Document:

Indemnification Agreement between the Company and Cary Davis

     

    EXHIBIT
      10.3

     

    INDEMNIFICATION
      AGREEMENT

     

    INDEMNIFICATION
      AGREEMENT,
      made
      and executed this 12th day of October, 2006, by and between NYFIX, Inc., a
      Delaware corporation (the “Company”), and Cary J. Davis, an individual resident
      of the State of New York (the “Indemnitee”).

    

    WHEREAS,
      the Company is aware that, in order to induce highly competent persons to serve
      the Company as directors or officers or in other capacities, the Company must
      provide such persons with adequate protection through insurance and
      indemnification against inordinate risks of claims and actions against them
      arising out of their service to and activities on behalf of the
      Company;

    

    WHEREAS,
      the Company recognizes that the increasing difficulty in obtaining directors’
and officers’ liability insurance, the increases in the cost of such insurance
      and the general reductions in the coverage of such insurance have increased
      the
      difficulty of attracting and retaining such persons;

    

    WHEREAS,
      the Board of Directors of the Company has determined that it is essential to
      the
      best interests of the Company’s stockholders that the Company act to assure such
      persons that there will be increased certainty of such protection in the
      future;

    

    WHEREAS,
      it is reasonable, prudent and necessary for the Company contractually to
      obligate itself to indemnify such persons to the fullest extent permitted by
      applicable law so that they will continue to serve the Company free from undue
      concern that they will not be so indemnified; and

    

    WHEREAS,
      the Indemnitee is willing to serve, continue to serve, and take on additional
      service for or on behalf of the Company or any of its direct or indirect
      subsidiaries on the condition that he/she be so indemnified.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual promises and
      covenants contained herein, and for other good and valuable consideration,
      the
      receipt and sufficiency of which are hereby acknowledged, the Company and the
      Indemnitee do hereby agree as follows:

    

    1.   Service
      by the Indemnitee. 
      The Indemnitee agrees to serve and/or continue to serve as a director or officer
      of the Company faithfully and will discharge his/her duties and responsibilities
      to the best of his/her ability so long as the Indemnitee is duly elected or
      qualified in accordance with the provisions of the Restated Certificate of
      Incorporation (the “Certificate”) and Amended By-laws (the “By-laws”) of the
      Company and the General Corporation Law of the State of Delaware, as amended
      (the “DGCL”), or until his/her earlier death, resignation or removal. The
      Indemnitee may at any time and for any reason resign from such position (subject
      to any other contractual obligation or other obligation imposed by operation
      by
      law), in which event the Company shall have no obligation under this Agreement
      to continue the Indemnitee in

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    any
      such
      position. Nothing in this Agreement shall confer upon the Indemnitee the right
      to continue in the employ of the Company or as a director of the Company or
      affect the right of the Company to terminate the Indemnitee’s employment at any
      time in the sole discretion of the Company, with or without cause, subject
      to
      any contract rights of the Indemnitee created or existing otherwise than under
      this Agreement.

     

    2.   Indemnification. 
      The Company shall indemnify the Indemnitee against all Expenses (as defined
      below), judgments, fines and amounts paid in settlement actually and reasonably
      incurred by the Indemnitee, as a result of, arising out of, or based upon,
      any
      events or actions that have occurred prior to or after the effective date of
      the
      Indemnitee’s appointment to the Board of Directors, by reason of the fact that
      the Indemnitee is or was a director, officer, employee, agent or fiduciary
      of
      the Company, or any of its direct or indirect subsidiaries, or, at the request
      of the Company, as a director, officer, employee, agent or fiduciary of any
      other entity, including, but not limited to, another corporation, partnership,
      limited liability company, employee benefit plan, joint venture, trust or other
      enterprise, or by reason of any act or omission by him/her in such capacity,
      as
      provided in this Agreement to the fullest extent permitted by the Certificate,
      By-laws and DGCL or other applicable law in effect on the date of this Agreement
      and to any greater extent that applicable law may in the future from time to
      time permit. Without diminishing the scope of the indemnification provided
      by
      this Section 2, the rights of indemnification of the Indemnitee provided
      hereunder shall include, but shall not be limited to, those rights hereinafter
      set forth, except that no indemnification shall be paid to the Indemnitee:
      

     

    (a)   on
      account of any action, suit or proceeding in which judgment is rendered against
      the Indemnitee for disgorgement of profits made from the purchase or sale by
      the
      Indemnitee of securities of the Company pursuant to the provisions of
      Section 16(b) of the Securities Exchange Act of 1934, as amended (the
“Act”), or similar provisions of any federal, state or local statutory
      law;

     

    (b)   on
      account of conduct of the Indemnitee which is finally adjudged by a court of
      competent jurisdiction to have been knowingly fraudulent or to constitute
      willful misconduct;

     

    (c)   in
      any
      circumstance where such indemnification is expressly prohibited by applicable
      law;

     

    (d)   with
      respect to liability for which payment is actually made to the Indemnitee under
      a valid and collectible insurance policy or under a valid and enforceable
      indemnity clause, By-law or agreement (other than this Agreement), except in
      respect of any liability in excess of payment under such insurance, clause,
      By-law or agreement;

     

    (e)   if
      a
      final decision by a court having jurisdiction in the matter shall determine
      that
      such indemnification is not lawful (and, in this respect, both the Company
      and
      the Indemnitee have been advised that it is the position of the Securities
      and
      Exchange Commission that indemnification for liabilities arising under the
      federal securities laws is against public policy and is, therefore,

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    unenforceable,
      and that claims for indemnification should be submitted to the appropriate
      court
      for adjudication); or

     

    (f)   in
      connection with any action, suit or proceeding by the Indemnitee against the
      Company or any of its direct or indirect subsidiaries or the directors,
      officers, employees or other Indemnitees of the Company or any of its direct
      or
      indirect subsidiaries, (i) unless such indemnification is expressly required
      to
      be made by law, (ii) unless the proceeding was authorized by the Board of
      Directors of the Company, (iii) unless such indemnification is provided by
      the Company, in its sole discretion, pursuant to the powers vested in the
      Company under applicable law, or (iv) except as provided in Sections 11 and
      13 hereof.

     

    3.   Actions
      or Proceedings Other Than an Action by or in the Right of the
      Company. 
      The Indemnitee shall be entitled to the indemnification rights provided in
      this
      Section 3 if the Indemnitee was or is a party or witness or is threatened
      to be a party or witness to any threatened, pending or completed action, suit
      or
      proceeding, as a result of, arising out of, or based upon, any events or
      actions, whether prior to or after the effective date of the Indemnitee’s
      appointment to the Board of Directors, whether civil, criminal, administrative
      or investigative in nature, other than an action by or in the right of the
      Company, by reason of the fact that the Indemnitee is or was a director,
      officer, employee, agent or fiduciary of the Company, or any of its direct
      or
      indirect subsidiaries, or is or was serving at the request of the Company,
      or
      any of its direct or indirect subsidiaries, as a director, officer, employee,
      agent or fiduciary of any other entity, including, but not limited to, another
      corporation, partnership, limited liability company, employee benefit plan,
      joint venture, trust or other enterprise, or by reason of any act or omission
      by
      him/her in such capacity. Pursuant to this Section 3, the Indemnitee shall
      be
      indemnified against all Expenses, judgments, penalties (including excise and
      similar taxes), fines and amounts paid in settlement which were actually and
      reasonably incurred by the Indemnitee in connection with such action, suit
      or
      proceeding (including, but not limited to, the investigation, defense or appeal
      thereof), if the Indemnitee acted in good faith and in a manner the Indemnitee
      reasonably believed to be in or not opposed to the best interests of the
      Company, and, with respect to any criminal action or proceeding, had no
      reasonable cause to believe his/her conduct was unlawful.

     

    4.   Actions
      by or in the Right of the Company.  
      The Indemnitee shall be entitled to the indemnification rights provided in
      this
      Section 4 if the Indemnitee was or is a party or witness or is threatened to
      be
      made a party or witness to any threatened, pending or completed action, suit
      or
      proceeding, as a result of, arising out of, or based upon, any events or actions
      that occurred prior to or after the effective date of the Indemnitee’s
      appointment to the Board of Directors, brought by or in the right of the Company
      to procure a judgment in its favor by reason of the fact that the Indemnitee
      is
      or was a director, officer, employee, agent or fiduciary of the Company, or
      any
      of its direct or indirect subsidiaries, or is or was serving at the request
      of
      the Company, or any of its direct or indirect subsidiaries, as a director,
      officer, employee, agent or fiduciary of another entity, including, but not
      limited to, another corporation, partnership, limited liability company,
      employee benefit plan, joint venture, trust or other enterprise, or by reason
      of
      any act or omission by him/her in any such capacity. Pursuant to this Section
      4,
      the Indemnitee shall be indemnified against all Expenses actually and reasonably
      incurred by him/her in

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    connection
      with the defense or settlement of such action, suit or proceeding (including,
      but not limited to the investigation, defense or appeal thereof), if the
      Indemnitee acted in good faith and in a manner the Indemnitee reasonably
      believed to be in or not opposed to the best interests of the Company; provided
      however, that no such indemnification shall be made in respect of any claim,
      issue, or matter as to which the Indemnitee shall have been adjudged to be
      liable to the Company, unless and only to the extent that the Court of Chancery
      of the State of Delaware or the court in which such action, suit or proceeding
      was brought shall determine upon application that, despite the adjudication
      of
      liability but in view of all the circumstances of the case, the Indemnitee
      is
      fairly and reasonably entitled to be indemnified against such Expenses actually
      and reasonably incurred by him/her which such court shall deem
      proper.

