Document:

Exhibit 10.9

 

Execution Copy

 

TRADEWEB MARKETS LLC

 

January 31, 2019

 

Mr. William E. Hult

c/o Tradeweb Markets LLC

1177 Avenue of the Americas

New York, NY 10036

 

Dear Billy:

 

It is my
pleasure to confirm the terms and conditions under which you will continue your employment with Tradeweb Markets LLC (the “Company”),
which terms and conditions hereby amend and restate the employment agreement by and between you and the Company dated as of December
11, 2015 and amended on February 2, 2018 in its entirety.

 

Set forth
below are the terms of your employment with the Company:

 

1.           You
will be employed to serve on a full-time basis pursuant to the terms of this agreement (the “Agreement”) as
President of the Company and the term of your employment hereunder shall commence on the date hereof and shall continue until December
31, 2020, unless sooner terminated pursuant to Section 5 of this Agreement (the “Term”). The Term shall automatically
renew on January 1, 2021 and each subsequent anniversary thereof and shall continue on the same terms hereunder for additional
periods of one (1) year each, unless terminated by either party by receipt of written notice by the other at least ninety (90)
days prior to the end of the Term. For so long as you are the President, you will report directly to the Chief Executive Officer
of the Company (the “CEO”). Your principal place of employment will be the New York metropolitan area, subject
to reasonable and customary travel on behalf of the Company. For so long as you are the President you will also be a member of
the Board of Managers of the Company and, following any “Initial Public Offering” (as defined in Section 10 of this
Agreement), the board of directors of Tradeweb Markets Inc. (in each case, the applicable board, the “Board”).
You shall be allowed, to the extent that such activities do not interfere with the performance of your duties and responsibilities
hereunder, to manage your personal and family financial and legal affairs and to serve on corporate, civic, not-for-profit, charitable
or industry boards and advisory committees, provided that you shall serve on for-profit corporate boards of directors and advisory
committees only if approved in advance by the Board, in any case, notwithstanding any more restrictive provision in the Company
Code of Business Conduct and Ethics or Company Employee Handbook referenced in Section 9 below.

 

2.           Effective
as of January 1, 2019, your base salary will be at the rate of $660,000. As determined by the Board, your salary may continue at
such same or higher rate, but not lower rate, less applicable deductions, and payable in accordance with the Company’s normal
payroll practices.

 

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3.           You
will be eligible to participate in an annual bonus plan for each calendar year ending during the Term. Your annual target bonus
for 2019 and thereafter will be $3,117,000, subject to adjustment upward (but not downward) as determined by the Board. The actual
amount of your bonus for 2019 will be dependent on the Company attaining certain annual revenue growth (0% to 12% range, with 9%
growth relative to 2018 results at target; 200% maximum payout and straight-line interpolation between threshold, target and maximum
results) and adjusted EBITDA margin targets (40.5% to 46% range, with 44% at target; 200% maximum payout and straight-line interpolation
between threshold, target and maximum results). For 2019, performance metrics will be equally weighted and adjusted EBITDA refers
to EBITDA excluding option grant expense and one-time Initial Public Offering advisor fee expense, and further adjustments to financial
metrics for any year will be made on a basis consistent with the Company’s past practice in connection with your bonus determinations.
The Company will provide you with a schedule illustrating the payout formula no later than March 30 of each calendar year to which
its provisions apply. If the Company fails to provide you with updated metric/payout curves by March 30 of the applicable calendar
year after 2019, then the prior year’s metric/payout curves will be adjusted based on the current year’s budgeted revenue
and apply with respect to the year in which such updated curves were not timely provided. Subject to Section 5 hereof, you must
be an active employee at the end of the applicable calendar year in order to receive the annual bonus. Any bonus payable hereunder
shall be paid by March 14 of the calendar year immediately following the applicable performance year.

 

4.           You
will continue to be entitled to participate in the executive employee benefit programs, policies, plans and arrangements of affiliates
of the Company. You will be entitled to receive six (6) weeks’ paid vacation per full calendar year in accordance with the
Company’s vacation policy as in effect from time to time.

 

5.           If
the Company terminates your employment without Cause or you resign for Good Reason or the Company elects not to renew this Agreement
prior to the expiration of this or any subsequent renewal term and the Agreement and your employment is terminated by the Company
or, prior to an Initial Public Offering, your employment ends due to your death or Disability (as each such term is defined below),
you will receive the following: (i) eighteen (18) months of your base salary, payable in equal monthly installments in accordance
with the Company’s normal payroll cycle following the date of termination; (ii) 100% of the average annual bonus earned by
you for the two calendar years ending immediately prior to the year of termination, payable in eighteen (18) equal monthly installments
in accordance with the Company’s normal payroll cycle following the date of termination (the amounts and benefits specified
in subsection (i) and this subsection (ii) are collectively referred to herein as the “Severance Amount”); (iii)
a pro rata annual bonus for the year of termination (payable at the time your bonus would otherwise have been paid), calculated
based on the actual results of the Company during the year of termination and the number of days prior to termination you were
employed by the Company during the year, (iv) continuation of the healthcare benefits you were then receiving from the Company
for eighteen (18) months; and (v) earned but unpaid base salary, accrued vacation pay and unreimbursed business expenses payable
pursuant to the policies of the Company and any other benefits you are entitled to under the employee plans of the Company (the
amounts and benefits specified in this subsection (v) are collectively referred to herein as the “Accrued Amounts”).
You will not have the right to receive any other payments or benefits under this Agreement. To receive your severance payments
and benefits after termination of your employment, you will be required to continue to comply with the nondisclosure, noncompetition
and non-solicitation provisions in Sections 7 and 8 below. The payments and benefits in this Section 5 are subject to the condition
that you have delivered to the Company an executed and effective copy of a release substantially in the form attached hereto as
Exhibit A (with such changes as may be required under applicable law), and you have not revoked such release, within thirty (30)
days after your separation from service and any payment that otherwise would be made within such thirty (30) day period shall be
paid at the expiration of such thirty (30) day period. “Cause” means any of the following that remains uncured
(if curable) for ten (10) days after your receipt of written notice thereof from the Company: (a) you have engaged in dishonesty,
gross negligence or willful misconduct of more than a de minimis nature, in each case, with regard to the Company that is demonstrably
injurious to the Company, (b) you have failed to attempt, in good faith, to substantially perform your duties with the Company
(other than as a result of your physical or mental incapacity), (c) you have failed to attempt, in good faith, to follow the lawful
written direction of the CEO or (d) you have been convicted of, or entered a plea of guilty or no contest to, a felony (other than
as a result of vicarious liability or a traffic infraction). “Good Reason” means any of the following that remains
uncured (if curable) for ten (10) days after the Company’s receipt of written notice thereof from you not later than sixty
(60) days following the later of the occurrence of such event or the date you should reasonably have knowledge thereof: (a) you
are serving in a position below President, (b) a material diminution of your duties, responsibilities or authority or the assignment
to you of duties or responsibilities that are materially adversely inconsistent with your then position, (c) the Company has reduced
your annual salary or your annual bonus target, (d) the Company has required you to relocate your principal place of employment
by more than fifty (50) miles, or (e) any material breach by the Company of this Agreement. In the event that your employment is
terminated for Cause or you resign without Good Reason during the Term, the Company shall have no obligation to pay any compensation
or provide any benefits to you for any period after the effective date of your termination or resignation except for the Accrued
Amounts. “Disability” means that you have been unable to perform your duties under this Agreement as a result
of a physical or mental illness or incapacity for a period of one hundred-eighty (l80) consecutive days.

