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Exhibit 10.28    
    

 
 

SUBLEASE
  Suites 2000, 2010, 2012, 2015 and 2020
  100 South Wacker Drive
  Chicago, Illinois 60606    
    

        THIS SUBLEASE is made and entered into as of the first day of February, 1999, by and between TOWNSEND ANALYTICS, LTD. (hereinafter "Sublandlord"), an
Illinois corporation, and ARCHIPELAGO, L.L.C. (hereinafter "Subtenant"), an Illinois limited liability company, for the uses and purposes hereinafter set forth. 

 
 

WITNESSETH:    
    

        WHEREAS, Sublandlord is the Tenant of the premises ("Premises") known as Suite Numbers 2000, 2010, 2012, 2015, and 2020 in the building commonly known as 100
South Wacker Drive, Chicago, Illinois, under that certain lease and amendments (the "Lease") attached as an Exhibit to this Sublease, made by RREEF USA Fund-I Hartford Plaza, Inc.,
a Delaware Corporation, and its successor and assignee, Lincoln-Carlyle Hartford, L.L.C., a Delaware limited liability company (hereinafter "Landlord") for their respective terms ("Term") unless
sooner terminated pursuant to the provisions of the Lease; and 

        WHEREAS,
Sublandlord and Subtenant mutually desire that the Premises be subleased to Subtenant, on the terms and subject to the conditions herein set forth. 

        Now
therefore, in consideration of the mutual undertakings herein expressed and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by
each of them, the parties hereto do hereby agree as follows: 

	1.
	Sublandlord
hereby subleases to Subtenant, and Subtenant hereby subleases from Sublandlord, the Premises consisting of Suite 2010 (containing approximately 2,033 rentable square feet),
Suite 2012 (containing approximately 3,241.00 rentable square feet), Suite 2015 (containing approximately 3,010 rentable square feet), approximately forth-six percent (46%) of Suite 2020
(containing approximately 1319 of 2852 total rentable square feet), and approximately fifty-three percent (53%) of Suite 2000 (containing approximately 2221 of 4215 total rentable square feet) from
Landlord for a term (the "Sublease Term") commencing (a) with respect to Suite 2010, on December 20, 1999; (b) with respect to Suite 2012, on August 1, 1998;
(c) with respect to Suite 2015, on October 1, 1999; (c) with respect to Suite 2020, on January 1, 1999; (d) with respect to Suite 2000, on November 20, 1999;
and with respect to the Premises, expiring on August 30, 2006, unless sooner terminated pursuant to any term or provision of the Lease or of this Sublease, all upon and subject to the terms and
provisions of this Sublease.

	2.
	Throughout
the Sublease Term, Subtenant shall be bound by and keep, observe and perform all the terms and provisions of the Lease to be kept, observed or performed by Sublandlord.
Subtenant shall pay the amount of rent for the Premises as provided in the Lease, including (a) Rent and Rent Adjustments set forth in the Lease as applicable to the space included in the
Premises; (b) all costs and expenses in connection with work performed in Suite 2010 in accordance with the Workletter attached as Exhibit C to the Fifth Amendment; and (c) all
costs and expenses in connection with work performed in Subtenant's subleased portion of Suite 2000. Subtenant shall receive the Landlord's Suite 2010 Contribution and the prorated portion of
Landlord's 20th Floor Contribution for Suite 2000, as provided for respectively in the 5th Amendment to Lease and the 6th Amendments to Lease. 

	3.
	Subtenant
agrees to reimburse Sublandlord for the cost of improvements and initial alterations made to Suite 2015 pursuant to Exhibit B-3 attached to the Lease,
Workletter dated November 12, 1998, between Landlord and Tenant. in the amount of 557.000.00. Subtenant shall pay said amount to Sublandlord in
immediately available funds and in one lump sum payment upon execution of this Sublease.

	4.
	Subtenant
agrees to reimburse Sublandlord for the "Termination Payment" of $25,000.00 paid to American Trading Group, L.P. by Sublandord in connection with termination of the American
Trading Lease of Suite 2010, pursuant to Paragraph 5 of the Sixth Amendment to Lease.