     

    5.   Good
      Faith Definition. 
      For purposes of this Agreement, the Indemnitee shall be deemed to have acted
      in
      good faith and in a manner the Indemnitee reasonably believed to be in or not
      opposed to the best interests of the Company, or, with respect to any criminal
      action or proceeding to have had no reasonable cause to believe the Indemnitee’s
      conduct was unlawful, if such action was based on (i) the records or books
      of
      the account of the Company or other enterprise, including financial statements;
      (ii) information supplied to the Indemnitee by the officers of the Company
      or
      other enterprise in the course of their duties; (iii) the advice of legal
      counsel for the Company or other enterprise; or (iv) information or records
      given in reports made to the Company or other enterprise by an independent
      certified public accountant or by an appraiser or other expert selected with
      reasonable care by the Company or other enterprise.

     

    6.   Indemnification
      for Expenses of Successful Party. 
      Notwithstanding the other provisions of this Agreement, to the extent that
      the
      Indemnitee has served on behalf of the Company, or any of its direct or indirect
      subsidiaries, as a witness or other participant in any class action or
      proceeding, or has been successful, on the merits or otherwise, in defense
      of
      any action, suit or proceeding referred to in Section 3 and 4 hereof, or in
      defense of any claim, issue or matter therein, including, but not limited to,
      the dismissal of any action without prejudice, the Indemnitee shall be
      indemnified against all Expenses actually and reasonably incurred by the
      Indemnitee in connection therewith, regardless of whether or not the Indemnitee
      has met the applicable standards of Section 3 or 4 and without any determination
      pursuant to Section 8.

     

    7.   Partial
      Indemnification. 
      If the Indemnitee is entitled under any provision of this Agreement to
      indemnification by the Company for some or a portion of the Expenses, judgments,
      fines and amounts paid in settlement actually and reasonably incurred by the
      Indemnitee in connection with the investigation, defense, appeal or settlement
      of such suit, action, investigation or proceeding described in Section 3 or
      4
      hereof, but is not entitled to indemnification for the total amount thereof,
      the
      Company shall nevertheless indemnify the Indemnitee for the portion of such
      Expenses, judgments, penalties, fines and amounts paid in settlement actually
      and reasonably incurred by the Indemnitee to which the Indemnitee is
      entitled.

     

    8.   Procedure
      for Determination of Entitlement to Indemnification. 
      (a) To obtain indemnification under this Agreement, the Indemnitee shall submit
      to the Company a written request, including documentation and information which
      is reasonably available to the Indemnitee and is reasonably necessary to
      determine whether and to what extent the Indemnitee is entitled to
      indemnification. The Secretary of the Company shall, promptly upon receipt
      of
      a

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    request
      for indemnification, advise the Board of Directors in writing that the
      Indemnitee has requested indemnification. Any Expenses incurred by the
      Indemnitee in connection with the Indemnitee’s request for indemnification
      hereunder shall be borne by the Company. The Company hereby indemnifies and
      agrees to hold the Indemnitee harmless for any Expenses incurred by the
      Indemnitee under the immediately preceding sentence irrespective of the outcome
      of the determination of the Indemnitee’s entitlement to indemnification.

     

    (b)   Upon
      written request by the Indemnitee for indemnification pursuant to Section 3
      or 4
      hereof, the entitlement of the Indemnitee to indemnification pursuant to the
      terms of this Agreement shall be determined by the following person or persons,
      who shall be empowered to make such determination: (i) if a Change in
      Control (as hereinafter defined) shall have occurred, by Independent Counsel
      (as
      hereinafter defined) (unless the Indemnitee shall request in writing that such
      determination be made by the Board of Directors (or a committee thereof) in
      the
      manner provided for in clause (ii) of this Section 8(b)) in a written opinion to
      the Board of Directors, a copy of which shall be delivered to the Indemnitee;
      or
      (ii) if a Change in Control shall not have occurred, (A)(1) by the Board of
      Directors of the Company, by a majority vote of Disinterested Directors (as
      hereinafter defined) even though less than a quorum, or (2) by a committee
      of
      Disinterested Directors designated by majority vote of Disinterested Directors,
      even though less than a quorum, or (B) if there are no such Disinterested
      Directors or, even if there are such Disinterested Directors, if the Board
      of
      Directors, by the majority vote of Disinterested Directors, so directs, by
      Independent Counsel in a written opinion to the Board of Directors, a copy
      of
      which shall be delivered to the Indemnitee. Such Independent Counsel shall
      be
      selected by the Board of Directors and approved by the Indemnitee. Upon failure
      of the Board of Directors to so select, or upon failure of the Indemnitee to
      so
      approve, such Independent Counsel shall be selected by the Chancellor of the
      State of Delaware or such other person as the Chancellor shall designate to
      make
      such selection. Such determination of entitlement to indemnification shall
      be
      made not later than 45 days after receipt by the Company of a written request
      for indemnification. If the person making such determination shall determine
      that the Indemnitee is entitled to indemnification as to part (but not all)
      of
      the application for indemnification, such person shall reasonably prorate such
      part of indemnification among such claims, issues or matters. If it is so
      determined that the Indemnitee is entitled to indemnification, payment to the
      Indemnitee shall be made within ten days after such determination. 

    

    9.   Presumptions
      and Effect of Certain Proceedings. 
      (a)
      In
      making a determination with respect to entitlement to indemnification, the
      Indemnitee shall be presumed to be entitled to indemnification hereunder and
      the
      Company shall have the burden of proof in the making of any determination
      contrary to such presumption. 

     

    (b)   If
      the
      Board of Directors, or such other person or persons empowered pursuant to
      Section 8 to make the determination of whether the Indemnitee is entitled to
      indemnification, shall have failed to make a determination as to entitlement
      to
      indemnification within 45 days after receipt by the Company of such request,
      the
      requisite determination of entitlement to indemnification shall be deemed to
      have been made and the Indemnitee shall be absolutely entitled to such
      indemnification, absent actual and material fraud in the request for
      indemnification or a prohibition of indemnification under applicable law. The
      termination of any action, suit, investigation or proceeding described in
      Section 3 or 4 hereof by judgment, order,

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    settlement
      or conviction, or upon a plea of nolo
      contendere
      or its
      equivalent, shall not, of itself: (a)  create a presumption that the
      Indemnitee did not act in good faith and in a manner which he/she reasonably
      believed to be in or not opposed to the best interests of the Company, and,
      with
      respect to any criminal action or proceeding, that the Indemnitee has reasonable
      cause to believe that the Indemnitee’s conduct was unlawful; or
      (b) otherwise adversely affect the rights of the Indemnitee to
      indemnification, except as may be provided herein. 

     

    10.   Advancement
      of Expenses. 
      All reasonable Expenses actually incurred by the Indemnitee in connection with
      any threatened or pending action, suit or proceeding, as a result of, arising
      out of, or based upon, any events or actions that occurred prior to or after
      the
      effective date of the Indemnitee’s appointment to the Board of Directors, shall
      be paid by the Company in advance of the final disposition of such action,
      suit
      or proceeding, if so requested by the Indemnitee, within 20 days after the
      receipt by the Company of a statement or statements from the Indemnitee
      requesting such advance or advances. The Indemnitee may submit such statements
      from time to time. The Indemnitee’s entitlement to such Expenses shall include
      those incurred in connection with any proceeding by the Indemnitee seeking
      an
      adjudication or award in arbitration pursuant to this Agreement. Such statement
      or statements shall reasonably evidence the Expenses incurred by the Indemnitee
      in connection therewith and shall include or be accompanied by a written
      affirmation by the Indemnitee of the Indemnitee’s good faith belief that the
      Indemnitee has met the standard of conduct necessary for indemnification under
      this Agreement and an undertaking by or on behalf of the Indemnitee to repay
      such amount if it is ultimately determined that the Indemnitee is not entitled
      to be indemnified against such Expenses by the Company pursuant to this
      Agreement or otherwise. Each written undertaking to pay amounts advanced must
      be
      an unlimited general obligation but need not be secured, and shall be accepted
      without reference to financial ability to make repayment.

