Document:

EX-10.3

 EXHIBIT 10.3 

PERFORMANCE SHARE AWARD AGREEMENT 

PURSUANT TO THE 

MARKETAXESS HOLDINGS INC. 

2012 INCENTIVE PLAN 

THIS PERFORMANCE SHARE AWARD AGREEMENT (this “Agreement”), made effective as of January 22, 2019, by and between
MarketAxess Holdings Inc. (the “Company”) and Christopher R. Concannon (the “Participant”). 

WHEREAS, the Board of Directors of the Company (the “Board”) adopted, and the stockholders of the Company approved,
the MarketAxess Holdings Inc. 2012 Incentive Plan (as amended and/or restated from time to time, the “Plan”); 

WHEREAS, the Company, through the Committee under the Plan, wishes to grant to the Participant a Performance Share Award under the Plan
that, upon the achievement of the performance metric set forth on Appendix A attached hereto and subject to the Participant’s continuing service with the Company or an Affiliate, may provide for the issuance of shares of the
Company’s common stock, par value $.003 per share (“Common Stock”) in accordance with the terms of this Agreement; 

WHEREAS, the performance metric set forth on Appendix A attached hereto is intended to constitute a “performance goal”
as set forth under the Plan; and 
 WHEREAS, such shares of Common Stock, when issued to the Participant, shall be subject to the
terms of this Agreement (including without limitation, the restrictions set forth in Sections 4 and 5 herein). 
 NOW, THEREFORE, the
Company and the Participant agree as follows: 
 1. Grant of Performance Share Award. Subject to the restrictions, terms
and conditions of the Plan (as modified by this Agreement) and this Agreement, the Company hereby awards and grants to the Participant XX Performance Shares entitling the Participant to receive, for each Performance Share earned in accordance with
Section 2 below, one share of Common Stock, subject to the provisions of Appendix A attached hereto (the “Performance Share Award”). 

2. Payment. Within sixty (60) days following the date of the achievement (the “Achievement Date”) of the
performance metric set forth on Appendix A attached hereto during the performance period beginning on [January 22], 2019 and ending on [January 22], 2024 (the “Performance Period”), the Committee shall certify that such level
of achievement of the performance metric has been achieved (the date of any such certification, a “Settlement Date”). Subject to the Participant’s not incurring a Termination of Employment prior to the Settlement Date (except
as otherwise specifically set forth in this Agreement), on such Settlement Date the Company shall award to the Participant the number of Awarded Shares (as defined in Appendix A) reflecting the level of attainment of the performance metric on
the applicable Achievement Date as set forth on Appendix A attached hereto. For the avoidance of doubt, and notwithstanding anything in the Plan to the contrary (including Section 9.2(e) thereof), if the performance metric has been
achieved during the Performance Period, the Company (i) shall award to the Participant the full number of the Awarded Shares (subject only to adjustment under Section 4.2(b) of the Plan), and (ii) shall not be

 
permitted to subject the payment of any of the Performance Shares to any vesting, forfeiture, deferral or other conditions that are not expressly set forth in this Agreement. Pursuant to Sections
4 and 5 hereof, any Awarded Shares granted hereunder shall be subject to certain restrictions, which restrictions relate to the passage of time as an employee of, or consultant to, the Company or its Affiliates, as described in Section 4.1
hereof. While such restrictions are in effect, the Awarded Shares granted subject to such restrictions shall be referred to herein as “Restricted Stock.” The Performance Shares and, if any, the number of Awarded Shares and the
number of shares of Restricted Stock are subject to adjustment under Section 4.2(b) of the Plan. In the event the Participant is in breach of any of the restrictive covenants set forth in Sections 4, 5, or 6 of the Proprietary Information and Non-Competition Agreement between the Participant and the Company (the “Non-Competition Agreement”) prior to the Settlement Date, the Committee may direct (at
any time prior to the Settlement Date) that all unvested Performance Shares shall be immediately forfeited to the Company. The provision set forth in the immediately preceding sentence shall cease to apply upon a Change in Control. 

3. Termination of Employment/ Change in Control Prior to Settlement Date.  

3.1. Termination of Employment.  
  

	 	(a)	 In the event of the Participant’s Termination of Employment by reason of death or Disability that in
either case occurs within twelve (12) months prior to an Achievement Date, then on the applicable Settlement Date the Participant (or the Participant’s estate in the event of the Participant’s death) shall receive the Awarded Shares
that the Participant would have received if the Participant had been employed by the Company on such Settlement Date, based on the level of achievement of the performance metric on the applicable Achievement Date, and all Restricted Stock
corresponding to such Awarded Shares shall become immediately vested. 

