Document:

Exhibit 10.11

 

UNCOMMITTED AND REVOLVING
CREDIT LINE AGREEMENT

 

UNCOMMITTED AND REVOLVING
CREDIT LINE AGREEMENT dated as of August 11, 2014 between SUMITOMO MITSUI BANKING CORPORATION, a Japanese banking corporation having
its offices at 277 Park Avenue, New York, NY 10172 (the “BANK”) and TRADESTATION GROUP, INC., a corporation organized
under the laws of Florida, having its offices at 8050 SW 10th Street, Suite 2000, Plantation, FL 33324 (the “BORROWER”).
The parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01.   DEFINED TERMS. As
used in this AGREEMENT, the following terms have the following meanings (terms defined in the singular to have the same meaning when used
in the plural and vice versa):

 

“AGREEMENT”
means this UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT, together with all exhibits and schedules hereto, as the same may be supplemented,
modified, amended, restated or replaced from time to time in the manner provided herein.

 

“APPLICABLE INTEREST
RATE” means, with respect to each LOAN, the interest rate per annum quoted by the BANK and agreed to by the BORROWER at the
time of making such LOAN.

 

“BUSINESS DAY”
means any day other than a Saturday or Sunday and on which commercial banks are not authorized or required to close in New York, New York.

 

“CHANGE OF CONTROL”
will occur if the PARENT ceases to directly own 100% of the issued and outstanding voting stock of the BORROWER, free and clear of liens
or encumbrances.

 

“CREDIT LINE”
means a discretionary and uncommitted line of credit which the BANK establishes for the BORROWER pursuant to SECTION 2.01 hereof
up to the amount referred to therein but which may be terminated in whole or reduced in part pursuant to SECTION 2.02 hereof. This
CREDIT LINE shall not be construed as the commitment of the BANK to make any LOAN or extension of credit.

 

“DEFAULT”
means any of the events specified in SECTION 7.01 hereof, whether or not any requirement for the giving of notice, the lapse of time,
or both, or any other condition, has been satisfied.

 

“DOLLARS”,
 “U.S. DOLLARS”, “US$”, or “$” means the lawful currency of the United States of America.

 

“EVENT OF DEFAULT”
means any of the events specified in SECTION 7.01.

 

“GAAP” means
generally accepted accounting principles as in effect from time to time, including, without limitation, applicable statements, bulletins
and interpretations issued by the Financial Accounting Standards Board and bulletins, opinions, interpretations and statements issued
by the American Institute of Certified Public Accountants or its committees.

 

“GOVERNMENTAL AUTHORITY”
means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory
authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.

 

“LAST DRAWDOWN DATE”
means August 11, 2015.

 

“LETTER OF
GUARANTEE” means the letter of guarantee executed by the PARENT and required to be delivered by the BORROWER to the BANK
pursuant to SECTION 3.01 hereof, together with all exhibits and schedules thereto, as the same may be supplemented, modified,
amended, restated or replaced from time to time in the manner provided therein.

 

    

    

    

 

“LIEN” means
any mortgage, deed of trust, pledge, security interest, assignment, deposit arrangement, charge or encumbrance, lien (statutory or other),
or other preferential arrangement (including any conditional sale or other title retention agreement, any financing lease having substantially
the same economic effect as any of the foregoing or any agreement to give any security interest).

 

“LOANS” shall
have the meaning assigned to such term in SECTION 2.01.

 

“LOAN DOCUMENTS”
means this AGREEMENT, the NOTE, the LETTER OF GUARANTEE, and any other instrument, agreement, or other document executed and delivered
in connection with any of the foregoing or supporting, securing or otherwise relating to the LOANS, in each case as amended, amended and
restated, supplemented or otherwise modified from time to time.

 

“MARGIN STOCK REGULATIONS”
means Regulation T, U and/or X of the Board of Governors of the Federal Reserve System, as applicable, and the rules and regulations
promulgated thereunder, as the same may be supplemented, modified, amended, restated or replaced from time to time, or any corresponding
or succeeding provisions of applicable law.

 

“MATERIAL ADVERSE
CHANGE” means any material adverse change in (a) the business, results of operations, assets, liabilities, or financial condition
of the BORROWER, the PARENT, or any of the foregoing and its subsidiaries taken as one enterprise; (b) the legality, validity, binding
effect or enforceability of any LOAN DOCUMENT; or (c)the ability of the BORROWER or the PARENT to perform its obligations under any LOAN
DOCUMENT to which it is a party, as determined from the perspective of a reasonable person in the BANK’S position.

 

“NET WORTH”
means the assets minus the liabilities of the BORROWER, each as computed in accordance with GAAP.

 

“NOTE” has
the meaning assigned to such term in SECTION 2.05.

 

“PARENT” means
Monex Group, Inc., a corporation organized under the laws of Japan.

 

“PROPERTY”
means all types of real or personal property, including without limitation, tangible, intangible or mixed property.

 

ARTICLE II

AMOUNT AND TERMS
OF LOANS

 

SECTION 2.01.   REVOLVING CREDIT.
The BANK may, upon request from the BORROWER, in the BANK’S sole and absolute discretion upon the terms and subject to the conditions
hereinafter set forth, make one or more loans (the “LOANS”) to the BORROWER from time to time during the period commencing
on the date of this AGREEMENT and ending on (and including) the LAST DRAWDOWN DATE in an aggregate principal amount not to exceed at any
time outstanding FIFTY MILLION DOLLARS (US$50,000,000.00), provided that such amount may be reduced pursuant to SECTION 2.02
hereof (the “CREDIT LINE”). LOANS may have a maturity of from one (1) day to six (6) months from the date of borrowing,
as requested by the BORROWER in accordance with SECTION 2.03 and agreed to by the BANK. Subject to the terms and conditions hereof,
the BORROWER may borrow, repay in whole or in part, and reborrow on a revolving basis, up to the amount of the CREDIT LINE. The availability
of the CREDIT LINE hereunder shall not be construed as the commitment of the BANK to make any LOAN.

 

SECTION 2.02.   REDUCTION AND TERMINATION
OF CREDIT LINE. The BANK shall have the unrestricted right in its sole and absolute discretion, upon notice to the BORROWER, to immediately
terminate in whole or reduce in part the unused portion of the CREDIT LINE.

 

    -2-

    

    

 

SECTION 2.03.   NOTICE AND MANNER OF
BORROWING. Not later than 2:00 p.m., New York time on the requested disbursement date, the BORROWER shall give the BANK telephonic
application for each LOAN under this AGREEMENT to the BANK’S CBDA 1 Loan Services Department (or such other contact as the BANK
may inform the BORROWER from time to time), which may or may not be accepted by the BANK, specifying (i) the disbursement date; (ii) the
principal amount; and (iii) the maturity date. The BANK will send written confirmation of the LOAN to the BORROWER at the fax number
listed in SECTION 8.06 hereof. The BORROWER will acknowledge the information shown in the confirmation by promptly returning it to
the BANK’s New York Branch by fax at (212) 224-4537. Not later than 4:00 p.m., New York time, on the disbursement date of the LOAN
and upon fulfillment of the applicable conditions set forth in ARTICLE III hereof, the BANK will, subject to its sole and absolute
discretion and subject to the provisions of SECTION 2.01 hereof, make the LOAN available to the BORROWER in immediately available
funds by crediting the amount thereof to the BORROWER’s with the BANK. All notices given under this SECTION 2.03 shall be irrevocable.
The failure to give any confirmation referred to herein shall not release or diminish any of the BORROWER’s obligations hereunder.

 

SECTION 2.04.   INTEREST.

 

(a)            The
BORROWER agrees to pay interest to the BANK on the outstanding and unpaid principal amount of each LOAN at the APPLICABLE INTEREST RATE.
Interest will be calculated on the basis of a year of 360 days for the actual number of days elapsed. Interest shall be paid in immediately
available funds on the maturity of each LOAN.

 

(b)            To
the extent permitted by applicable law, any amount of principal of any LOAN and interest thereon which is not paid when due, whether at
stated maturity, by acceleration or otherwise, shall bear interest, payable on demand, at an interest rate per annum equal to 2% per
annum above the rate of interest announced by the New York Branch of Sumitomo Mitsui Banking Corporation from time to time as the
BANK’S prime rate until paid in full.

