Document:

EX-10.6

   

   

  Exhibit 10.6

   

  Form of 2022 Incentive Stock Option Agreement 

  for U.S. based Executive Officers other than Mr. McVey

   

   

  INCENTIVE STOCK OPTION AGREEMENT

   

   

  STOCK OPTION AGREEMENT
PURSUANT TO THE
MARKETAXESS HOLDINGS INC.

  2020 EQUITY
INCENTIVE PLAN

   

  AGREEMENT (“Agreement”), dated as of [Award Date] by and between MarketAxess Holdings Inc. (the “Company”) and [Participant] (the “Participant”).

   

  Preliminary Statement

   

  The Board of Directors of the Company (the “Board”) or a committee appointed by the Board (the “Committee”) to administer the MarketAxess Holdings Inc. 2020 Equity Incentive Plan (as may be amended and/or restated from time to time) (the “Plan”), has authorized this grant of an incentive stock option (the “Option”) on [Award Date] (the “Grant Date”) to purchase the number of shares of Common Stock set forth below to the Participant, as an Eligible Person of the Company or an Affiliate (collectively, the Company and all Subsidiaries and parents of the Company shall be referred to as the “Employer”). Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  A copy of the Plan has been delivered to the Participant.  By signing and returning this Agreement, the Participant acknowledges having received and read a copy of the Plan and agrees to comply with it, this Agreement and all applicable laws and regulations.

   

  Accordingly, the parties hereto agree as follows:

   

  1.	Tax Matters. The Option granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  Notwithstanding the foregoing, the Option will not qualify as an “incentive stock option,” among other events, (i) if the Participant disposes of the Common Stock acquired pursuant to the Option at any time during the two (2) year period following the date of this Agreement or the one (1) year period following the date on which the Option is exercised; (ii) except in the event of the Participant’s death or disability, as defined in Section 22(e)(3) of the Code, if the Participant is not employed by the Company, any Subsidiary or any parent at all times during the period beginning on the date of this Agreement and ending on the day three (3) months before the date of exercise of the Option; or (iii) to the extent the aggregate fair market value 

   

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  (determined as of the time the Option is granted) of the Common Stock subject to “incentive stock options” which become exercisable for the first time in any calendar year exceeds $100,000. To the extent that the Option does not qualify as an “incentive stock option,” it shall not effect the validity of the Option and shall constitute a separate non-qualified stock option.

   

  2.	Grant of Option.  Subject in all respects to the Plan and the terms and conditions set forth herein and therein, the Participant is hereby granted an Option to purchase from the Company [Shares Awarded] shares of Common Stock, at a price per share of [Award Price] (the “Exercise Price”).

   

  3.                Exercise.  Unless otherwise set forth in an agreement between the Participant and the Employer, (a) except as set forth in subsections (b) through (f) below, the Option shall vest and become exercisable as follows, provided that the Participant has not incurred a termination of employment or Service prior to the vesting date:

   

  [X] on [Vest Date 1]

  [X] on [Vest Date 2]

  [X] on [Vest Date 3]

   

  To the extent that the Option has become vested and exercisable with respect to a number of shares of Common Stock as provided above, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time and prior to the expiration of the Option as provided herein and in accordance with Section 6.5 of the Plan, including, without limitation, by the filing of any written form of exercise notice as may be required by the Committee and payment in full of the Exercise Price multiplied by the number of shares of Common Stock underlying the portion of the Option exercised and applicable withholding tax. Upon expiration of the Option, the Option shall be canceled and no longer exercisable.

   

  There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date.

   

  (b)	The Committee may, in its sole discretion, provide for accelerated vesting of the Option at any time.

   

  (c)	If a Participant incurs a termination of employment for any reason except as set forth in subsections (d) through (f), the Option shall be forfeited for no consideration. Notwithstanding anything else set forth herein, this Option grant, and any of Participant’s rights and benefits with respect to this Agreement (including any unvested portion of the Option and the vested but unexercised portion of the Option), shall be immediately forfeited upon the Company’s determination that Participant: (i) has violated any laws, regulations or material Company policies, (ii) breached any Restrictive Covenants that may apply to the Participant or (iii) engaged in any other conduct that is detrimental to the business or reputation of the Company. 