 

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6.           You
will receive a grant of PRSUs or other similar equity-based awards in January 2019 with a grant value of $2,830,438. For this purpose,
“grant value” shall be determined consistent with the Company’s prior practice in communicating to you the value
of your PRSU awards. You shall not be entitled to any additional grants of PRSUs.

 

7.           You
agree and understand that in your position with the Company, you have been and will be exposed to and will receive confidential
and proprietary information relating to the affairs of the Company and its affiliates, including, without limitation, technical
information, intellectual property, business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, and expansion plans of the Company and its affiliates (including,
without limitation, confidential and proprietary ideas, research and development, know how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing-plans and proposals)
(collectively, the “Confidential Information”); provided, however, that the term “Confidential Information”
shall not apply to information which is of public record, disclosed or available to the industry generally. You agree that at all
times during your employment with the Company and thereafter, except as you determine in good faith to be appropriate in the discharge
of your duties with the Company and its affiliates, you shall not disclose such Confidential Information, either directly or indirectly,
to any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof (each a “Person”) without the
prior written consent of the Company and shall not use or attempt to use any such information in any manner other than in connection
with your employment with the Company, unless required by law to disclose such information, in which case you shall, to the extent
permitted, provide the Company with written notice of such requirement as far in advance of such anticipated disclosure as possible.
This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of your employment with
the Company, you shall promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer
lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document
which has been produced by, received by or otherwise submitted to you during or prior to your employment with the Company, and
any copies thereof in your (or capable of being reduced to your) possession; provided, that you shall be entitled to retain (a)
personal items, (b) your rolodex or other list of contacts, and (c) information relating to your compensation, employee benefits
and tax records. Notwithstanding the foregoing, nothing herein shall prevent you from disclosing Confidential Information to the
extent required by law. Additionally, nothing herein shall preclude your right to communicate, cooperate or file a complaint with
any U.S. federal, state or local governmental or law enforcement branch, agency or entity (each, a “Governmental Entity”)
with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise make disclosures to any
Governmental Entity, in each case, that are protected under the whistleblower or similar provisions of any such law or regulation;
provided that in each case such communications and disclosures are consistent with applicable law. Nothing herein shall
preclude your right to receive an award from a Governmental Entity for information provided under any whistleblower or similar
program. You shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that is made in confidence to a federal, state or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law. You shall not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit
or other proceeding, provided that such filing is made under seal. If you file a lawsuit for retaliation by the Company for reporting
a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in any related
court proceeding, provided that you file any document containing the trade secret under seal and does not disclose the trade secret
except pursuant to court order.

 

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8.           You
hereby agree that during the Restriction Period (as defined below) you will not, whether acting individually or through any person,
firm, corporation or any other entity:

 

(i)          directly
or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control
of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer,
consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided,
that in no event shall ownership of five percent (5%) or less of the outstanding securities of any class of any issuer whose securities
are registered under the Securities Exchange Act of 1934, as amended, or are otherwise listed on an internationally recognized
stock exchange, standing alone, be prohibited by this Section 8(i), so long as you do not have, or exercise, any rights to manage
or operate the business of such issuer other than rights as a stockholder thereof. For purposes of this paragraph, “Restricted
Enterprise” shall mean any Person that is engaged in any geographic area in any business conducted by or proposed to
be conducted by the Company or any of its subsidiaries in the Company’s business plans as in effect at that time;

 

(ii)         directly
or indirectly contact, induce or solicit (or assist any Person to contact, induce or solicit) for employment any person who is,
or within six (6) months prior to the date of such solicitation was, an employee of the Company or any of its affiliates; or

 

(iii)        directly
or indirectly contact, induce or solicit (or assist any Person to contact, induce or solicit) any customer or client of the Company
or its subsidiaries to terminate its relationship or otherwise cease doing business in whole or in part with the Company or its
subsidiaries, or directly or indirectly interfere with (or assist any Person to interfere with) any material relationship between
the Company or its subsidiaries and any of their customers or clients so as to cause harm to the Company or its affiliates.

 

For purposes of this Section 8, the “Restriction
Period” shall mean, the period of your employment with the Company, as well as, (x) the eighteen (18) month period following
termination of your employment by the Company without Cause or by you with Good Reason and (y) the twelve (12) month period following
the termination of your employment for any other reason.