     

    11.   Remedies
      of the Indemnitee in Cases of Determination not to Indemnify or to Advance
      Expenses. 
      In the event that a determination is made that the Indemnitee is not entitled
      to
      indemnification hereunder or if the payment has not been timely made following
      a
      determination of entitlement to indemnification pursuant to Sections 8 and
      9, or if Expenses are not advanced pursuant to Section 10, the Indemnitee
      shall be entitled to a final adjudication in an appropriate court of the State
      of Delaware or any other court of competent jurisdiction of the Indemnitee’s
      entitlement to such indemnification or advance. Alternatively, the Indemnitee
      may, at the Indemnitee’s option, seek an award in arbitration to be conducted by
      a single arbitrator pursuant to the rules of the American Arbitration
      Association, such award to be made within 60 days following the filing of
      the demand for arbitration. The Company shall not oppose the Indemnitee’s right
      to seek any such adjudication or award in arbitration or any other claim. Such
      judicial proceeding or arbitration shall be made de
      novo,
      and the
      Indemnitee shall not be prejudiced by reason of a determination (if so made)
      that the Indemnitee is not entitled to indemnification. If a determination
      is
      made or deemed to have been made pursuant to the terms of Section 8 or
      Section 9 hereof that the Indemnitee is entitled to indemnification, the
      Company shall be bound by such determination and shall be precluded from
      asserting that such determination has not been made or that the procedure by
      which such determination was made is not valid, binding and enforceable. The
      Company further agrees to stipulate in any such court or before any such
      arbitrator that the Company is bound by all the provisions of this Agreement
      and
      is precluded from making any assertions to the contrary. If the court or
      arbitrator shall determine that the Indemnitee is entitled to any
      indemnification hereunder, the Company shall pay all

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    reasonable
      Expenses actually incurred by the Indemnitee in connection with such
      adjudication or award in arbitration (including, but not limited to, any
      appellate proceedings).

     

    12.   Notification
      and Defense of Claim. 
      Promptly after receipt by the Indemnitee of notice of the commencement of any
      action, suit or proceeding, the Indemnitee will, if a claim in respect thereof
      is to be made against the Company under this Agreement, notify the Company
      in
      writing of the commencement thereof; but the omission to so notify the Company
      will not relieve the Company from any liability that it may have to the
      Indemnitee otherwise than under this Agreement or otherwise, except to the
      extent that the Company may suffer material prejudice by reason of such failure.
      Notwithstanding any other provision of this Agreement, with respect to any
      such
      action, suit or proceeding as to which the Indemnitee gives notice to the
      Company of the commencement thereof:

     

    (a)   The
      Company will be entitled to participate therein at its own expense.

     

    (b)   Except
      as
      otherwise provided in this Section 12(b), to the extent that it may wish,
      the Company, jointly with any other indemnifying party similarly notified,
      shall
      be entitled to assume the defense thereof with counsel reasonably satisfactory
      to the Indemnitee. After notice from the Company to the Indemnitee of its
      election to so assume the defense thereof, the Company shall not be liable
      to
      the Indemnitee under this Agreement for any legal or other Expenses subsequently
      incurred by the Indemnitee in connection with the defense thereof other than
      reasonable costs of investigation or as otherwise provided below. The Indemnitee
      shall have the right to employ the Indemnitee’s own counsel in such action or
      lawsuit, but the fees and Expenses of such counsel incurred after notice from
      the Company of its assumption of the defense thereof shall be at the expense
      of
      the Indemnitee unless (i) the employment of counsel by the Indemnitee has
      been authorized by the Company, (ii) the Indemnitee shall have reasonably
      concluded that there may be a conflict of interest between the Company and
      the
      Indemnitee in the conduct of the defense of such action and such determination
      by the Indemnitee shall be supported by an opinion of counsel, which opinion
      shall be reasonably acceptable to the Company, or (iii) the Company shall
      not in fact have employed counsel to assume the defense of the action, in each
      of which cases the fees and Expenses of counsel shall be at the expense of
      the
      Company. The Company shall not be entitled to assume the defense of any action,
      suit or proceeding brought by or on behalf of the Company or as to which the
      Indemnitee shall have reached the conclusion provided for in clause (ii)
      above.

     

    (c)   The
      Company shall not be liable to indemnify the Indemnitee under this Agreement
      for
      any amounts paid in settlement of any action, suit or proceeding effected
      without its written consent, which consent shall not be unreasonably withheld.
      The Company shall not be required to obtain the consent of the Indemnitee to
      settle any action, suit or proceeding which the Company has undertaken to defend
      if the Company assumes full and sole responsibility for such settlement and
      such
      settlement grants the Indemnitee a complete and unqualified release in respect
      of any potential liability.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    (d)   If,
      at
      the time of the receipt of a notice of a claim pursuant to this Section 12,
      the
      Company has director and officer liability insurance in effect, the Company
      shall give prompt notice of the commencement of such proceeding to the insurers
      in accordance with the procedures set forth in the respective policies. The
      Company shall thereafter take all necessary or desirable action to cause such
      insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
      of
      such proceeding in accordance with the terms of the policies.

     

    13.   Other
      Right to Indemnification. 
      The indemnification and advancement of Expenses provided by this Agreement
      are
      cumulative, and not exclusive, and are in addition to any other rights to which
      the Indemnitee may now or in the future be entitled under any provision of
      the
      By-laws or Certificate of the Company, any vote of stockholders or Disinterested
      Directors, any provision of law or otherwise. Except as required by applicable
      law, the Company shall not adopt any amendment to its By-laws or Certificate
      the
      effect of which would be to deny, diminish or encumber the Indemnitee’s right to
      indemnification under this Agreement.

     

    14.   Director
      and Officer Liability Insurance. 
      The Company shall maintain directors’ and officers’ liability insurance for so
      long as the Indemnitee’s services are covered hereunder, provided and to the
      extent that such insurance is available on a commercially reasonable basis.
      In
      the event the Company maintains directors’ and officers’ liability insurance,
      the Indemnitee shall be named as an insured in such manner as to provide the
      Indemnitee the same rights and benefits as are accorded to the most favorably
      insured of the Company’s officers or directors. However, the Company agrees that
      the provisions hereof shall remain in effect regardless of whether liability
      or
      other insurance coverage is at any time obtained or retained by the Company,
      except that any payments made to, or on behalf of, the Indemnitee under an
      insurance policy shall reduce the obligations of the Company
      hereunder.

     

    15.   Spousal
      Indemnification. 
      The Company will indemnify the Indemnitee’s spouse to whom the Indemnitee is
      legally married at any time the Indemnitee is covered under the indemnification
      provided in this Agreement (even if the Indemnitee did not remain married to
      him
      or her during the entire period of coverage) against any pending or threatened
      action, suit, proceeding or investigation for the same period, to the same
      extent and subject to the same standards, limitations, obligations and
      conditions under which the Indemnitee is provided indemnification herein, if
      the
      Indemnitee’s spouse (or former spouse) becomes involved in a pending or
      threatened action, suit, proceeding or investigation solely by reason of his
      or
      her status as the Indemnitee’s spouse, including, without limitation, any
      pending or threatened action, suit, proceeding or investigation that seeks
      damages recoverable from marital community property, jointly-owned property
      or
      property purported to have been transferred from the Indemnitee to his/her
      spouse (or former spouse). The Indemnitee’s spouse or former spouse also may be
      entitled to advancement of Expenses to the same extent that the Indemnitee
      is
      entitled to advancement of Expenses herein. The Company may maintain insurance
      to cover its obligation hereunder with respect to the Indemnitee’s spouse (or
      former spouse) or set aside assets in a trust or escrow fund for that
      purpose.

     

    16.   Intent. 
      This Agreement is intended to be broader than any statutory indemnification
      rights applicable in the State of Delaware and shall be in addition to any
      other

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    rights
      the Indemnitee may have under the Company’s Certificate, By-laws, applicable law
      or otherwise. To the extent that a change in applicable law (whether by statute
      or judicial decision) permits greater indemnification by agreement than would
      be
      afforded currently under the Company’s Certificate, By-laws, applicable law or
      this Agreement, it is the intent of the parties that the Indemnitee enjoy by
      this Agreement the greater benefits so afforded by such change. In the event
      of
      any change in applicable law, statute or rule which narrows the right of a
      Delaware corporation to indemnify a member of its Board of Directors or an
      officer, employee, agent or fiduciary, such change, to the extent not otherwise
      required by such law, statute or rule to be applied to this Agreement, shall
      have no effect on this Agreement or the parties’ rights and obligations
      hereunder. 

     

    17.   Attorney’s
      Fees and Other Expenses to Enforce Agreement. 
      In the event that the Indemnitee is subject to or intervenes in any action,
      suit
      or proceeding in which the validity or enforceability of this Agreement is
      at
      issue or seeks an adjudication or award in arbitration to enforce the
      Indemnitee’s rights under, or to recover damages for breach of, this Agreement
      the Indemnitee, if he/she prevails in whole or in part in such action, shall
      be
      entitled to recover from the Company and shall be indemnified by the Company
      against any actual expenses for attorneys’ fees and disbursements reasonably
      incurred by the Indemnitee.

     

    18.   Effective
      Date. 
      The provisions of this Agreement shall cover claims, actions, suits or
      proceedings whether now pending or hereafter commenced and shall be retroactive
      to cover acts or omissions or alleged acts or omissions which heretofore have
      taken place as a result of, arising out of, or based upon, any events or actions
      that have occurred prior to or after the effective date of the Indemnitee’s
      appointment to the Board of Directors. The Company shall be liable under this
      Agreement, pursuant to Sections 3 and 4 hereof, for all acts of the Indemnitee
      while serving as a director and/or officer, notwithstanding the termination
      of
      the Indemnitee’s service, if such act was performed or omitted to be performed
      during the term of the Indemnitee’s service to the Company.

