(a)the subsequent deferral election shall not take effect until at least 12 months after the date on which it is made;
(b)the election must be made at least 12 months prior to the date the payment is scheduled to be made, or for installment payments, at least 12 months prior to the date the first of such installments is scheduled to be made; and
(c)the subsequent deferral election must delay the payment for at least five years from the date the payment would otherwise have been made.  For installment payments, the delay is measured from the date the first payment was scheduled to be made.
(6)Election Rules.  
(a)Initial elections and subsequent elections, if any, may be made in writing or through an electronic medium such as a website enrollment window or through an email enrollment form or through a Plan Administrator, provided that there is sufficient record of when such election is made.
(b)A Participant may make only one subsequent deferral election with respect to deferrals made for a specific Plan Year.
(c)A Participant whose initial deferral election was for payment upon a Separation from Service Distribution Date may not make a subsequent deferral election for payment on an In-Service Distribution Date; however, such Participant may make a subsequent deferral election to change the form of payment from lump sum to installments or vice versa, or to change the number of installment payments previously elected or elect a Change in Control Distribution Date.
(d)If a Participant makes an effective subsequent deferral election pursuant to Section 3.2(e), the term “Separation from Service Distribution Date” shall, with respect to the amounts subject to such subsequent deferral election (and solely for purposes of Section 6.3(a)), thereafter mean the new Separation from Service Distribution Date determined in accordance with the form or other medium through which such election is evidenced as determined by the Committee or, if applicable, the Plan Administrator, and in any event in accordance with Section 409A of the Code. 

iii.Elections as to Deemed Investment Choices.  
(1)Prior to the date on which the actual deferral of an Annual Bonus Payment in respect of Plan Year is made by the Company, a Participant shall make an election, from the available investments selected by the Committee or the Plan Administrator pursuant to Section 3.3(c), regarding how the Cash Award portion of such Annual Bonus Payment shall be deemed to be invested for purposes of determining the amount of earnings or losses to be credited to the Participant’s Accounts.  
(2)Dividend Equivalents, if any, shall be deemed to be invested in the Fund specified for such purpose by the Committee from time to time and communicated to the Participant, and if no such communication is made, in the most risk-free type of Fund, as determined by the Committee in its sole and absolute discretion.
(3)The Committee shall select from time to time, in its sole and absolute discretion, investments of various types that shall be communicated to the Participant.  The Investment Rate applicable to each Fund shall be used to determine the amount of earnings or losses to be credited to Participant’s Bonus Deferral Subaccount (and the portion of the Company Stock Unit Subaccount attributable solely to Dividend Equivalents).  Deemed investment choices shall not be changed unless the Committee promulgates a rule of general application permitting such changes. 
ARTICLE IV.

DEFERRAL ACCOUNTS
i.Bonus Deferral Subaccount.  The Company or Plan Administrator shall establish and maintain a Bonus Deferral Subaccount for each Participant under the Plan.  Each Participant’s Bonus Deferral Subaccount shall be further divided into separate subaccounts (“investment fund subaccounts”), each of which corresponds to a Fund elected by the Participant.  A Participant’s Bonus Deferral Subaccount shall be credited as follows:
(1)on the day the amounts are withheld and/or deferred from a Participant’s Annual Bonus Payments, with an amount equal to the Cash Award portion of the Annual Bonus Payments deferred by the Participant; and
(2)on a daily basis, each investment fund subaccount of a Participant’s Bonus Deferral Subaccount shall be credited with earnings or losses based on the applicable Investment Rate.
ii.Company Stock Unit Subaccount.  The Company or Plan Administrator shall establish and maintain a Company Stock Unit Subaccount for each Participant who elects to defer receipt of an Equity Award.  A Participant’s Company Stock Unit Subaccount shall be credited as follows:

(1)on the day shares of Company Common Stock would otherwise be issued to the Participant under an Equity Award pursuant to the Management Incentive Plan, with a number of Company stock units equal to the number of shares of Company Common Stock underlying such Equity Award; and
(2)on the day dividends are paid to stockholders of the Company in respect of shares of Company Common Stock, an amount equal to the Dividend Equivalents; and
(3)on a daily basis, the investment fund subaccount of a Participant’s Company Stock Unit Subaccount shall be credited with earnings or losses on the Dividend Equivalents based on the applicable Investment Rate.
ARTICLE V.