 

SECTION 2.05.       NOTE. As additional
evidence of the BORROWER’s payment obligations hereunder, the BORROWER shall execute and deliver to the BANK pursuant to SECTION 3.01(1) a
single grid promissory note (the “NOTE”), substantially in the form of EXHIBIT “A” attached hereto,
setting forth the CREDIT LINE as the maximum principal amount thereof and dated as of the date of this AGREEMENT, and made payable to
the BANK. The BORROWER hereby authorizes the BANK to record on a schedule attached to the NOTE (or any similar form designated by the
BANK in its sole and absolute discretion from time to time, which may be maintained in its internal records and shown on a computer printout)
the principal amount, APPLICABLE INTEREST RATE, maturity date and other terms relevant to each LOAN, and any such recordation shall be
prima facie evidence of the accuracy of the information so recorded; provided that the BANK’s failure so to record shall
not limit or otherwise affect the obligations of the BORROWER hereunder and under the NOTE to repay the principal of and interest on the
LOANS.

 

SECTION 2.06.   FUNDING LOSS. INDEMNIFICATION;
CAPITAL ADEQUACY AND OTHER CHARGES AND COSTS.

 

(a)            The
BORROWER hereby agrees to indemnify and hold the BANK free and harmless from all losses, costs and expenses which the BANK may incur,
to the extent not mitigated by the redeployment of deposits or other funds, as a result of (i) a default by the BORROWER in payment
when due of the principal of or interest on a LOAN, (ii) the BORROWER’s failure (other than due solely to a failure attributable
to a default by the BANK) to make a borrowing or continuation with respect to a LOAN after making a request therefor, (iii) a prepayment
(whether mandatory or otherwise, including but not limited to, acceleration pursuant to ARTICLE VII hereof) of any LOAN before a
scheduled payment date for interest or principal, or (iv) any DEFAULT or EVENT OF DEFAULT by the BORROWER under this AGREEMENT or
any demand by the BANK for payment of any LOAN permitted hereunder or under the NOTE.

 

(b)            If
the BANK determines at any time that any applicable law or governmental rule, regulation, guideline or order concerning capital
adequacy, reserves or similar requirements, or any change in interpretation or administration thereof by any GOVERNMENTAL AUTHORITY
will have the effect of increasing the cost to the BANK or the amount of capital required or expected to be maintained by the BANK
as a result of the making or continuance of the LOANS, then the BORROWER agrees to pay to the BANK, upon its written demand
therefor, such additional amounts as shall be required to compensate the BANK for such increased costs. The BANK, upon determining
that any additional amounts will be payable to the BANK pursuant to this paragraph, will give prompt written notice thereof to the
BORROWER, which notice shall show in reasonable detail the basis for calculation of such additional amounts, although the failure to
give any such notice shall not release or diminish the obligations of the BORROWER to pay additional amounts pursuant to this
paragraph.

 

    -3-

    

    

 

(c)            If
any present or future applicable law, rule or regulation or any change therein or in the interpretation or administration thereof
by any GOVERNMENTAL AUTHORITY charged with the interpretation or administration thereof or compliance by BANK with any request or directive
of any such GOVERNMENTAL AUTHORITY, whether or not having the force of law, results in an increase of the cost to the BANK of making,
renewing or maintaining any LOAN, or reduce the amount of any sum receivable by the BANK under any LOAN, in the reasonable judgment of
the BANK, then, upon demand by the BANK, the BORROWER agrees to pay to the BANK such additional amount or amounts as would compensate
the BANK for such increased cost or reduction. The BANK’S computation of such amount or amounts shall be binding on the BORROWER
absent manifest error.

 

SECTION 2.07.   METHOD OF PAYMENT.
The BORROWER shall make each payment of principal of and interest on the LOANS, in lawful money of the United States in immediately available
funds, not later than 3:00 p.m. (New York time) on the date when such payment is due, to the BANK’s account at Citibank
N.A. New York, ABA No. 021000089, for the account of Sumitomo Mitsui Banking Corporation, account no. 36023837 (CBDA-1 Loan Services
Department, re: TradeStation Group, Inc.), or to such other location or in such other manner as the BANK may notify the BORROWER
in writing. The BORROWER hereby authorizes the BANK to charge from time to time against BORROWER’s account #325234, or any
other account of the BORROWER with the BANK, any amounts due hereunder or under the NOTE. The BORROWER may, with the BANK’S prior
consent, and on not less than five days’ notice, prepay the principal and interest of any LOAN in whole or in part, but only on
condition that the prepayment is accompanied by payment of any and all additional costs, as determined by the BANK, that the BANK may
incur as a result of such prepayment, including, without limitation, the breaking of any deposit, the redeployment of funds released by
any prepayment, the termination of any swap or hedging contract, or otherwise.

 

SECTION 2.08.   PAYMENTS ON NON-BUSINESS
DAYS. Whenever payment shall fall due on a day which is not a BUSINESS DAY, payment shall be made on the next succeeding BUSINESS
DAY, unless such BUSINESS DAY falls in the following calendar month, in which case payment shall be due on the next preceding BUSINESS
DAY.

 

SECTION 2.09.   USE OF PROCEEDS.
The BORROWER will not use any part of the LOANS to purchase or carry any margin stock (as defined in any applicable MARGIN STOCK REGULATIONS),
to extend credit to any other person for the purpose of purchasing or carrying any margin stock or in any way or for any purpose that
otherwise violates or is inconsistent with any applicable MARGIN STOCK REGULATIONS.

 

SECTION 2.10.   SECURITY INTEREST.

 

(a)            Upon
the determination by the BANK in its reasonable discretion that collateral, additional collateral, a guarantee or an additional guarantee
is necessary to preserve the BANK’s rights as against the LOANS, the BORROWER shall upon demand furnish to the BANK such collateral
or additional collateral or such guarantee or additional guarantees as may be required by the BANK.

 

(b)            Any
collateral (excepting any real property, unless otherwise agreed to by the BANK) which has been or shall be furnished to the BANK by the
BORROWER as collateral for LOANS shall constitute collateral that covers and secures not only such LOANS, but also any and all other obligations
which the BORROWER owes, or in the future may owe, the BANK.

 

    -4-

    

    

 

ARTICLE III

CONDITIONS PRECEDENT

 

SECTION 3.01.   CONDITIONS PRECEDENT
TO INITIAL AND ALL LOANS. The BANK may in its sole and absolute discretion make LOANS available to the BORROWER, subject to the conditions
precedent that, on or before the day of the initial LOAN, the BANK shall have received all of the following, each of which shall be in
form and substance satisfactory to the BANK:

 

(1)            AGREEMENT
AND NOTE. This AGREEMENT and the NOTE, each duly executed by the BORROWER;

 

(2)            EVIDENCE
OF ALL CORPORATE ACTION BY THE BORROWER. Certified copies of the unanimous written consent of the Board of Directors of the BORROWER
or a certified copy of the resolutions duly adopted by the Board of Directors authorizing the execution, delivery and performance of this
AGREEMENT, the NOTE, and any other documents to be delivered pursuant to this AGREEMENT;

 

(3)            INCUMBENCY
AND SIGNATURE CERTIFICATE OF THE BORROWER. A certificate of the President or Vice President (or other appropriate officer) of the
BORROWER certifying the names and true signatures of the officers of the BORROWER authorized, pursuant to the Board of Directors1
resolutions referred to in paragraph (2) above, to sign this AGREEMENT, the NOTE, and any other documents to be delivered by the
BORROWER pursuant to this AGREEMENT;

 

(4)            LETTER
OF GUARANTEE. The LETTER OF GUARANTEE duly executed by the PARENT; and

 

(5)            EVIDENCE
OF ALL CORPORATE ACTION AND AUTHORIZATION AND EXECUTION BY THE PARENT. Certified copies of all corporate or other organizational action
taken by the PARENT, including resolutions of its Board of Directors or other governing body, authorizing the execution, delivery and
performance of the LETTER OF GUARANTEE.

 

ARTICLE IV

REPRESENTATIONS
AND WARRANTIES

 

The BORROWER hereby represents
and warrants to BANK as follows at each time it makes an application for a LOAN:

 

SECTION 4.01.   DUE INCORPORATION: GOOD
STANDING. The BORROWER is a corporation, duly organized and validly existing under the laws of the state of its incorporation, and
is properly licensed and in good standing in, and where necessary to maintain the BORROWER’s rights and privileges, has complied
with the fictitious name statute of, every jurisdiction in which the BORROWER is doing business.