	5.
	The
parties agrees that until further notice from Sublandlord to Subtenant and upon Landlord's consent, all the rent to be paid by Subtenant pursuant to Paragraph 2 of this
Sublease shall be paid by Subtenant directly to Landlord, rather than to Sublandlord, for the account of Sublandlord with Landlord. Sublandlord hereby assigns to Landlord all its rights to said rent,
and Subtenant agrees that Landlord shall have and may pursue directly against Subtenant all the rights with respect to enforcement of payment of said rent granted to Landlord by law or in the Lease as
against Sublandlord as Tenant under the Lease.

	6.
	As
between Sublandlord and Subtenant, with respect to this Sublease, Sublandlord shall have regarding Subtenant all the rights and obligations that Landlord has under the Lease
regarding Sublandlord in the latter's capacity as Tenant under the Lease, and Subtenant shall have regarding Sublandlord all the rights and obligations that Sublandlord has regarding Landlord under
the Lease: provided that, notwithstanding the foregoing, Sublandlord shall not be obligated to itself keep, observe, or perform any of the terms or provisions of the Lease to be kept, observed, or
performed by Landlord. Instead, Sublandlord shall be obligated, and hereby undertakes and agrees. to utilize its best efforts (but without expense to Sublandlord) to procure on behalf of Subtenant the
keeping, observance and performance by Landlord of said terms and conditions promptly upon Subtenant's request therefor from time to time.

	7.
	Notwithstanding
this Sublease and notwithstanding that the transaction effected by this Sublease be, or be attempted to be, characterized as anything other than a Sublease, as between
Landlord and Sublandlord, Sublandlord shall he and remain obligated to Landlord for the full keeping, observance and performance of all the terms and provisions of the Lease, particularly including,
without limitation, payment of all the rent called for in Articles 3 and 4 of the Lease without regard to whether the payments to be made by Subtenant pursuant to Paragraph 2 of this Sublease
are in fact made.

	8.
	This
Sublease is and shall remain subject to and subordinate to the Lease.

	9.
	It
is a condition of Subtenant's making and entering into this Sublease that Landlord shall agree that Subtenant shall not be disturbed in its possession of the Premises and/or its
enjoyment of any rights under this Sublease so long as Subtenant is not in default in the keeping, observance or performance of any of the terms or provision of this Sublease to be kept, observed or
performed by Subtenant, notwithstanding a failure on the part of Sublandlord to keep, observe or perform the terms and provisions of the Lease to be kept, observed and performed by Sublandlord as
Tenant thereunder. Subtenant agrees, however, that at Landlord's option. Landlord may fulfill its aforesaid obligations to Subtenant notwithstanding the termination by Landlord of the Lease by reason
of default of Sublandlord as Tenant thereunder, by tendering to Subtenant a direct lease of the Premises for the then remaining Sublease Term upon and subject to the terms and provisions of the Lease
as modified insofar as Subtenant is concerned by this Sublease, in which event Subtenant agrees to enter into such direct lease with Landlord.

	10.
	Subtenant
covenants and agrees to surrender the Premises on expiration or earlier termination of the Sublease Term in as good condition as when Sublandlord delivered occupancy of the
Premises to Subtenant, reasonable wear and tear excepted. 

	11.
	Subtenant
shall maintain necessary and essential insurance parallel to the insurance required under the Lease.

	12.
	If
the Lease is in default as a result of Subtenant's default or actions, Subtenant shall indemnify and hold harmless Sublandlord for any loss suffered by Sublandlord and shall
correct said default and fully reimburse Sublandlord for any such losses within ten (10) days of receipt of invoice from Sublandlord. if Subtenant fails to perform any of its duties under this
Sublease, Sublandlord shall have the right (but not the obligation), after the expiration of any applicable notice and cure period, to itself perform such duty on behalf and at the expense of
Subtenant, without further notice to Subtenant. and all sums incurred by Sublandlord in performing such duty shall be considered additional rent under this Sublease and shall be due and payable upon
demand by Sublandlord. Said right on the part of Sublandlord shall be in addition to any and all other rights and remedies of Sublandlord both at law and in equity. 