  

	 	(b)	 In the event of the Participant’s Termination of Employment by the Company without Cause or by the
Participant for Good Reason that in either case occurs within twelve (12) months prior to an Achievement Date, then on the applicable Settlement Date the Participant shall receive the Awarded Shares that the Participant would have received if
the Participant had been employed by the Company on such Settlement Date, based on the level of achievement of the performance metric on the applicable Achievement Date, 50% of the total number of shares of Restricted Stock corresponding to such
Awarded Shares shall vest immediately and any remaining unvested shares of Restricted Stock corresponding to such Awarded Shares shall be forfeited. 

3.2. Change in Control. In the event of a Change in Control during the Performance Period, if the highest price per
share of Common Stock paid in the transaction related to such Change in Control equals or exceeds a price per share of Common Stock under a Performance Level, as defined in and set forth on Appendix A, that was not achieved prior to such
Change in Control, then on the Change in Control the Participant shall receive the Awarded Shares payable with respect to such 

  
 -2- 

 
Performance Level and all Restricted Stock corresponding to such Awarded Shares shall become immediately vested. In addition, the Committee, in its sole discretion, may treat any then unearned
Performance Shares under this Performance Share Award in accordance with any one or more of the following methods as determined by the Committee: 
  

	 	(a)	 The Committee may determine that one or more of the levels of achievement of the performance metric set forth
on Appendix A not achieved upon or prior to the Change in Control would likely have been achieved during the Performance Period and treat all or a portion of the Performance Share Award in accordance with any one of the following methods, as
determined by the Committee: 

  

	 	(i)	 The Committee may determine that a level of achievement of the performance metric set forth on Appendix
A not achieved upon or prior to the Change in Control is deemed achieved on the date of the Change in Control, the Participant shall be granted the applicable number of Awarded Shares set forth on Appendix A, subject to the conditions of
Section 4; provided, that all unvested shares of Restricted Stock corresponding to such Awarded Shares shall become immediately vested if (x) such Change in Control occurs within three months following a Termination of Employment by the
Participant for Good Reason or (y) the Participant incurs a Termination of Employment by the Company without Cause within 24 months following such Change in Control; 

 

	 	(ii)	 Immediately prior to the Change in Control, the Committee may determine that the Performance Share Award will
not be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of the Plan and the Participant will be granted the applicable number of Awarded Shares set forth on Appendix A with respect to the
levels of achievement of the performance metric set forth on Appendix A not achieved upon or prior to the Change in Control that the Committee has determined would likely have been achieved during the Performance Period, and all shares of
Restricted Stock corresponding to such Awarded Shares shall vest upon the Change in Control; or 

  

	 	(iii)	 Immediately prior to the Change in Control, the Committee may determine that the Performance Share Award will
be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of the Plan. 

  

	 	(b)	 The Committee may determine that the level of achievement of the performance metric set forth on Appendix
A not achieved upon or prior to the Change in Control would likely not have been achieved during the Performance Period and treat all or a portion of the Performance Share Award in accordance with any one of the following methods as determined
by the Committee: 

  
 -3- 

	 	(i)	 Immediately prior to the Change in Control, the Committee may determine the applicable number of Awarded Shares
set forth on Appendix A with respect to a level of achievement of the performance metric set forth on Appendix A not achieved upon or prior to the Change in Control that the Committee has determined would likely not have been achieved
during the Performance Period will be canceled in their entirety; or 

  

	 	(ii)	 Immediately prior to the Change in Control, the Committee may determine that the Performance Share Award will
be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of the Plan. 

  

	 	(c)	 The Committee may elect not to make a determination of the likely achievement of the levels of achievement of
the performance metrics set forth on Appendix A and treat the Performance Share Award in accordance with Section 12.1 of the Plan. 

  

	 	(d)	 Subject to the provisions herein, the Committee may otherwise determine the treatment of the Performance Share
Award, which shall not be inconsistent with any of the terms of the Plan. 