 

SECTION 4.02.   CORPORATE POWER: AUTHORIZATION.
The execution and delivery of this AGREEMENT, the NOTE and each other LOAN DOCUMENT to which it is a party and the performance of its
obligations hereunder and thereunder are within the BORROWER’s corporate powers, have been duly authorized, and will not contravene
or conflict with its charter or by-laws (or such other organizational and governing documents as may be applicable) or any agreement,
instrument or document to which the BORROWER is a party or by which the BORROWER or any of its PROPERTY is bound or affected.

 

SECTION 4.03.   GOVERNMENT ACTION.
No approval, consent, exemption or other action by, or notice to or filing with, any GOVERNMENTAL AUTHORITY is necessary in connection
with the execution, delivery, performance or enforcement of this AGREEMENT, the NOTE or any other LOAN DOCUMENT, except as may have been
obtained and certified copies of which have been delivered to BANK.

 

SECTION 4.04.   NO LEGAL BAR.
There is no law, rule or regulation, nor is there any judgment, decree or order of any court or GOVERNMENTAL AUTHORITY binding
on the BORROWER which would be contravened by the execution, delivery, performance or enforcement of this AGREEMENT, the NOTE or any
other LOAN DOCUMENT.

 

    -5-

    

    

 

SECTION 4.05.   ENFORCEABLE OBLIGATION.
This AGREEMENT is a legal, valid and binding agreement of the BORROWER, enforceable against the BORROWER in accordance with its terms,
and the NOTE and each other LOAN DOCUMENT to which the BORROWER is a party, when executed and delivered (and as endorsed from time to
time), will be similarly legal, valid, binding and enforceable.

 

SECTION 4.06.   LITIGATION. Except
as previously disclosed to the BANK in writing, there are no legal actions or other proceedings pending or, to the best of the BORROWER’s
knowledge, threatened against the BORROWER which, individually or in the aggregate, would reasonably be expected to result in a MATERIAL
ADVERSE CHANGE. There are no outstanding and unsatisfied final judgments or decrees against the BORROWER for money damages, fines, or
penalties which, individually or in the aggregate, would result in a MATERIAL ADVERSE CHANGE.

 

SECTION 4.07.   NO DEFAULT. No event
has occurred and is continuing or would result from the incurring of obligations by the BORROWER under this AGREEMENT, the NOTE or any
other LOAN DOCUMENT which is a default under any agreement or document to which the BORROWER is a party or which, with the passing of
time or giving of notice or both, would become a default under any such document.

 

SECTION 4.08.   NO CONFLICTING AGREEMENTS.
Except as disclosed in writing by the BORROWER to the BANK prior to the date hereof, the BORROWER is not in default under any agreement
to which it is a party or by which it or any of its PROPERTY is bound the effect of which, individually or in the aggregate, would reasonably
be expected to result in a MATERIAL ADVERSE CHANGE.

 

SECTION 4.09.   TAXES. The BORROWER
has filed or caused to be filed all tax returns required to be filed, and has paid, or has made adequate provision for the payment of,
all taxes shown to be due and payable on said returns or in any assessments made against it, and no tax liens have been filed and no claims
are being asserted with respect to such taxes which are required to be reflected in the financial statements of the BORROWER and are not
so reflected therein.

 

SECTION 4.10.   COMPLIANCE WITH APPLICABLE
LAWS. Except as previously disclosed to the BANK in writing, (a) the BORROWER is not in violation of any judgment, order, writ,
injunction, decree or decision of any GOVERNMENTAL AUTHORITY, which violation, individually or in the aggregate, would reasonably be expected
to result in a MATERIAL ADVERSE CHANGE; and (b) the BORROWER is complying with all applicable statutes and regulations, including
occupational, safety and health and other labor laws and environmental laws, of all GOVERNMENTAL AUTHORITIES, a violation of which, individually
or in the aggregate, would reasonably be expected to result in a MATERIAL ADVERSE CHANGE.

 

SECTION
4.11.   NO MISREPRESENTATION. Neither this AGREEMENT, nor any other LOAN DOCUMENT, nor
any certificate, notice, report, financial statement or document furnished to date or to be furnished by the BORROWER in connection with
the transactions contemplated hereby contains or will contain a misrepresentation or misstatement of material fact, or omits or will
omit to state a material fact required to be stated in order to make the statements herein or therein contained (taken as a whole) not
misleading in the light of the circumstances under which made.

 

SECTION 4.12.   RANKING OF LOAN: LIENS.
The obligations and liabilities of the BORROWER under this AGREEMENT and the NOTE are unconditional and general obligations of the BORROWER
and rank at least pari passu with all other present or future unsecured and unsubordinated indebtedness of the BORROWER.

 

    -6-

    

    

 

ARTICLE V

AFFIRMATIVE COVENANTS

 

So long as any indebtedness
or obligation remains unpaid or outstanding hereunder, the BORROWER will:

 

SECTION 5.01.   FINANCIAL AND OTHER
INFORMATION. Deliver to the BANK such information respecting the business, properties, condition or operation, financial or otherwise,
of the BORROWER as the BANK may from time to time reasonably request, including:

 

(a)            as
soon as available and in any event within 150 days after the end of each fiscal year of the BORROWER, its internally-prepared annual financial
statements, which shall include at least its balance sheet as of the end of such year and income statement and for such year, setting
forth in comparative form the figures for the previous fiscal year, presenting fairly in all material respects the financial condition
and results of operations of the BORROWER in accordance with GAAP consistently applied; and

 

(b)            if
available, as soon as available and in any event within 90 days after the end of the first semiannual reporting period of each fiscal
year of the BORROWER, its semiannual financial statements, which shall include at least its balance sheet as of the end of such period
and income statement and for such period, setting forth in comparative form the figures for the corresponding period of the previous fiscal
year, presenting fairly in all material respects the financial condition and results of operations of the BORROWER in accordance with
GAAP consistently applied (except as differences from GAAP shall have been disclosed to, and approved by, the BANK), subject to normal
year-end adjustments and the absence of footnotes.

 

SECTION 5.02.   NOTICE. Promptly
notify the BANK in writing of:

 

(1)            all
litigation affecting the BORROWER or the PARENT as a defendant where the amount claimed in a single litigation action is in excess of
$100,000 or when the aggregate amount claimed in all litigation actions is in excess of $500,000;

 

(2)            any
substantial dispute between the BORROWER or the PARENT and any GOVERNMENTAL AUTHORITY;

 

(3)            any
DEFAULT or any event of default under any document to which the BORROWER is a party; and

 

(4)            any
other matters which, individually or in the aggregate, have resulted or would reasonably be expected to result in a MATERIAL ADVERSE CHANGE.

 

SECTION 5.03.   PAYMENT OF OBLIGATIONS.
Pay all obligations, including taxes, when due, except such as may be contested in good faith by appropriate proceedings and for which
the BORROWER has established reserves on its books which are reasonable and adequate.

 

SECTION 5.04.   COMPLIANCE WITH LEGAL
REQUIREMENTS. At all times comply with all laws, rules, regulations, orders and directions of any GOVERNMENTAL AUTHORITY having jurisdiction
over it or its business.

 

SECTION 5.05.   MAINTAIN EXISTENCE;
PROPERTY. Maintain and preserve (i) its existence as a legal entity and all rights, privileges and franchises now enjoyed; and
(ii) all of its PROPERTIES that are used or useful in the conduct of its business in good working order and condition, ordinary wear
and tear excepted.

 

SECTION 5.06.   BOOKS AND RECORDS.
Maintain adequate books, accounts and records, all in accordance with GAAP, and permit employees or agents of BANK, at any reasonable
time and as often as may reasonably be desired, to inspect its PROPERTIES, and to examine or audit its books, accounts and records and
make copies thereof and to discuss the business, operations, PROPERTIES and financial and other conditions of the BORROWER with officers
of the BORROWER.

 

SECTION 5.07.   INSURANCE. To
the extent there exists any real property security interest, maintain and keep in force, on all of its property such insurance as is
normal for the industry in which the BORROWER conducts its business and is satisfactory to BANK as to amount, nature and carrier,
covering fire damage (including use and occupancy), public liability, product liability, property damage and workers’
compensation, and deliver to BANK upon request a schedule certified to be correct by a responsible officer of the BORROWER setting
forth all insurance in force as of the date of such schedule.