        IN
WITNESS WHEREOF, Sublandlord and Subtenant have entered into this Sublease Agreement as of the day and year first above written. 

	SUBLANDLORD:	 	SUBTENANT:
	

Townsend Analytics, Ltd.	
 	

Archipelago, L.L.C.
	

By:	
 	

/s/  MARRGWEN TOWNSEND      
	
 	

By:	
 	

/s/  GERALD D. PUTNAM      

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Exhibit 10.28

SUBLEASE Suites 2000, 2010, 2012, 2015 and 2020 100 South Wacker Drive Chicago, Illinois 60606

WITNESSETHQuickLinks
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Exhibit 10.29    
    

 
 

FIRST AMENDMENT TO SUBLEASE
  Suites 1710, 1720, 1722, 1725, 1730, 1732, LL2-005, LL2-34 and
  Storage Spaces 1717, 1723, 1733, 1747, 2017
  100 South Wacker Drive
  Chicago, Illinois 60606    

        THIS FIRST AMENDMENT TO SUBLEASE is made and entered into as of the first day of April, 2000, by and between TOWNSEND ANALYTICS, LTD. (hereinafter
"Sublandlord"), an Illinois corporation, and ARCHIPELAGE, L.L.C. (hereinafter "Subtenant"), an Illinois limited liability company, for the uses and purposes hereinafter set forth. 

 
 

WITNESSETH:    
    

        A.    Sublandlord
and Subtenant entered into a certain Sublease dated as of February 1, 1999 whereby Sublandlord sublease to Subtenant certain premises consisting of
Suite 2000 (containing approximately 2221 of 4215 total rentable square feet); Suite 2010 (containing approximately 2,033 rentable square feet); Suite 2012 (containing approximately 3,241 rentable
square feet); Suite 2015 (containing approximately 3010 rentable square feet); and Suite 2020 (containing approximately 1,319 of 2,852 total rentable square feet) in the building located at 100 S.
Wacker Drive, Chicago, IL 60606 (the "Building") for a term expiring on August 30, 2006 (collectively, the "Existing Premises"). 

        B.    Sublandlord
and Subtenant mutually desire to amend the Sublease to expand the Existing Premises within the Building, on the terms and subject to the conditions herein set
forth. 

        NOW THEREFORE, in consideration of the mutual undertakings herein expressed and for the other good and valuable consideration, the receipt
and sufficiency off which are hereby acknowledged by each of them, the parties hereto do hereby agree as follows: 

	1.
	Sublandlord
is the Tenant of the premises known as Suites 1710, 1720, 1722, 17225, 1730, 1732, LL2-005, LL2-34 and Storage Spaces 1717, 1723, 1733, 1747, 2017
(collectively, the "Premises") in the building commonly known as 100 South Wacker Drive, Chicago, Illinois, under that certain lease and amendments (the "Lease") attached as an Exhibit to this First
Amendment to Sublease, made by RREEF USA Fund-1 Hartford Plaza, Inc., a Delaware Corporation, and its successor and assignee, Lincoln-Carlyle Hartford, L.L.C., a Delaware limited
liability company (hereinafter "Landlord") for their respective terms ("Term") unless sooner terminated pursuant to the provisions of the Lease.