     

    19.   Duration
      of Agreement. 
      This Agreement shall survive and continue even though the Indemnitee may have
      terminated his/her service as a director, officer, employee, agent or fiduciary
      of the Company or as a director, officer, employee, agent or fiduciary of any
      other entity, including, but not limited to another corporation, partnership,
      limited liability company, employee benefit plan, joint venture, trust or other
      enterprise or by reason of any act or omission by the Indemnitee in any such
      capacity. This Agreement shall be binding upon the Company and its successors
      and assigns, including, without limitation, any corporation or other entity
      which may have acquired all or substantially all of the Company’s assets or
      business or into which the Company may be consolidated or merged, and shall
      inure to the benefit of the Indemnitee and his/her spouse, successors, assigns,
      heirs, devisees, executors, administrators or other legal representations.
      The
      Company shall require any successor or assignee (whether direct or indirect,
      by
      purchase, merger, consolidation or otherwise) to all or substantially all of
      the
      business and/or assets of the Company, by written agreement in form and
      substance reasonably satisfactory to the Company and the Indemnitee, expressly
      to assume and agree to perform this Agreement in the same manner and to the
      same
      extent that the Company would be required to perform if no such succession
      or
      assignment had taken place.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    20.   Disclosure
      of Payments. 
      Except as expressly required by any Federal or state securities laws or other
      Federal or state law, neither party shall disclose any payments under this
      Agreement unless prior approval of the other party is obtained.

     

    21.   Severability. 
      If any provision or provisions of this Agreement shall be held invalid, illegal
      or unenforceable for any reason whatsoever, (a) the validity, legality and
      enforceability of the remaining provisions of this Agreement (including, but
      not
      limited to, all portions of any Sections of this Agreement containing any such
      provision held to be invalid, illegal or unenforceable) shall not in any way
      be
      affected or impaired thereby and (b) to the fullest extent possible, the
      provisions of this Agreement (including, but not limited to, all portions of
      any
      paragraph of this Agreement containing any such provision held to be invalid,
      illegal or unenforceable, that are not themselves invalid, illegal or
      unenforceable) shall be construed so as to give effect to the intent manifest
      by
      the provision held invalid, illegal or unenforceable.

     

    22.   Counterparts. 
      This Agreement may be executed by one or more counterparts, each of which shall
      for all purposes be deemed to be an original but all of which together shall
      constitute one and the same Agreement. Only one such counterpart signed by
      the
      party against whom enforceability is sought shall be required to be produced
      to
      evidence the existence of this Agreement.

     

    23.   Captions. 
      The captions and headings used in this Agreement are inserted for convenience
      only and shall not be deemed to constitute part of this Agreement or to affect
      the construction thereof.

     

    24.   Definitions. 
      For purposes of this Agreement:

     

    (a)   “Change
      in Control” shall mean a change in control of the Company occurring after the
      date hereof of a nature that would be required to be reported in response to
      Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
      item on any similar schedule or form) promulgated under the Act, whether or
      not
      the Company is then subject to such reporting requirement; provided,
      however,
      that,
      without limitation, a Change in Control shall include: (i) the acquisition
      (other than from the Company) after the date hereof by any person, entity or
      “group” within the meaning of Section 13(d)(3) or 14(d)(2) of the Act
      (excluding, for this purpose, the Company or its subsidiaries, any employee
      benefit plan of the Company or its subsidiaries which acquires beneficial
      ownership of voting securities of the Company, and any qualified institutional
      investor who meets the requirements of Rule 13d-1(b)(1) promulgated under
      the Act) of beneficial ownership (within the meaning of Rule 13d-3
      promulgated under the Act), of 20% or more of either the then-outstanding shares
      of common stock or the combined voting power of the Company’s then-outstanding
      capital stock entitled to vote generally in the election of directors; (ii)
      individuals who, as of the date hereof, constitute the Board of Directors (the
      “Incumbent Board”) ceasing for any reason to constitute at least a majority of
      the Board of Directors, provided that any person becoming a director subsequent
      to the date hereof whose election, or nomination for election by
      the

    
       

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

       

      
        Company’s
          stockholders was approved by a vote of at least a majority of the directors
          then
          comprising the Incumbent Board (other than an election or nomination of
          an
          individual whose initial assumption of office is in connection with an
          actual or
          threatened election contest relating to the election of the directors of
          the
          Company) shall be, for purposes of this Agreement, considered as though
          such
          person were a member of the Incumbent Board; or (iii) approval by the
          stockholders of the Company of (A) a reorganization, merger, or consolidation,
          in each case, with respect to which persons who were the stockholders of
          the
          Company immediately prior to such reorganization, merger, or consolidation
          do
          not, immediately thereafter, own more than 50% of the combined voting power
          entitled to vote generally in the election of directors of the reorganized,
          merged, consolidated or other surviving corporation’s then-outstanding voting
          securities, (B) a liquidation or dissolution of the Company, or (C) the
          sale of
          all or substantially all of the assets of the Company. 

         

      

    

    (b)   “Disinterested
      Director” shall mean a director of the Company who is not or was not a party to
      the action, suit, investigation or proceeding in respect of which
      indemnification is being sought by the Indemnitee.

     

    (c)   “Expenses”
      shall include all attorneys’ fees, retainers, court costs, transcript costs,
      fees of experts, witness fees, travel expenses, duplicating costs, printing
      and
      binding costs, telephone charges, postage, delivery service fees, and all other
      disbursements or expenses incurred in connection with prosecuting, defending,
      preparing to prosecute or defend, investigating or being or preparing to be
      a
      witness in any threatened, pending or completed action, suit or proceeding,
      as a
      result of, arising out of, or based upon, any events or actions that have
      occurred prior to or after the effective date of the Indemnitee’s appointment to
      the Board of Directors, whether civil, criminal, administrative or investigative
      in nature.

     

    (d)   “Independent
      Counsel” shall mean a law firm or a member of a law firm that neither is
      presently nor in the past five years has been retained to represent (i) the
      Company or the Indemnitee in any matter material to either such party or (ii)
      any other party to the action, suit, investigation or proceeding giving rise
      to
      a claim for indemnification hereunder. Notwithstanding the foregoing, the term
      “Independent Counsel” shall not include any person who, under the applicable
      standards of professional conduct then prevailing, would have a conflict of
      interest in representing either the Company or the Indemnitee in an action
      to
      determine the Indemnitee’s right to indemnification under this
      Agreement.

     

    25.   Entire
      Agreement, Modification and Waiver. 
      This Agreement constitutes the entire agreement and understanding of the parties
      hereto regarding the subject matter hereof, and no supplement, modification
      or
      amendment of this Agreement shall be binding unless executed in writing by
      both
      parties hereto. No waiver of any of the provisions of this Agreement shall
      be
      deemed or shall constitute a waiver of any other provisions hereof (whether
      or
      not similar) nor shall such waiver constitute a continuing waiver. No
      supplement, modification or amendment of this Agreement shall limit or restrict
      any right of the Indemnitee under this Agreement in respect

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    of
      any
      act or omission of the Indemnitee prior to the effective date of such
      supplement, modification or amendment unless expressly provided
      therein.

     

    26.   Notices. 
      All notices, requests, demands or other communications hereunder shall be in
      writing and shall be deemed to have been duly given if (i) delivered by hand
      with receipt acknowledged by the party to whom said notice or other
      communication shall have been directed, (ii) mailed by certified or registered
      mail, return receipt requested with postage prepaid, on the date shown on the
      return receipt or (iii) delivered by facsimile transmission on the date shown
      on
      the facsimile machine report:

     

    (a)   If
      to the
      Indemnitee to:

     

    Cary
      J.
      Davis

    c/o
      Warburg Pincus LLC

    466
      Lexington Avenue

    New
      York,
      NY 10017

    Facsimile:
      (212) 922-0795

    

    (b)   If
      to the
      Company, to:

    

    NYFIX
      Inc.

    100
      Wall
      Street, 26th Floor

    New
      York,
      NY 10005

    Attention:
      General Counsel

    Facsimile:
      (212) 809-1013

    

    with
      a
      copy to:

    

    Covington
      & Burling LLP

    1201
      Pennsylvania Avenue NW

    Washington,
      DC 20004

    Attention:
      Andrew Jack

    Facsimile:
      (202) 662-6291

    

    or
      to
      such other address as may be furnished to the Indemnitee by the Company or
      to
      the Company by the Indemnitee, as the case may be.

     

    27.   Governing
      Law. 
      The parties hereto agree that this Agreement shall be governed by, and construed
      and enforced in accordance with, the laws of the State of Delaware, applied
      without giving effect to any conflicts-of-law principles.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

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

     

    

      
        	 	
                NYFIX
                  Inc.

                 

                 

              
	 	
                By

              	/s/
                Steven R. Vigliotti
	 	 	
                Name: 
                  Steven R. Vigliotti

                Title:   
                  Chief Financial Officer

              
	 	 	
                 

                 

              
	 	
                INDEMNITEE:

                 

                 

              
	 	
                By

              	/s/
                Cary J. Davis
	 	 	
                Name: 
                  Cary J. DavisIndemnification Agreement between the Company and William Janeway

     

    EXHIBIT
      10.4

     

    INDEMNIFICATION
      AGREEMENT

     

    INDEMNIFICATION
      AGREEMENT,
      made
      and executed this 12th day of October, 2006, by and between NYFIX, Inc., a
      Delaware corporation (the “Company”), and William H. Janeway, an individual
      resident of the State of New York (the “Indemnitee”).