 

    -7-

    

    

 

SECTION 5.08.   FURTHER ASSURANCES.
The BORROWER will from time to time perform any and all acts and execute any and all additional document as may be reasonably requested
by BANK to give effect to the purposes of this AGREEMENT, the NOTE, and the other LOAN DOCUMENTS, if any,

 

ARTICLE VI

NEGATIVE COVENANTS

 

So long as any indebtedness
or obligation remains unpaid or outstanding hereunder, the BORROWER hereby agrees as follows:

 

SECTION 6.01.   LIMITATIONS ON FUNDAMENTAL
CHANGES. The BORROWER will not consummate any transaction of merger or consolidation, reorganize, spin-off, liquidate, dissolve or
wind up (or suffer any reorganization, liquidation, dissolution or winding up) or convey, sell, lease, license or otherwise dispose of,
in one or a series of related transactions, all or substantially all of the PROPERTY, assets or business of the BORROWER.

 

SECTION 6.02.   NEGATIVE PLEDGE.
The BORROWER will not create, incur, assume or suffer to exist any LIEN upon or with respect to any of its PROPERTY, whether now owned
or hereafter acquired, other than:

 

(a)            LIENS
imposed by any GOVERNMENTAL AUTHORITY for taxes, assessments or charges not yet due or which are being contested in good faith and by
appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the BORROWER in accordance with GAAP;

 

(b)            carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like liens arising in the ordinary course of business
which are not overdue for a period of more than thirty days or which are being contested in good faith and by appropriate proceedings;

 

(c)            pledges
or deposits under worker’s compensation, unemployment insurance and other social security legislation;

 

(d)            deposits
to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(e)            easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of
zoning restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate,
are not material in amount, and which do not in any case materially detract from the value of the property subject thereto or interfere
with the ordinary conduct of the business of the BORROWER;

 

(f)             LIENS
upon real and/or tangible personal property acquired after the date hereof (by purchase, construction or otherwise) by the BORROWER, each
of which LIENS either (A) existed on such property before the time of its acquisition and was not created in anticipation thereof,
or (B) was created solely for the purpose of securing indebtedness representing, or incurred to finance, refinance or refund, the
cost (including the cost of construction) of the respective property; provided that no such LIEN shall extend to or cover any property
of the BORROWER other than the respective property so acquired and improvements thereon; and provided, further that the principal amount
of indebtedness secured by any such LIEN shall at no time exceed 100% of the fair market value (as determined in good faith by a senior
financial officer of the BORROWER) of the respective property at the time it was acquired (by purchase, construction or otherwise);

 

(g)            LIENS
existing and disclosed to the BANK in writing prior to the date hereof;

 

    -8-

    

    

 

(h)            any
extension, renewal or replacement of the foregoing, provided, however, that no LIEN permitted hereunder shall be spread to cover
any additional indebtedness or property (other than a substitution of like property); and

 

(i)             LIENS
granted to the BANK at any time, including modifications, extensions, renewals or replacements thereof.

 

SECTION 6.03.   NET WORTH. The BORROWER
will not permit or suffer NET WORTH to be less than US$0.00 as of any time of determination.

 

ARTICLE VII

EVENTS OF DEFAULT

 

SECTION 7.01.   EVENTS OF DEFAULT.
The occurrence of any of the following events shall constitute an EVENT OF DEFAULT under this AGREEMENT and the NOTE:

 

(1)            The
BORROWER shall fail to pay any principal payable under this AGREEMENT the NOTE as and when due, whether at maturity, on demand, upon acceleration
or otherwise; or

 

(2)            The
BORROWER shall fail to pay any amount of interest, fees, expenses, indemnity payments or any other amount payable under this AGREEMENT,
the NOTE, or any other LOAN DOCUMENT within ten (10) days of the date when such amounts are due, whether at maturity, on a specified
date, on demand, upon acceleration or otherwise; or

 

(3)            Any
representation or warranty made in this AGREEMENT or any other LOAN DOCUMENT or in connection with this AGREEMENT or the credit extensions
hereunder, or any material statement or representation made in any report, financial statement, certificate or other document furnished
by the BORROWER to the BANK under or in connection with this AGREEMENT, shall prove to have been false or misleading in any material respect
when made (or deemed made) or delivered; or

 

(4)            The
BORROWER or the PARENT shall (i) fail to pay its debts generally as they come due, (ii) conceal, remove or transfer any of its
PROPERTY in violation or evasion of any bankruptcy, fraudulent conveyance or similar law, (iii) make a general assignment for the
benefit of its creditors, (iv) apply for or consent to the appointment of a receiver, trustee, assignee, custodian, sequestrator,
liquidator or similar official for itself or any of its PROPERTY, (v) file any petition or action for relief under any bankruptcy,
reorganization, insolvency or moratorium law, or any other law or laws for the relief of, or relating to, debtors, (vi) be adjudicated
a bankrupt or insolvent or (vii) take any action for the purpose of effecting any of the foregoing; or

 

(5)            An
involuntary petition shall be filed under any bankruptcy, reorganization, insolvency, moratorium or similar statute against the BORROWER
or the PARENT or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) shall be appointed
to take possession, custody or control of any PROPERTY of the BORROWER or the PARENT unless such petition or appointment is set aside
or withdrawn or ceases to be in effect within 30 days from the date of said filing or appointment; or

 

(6)            Any
judgment or order for the payment of money in excess of $50,000 is rendered against the BORROWER or the PARENT and such judgment or order
is not satisfied, and either (i) enforcement proceedings are commenced by any creditor upon such judgment or order or (ii) there
is any period of ten (10) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal
or otherwise, is not in effect; or

 

(7)            All,
or such as in the opinion of BANK constitutes substantially all, of the PROPERTIES of the BORROWER or the PARENT shall be condemned, seized
or appropriated; or

 

(8)            The
BORROWER shall fail to observe or perform any covenant, condition or agreement contained in (i) SECTION 5.02(3),
SECTION 5.05(i), or ARTICLE VI; or (ii) any other provision of this AGREEMENT or the NOTE (and not described in
SECTIONS 7.01(1) or (2)) and such failure shall not be remediable or, if remediable, shall continue unremedied for a period of
30 days after the earlier of (x) the date the BORROWER becomes aware thereof or (y) the date the BANK gives notice to the
BORROWER with respect thereto; or

 

    -9-

    

    

 

(9)            The
BORROWER shall be in breach of or default under any term, condition, provision or covenant contained in any agreement to which it is a
party relating to borrowed money; or

 

(10)          The
LETTER OF GUARANTEE or any other document issued in support of the obligations of the BORROWER to the BANK, or any replacement of any
of the foregoing, shall expire without renewal, be disclaimed or disavowed, or, in the case of a guarantee, shall cease to be the valid,
binding and enforceable obligation of the guarantor thereunder; or

 

(11)          A
CHANGE OF CONTROL shall occur without the prior written consent of the BANK; or

 

(12)          Any
one or more events shall occur or conditions exist that, individually or in the aggregate, has resulted in or would reasonably be expected
to result in a MATERIAL ADVERSE CHANGE.

 

SECTION 7.02.   REMEDIES. Upon the
occurrence of any EVENT OF DEFAULT, BANK may in its sole and absolute discretion declare the LOANS (with accrued interest thereon) and
all other amounts owing under this AGREEMENT and/or the NOTE to be due and payable forthwith whereupon the same will immediately become
due and payable (except that in the case of an EVENT OF DEFAULT under 7.01(4) or 7.01(5) above, such acceleration shall be automatic),
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein
or in any LOAN DOCUMENT to the contrary notwithstanding. The foregoing remedies are in addition to any and all other remedies available
to BANK under this AGREEMENT, the NOTE or any other LOAN DOCUMENT, at law, or in equity. The BORROWER hereby agrees to indemnify the BANK
and save the BANK harmless from and against any and all costs, losses or expenses incurred by the BANK as a result of the occurrence of
an EVENT OF DEFAULT or the repayment of any amount hereunder or under the NOTE other than on the date or dates originally due (including
without limitation such as are incurred in connection with the reemployment or liquidation of funds acquired from third parties by the
BANK in order to maintain any amount theretofore outstanding hereunder or under the NOTE, the termination of any hedging contract or swap
or other arrangement relating to the funding of the LOANS).

 

ARTICLE VIII

MISCELLANEOUS

 

SECTION 8.01.   INDEMNITY. The BORROWER
hereby agrees to indemnify, defend, reimburse and hold harmless BANK and each of its affiliates, and all the directors, officers, employees,
agents, legal counsel and advisors of BANK (each, an “INDEMNIFIED PARTY”) from and against all claims, actions, proceedings,
suits, damages, losses, liabilities, costs and expenses, including the fees and out-of-pocket expenses of counsel which may be incurred
by or asserted against any INDEMNTFIED PARTY in connection with, or arising out of, or relating to any transaction or proposed transaction
(whether or not consummated), contemplated by this AGREEMENT or any LOAN DOCUMENT.

