Document:

EXHIBIT 10.3 

2007 AMENDMENT TO 2003 STOCK
INCENTIVE PLAN 
 

VOXWARE, INC. 

2003 STOCK INCENTIVE PLAN 

 (Amended and Restated as of December 13, 2007)

1. Purpose 

     The
purpose of this 2003 Stock Incentive Plan (the “Plan”) of Voxware, Inc., a
Delaware corporation (the “Company”), is to advance the interests of the Company’s
stockholders by enhancing the Company’s ability to attract, retain and motivate
persons who make (or are expected to make) important contributions to the
Company by providing such persons with equity ownership opportunities and
performance-based incentives and thereby better aligning the interests of such
persons with those of the Company’s stockholders. Except where the context
otherwise requires, the term “Company” shall include any of the Company’s
present or future parent or subsidiary corporations as defined in Sections
424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the “Code”) and any other business venture
(including, without limitation, joint venture or limited liability company) in
which the Company has a controlling interest, as determined by the Board of
Directors of the Company (the “Board”). 

2. Eligibility 

     All of
the Company’s employees, officers, directors, consultants and advisors are
eligible to be granted options, restricted stock awards or restricted stock unit
awards (each, an “Award”) under the Plan. Each person who has been granted an
Award under the Plan shall be deemed a “Participant”. 

3. Administration and
Delegation 

     (a)
Administration by Board of Directors. The
Plan will be administered by the Board. The Board shall have authority to grant
Awards and to adopt, amend and repeal such administrative rules, guidelines and
practices relating to the Plan as it shall deem advisable. The Board may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or
any Award in the manner and to the extent it shall deem expedient to carry the
Plan into effect and it shall be the sole and final judge of such expediency.
All decisions by the Board shall be made in the Board’s sole discretion and
shall be final and binding on all persons having or claiming any interest in the
Plan or in any Award. No director or person acting pursuant to the authority
delegated by the Board shall be liable for any action or determination relating
to or under the Plan made in good faith. 

     (b) Appointment of Committees. To the extent
permitted by applicable law, the Board may delegate any or all of its powers
under the Plan to one or more committees or subcommittees of the Board (a
“Committee”). All references in the Plan to the “Board” shall mean the Board or
a Committee of the Board to the extent that the Board’s powers or authority
under the Plan have been delegated to such Committee. 

4. Stock Available for
Awards 

     (a) Number of Shares. Subject to adjustment
under Section 8, Awards may be made under the Plan for up to
1,534,734 shares of
common stock, $0.001 par value per share, of the Company (the “Common Stock”).
Such authorized share reserve includes a 550,000
share increase authorized by the Board on October
15, 2007, subject to stockholder approval at the 2007 Annual Meeting. If any
Award expires or is terminated, surrendered or canceled without having been
fully exercised or is forfeited in whole or in part (including as the result of
unvested shares of Common Stock subject to such Award being repurchased by the
Company pursuant to a contractual repurchase right) or results in any Common
Stock not being issued, the unused Common Stock covered by such Award shall
again be available for the grant of Awards under the Plan, subject, however, in
the case of Incentive Stock Options (as hereinafter defined), to any limitations
under the Code. Shares issued under the Plan may consist in whole or in part of
authorized but unissued shares or treasury shares. 

     (b) Per-Participant Limit. Subject to
adjustment under Section 8, the maximum number of shares of Common Stock with
respect to which Awards may be granted to any Participant under the Plan shall
be 350,000 per calendar
year. The per-Participant limit described in this Section 4(b) shall be
construed and applied consistently with Section 162(m) of the Code (“Section
162(m)”) and is subject to stockholder approval at the 2007 Annual Meeting.

5. Stock Options 

     (a) General. The Board may grant options to
purchase Common Stock (each, an “Option”) and determine the number of shares of
Common Stock to be covered by each Option, the exercise price of each Option and
the conditions and limitations applicable to the exercise of each Option,
including conditions relating to applicable federal or state securities laws, as
it considers necessary or advisable. An Option which is not intended to be an
Incentive Stock Option (as hereinafter defined) shall be designated a
“Nonstatutory Stock Option”. 

     (b) Incentive Stock Options. An Option that
the Board intends to be an “incentive stock option” as defined in Section 422 of
the Code (an “Incentive Stock Option”) shall only be granted to employees of
Voxware, Inc., any of Voxware, Inc.’s present or future parent or subsidiary
corporations as defined in Sections 424(e) or (f) of the Code and shall be
subject to and shall be construed consistently with the requirements of Section
422 of the Code. The Company shall have no liability to a Participant, or any
other party, if an Option (or any part thereof) that is intended to be an
Incentive Stock Option is not an Incentive Stock Option. 

     (c) Dollar Limitation. The aggregate Fair
Market Value of the shares of Common Stock (determined as of the respective date
or dates of grant) for which one or more options granted to any employee under
the Plan (or any other option plan of the Company or any parent or subsidiary
corporations as defined in Code Sections 424(e) or (f)) may for the first time
become exercisable as Incentive Stock Options during any one calendar year shall
not exceed the sum of One Hundred Thousand Dollars ($100,000).

          To the extent a Participant holds two (2) or more such options
which become exercisable for the first time in the same calendar year, then for
purposes of the foregoing limitations on the exercisability of those options as
Incentive Stock Options, such options shall be deemed to become first
exercisable in that calendar year on the basis of the chronological order in
which they were granted, except to the extent otherwise provided under
applicable law or regulation. 

     (d) Exercise Price. The Board shall establish
the exercise price at the time each Option is granted and specify it in the
applicable option agreement; provided, however, that the exercise price per
share shall not be less than one hundred percent (100%) of the Fair Market Value
of the Common Stock on the grant date. For purposes of the Plan, “Fair Market
Value” per share of Common Stock on any relevant date shall be the closing
selling price per share of Common Stock on the date in question on the national
market or stock exchange serving as the primary market for the Common Stock, as
such price is reported by the National Association of Securities Dealers (if
primarily traded on the Nasdaq Global, Nasdaq Global Select or Nasdaq Capital
Market) or as officially quoted in the composite tape of transactions on any
stock exchange on which the Common Stock is primarily traded. If there is no
closing selling price for the Common Stock on the date in question, then the
Fair Market Value shall be the closing selling price on the last preceding date
for which such quotation exists. 

     (e) Duration of Options. Each Option shall be
exercisable at such times and subject to such terms and conditions as the Board
may specify in the applicable option agreement provided, however, that no Option
will be granted for a term in excess of 10 years. 

     (f) Exercise of Option. Options may be
exercised by delivery to the Company of a written notice of exercise signed by
the proper person or by any other form of notice (including electronic notice)
approved by the Board together with payment in full as specified in Section 5(g)
for the number of shares for which the Option is exercised. 

     (g) Payment Upon Exercise. Common Stock
purchased upon the exercise of an Option granted under the Plan shall be paid
for as follows: 

	
  in cash or by check, payable to the order of the Company; 

  
	
  except as the Board may, in its sole
  discretion, otherwise provide in an option agreement, by (i) delivery of an
  irrevocable and unconditional undertaking by a creditworthy broker to deliver
  promptly to the Company sufficient funds to pay the exercise price and any
  required tax withholding or (ii) delivery by the Participant to the Company of
  a copy of irrevocable and unconditional instructions to a creditworthy broker
  to deliver promptly to the Company cash or a check sufficient to pay the
  exercise price and any required tax withholding; 

  
	
  by delivery of shares of Common Stock
  owned by the Participant valued at Fair Market Value on the exercise date,
  provided (i) such method of payment is then permitted under applicable law and
  (ii) such Common Stock has been held for the requisite period (if any)
  necessary to avoid any resulting charge to the Company’s earnings for
  financial reporting purposes; or 

  
	
  by any combination of the above
  permitted forms of payment. 

     (h) Substitute Options. In connection with a
merger or consolidation of an entity with the Company or the acquisition by the
Company of property or stock of an entity, the Board may grant Options in
substitution for any options or other stock or stock-based awards granted by
such entity or an affiliate thereof. Substitute Options may be granted on such
terms as the Board deems appropriate in the circumstances, notwithstanding any
limitations on Options contained in the other sections of this Section 5 or in
Section 2. 

6. Restricted Stock 

     (a) Grants. The Board may grant Awards
entitling recipients to acquire shares of Common Stock, subject to the right of
the Company to repurchase all or part of such shares at their issue price or
other stated or formula price (or to require forfeiture of such shares if issued
at no cost) from the recipient in the event that conditions specified by the
Board in the applicable Award are not satisfied prior to the end of the
applicable restriction period or periods established by the Board for such Award
(each, a “Restricted Stock Award”). 

     (b) Terms and Conditions. The Board shall
determine the terms and conditions of any such Restricted Stock Award, including
the conditions for repurchase (or forfeiture) and the issue price, if
any.