 

9.           You
agree that the provisions of Sections 7 and 8 hereof shall survive a non-renewal of the Agreement. You and we agree that you have
executed the following documents (and will execute any updates applicable to employees of the Company generally) but that any provisions
in the following documents with respect to termination of employment shall not apply to you (it being understood that this Section
9 is not intended to impact your obligation to comply post-termination with business conduct, ethics, confidentiality, intellectual
property and other similar policies as set forth therein):

 

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		(i)	Company Code of Business Conduct and Ethics,

 

		(ii)	Company Employee Handbook, and

 

		(iii)	Company Confidential Information and Invention Assignment Agreement.

 

10.         You
hereby agree to the terms set forth in Exhibit B to this Agreement, which terms shall apply only on and after the first trading
date in connection with an Initial Public Offering. For this purpose, an “Initial Public Offering” means (i)
the initial bonafide underwritten public offering and sale of equity interests of Tradeweb Markets Inc. through a registration
statement (other than a Form S-4 or Form S-8 or any similar or successor forms) filed with, and declared effective by, the Securities
and Exchange Commission and pursuant to which such interests are authorized and approved for listing on a national securities exchange,
or (ii) a direct listing of the equity interests of Tradeweb Markets Inc. on a national securities exchange.

 

11.         If
you are a “specified employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the
regulations and guidance thereunder (“Section 409A”), to the extent required by Section 409A, payment of the
Severance Amount shall be delayed until the day after the first to occur of (i) the day which is six months from the date of your
termination and (ii) the date of your death, with any delayed amounts being paid in a lump sum on such date and any remaining payments
being made in the normal course. For purposes of this Agreement, the terms “terminate,” “terminated” and
“termination” mean a termination of your employment that constitutes a “separation from service” within
the meaning of the default rules under Section 409A. For purposes of Section 409A, the right to a series of installment payments
under this Agreement shall be treated as a right to a series of separate payments.

 

12.         This
Agreement contains the entire understanding of the parties with respect to your employment by the Company and shall supersede any
prior employment agreements between you, the Company and any predecessor. You represent that you are not bound by any employment
contract, restrictive covenant or other restriction preventing you from continuing employment with or carrying out your responsibilities
for the Company, or which is in any way inconsistent with the terms of this Agreement. This Agreement may not be altered, modified
or amended except by written instrument signed by the parties hereto.

 

13.         Notwithstanding
any of the foregoing to the contrary, in no event will the transfer of your employment from the Company to an affiliate of the
Company at any time be deemed a termination of employment with the Company, provided that you shall have the right to resign with
Good Reason after any such transfer (unless such transfer is to a subsidiary of the Company, provided that the transfer to the
subsidiary does not have an effect described in the definition of Good Reason).

 

14.         In
the event of any termination of employment hereunder, you shall be under no obligation to seek other employment and there shall
be no offset against any amounts due under this Agreement on account of any compensation attributable to any subsequent employment
that you may obtain.

 

15.         This
Agreement shall be governed by and construed in accordance with the laws of New York without reference to principles of conflict
of laws.

 

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16.         The
Company will provide indemnification to you in respect of your service to the Company to the same extent the Company provides indemnification
to its directors and officers generally.

 

17.         This
Agreement shall not be assignable by you, provided that any amount due to you hereunder shall, in the event of your death, be paid
to your estate or your designated beneficiary. This Agreement shall be assignable by the Company only to an acquirer of all or
substantially all of the assets of the Company, provided that such acquirer assumes all of the obligations of the Company hereunder
in a writing delivered to you. This Agreement shall inure to the benefit of and be binding upon the personal or legal representatives,
executors, administrators, successors, heirs, distributes, devisees, legatees and permitted assignees of the parties hereto.

 

18.         Any
controversy or claim arising out of or relating to this Agreement shall be settled by binding arbitration by an arbitrator, selected
in accordance with the then-current arbitrator selection procedures of the American Arbitration Association. Such arbitration shall
be conducted within twenty-five (25) miles of your most recent primary office location (absent mutual agreement by the parties
to do otherwise) pursuant to the national rules for the resolution of employment disputes of the American Arbitration Association
then in effect or in New York. The decision or award in any such arbitration will be final and binding upon the parties and judgment
upon such decision or award may be entered in any court of competent jurisdiction or application may be made to any such court
for judicial acceptance of such decision or award and an order of enforcement. In the event that any procedural matter is not covered
by the aforesaid rules, the procedural law of New York will govern. The parties shall each bear their own costs in the arbitration,
except that to the extent any dispute relates to whether your employment was terminated for “Cause,” “Good Reason”
or by reason of your “Disability,” the Company will pay your legal fees if you prevail on the merits of such issue.

 

19.         This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

 

(remainder of page intentionally blank)

 

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If you find this Agreement
correctly sets forth the terms under which you agree to continue your employment with the Company, please sign the enclosed duplicate
of this letter in the space provided below and return it to the Company.

 

	 	Very truly yours,	 
	 	 	 
	 	TRADEWEB MARKETS LLC	 
	 	 	 
	 	/s/ Lee Olesky    	 
	 	Name: Lee Olesky	 
	 	Title: CEO	 

 

The foregoing
correctly sets forth the terms of my employment with the Company following the date hereof. I acknowledge that this Agreement supersedes
any and all prior employment-related understandings, offers or agreements, whether oral or written, with the Company or its affiliates
and that there are no other terms express, or implied. I am not relying on any representations other than as set out above.

 

	 	/s/ William E. Hult	 
	 	William E. Hult	 
	 	 	 
	 	Acknowledged and agreed:	 
	 	 	 
	 	TRADEWEB MARKETS INC.	 
	 	 	 