   

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  (d)	Upon the death or Disability of the Participant, any unvested portion of the Option at the time of such termination shall become fully vested and exercisable in accordance with Section 5(a) below.  

   

  (e)	If a Qualified Retirement occurs, any unvested portion of the Option at the time of such termination shall become fully vested on the date such unvested Option would have otherwise vested in accordance with the original vesting schedule, regardless of whether the Participant continues to provide services to the Company; provided that if, prior to the last vesting date set forth in the original vesting schedule, the Participant undertakes any business activity or employment in the financial services or fintech industries without the prior written consent of the Company or breaches any of the terms and conditions of the Restrictive Covenants, any Option which has not yet been settled will be forfeited immediately for no consideration. 

  A “Qualified Retirement” shall occur upon the first date on which all the following criteria have been satisfied: (i) the Participant is at least fifty-eight (58) years old, (ii) the Participant has at least ten (10) years of service with the Company, (iii) the Participant has given to the Company twelve (12) months’ advance notice of the Participant’s intent to cease providing services to the Company and comply with the Restrictive Covenants, and (iv) such twelve (12) month period has elapsed; provided, that the Participant has continuously provided service to the Company through such twelve (12) month period.  

  “Restrictive Covenants” shall mean any written post-termination of employment covenants between the Participant and the Company or any of its Affiliates prohibiting or restricting competition, the solicitation of clients or employees or the sharing of confidential information, including any such covenants set forth in a Proprietary Information and Non-Competition Agreement; provided, however; for purposes of this Agreement, the term of such Restrictive Covenants shall (to the extent permitted by law) be deemed to extend to the last vesting date set forth in the original vesting schedule.

  (f)	In the event of a Change in Control, the Option shall be treated in accordance with Section 11 of the Plan (including without limitation, the vesting provisions set forth in Section 11.3); provided that, immediately prior to the Change in Control, the Committee may determine that the Option will not be continued, assumed or have new rights substituted therefore in accordance with Section 11.1 of the Plan, and immediately prior to the Change in Control, the Option shall become fully vested and exercisable.

   

   

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  4.	Option Term. The term of each Option shall be six (6) years after the Grant Date, subject to earlier termination in the event of the Participant’s termination as specified in Section 5 below.

   

  5.	Termination.

   

  Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the time of the Participant’s termination, shall remain exercisable as follows:

   

  (a)In the event of the Participant's termination by reason of death or  Disability, the vested portion of the Option shall remain exercisable until the earlier of (i) one (1) year from the date of such termination or (ii) the expiration of the stated term of the Option pursuant to Section 4 hereof.

   

  (b)In the event of a Qualifying Retirement, the vested portion of the Option shall remain exercisable until the expiration of the stated term of the Option pursuant to Section 4 hereof.

   

  (c) In the event of the Participant's involuntary termination without Cause, the vested portion of the Option shall remain exercisable until the earlier of (i) three (3) months from the date of such termination or (ii) the expiration of the stated term of the Option pursuant to Section 4 hereof.

   

  (d) In the event of the Participant's voluntary termination (other than a voluntary termination described in Section 5(e) below), the vested portion of the Option shall remain exercisable until the earlier of (i) thirty (30) days from the date of such termination or (ii) the expiration of the stated term of the Option pursuant to Section 4 hereof.

   

  (e) In the event of the Participant's termination for Cause or in the event of the Participant's voluntary termination within ninety (90) days after an event that would be grounds for a termination for Cause, the Participant's entire Option (whether or not vested) shall terminate and expire upon such termination.

   

  Unless otherwise set forth in an agreement between the Participant and the Employer, any portion of the Option that is not vested as of the date of the Participant’s termination for any reason shall terminate and expire as of the date of such termination.