	2.
	Sublandlord
hereby subleases to Subtenant, and Subtenant hereby subleases from Sublandlord, the Premises consisting of Suite 1710 (containing approximately 3801 rentable square feet),
Suite 1720 (containing approximately 4,474 rentable square feet), Suite 1722 (containing approximately 989 rentable square feet), Suite 1725 (containing approximately 4,250 square feet), Suite 1730
(containing approximately 3,251 rentable square feet), Suite 1732 (containing approximately 1,453 rentable square feet), LL2-005 (containing approximately 10,624 rentable square feet),
LL2-34 (containing approximately 1,280 rentable square feet), Storage Space 1717 (containing approximately 133 rentable square feet); Storage Space 1723 (containing approximately 483
rentable square feet), Storage Space 1733 (containing approximately 194 rentable square feet), Storage Space 1747 (containing approximately 493 rentable square feet), and Storage Space 2017
(containing approximately 120 rentable square feet, from Landlord for a term (the "Sublease Term") commencing (a) with respect to Suite 1710, on April 15, 2001; (b) with respect
to Suite 1720, on May 1, 20000; (c) with respect to Suite 1722, on June 1, 2001; (d) with respect to Suite 1725, on May 1, 2001; (e) with respect to Suite
1730, on April 1, 2001; (f) with respect to Suite 1732, on August 1, 2001; (g) with respect to Suite LL2-005, on September 1, 2001; (h) with
respect to Suite LL2-34, on the earlier of February 28, 2002 or substantial completion; (i) with respect to Storage Space 1717, on 

June 1,
2000; (j) with respect to Storage Space 1723, on October 1, 2001; (k) with respect to Storage Space 1733, on August 1, 2001; (l) with respect to
Storage Space 1747, on October 1, 2001; and (m) with respect to Storage Space 2017, on December 15, 1997; and with respect to the Premises, expiring on August 30, 2006,
unless sooner terminated pursuant to any term or provision of the Lease or of this First Amendment to Sublease, all upon and subject to the terms and provisions of this First Amendment to Sublease. 

	3.
	Throughout
the Sublease Term, Subtenant shall be bound by and keep, observe and perform all the terms and provisions of the Lease to be kept, observed or performed by Sublandlord.
Subtenant shall pay the amount of rent for the Premises as provided in the Lease, including Rent and Rent Adjustments set forth in the Lease as applicable to the space included in the Premises.

	4.
	The
parties agrees that until further notice from Sublandlord to Subtenant and upon Landlord's consent, all the rent to be paid by Subtenant pursuant to Paragraph 3 of this
First Amendment to Sublease shall be paid by Subtenant directly to Landlord, rather than to Sublandlord, for the account of Sublandlord with Landlord. Sublandlord hereby assigns to Landlord all its
rights to said rent, and Subtenant agrees that Landlord shall have and may pursue directly against Subtenant all the rights with respect to enforcement of payment of said rent granted to Landlord by
law or in the Lease as against Sublandlord as Tenant under the Lease.

	5.
	As
between Sublandlord and Subtenant, with respect to this First Amendment to Sublease, Sublandlord shall have regarding Subtenant all the rights and obligations that Landlord has
under the Lease regarding Sublandlord in the latter's capacity as Tenant under the Lease, and Subtenant shall have regarding Sublandlord all the rights and obligations that Sublandlord has regarding
Landlord under the Lease; provided that, notwithstanding the foregoing, Sublandlord shall not be obligated to itself keep, observe, or perform any of the terms or provisions of the Lease to be kept,
observed, or performed by Landlord. Instead, Sublandlord shall be obligated, and hereby undertakes and agrees, to utilize its best efforts (but without expense to Sublandlord) to procure on behalf of
Subtenant the keeping, observance and performance by Landlord of said terms and conditions promptly upon Subtenant's request therefore from time to time.

	6.
	Notwithstanding
this First Amendment to Sublease and notwithstanding that the transaction effected by this First Amendment to Sublease be, or be attempted to be, characterized as
anything other than a sublease, as between Landlord and Sublandlord, Sublandlord shall be and remain obligated to Landlord for the full keeping, observance and performance of all the terms and
provisions of Lease, particularly including, without limitation, payment of all the rent called for in Articles 3 and 4 of the Lease without regard to whether the payments to be made by Subtenant
pursuant to Paragraph 3 of this First Amendment to Sublease are in fact made.