    

    WHEREAS,
      the Company is aware that, in order to induce highly competent persons to serve
      the Company as directors or officers or in other capacities, the Company must
      provide such persons with adequate protection through insurance and
      indemnification against inordinate risks of claims and actions against them
      arising out of their service to and activities on behalf of the
      Company;

    

    WHEREAS,
      the Company recognizes that the increasing difficulty in obtaining directors’
and officers’ liability insurance, the increases in the cost of such insurance
      and the general reductions in the coverage of such insurance have increased
      the
      difficulty of attracting and retaining such persons;

    

    WHEREAS,
      the Board of Directors of the Company has determined that it is essential to
      the
      best interests of the Company’s stockholders that the Company act to assure such
      persons that there will be increased certainty of such protection in the
      future;

    

    WHEREAS,
      it is reasonable, prudent and necessary for the Company contractually to
      obligate itself to indemnify such persons to the fullest extent permitted by
      applicable law so that they will continue to serve the Company free from undue
      concern that they will not be so indemnified; and

    

    WHEREAS,
      the Indemnitee is willing to serve, continue to serve, and take on additional
      service for or on behalf of the Company or any of its direct or indirect
      subsidiaries on the condition that he/she be so indemnified.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual promises and
      covenants contained herein, and for other good and valuable consideration,
      the
      receipt and sufficiency of which are hereby acknowledged, the Company and the
      Indemnitee do hereby agree as follows:

    

    1.   Service
      by the Indemnitee. 
      The Indemnitee agrees to serve and/or continue to serve as a director or officer
      of the Company faithfully and will discharge his/her duties and responsibilities
      to the best of his/her ability so long as the Indemnitee is duly elected or
      qualified in accordance with the provisions of the Restated Certificate of
      Incorporation (the “Certificate”) and Amended By-laws (the “By-laws”) of the
      Company and the General Corporation Law of the State of Delaware, as amended
      (the “DGCL”), or until his/her earlier death, resignation or removal. The
      Indemnitee may at any time and for any reason resign from such position (subject
      to any other contractual obligation or other obligation imposed by operation
      by
      law), in which event the Company shall have no obligation under this Agreement
      to continue the Indemnitee in

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    any
      such
      position. Nothing in this Agreement shall confer upon the Indemnitee the right
      to continue in the employ of the Company or as a director of the Company or
      affect the right of the Company to terminate the Indemnitee’s employment at any
      time in the sole discretion of the Company, with or without cause, subject
      to
      any contract rights of the Indemnitee created or existing otherwise than under
      this Agreement.

     

    2.   Indemnification. 
      The Company shall indemnify the Indemnitee against all Expenses (as defined
      below), judgments, fines and amounts paid in settlement actually and reasonably
      incurred by the Indemnitee, as a result of, arising out of, or based upon,
      any
      events or actions that have occurred prior to or after the effective date of
      the
      Indemnitee’s appointment to the Board of Directors, by reason of the fact that
      the Indemnitee is or was a director, officer, employee, agent or fiduciary
      of
      the Company, or any of its direct or indirect subsidiaries, or, at the request
      of the Company, as a director, officer, employee, agent or fiduciary of any
      other entity, including, but not limited to, another corporation, partnership,
      limited liability company, employee benefit plan, joint venture, trust or other
      enterprise, or by reason of any act or omission by him/her in such capacity,
      as
      provided in this Agreement to the fullest extent permitted by the Certificate,
      By-laws and DGCL or other applicable law in effect on the date of this Agreement
      and to any greater extent that applicable law may in the future from time to
      time permit. Without diminishing the scope of the indemnification provided
      by
      this Section 2, the rights of indemnification of the Indemnitee provided
      hereunder shall include, but shall not be limited to, those rights hereinafter
      set forth, except that no indemnification shall be paid to the Indemnitee:
      

     

    (a)   on
      account of any action, suit or proceeding in which judgment is rendered against
      the Indemnitee for disgorgement of profits made from the purchase or sale by
      the
      Indemnitee of securities of the Company pursuant to the provisions of
      Section 16(b) of the Securities Exchange Act of 1934, as amended (the
“Act”), or similar provisions of any federal, state or local statutory
      law;

     

    (b)   on
      account of conduct of the Indemnitee which is finally adjudged by a court of
      competent jurisdiction to have been knowingly fraudulent or to constitute
      willful misconduct;

     

    (c)   in
      any
      circumstance where such indemnification is expressly prohibited by applicable
      law;

     

    (d)   with
      respect to liability for which payment is actually made to the Indemnitee under
      a valid and collectible insurance policy or under a valid and enforceable
      indemnity clause, By-law or agreement (other than this Agreement), except in
      respect of any liability in excess of payment under such insurance, clause,
      By-law or agreement;

     

    (e)   if
      a
      final decision by a court having jurisdiction in the matter shall determine
      that
      such indemnification is not lawful (and, in this respect, both the Company
      and
      the Indemnitee have been advised that it is the position of the Securities
      and
      Exchange Commission that indemnification for liabilities arising under the
      federal securities laws is against public policy and is, therefore,

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    unenforceable,
      and that claims for indemnification should be submitted to the appropriate
      court
      for adjudication); or

     

    (f)   in
      connection with any action, suit or proceeding by the Indemnitee against the
      Company or any of its direct or indirect subsidiaries or the directors,
      officers, employees or other Indemnitees of the Company or any of its direct
      or
      indirect subsidiaries, (i) unless such indemnification is expressly required
      to
      be made by law, (ii) unless the proceeding was authorized by the Board of
      Directors of the Company, (iii) unless such indemnification is provided by
      the Company, in its sole discretion, pursuant to the powers vested in the
      Company under applicable law, or (iv) except as provided in Sections 11 and
      13 hereof.

     

    3.   Actions
      or Proceedings Other Than an Action by or in the Right of the
      Company. 
      The Indemnitee shall be entitled to the indemnification rights provided in
      this
      Section 3 if the Indemnitee was or is a party or witness or is threatened
      to be a party or witness to any threatened, pending or completed action, suit
      or
      proceeding, as a result of, arising out of, or based upon, any events or
      actions, whether prior to or after the effective date of the Indemnitee’s
      appointment to the Board of Directors, whether civil, criminal, administrative
      or investigative in nature, other than an action by or in the right of the
      Company, by reason of the fact that the Indemnitee is or was a director,
      officer, employee, agent or fiduciary of the Company, or any of its direct
      or
      indirect subsidiaries, or is or was serving at the request of the Company,
      or
      any of its direct or indirect subsidiaries, as a director, officer, employee,
      agent or fiduciary of any other entity, including, but not limited to, another
      corporation, partnership, limited liability company, employee benefit plan,
      joint venture, trust or other enterprise, or by reason of any act or omission
      by
      him/her in such capacity. Pursuant to this Section 3, the Indemnitee shall
      be
      indemnified against all Expenses, judgments, penalties (including excise and
      similar taxes), fines and amounts paid in settlement which were actually and
      reasonably incurred by the Indemnitee in connection with such action, suit
      or
      proceeding (including, but not limited to, the investigation, defense or appeal
      thereof), if the Indemnitee acted in good faith and in a manner the Indemnitee
      reasonably believed to be in or not opposed to the best interests of the
      Company, and, with respect to any criminal action or proceeding, had no
      reasonable cause to believe his/her conduct was unlawful.

     

    4.   Actions
      by or in the Right of the Company.  
      The Indemnitee shall be entitled to the indemnification rights provided in
      this
      Section 4 if the Indemnitee was or is a party or witness or is threatened to
      be
      made a party or witness to any threatened, pending or completed action, suit
      or
      proceeding, as a result of, arising out of, or based upon, any events or actions
      that occurred prior to or after the effective date of the Indemnitee’s
      appointment to the Board of Directors, brought by or in the right of the Company
      to procure a judgment in its favor by reason of the fact that the Indemnitee
      is
      or was a director, officer, employee, agent or fiduciary of the Company, or
      any
      of its direct or indirect subsidiaries, or is or was serving at the request
      of
      the Company, or any of its direct or indirect subsidiaries, as a director,
      officer, employee, agent or fiduciary of another entity, including, but not
      limited to, another corporation, partnership, limited liability company,
      employee benefit plan, joint venture, trust or other enterprise, or by reason
      of
      any act or omission by him/her in any such capacity. Pursuant to this Section
      4,
      the Indemnitee shall be indemnified against all Expenses actually and reasonably
      incurred by him/her in

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    connection
      with the defense or settlement of such action, suit or proceeding (including,
      but not limited to the investigation, defense or appeal thereof), if the
      Indemnitee acted in good faith and in a manner the Indemnitee reasonably
      believed to be in or not opposed to the best interests of the Company; provided
      however, that no such indemnification shall be made in respect of any claim,
      issue, or matter as to which the Indemnitee shall have been adjudged to be
      liable to the Company, unless and only to the extent that the Court of Chancery
      of the State of Delaware or the court in which such action, suit or proceeding
      was brought shall determine upon application that, despite the adjudication
      of
      liability but in view of all the circumstances of the case, the Indemnitee
      is
      fairly and reasonably entitled to be indemnified against such Expenses actually
      and reasonably incurred by him/her which such court shall deem
      proper.