     (c) Stock Certificates. Any stock
certificates issued in respect of a Restricted Stock Award shall be registered
in the name of the Participant and, unless otherwise determined by the Board,
deposited by the Participant, together with a stock power endorsed in blank,
with the Company (or its designee). At the expiration of the applicable
restriction periods, the Company (or such designee) shall deliver the
certificates no longer subject to such restrictions to the Participant or if the
Participant has died, to the beneficiary designated, in a manner determined by
the Board, by a Participant to receive amounts due or exercise rights of the
Participant in the event of the Participant’s death (the “Designated
Beneficiary”). In the absence of an effective designation by a Participant,
Designated Beneficiary shall mean the Participant’s estate. 

7. Restricted Stock
Units 

     (a) Grant of Restricted Stock Unit Awards.
The Board may grant restricted stock units (“Restricted Stock Unit Award”)
entitling recipients to receive shares of Common Stock on such terms and
conditions as may be selected by the Board. The Board shall have the complete
discretion to determine the number of units subject to each Restricted Stock
Unit Award. 

     (b) Vesting and
Issuance Provisions. 

          Restricted Stock Unit Awards may, in the discretion of the
Board, vest upon the attainment of designated performance objectives or the
satisfaction of specified employment or service requirements. Shares of Common
Stock subject to the Restricted Stock Unit Awards may be issued on the vesting
date or upon the expiration of a designated time period or the occurrence of a
designated event following the vesting of the Award, including (without
limitation) a deferred distribution date following the termination of the
Participant’s employment or service. The vesting and issuance provisions
applicable to each Restricted Stock Unit Award shall be set forth in the
Participant’s Restricted Stock Unit Award agreement. 

          The Participant shall not have any stockholder rights with
respect to the shares of Common Stock subject to a Restricted Stock Unit Award
until that Award vests and the shares of Common Stock are actually issued
thereunder. However, dividend-equivalent units may be paid or credited, either
in cash or in actual or phantom shares of Common Stock, on outstanding
Restricted Stock Unit Awards, subject to such terms and conditions as the Board
may deem appropriate. 

          Outstanding Restricted Stock Unit Awards shall automatically
terminate, and no shares of Common Stock shall actually be issued in
satisfaction of those Awards, if the performance objectives or employment or
service requirements established for those Awards are not attained or satisfied.
The Board, however, shall have the discretionary authority to issue vested
shares of Common Stock under one or more outstanding Restricted Stock Unit
Awards as to which the designated performance objectives or employment or
service requirements have not been attained or satisfied. 

8. Adjustments for Changes in Common
Stock and Certain Other Events 

     (a) Changes in Capitalization. In the event
of any stock split, reverse stock split, stock dividend, recapitalization,
combination of shares, reclassification of shares, spin-off or other similar
change in capitalization or event, or any distribution to holders of Common
Stock other than a normal cash dividend, (i) the number and class of securities
available under this Plan, (ii) the per-Participant limit set forth in Section
4(b), (iii) the number and class of securities and exercise price per share
subject to each outstanding Option, (iv) the repurchase price per share subject
to each outstanding Restricted Stock Award and (v) the number and class of
securities subject to each outstanding Restricted Stock Unit Award under the
Plan shall be equitably adjusted by the Board in such manner as the Board deems
appropriate in order to preclude the enlargement or dilution of rights and
benefits thereunder, and those adjustments shall be final, binding and
conclusive. If this Section 8(a) applies and Section 8(c) also applies to any
event, Section 8(c) shall be applicable to such event, and this Section 8(a)
shall not be applicable. 

     (b) Liquidation or Dissolution. In the event
of a proposed liquidation or dissolution of the Company, the Board shall upon
written notice to the Participants provide that all then unexercised Options
will (i) become exercisable in full as of a specified time at least 10 business
days prior to the effective date of such liquidation or dissolution and (ii)
terminate effective upon such liquidation or dissolution, except to the extent
exercised before such effective date. The Board may specify the effect of a
liquidation or dissolution on any Restricted Stock Award and Restricted Stock
Unit Award granted under the Plan at the time of the grant. 

     (c) Reorganization
Events. 

          (1) Definition. A “Reorganization Event” shall mean: (a) any merger or
consolidation of the Company with or into another entity as a result of which
all of the Common Stock of the Company is converted into or exchanged for the
right to receive cash, securities or other property or (b) any exchange of all
of the Common Stock of the Company for cash, securities or other property
pursuant to a share exchange transaction. 

          (2) Consequences of a Reorganization Event on
Options. Upon the occurrence of a Reorganization
Event, the Board shall provide that all outstanding Options shall be assumed, or
equivalent options shall be substituted, by the acquiring or succeeding
corporation (or an affiliate thereof). For purposes hereof, an Option shall be
considered to be assumed if, following consummation of the Reorganization Event,
the Option confers the right to purchase, for each share of Common Stock subject
to the Option immediately prior to the consummation of the Reorganization Event,
the consideration (whether cash, securities or other property) received as a
result of the Reorganization Event by holders of Common Stock for each share of
Common Stock held immediately prior to the consummation of the Reorganization
Event (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding shares of
Common Stock); provided, however, that if the consideration received as a result
of the Reorganization Event is not solely common stock of the acquiring or
succeeding corporation (or an affiliate thereof), the Company may, with the
consent of the acquiring or succeeding corporation, provide for the
consideration to be received upon the exercise of Options to consist solely of
common stock of the acquiring or succeeding corporation (or an affiliate
thereof) equivalent in fair market value to the per share consideration received
by holders of outstanding shares of Common Stock as a result of the
Reorganization Event. 

     Notwithstanding the foregoing, if the acquiring or succeeding corporation
(or an affiliate thereof) does not agree to assume, or substitute for, such
Options, then the Board shall, upon written notice to the Participants, provide
that all then unexercised Options will become exercisable in full as of a
specified time prior to the Reorganization Event and will terminate immediately
prior to the consummation of such Reorganization Event, except to the extent
exercised by the Participants before the consummation of such Reorganization
Event; provided, however, that in the event of a Reorganization Event under the
terms of which holders of Common Stock will receive upon consummation thereof a
cash payment for each share of Common Stock surrendered pursuant to such
Reorganization Event (the “Acquisition Price”), then the Board may instead
provide that all outstanding Options shall terminate upon consummation of such
Reorganization Event and that each Participant shall receive, in exchange
therefor, a cash payment equal to the amount (if any) by which (A) the
Acquisition Price multiplied by the number of shares of Common Stock subject to
such outstanding Options (whether or not then exercisable), exceeds (B) the
aggregate exercise price of such Options. To the extent all or any portion of an
Option becomes exercisable solely as a result of the first sentence of this
paragraph, upon exercise of such Option the Participant shall receive shares
subject to a right of repurchase by the Company or its successor at the Option
exercise price. Such repurchase right (1) shall lapse at the same rate as the
Option would have become exercisable under its terms and (2) shall not apply to
any shares subject to the Option that were exercisable under its terms without
regard to the first sentence of this paragraph. 

          (3) Consequences of a Reorganization
Event on Restricted Stock Awards. Upon the
occurrence of a Reorganization Event, the repurchase and other rights of the
Company under each outstanding Restricted Stock Award shall inure to the benefit
of the Company’s successor and shall apply to the cash, securities or other
property which the Common Stock was converted into or exchanged for pursuant to
such Reorganization Event in the same manner and to the same extent as they
applied to the Common Stock subject to such Restricted Stock Award. 

          (4) Consequences of a Reorganization
Event on Restricted Stock Unit Awards. Upon
the occurrence of a Reorganization Event, the Board shall provide that all
outstanding Restricted Stock Unit Awards shall be assumed, or equivalent
restricted stock unit awards shall be substituted, by the acquiring or
succeeding corporation (or an affiliate thereof). For purposes hereof, a
Restricted Stock Unit Award shall be considered to be assumed if, following
consummation of the Reorganization Event, the Restricted Stock Unit Award
confers the right to receive, for each share of Common Stock subject to the
Restricted Stock Unit Award immediately prior to the consummation of the
Reorganization Event, the consideration (whether cash, securities or other
property) received as a result of the Reorganization Event by holders of Common
Stock for each share of Common Stock held immediately prior to the consummation
of the Reorganization Event (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of
the outstanding shares of Common Stock); provided, however, that if the
consideration received as a result of the Reorganization Event is not solely
common stock of the acquiring or succeeding corporation (or an affiliate
thereof), the Company may, with the consent of the acquiring or succeeding
corporation (or affiliate thereof), provide for the consideration to be received
upon the vesting of the Restricted Stock Unit Awards to consist solely of common
stock of the acquiring or succeeding corporation (or an affiliate thereof)
equivalent in fair market value to the per share consideration received by
holders of outstanding shares of Common Stock as a result of the Reorganization
Event. 

          Notwithstanding the foregoing, if the acquiring or succeeding
corporation (or an affiliate thereof) does not agree to assume, or substitute
for, such Restricted Stock Unit Awards, then the Board shall, upon written
notice to the Participants, provide that all then unvested Restricted Stock Unit
Awards will vest in full as of a specified time prior to the Reorganization
Event. To the extent all or any portion of a Restricted Stock Unit Award vests
solely as a result of the foregoing sentence, any shares issued as a result
thereof shall be restricted shares subject to vesting and forfeiture. The
restrictions and forfeiture provisions shall lapse in accordance with the same
vesting schedule in effect for the Restricted Stock Unit Award prior to its
accelerated vesting. 

