Document:

Warrant

            EXHIBIT
      10.1

     

    R-1

     

     

    THIS
      WARRANT AND THE WARRANT SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS

    AMENDED,
      NOR REGISTERED OR QUALIFIED UNDER ANY STATE

    SECURITIES
      LAWS, AND MAY NOT BE PLEDGED, HYPOTHECATED,

    SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SO

    REGISTERED
      OR AN EXEMPTION THEREFROM IS AVAILABLE

    

    WARRANT
      TO PURCHASE COMMON STOCK

    OF
      NYFIX, INC.

     

    THIS
      CERTIFIES THAT, for value received, NYFIX, Inc., a Delaware corporation (the
      "Company"),
      promises to issue to Warburg Pincus Private Equity IX, L.P., the holder of
      this
      Warrant, its nominees, successors or assigns (the "Holder"),
      2,250,000 nonassessable shares of Common Stock, par value $0.001 per share,
      of
      the Company ("Common
      Stock"),
      upon
      the payment by the Holder to the Company of the Warrant Price (as defined
      herein) and to deliver to the Holder a certificate or certificates representing
      the Common Stock purchased. The number of shares of Common Stock purchasable
      upon exercise of this Warrant and the Warrant Price shall be subject to
      adjustment from time to time as provided herein. The initial Warrant Price
      (the
      "Warrant
      Price")
      per
      share of Common Stock shall equal $7.75 per share, subject to adjustment as
      provided herein.

     

    For
      the
      purpose of this Warrant, the term "Common
      Stock"
      shall
      mean (i) the class of stock designated as the Common Stock at the date of this
      Warrant, or (ii) any other class or classes of stock resulting from successive
      changes or reclassifications of such class of stock, and the term "Business
      Day"
      shall
      mean any day other than a Saturday or Sunday or a day on which commercial banks
      in New York, New York are required or authorized to be closed.

     

    Section
      1.   Term
      of Warrant, Exercise of Warrant.
      (a)
      Subject to the terms of this Warrant, the Holder shall have the right, at its
      option, which may be exercised in whole or in part, at any time, and from time
      to time, commencing at the time of the issuance of this Warrant and until 5:00
      p.m. Eastern Time on October 12, 2016 to purchase from the Company the number
      of
      fully paid and nonassessable shares of Common Stock which the Holder may at
      the
      time be entitled to purchase on exercise of this Warrant ("Warrant
      Shares").
      Notwithstanding the foregoing, if the Holder shall have given the Company
      written notice of its intention to exercise this Warrant on or before 5:00
      p.m.
      Eastern Time on October 12, 2016, the Holder may exercise this Warrant at any
      time through (and including) the Business Day next following the date that
      all
      applicable required regulatory holding periods have expired and all applicable
      required governmental approvals have been obtained in connection with such
      exercise of this Warrant by the Holder, if such Business Day is later than
      on
      October 12, 2016 (October 12, 2016 or such later date being herein referred
      to
      as the "Warrant
      Expiration Date").
      After
      the Warrant Expiration Date, this Warrant will be void.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) 
       The
      purchase rights evidenced by this Warrant shall be exercised by the Holder
      surrendering this Warrant, with the form of subscription at the end hereof
      duly
      executed by the Holder, to the Company at its office in Stamford, CT (or, in
      the
      event the Company’s principal office is no longer in Stamford, CT, its then
      principal office in the United States (the “Principal Office”)), accompanied by
      payment, of an amount (the "Exercise
      Payment")
      equal
      to the Warrant Price multiplied by the number of Warrant Shares being purchased
      pursuant to such exercise, payable as follows: (i) by payment to the Company
      in
      cash, by certified or official bank check, or by wire transfer of the Exercise
      Payment, (ii) by surrender to the Company for cancellation of securities of
      the
      Company having a Market Price (as hereinafter defined) on the date of exercise
      equal to the Exercise Payment; or (iii) by a combination of the methods
      described in clauses (i) and (ii) above. In lieu of exercising the Warrant,
      the
      Holder may elect to receive a payment equal to the difference between (i) the
      Market Price on the date of exercise multiplied by the number of Warrant Shares
      as to which the payment is then being elected and (ii) the Exercise Payment
      with
      respect to such Warrant Shares, payable by the Company to the Holder only in
      shares of Common Stock valued at the Market Price on the date of exercise (a
      “Net
      Exercise”).
      For
      purposes hereof, the term "Market
      Price"
      shall
      mean, with respect to any day, the average closing price of a share of Common
      Stock or other security for the fifteen (15) consecutive trading days preceding
      such day on the principal national securities exchange on which the shares
      of
      Common Stock or securities are listed or admitted to trading or, if not listed
      or admitted to trading on any national securities exchange, the average of
      the
      reported bid and asked prices during such fifteen (15) trading day period on
      Nasdaq or, if the shares are not listed on Nasdaq, in the over-the-counter
      market or pink sheets or, if the shares of Common Stock or securities are not
      publicly traded, the Market Price for such day shall be the fair market value
      thereof determined jointly by the Company and the Holder; provided,
      however,
      that if
      such parties are unable to reach agreement within a reasonable period of time,
      the Market Price shall be determined in good faith by an independent investment
      banking firm selected jointly by the Company and the Holder or, if that
      selection cannot be made within fifteen (15) days, by an independent investment
      banking firm selected by the American Arbitration Association in accordance
      with
      its rules. All costs and expenses incurred in connection with the determination
      of Market Price shall be borne by the Company.