	 	/s/ Lee Olesky    	 
	 	Name: Lee Olesky	 
	 	Title: CEO	 

 

     

     

    

 

EXHIBIT A

 

GENERAL RELEASE

 

1.           General
Release. In consideration of the payments required to be made pursuant to Section 5 of that certain Agreement dated January
31, 2019 (the “Severance Payments”), the sufficiency of which William E. Hult (the “Employee”) acknowledges,
the Employee, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release,
remise, acquit and forever discharge Tradeweb Markets LLC (the “Company”), Refinitiv, Thomson Reuters and each of their
present and former subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers,
directors, executives, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors,
predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and
all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial
obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether
accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the
Employee, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against
any Company Released Party in any capacity arising prior to the date hereof, including, without limitation, any and all claims
(i) arising out of or in any way connected with the Employee’s service to any member of the Company Affiliated Group (or
the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation
benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic
opportunity, defamation, intentional infliction of emotional harm or other tort, (iv) for any violation of applicable state and
local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices)
and (v) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and
including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights
Act of 1988, the New York State Human Rights Act, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”),
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act
(“ADEA”) and any similar or analogous state or local statute, excepting only:

 

		(i)	rights of the Employee to the Severance Payments;

 

		(ii)	the right of the Employee to receive COBRA continuation coverage
in accordance with applicable law;

 

		(iii)	rights to indemnification the Employee may have (i) under applicable
corporate law, (ii) under the by-laws or certificate of incorporation of the Company or (iii) as an insured under any of the Company’s
director’s and officer’s liability insurance policy now or previously in force;

 

		(iv)	claims (i) for benefits under any health, disability, retirement,
life insurance or other, similar employee benefit plan (within the meaning of Section 3(3) of ERISA) of the Company Affiliated
Group and (ii) for earned but unused vacation pay through the date of termination in accordance with applicable Company policy;

 

		(v)	claims for the reimbursement of unreimbursed business expenses incurred
prior to the date of termination pursuant to applicable Company policy; and

 

		(vi)	as a holder of equity interests of the Company.

 

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2.           Restrictive
Covenants. The Employee acknowledges and agrees that Employee remains subject to any restrictive covenants between the Employee
and the Company Released Parties set forth in Section 7 and 8 of the Agreement, which are incorporated herein by reference.

 

3.           No
Admissions. The Employee acknowledges and agrees that this General Release is not to be construed in any way as an admission
of any liability whatsoever by any Company Released Party, any such liability being expressly denied.

 

4.           Application
to All Forms of Relief. This General Release applies to any relief no matter how called, including, without limitation, wages,
back pay, front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorney’s
fees and expenses.

 

5.           Specific
Waiver. The Employee specifically acknowledges that his acceptance of the terms of this General Release is, among other things,
a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation
in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything contained herein
purport, to be a waiver of any right or claim or cause of action which by law the Employee is not permitted to waive. The Employee
specifically acknowledges that he has been advised to review the terms of this General Release with an attorney and that he was
given an opportunity to do so.

 

6.           Revocation.
The Employee shall have a period of twenty-one (21) days following the date of termination to consider whether to execute this
General Release. If the Employee accepts the terms hereof and executes this General Release prior to the expiration of such twenty-one
(21) day period, he may thereafter, for a period of seven (7) days following (and not including) the date of execution, revoke
this General Release. If no such revocation occurs, this General Release shall become irrevocable in its entirety, and binding
and enforceable against the Employee, on the day next following the day on which the foregoing seven (7) day period has elapsed
(the “Effective Date”).

 

7.           No
Complaints or Other Claims. The Employee acknowledges and agrees that he has not, with respect to any transaction or state
of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any
governmental agency, court or tribunal.

 

8.           Governing
Law. Except for issues or matters as to which federal law is applicable, this General Release shall be governed by and construed
and enforced in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof

 

9.           Third
Party Beneficiaries. Each Company Released Party is a third party beneficiary of this General Release and may directly enforce
its terms.

 

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IN WITNESS WHEREOF, this
General Release has been signed by or on behalf of each of the parties, all as of [________].

 

	William E. Hult	 	TRADEWEB MARKETS LLC	 
	 	 	 	 	 	 
	Dated:	    	 	By:	           	 
	 	 	 	 	 	 
	 	 	 	Name:	 	 
	 	 	 	 	 	 
	 	 	 	Dated:	 	 

 

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EXHIBIT B

 

PARACHUTE TAX PROVISIONS

 

This Exhibit B sets forth the terms and provisions
applicable to you (the “Employee”) as referenced in Section 10 of the Agreement. This Exhibit B shall be subject
in all respects to the terms and conditions of the Agreement.

 

(a)          To
the extent that the Employee would otherwise be eligible to receive a payment or benefit pursuant to the terms of the Agreement
or any equity compensation or other agreement with the Company or any subsidiary or otherwise in connection with, or arising out
of, the Employee’s employment with the Company or a change in ownership or effective control of the Company or of a substantial
portion of its assets (any such payment or benefit, a “Parachute Payment”), that a nationally recognized United
States public accounting firm selected by the Company (the “Accountants”) and reasonably acceptable to the Employee
determines, but for this sentence, would be subject to excise tax imposed by Section 4999 of the Internal Revenue Code of 1986,
as amended (the “Code”) (the “Excise Tax”), subject to clause (c) below, then the Company
shall pay to the Employee whichever of the following two alternative forms of payment would result in the Employee’s receipt,
on an after-tax basis, of the greater amount of the Parachute Payment notwithstanding that all or some portion of the Parachute
Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Parachute Payment (a “Full Payment”),
or (2) payment of only a part of the Parachute Payment so that the Employee receives the largest payment possible without the imposition
of the Excise Tax (a “Reduced Payment”). The Company and Employee agree to make all reasonable efforts to avoid
(or minimize) any reduction pursuant to a Reduced Payment, through modification of the terms or conditions or compensatory payments
or arrangements or otherwise.

 

(b)          If
a reduction in the Parachute Payment is necessary pursuant to clause (a), then the reduction shall occur in the following order:
(1) reduction of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of
the underlying equity; (2) reduction of cash payments (with such reduction being applied to the payments in the reverse order in
which they would otherwise be made, that is, later payments shall be reduced before earlier payments); and (3) reduction of acceleration
of vesting of equity awards not covered under (1) above; provided, however, that in the event that acceleration of vesting of equity
awards is to be reduction, acceleration of vesting of full value awards shall be made before acceleration of options and stock
appreciation rights and within each class such acceleration of vesting shall be reduced in the reverse order of the date of grant
of such equity awards, that is, later equity awards shall be reduced before earlier equity awards; and provided, further, that
to the extent permitted by Code Section 409A and Sections 280G and 4999 of the Code, if a different reduction procedure would be
permitted without violating Code Section 409A or losing the benefit of the reduction under Sections 280G and 4999 of the Code,
the Employee may designate a different order of reduction.