 

SECTION 8.02.   SUCCESSORS AND ASSIGNS:
ASSIGNMENTS: PARTICIPATIONS. This AGREEMENT shall be binding upon and inure to the benefit of the BORROWER and the BANK and their
respective successors and assigns, except that the BORROWER may not assign or transfer any of its rights or obligations under any LOAN
DOCUMENT without the prior written consent of the BANK. The BANK may assign or transfer to any other person all or part of the CREDIT
LINE or the indebtedness of the BORROWER outstanding under this AGREEMENT and/or any LOAN DOCUMENT. The BANK may at any time sell or grant
participations in all or part of the CREDIT LINE.

 

    -10-

    

    

 

SECTION 8.03.   ENTIRE
AGREEMENT. This AGREEMENT and the LOAN DOCUMENTS integrate all the terms and conditions mentioned herein or incidental hereto, and
supersede all oral negotiations and prior writings with respect to the subject matter hereof.

 

SECTION 8.04.   COUNTERPARTS.
This AGREEMENT and any amendments, waivers, consents or supplements may be executed in as many counterparts as may be deemed necessary
or convenient, and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed an original,
but all such counterparts shall constitute but one and the same agreement.

 

SECTION 8.05.   AMENDMENTS, ETC.
No amendment, modification, termination, or waiver of any provision of any LOAN DOCUMENT to which the BORROWER is a party, nor consent
to any departure by the BORROWER from any such provision, shall in any event be effective unless the same shall be in writing and signed
by the BANK, and then such amendment, modification, termination, waiver or consent shall be effective only in the specific instance and
for the specific purpose for which it is given.

 

SECTION 8.06.   NOTICES, ETC.
All notices and other communications provided for under this AGREEMENT shall be in writing, delivered in person, or sent by overnight
courier, first class mail (postage prepaid) or fax to:

 

	If to the BORROWER:	TradeStation Group, Inc.
	 	8050 SW 10th Street,
Suite 2000
	 	Plantation, FL 33324
	 	Attention:	Chief Financial Officer
	 	Telephone:	(954)
652-7085
	 	Fax:	(954) 652-5085

 

	If to the BANK:	Sumitomo Mitsui
Banking Corporation
	 	277 Park Avenue
	 	New York, NY 10172
	 	Attention:	CBDA-1
	 	Telephone:	(212)
224-4000
	 	Fax:	(212)593-9514

 

or at such other address as shall be designated
by either party in a written notice to the other party complying as to delivery with the terms of this SECTION 8.06. All such notices
and communications shall be effective when deposited in the mails or faxed, as applicable, except that notices to the BANK pursuant to
the provisions of ARTICLE II hereof shall be effective when received by the BANK.

 

SECTION 8.07.   NO
WAIVER: REMEDIES. No failure on the part of the BANK to exercise, and no delay in exercising, any right, power, or remedy under any
LOAN DOCUMENT shall operate as waiver thereof; nor shall any single or partial exercise of any right under any LOAN DOCUMENT preclude
any other or further exercise thereof or exercise of any other right. The remedies provided in the LOAN DOCUMENTS are cumulative and not
exclusive of any remedies provided by law.

 

SECTION 8.08.   COSTS.
EXPENSES, AND TAXES. The BORROWER hereby agrees to pay on demand all costs and expenses in connection with the preparation, execution,
delivery, filing, recording, and administration of any of the LOAN DOCUMENTS, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the BANK, and local counsel who may be retained by said counsel, with respect thereto and with respect to advising
the BANK as to its rights and responsibilities under any of the LOAN DOCUMENTS, and all costs and expenses, if any, in connection with
enforcement of any of the LOAN DOCUMENTS, including, without limitation, “work-out,” insolvency or bankruptcy proceedings.
In addition, the BORROWER shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with
the execution, delivery, filing, and recording of any of the LOAN DOCUMENTS and the other documents to be delivered under any of the LOAN
DOCUMENTS, and agrees to save the BANK harmless from and against any and all liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes and fees.

 

    -11-

    

    

 

SECTION 8.09.   DEDUCTIONS.
All payments by the BORROWER to the BANK under this AGREEMENT or under the NOTE are to be made net and free of any and all taxes (except
for taxes based upon the overall net income of the BANK), duties, imposts, fees, withholdings or deductions (the “DEDUCTIONS”)
of any nature now or hereafter imposed. If any DEDUCTION is, by law, required to be made from any payment hereunder, then the BORROWER
shall pay to the BANK such additional amount as will result in receipt by the BANK of a net amount equal to the amount the BANK would
have received hereunder had no such DEDUCTION been required. In such event the BORROWER shall, as soon as practical, deliver to the BANK
a receipt issued by the relevant taxing authority evidencing the amount of such DEDUCTION and its payment. If the BORROWER is required
to pay an additional amount on account of any such DEDUCTION, the BORROWER shall have the right, on not less than three BUSINESS DAYS’
prior written notice to the BANK, to repay the applicable LOAN.

 

SECTION 8.10.   RIGHT
OF SET OFF. Upon the occurrence and during the continuance of any EVENT OF DEFAULT the BANK is hereby authorized at any time and from
time to time, without notice to the BORROWER (any such notice being expressly waived by the BORROWER), to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held, and other indebtedness at any time owing by the
BANK to or for the credit or the account of the BORROWER against any and all of the obligations of the BORROWER now or hereafter existing
under the AGREEMENT or the NOTE or any other LOAN DOCUMENT, irrespective of whether or not the BANK shall have made any demand under this
AGREEMENT or such other LOAN DOCUMENT and although such obligations may be unmatured. The BANK agrees promptly to notify the BORROWER
after any such set off and application, provided that the failure to give such notice shall not affect the validity of such set
off and application. The rights of the BANK under this SECTION 8.10 are in addition to other rights and remedies (including, without
limitation, other rights of set off) which the BANK may have.

 

SECTION 8.11.   GOVERNING
LAW: CONSENT TO JURISDICTION. This AGREEMENT and the NOTE shall be governed by and construed in accordance with the laws of the State
of New York. Any legal action or proceedings with respect to this AGREEMENT against the BORROWER may be brought in the courts of the United
States of America or the State of New York as the BANK may elect, and, by execution and delivery of this AGREEMENT, the BORROWER hereby
(i) accepts for itself, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, (ii) irrevocably
agrees to be bound by any judgment of any such court with respect to this AGREEMENT or the NOTE and (iii) irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceedings
with respect to this AGREEMENT brought in any court of the United States of America or the State of New York located in the City of New
York, and further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. In the case of the courts of the United States of America and State of New York the BORROWER hereby agrees to receive
service of process in any legal action or proceedings with respect to this AGREEMENT at its offices set forth in SECTION 8.06. Nothing
herein shall affect the right to serve process in any other manner permitted by the law. The BORROWER hereby agrees that the mailing of
such process to the BORROWER shall be deemed personal service and accepted by the BORROWER for any legal action or proceedings with respect
to this AGREEMENT.

 

SECTION 8.12.   SEVERABILITY
OF PROVISIONS. Any provision of any LOAN DOCUMENT which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of such LOAN DOCUMENT
or affecting the validity or enforceability of such provision in any other jurisdiction.

 

SECTION 8.13.   HEADINGS.
ARTICLE and SECTION headings in this AGREEMENT are for the convenience of reference only and shall not constitute a part of
the applicable LOAN DOCUMENTS for any other purpose.

 

SECTION 8.14.   WAIVER
OF JURY TRIAL. THE BANK AND THE BORROWER MUTUALLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT.

 

SECTION 8.15.   PATRIOT
ACT. The BANK hereby notifies the BORROWER that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56)
(the “ACT”), it is required to obtain, verify and record information that identifies each borrower, guarantor or grantor (each,
a “LOAN PARTY”), which information includes the name and address of each LOAN
PARTY and other information that will allow the BANK to identify such LOAN PARTY in accordance with the ACT.

 

    -12-

    

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this AGREEMENT to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

	 	TRADESTATION GROUP, INC.
	 	 	 