9. General Provisions Applicable to
Awards. 

     (a) Transferability of Awards. Except as the
Board may otherwise determine or provide in an Award, Awards shall not be sold,
assigned, transferred, pledged or otherwise encumbered by the person to whom
they are granted, either voluntarily or by operation of law, except by will or
the laws of descent and distribution, and, during the life of the Participant,
shall be exercisable only by the Participant. References to a Participant, to
the extent relevant in the context, shall include references to authorized
transferees. 

     (b) Documentation. Each Award shall be
evidenced in such form (written, electronic or otherwise) as the Board shall
determine. Each Award may contain terms and conditions in addition to those set
forth in the Plan. 

     (c) Board Discretion. Except as otherwise
provided by the Plan, each Award may be made alone or in addition or in relation
to any other Award. The terms of each Award need not be identical, and the Board
need not treat Participants uniformly. 

     (d) Termination of Status. The Board shall
determine the effect on an Award of the disability, death, retirement,
authorized leave of absence or other change in the employment or other status of
a Participant and the extent to which, and the period during which, the
Participant, the Participant’s legal representative, conservator, guardian or
Designated Beneficiary may exercise rights under the Award. 

     (e) Withholding. Each Participant shall pay
to the Company, or make provision satisfactory to the Board for payment of, any
taxes required by law to be withheld in connection with Awards to such
Participant no later than the date of the event creating the tax liability. To
the extent the Board provides in an Award, Participants may satisfy such tax
obligations in whole or in part by delivery of shares of Common Stock, including
shares retained from the Award creating the tax obligation, valued at their Fair
Market Value; provided, however, that the total tax withholding where stock is
being used to satisfy such tax obligations cannot exceed the Company’s minimum
statutory withholding obligations (based on minimum statutory withholding rates
for federal and state tax purposes, including payroll taxes, that are applicable
to such supplemental taxable income). The Company may, to the extent permitted
by law, deduct any such tax obligations from any payment of any kind otherwise
due to a Participant. 

     (f) Amendment of Award. The Board may amend,
modify or terminate any outstanding Award, including but not limited to,
substituting therefor another Award of the same or a different type, changing
the date of exercise or realization, and converting an Incentive Stock Option to
a Nonstatutory Stock Option, provided that the Participant’s consent to such
action shall be required unless the Board determines that the action, taking
into account any related action, would not materially and adversely affect the
Participant. 

     (g) Conditions on Delivery of Stock. The
Company will not be obligated to deliver any shares of Common Stock pursuant to
the Plan or to remove restrictions from shares previously delivered under the
Plan until (i) all conditions of the Award have been met or removed to the
satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all
other legal matters in connection with the issuance and delivery of such shares
have been satisfied, including any applicable securities laws and any applicable
stock exchange or stock market rules and regulations, and (iii) the Participant
has executed and delivered to the Company such representations or agreements as
the Company may consider appropriate to satisfy the requirements of any
applicable laws, rules or regulations. 

     (h) Acceleration. The Board may at any time
provide that any Award shall become immediately vested in full or in part, free
of some or all restrictions or conditions, or otherwise realizable in full or in
part, as the case may be. 

10. Miscellaneous. 

     (a) No Right To Employment or Other Status.
No person shall have any claim or right to be granted an Award, and the grant of
an Award shall not be construed as giving a Participant the right to continued
employment or any other relationship with the Company. The Company expressly
reserves the right at any time to dismiss or otherwise terminate its
relationship with a Participant free from any liability or claim under the Plan,
except as expressly provided in the applicable Award. 

     (b) No Rights As Stockholder. Subject to the
provisions of the applicable Award, no Participant or transferee of an Award
shall have any rights as a stockholder with respect to any shares of Common
Stock to be distributed with respect to an Award until becoming the record
holder of such shares.

     (c) Effective Date and Term of Plan. The Plan
became effective on the date on which it was initially adopted by the Board. No
Awards shall be granted under the Plan after the completion of ten years from
the earlier of (i) the date on which the Plan was adopted by the Board or (ii)
the date the Plan was approved by the Company’s stockholders, but Awards
previously granted may extend beyond that date. 

     (d) Amendment of Plan. The Board may amend, suspend or terminate
the Plan or any portion thereof at any time. However, amendments to the Plan
will be subject to stockholder approval to the extent required under applicable
law or regulation or pursuant to the listing standards of the stock exchange on
which the Common Stock is at the time primarily traded. 

      (e)
Governing Law. The provisions of the Plan
and all Awards made hereunder shall be governed by and interpreted in accordance
with the laws of the State of Delaware, without regard to any applicable
conflicts of law.Terra Nova Financial Group, Inc. - Exhibit 10.1

EXHIBIT 10.1 

 

 
TOWNSEND ANALYTICS 

  LICENSE AGREEMENT 

 

This License Agreement ("Agreement"), entered into as of the 1st day of February,
2008 (the "Effective Date") is made by and between TOWNSEND ANALYTICS,
LTD., an Illinois corporation with principal offices at 100 S. Wacker Drive,
20th Floor, Chicago, Illinois 60606 ("Townsend") and Licensee:

 
	LICENSEE: 	Terra Nova Financial, LLC 
	STREET ADDRESS 

      (No P.O. Boxes): 	100 S. Wacker Drive 
	 	Suite 1550 
	CITY: 	Chicago 
	STATE: 	Illinois 
	PROVINCE: 	 
	ZIP CODE: 	60606 
	COUNTRY: 	U.S.A.

1.    LICENSE. Subject to the terms and conditions
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(i) to use the software identified in Schedule A attached hereto and any
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information consisting of securities and commodity quotes, and other information
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2.    TERM. The initial term of this Agreement shall commence
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3.    LIMITATION OF LICENSE; ORDER ENTRY FEATURES. 

(a)    Use. Licensee shall have, during the Term of this Agreement,
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the next calendar month. Licensee shall notify Townsend by email or in writing
of any 

 

  1

changes in the identity or number of any Authorized Users during the Term of this
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Except as expressly provided in this Agreement, Licensee and the Authorized Users
shall not market, distribute, sell, lease, license, disseminate, cause web postings,
or otherwise provide the Licensed Product or TAL Data, in whole or in part, to
any third parties without the express prior written consent of Townsend. Licensee
and the Authorized Users shall not market, distribute, redistribute, or otherwise
disseminate to any third parties any software applications developed by Licensee
based on the Licensed Product or TAL Data, or derive any other similar commercial
value from the Licensed Product or TAL Data without Townsend's express prior written
consent. Licensee acknowledges and agrees that Townsend shall have no responsibility
whatsoever for any use, display or access of the Licensed Product or the TAL Data
through use of Licensee's logon identifiers and passwords by any person or entity
who is not a party to or covered by this Agreement, including, without limitation,
any direct or indirect use or access, whether authorized or unauthorized by Licensee
or its Authorized Users. 

(c)    Order Entry Features of the Licensed Product. Licensee
acknowledges that the Licensed Product may contain order entry features, including,
but not limited to RealTrade, and order entry scripting (collectively, "Order
Entry Features"). 

(d)    Oversight. Licensee acknowledges and agrees that Licensee
shall be solely responsible for the management and oversight of any and all orders
placed, taken or submitted by Licensee, its Authorized Users and its Customers,
solely to the extent such Customer orders are sponsored by Licensee, via the Licensed
Product, including, without limitation, the cancellation of any such orders and
the opening and closing of any trading accounts. Licensee further acknowledges
and agrees that: (i) Townsend has no responsibility for managing, monitoring,
overseeing or canceling any such orders except to the extent required to comply
with applicable legal and regulatory obligations regarding said orders, if any;
(ii) Townsend is not a broker dealer and is not providing any investment advice,
is not executing, accepting or directing any trades for or on behalf of any person
or entity; (iii) Townsend is not providing any clearing services and (iv) Townsend
is not providing any services which require licensing or registration with FINRA,
SEC or any other regulatory body or exchange. As between Licensee and Townsend,
Licensee shall at all times be responsible and liable for any trades, trading
activity, trade confirmation, order execution or securities related transactions
submitted by Licensee and its Authorized Users. Licensee agrees to accept and
honor each order received or submitted by its Authorized Users or its Customers
via the Townsend Network while this Agreement is in force regardless of whether
such order was submitted in error, subject, however, to Licensee's reasonable
business practices, legal or regulatory obligations and its agreements with its
Customers; provided, however, that Licensee acts on (either accepts or rejects)
each order received or submitted by its Authorized Users or its Customers via
the Townsend Network. 

4.    TOWNSEND NETWORK ACCESS. 

(a)    Townsend Network Access; Order Destinations. Licensee
acknowledges and agrees that the Licensed Product may provide access to the Townsend
Network to its Authorized Users and Customers for routing electronic messages
to certain destinations available via the Townsend Network, including, but not
limited to, the exchanges and broker dealer and other destinations designated
by Licensee in Schedule C attached hereto (collectively, the "Destinations"),
and that the Destinations are not owned, controlled, operated, managed, monitored
or overseen by Townsend. Licensee is solely responsible for obtaining, entering
into and submitting to each Destination listed in Schedule C all forms
and agreements required by such Destination. Licensee may be required to submit
to Townsend written proof of Licensee's authorization from each Destination prior
to Townsend routing electronic messages thereto. Licensee shall be solely responsible
and liable for and shall pay any fees or charges of the Destinations listed on
Schedule C. Licensee acknowledges and agrees that access to any Destination
available via the Townsend Network is provided in Townsend's sole discretion.