VESTING
i.Vesting.  A Participant shall be 100% vested at all times in his or her Bonus Deferral Subaccount.  A Participant shall vest in his or her Company Stock Unit Subaccount with respect to the Company stock units therein attributable to an Equity Award on the date on which such Equity Award would otherwise have vested, as determined by the Company, had the Participant not elected to defer receipt of the Company Common Stock issuable pursuant to such Equity Award.  A Participant shall be 100% vested at all times in the portion of his or her Company Stock Unit Subaccount attributable to Dividend Equivalents (and earnings and losses attributable thereto), notwithstanding that the underlying Company stock units in respect of which such Dividend Equivalents are credited may not yet have vested.
ARTICLE VI.

DISTRIBUTIONS
Distributions from the Plan shall be made only in accordance with this Article VI.  All distributions shall be in cash, except as otherwise may occur pursuant to Section 6.4, or as provided in Section 6.6, in either case, in respect of Equity Awards.
i.Distribution of Accounts While Employed. 
(1)Scheduled Distributions. 
(i)In respect of all Distributable Amounts payable in a lump sum on an In-Service Distribution Date, the value thereof shall be determined as of such In-Service Distribution Date, and the distribution thereof shall be made as soon as administratively possible (and in no event later than 90 days) thereafter.  In respect of all Distributable Amounts payable in installments on an In-Service Distribution Date, all installments shall be valued as of the first day of the month of July in each applicable year, and the distribution thereof shall be made as soon as administratively practicable (and in no event later than 90 days) 

thereafter.  Upon the death of a Participant, any Distributable Amounts of the Participant then in pay status pursuant to this Section 6.1(a)(1) shall thereafter be payable in accordance with Section 6.3(b).
(ii)In the event a Participant has a Separation from Service prior to such Participant’s In-Service Distribution Date, then the provisions of Section 6.3 shall instead apply to such distribution.  For the avoidance of doubt, if a Participant has elected an In-Service Distribution Date with respect to Distributable Amounts under the Plan and such Participant has a Separation from Service (other than on account of death) following such In-Service Distribution Date, the provisions of this Section 6.1(a) shall govern the payment of such amounts, and the provisions of Section 6.3(a) shall not apply.
(2)Except as provided in Section 6.4, no unscheduled in-service distributions are permitted.
ii.Distribution of Accounts Upon a Change in Control. 
(a)    In respect of all Distributable Amounts payable in a lump sum on a Change in Control Distribution Date, the value thereof shall be determined as of such Change in Control Distribution Date, and the distribution thereof shall be made as soon as administratively possible (and in no event later than 10 days) thereafter.  In respect of all Distributable Amounts payable in installments on a Change in Control Distribution Date, (i) the first installment shall be valued as of such Change in Control Distribution Date, and the distribution thereof shall be made as soon as administratively possible (and in no event later than 10 days) thereafter and (ii) each subsequent installment shall be valued as of the first day of the month of July of each of the following calendar years, and the distribution thereof shall be made as soon as administratively practicable (and in no event later than 90 days) thereafter.  For the avoidance of doubt, under no circumstances shall two installments be paid in a single calendar year.  Upon the death of a Participant, any Distributable Amounts of the Participant then in pay status pursuant to this Section 6.2(a) shall thereafter be payable in accordance with Section 6.3(b).
(b)    In the event a Participant has a Separation from Service prior to such Participant’s Change in Control Distribution Date, then the provisions of Section 6.3 shall instead apply to such distribution.  For the avoidance of doubt, if a Participant has elected a Change in Control Distribution Date with respect to Distributable Amounts under the Plan and such Participant has a Separation from Service (other than on account of death) following such Change in Control Distribution Date, the provisions of Section 6.2(a) shall govern the payment of such amounts, and the provisions of Section 6.3(a) shall not apply.
iii.Distribution of Accounts after Separation from Service.  If a Participant has a Separation from Service, the provisions of this Section 6.3 shall apply to the distribution of the Participant’s Accounts.
(1)Separation from Service. 