 4. Restricted Stock. 

4.1. Vesting. Any Restricted Stock issued hereunder shall become vested and cease to be Restricted Stock (but shall remain
subject to the other terms of this Agreement and the Plan) as follows if the Participant has been continuously employed by or otherwise provides services to the Company or an Affiliate from the applicable Settlement Date until the applicable vesting
date: 
  

					
	 Vesting Date
	  	Percentage Vested	 
	 January 22, 2024
	  	 	100	% 

 Except as otherwise provided herein, there shall be no proportionate or partial vesting in the periods prior to the applicable
vesting dates and all vesting shall occur only on the appropriate vesting date. When any shares of Restricted Stock become vested, the Company shall promptly deliver to the Participant any related RS Property (as defined below), subject to
applicable withholding. 
 4.2. Violation of Non-Competition Agreement. In the event
the Participant is in breach of any of the restrictive covenants set forth in Sections 4, 5, or 6 of the Non-Competition Agreement prior to the vesting date of Restricted Stock, or during the applicable time
period(s) set forth in the Non-Competition Agreement thereafter, the Committee may direct (at any time during such time period(s)) that all unvested Restricted Stock shall be immediately forfeited to the
Company and that the Participant shall pay over to the Company an amount equal to any gain the Participant realized from any Restricted Stock which had vested in the period(s) referred to above. The provision set forth in the immediately preceding
sentence shall cease to apply upon a Change in Control. 

  
 -4- 

 4.3. Termination of Employment/ Change in Control.  

 

	 	(a)	 Termination of Employment.  

 

	 	(i)	 In the event of the Participant’s Termination of Employment by reason of death or Disability, in either
case on or after a Settlement Date, then all then issued and unvested Restricted Stock shall become immediately vested. 

  

	 	(ii)	 In the event of the Participant’s Termination of Employment by the Company without Cause or by the
Participant for Good Reason, 50% of the total number of then issued and unvested shares of Restricted Stock granted pursuant to this Agreement shall become immediately vested. Any remaining unvested shares of Restricted Stock that could vest
pursuant to Section 4.3(b)(i)(x) below shall remain outstanding for a period of three (3) months following the date of such termination; provided that such shares of Restricted Stock shall only vest in accordance with
Section 4.3(b)(i)(x) below. 

  

	 	(b)	 Change in Control. 

 

	 	(i)	 If there is a Change in Control and (x) such Change in Control occurs within three months following a
Termination of Employment by the Participant for Good Reason or (y) the Participant incurs a Termination of Employment by the Company without Cause within 24 months following such Change in Control, all then issued and unvested Restricted Stock
shall become immediately vested. 

  

	 	(ii)	 If there is a Change in Control and immediately prior to the Change in Control it is determined that the Award
will not be continued, assumed or have new rights substituted therefor in accordance with Section 12.1(a) of the Plan, then immediately prior to the Change in Control, all then issued and unvested Restricted Stock shall become immediately
vested. 

 4.4. Rights as a Holder of Restricted Stock. From and after any Settlement Date, the
Participant shall have, with respect to the shares of Restricted Stock issued on such Settlement Date, the right to vote such shares of Common Stock, and to exercise all other rights, powers and privileges of a holder of Common Stock with respect to
the Restricted Stock, with the exceptions that (i) no dividends or dividend equivalents shall be due Participant on any Restricted Stock, (ii) the Participant shall not be entitled to delivery of the stock certificate or certificates
representing the Restricted Stock until such shares are no longer Restricted Stock; (iii) the Company (or its designated agent) will retain custody of the stock certificate or certificates representing the Restricted Stock and any other
property (“RS Property”) issued in respect of the Restricted Stock; (iv) no RS Property will bear interest or be segregated in separate accounts; (iv) the Participant shall not, directly or indirectly, Transfer the
Restricted Stock in any manner whatsoever. Prior to the Settlement Date, the Participant shall have no rights as a stockholder with respect to the applicable shares of Common Stock covered by any Restricted Stock to be granted for the applicable
Achievement Date unless and until the Participant has become the holder of record of such Common Stock, and no adjustments shall be made for property, distributions or other rights in respect of any such shares, except as otherwise specifically
provided for in the Plan (including, without limitation, Section 4.2(b) of the Plan). 