   

  6.	Restriction on Transfer of Option.  No part of the Option shall be transferred other than by will or by the laws of descent and distribution and during the lifetime of the Participant, may be exercised only by the Participant or the Participant’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (except as provided by law or herein), and the Option shall not be subject to execution, attachment or similar process.  Upon 

   

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  any attempt to Transfer the Option or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, such transfer shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer” instructions to its transfer agent.

   

  7.	Rights as a Stockholder. The Participant shall have no rights as a stockholder with respect to any shares covered by the Option unless and until the Participant has become the holder of record of the shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan.

   

  8.	Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any exercise notice or other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant with respect to the subject matter hereof.

   

  9.	Notices. Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given: (i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify):

   

  If to the Company, to:

  MarketAxess Holdings Inc.

  55 Hudson Yards, 15th Floor

  New York, NY 10001

  Attention: Compensation Committee

   

  If to the Participant, to the address on file with the Company.

   

  10.	No Obligation to Continue Employment.  This Agreement is not an agreement of employment. This Agreement does not guarantee that the Employer will employ or retain the Participant for any specific time period, nor does it modify in any respect the Employer’s right to terminate or modify the Participant’s employment or compensation.

   

   

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  IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

   

  MARKETAXESS HOLDINGS INC.

   

   

   

  By: ____________________________

  Richard M. McVey

   

   

   

   

  _____________________________________

   [Participant]

   

  6EX-10.7

   

   

  Exhibit 10.7

   

  Form of 2022 Restricted Stock Unit Agreement for 

  U.K. based Executive Officers

   

  RESTRICTED STOCK UNIT AGREEMENT PURSUANT TO APPENDIX 1 OF THE

  MARKETAXESS HOLDINGS INC. 2020 EQUITY INCENTIVE PLAN

   

   

   

  THIS AGREEMENT, effective as of Award Date, is by and between

  MarketAxess Holdings Inc., a Delaware corporation with its principal office at 55 Hudson Yards, 15th Floor, New York, NY 10001(the “Company”), and xxx (the “Participant”).

   

  WHEREAS, the Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved, the MarketAxess Holdings Inc. 2020 Equity Incentive Plan, including Appendix 1 thereto (as may be amended and/or restated from time to time) (the “Plan”), which is administered by a Committee appointed by the Company’s Board of Directors;

   

  WHEREAS, pursuant to Section 3.2 of the Plan, the Committee has adopted guidelines (the “Guidelines”) for the grant of restricted stock units (“RSUs”) under the Plan; 

   

  WHEREAS, Appendix 1 of the Plan modifies the Plan in relation to Eligible Persons and Participants who are employed, resident for tax purposes or otherwise subject to tax on employment income in the United Kingdom and references in this Agreement to the Plan shall be deemed to be to the Plan as so modified; and

   

  WHEREAS, the Company, through the Committee, wishes to grant to the Participant RSUs as set forth below.

   

  NOW, THEREFORE, the Company and the Participant agree as follows:

   

  1.	Grant of RSUs.  Subject to the terms, conditions and restrictions of the Plan and the Guidelines, the Company awards to the Participant xxx RSUs. The RSUs hereunder are not Deferrable RSUs and are not eligible for deferral under Section 4 of the Guidelines.  

   

  2.	Vesting.  Unless otherwise set forth in an agreement between the Participant and the Company, the RSUs shall become vested pursuant to the terms of this Agreement and the Plan on the dates set forth below (which constitute the “Original Vesting Schedule”) if the Participant has been continuously providing service to the Company until such date:

   

   

  xxx on Vest Date 1

  xxx on Vest Date 2

  xxx on Vest Date 3

   

  There shall be no proportionate or partial vesting in the periods prior to the applicable vesting dates and all vesting shall occur only on the appropriate vesting date.