	7.
	Sublandlord
acknowledges that Subtenant may elect to sublease and/or assign the Sublease and this First Amendment to Sublease, as to all or a portion of the Premises (including
portions of the Existing Premises) to subsidiaries of Archipelago Holdings, L.L.C., provided that Subtenant provides written notice to Sublandlord at least thirty (30) days notice prior to the
effective date of any such proposes assignment or sublease and provided that the assignment and/or sublease complies with and is in accordance with the Lease. Subtenant shall not sublease and/or
sublease complies with and is in accordance with the Lease. Subtenant shall not sublease and/or assign to Sublease and this First Amendment to Sublease, as to all or a portion of the Premises
(including portions of the Existing Premises) to any entity, other than a subsidiary of Archipelago Holdings, L.L.CC., without the express written consent of Sublandlord.

	8.
	This
First Amendment to Sublease is and shall remain subject to and subordinate to the Lease. 

	9.
	It
is a condition of Subtenant's making and entering into this First Amendment to Sublease that Landlord shall agree that Subtenant shall not be disturbed in its possession of the
Premises and/or its enjoyment of any rights under this First Amendment to Sublease so long as Subtenant is not in default in the keeping, observance or performance of any of the terms or provision of
this First Amendment to Sublease to be kept, observed or performance of any of the terms or provision of this First Amendment to Sublease to be kept, observed or performed by Subtenant,
notwithstanding a failure on the part of Sublandlord to keep, observe or perform the terms and provisions of the Lease to be kept, observed and performed by Sublandlord as Tenant thereunder. Subtenant
agrees, however, that at Landlord's option, Landlord may fulfill its aforesaid obligations to Subtenant notwithstanding the termination by Landlord of the Lease by reason of default of Sublandlord as
Tenant thereunder, by tendering to Subtenant a direct lease of the Premises for the then remaining Term upon and subject to the terms and provisions of the Lease as modified insofar as Subtenant is
concerned by this First Amendment to Sublease, in which even Subtenant agrees to enter into such direct lease with Landlord.

	10.
	Subtenant
covenants and agrees to surrender the Premises on expiration or earlier termination of the Sublease Term in as good condition as when Sublandlord delivered occupancy of the
Premises to Subtenant, reasonable wear and tear excepted.

	11.
	Subtenant
shall maintain necessary and essential insurance parallel to the insurance required the Lease.

	12.
	If
the Lease is in default as a result of Subtenant's default or actions, Subtenant shall indemnify and hold harmless Sublandlord for any loss, cost or expense (including reasonable
attorneys fees) suffered by Sublandlord and shall correct said default and fully reimburse Sublandlord for any such losses, costs or expenses (including reasonable attorneys fees) within ten
(10) days of receipt of invoice from Sublandlord. If Subtenant fails to perform any of its duties under this First Amendment to Sublease, Sublandlord shall have the right (but not obligation),
after the expiration of any applicable notice and cure period, to itself perform such duty on behalf and at the expense of Subtenant, without further notice to Subtenant, and all sums incurred by
Sublandlord in performing such duty shall be considered additional rent under this First Amendment to Sublease and shall be due and payable upon demand by Sublandlord. Said right on the part of
Sublandlord shall be in addition to any and all other rights and remedies of Sublandlord both at law and in equity. 

        IN
WITNESS WHEREOF, Sublandlord and Subtenant have entered into this First Amendment to Sublease as of the day and year first above written. 

	SUBLANDLORD:	 	SUBTENANT:
	

Townsend Analytics, Ltd.	
 	

Archipelago, L.L.C.
	

By:	
 	

/s/  MARRGWEN TOWNSEND      
 (Authorized Signature)	
 	

By:	
 	

/s/  KEVIN J. P. O'HARA      
 (Authorized Signature)

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Exhibit 10.29

FIRST AMENDMENT TO SUBLEASE Suites 1710, 1720, 1722, 1725, 1730, 1732, LL2-005, LL2-34 and Storage Spaces 1717, 1723, 1733, 1747, 2017 100 South Wacker Drive Chicago, Illinois 60606

WITNESSETH

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