(i)Lump Sum.  For Distributable Amounts for which the Participant has elected (or is deemed to have elected) a lump sum, the value thereof shall be determined as of the Participant’s Separation from Service Distribution Date, and the distribution thereof shall be made as soon as administratively possible (and in no event later than 90 days) thereafter.  If (i) a Participant has made an irrevocable election to defer his Annual Bonus Payments, (ii) such Annual Bonus Payments are deferred after the Participant’s Account has been distributed, and (iii) the Participant had elected to receive a lump sum distribution, then the additional Account balance shall be valued and distributed on the first day of the seventh month immediately following the date the Annual Bonus Payments are deferred.
(ii)Installment Payments.  For Distributable Amounts for which the Participant has elected installments, (i) the first installment shall be valued as of the Participant’s Separation from Service Distribution Date, and the distribution thereof shall be made as soon as administratively possible (and in no event later than 90 days) thereafter, and (ii) each subsequent installment shall be valued as of the first day of the month of July of each of the following calendar years, and the distribution thereof shall be made as soon as administratively possible (and in no event later than 90 days) thereafter.  For the avoidance of doubt, under no circumstances shall two installments be paid in a single calendar year.  If (x) a Participant has made an irrevocable election to defer his or her Annual Bonus Payments, (y) such Annual Bonus Payment is deferred after the Participant’s Account has started to be distributed, and (z) the Participant had elected to receive installment payments, the additional deferral shall be added to the Participant’s balance in his Bonus Deferral Subaccount and shall be distributed in accordance with the installment election.
(2)Death.  In the case of the death of a Participant, either while employed by the Company or prior to distribution of the Participant’s entire Account balance (including on account of an In-Service Distribution Date or a Change in Control Distribution Date), the Participant’s Account balance shall be distributed to the Participant’s Beneficiary as soon as administratively possible and in no event later than 90 days following the death of the Participant.  The value of the Participant’s Account shall be determined as of the date on which the Participant dies.
(3)Disability.  In the case of the Disability of a Participant prior to the commencement of distribution of the Participant’s Account balance, the Participant’s Account balance shall be distributed to the Participant in a lump sum as soon as administratively possible (and in no event later than 90 days) after it has been determined by the Committee that the Participant suffers from a Disability.  The value of the Participant’s Account shall be determined as of the date on which it has been determined by the Committee that the Participant suffers from a Disability.
iv.Unforeseeable Emergency.  A Participant shall be permitted to elect a distribution from his Bonus Deferral Subaccount and/or vested Company Stock Unit Subaccount, if any, 

prior to the date the Accounts were otherwise to be distributed in the event of an Unforeseeable Emergency, subject to the following restrictions:
(1)the election to take a distribution due to an Unforeseeable Emergency shall be made by requesting such a distribution in writing to the Committee, including the amount requested and a description of the need for the distribution;
(2)the Committee shall make a determination, in its sole discretion, that the requested distribution is on account of an Unforeseeable Emergency; and
(3)the Unforeseeable Emergency cannot be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under this Plan.
The amount determined by the Committee as distributable due to an Unforeseeable Emergency shall be paid within 30 days after the request for the distribution is approved by the Committee.  The value of the Participant’s Account shall be determined as of the date on which the distribution request was made.
v.Valuation Date.  In the event that any valuation date contemplated by Section 6.1 Section 6.2 or Section 6.3 is not a business day, then the valuation date shall be the immediately preceding business day.
vi.Equity Awards.  All distributions from the Company Stock Unit Subaccount attributable to deferrals of Equity Awards (but not Dividend Equivalents or earnings and losses attributable to such Dividend Equivalents) shall be made in the form of one share of Company Common Stock for each Company stock unit therein.  All shares of Company Common Stock ultimately distributed in respect of Company stock units under the Company Stock Unit Subaccount will be issued under the Management Incentive Plan (or any successor plan).
ARTICLE VII.