	 	By:	/s/ Edward Codispoti
	 	 	Name: Edward Codispoti
	 	 	Title: Chief Financial Officer
	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION
	 	 	 
	 	By:	/s/ Kosuke Uchida
	 	 	Name: Kosuke Uchida
	 	 	Title: Executive Director

 

    -13-

    

    

 

EXHIBIT “A”

 

UNCOMMITTED AND REVOLVING
CREDIT NOTE

 

	US$50,000,000.00	August 11, 2014

(maximum amount)

 

FOR VALUE RECEIVED, the
undersigned TRADESTATION GROUP, INC. (the “BORROWER”), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of SUMITOMO
MITSUI BANKING CORPORATION (the “BANK”), the principal sum of FIFTY MILLION DOLLARS (US$50,000,000.00) or, if less, the aggregate
unpaid principal amount of all LOANS made to the BORROWER pursuant to the LINE AGREEMENT referred to below.

 

The BORROWER further promises
to pay interest on the LOANS outstanding from time to time at the rates, and payable in the manner and at the times, specified in the
LINE AGREEMENT.

 

The BANK shall record
the date and amount of each LOAN made, the APPLICABLE INTEREST RATE, the amount of principal and interest due and payable from time to
time hereunder, each payment thereof, and the resulting unpaid principal balance hereof, on the schedule attached to this NOTE or any
similar form designated by the BANK in its sole and absolute discretion from time to time, and any such recordation shall be prima
facie evidence of the accuracy of the information so recorded; provided that the BANK’S failure so to record shall not
limit or otherwise affect the obligations of the BORROWER hereunder and under the LINE AGREEMENT to repay the principal of and interest
on the LOANS.

 

Both principal and interest
are payable in lawful currency of the United States and in immediately available funds to the BANK at 277 Park Avenue, New York, NY 10172,
or at such other place as may be designated in writing by the holder of this NOTE.

 

This promissory note is
the NOTE referred to in, and is subject to and entitled to the benefits of, the UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT dated
as of August 11, 2014 between the BORROWER and the BANK (as amended, modified, renewed or extended from time to time, the “LINE
AGREEMENT”). Capitalized terms used herein shall have the respective meanings assigned to them in the LINE AGREEMENT.

 

The LINE AGREEMENT provides,
among other things, for acceleration (which in certain cases shall be automatic) of the maturity hereof upon the occurrence of certain
stated events, in each case without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived.

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	TRADESTATION GROUP, INC.
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

    

    

 

SCHEDULE TO UNCOMMITTED
AND REVOLVING CREDIT NOTE

 

		BORROWER:	TRADESTATION GROUP, INC.
	 	LINE
AMOUNT:	US$50,000,000.00

 

	 	 	Bank’s	 	 	 	 	 	Applicable	 	Amount of	 	Unpaid	 	 	 
	 	 	Reference	 	Amount of	 	 	 	Interest	 	Principal	 	Balance of	 	Notation	 
	Date	 	Number	 	Loan	 	Due Date	 	Rate	 	Paid	 	Note	 	Made By:	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    

    

    

 

UNCOMMITTED AND REVOLVING
CREDIT NOTE

 

	US$50,000,000.00	August 11, 2014

(maximum amount)

 

FOR VALUE RECEIVED, the
undersigned TRADESTATION GROUP, INC. (the “BORROWER”), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of SUMITOMO
MITSUI BANKING CORPORATION (the “BANK”), the principal sum of FIFTY MILLION DOLLARS (US$50,000,000.00) or, if less, the aggregate
unpaid principal amount of all LOANS made to the BORROWER pursuant to the LINE AGREEMENT referred to below.

 

The BORROWER further promises
to pay interest on the LOANS outstanding from time to time at the rates, and payable in the manner and at the times, specified in the
LINE AGREEMENT.

 

The BANK shall record
the date and amount of each LOAN made, the APPLICABLE INTEREST RATE, the amount of principal and interest due and payable from time to
time hereunder, each payment thereof, and the resulting unpaid principal balance hereof, on the schedule attached to this NOTE or any
similar form designated by the BANK in its sole and absolute discretion from time to time, and any such recordation shall be prima
facie evidence of the accuracy of the information so recorded; provided that the BANK’S failure so to record shall not
limit or otherwise affect the obligations of the BORROWER hereunder and under the LINE AGREEMENT to repay the principal of and interest
on the LOANS.

 

Both principal and interest
are payable in lawful currency of the United States and in immediately available funds to the BANK at 277 Park Avenue, New York, NY 10172,
or at such other place as may be designated in writing by the holder of this NOTE.

 

This promissory note is
the NOTE referred to in, and is subject to and entitled to the benefits of, the UNCOMMITTED AND REVOLVING CREDIT LINE AGREEMENT dated
as of August 11, 2014 between the BORROWER and the BANK (as amended, modified, renewed or extended from time to time, the “LINE
AGREEMENT”). Capitalized terms used herein shall have the respective meanings assigned to them in the LINE AGREEMENT.

 

The LINE AGREEMENT provides,
among other things, for acceleration (which in certain cases shall be automatic) of the maturity hereof upon the occurrence of certain
stated events, in each case without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived.

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

	 	TRADESTATION GROUP, INC.
	 	 
	 	 	 
	 	By:	/s/ Edward Codispoti
	 	 	Name: Edward Codispoti
	 	 	Title: Chief Financial Officer

 

    

    

    

 

SCHEDULE TO UNCOMMITTED
AND REVOLVING CREDIT NOTE

 

		BORROWER:	TRADESTATION GROUP, INC.
	 	LINE
AMOUNT:	US$50,000,000.00

 

	 	 	Bank’s	 	 	 	 	 	Applicable	 	Amount of	 	Unpaid	 	 	 
	 	 	Reference	 	Amount of	 	 	 	Interest	 	Principal	 	Balance of	 	Notation	 
	Date	 	Number	 	Loan	 	Due Date	 	Rate	 	Paid	 	Note	 	Made By:Exhibit 10.12

 

MASTER PROMISSORY NOTE

 

US.$50,000,000.00

 

New York, New York

March 31, 2022

 

FOR VALUE RECEIVED,
the undersigned hereby unconditionally promises to pay to the order of MUFG BANK, LTD. (referred to herein as the “Bank”
), with an office located at 1251 Avenue of the Americas, New York, New York 10020-1104 (the “Bank’s Office”), or
at such place as the Bank may designate in writing, (i) the principal amount set forth above or, (ii) if different, the unpaid
principal amount of all advances made by the Bank to or for the benefit of the undersigned from time to time hereunder, together with
all interest, costs and expenses, as provided for herein, each in lawful money of the United States of America and in immediately available
funds. Each advance and interest thereon shall be due and payable on the date agreed to by the Bank as the maturity date for each such
advance (each such date a “Maturity Date”), as shown either on the grid or other documents attached hereto or in the records
of the Bank. The Bank shall have no obligation to make any advance under this Master Promissory Note (this “Note”) and may,
in its sole and absolute discretion, make or refuse to make any advance requested hereunder.

 