 

(c)          For
purposes of determining whether any of the Parachute Payments (collectively the “Total Payments”) will be subject
to the Excise Tax and the amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute payments”
within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments” in excess of the “base amount”
(as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent
that, in the opinion of the Accountants, such Total Payments (in whole or in part): more likely than not (1) do not constitute
“parachute payments,” including giving effect to the recalculation of stock options in accordance with Treasury Regulation
Section 1.280G-1, Q&A 33, (2) represent reasonable compensation for services actually rendered within the meaning of Section
280G(b)(4) of the Code in excess of the “base amount” or (3) are otherwise not subject to the Excise Tax, and (ii)
the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with
the principles of Section 280G of the Code.

 

    	 	B-1	 

     

    

 

(d)          All
determinations hereunder shall be made by the Accountants, which determinations shall be final and binding upon the Company and
the Employee.

 

(e)          In
the event of a Full Payment, the federal tax returns filed by the Employee (and any filing made by a consolidated tax group which
includes the Company) shall be prepared and filed on a basis consistent with the determination of the Accountants with respect
to the Excise Tax payable by the Employee. The Employee shall make proper payment of the amount of any Excise Tax, and at the request
of the Company, provide to the Company true and correct copies (with any amendments) of his or her federal income tax return as
filed with the Internal Revenue Service, and such other documents reasonably requested by the Company, evidencing such payment
(provided that the Employee may delete information unrelated to the Parachute Payment or Excise Tax and provided, further that
the Company at all times shall treat such returns as confidential and use such return only for purpose contemplated by this paragraph).

 

(f)          In
the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Employee
shall permit the Company to control issues related to the Excise Tax (at its expense), provided that such issues do not potentially
materially adversely affect the Employee but the Employee shall control any other issues. In the event that the issues are interrelated,
the Employee and the Company shall in good faith cooperate so as not to jeopardize resolution of either issue. In the event of
any conference with any taxing authority as to the Excise Tax or associated income taxes, the Employee shall permit the representative
of the Company to accompany the Employee, and the Employee and his representative shall cooperate with the Company and its representative.

 

(g)          The
Company shall be responsible for all charges of the Accountants.

 

(h)          The
Company and the Employee shall promptly deliver to each other copies of any written communications, and summaries of any verbal
communications, with any taxing authority regarding the Excise Tax covered by this Exhibit B.

 

(i)          Nothing
in this Exhibit B is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation
hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to the Employee and
the repayment obligation null and void.

 

(j)          Notwithstanding
the foregoing, any payment or reimbursement made pursuant to this Exhibit B shall be paid to the Employee promptly and in no event
later than the end of the calendar year next following the calendar year in which the related tax is paid by the Employee or where
no taxes are required to be remitted, the end of the Employee’s calendar year following the Employee’s calendar year
in which the audit is completed or there is a final and nonappealable settlement or other resolution of the litigation.

 

(k)          The
provisions of this Exhibit B shall survive the termination of the Employee’s employment with the Company for any reason and
the termination of the Agreement.

 

    	 	B-2Exhibit 10.10

 

AMENDED & RESTATED

 

TRADEWEB MARKETS INC.

 

2018 SHARE OPTION PLAN

 

		1.	Purpose of the Plan

 

The purpose of the Plan
is to aid the Company and its Affiliates in recruiting and retaining key employees and consultants of outstanding ability and to
motivate such key employees, directors and consultants to exert their best efforts on behalf of the Company and its Affiliates
by providing incentives through the granting of Options. The Company expects that it will benefit from the added interest which
such key employees, directors or consultants will have in the welfare of the Company as a result of their proprietary interest
in the Company’s success. This Plan was previously sponsored by the Company’s subsidiary, Tradeweb Markets LLC, and
sponsorship of the prior plan, as well as all awards thereunder, were assumed by the Company in connection with its initial public
offering.

 

		2.	Definitions

 

The following capitalized
terms used in the Plan or in an Option Agreement have the respective meanings set forth in this Section:

 

		(a)	Affiliate: With respect to any Person, any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person, where “control” means the possession,
directly or indirectly, of the power to direct the management and policies of a Person whether through ownership of voting securities,
contract or otherwise.

 

		(b)	Available Number: The term “Available Number” shall have the meaning
set forth in Section 3 of the Plan.

 

		(c)	Board: The Company’s Board of Directors, or, to the extent the Board of Directors
delegates its authority hereunder to its Compensation Committee, the Compensation Committee.

 

		(d)	Cause: With respect to a Participant’s termination of Employment, (a) if the Participant
is at the time of termination a party to an employment or retention agreement that defines such term, the meaning given therein,
and (b) in all other cases, any of the following that remains uncured (if curable) for ten days after the Participant’s receipt
of written notice thereof from the Company: (i) the Participant’s gross negligence or willful misconduct, or willful failure
to substantially perform the Participant’s duties (other than due to physical or mental illness or incapacity), (ii) the
Participant’s conviction of, or plea of guilty or nolo contendere to, or confession to, (x) a misdemeanor involving moral
turpitude that has, or could reasonably be expected to have, a material adverse impact on the performance of the Participant’s
duties or result in material injury to the reputation or business

 

     

     

    

 

of the Company
or any of its subsidiaries, or (y) a felony (or the equivalent of a misdemeanor or felony in a jurisdiction other than the United
States), (iii) the Participant’s willful breach of a material provision of any other agreement with the Company or any of
its subsidiaries or Affiliates, (iv) the Participant’s willful violation of any written policies of the Company or any of
its subsidiaries or Affiliates that the Board determines in good faith is materially detrimental to the best interests of the Company
or any of its subsidiaries or Affiliates, (v) the Participant’s fraud or misappropriation, embezzlement, or material misuse
of funds or property belonging to the Company or any of its subsidiaries or Affiliates, or (vi) the Participant’s use of
alcohol or drugs that has an adverse impact on the performance of the Participant’s duties, which notice sets forth in reasonable
detail the specific conduct of the Participant alleged to constitute any of the foregoing and is provided not later than the 90th
day following the later of its occurrence or the Board’s knowledge thereof.