ADMINISTRATION
i.Committee.  A Committee shall be appointed by, and serve at the pleasure of, the Compensation Committee.  The number of members comprising the Committee shall be determined by the Compensation Committee, which may from time to time vary the number of members.  A member of the Committee may resign by delivering a written notice of resignation to the Compensation Committee.  The Compensation Committee or the Board may remove any member, with or without cause, by delivering a copy of its resolution of removal to such member.
ii.Committee Action.  The Committee shall act at meetings by affirmative vote of a majority of the members of the Committee.  Any action permitted to be taken at a 

meeting may be taken without a meeting if, prior to such action, a written consent to the action is signed by a majority of members of the Committee and such written consent is filed with the minutes of the proceedings of the Committee.  A member of the Committee shall not vote or act upon any matter which relates solely to himself or herself as a Participant.  Any member of the Committee may execute any certificate or other written direction on behalf of the Committee.
iii.Powers of the Committee.  The Committee, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged with the general administration of the Plan, and shall have all powers necessary to accomplish its purposes, including, but not limited to, the following:
(1)to select the Funds;
(2)to construe and interpret the terms and provisions of this Plan;
(3)to compute and certify to the amount and kind of benefits payable to Participants and their Beneficiaries;
(4)to maintain all records that may be necessary for the administration of the Plan;
(5)to provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries or governmental agencies as shall be required by law;
(6)to make and publish such rules for the regulation of the Plan and procedures for the administration of the Plan as are not inconsistent with the terms hereof;
(7)to appoint a Plan Administrator, or any other agent, and to delegate to them such powers and duties in connection with the administration of the Plan as the Committee may from time to time prescribe; and
(8)to take all actions necessary for the administration of the Plan.
iv.Construction and Interpretation.  The Committee shall have full discretion to construe and interpret the terms and provisions of this Plan, which interpretations or construction shall be final and binding on all parties, including but not limited to the Company and any Participant or Beneficiary.
v.Compensation, Expenses and Indemnity. 
(1)The members of the Committee shall serve without compensation for their services hereunder.
(2)The Committee is authorized at the expense of the Company to employ such legal counsel as it may deem advisable to assist in the performance of its duties hereunder.  

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

MISCELLANEOUS
i.Unsecured General Creditor.  Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims, or interest in any specific property or assets of the Company.  No assets of the Company shall be held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan.  

Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company.  The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants and Beneficiaries shall be no greater than those of unsecured general creditors.  It is the intention of the Company that this Plan be unfunded for purposes of the Code and for purposes of Title I of ERISA.
ii.Restriction Against Assignment.  The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or corporation.  No part of a Participant’s Accounts shall be liable for the debts, contracts, or engagements of any Participant, his or her Beneficiary, or successors in interest, nor shall a Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such person have any right to alienate, anticipate, sell, transfer, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever.  Notwithstanding anything in the Plan to the contrary, a Participant shall be permitted to instruct the Committee (which instruction shall be effective unless the Committee disapproves the instruction) that all or a portion of his or her Accounts be assigned and conveyed to another person or entity pursuant to a domestic relations order (as defined in Section 414(p)(1)(B) of the Code), and payments pursuant to any such Accounts (or portion thereof) that have been so assigned and conveyed may be paid to such other person or entity in accordance therewith (and to the extent permitted under Section 409A of the Code).
iii.Withholding.  There shall be deducted from each payment made under the Plan or any other compensation payable to the Participant (or Beneficiary) all taxes which are required to be withheld by the Company in respect to such payment or this Plan.  The Company shall have the right to reduce any payment (or compensation), or the amount credited to a Participant’s Account, by the amount of cash (or equivalent value of Company stock units, as applicable, as determined by the Committee) sufficient to provide the amount of said taxes.
iv.Amendment, Modification, Suspension or Termination.  The Compensation Committee may amend, modify, suspend or terminate the Plan in whole or in part, except that no amendment, modification, suspension or termination shall have any retroactive effect to reduce any amounts allocated to a Participant’s Accounts.  The Committee may also amend the Plan, provided that the Committee may only adopt amendments that (i) do not have a negative material financial impact on the Company; or (ii) are required by tax or legal statutes, regulations or pronouncements.
v.Governing Law.  Except to extent preempted by Federal law, this Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.
vi.Receipt or Release.  Any payment to a Participant or the Participant’s Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full 