(b)    Restrictions. Licensee shall not furnish or otherwise
permit or provide access to the Townsend Network to any entity or individual that
is not an Authorized User. Licensee shall comply with all reasonable security
specifications or requirements provided to Licensee by Townsend in writing and
with a reasonable opportunity to comply in order to prevent the Townsend Network
from being improperly used or accessed; provided, however, that security specifications
or requirements may not be provided in writing if an emergency situation or an
order or other action of a court, arbitrator, Regulatory Authority or Source,
requires an immediate or accelerated implementation of new or modified security
specifications. In such an event, Townsend 

  2 

agrees to use reasonable efforts to provide notice of any such
security changes as soon as practicable to Licensee. Townsend may require Licensee
to restrict or deny access to the Townsend Network by any Authorized User who
Townsend reasonably believes is not in compliance with this Agreement. 

(c)    Change in Townsend Network Access. Licensee acknowledges
and agrees that nothing in this Agreement constitutes an undertaking by Townsend
to provide access to the Townsend Network in its present form or under its current
specifications, requirements, with the current software interface or to continue
to use existing third party providers. Townsend, in its sole discretion or at
the discretion of a third party, including, but not limited to, Townsend's third
party providers, the Sources, or Regulatory Authorities (as defined below), may
from time to time make additions to, deletions from, or modifications to the Townsend
Network. Townsend shall make reasonable efforts to notify Licensee of material
changes in the Townsend Network at least thirty (30) days prior thereto, unless
a malfunction necessitates modifications on an accelerated basis or an emergency
precludes such advance notice or a shorter time period is required pursuant to
an order or other action of a court, arbitrator, Regulatory Authority or Source.
Access to or use of the Townsend Network after any modification shall constitute
acceptance of the Townsend Network as modified. 

(d)    Access Requirements. Licensee shall be responsible for
all costs and expenses with respect to all equipment, connection and telecommunications
requirements for accessing the Townsend Network through the Licensed Product,
including any dedicated Internet access reasonably approved by Townsend. Townsend
shall use reasonable efforts to provide Licensee, upon Licensee's request, with
reasonable written equipment and telecommunication specifications enabling Licensee
and its Authorized Users to access the Townsend Network through the Licensed Product
in accordance with the terms and conditions set forth herein. 

(e)    Licensee's Network. Licensee and Townsend agree that
the Townsend Network may be connected to the network operated by Licensee (the
"Licensee Network") to facilitate the routing of electronic messages
between the Licensee Network and the Townsend Network by Licensee, its Authorized
Users and its Customers. The parties agree to work together in good faith to develop
and maintain the connection between the Townsend Network and the Licensee Network.
Licensee shall pay to Townsend the fees as provided in Schedule A (e.g.
FIX Connection Fees) to develop, establish, and maintain said connection, in accordance
with the terms and conditions herein and therein. Licensee agrees that additional
work requested by Licensee shall be subject to Townsend's approval and shall require
payment of additional fees mutually agreed upon in writing by the parties 

5.    TAL Data. To receive TAL Data, Licensee must read
and be bound by an agreement with each Source selected on Schedule B attached
hereto. Additionally, Licensee may receive TAL Data from the Sources listed in
Schedule B-1 attached hereto by reading the respective agreements attached
as exhibits thereto and by signing this Agreement. Licensee shall comply with
any conditions, restrictions or limitations imposed by each applicable Source's
agreements and/or terms of use. Licensee acknowledges that a Source may have the
right to terminate, at any time with or without notice, Licensee's access to the
data and information provided by such Source without any direct or indirect liability
by or on behalf of such Source or Townsend with respect to such termination. 

6.    SUPPORT AND MAINTENANCE. 

(a)    Technical Support. Townsend shall provide by telephone
or on?line, either directly or through a third party, reasonable technical support
via its Global Client Services team during its then-current business hours which
are currently 24 hours, 5.5 days per week, beginning each Sunday at 2:00pm Central
Time and continuing through Friday 8:00pm Central Time excluding local exchange
trading holidays. Reasonable technical support shall include, but shall not be
limited to providing corrections, updates, and modifications to the Licensed Software
and the documentation which are made generally available to Townsend's customers
at no charge. 

(b)    Upgrades. Licensee shall receive normal maintenance
corrections, updates, and modifications of the Licensed Product during the Term
of this Agreement at no additional cost. Such upgrades shall not include Licensed
Product features or functionality that Townsend decides, in its sole discretion,
to make generally available for a separate or additional fee or charge. Townsend
shall not be obligated to provide network advice or to provide technical support
or maintenance upgrades for any version of the Licensed Product other than the
then-current released version of the Licensed Product and for six months after
the introduction of the then-current released version of the Licensed Product,
the immediately preceding version of the Licensed Product. Technical support and
upgrades shall only be provided for use of the Licensed Product with hardware
or software configurations or other devices or equipment included in Townsend's
then-current configuration list, which is available from Townsend upon request.
In the event that Townsend issues written security policies for general distribution
to its broker dealer customers, Townsend agrees to provide and apply such policies
to Licensee. 

3

(c)    Additional Maintenance, Support, and Development
Services. Additional software maintenance, support, and development services
may be provided by Townsend upon Licensee's request at additional cost, and shall
require a separate mutual written agreement between the parties. 

7.    PAYMENTS. 

(a)    License Fees. Townsend will invoice Licensee on a monthly
basis for the applicable monthly fees and other charges set forth below and set
forth in Schedule A (collectively, the "Fees"). Licensee
shall remit payment for all valid, undisputed Fees within 30 calendar days of
the date of the receipt of each invoice. Failure to pay the valid, undisputed
Fees or other amounts due to Townsend under this Agreement within 30 calendar
days following the date of receipt of written notice to Licensee of such failure
to pay shall be a breach of this Agreement (a "Failure to Pay").
Notwithstanding anything else contained in this Agreement, including Section 16
below, in the event of a Failure to Pay Townsend may immediately terminate access
to all or any portion of the Licensed Product, TAL Data, and/or the Townsend Network
in addition to all other remedies available to Townsend at law and in equity.

(b)    Other Fees. If applicable, Licensee shall pay to
Townsend other fees associated with use of the Townsend Network set forth in Schedule
A, including, but not limited to: a) monthly order routing fees (the "Order
Routing Fees") for electronic messages routed; b) FIX Connection Fee;
c) Set-up Fee; d) Broker to Broker Gateway Fee; e) Data Service Fee; and f) OATS
Reporting Fee. Licensee may request additional development work from time to time
during the Term of this Agreement. Additional work requested by Licensee shall
be subject to Townsend's prior written approval and shall require payment of additional
fees mutually agreed upon in writing by the parties. 

(c)    Changes in Fees. Licensee acknowledges and agrees
that Townsend may modify any of the Fees or impose new Fees which increase shall
not be effective until the immediately succeeding Term upon not less than 90 days
written notice prior to the end of the then-current Term. 

(d)    Taxes. All License Fees are exclusive of any applicable
taxes or assessments imposed by or pursuant to any government body or subdivision
thereof on the transactions hereunder, except for any federal, state or local
income or payroll taxes ("Taxes"), if any, imposed on Townsend.
Licensee shall always remain liable for and shall pay all Taxes as and when notified.

(e)    Source Fees. Any and all fees, taxes and charges,
including any exchange fees, imposed by the Sources or Townsend for TAL Data (collectively
the "Source Fees") may be invoiced directly to Licensee by Townsend
or by the respective Source, subject to the terms of the agreement between Licensee
and the Source or the terms of the agreement between Townsend and the Source.
Licensee shall always remain solely liable for and shall pay all Source Fees.
The Sources may change Source Fees pursuant to terms of the respective agreements
between Licensee and the Sources. 

(f)    Pass-through Fees; Interest. Licensee shall be responsible
for all third party charges incurred by Licensee in accessing the Licensed Product
or the TAL Data including, without limitation, all connection, line and equipment
charges, exchange fees, communication fees, personal property taxes, SEC taxes,
lease taxes, value-added taxes and other third-party charges with respect to all
amounts that become due and owing under this Agreement. In cases in which Townsend
is billed directly for the above fees and charges, such fees and charges shall
be billed as pass-through fees on Licensee's monthly invoice. Licensee shall pay
all reasonable external attorneys' fees and costs of collection incurred by Townsend
in collecting all valid, undisputed, unpaid amounts hereunder. All outstanding
valid, undisputed amounts owed hereunder shall accrue interest at the rate of
one and a half (1 1⁄2%) percent per month or the highest rate permitted by law,
whichever is less, until paid in full. 

8.    ADDITIONAL RESPONSIBILITIES. 

(a)    Compliance with Law. Licensee shall be solely responsible
for its use and the Authorized Users' use of the Licensed Product, TAL Data, and
the Townsend Network and shall ensure that Licensee and all Authorized Users abide
by and comply with this Agreement, and all applicable provisions of federal and
state laws, including securities laws, rules and regulations. 