  
 -5- 

 4.5. Taxes; Section 83(b) Election.
The Participant acknowledges, subject to the last sentence of this Section 4.5, that (i) no later than the date on which any Restricted Stock shall have become vested, the Participant shall pay to the Company, or make arrangements
satisfactory to the Company regarding payment of, any Federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so vested, including by electing to reduce the number of
shares of Common Stock otherwise deliverable to the Participant or by delivering shares of Common Stock already owned; (ii) the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due
to the Participant any Federal, state or local taxes of any kind required by law to be withheld with respect to any Restricted Stock which shall have become so vested, including that the Company may, but shall not be required to, sell a number of
shares of Common Stock sufficient to cover applicable withholding taxes; and (iii) in the event that the Participant does not satisfy (i) above on a timely basis, the Company may to the extent permitted by law, but shall not be required
to, pay such required withholding and treat such amount as a demand loan to the Participant at the maximum rate permitted by law, with such loan, at the Company’s sole discretion and provided the Company so notifies the Participant within
thirty (30) days of the making of the loan, secured by the Common Stock and any failure by the Participant to pay the loan upon demand shall entitle the Company to all of the rights at law of a creditor secured by the Common Stock. The Company
may hold as security any certificates representing any Common Stock and, upon demand of the Company, the Participant shall deliver to the Company any certificates in his or her possession representing the Common Stock together with a stock power
duly endorsed in blank. The Participant also acknowledges that it is his or her sole responsibility, and not the Company’s, to file timely and properly any election under Section 83(b) of the Code, and any corresponding provisions of state
tax laws, if the Participant wishes to utilize such election. 
 4.6. Legend. In the event that a certificate evidencing
Restricted Stock is issued, the certificate representing the Common Stock shall have endorsed thereon the following legends: 
  

	 	(a)	 “THE ANTICIPATION, ALIENATION, ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF
THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE MARKETAXESS HOLDINGS INC. (THE “COMPANY”) 2012 INCENTIVE PLAN (THE “PLAN”) AND AN AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND THE COMPANY DATED AS OF JANUARY 22, 2019. COPIES OF THE PLAN AND SUCH AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.” 

  
 -6- 

	 	(b)	 Any legend required to be placed thereon by applicable blue sky laws of any state. Notwithstanding the
foregoing, in no event shall the Company be obligated to issue a certificate representing the Restricted Stock prior to vesting as set forth in Section 4.1 hereof. 

5. Restrictions on Transfer. The Participant shall not sell, negotiate, transfer, pledge, hypothecate, assign, encumber or
otherwise dispose of the Performance Share Award or, if any, the shares of Restricted Stock or grant any proxy with respect thereto, except as specifically permitted by the Plan and this Agreement. Any attempted Transfer in violation of this
Agreement and the Plan shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue “stop transfer” instructions to its transfer agent. Notwithstanding the foregoing,
nothing herein or in the Plan shall prohibit the Participant from pledging the Common Stock the Participant is granted hereunder to the Company pursuant to a stock pledge agreement entered into between the parties hereto. 

6. Issuance Restrictions. The Company is not obligated to issue any securities if, in the opinion of counsel for the
Company, the issuance of such Common Stock shall constitute a violation by the Participant or the Company of any provisions of any law or of any regulations of any governmental authority or any national securities exchange. 

7. Securities Representations. The shares of Common Stock will be issued to the Participant and this Agreement is being
made by the Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents and warrants that: 

7.1. The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under
the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this section; 

7.2. The Common Stock must be held indefinitely by the Participant unless (i) an exemption from the registration
requirements of the Securities Act is available for the resale of such Common Stock or (ii) the Company files an additional registration statement (or a “re-offer prospectus”) with regard to the
resale of such Common Stock and the Company is under no obligation to continue in effect a Form S-8 Registration Statement or to otherwise register the resale of the Common Stock (or to file a “re-offer prospectus”); 
 7.3. The exemption from registration under Rule 144
will not be available under current law unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of
Rule 144 or any exemption therefrom are complied with and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions. 

  
 -7- 

 8. Not an Employment Agreement. Neither the execution of this Agreement
nor the issuance of the Performance Share Award or the Common Stock hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire, or any portion of, the term of this Agreement, including but
not limited to any period during which any shares of Common Stock are outstanding. 
 9. Power of Attorney. The Company,
its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions
of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof,
which appointment as attorney-in-fact is irrevocable and coupled with an interest. The Company, as
attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the Restricted Stock,
other RS Property, Common Stock and property provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact,
shall do by virtue hereof. Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose. 

10. Miscellaneous. 

10.1. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal
representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company or any affiliate by which the Participant is employed to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign this Agreement
other than with respect to shares of Common Stock Transferred in compliance with the terms hereof. 
 10.2. This award of the Performance
Share Award, and upon the settlement thereof the issuance of Restricted Stock (if any), shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change
in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or
liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding. 
 10.3.
The Participant agrees that the award of the Performance Share Award hereunder, and upon any settlement thereof the issuance of Restricted Stock (if any), is special incentive compensation and that the Performance Share Award and Restricted Stock
(if applicable), any dividends paid thereon (even if treated as compensation for tax purposes) and any other RS Property will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount
of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company. 