Each advance evidenced
by this Note shall bear interest, payable on the date on which the principal thereof shall be due and payable, at a rate of interest
per annum agreed upon by the Bank and the undersigned for such advance at the time of borrowing. Unless otherwise agreed, interest shall
be computed on the basis of a 360-day year and the actual number of days elapsed. Notwithstanding the foregoing, any principal, interest,
or other amount owing hereunder which is unpaid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest,
which shall be payable on demand, from the date of default to the actual date of payment (before as well as after judgment) at a rate
per annum equal to the higher of (x) the rate of interest otherwise applicable hereunder plus 2% per annum and (y) the Bank’s
 “prime” rate of interest in effect from time to time plus 2% per annum. The rate of interest payable under this Note shall
not exceed the maximum rate permitted by law. Any payment required to be made hereunder on a Saturday, Sunday or other day on which banks
are required or authorized to be closed in the city in which the holder of this Note is located (each day other than Saturday, Sunday,
or such other day, a “Business Day”) shall instead be made on the next succeeding Business Day and interest shall accrue
for the period of such extension. Each payment of principal, interest and other amounts to be made by undersigned under this Note shall
be made in United States Dollars, in immediately available funds to the Bank not later than 11:00 a.m. New York time on the date
on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the
next succeeding Business Day). Interest for any period shall be calculated from and including the first (1st) day thereof to but excluding
the last day thereof. The undersigned agrees, in connection with undersigned’s making any payment in respect of any credit extended
hereunder on a date other than a scheduled payment date (by reason of the occurrence of an Event of Default or otherwise), to indemnify
and hold the Bank harmless for all funding, breakage and other losses, costs and expenses incurred or to be incurred by the Bank (or
any branch or office thereof) as a result of such payment or prepayment (including those associated with or arising under or caused by
terminating any interest rate, credit and/or currency swaps or hedging agreements or similar arrangements, including those between one
branch or office of the Bank and another such branch or office), as calculated by the Bank, such calculations to be conclusive and binding
absent manifest error. The foregoing obligations shall survive payment of any advance or termination of this Note. All amounts payable
in respect of this Note shall be paid free and clear of any set-off, counterclaim or other deduction or withholding of any nature and
free and clear of all taxes, duties and imposts (including withholding or retention taxes) which may be levied by any jurisdiction. Should
any deduction or withholding be required with respect to any such payments, the undersigned will increase the amount thereof to the extent
necessary to permit the Bank to receive the same amount, after such deduction or withholding, as the Bank would have received in the
absence thereof. The undersigned hereby waives presentment, demand, protest, notice of dishonor, and any other notice of any kind. The
undersigned hereby authorizes the Bank, if and to the extent any payment due to the Bank hereunder is not otherwise made when due to
charge any amount so due against (i) any and all deposits (whether general or special, time or demand, provisional or final, or
individual or joint) and other assets and properties of the undersigned or any of its wholly-owned subsidiaries which are at any time
held in the possession, custody or control of the Bank or the Bank’s affiliates or (ii) any liabilities of the Bank or its
affiliates to the undersigned or any of its wholly-owned subsidiaries, as if the Bank and its affiliates were one and the same entity,
with the undersigned remaining liable for any deficiency. If, after the date hereof, the adoption of any law, rule or regulation,
or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable
agency or compliance by the Bank with any request or directive (whether or not having the force of law) of any such authority, central
bank or comparable agency (a) subjects the Bank to any charge with respect to this Note or increases any reserve requirement or
changes the basis of taxation of payments to the Bank of principal, interest or other amounts due hereunder (except for changes in the
rate of taxation on the overall net income of the Bank) or (b) takes any other measure, and the result of any of the foregoing is
to increase the cost to the Bank of making, funding or maintaining the loan(s) evidenced by this Note, or to reduce any amount received
or receivable by the Bank hereunder or to reduce the rate of return on the Bank’s capital in respect of such loan(s), then upon
demand by the Bank, the undersigned shall pay to the Bank such additional amount or amounts as will compensate the Bank for such increased
cost or reduction; provided, however, that this sentence shall not apply to any charge, increase or change, or any other measure, that
applies generally to the Bank’s business or operations as opposed to being applicable only with respect to this Note. The Bank’s
determination of the amount of such increased cost or reduction shall be conclusive, absent manifest error. If the Bank determines (any
determination of which shall be conclusive and binding) that either (i) adequate and reasonable means do not exist for determining
the interest rate applicable to any advance or (ii) any law, rule or regulation has made it unlawful, or that any governmental
authority has asserted that it is unlawful, for the Bank to make or maintain an advance based on any such interest rate, then the Bank
may determine an alternative interest rate for such advance in its sole discretion; provided, however, that the amount of any such alternative
interest rate shall not be materially different from the rate of interest agreed upon by the Bank and the undersigned for the applicable
advance(s) at the time of borrowing.

 

    1 

     

    

 

The
undersigned represents and warrants to the Bank (effective as of the date of each advance made) that it is an entity duly organized
and validly existing under the laws of the jurisdiction of its formation; that the execution, delivery and performance by the
undersigned of this Note are within the organizational powers of the undersigned, have been duly authorized by all necessary
organizational action, and do not contravene any law, regulation or order or organizational document of the undersigned; that it has
provided evidence satisfactory to the Bank in all respects that all governmental approvals required in connection with (i) the
execution, delivery and performance of this Note and (ii) the legality, validity, binding effect and enforceability of this
Note, have been obtained; that it is not an “investment company” within the meaning of, or is exempt from the provisions
of, the U.S. Investment Company Act of 1940, as amended; that none of: (i) the undersigned, any Affiliate, or any of their
respective directors or officers, and (ii) to the knowledge of the undersigned (having made due and careful inquiry), any
person acting on behalf of the undersigned or any Affiliate of the undersigned that will act in any capacity in connection with or
benefit from this Note, is a Sanctioned Person; that no borrowing, use of proceeds or other transaction contemplated by this Note
will violate Sanctions applicable to any party to this Note; and that this Note is a legal, valid and binding obligation of the
undersigned enforceable against the undersigned in accordance with its terms. The undersigned will maintain its existence (and will
not materially change the nature of its business, dispose or transfer of all or a substantial portion of its assets or merge or
consolidate with another party that results in Monex Group, Inc., a Japanese corporation ("Monex”) owning, legally
and beneficially, directly or indirectly, less than 75% of the voting power of all outstanding voting securities in the
undersigned), comply with all applicable laws, regulations and orders (including, without limitation, Anti-Corruption Laws, Sanction
Laws, ERISA, and Environmental Laws), and remain qualified to do business in all applicable jurisdictions. The undersigned will not
use the proceeds of any advance to purchase or carry margin stock within the meaning of Regulation U of the Board of Governors of
the Federal Reserve System and all such proceeds will be used for lawful and proper business purposes, consistent with any use of
proceeds stated to the Bank. The undersigned has instituted, and will continue to maintain and enforce, policies and procedures
reasonably designed to ensure compliance with the Anti-Corruption Laws. The undersigned shall not, and will procure that its
Affiliates and its respective directors, officers, employees, agents, and joint venture partners shall not: (i) use, directly
or indirectly, all or any part of the proceeds of any borrowing, for the purpose of funding, financing, or facilitating any
activities, business or transaction of any Sanctioned Person or in any Sanctioned Country, or in any other manner that would result
in violation of Sanctions applicable to any party hereto; and (ii) fund, directly or indirectly, all or part of, any repayment
under this Note out of proceeds derived from dealings with or property of a Sanctioned Person. None of: (i) the undersigned,
any Affiliate, or any of their respective directors, officers, or to the knowledge of the undersigned (having made due and careful
inquiry) or such Affiliate, employees; and (ii) to the knowledge of the undersigned (having made due and careful inquiry), any
person acting on behalf of the undersigned or any Affiliates of the undersigned, shall directly or indirectly use all or any part of
the proceeds of the advance for any purpose that would breach Anti-Corruption Laws. Upon the reasonable request of the Bank, the
undersigned shall provide to the Bank the documentation and other information so requested in connection with applicable “know
your customer” and anti-money-laundering and counter-terrorist financing laws, rules, and regulations. The undersigned shall
promptly notify the Bank of any change(s) to beneficial ownership or control party information. For the purposes of this Note,
 "Anti-Corruption Laws" mean all laws, rules and regulations of any jurisdiction concerning or relating to bribery or
corruption, including, but not limited to, the U.S. Foreign Corrupt Practices Act of 1977 (15 U.S.C. § 78dd-1, et seq.) as
amended, the U.K. Bribery Act 2010, and any applicable law or regulation implementing the OECD Convention on Combating Bribery of
Foreign Public Officials in International Business Transactions; “Affiliate” means, with respect to any person, any
other person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with such first person; “control” (including the terms “controlled by” and “under common
control with” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a person, whether through the ownership of voting securities, by contract, or otherwise; “Environmental
Laws” shall mean any and all laws, rules, rules of common law, judgments, orders, regulations, directives, statutes,
ordinances, codes, decrees, or requirements of any governmental authority regulating, relating to or imposing liability or standards
of conduct concerning protection of human health or safety or the environment now or in the future in effect; “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time; “Person” means any natural
person, sole proprietorship, corporation, limited liability company, trust, joint venture, association, company, mutual company,
joint stock company, trade association, partnership, governmental authority or other entity of whatever nature; “Sanctioned
Country” shall mean, at any time, a country or territory which is the subject or target of any Sanctions; “Sanctioned
Person” shall mean any Person: (i) listed on, and/or targeted by, any Sanctions; (ii) resident, operating, or
organized under the laws of, a comprehensively Sanctioned Country or territory; or (iii) who is directly or indirectly owned or
controlled by any such Person or Person(s); “Sanctions” shall mean any financial, economic, or trade sanctions laws,
regulations, rules, decisions, embargoes and/or restrictive measures imposed, administered or enforced by the Government of Japan,
the Government of the United States, the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the
United Kingdom; and “Subsidiary” shall mean, with respect to any person, any other person (a) the securities of
which having ordinary voting power to elect a majority of the board of directors (or other persons having similar functions) or
(b) the other ownership interests of which ordinarily constituting a majority voting interest, are at the time, directly or
indirectly, owned or controlled by such first person, or by one or more of its Subsidiaries, or by such first person and one or more
of its Subsidiaries.