 

		(e)	CEO: The Company’s Chief Executive Officer.

 

		(f)	Change of Control: The term “Change of Control” shall mean the occurrence
of any of the following:

 

(i)       An
acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”)
by any Person following the Effective Date, immediately after which such Person first acquires “Beneficial Ownership”
(within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of fifty percent (50%) or
more of the combined voting power of the Company’s then-outstanding Voting Securities; provided, however, that
in determining whether a Change of Control has occurred pursuant to this Section 2(f), the acquisition of Voting Securities in
a Non-Control Acquisition (as hereinafter defined) shall not constitute a Change of Control. A “Non-Control Acquisition”
shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or
(B) any corporation or other Person the majority of the voting power, voting equity securities or equity interest of which is owned,
directly or indirectly, by the Company (for purposes of this definition, a “Related Entity”), (ii) the Company
or any Related Entity or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);

 

(ii)       The
individuals who, as of the Effective Date are members of the Board (the “Incumbent Board”), cease for any reason
to constitute at least a majority of the members of the Board; provided, however, that if the election, or nomination
for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the
Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided
further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially
assumed office as a result of either an actual or threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy
Contest;

 

    	 	2	 

     

    

 

(iii)      The
consummation of:

 

		a.	A merger, consolidation or reorganization (x) with or into the Company or (y) in which
securities of the Company are issued (a “Merger”), unless such Merger is a Non-Control Transaction. A “Non-Control
Transaction” shall mean a Merger in which:

 

		(A)	the stockholders of the Company immediately before such Merger own directly or indirectly immediately
following such Merger at least a majority of the combined voting power of the outstanding voting securities of (1) the corporation
resulting from such Merger (the “Surviving Corporation”), if fifty percent (50%) or more of the combined voting
power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly,
by another Person (a “Parent Corporation”), or (2) if there is one or more than one Parent Corporation, the
ultimate Parent Corporation;

 

		(B)	the individuals who were members of the Board immediately prior to the execution of the agreement
providing for such Merger constitute at least a majority of the members of the board of directors of (1) the Surviving Corporation,
if there is no Parent Corporation, or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation;
and

 

		(C)	no Person other than (1) the Company or another corporation that is a party to the agreement of
Merger, (2) any Related Entity, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior
to the Merger, was maintained by the Company or any Related Entity or (4) any Person who, immediately prior to the Merger, had
Beneficial Ownership of Voting Securities representing more than fifty percent (50%) of the combined voting power of the Company’s
then-outstanding Voting Securities, has Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined
voting power of the outstanding voting securities of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if
there is one or more than one Parent Corporation, the ultimate Parent Corporation;

 

		b.	A complete liquidation or dissolution of the Company; or

 

		c.	The sale or other disposition of all or substantially all of the assets of the Company and its
subsidiaries taken as a whole to

 

    	 	3	 

     

    

 

any Person
(other than (x) a transfer to a Related Entity or (y) the distribution to the Company’s stockholders of the stock of
a Related Entity or any other assets).

 

Notwithstanding the foregoing, a Change
of Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial
Ownership of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting
Securities by the Company which, by reducing the number of Voting Securities then outstanding, increases the proportional number
of shares Beneficially Owned by the Subject Person; provided that if a Change of Control would occur (but for the operation
of this sentence) as a result of the acquisition of Voting Securities by the Company and, after such acquisition by the Company,
the Subject Person becomes the Beneficial Owner of any additional Voting Securities and such Beneficial Ownership increases the
percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change of Control shall occur.
For the avoidance of doubt, a direct or indirect change of control or other sale or disposition of securities of an entity that
is a shareholder of the Company shall not constitute a Change of Control.

 

		(g)	Code: The Internal Revenue Code of 1986, as amended, or any successor thereto.

 

		(h)	Company: Tradeweb Markets Inc., a Delaware corporation, and any successor thereto by merger,
consolidation or otherwise.

 

		(i)	Company Group: Collectively, the Company and its subsidiaries and its or their respective
successors and assigns.

 

		(j)	Disability: (i) If the Participant is at the time of termination of Employment a party to
an employment or retention agreement that defines such term, the meaning given therein, and (ii) in all other cases, the Participant
is unable to perform his duties to the Company as a result of a physical or mental illness or incapacity for a continuous period
of at least 180 days.

 

		(k)	Effective Date: August 6, 2018.

 

		(l)	Employment: The term “Employment” as used herein shall be deemed to refer
to (i) a Participant’s employment if the Participant is an employee of the Company Group, (ii) a Participant’s services
as a consultant if the Participant is a consultant to the Company Group or (iii) a Participant’s services as a director if
the Participant is a director of the Company or its subsidiaries or Affiliates.

 

		(m)	Fair Market Value: The closing price at the close of the primary trading session of the
Shares on the trading day immediately preceding the date of determination on the principal national securities exchange on which
the Shares are listed or admitted to trading as officially quoted in the consolidated tape of transactions on such exchange or
such other source as the Board deems reliable for the applicable date, or if there has been no such

 

    	 	4	 

     

    

 

closing price
of the Shares on such date, on the next preceding date on which there was such a closing price.

 

		(n)	Good Leaver: A Participant whose Employment has been terminated other than by the Company
for Cause or by the Participant without Good Reason.