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

  
 -8- 

 10.5. This Agreement may be executed in one or more counterparts (including via facsimile or
PDF), all of which taken together shall constitute one contract. 
 10.6. The failure of any party hereto at any time to require performance
by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of
any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement. 

10.7. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or
modify any of the terms or provisions hereof. 
 10.8. All notices, consents, requests, approvals, instructions and other communications
provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the
same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee of the Board with a copy to the
Company’s Head of Human Resources. 
 10.9. This Agreement shall be construed, interpreted and governed and the legal relationships of
the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law. 

10.10. By executing this Agreement the Participant hereby accepts the terms and conditions of this Agreement and, effective as of the
Settlement Date, shall be deemed to have accepted the award of Restricted Stock within the time period required under Section 8.2(b) of the Plan. 

11. Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan,
including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time, provided that, it is the express
intention of the Company and the Participant that the provisions of the Plan pertaining to Detrimental Activity not apply to this Agreement, the Performance Shares granted hereunder, and the Restricted Stock that may be issued with respect to such
Performance Shares. In all other respects, the Plan is incorporated herein by reference. A copy of the Plan has been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and
provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly (other than, for the avoidance of doubt, with respect to provisions of the Plan pertaining to Detrimental Activity). Unless otherwise
indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other
documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant. 

  
 -9- 

 [Signature Page Follows] 

  
 -10- 

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

			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	
                 

	 Name:
 Title:
	 	
	
	  

	Christopher R. Concannon

  
 -11- 

 APPENDIX A 

Performance Metric and Number of Shares 

The performance metric set forth herein is established for purposes of the grant of the Performance Shares for the Performance Period. 

The performance metric shall be, and the number of shares of Common Stock awarded (the “Awarded Shares”) will be based on and
subject to, the Company’s level of attainment of an average price per share of the Common Stock achieved calculated based on the closing price of the Common Stock over any twenty (20) consecutive trading days during the Performance Period,
rounded up to the nearest whole cent (“Average Stock Price”) as specified below. 
 Subject to the terms and conditions of
this Agreement, the number of Awarded Shares to be issued to the Participant on a Settlement Date shall be as follows: 
  

			
	 Average Stock Price Achieved

(“Performance Level”)
	  	Number of Awarded Shares
		
	Below $[125/135% of FMV]	  	0
	At or above $[125/135% of FMV] per share	  	The number of Performance Shares set forth in Section 1 of the Agreement

 The performance metric set forth on this Appendix A is subject to adjustment under Section 4.2(b) of the Plan.

  
 A-1EX-10.4

 EXHIBIT 10.4 

RESTRICTED STOCK UNIT AGREEMENT 

PURSUANT TO THE 

MARKETAXESS HOLDINGS INC. 2012 INCENTIVE PLAN 
  

 
 THIS RESTRICTED STOCK UNIT AGREEMENT (this
“Agreement”), is made as of the January 22, 2019 (the “Grant Date”) by and between MarketAxess Holdings Inc. (the “Company”) and Christopher R. Concannon (the “Participant”). 

WHEREAS, the Board of Directors of the Company (the “Board”) adopted The MarketAxess Holdings Inc. 2012 Incentive Plan (the
“Plan”) which is administered by a Committee appointed by the Company’s Board of Directors (the “Committee”); 

WHEREAS, pursuant to Section 3.3 of the Plan, the Committee has adopted guidelines (the “Guidelines”) for the grant of restricted
stock units (“RSUs”) under the Plan, which constitute an Other Stock-Based Award under the Plan; and 
 WHEREAS, the Company, through
the Committee, wishes to grant to the Participant RSUs as set forth below. 
 NOW, THEREFORE, the Company and the Participant agree as follows: 

 

	1.	 Grant of RSUs. Subject to the terms and conditions of the Plan (as modified by this Agreement),
the Guidelines (as modified by this Agreement) and this Agreement, on the Grant Date the Company awarded to the Participant xxx RSUs1. The RSUs hereunder are not Deferrable RSUs and are not
eligible for deferral under Section 4 of the Guidelines. 