(b)    Messages. As between Townsend and Licensee, Licensee
shall be solely responsible for the contents, generation, release, termination,
publication, management and oversight of any and all electronic messages, if any,
including, without limitation, orders placed, taken or submitted by Licensee or
the Authorized Users, and the initiation and cancellation of any such orders and
the opening and closing of any trading accounts. Licensee acknowledges that Townsend
has no responsibility for or control over any initiation, generation, release,
termination, publication, managing, monitoring, overseeing or canceling any such
orders and that Townsend is not providing any investment advice, is not executing,
accepting or directing any trades for or on behalf of any 

4

person or entity, is not providing any clearing services, is not
providing any trade or order confirmation, and is not providing any services that
require licensing or registration with any Regulatory Authorities. As between
Licensee and Townsend, Licensee shall at all times be solely responsible and liable
for any trades, trading activity, trade confirmation, order execution or securities
related transactions submitted by Licensee and its Authorized Users and which
are related to the use of Licensed Product or the Townsend Network. 

(c)    Standing. In order for Licensee, its Authorized Users
or Customers to access the Order Entry Features, Licensee acknowledges and agrees
that: (i) each Authorized User and Customer must have a current, valid and documented
brokerage customer relationship with Licensee, if Licensee is a registered and
licensed broker dealer, or if Licensee is not, then with a registered and licensed
broker dealer; (ii) Licensee (or its broker dealer, as applicable) must have executed
and entered into all forms and agreements required by any Destinations; and (iii)
Licensee (or its broker dealer, as applicable) must be in good standing with the
SEC, FINRA, or any other self-regulatory securities organization or securities
exchanges of which Licensee, its broker dealer or its Authorized Users, as applicable,
are members of or are subject to, or any other applicable regulatory authorities
(collectively, the "Regulatory Authorities"). 

(d)    Broker Dealer Extranet. Townsend shall provide Licensee
with access to the Broker Dealer Extranet application (BDX) which provides Transaction
Data related to Licensee's, Authorized Users' and Customers' use of the Licensed
Product, TAL Data, and Routing Network solely with respect to said users' direct
brokerage relationship with Licensee, provided that such application with such
capabilities continues to be generally available to Townsend's customers. 

(e)    Reports. Townsend shall provide Licensee with: (i)
OATS reporting in accordance with the Order Trail Audit System Agreement between
Townsend and Licensee, trade reports (.xml files) on a near time basis (or in
a different file format provided it is mutually agreed upon by both parties);
(ii) a daily report of Licensee's Customers with their permit entitlements in
format agreed upon by Licensee; and (iii) a daily report of Licensee's Customers'
trading data, which includes all order events for each user in a format reasonably
agreed upon by Licensee, provided, however, that the content of each such report
contains data only in connection with Customers' direct brokerage relationship
with Licensee. 

(f)    Townsend shall use reasonable efforts to provide
Licensee with at least 30 days advance written notice when possible regarding
material changes to the Licensed Product. The parties acknowledge that advance
written notice may not be possible in the event material changes need to be made
immediately in Townsend's sole discretion. In such an event, Townsend agrees to
use reasonable efforts to provide notice to Licensee of any such material changes
as soon as practicable to Licensee. In the event that Townsend knowingly eliminates
either all TAL Data or order entry functionality from the Licensed Product, Licensee
may terminate this Agreement without further obligation or liability if Townsend
fails to cure said elimination within upon ten (10) business days following its
receipt of written notice specifying the details of the elimination. 

9.    MARKETING RIGHTS. 

(a)    Authorization. Licensee is authorized on a non?exclusive
basis to market to Customers on behalf of Townsend personal, non?exclusive, non?transferable
licenses to use the Licensed Product on the terms and conditions contained in
Townsend's then-existing Subscriber Agreement ("Subscriber Agreement").
Licensee is authorized to market the Licensed Product on behalf of Townsend only
within the geographic territory set forth on Schedule A attached hereto
("Territory"). Licensee agrees that Townsend may modify the Territory
at any time upon not less than one-hundred and twenty (120) days prior written
notice to Licensee prior to the end of the then-current Term, unless a shorter
time period or an immediate modification is required pursuant to an order or other
action or requirement of a court, arbitrator, Regulatory Authority or Source.
Nothing contained in this Agreement shall grant to Licensee the right to
create or allow sub?licenses or sub?distribution arrangements. Licensee
shall bear all costs and expenses with respect to Licensee's marketing of the
Licensed Product. 

(b)    Granting of Licenses By Townsend. Licensee acknowledges
and agrees that each Customer that uses or has access to the Licensed Product
or the TAL Data through the Licensed Product must execute (or be covered by an
already executed) Subscriber Agreement with Townsend prior to such use or access.
Townsend shall have the right to accept or reject any Subscriber Agreement submitted
to it in Townsend's sole discretion; provided, however, that if Townsend becomes
aware of a Subscriber Agreement that it is unable to accept, Townsend agrees to
use reasonable efforts to promptly notify Licensee of any rejections and the reasons
for said rejection(s). Licensee acknowledges that all Customers who execute Subscriber
Agreements which are accepted by Townsend are Townsend customers with respect
to receipt and use of the Licensed Product, TAL Data, and the Townsend Network.
All orders for licenses of the Licensed Product shall be solicited by Licensee
only on the terms and conditions furnished by Townsend from time to time, including
the Subscriber Agreement. Any Subscriber Agreement submitted to Townsend shall
be required to have a fully completed "Subscriber Information" section and shall
be fully executed by the applicable customer. Licensee shall have no authority
to obligate Townsend to accept or provide the Licensed Product, 

5

TAL Data, or the Townsend Network under any Subscriber Agreement,
or to bind or obligate Townsend to any transaction, agreement, warranty or guarantee
of any kind. 

(c)    Third Party Billing. If Licensee agrees to be designated
a third party payor ("Billing Party") for a Customer, Licensee shall
be liable for and shall pay all amounts (or a portion of, if applicable), due
and payable to Townsend and the Sources as a result of said Customer's license
to use the Licensed Product and TAL Data, in accordance with the terms set forth
in this Agreement and all related Schedules. Licensee shall not be permitted to
mark-up or increase in any way the fees due and payable to Townsend as a result
of its Customers' license to use the Licensed Product and TAL Data, including,
but not limited to, RealTick License Fees and any other fees specified in Schedule
A. Licensee's status as Billing Party for a Customer shall remain in effect during
the term of such Customer's Subscriber Agreement unless Licensee terminates its
status as Billing Party by providing Townsend with written notice of such termination.
Such notice must include: a) the name of the Customer; and b) the affected logon
identifiers of the Customer. The effective date of such termination shall be the
last day of the calendar month following the month in which the termination notice
is received by Townsend (e.g. notice of termination received on April 15 will
be effective as of May 31.) Licensee shall remain liable as Billing Party for
amounts incurred prior to the effective date of such termination. Such amounts
include, without limitation, all License Fees, Source Fees, Data Service Fees,
OATS Reporting Fees, FIX Connection Fees, and Taxes, as the same are set forth
in the respective Subscriber Agreement. Licensee is not authorized to terminate
or to direct Townsend to terminate a Customer's Subscriber Agreement; rather,
any such termination must be requested by such Customer in accordance with the
terms and conditions of the Customer's Subscriber Agreement. 

(d)    Trademarks and Service Marks. Licensee agrees that
all of Licensee's marketing efforts and all documentation prepared by Licensee
which is related to the Licensed Product or TAL Data, including, but not limited
to, print and electronic advertisements and literature, shall state that the Licensed
Product is the property of and is licensed by "Townsend Analytics". Additionally,
Licensee agrees that any promotion or marketing of its electronic trading services
which include the Licensed Product or TAL Data shall include in each instance
a statement which provides attribution and recognition that such services are
being provided by Townsend Analytics via RealTick. Townsend grants to Licensee
a personal, non-exclusive, non-transferable license to use Townsend's trademarks
and service marks ("Marks") in accordance with Townsend's then-current
policies provided to Licensee in writing with respect to advertising, promotion,
use and display of the Marks. Licensee shall include in any advertising, promotional
or informational materials, websites, or other print or electronic media, the
copyright notices and Marks of Townsend as they appear on the Licensed Product
and TAL Data. Licensee shall submit to Townsend for review and approval prior
to using or displaying the Marks, all promotional materials, advertising and other
materials using or displaying such Marks. Except for those limited rights expressly
granted herein, no other rights to the Marks including, without limitation, any
title or ownership rights are granted hereunder. At any time during or after the
termination of this Agreement, Licensee shall not assert, claim any interest in,
seek to register directly or indirectly, or take any action that may adversely
affect the validity of any Marks or other notices of proprietary rights of Townsend
including, without limitation, any act that may infringe, lead to the infringement
or dilute the distinctiveness of any Marks or other notices of proprietary rights
of Townsend. Licensee agrees to notify Townsend promptly of any known or suspected
misuse of the Marks or other proprietary rights of Townsend, and shall cooperate
with Townsend in any proceedings brought to enforce any rights, title or interest
in any Marks or other proprietary rights. Licensee shall not display, alter or
use on any website, or in any printed documents, whether promotional, informational
or otherwise, the Subscriber Agreement or any other documents provided by Townsend
or the Sources unless otherwise authorized in writing by Townsend. Licensee acknowledges
and agrees that the Marks are the property of and are valuable to Townsend, represent
the goodwill of Townsend and are distinctive. 