 

It is further
agreed that upon the occurrence of any of the following events (each, an “Event of Default”): (a) the undersigned shall
fail to pay any principal, interest or other amount when due hereunder; or (b) any representation or warranty made, or information
supplied, by the undersigned or any Credit Party (as defined below) in connection with or related to this Note or any Credit Document
(as defined below) shall prove to be incorrect or misleading in any material respect when made or supplied or deemed to have been made
or supplied; or (c) the undersigned or any Credit Party shall fail to perform or observe any term of this Note or any related document
to which it is a party in any material respect and such failure continues unremedied for a period of fifteen (15) Business Days after
written notice from the Bank; or (d) the undersigned, any of its wholly-owned subsidiaries or any Credit Party (i) shall not,
or be unable to, or shall admit in writing its inability to, pay its debts as such debts become due, or (ii) shall make an assignment
for the benefit of creditors or petition or apply to any tribunal for the appointment of a custodian, receiver, trustee or the like for
a substantial part of its assets or properties, domestic or foreign, or (iii) shall commence, or have commenced against it, any
proceeding under any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute
of any jurisdiction, whether now or hereinafter in effect, (iv) shall suffer any custodianship, receivership, trusteeship, seizure,
forfeiture or divestiture of a substantial part of its assets, (v) suspend, dissolve, liquidate or otherwise discontinue its business,
(vi) shall permit or suffer to exist any order of attachment or comparable arrangement in respect of a substantial portion of its
assets, or (vii) shall take any step, measure or action whatsoever for the purpose of effecting or facilitating any of the foregoing
in any way; or (e) the undersigned, any of its wholly-owned subsidiaries or any Credit Party shall fail to perform any obligation
to the Bank or shall fail to pay when due and payable any principal, premium or interest in respect of any indebtedness for borrowed
money owed to another party or the maturity of any such indebtedness shall, in whole or in part, have been accelerated or required to
be prepaid by the lender prior to the stated maturity thereof; or (f) any final, unappealable judgment shall be entered against
the undersigned, any of its wholly-owned subsidiaries or any Credit Party, in an amount in excess of $ 10 million and the same shall
remain undischarged and unstayed for a period of 30 days from the entry thereof; or (g) the undersigned’s, any of its wholly
owned subsidiaries’ or any Credit Party’s condition or affairs shall so change that the Bank deems its security or credit
support to be impaired; or (h) the execution, delivery or performance of this Note or any Credit Document, shall violate any applicable
law, regulation or order, or this Note or any Credit Document shall become unenforceable, or be renounced by the undersigned or any Credit
Party; or (i) the undersigned shall fail to deliver to the Bank copies of its annual financial statements (which shall be audited
unless otherwise acceptable to the Bank) prepared in accordance with generally accepted accounting principles following request by the
Bank as soon as available and in any event within 120 days (or other periods which are acceptable to the Bank) after the end of each
fiscal year of the undersigned; or (j) Monex shall own, legally and beneficially, directly or indirectly, less than 75% of the voting
power of all outstanding voting securities in the undersigned; then, (i) upon the occurrence of any Event of Default described in
the foregoing clause (d), this Note, all interest hereon and all other amounts payable hereunder shall be immediately and automatically
due and payable, and (ii) upon the occurrence of any other Event of Default, the Bank may, by notice to the undersigned, declare
this Note, all interest hereon and all other amounts payable hereunder to be forthwith due and payable, whereupon the same shall become
and be forthwith due and payable. The undersigned hereby waives presentment, demand, protest or other requirement of any kind, all of
which are hereby expressly waived by the undersigned. The undersigned will notify the Bank promptly of any Event of Default of which
the undersigned has knowledge, setting forth the details of such Event of Default and any action that the undersigned has taken or proposes
to take with respect thereto. Upon the occurrence of any Event of Default or any prepayment, the Bank (or any branch or office thereof)
shall also have the right to terminate in its sole discretion any and all related swap, option, cap, collar and other derivative product
arrangements of any kind entered into by the Bank (or any branch or office thereof) in connection with this Note or any advance. For
the purposes of this Note, a “ Credit Party” shall mean any person or entity that (a) owns, indirectly or directly,
20% or more of the undersigned’s capital stock or other equity interest or ownership and/or (b) has provided to the Bank any
guaranty, letter of undertaking, letter of awareness, comfort letter, support letter, letter of intent to guaranty or comparable document
(each, a “Credit Document”) or any collateral.

 

All advances by
the Bank to the undersigned, the disbursement date, the maturity date, the interest rate applicable thereto and all repayments of the
principal amounts thereof may be evidenced by the Bank upon the grid or other document attached hereto, or otherwise recorded on the
books and records of the Bank. The undersigned authorizes the Bank to make such notations and recordations, which shall be conclusive
and binding on the undersigned absent manifest error, provided that the failure of the Bank to make any such notation or recordation
shall not affect the obligations of the undersigned hereunder. The undersigned will notify the Bank promptly of any errors, unauthorized
transactions or irregularities reflected in the confirmations and other account records sent by the Bank to the undersigned. The books
and records of the Bank include, without limitation, all books and records in any form (including all electronic media) which at any
time may evidence or contain information relating hereto.

 

    2 

     

    

 

The undersigned
promises to pay on demand all costs and expenses (including reasonable fees, expenses and/or allocated costs of internal and external
counsel) incurred by the Bank in enforcing, or preserving its rights under, or with respect to the indebtedness evidenced by, this Note
and with respect to any refinancing or restructuring hereof or such indebtedness by the undersigned borrower. The undersigned releases
and agrees to indemnify the Bank from and against all liabilities, losses, damages, penalties, judgments, suits or costs of any kind
whatsoever with respect to this Note or any advance or any matter related hereto (all of the foregoing, collectively, the "Indemnified
Liabilities"), except for Indemnified Liabilities caused directly by the Bank's gross negligence or willful misconduct. The terms
of this paragraph shall survive payment of any advance or termination of this Note.

 

The rights of the
Bank under this Note shall inure to the benefit of the successors and assigns of the Bank. The undersigned shall not assign or transfer
its rights or obligations under this Note without the prior written consent of the Bank, and any attempted assignment without such prior
written consent shall be void and invalid.

 

The Bank hereby
notifies the undersigned that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the "Act"), and the customer due diligence requirements for financial institutions of the Financial Crimes Enforcement
Network (as published at 81 FR 29397, 31 CFR 1010, 1020, 1023, 1024, and 1026), it is required to obtain, verify and record information
that identifies the undersigned and its direct and indirect beneficial owners, which information includes the name and address of the
undersigned and other information that will allow the Bank to identify from time to time the undersigned and its direct and indirect
beneficial owners in accordance with the Act and the customer due diligence requirements for financial institutions of the Financial
Crimes Enforcement Network (as published at 81 FR 29397, 31 CFR 1010, 1020, 1023, 1024, and 1026). The undersigned shall provide such
information promptly upon the request of the Bank.

 

THE VALIDITY, INTERPRETATION
AND ENFORCEMENT OF THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES
THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAWS). THE UNDERSIGNED SUBMITS, IN ANY LEGAL ACTION
RELATED HERETO, TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE CITY OF NEW YORK, STATE OF NEW YORK,
AND WAIVES ANY OBJECTION IT MAY HAVE AS TO THE BRINGING OR MAINTAINING OF ANY SUCH ACTION WITH ANY SUCH COURTS, WHETHER ON THE BASIS
THAT SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM OR OTHERWISE. THE UNDERSIGNED AGREES TO SERVICE OF PROCESS BY
MAIL OR ANY OTHER MEANS PERMITTED BY LAW AT ITS ADDRESS INDICATED IN THE RECORDS OF THE BANK. THE UNDERSIGNED HEREBY IRREVOCABLY AGREES
THAT BANK SHALL NOT BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES ARISING OUT OF ANY CLAIM RELATED TO THIS NOTE OR
ANY RELATED DOCUMENT OR TRANSACTION.

 

EACH OF THE UNDERSIGNED
AND THE BANK WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING THAT MAY RELATE TO THIS NOTE OR ANY RELATED DOCUMENT
OR TRANSACTION.

 

		TradeStation Group, Inc.

 

		By:	/s/ Greg Vance

		Name:	Greg Vance

		Title:	Chief
Financial Officer

 

    3 

     

    

 

GRID

 

	Name
    of	Disbursement	Due
    Date	Loan
    Amount	Interest
    Rate	Amount
    Paid	Notation
	Bank	Date	(Maturity	 	 	On
    Due Date	Made
    By
	 	 	Date)	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]