  

	2.	 Vesting. (a) The RSUs shall become vested (but shall remain subject to Section 3 of
this Agreement) pursuant to Sections 3.1 and 3.2 of the Guidelines, subject to the accelerated vesting provisions under Sections 3.3 and 3.4 of the Guidelines, on the following schedule, provided that the Participant has not had a Termination from
the Grant Date until the applicable vesting date: 

 xxx on January 22, 2020 

xxx on January 22, 2021 
 xxx on
January 22, 2022 
 (b) Notwithstanding the vesting schedule in Section 2(a) above or anything herein or in the Guidelines or the Plan to the contrary,
in the event of a Termination due to Participant’s (i) death, (ii) Disability, (iii) termination by the Company without Cause, or (iv) resignation by the Participant for Good Reason (as defined in the employment agreement by and
between the Participant and the Company), the RSUs granted to Participant hereunder shall become vested immediately and the vesting schedule in Section 2(a) above shall be of no further force or effect. 

 

	3.	 Securities Representations. The grant of the RSUs and any issuance of shares of Common Stock
pursuant to this Agreement are being made by the Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges, represents and warrants that: 

 

	1 	 NTD: The number of RSUs granted will be determined by dividing award value by the average closing price of
Company stock on the ten trading days leading up to and including the Grant Date, rounded to the nearest whole number. 

  
 -1 

 3.1 he or she has been advised that he or she may be an “affiliate” within the meaning of Rule 144
under the Securities Act of 1933, as amended (the “Act”) and in this connection the Company is relying in part on his or her representations set forth in this section; 

3.2 if he or she is deemed an affiliate within the meaning of Rule 144 of the Act, the Common Stock must be held indefinitely unless an exemption from any
applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such Common Stock and the Company is under no obligation to register the Common Stock (or to
file a “re-offer prospectus”); 
 3.3 if he or she is deemed an affiliate within the meaning of Rule 144 of the Act, he or she understands that the
exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other
terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any sale of the Common Stock may be made only in limited amounts in accordance with such terms and conditions. 

 

	4.	 Not an Employment Agreement. Neither the execution of this Agreement nor the grant of RSUs
hereunder constitute an agreement by the Company to employ or to continue to employ the Participant during the entire, or any portion of, the term of this Agreement. 

 

	5.	 Miscellaneous. 

 

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

  

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

 

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

  

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

  

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

  
 -2 

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

  

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

  

	5.8	 All notices, consents, requests, approvals, instructions and other communications provided for herein shall be
in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set
forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be addressed to the Compensation Committee of the Board with a copy to General Counsel, MarketAxess Holdings
Inc., 55 Hudson Yards, 15th Floor, New York, New York, 10001. 

  

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

  

	6.	 Violation of Non-Competition Agreement. In the
event the Participant is in breach of any of the restrictive covenants set forth in Sections 4, 5, or 6 of the Proprietary Information and Non-Competition Agreement between the Participant and the Company (the
“Non-Competition Agreement”) prior to any vesting of RSUs granted hereunder, or during the applicable time period(s) set forth in the Non-Competition
Agreement thereafter, the Committee may direct (at any time during such time periods(s)) that all unvested RSUs and all vested but unpaid RSUs shall be immediately forfeited and that the Participant shall pay over to the Company an amount equal to
any gain the Participant realized from any RSUs or any Common Stock paid in connection therewith which had vested in the period(s) referred to above. 

  

	7.	 Provisions of Plan and Guidelines Control. This Agreement is subject to all the terms, conditions
and provisions of the Plan and the Guidelines, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan and the Guidelines as may be adopted by the Committee and as may
be in effect from time to time, provided that, it is the express intention of the Company and the Participant that the provisions of the Plan and the Guidelines pertaining to “Detrimental Activity” (as defined in the Plan and the
Guidelines) not apply to this Agreement, the RSUs granted hereunder, and any Common Stock pain in connection therewith. In all other respects, the Plan and the Guidelines are incorporated herein by reference. A copy of the Plan and the Guidelines
have been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan and the Guidelines, the Plan and the Guidelines shall control, and this Agreement
shall be deemed to be modified accordingly (other than, for the avoidance of doubt, with respect to provisions of the Plan and the Guidelines pertaining to Detrimental Activity). Unless otherwise indicated, any capitalized term used but not defined
herein shall have the meaning ascribed to such term in the Plan or the Guidelines. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated
herein or in the Plan or the Guidelines) and supersedes any prior agreements between the Company and the Participant. 

[signature page follows] 

  
 -3 

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

			
	MARKETAXESS HOLDINGS INC.
		
	By:	 	
	Name:	 	
	Title:	 	

  

	
	PARTICIPANT
	
	  
 Name: xxx

  
 -4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]