(e)    Distribution of Competing Products. This Agreement does
not prohibit Licensee or RushGroup Technologies, Inc. from distributing or marketing
competing proprietary or third party products to its customers. 

10.    INSPECTION AND AUDIT RIGHTS. If Townsend has a reasonable
belief that a breach of this Agreement has occurred, Townsend or its representatives
may, upon not less than five (5) business days notice to Licensee and no more
than once in any one year period, access relevant files, computers and equipment
of Licensee and the Authorized Users solely for the purpose of auditing and verifying
the number of Authorized Users and inspecting the use of the Licensed Product,
TAL Data and Townsend Network by Licensee and the Authorized Users. Licensee shall
reasonably cooperate with such verification and inspection; provided, however,
that any inspections and audits shall be conducted in accordance with Licensee's
security policies and procedures and that Townsend shall not unduly or unreasonably
disrupt Licensee's business operations. Townsend agrees that it shall execute
a mutually acceptable non-disclosure agreement prior to conducting an inspection
or audit. Licensee will be liable for the actual, reasonable costs of any audit
(including, without limitation, reasonable accountants' and attorneys' fees and
costs) that reveals a discrepancy in Townsend's favor of five percent or more
of the amount of fees actually paid to Townsend by or on behalf of Licensee for
the then-current calendar month. This provision shall not survive termination,
non-renewal of this Agreement; except in the event that Townsend is required to
conduct an inspection and audit by a Regulatory Authority or Source, 

  6

  

  

11.    OWNERSHIP RIGHTS RESERVED. No title
or ownership of intellectual property rights in and to the Licensed Product, TAL
Data and related documentation or any copy, translation, compilation or other
derivative works, or the Townsend Network, are transferred to Licensee or any
third party hereunder. Licensee agrees that unauthorized copying or disclosure
of the Licensed Product or TAL Data or other intellectual property of Townsend
may cause great damage to Townsend, which damage is likely to far exceed the value
of the copies or information involved. Licensee shall keep its license to use
the Licensed Product and to access the Townsend Network and other property of
Townsend and the Sources free and clear of any and all liens, levies and encumbrances.
As between Licensee and Townsend, Licensee shall own the transaction data entered
into the Townsend Network by Licensee (collectively, the "Transaction Data")
and all intellectual property rights therein. Licensee grants Townsend a non-exclusive,
perpetual, royalty-free, worldwide, irrevocable and transferable license to (i)
transmit, communicate, post, display, distribute and use the Transaction Data
on and in connection with the Townsend Network, (ii) report or make available
the Transaction Data to any judicial, legislative, governmental, regulatory or
self-regulatory authority or organization as may be required by law, (iii) aggregate
and compile the Transaction Data together with the data of other participants,
and perform analytics on, data mine and create other derivative works from such
Transaction Data (collectively, the "Derivative Data"), and (iv) use, distribute,
sell, license, sublicense and otherwise disseminate the Transaction Data; provided,
however, that, except as required by law or consented to by Licensee, Townsend
shall not provide to any third party any Transaction Data that is not aggregated
with the data of other participants, or that in any way identifies (directly or
indirectly) Licensee or any Customer on whose behalf Licensee entered into or
initiated a transaction via the Townsend Network. As between Townsend and Licensee,
Townsend shall have exclusive ownership of and title to the Derivative Data and
all intellectual property rights therein, notwithstanding that any such Derivative
Data might be derived from the Transaction Data; provided, however, that, except
as required by applicable law or consented to by Licensee, Townsend shall not
provide to any third party any Derivative Data that identifies (directly or indirectly)
Licensee or any Customer on whose behalf Licensee entered into or initiated a
transaction via the Townsend Network. 

TRANSACTION DATA OBTAINED VIA LICENSEE IS PROVIDED BY THE LICENSEE ON AN "AS
IS" BASIS, AND LICENSEE EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR
IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR
A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. LICENSEE DOES MAKES NO WARRANTIES
OF ANY KIND RESPECTING THE TRANSACTION DATA, INCLUDING THE VALIDITY OF LICENSEE'S
RIGHTS IN THE TRANSACTION DATA IN ANY COUNTRY OR JURISDICTION. LICENSEE DOES NOT
WARRANT THAT THE TRANSACTION DATA WILL BE ERROR-FREE, THAT DEFECTS WILL BE CORRECTED,
OR THAT THE TRANSACTION DATA IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. LICENSEE
DOES NOT WARRANT OR REPRESENT THE USE OF THE TRANSACTION DATA IN TERMS OF ITS
CORRECTNESS, ACCURACY, RELIABILITY, OR OTHERWISE. 

12.    CONFIDENTIALITY. The Mutual Non-Disclosure Agreement
entered into by Licensee and Townsend as of February 1, 2008 is hereby fully incorporated
herein by this reference. If there is any conflict or inconsistency between any
provisions of the Mutual Non-Disclosure Agreement, and any provision of the Agreement,
as hereafter amended from time to time, as it relates to the subject matter herein,
the provisions of the Mutual Non-Disclosure Agreement shall govern over the provisions
of the Agreement. 

13.    WARRANTY DISCLAIMER. THE LICENSED PRODUCT, THE TAL DATA
AND THE TOWNSEND NETWORK ARE PROVIDED "AS IS" AND WITHOUT ANY EXPRESS OR IMPLIED
WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES AS TO ACCURACY, FUNCTIONALITY,
PERFORMANCE OR MERCHANTABILITY. TOWNSEND AND THE SOURCES EXPRESSLY DISCLAIM ALL
WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, THE
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES
ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF PERFORMANCE. TOWNSEND
AND THE SOURCES MAKE NO REPRESENTATION, WARRANTY OR COVENANT CONCERNING THE ACCURACY,
COMPLETENESS, SEQUENCE, TIMELINESS OR AVAILABILITY OF THE LICENSED PRODUCT, THE
TOWNSEND NETWORK, THE TAL DATA OR ANY OTHER INFORMATION OR THE LIKELIHOOD OF PROFITABLE
TRADING USING THE LICENSED PRODUCT, THE TOWNSEND NETWORK OR TAL DATA. LICENSEE
ACCEPTS FULL RESPONSIBILITY FOR ANY INVESTMENT DECISIONS OR STOCK TRANSACTIONS
MADE BY LICENSEE OR ITS AUTHORIZED USERS USING THE LICENSED PRODUCT, THE TOWNSEND
NETWORK OR TAL DATA. NO SALES PERSONNEL, EMPLOYEES, AGENTS OR REPRESENTATIVES
OF TOWNSEND OR ANY THIRD PARTY ARE AUTHORIZED TO MAKE ANY REPRESENTATION, WARRANTY
OR COVENANT ON BEHALF OF TOWNSEND. ACCORDINGLY, ADDITIONAL ORAL STATEMENTS DO
NOT CONSTITUTE WARRANTIES AND SHOULD NOT BE RELIED UPON AND ARE NOT PART OF THIS
AGREEMENT. LICENSEE ACKNOWLEDGES THAT USE OF THE LICENSED PRODUCT, THE TOWNSEND
NETWORK AND THE TAL DATA MAY FROM TIME TO TIME BE

7

  

  

INTERRUPTED AND MAY NOT BE ERROR-FREE. LICENSEE EXPRESSLY AGREES
THAT USE OF THE LICENSED PRODUCT, THE TOWNSEND NETWORK, THE TAL DATA OR ANY OTHER
INFORMATION IS AT LICENSEE'S SOLE RISK AND THAT TOWNSEND AND THE SOURCES SHALL
NOT BE RESPONSIBLE FOR ANY INTERRUPTION OF SERVICES, DELAYS OR ERRORS CAUSED BY
ANY TRANSMISSION OR DELIVERY OF THE LICENSED PRODUCT, THE TOWNSEND NETWORK, TAL
DATA OR ANY OTHER INFORMATION OR CAUSED BY ANY COMMUNICATIONS SERVICE PROVIDERS.
THIS SECTION SHALL SURVIVE TERMINATION OR EXPIRATION AND NON-RENEWAL OF THIS AGREEMENT.