     

    5.   Good
      Faith Definition. 
      For purposes of this Agreement, the Indemnitee shall be deemed to have acted
      in
      good faith and in a manner the Indemnitee reasonably believed to be in or not
      opposed to the best interests of the Company, or, with respect to any criminal
      action or proceeding to have had no reasonable cause to believe the Indemnitee’s
      conduct was unlawful, if such action was based on (i) the records or books
      of
      the account of the Company or other enterprise, including financial statements;
      (ii) information supplied to the Indemnitee by the officers of the Company
      or
      other enterprise in the course of their duties; (iii) the advice of legal
      counsel for the Company or other enterprise; or (iv) information or records
      given in reports made to the Company or other enterprise by an independent
      certified public accountant or by an appraiser or other expert selected with
      reasonable care by the Company or other enterprise.

     

    6.   Indemnification
      for Expenses of Successful Party. 
      Notwithstanding the other provisions of this Agreement, to the extent that
      the
      Indemnitee has served on behalf of the Company, or any of its direct or indirect
      subsidiaries, as a witness or other participant in any class action or
      proceeding, or has been successful, on the merits or otherwise, in defense
      of
      any action, suit or proceeding referred to in Section 3 and 4 hereof, or in
      defense of any claim, issue or matter therein, including, but not limited to,
      the dismissal of any action without prejudice, the Indemnitee shall be
      indemnified against all Expenses actually and reasonably incurred by the
      Indemnitee in connection therewith, regardless of whether or not the Indemnitee
      has met the applicable standards of Section 3 or 4 and without any determination
      pursuant to Section 8.

     

    7.   Partial
      Indemnification. 
      If the Indemnitee is entitled under any provision of this Agreement to
      indemnification by the Company for some or a portion of the Expenses, judgments,
      fines and amounts paid in settlement actually and reasonably incurred by the
      Indemnitee in connection with the investigation, defense, appeal or settlement
      of such suit, action, investigation or proceeding described in Section 3 or
      4
      hereof, but is not entitled to indemnification for the total amount thereof,
      the
      Company shall nevertheless indemnify the Indemnitee for the portion of such
      Expenses, judgments, penalties, fines and amounts paid in settlement actually
      and reasonably incurred by the Indemnitee to which the Indemnitee is
      entitled.

     

    8.   Procedure
      for Determination of Entitlement to Indemnification. 
      (a) To obtain indemnification under this Agreement, the Indemnitee shall submit
      to the Company a written request, including documentation and information which
      is reasonably available to the Indemnitee and is reasonably necessary to
      determine whether and to what extent the Indemnitee is entitled to
      indemnification. The Secretary of the Company shall, promptly upon receipt
      of
      a

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    request
      for indemnification, advise the Board of Directors in writing that the
      Indemnitee has requested indemnification. Any Expenses incurred by the
      Indemnitee in connection with the Indemnitee’s request for indemnification
      hereunder shall be borne by the Company. The Company hereby indemnifies and
      agrees to hold the Indemnitee harmless for any Expenses incurred by the
      Indemnitee under the immediately preceding sentence irrespective of the outcome
      of the determination of the Indemnitee’s entitlement to indemnification.

     

    (b)   Upon
      written request by the Indemnitee for indemnification pursuant to Section 3
      or 4
      hereof, the entitlement of the Indemnitee to indemnification pursuant to the
      terms of this Agreement shall be determined by the following person or persons,
      who shall be empowered to make such determination: (i) if a Change in
      Control (as hereinafter defined) shall have occurred, by Independent Counsel
      (as
      hereinafter defined) (unless the Indemnitee shall request in writing that such
      determination be made by the Board of Directors (or a committee thereof) in
      the
manner provided for in clause (ii) of this Section 8(b)) in a written opinion
      to
      the Board of Directors, a copy of which shall be delivered to the Indemnitee;
      or
      (ii) if a Change in Control shall not have occurred, (A)(1) by the Board of
      Directors of the Company, by a majority vote of Disinterested Directors (as
      hereinafter defined) even though less than a quorum, or (2) by a committee
      of
      Disinterested Directors designated by majority vote of Disinterested Directors,
      even though less than a quorum, or (B) if there are no such Disinterested
      Directors or, even if there are such Disinterested Directors, if the Board
      of
      Directors, by the majority vote of Disinterested Directors, so directs, by
      Independent Counsel in a written opinion to the Board of Directors, a copy
      of
      which shall be delivered to the Indemnitee. Such Independent Counsel shall
      be
      selected by the Board of Directors and approved by the Indemnitee. Upon failure
      of the Board of Directors to so select, or upon failure of the Indemnitee to
      so
      approve, such Independent Counsel shall be selected by the Chancellor of the
      State of Delaware or such other person as the Chancellor shall designate to
      make
      such selection. Such determination of entitlement to indemnification shall
      be
      made not later than 45 days after receipt by the Company of a written request
      for indemnification. If the person making such determination shall determine
      that the Indemnitee is entitled to indemnification as to part (but not all)
      of
      the application for indemnification, such person shall reasonably prorate such
      part of indemnification among such claims, issues or matters. If it is so
      determined that the Indemnitee is entitled to indemnification, payment to the
      Indemnitee shall be made within ten days after such determination. 

    

    9.   Presumptions
      and Effect of Certain Proceedings. 
      (a)
      In
      making a determination with respect to entitlement to indemnification, the
      Indemnitee shall be presumed to be entitled to indemnification hereunder and
      the
      Company shall have the burden of proof in the making of any determination
      contrary to such presumption. 

     

    (b)   If
      the
      Board of Directors, or such other person or persons empowered pursuant to
      Section 8 to make the determination of whether the Indemnitee is entitled to
      indemnification, shall have failed to make a determination as to entitlement
      to
      indemnification within 45 days after receipt by the Company of such request,
      the
      requisite determination of entitlement to indemnification shall be deemed to
      have been made and the Indemnitee shall be absolutely entitled to such
      indemnification, absent actual and material fraud in the request for
      indemnification or a prohibition of indemnification under applicable law. The
      termination of any action, suit, investigation or proceeding described in
      Section 3 or 4 hereof by judgment, order,

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    settlement
      or conviction, or upon a plea of nolo
      contendere
      or its
      equivalent, shall not, of itself: (a)  create a presumption that the
      Indemnitee did not act in good faith and in a manner which he/she reasonably
      believed to be in or not opposed to the best interests of the Company, and,
      with
      respect to any criminal action or proceeding, that the Indemnitee has reasonable
      cause to believe that the Indemnitee’s conduct was unlawful; or
      (b) otherwise adversely affect the rights of the Indemnitee to
      indemnification, except as may be provided herein. 

     

    10.   Advancement
      of Expenses. 
      All reasonable Expenses actually incurred by the Indemnitee in connection with
      any threatened or pending action, suit or proceeding, as a result of, arising
      out of, or based upon, any events or actions that occurred prior to or after
      the
      effective date of the Indemnitee’s appointment to the Board of Directors, shall
      be paid by the Company in advance of the final disposition of such action,
      suit
      or proceeding, if so requested by the Indemnitee, within 20 days after the
      receipt by the Company of a statement or statements from the Indemnitee
      requesting such advance or advances. The Indemnitee may submit such statements
      from time to time. The Indemnitee’s entitlement to such Expenses shall include
      those incurred in connection with any proceeding by the Indemnitee seeking
      an
      adjudication or award in arbitration pursuant to this Agreement. Such statement
      or statements shall reasonably evidence the Expenses incurred by the Indemnitee
      in connection therewith and shall include or be accompanied by a written
      affirmation by the Indemnitee of the Indemnitee’s good faith belief that the
      Indemnitee has met the standard of conduct necessary for indemnification under
      this Agreement and an undertaking by or on behalf of the Indemnitee to repay
      such amount if it is ultimately determined that the Indemnitee is not entitled
      to be indemnified against such Expenses by the Company pursuant to this
      Agreement or otherwise. Each written undertaking to pay amounts advanced must
      be
      an unlimited general obligation but need not be secured, and shall be accepted
      without reference to financial ability to make repayment.