   

   

   

  

   

   

  3.	Forfeiture.  Notwithstanding anything else set forth herein, this grant of RSUs, and any of Participant’s rights and benefits with respect to this Agreement (including all unvested RSUs and vested but unpaid RSUs), shall be immediately forfeited upon the Company’s determination that Participant: (i) has violated any laws, regulations or material Company policies, (ii) breached any Restrictive Covenants that may apply to the Participant or (iii) engaged in any other conduct that is detrimental to the business or reputation of the Company. 

   

  “Restrictive Covenants” shall mean any written post-termination of employment covenants between the Participant and the Company or any of its Affiliates prohibiting or restricting competition, the solicitation of clients or employees or the sharing of confidential information, including any such covenants set forth in a Proprietary Information and Non-Competition Agreement;

   

  4.	Taxes. 

   

  (a) Tax Liability.  The Participant acknowledges, subject to the last sentence of this paragraph, that (i) no later than the date on which any RSU shall have become vested and (in any event) within seven days of any Taxable Event, the Participant shall, to the extent permitted by law and to the extent the same are not otherwise discharged through the operation of PAYE, pay to the Company, or make arrangements satisfactory to the Company regarding payment of, and the Participant hereby indemnifies the Company and its Affiliates against, any Federal, national, state or local taxes, levies, charges and contributions of any kind required by law to be withheld, or for which the Company, its Affiliates or the Participant’s employer are otherwise required to pay or account, with respect to any RSU and/or any related dividend equivalent right payment (including, for the avoidance of doubt, any Tax Liability); (ii) the Company and the Participant’s employer shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any Federal, national, state or local taxes and contributions of any kind required by law to be withheld or accounted for (including, for the avoidance of doubt, any Tax Liability) with respect to any RSU and/or any related shares of Common Stock or dividend equivalent right payment, and the Company may, but shall not be required to, sell a number of shares of Common Stock sufficient to cover any applicable withholding taxes or Tax Liability; and (iii) in the event that the Participant does not satisfy (i) above on a timely basis, and either the withholding taxes or the Tax Liability is not otherwise discharged through the operation of PAYE, the Company or the Participant’s employer may, but shall not be required to, pay such required withholding taxes or Tax Liability and treat such amount as a demand loan to the Participant at the maximum rate permitted by law, with such loan, at the Company’s sole discretion and provided the Company or the Participant’s employer (as the case may be) so notifies the Participant within thirty (30) days of the making of the loan, secured by the relevant Common Stock and any failure by the Participant to pay the loan upon demand shall entitle the Company or the Participant’s employer (as the case may be) to all of the rights at law of a creditor secured by the relevant Common Stock. The Participant’s obligations under this Section 4 shall not be affected by any failure of the Company or the Participant’s employer to deduct the relevant taxes and/or contributions (including, for the avoidance of doubt, any Tax Liability) through the operation of PAYE. The Company may hold as security any certificates representing any relevant Common Stock and, upon demand of the Company, the Participant shall deliver to the Company any certificates in his or her possession representing Common Stock together with a stock power duly endorsed in blank. 

   

  (b)  UK Tax Elections.  By executing this Agreement, the Participant acknowledges and agrees that:

   

   

   

   

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  1.the Company or the Participant’s employer (as appropriate) may, to the extent permitted by law, recover from the Participant the whole or any part of any secondary class 1 (employer’s) National Insurance contributions and/or employer health and social care levy arising from or in connection with the RSU or the relevant shares of Common Stock and may, to the extent permitted by law, require the Participant to elect (using a form approved by HM Revenue & Customs) that the whole or any part of any secondary class 1 (employer’s) National Insurance contributions and/or employer health and social care levy shall be transferred to the Participant; and

   

  2.the Participant further agrees that, if so required by the Company, any of its Affiliates or the Participant’s employer, the Participant will enter into a joint election under section 431(1) of the United Kingdom Income Tax (Earnings and Pensions) Act 2003, in respect of any shares of Common Stock to be issued or transferred in connection with this RSU, within 14 days of the acquisition by the Participant of those shares of Common Stock (or such shorter of longer period as HM Revenue & Customs may direct).