14.    LIMITS OF LIABILITY. EXCEPT WITH RESPECT TO DAMAGES RESULTING
FROM GROSS NEGLIGENCE, WILLFUL MISCONDUCT, BREACH OF CONFIDENTIALITY OR FRAUD
BY TOWNSEND OR THE INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTION 15, IN NO
EVENT SHALL TOWNSEND, LICENSEE, ANY AFFILIATE OF TOWNSEND OR LICENSEE, OR ANY
REPRESENTATIVE OR AGENT THEREOF BE LIABLE FOR ANY SPECIAL, INDIRECT, EXEMPLARY,
INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING ANY SUCH DAMAGES FOR
LOSS OF PROFITS, LOSS OF OPPORTUNITY AND LOSS OF USE), RELATING IN ANY MANNER
THIS AGREEMENT, THE EXERCISE BY TOWNSEND OR LICENSEE OF ANY OF ITS RESPECTIVE
RIGHTS UNDER THIS AGREEMENT OR LICENSEE'S ACCESS TO, USE OF, OR RELIANCE ON, THE
TOWNSEND NETWORK OR ANY PORTION THEREOF, OR TOWNSEND'S USE OF THE TRANSACTION
DATA, EVEN IF TOWNSEND OR LICENSEE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES AND REGARDLESS OF WHETHER SUCH DAMAGES COULD HAVE BEEN FORESEEN OR PREVENTED.
NOTWITHSTANDING THE FOREGOING, IN THE EVENT THE TERMS OF THIS SECTION, OR ANY
PART THEREOF, SHALL BE HELD INVALID AND UNENFORCEABLE BY A COURT OF COMPETENT
JURISDICTION, NEITHER LICENSEE'S NOR TOWNSEND'S TOTAL LIABILITY UNDER THE TERMS
OF THIS AGREEMENT SHALL EXCEED THE TOTAL FEES PAID TO TOWNSEND BY LICENSEE IN
THE TWELVE MONTH PERIOD PRIOR TO THE MONTH IN WHICH DAMAGES FIRST ACCRUED FOR
THE APPLICABLE CLAIM. THIS SECTION SHALL SURVIVE ANY TERMINATION OR EXPIRATION
AND NON-RENEWAL OF THIS AGREEMENT. 

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT (INCLUDING BUT NOT
LIMITED TO SECTIONS: 3(b), 3(d), 5, 8(a), 8(b) or 13, IN NO EVENT SHALL TOWNSEND
BE RELIEVED OF LIABILITY FOR DAMAGES THAT RESULT FROM ITS GROSS NEGLIGENCE, FRAUD,
OR WILLFUL MISCONDUCT OR BREACH OF SECTION 12. NOTWITHSTANDING ANYTHING TO THE
CONTRARY IN THIS AGREEMENT, IN NO EVENT SHALL LICENSEE BE RELIEVED OF LIABILITY
FOR DAMAGES THAT RESULT FROM: (A) ITS OWN GROSS NEGLIGENCE, FRAUD, OR WILLFUL
MISCONDUCT; OR (B) BREACH BY LICENSEE OF SECTIONS 3 AND 12. 

NOTWITHSTANDING THE ABOVE, TOWNSEND ACKNOWLEDGES THAT IN NO EVENT SHALL LICENSEE
BE LIABLE TO TOWNSEND FOR ANY DIRECT, SPECIAL, INCIDENTAL, INDIRECT, PUNITIVE,
CONSEQUENTIAL DAMAGES OR ANY OTHER DAMAGES OF ANY KIND (INCLUDING, BUT NOT LIMITED
TO, LOST PROFITS, TRADING LOSSES AND DAMAGES THAT MAY RESULT FROM THE USE OF THE
TRANSACTION DATA) EVEN IF LICENSEE HAS BEEN ADVISED OF THE POSSIBILITY THEREOF
WITH RESPECT TO THE TRANSACTION DATA. 

15.    INDEMNIFICATION. 

(a)    By Licensee. Licensee agrees to defend, indemnify and
hold Townsend, its directors and officers, and the Sources, harmless from and
against any and all third party claims, losses, damages, liabilities, obligations,
judgments, causes of action, costs, charges, expenses and fees (including reasonable
attorneys' fees and costs and such fees and/or penalties as any of the Sources
may impose that are attributable to Licensee) arising out of any gross negligence,
or willful or reckless actions or misconduct of Licensee, the Authorized Users
or Licensee's other employees or agents with respect to breach of any obligations
under this Agreement. This Section shall survive any termination or expiration
and non-renewal of this Agreement. 

(b)    By Townsend. Townsend shall indemnify, defend and hold
Licensee harmless from and against any actual out-of-pocket damages incurred by
Licensee directly related to a claim, suit or proceeding brought against Licensee
alleging that the Licensed Product or Licensee's use of the Licensed Product constitutes
a misappropriation of, or infringement on, any United States of America patent
or any copyright, trademark or trade secret, provided that: (i) Licensee promptly
notifies Townsend, in writing, of any such claim, suit or proceeding; (ii) Townsend
has sole control of the investigation, defense and settlement of any such claim,
suit or proceeding (provided that Licensee may observe or monitor any such claim,
suit or proceeding with counsel chosen by it and at its own expense so long as
such observation or monitoring does not interfere in any way with Townsend's investigation,
defense or settlement); and (iii) Licensee provides Townsend, upon Townsend's
request, with all reasonable 

  

8

  

  

assistance in investigating, defending and settling any such claim,
suit or proceeding. Notwithstanding the foregoing, Townsend shall not enter into
any compromise or settlement of any claim, suit or proceeding against Licensee
without the consent of Licensee unless the compromise or settlement contains an
irrevocable and unconditional release of Licensee. 

(1)    Indemnification may not be sought for (i) any costs or expenses
incurred in connection with the replacement of the Licensed Product, (ii) costs
or expenses arising from claims that TAL Data constitutes a misappropriation or
infringement of a third party's intellectual property rights, or (iii) internal
costs incurred by Licensee. Furthermore, nothing herein is intended to require
indemnification for damages relating to claims, suits or proceedings made or brought
against Licensee by any party other than the party whose intellectual property
rights have allegedly been misappropriated or infringed. 

(2)    Notwithstanding anything herein to the contrary, Townsend's
maximum liability under subparagraph (2) above with respect to a patent indemnification
or misappropriation claim shall not exceed the aggregate software licensing fees
actually paid by Licensee to Townsend under this Agreement during the six months
preceding the date on which Townsend receives notice of the indemnification claim.

(3)    Upon the actual or threatened filing of any claim, suit
or proceeding alleging that the Licensed Product or Licensee's use of the Licensed
Product constitutes a misappropriation of, or infringement on, any United States
of America patent, copyright, trademark or trade secret, Townsend shall have the
right to immediately require Licensee to cease using the Licensed Product or the
allegedly infringing elements of the Licensed Product. Failure by Licensee to
comply with such request shall render the indemnification obligations set forth
in this Section null and void. If the license fee for the License Product has
been prepaid for any period in which the Licensed Product or any portion thereof
is unavailable for Licensee's use pursuant to this paragraph, then a mutually
agreed upon reasonable adjustment to or refund of such license fee shall be made
with respect to such period. 

(4)    If the Licensed Product or any part thereof is held to infringe
on any United States of America patent or any copyright, trade mark or trade secret,
and if Licensee's use of the Licensed Product or any part thereof is enjoined
or prohibited by a court of competent jurisdiction, Townsend shall, at its sole
option, either (i) provide a solution that results in the lifting of such injunction
or prohibition, or (ii) require the return of the Licensed Product and termination
of this Agreement. Notwithstanding anything in this Agreement to the contrary,
if Townsend elects to provide the solution referenced in option (i) and if Licensee
is not satisfied with such solution in its reasonable discretion, then Licensee
may terminate this Agreement within thirty days following the date Townsend provides
Licensee with such solution and any license or other fees prepaid by Licensee
shall be refunded to Licensee. 

(5)    Townsend shall have no obligation to indemnify, defend or
hold Licensee harmless hereunder if any such claim, suit or proceeding arises
solely from (i) changes or modifications to the Licensed Product not authorized
in writing by Townsend; (ii) the combination of the Licensed Product with any
software, hardware or other product not authorized in writing by Townsend; (iii)
use of the Licensed Product not in accordance with the Licensed Product's user
documentation; or (iv) use of a superseded or altered release or version of the
Licensed Product if the infringement would have been avoided by use of the current
unaltered release or version of the Licensed Product. 

(6)    Townsend's obligations under this Section shall terminate
concurrently with the termination or expiration of this Agreement, except with
respect to any claims made by Licensee by written notice to Townsend prior to
such termination or expiration. 

(7)    THE RIGHTS AND OBLIGATIONS SET FORTH IN THIS SECTION ARE
TOWNSEND'S SOLE LIABILITY AND OBLIGATION AND LICENSEE'S SOLE AND EXCLUSIVE REMEDIES
FOR ANY CLAIM, SUIT OR PROCEEDING WITH RESPECT TO INFRINGEMENT. 

(8)    Information that is deemed "confidential" under the terms
of this Agreement shall include, without limitation, the terms and conditions
of the foregoing indemnity. 