 

		(o)	Good Reason: (i) if the Participant is at the time of termination a party to an employment
or retention agreement that defines such term, the meaning given therein, and (ii) in all other cases: (x) a material reduction
in the Participant’s base salary or target bonus opportunity (as a percentage of base salary); or (y) a material diminution
in the Participant’s authority and responsibilities measured in the aggregate; provided that any event described herein
shall not constitute Good Reason unless the Company fails to cure such event within 30 days after receipt from the Participant
of written notice of the event which otherwise would constitute Good Reason; provided, further, that “Good
Reason” shall cease to exist for an event on the 60th day following the later of its occurrence or the Participant’s
knowledge thereof, unless the Participant has given the Board written notice thereof prior to such date.

 

		(p)	IPO: means the consummation of the first public offering of Shares pursuant to a registration
statement (other than a Form S-8 or successor forms) filed with, and declared effective by, the United States Securities and Exchange
Commission.

 

		(q)	Option: An option granted pursuant to Section 6 of the Plan to acquire Shares.

 

		(r)	Option Agreement: With respect to an Option, the written document that sets forth the terms
of that particular Option.

 

		(s)	Option Price: The purchase price per Share of an Option, as determined pursuant to Section
6(a) of the Plan.

 

		(t)	Participant: An employee, director or consultant who is selected to participate in the Plan
pursuant to Section 4.

 

		(u)	Permitted Transfer: An assignment or transfer of an Option to a Participant’s spouse
or descendants (whether natural or by adoption) or any trust, limited partnership or other entity solely for the benefit of the
Participant and/or the Participant’s spouse and/or descendants; provided, that such assignment shall constitute a
Permitted Transfer only if the transferee executes an Option Agreement.

 

		(v)	Person: Any individual, corporation, limited liability company, limited or general partnership,
joint venture, association, joint-stock company, trust, unincorporated organization or government, or any agency or political subdivisions
thereof.

 

    	 	5	 

     

    

 

		(w)	Plan: This Amended and Restated Tradeweb Markets Inc. 2018 Share Option Plan.

 

		(x)	Retirement: A Participant’s voluntary resignation upon six months’ notice to
the Company for any reason after attaining a combination of (i) age 55 with at least 10 years of service or (ii) age 65 with at
least 5 years of service.

 

		(y)	Shares: Class A common stock of the Company, and any other security for which such stock
is exchanged or into which such stock may be converted or exchanged.

 

		3.	Shares Subject to the Plan

 

The total number of Shares
with respect to which Options may be granted under the Plan from time to time is [•], (the “Plan Cap”)
less all Shares made subject to Options under the Plan (regardless of whether such Options have been exercised or expired), other
than Shares subject to any Options that were forfeited prior to an IPO of the Company (the “Available Number”).
If at any time the Plan Cap exceeds 8% of the fully diluted equity of the Company (which shall exclude for this purpose, any performance
based restricted share units issued by the Company prior to the Effective Date), the Plan Cap will be reduced by such excess.

 

		4.	Administration

 

Subject to the express
limitations of the Plan, the Board shall have authority in its discretion to determine the employees, directors and consultants
of the Company Group to whom Options may be granted and the number of Shares subject to each Option (as well as the time or times
at which Options may be granted). Subject to the express limitations of the Plan, the Board shall have authority in its discretion
to determine the exercise price of an Option, the time or times at which an Option will become vested and any other conditions
of an Option; provided that the Board shall have the authority to make grants in accordance with the form of grant agreement
approved by the Board. Except as provided herein, the Board is authorized to interpret the Plan, to establish, amend and rescind
any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the
administration of the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan
in the manner and to the extent the Board deems necessary or desirable. Any decision of the Board made in good faith in the interpretation
and administration of the Plan, except as otherwise provided herein, shall lie within its sole and absolute discretion and shall
be final, conclusive and binding on all parties concerned (including, without limitation, Participants and their beneficiaries
or successors). The Board shall have the full power and authority to establish the terms and conditions of any Option consistent
with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating
or waiving any vesting conditions). The Board shall require Participants to make arrangements which are satisfactory to it to pay
any amounts it may determine are required to be withheld for federal, state, local or other taxes in connection with the exercise
of an Option.

 

    	 	6	 

     

    

 

		5.	Limitations

 

No Option may be granted
under the Plan after the tenth anniversary of the Effective Date, but Options theretofore granted may extend beyond that date.

 

		6.	Terms and Conditions of Options

 

Options granted under
the Plan shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent
therewith, as the Board shall determine and set forth in the applicable Option Agreement:

 

		(a)	Option Price. The Option Price shall be determined by the Board, provided, that the
Option Price may not be less than the Fair Market Value of a Share on the date the Option is granted.

 

		(b)	Exercisability. Options granted under the Plan shall be exercisable at such time and upon
such terms and conditions as may be set forth in the Option Agreement, but in no event shall an Option be exercisable more than
ten years after the date it is granted.

 

		(c)	Exercise of Options. Except as otherwise provided in the Plan or in an Option Agreement,
an Option may be exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For purposes
of this Section 6, the exercise date of an Option shall be as set forth in the Option Agreement or, if no such date is set forth,
the later of the date a notice of exercise is received by the Company and, if applicable, the date payment is received by the Company
pursuant to the following sentence. The Option Price for the Shares as to which an Option is exercised and any applicable taxes
shall be paid to the Company in full at the time of exercise at the election of the Participant, in cash or by check or wire transfer,
or by such other means as are permitted by the Board. Participants shall have no rights to distributions or other rights of a shareholder
with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, has paid
in full for such Shares, has satisfied any applicable withholding requirements and, if applicable, has satisfied any other conditions
pursuant to the Plan or the applicable Option Agreement. Notwithstanding anything in this Plan or an Option Agreement to the contrary,
upon the exercise of an Option, the Board may elect to require the Participant to satisfy the Option Price and/or the withholding
and employment taxes payable in respect of the Shares as to which an Option is exercised by a reduction in the number of Shares
to be issued upon such exercise having a Fair Market Value on the date of exercise equal to the aggregate Option Price and/or the
minimum withholding and employment taxes payable in respect of the Shares as to which such Option is exercised.