     

    11.   Remedies
      of the Indemnitee in Cases of Determination not to Indemnify or to Advance
      Expenses. 
      In the event that a determination is made that the Indemnitee is not entitled
      to
      indemnification hereunder or if the payment has not been timely made following
      a
      determination of entitlement to indemnification pursuant to Sections 8 and
      9, or if Expenses are not advanced pursuant to Section 10, the Indemnitee
      shall be entitled to a final adjudication in an appropriate court of the State
      of Delaware or any other court of competent jurisdiction of the Indemnitee’s
      entitlement to such indemnification or advance. Alternatively, the Indemnitee
      may, at the Indemnitee’s option, seek an award in arbitration to be conducted by
      a single arbitrator pursuant to the rules of the American Arbitration
      Association, such award to be made within 60 days following the filing of
      the demand for arbitration. The Company shall not oppose the Indemnitee’s right
      to seek any such adjudication or award in arbitration or any other claim. Such
      judicial proceeding or arbitration shall be made de
      novo,
      and the
      Indemnitee shall not be prejudiced by reason of a determination (if so made)
      that the Indemnitee is not entitled to indemnification. If a determination
      is
      made or deemed to have been made pursuant to the terms of Section 8 or
      Section 9 hereof that the Indemnitee is entitled to indemnification, the
      Company shall be bound by such determination and shall be precluded from
      asserting that such determination has not been made or that the procedure by
      which such determination was made is not valid, binding and enforceable. The
      Company further agrees to stipulate in any such court or before any such
      arbitrator that the Company is bound by all the provisions of this Agreement
      and
      is precluded from making any assertions to the contrary. If the court or
      arbitrator shall determine that the Indemnitee is entitled to any
      indemnification hereunder, the Company shall pay all

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    reasonable
      Expenses actually incurred by the Indemnitee in connection with such
      adjudication or award in arbitration (including, but not limited to, any
      appellate proceedings).

     

    12.   Notification
      and Defense of Claim. 
      Promptly after receipt by the Indemnitee of notice of the commencement of any
      action, suit or proceeding, the Indemnitee will, if a claim in respect thereof
      is to be made against the Company under this Agreement, notify the Company
      in
      writing of the commencement thereof; but the omission to so notify the Company
      will not relieve the Company from any liability that it may have to the
      Indemnitee otherwise than under this Agreement or otherwise, except to the
      extent that the Company may suffer material prejudice by reason of such failure.
      Notwithstanding any other provision of this Agreement, with respect to any
      such
      action, suit or proceeding as to which the Indemnitee gives notice to the
      Company of the commencement thereof:

     

    (a)   The
      Company will be entitled to participate therein at its own expense.

     

    (b)   Except
      as
      otherwise provided in this Section 12(b), to the extent that it may wish,
      the Company, jointly with any other indemnifying party similarly notified,
      shall
      be entitled to assume the defense thereof with counsel reasonably satisfactory
      to the Indemnitee. After notice from the Company to the Indemnitee of its
      election to so assume the defense thereof, the Company shall not be liable
      to
      the Indemnitee under this Agreement for any legal or other Expenses subsequently
      incurred by the Indemnitee in connection with the defense thereof other than
      reasonable costs of investigation or as otherwise provided below. The Indemnitee
      shall have the right to employ the Indemnitee’s own counsel in such action or
      lawsuit, but the fees and Expenses of such counsel incurred after notice from
      the Company of its assumption of the defense thereof shall be at the expense
      of
      the Indemnitee unless (i) the employment of counsel by the Indemnitee has
      been authorized by the Company, (ii) the Indemnitee shall have reasonably
      concluded that there may be a conflict of interest between the Company and
      the
      Indemnitee in the conduct of the defense of such action and such determination
      by the Indemnitee shall be supported by an opinion of counsel, which opinion
      shall be reasonably acceptable to the Company, or (iii) the Company shall
      not in fact have employed counsel to assume the defense of the action, in each
      of which cases the fees and Expenses of counsel shall be at the expense of
      the
      Company. The Company shall not be entitled to assume the defense of any action,
      suit or proceeding brought by or on behalf of the Company or as to which the
      Indemnitee shall have reached the conclusion provided for in clause (ii)
      above.

     

    (c)   The
      Company shall not be liable to indemnify the Indemnitee under this Agreement
      for
      any amounts paid in settlement of any action, suit or proceeding effected
      without its written consent, which consent shall not be unreasonably withheld.
      The Company shall not be required to obtain the consent of the Indemnitee to
      settle any action, suit or proceeding which the Company has undertaken to defend
      if the Company assumes full and sole responsibility for such settlement and
      such
      settlement grants the Indemnitee a complete and unqualified release in respect
      of any potential liability.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    (d)   If,
      at
      the time of the receipt of a notice of a claim pursuant to this Section 12,
      the
      Company has director and officer liability insurance in effect, the Company
      shall give prompt notice of the commencement of such proceeding to the insurers
      in accordance with the procedures set forth in the respective policies. The
      Company shall thereafter take all necessary or desirable action to cause such
      insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
      of
      such proceeding in accordance with the terms of the policies.

     

    13.   Other
      Right to Indemnification. 
      The indemnification and advancement of Expenses provided by this Agreement
      are
      cumulative, and not exclusive, and are in addition to any other rights to which
      the Indemnitee may now or in the future be entitled under any provision of
      the
      By-laws or Certificate of the Company, any vote of stockholders or Disinterested
      Directors, any provision of law or otherwise. Except as required by applicable
      law, the Company shall not adopt any amendment to its By-laws or Certificate
      the
      effect of which would be to deny, diminish or encumber the Indemnitee’s right to
      indemnification under this Agreement.

     

    14.   Director
      and Officer Liability Insurance. 
      The Company shall maintain directors’ and officers’ liability insurance for so
      long as the Indemnitee’s services are covered hereunder, provided and to the
      extent that such insurance is available on a commercially reasonable basis.
      In
      the event the Company maintains directors’ and officers’ liability insurance,
      the Indemnitee shall be named as an insured in such manner as to provide the
      Indemnitee the same rights and benefits as are accorded to the most favorably
      insured of the Company’s officers or directors. However, the Company agrees that
      the provisions hereof shall remain in effect regardless of whether liability
      or
      other insurance coverage is at any time obtained or retained by the Company,
      except that any payments made to, or on behalf of, the Indemnitee under an
      insurance policy shall reduce the obligations of the Company
      hereunder.

     

    15.   Spousal
      Indemnification. 
      The Company will indemnify the Indemnitee’s spouse to whom the Indemnitee is
      legally married at any time the Indemnitee is covered under the indemnification
      provided in this Agreement (even if the Indemnitee did not remain married to
      him
      or her during the entire period of coverage) against any pending or threatened
      action, suit, proceeding or investigation for the same period, to the same
      extent and subject to the same standards, limitations, obligations and
      conditions under which the Indemnitee is provided indemnification herein, if
      the
      Indemnitee’s spouse (or former spouse) becomes involved in a pending or
      threatened action, suit, proceeding or investigation solely by reason of his
      or
      her status as the Indemnitee’s spouse, including, without limitation, any
      pending or threatened action, suit, proceeding or investigation that seeks
      damages recoverable from marital community property, jointly-owned property
      or
      property purported to have been transferred from the Indemnitee to his/her
      spouse (or former spouse). The Indemnitee’s spouse or former spouse also may be
      entitled to advancement of Expenses to the same extent that the Indemnitee
      is
      entitled to advancement of Expenses herein. The Company may maintain insurance
      to cover its obligation hereunder with respect to the Indemnitee’s spouse (or
      former spouse) or set aside assets in a trust or escrow fund for that
      purpose.

     

    16.   Intent. 
      This Agreement is intended to be broader than any statutory indemnification
      rights applicable in the State of Delaware and shall be in addition to any
      other

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    rights
      the Indemnitee may have under the Company’s Certificate, By-laws, applicable law
      or otherwise. To the extent that a change in applicable law (whether by statute
      or judicial decision) permits greater indemnification by agreement than would
      be
      afforded currently under the Company’s Certificate, By-laws, applicable law or
      this Agreement, it is the intent of the parties that the Indemnitee enjoy by
      this Agreement the greater benefits so afforded by such change. In the event
      of
      any change in applicable law, statute or rule which narrows the right of a
      Delaware corporation to indemnify a member of its Board of Directors or an
      officer, employee, agent or fiduciary, such change, to the extent not otherwise
      required by such law, statute or rule to be applied to this Agreement, shall
      have no effect on this Agreement or the parties’ rights and obligations
      hereunder. 

     

    17.   Attorney’s
      Fees and Other Expenses to Enforce Agreement. 
      In the event that the Indemnitee is subject to or intervenes in any action,
      suit
      or proceeding in which the validity or enforceability of this Agreement is
      at
      issue or seeks an adjudication or award in arbitration to enforce the
      Indemnitee’s rights under, or to recover damages for breach of, this Agreement
      the Indemnitee, if he/she prevails in whole or in part in such action, shall
      be
      entitled to recover from the Company and shall be indemnified by the Company
      against any actual expenses for attorneys’ fees and disbursements reasonably
      incurred by the Indemnitee.

     

    18.   Effective
      Date. 
      The provisions of this Agreement shall cover claims, actions, suits or
      proceedings whether now pending or hereafter commenced and shall be retroactive
      to cover acts or omissions or alleged acts or omissions which heretofore have
      taken place as a result of, arising out of, or based upon, any events or actions
      that have occurred prior to or after the effective date of the Indemnitee’s
      appointment to the Board of Directors. The Company shall be liable under this
      Agreement, pursuant to Sections 3 and 4 hereof, for all acts of the Indemnitee
      while serving as a director and/or officer, notwithstanding the termination
      of
      the Indemnitee’s service, if such act was performed or omitted to be performed
      during the term of the Indemnitee’s service to the Company.