satisfaction of all claims against the Committee and the Company.  The Committee may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect.
vii.Limitation of Rights and Employment Relationship.  Neither the establishment of the Plan nor any modification thereof, nor the creating of any fund or account, nor the payment of any benefits shall be construed as giving to any Participant, or Beneficiary or other person any legal or equitable right against the Company except as provided in the Plan; and in no event shall the terms of employment of any Employee or Participant be modified or in any way be affected by the provisions of the Plan.
viii.Headings.  Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof.
ix.Section 409A.  All provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code (“Section 409A”).  If the Committee determines that any amounts payable hereunder may be taxable to a Participant under Section 409A, the Company may (i) adopt such amendments to the Plan and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and/or (ii) take such other actions as the Committee determines necessary or appropriate to avoid or limit the imposition of an additional tax under Section 409A; provided, that the Company shall have no liability to a Participant or Beneficiary with respect to the tax imposed by Section 409A.
This Plan has been adopted and approved by the Compensation Committee of Virtu Financial, Inc.’s Board of Directors as of November 13, 2020.

Virtu Financial, Inc.
Deferred Compensation Plan
Election Notice for the [__] Plan Year
This Election Notice must be completed and returned to the Committee by no later than December 31, [______] (the “Election Deadline”); provided, that, if you are a newly Eligible Employee, as determined by the Committee, the Election Deadline is the 30th day after you become an Eligible Employee. Your election becomes irrevocable as of the Election Deadline.
* * *
Pursuant to the terms of the Virtu Financial, Inc. Deferred Compensation Plan (the “DCP”), I hereby elect to defer certain of my compensation for the [______] Plan Year in accordance with this election. Capitalized terms used but not defined herein have the meanings set forth in the DCP.
Equity Awards Deferral Election
Pursuant to Article III of the DCP, I hereby elect to defer (select either a percentage or number of shares of Equity Awards):
_____ percent (_____%); or
_____ shares of Equity Awards awarded, if any, for the [_____] Plan Year in accordance with this election. 
Cash Award Deferral Election
Pursuant to Article III of the DCP, I hereby elect to defer:
_____ percent (_____%) of my Cash Award, if any, for the [_____] Plan Year in accordance with this election. 
Distribution Date Election
I hereby elect the following Distribution Date with respect to deferrals made hereunder:  
_____% on the earliest of an In-Service Distribution Date of calendar year _____, a Change in Control or a Separation from Service Distribution Date; 
_____% on the earlier of an In-Service Distribution Date of calendar year _____ or a Separation from Service Distribution Date; 
  _____% on the earlier of a Change in Control Distribution Date or a Separation from Service Distribution Date; or

_____ % on the Separation from Service Distribution Date.
Other Payment Events
Notwithstanding the above Distribution Date election, if any of the following Payment Events occurs prior to the Distribution Date, payment shall be made in accordance with Article VI of the DCP:
•My Separation from Service.
•My death.
•My Disability.

Form of Payment
When amounts deferred hereunder are due, the payment shall be made as follows:
_____ in a lump sum payment; or
_____    in ____ annual installments (not to exceed fifteen years).
Section 409A of the Code
I understand that the DCP is intended to comply with Section 409A of the Code and that it will be interpreted accordingly. However, I also understand that the Company will have no liability with respect to any failure to comply with Section 409A of the Code.
Subsequent Plan Years
I understand that this Deferral Election applies only with respect to compensation earned for services performed during the [______] Plan Year. I hereby acknowledge that if I wish to defer any of my compensation with respect to future Plan Years, I will need to make a new Deferral Election by completing another Election Notice and submitting it to the Committee on or before the Election Deadline for such Plan Year.
Acknowledgement
By executing this Election Notice I acknowledge that:
•I have read and understand the terms of the DCP and agree to all of its terms and conditions.
•I understand that any amounts I defer hereunder are unfunded and unsecured and subject to the claims of the Company’s creditors in the event of the Company’s insolvency.

•I have consulted with my own advisors regarding the consequences of participating in the DCP and making this election, including, without limitation, the tax consequences and investments risks associated therewith.
•I have not relied upon the Company or any of its affiliates, or any representative, officer, director, member, shareholder, manager, human resources representative, employee, agent, contractor or attorneys thereof for any advice of any sort, regarding my decision to defer compensation under the DCP. 
*  *  *  *  *  I hereby make this election as of this ____ day of ________________, ______.
			
	________________________________
Participant’s Signature

	________________________________
Print Participant’s Name

	________________________________ 

	Copy received this _____ day of ____________, ______.
	__________________________________
[Committee Member]

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