 

    	 	7	 

     

    

 

		7.	Adjustments Upon Certain Events

 

Notwithstanding any other
provisions in the Plan to the contrary, the following provisions shall apply to all Options granted under the Plan:

 

		(a)	Generally. In the event of any extraordinary cash or share distribution, or share split,
reverse split, reorganization, reclassification, recapitalization, repurchase, issuance of warrants, rights or debentures, merger,
consolidation, spin-off, split-up, combination or exchange of shares or other similar exchange, or any distribution to holders
of shares or any transaction similar to the foregoing, the Board, without liability to any person, shall take such equitable actions
as are appropriate in its reasonable judgment to preserve the economic rights of the Participant, whether by adjusting the terms
of (including the Option Price of and/or the number of Shares underlying) the Option, the Plan Cap, the Available Number or such
other means as the Board shall determine.

 

		(b)	Change of Control. In the event of a Change of Control, (i) any outstanding Options then
held by Participants which are unexercisable or otherwise unvested and subject solely to time-based vesting conditions shall automatically
be deemed exercisable or otherwise vested upon the consummation of such Change of Control, and (ii) except as otherwise provided
in the applicable Option Agreement, all outstanding Options shall terminate upon the consummation of the Change of Control unless
provision is made in connection with such transaction (in the sole discretion of the Board or the parties to the Change of Control)
for the assumption or continuation of such Options by, or the substitution for such Options with new awards of, the surviving,
or successor or resulting entity, or a parent or subsidiary thereof, with such adjustments as to the number and kind of shares
or other securities or property subject to such new awards, option and stock appreciation right exercise or base prices, and other
terms of such new awards as the Board or the parties to the Change of Control shall agree. In the event that provision is made
in writing as aforesaid in connection with a Change of Control, the Plan and the unexercised Options theretofore granted or the
new awards substituted therefor shall continue in the manner and under the terms provided in such writing. Notwithstanding the
foregoing, except as otherwise provided in the applicable Option Agreement, vested Options (including those Options that would
become vested upon the consummation of the Change of Control) shall not be terminated upon the consummation of the Change of Control
unless holders of affected Options are provided either (a) a period of at least fifteen (15) calendar days prior to the date of
the consummation of the Change of Control to exercise the Options, or (b) payment (in cash or other consideration upon or following
the consummation of the Change of Control, or, to the extent permitted by Section 409A of the Code, on a deferred basis, in each
case as determined by the Board in its discretion) in respect of each Share covered by the Option being cancelled in an amount

 

    	 	8	 

     

    

 

equal to the
excess, if any, of the per Share consideration to be paid or distributed to shareholders in the Change of Control (the value of
any non-cash consideration to be determined by the Board in good faith) over the Option Price of the Option. For the avoidance
of doubt, if the amount determined pursuant to the foregoing is zero or less, the affected Option may be cancelled without any
payment therefor.

 

		8.	No Right to Employment or Options; No Obligation for
Uniformity

 

The granting of an Option
under the Plan shall impose no obligation on the Company or any Affiliate of the Company to continue the Employment of a Participant
and shall not lessen or affect the Company’s or such Affiliate’s right to terminate the Employment of such Participant.
No Participant or other Person shall have any claim to be granted any Option, and there is no obligation for uniformity of treatment
of Participants, or holders or beneficiaries of Options. The terms and conditions of Options and the Board’s determinations
and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants
are similarly situated).

 

		9.	Successors and Assigns

 

The rights and obligations
under the Plan shall be binding on and inure to all predecessors, successors and permitted assigns of the Company and any Participant,
including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any
receiver or trustee in bankruptcy or representative of the Participant’s creditors.

 

		10.	Nontransferability of Options

 

Unless otherwise determined
by the Board, an Option shall not be transferable or assignable by the Participant other than (i) pursuant to a Permitted Transfer
or (ii) by will or by the laws of descent and distribution. An Option exercisable after the death of a Participant may be exercised
by the legatees, personal representatives or distributees of the Participant.

 

		11.	Amendments or Termination

 

The Board may amend,
alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made without the consent of a Participant,
if such action would diminish any of the rights of such Participant under any Option theretofore granted to such Participant under
the Plan; provided, however, that the Board may amend the Plan in such manner as it reasonably deems necessary to
comply with applicable law or to avoid the application of any tax penalty to any Option; provided further, however,
that the Board may, with the consent of the CEO, make any amendment, alteration or discontinuation of the Plan or any Option Agreement
without the consent of a Participant (even if such action would diminish any of the rights of such Participant under any Option
theretofore granted to such Participant under the Plan) so long as any such amendment, alteration or discontinuation treats each
similarly situated Participant in a materially similar manner.

 

    	 	9	 

     

    

 

		12.	Compliance with Law

 

No Options shall be granted
under the Plan, and no Shares shall be issued and delivered upon exercise of an Option, unless and until the Company and/or the
Participant shall have complied with all applicable federal or state registration, listing and/or qualification requirements and
all other applicable requirements of law or of any regulatory agencies having jurisdiction.

 

The Board in its discretion
may, as a condition to the exercise of any Option, require in the applicable Option Agreement each Participant (a) to represent
in writing that the Shares received upon exercise of an Option are being acquired for investment and not with a view to distribution
and (b) to make such other representations and warranties as are deemed reasonably appropriate by the Board to ensure compliance
with all applicable requirements of law. Without in any way limiting the provisions set forth above, no Participant shall make
any disposition of all or any portion of Shares acquired or to be acquired pursuant to an Option, except in compliance with all
applicable federal and state securities laws.

 

		13.	International Participants

 

With respect to Options
which may be subject to the laws of jurisdictions outside the United States of America, the Board may, in its sole discretion,
amend the terms of the Plan or Options with respect to such Participants in order to conform such terms with the requirements of
such local law.

 

		14.	Choice of Law

 

The Plan shall be governed
by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of laws.

 

		15.	Effectiveness of the Plan

 

The Plan shall be effective
as of the Effective Date.

 

    	 	10

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