   

  5. 	Securities Representations.  The grant of the RSUs and any issuance of shares of Common Stock pursuant to this Agreement are being made by the Company in reliance upon the following express representations and warranties of the Participant. 

   

  The Participant acknowledges, represents and warrants that:

   

  (a)he or she has been advised that he or she may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on his or her representations set forth in this section;

  (b)if he or she is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Common Stock must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such Common Stock and the Company is under no obligation to register the Common Stock (or to file a “re-offer prospectus”);

  (c)if he or she is deemed an affiliate within the meaning of Rule 144 of the Securities Act, he or she understands that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions.

   

  6.	Not an Employment or Service Agreement.  Neither the execution of this Agreement nor the grant of RSUs hereunder constitute an agreement by the Company to employ or retain or to continue to employ or retain the Participant during the entire, or any portion of, the term of this Agreement. Nothing in this Agreement or the Plan interferes in any way with the right of the Company or any Affiliate by which the Participant is employed to terminate the Participant’s Service or other service relationship for any reason or no reason at any time. The rights and obligations of the Participant under the terms of their employment or office with any Affiliate by which the Participant is employed shall not be affected by this Agreement, the RSUs or their participation in the Plan or any right which they may have to participate in it.  The Participant waives any and all rights to compensation 

   

   

   

   

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  or damages in consequence of the termination of their employment or office for any reason whatsoever (whether or not such termination is wrongful or unfair and however such termination is caused) insofar as those rights arise or may arise from the Participant ceasing to have rights under this Agreement or the Plan as a result of such termination. 

   

  7.	Miscellaneous.

   

  (a)       This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or any Affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign this Agreement.

   

  (b)       This award of RSUs shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.

   

  (c)       The Participant agrees that the award of the RSUs hereunder is special incentive compensation and that it, any dividends paid thereon (even if treated as compensation for tax purposes) will not be taken into account as “salary” or “compensation” or “bonus” (or otherwise) in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or the Participant’s employer or any life insurance, disability or other benefit plan of the Company or the Participant’s employer.

   

  (d)       No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.

   

  (e)       This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one contract.

   

  (f)        The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

   

  (g)       The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.

   

  (h)     All notices, consents, requests, approvals, instructions and other communications provided  for  herein  shall  be  in  writing  and  validly  given  or  made  when delivered, or on the second succeeding  business  day after being mailed by registered  or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this 

   

   

   

   

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  Agreement or to such other address as either party may designate by like notice.  Notices to the Company shall be addressed to the Compensation Committee of the Board with a copy to General Counsel, MarketAxess Holdings Inc., 55 Hudson Yards, 15th Floor, New York, NY  10001.

   

  (i)        This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

   

  (j)	The Committee may use such currency exchange rate as it may reasonably determine for any purpose in connection with the RSU. 

   

  (k)	Capitalized terms used but not otherwise defined in this Agreement shall have the meanings given to those terms in the Plan (including, where applicable, Appendix 1 of the Plan).

   

  8.	Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan and the Guidelines, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan and the Guidelines as may be adopted by the Committee and as may be in effect from time to time. The Plan and the Guidelines are incorporated herein by reference.  A copy of the Plan and the Guidelines have has been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan and the Guidelines, the Plan and the Guidelines shall control, and this Agreement shall be deemed to be modified accordingly.  Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan or the Guidelines. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan or the Guidelines) and supersedes any prior agreements between the Company and the Participant.

   

  9.  	Renumeration Policies.  Notwithstanding anything herein to the contrary, this Agreement and the any awards granted under this Agreement, are subject to any renumeration, malus and/or clawback policy that is adopted by any affiliate of the Company in accordance with applicable local laws and this Agreement.

   

   

   

   

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  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

   

   

  MARKETAXESS HOLDINGS INC.

  					 

   

   

    ___________________________________

  Richard M. McVey, Chief Executive Officer

   

   

   

   

   

  Participant:

   

   

   

  _____________________________________

  xxx

   

   

   

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