16.   TERMINATION. Subject to Section 7(a), in the event either
party - breaches any material term or condition of this Agreement (as defined
below) and such material breach is not cured within 30 days following receipt
of written notice specifying such breach, either party shall have the right, in
addition to any remedies available at law or in equity, to terminate this Agreement
without liability. Material terms shall be defined as the following provisions
of the Agreement: Sections 1, 3 -10; 12; 15; 16; 19; and 24. This Agreement shall
terminate automatically if Licensee becomes insolvent (as defined below). Licensee
shall be deemed "insolvent" if it files a voluntary petition in bankruptcy or
is adjudicated a bankrupt or insolvent or files any petition or answer seeking
any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any federal or state law, or seeks or consents to or acquiesces
in the appointment of any trustee, receiver or similar officer for Licensee or
for all or any substantial part of its property. Licensee shall also be deemed
"insolvent" upon the commencement of any involuntary petition in bankruptcy against
Licensee, or the institution against Licensee of any 

  

9

  

  

reorganization, arrangement, composition, readjustment, dissolution,
liquidation or similar proceedings under any federal or state law, or the appointment
of a receiver, trustee or similar officer for all or any substantial part of Licensee's
assets which shall remain undismissed or undischarged for a period of sixty days.
Upon the expiration and non-renewal or termination of this Agreement for any reason,
all rights granted to Licensee hereunder shall cease, and Licensee shall promptly
purge the Licensed Product and TAL Data from all of Licensee's computer systems,
equipment, storage media and other files, and destroy the Licensed Product and
all copies thereof in Licensee's possession or under Licensee's control, except
for one copy of the Licensed Product for archival purposes only. Upon Townsend's
request Licensee shall provide Townsend with a written statement certifying that
Licensee has taken such actions. Licensee shall also pay any and all undisputed
License Fees, Source Fees and Taxes incurred as of the date of termination in
accordance with Section 7, and the out-of-pocket costs or expenses incurred by
Townsend of removing any equipment or software and any components of the Townsend
Network from Licensee's premises and for canceling or removing any communication
lines. Townsend may terminate this Agreement immediately or discontinue any access
to the Licensed Product or all or any portion of the TAL Data, without notice
or liability, whenever any Regulatory Authority requires such termination or discontinuance.
Townsend may discontinue access to any portion of TAL Data when a Source requires
such discontinuance. Any provision of this Agreement which by its terms becomes
effective on termination of this Agreement, and any provision of this Agreement
which by its terms survives the termination of this Agreement, shall continue
in effect following termination, including, without limitation, Sections 3(b),
9(c), 11-16 and 18-26 hereof. 

17.    EQUITABLE RELIEF. Licensee acknowledges that any breach
of its obligations under this Agreement with respect to the Licensed Product,
the TAL Data and any other proprietary rights and confidential information of
Townsend or the Sources may cause irreparable injury to Townsend or the Sources,
as applicable, for which there are inadequate remedies at law and, therefore,
Townsend or the Sources shall be entitled to seek equitable relief in addition
to all other remedies provided by this Agreement or available at law. 

18.    RELATIONSHIP BETWEEN PARTIES. The relationship between
Licensee and Townsend is that of licensor/licensee and nothing contained in this
Agreement shall be construed to constitute either party as the partner, joint
venturer, employee or agent of the other. 

19.    ASSIGNMENT. Licensee shall not assign, delegate or otherwise
transfer this Agreement or any of its rights or obligations hereunder without
Townsend's prior written consent which shall not be unreasonably withheld, except
that Licensee may assign this Agreement in its entirety in the event of a sale
of all or substantially all of Licensee's assets without first obtaining consent,
provided prompt written notice is given to Townsend. In the event of an assignment
of this Agreement by Townsend, Townsend agrees to provide prompt written notice
to Licensee of such an assignment. 

20.    FORCE MAJEURE. Neither party shall have any liability
for any failure or delay in performing any obligation under this Agreement (except
for payments to Townsend or the Sources, unless Townsend is unable to provide
the Licensed Product, TAL Data, and/or Townsend Network to Licensee due to a force
majeure event for Townsend) due to circumstances beyond its reasonable control
including, but not limited to, acts of God or nature, actions of the government,
fires, floods, strikes, civil disturbances or terrorism, or power, communications
line, satellite or network failures. 

21.    GOVERNING LAW; EXCLUSIVE JURISDICTION. This Agreement
is deemed to have been made and entered into in Chicago, Illinois, and all the
rights and duties of the parties arising from or relating in any way to the subject
matter of this Agreement or the transaction(s) contemplated by it, shall be governed
by, construed and enforced in accordance with the laws of the State of Illinois
(excluding any conflict of laws provisions of the State of Illinois which would
refer to and apply the substantive laws of another jurisdiction). Any suit or
proceeding relating to this Agreement shall be brought in the courts, state and
federal, located in Chicago, Cook County, Illinois. LICENSEE AND ALL AUTHORIZED
USERS HEREBY CONSENT TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF THE COURTS,
STATE AND FEDERAL, LOCATED IN CHICAGO, COOK COUNTY, ILLINOIS. 

22.    PAYMENT OF LEGAL COSTS AND FEES. In the event any
legal action is taken by either party to enforce the terms of this Agreement,
the non-prevailing party shall pay all related court costs and expenses including,
without limitation, disbursements and reasonable attorneys' fees, of the prevailing
party. 

23.    NOTICES. All notices, communications and waivers
under this Agreement shall be in writing and shall be (i) delivered in person,
(ii) mailed, postage prepaid, either by registered or certified mail, return receipt
requested, or (iii) sent by overnight express carrier, to the addresses set forth
above, or to any other address as to either of the parties hereto as such party
shall designate in a written notice to the other party hereto. All notices sent
pursuant to the terms of this Section shall be deemed received (A) if personally
delivered, then on the date of delivery, (B) if sent by overnight, express carrier,
then on the next 

  

10

  

  

business day immediately following the day sent, and (C) if sent
by registered or certified mail, then on the earlier of the third business day
following the day sent or when actually received. 

24.   NON-SOLICITATION. During the Term of this Agreement, and
for one year following its termination, expiration, or non-renewal, neither Licensee
nor Townsend shall, whether or not for monetary benefit, without the written permission
of the non-hiring party: (a) engage or employ any employee of the other; or (b)
encourage or solicit any employee of the other to terminate or modify his or her
employment, engagement or business relationship with the other, provided that
it shall not be a violation of this clause (b) to solicit employees via general,
non-targeted solicitations such as help-wanted advertisements. Townsend further
agrees that during the term of this Agreement, it shall not recommend to customers
of Licensee that they cease or reduce their business with Licensee, nor shall
Townsend make unsolicited recommendations to customers of Licensee that they use
the clearing services or trading services of another broker; provided, however,
that general marketing, advertising, and/or promotion by Townsend of its services
shall not be prohibited. In addition, Townsend shall not be prohibited from fully
responding to all inquiries regarding the capabilities and services of competing
brokers or other third parties. 

25.   ARBITRATION. Intentionally omitted. 

26.   MISCELLANEOUS. 

(a)    Headings; Meanings. The headings of the Sections of
this Agreement are inserted for convenience only and shall not constitute a part
hereof or affect in any way the meaning or interpretation of this Agreement. Whenever
the singular number is used in this Agreement and when required by the context,
the same shall include the plural and vice versa, and the masculine gender shall
include the feminine and neuter genders and vice versa. 

(b)    Waiver; Modification. Any waiver or modification
of this Agreement shall not be effective unless executed in writing and signed
by an authorized representative of Townsend and Licensee. The failure of either
party to enforce, or the delay by either party in enforcing, any of its rights
under this Agreement shall not be deemed to be a waiver or modification by the
parties of any of their rights under this Agreement. 

(c)    Severability; Validity. If any provision of this
Agreement is deemed to be invalid by reason of the operation of law, or by reason
of the interpretation placed thereon by any administrative agency or any court,
the parties shall negotiate an equitable adjustment in such provision in order
to effect, to the maximum extent permitted by law, the purpose of this Agreement,
and the validity and enforceability of the remaining provisions hereof shall not
be affected thereby and shall remain in full force and effect 

(d)    No Third Party Beneficiaries. No third party beneficiaries
are contemplated by this Agreement. 

(e)    Publicity. Licensee agrees to provide reasonable
cooperation if Licensee is requested to provide references for Townsend, and that
Townsend may list Licensee as a broker dealer destination in Townsend's marketing
materials. Except as otherwise permitted hereunder, neither party shall make references
to the other or any of its affiliates or related entities in any marketing or
promotional materials without the prior written consent of the other party. 

(f)    Integration; Reliance. This Agreement, together with
any Schedules, Exhibits or other attachments hereto, constitute the complete and
entire agreement between the parties and supersede any prior written or oral agreements
or understandings between the parties with respect to the subject matter hereof.
Furthermore, each party has acted of its own volition without reliance on any
representations or warranties made by the other parties, except any representations
or warranties expressly set forth herein. 

(g)    Further Acts. Licensee shall, upon request, execute
and deliver such further instruments and documents and do such further acts and
things as my be reasonably required to provide to Townsend the rights and benefits
contemplated by this Agreement. 

  

11

  

  

(h)    Counterparts. This Agreement may be
executed in counterparts, and all said counterparts when taken together shall
constitute one and the same Agreement. 

ACCEPTED AND AGREED TO AS OF _______________, 2008. 

TERRA NOVA FINANCIAL, LLC 

LICENSEE 

By: ___________________________________ 

                         (Authorized
Signature) 

Print: __________________________________ 

Title: __________________________________ 

TOWNSEND ANALYTICS, LTD. 

By: ___________________________________ 

                         (Authorized
Signature) 

Print: __________________________________

Title: __________________________________

  

12

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