     

    19.   Duration
      of Agreement. 
      This Agreement shall survive and continue even though the Indemnitee may have
      terminated his/her service as a director, officer, employee, agent or fiduciary
      of the Company or as a director, officer, employee, agent or fiduciary of any
      other entity, including, but not limited to another corporation, partnership,
      limited liability company, employee benefit plan, joint venture, trust or other
      enterprise or by reason of any act or omission by the Indemnitee in any such
      capacity. This Agreement shall be binding upon the Company and its successors
      and assigns, including, without limitation, any corporation or other entity
      which may have acquired all or substantially all of the Company’s assets or
      business or into which the Company may be consolidated or merged, and shall
      inure to the benefit of the Indemnitee and his/her spouse, successors, assigns,
      heirs, devisees, executors, administrators or other legal representations.
      The
      Company shall require any successor or assignee (whether direct or indirect,
      by
      purchase, merger, consolidation or otherwise) to all or substantially all of
      the
      business and/or assets of the Company, by written agreement in form and
      substance reasonably satisfactory to the Company and the Indemnitee, expressly
      to assume and agree to perform this Agreement in the same manner and to the
      same
      extent that the Company would be required to perform if no such succession
      or
      assignment had taken place.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    20.   Disclosure
      of Payments. 
      Except as expressly required by any Federal or state securities laws or other
      Federal or state law, neither party shall disclose any payments under this
      Agreement unless prior approval of the other party is obtained.

     

    21.   Severability. 
      If any provision or provisions of this Agreement shall be held invalid, illegal
      or unenforceable for any reason whatsoever, (a) the validity, legality and
      enforceability of the remaining provisions of this Agreement (including, but
      not
      limited to, all portions of any Sections of this Agreement containing any such
      provision held to be invalid, illegal or unenforceable) shall not in any way
      be
      affected or impaired thereby and (b) to the fullest extent possible, the
      provisions of this Agreement (including, but not limited to, all portions of
      any
      paragraph of this Agreement containing any such provision held to be invalid,
      illegal or unenforceable, that are not themselves invalid, illegal or
      unenforceable) shall be construed so as to give effect to the intent manifest
      by
      the provision held invalid, illegal or unenforceable.

     

    22.   Counterparts. 
      This Agreement may be executed by one or more counterparts, each of which shall
      for all purposes be deemed to be an original but all of which together shall
      constitute one and the same Agreement. Only one such counterpart signed by
      the
      party against whom enforceability is sought shall be required to be produced
      to
      evidence the existence of this Agreement.

     

    23.   Captions. 
      The captions and headings used in this Agreement are inserted for convenience
      only and shall not be deemed to constitute part of this Agreement or to affect
      the construction thereof.

     

    24.   Definitions. 
      For purposes of this Agreement:

     

    (a)   “Change
      in Control” shall mean a change in control of the Company occurring after the
      date hereof of a nature that would be required to be reported in response to
      Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
      item on any similar schedule or form) promulgated under the Act, whether or
      not
      the Company is then subject to such reporting requirement; provided,
      however,
      that,
      without limitation, a Change in Control shall include: (i) the acquisition
      (other than from the Company) after the date hereof by any person, entity or
      “group” within the meaning of Section 13(d)(3) or 14(d)(2) of the Act
      (excluding, for this purpose, the Company or its subsidiaries, any employee
      benefit plan of the Company or its subsidiaries which acquires beneficial
      ownership of voting securities of the Company, and any qualified institutional
      investor who meets the requirements of Rule 13d-1(b)(1) promulgated under
      the Act) of beneficial ownership (within the meaning of Rule 13d-3
      promulgated under the Act), of 20% or more of either the then-outstanding shares
      of common stock or the combined voting power of the Company’s then-outstanding
      capital stock entitled to vote generally in the election of directors; (ii)
      individuals who, as of the date hereof, constitute the Board of Directors (the
      “Incumbent Board”) ceasing for any reason to constitute at least a majority of
      the Board of Directors, provided that any person becoming a director subsequent
      to the date hereof whose election, or nomination for election by
      the

    
       

      
        
          
          

        

        
          -10-

          
            

          

        

        
          
          

        

      

       

      
        Company’s
          stockholders was approved by a vote of at least a majority of the directors
          then
          comprising the Incumbent Board (other than an election or nomination of
          an
          individual whose initial assumption of office is in connection with an
          actual or
          threatened election contest relating to the election of the directors of
          the
          Company) shall be, for purposes of this Agreement, considered as though
          such
          person were a member of the Incumbent Board; or (iii) approval by the
          stockholders of the Company of (A) a reorganization, merger, or consolidation,
          in each case, with respect to which persons who were the stockholders of
          the
          Company immediately prior to such reorganization, merger, or consolidation
          do
          not, immediately thereafter, own more than 50% of the combined voting power
          entitled to vote generally in the election of directors of the reorganized,
          merged, consolidated or other surviving corporation’s then-outstanding voting
          securities, (B) a liquidation or dissolution of the Company, or (C) the
          sale of
          all or substantially all of the assets of the Company. 

         

      

    

    (b)   “Disinterested
      Director” shall mean a director of the Company who is not or was not a party to
      the action, suit, investigation or proceeding in respect of which
      indemnification is being sought by the Indemnitee.

     

    (c)   “Expenses”
      shall include all attorneys’ fees, retainers, court costs, transcript costs,
      fees of experts, witness fees, travel expenses, duplicating costs, printing
      and
      binding costs, telephone charges, postage, delivery service fees, and all other
      disbursements or expenses incurred in connection with prosecuting, defending,
      preparing to prosecute or defend, investigating or being or preparing to be
      a
      witness in any threatened, pending or completed action, suit or proceeding,
      as a
      result of, arising out of, or based upon, any events or actions that have
      occurred prior to or after the effective date of the Indemnitee’s appointment to
      the Board of Directors, whether civil, criminal, administrative or investigative
      in nature.

     

    (d)   “Independent
      Counsel” shall mean a law firm or a member of a law firm that neither is
      presently nor in the past five years has been retained to represent (i) the
      Company or the Indemnitee in any matter material to either such party or (ii)
      any other party to the action, suit, investigation or proceeding giving rise
      to
      a claim for indemnification hereunder. Notwithstanding the foregoing, the term
      “Independent Counsel” shall not include any person who, under the applicable
      standards of professional conduct then prevailing, would have a conflict of
      interest in representing either the Company or the Indemnitee in an action
      to
      determine the Indemnitee’s right to indemnification under this
      Agreement.

     

    25.   Entire
      Agreement, Modification and Waiver. 
      This Agreement constitutes the entire agreement and understanding of the parties
      hereto regarding the subject matter hereof, and no supplement, modification
      or
      amendment of this Agreement shall be binding unless executed in writing by
      both
      parties hereto. No waiver of any of the provisions of this Agreement shall
      be
      deemed or shall constitute a waiver of any other provisions hereof (whether
      or
      not similar) nor shall such waiver constitute a continuing waiver. No
      supplement, modification or amendment of this Agreement shall limit or restrict
      any right of the Indemnitee under this Agreement in respect

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    of
      any
      act or omission of the Indemnitee prior to the effective date of such
      supplement, modification or amendment unless expressly provided
      therein.

     

    26.   Notices. 
      All notices, requests, demands or other communications hereunder shall be in
      writing and shall be deemed to have been duly given if (i) delivered by hand
      with receipt acknowledged by the party to whom said notice or other
      communication shall have been directed, (ii) mailed by certified or registered
      mail, return receipt requested with postage prepaid, on the date shown on the
      return receipt or (iii) delivered by facsimile transmission on the date shown
      on
      the facsimile machine report:

     

    (a)   If
      to the
      Indemnitee to:

     

    William
      H. Janeway

    c/o
      Warburg Pincus LLC

    466
      Lexington Avenue

    New
      York,
      NY 10017

    Facsimile:
      (212) 878-9350

    

    (b)   If
      to the
      Company, to:

    

    NYFIX
      Inc.

    100
      Wall
      Street, 26th Floor

    New
      York,
      NY 10005

    Attention:
      General Counsel

    Facsimile:
      (212) 809-1013

    

    with
      a
      copy to:

    

    Covington
      & Burling LLP

    1201
      Pennsylvania Avenue NW

    Washington,
      DC 20004

    Attention:
      Andrew Jack

    Facsimile:
      (202) 662-6291

    

    or
      to
      such other address as may be furnished to the Indemnitee by the Company or
      to
      the Company by the Indemnitee, as the case may be.

     

    27.   Governing
      Law. 
      The parties hereto agree that this Agreement shall be governed by, and construed
      and enforced in accordance with, the laws of the State of Delaware, applied
      without giving effect to any conflicts-of-law principles.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

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

     

    

      
        	 	
                NYFIX
                  Inc.

                 

                 

              
	 	
                By

              	/s/
                Steven R. Vigliotti
	 	 	
                Name: 
                  Steven R. Vigliotti

                Title:   
                  Chief Financial Officer

              
	 	 	
                 

                 

              
	 	
                INDEMNITEE:

                 

                 

              
	 	
                By

              	/s/
                William H. Janeway
	 	 	
                Name: 
                  William H. Janeway

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]