     

    (c)  
      Upon
      any
      exercise of this Warrant, the Company shall issue and cause to be delivered
      with
      all reasonable dispatch, but in any event within three (3) Business Days, to
      or
      upon the written order of the Holder and, subject to Section 3, in such name
      or
      names as the Holder may designate, a certificate or certificates for the number
      of full Warrant Shares issuable upon such exercise together with such other
      property, including cash, which may be deliverable upon such exercise. If fewer
      than all of the Warrant Shares represented by this Warrant are purchased, a
      new
      Warrant of the same tenor as this Warrant, evidencing the Warrant Shares not
      purchased will be issued and delivered by the Company at the Company's expense,
      to the Holder together with the issue of the certificates representing the
      Warrant Shares then being purchased. All Warrant Certificates surrendered upon
      exercise of Warrants shall be canceled by the Company.

     

    Section
      2.   Warrant
      Register, Registration of Transfers

     

    Section
      2.1.   Warrant
      Register.
      The
      Company shall keep at its Principal Office, a register (the "Warrant
      Register")
      in
      which the Company shall record the name and address of the Holder 

     

    
      
        
        

      

      
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    from
      time
      to time and all transfers and exchanges of this Warrant. The Company shall
      give
      the Holder prior written notice of any change of the address at which such
      register is kept.

     

    Section
      2.2.   Registration
      of Transfers, Exchanges or Assignment of Warrants.
      The
      Holder shall be entitled to assign its interest in this Warrant in whole or
      in
      part to any person upon surrender thereof accompanied by a written instrument
      or
      instruments of transfer in the form of assignment at the end hereof duly
      executed by the Holder. This Warrant may also be exchanged or combined with
      warrants of like tenor at the option of the Holder for another Warrant or
      Warrants of like tenor and representing in the aggregate the right to purchase
      a
      like number of Warrant Shares upon presentation thereof to the Company as its
      Principal Office together with a written notice signed by the Holder specifying
      the denominations in which the new Warrant is or the new Warrants are to be
      issued.

     

    Upon
      surrender for transfer or exchange of this Warrant to the Company at its
      Principal Office for transfer or exchange, in accordance with this Section
      2,
      the Company shall, without charge (subject to Section 3), execute and deliver
      a
      new Warrant or Warrants of like tenor and of a like aggregate amount of Warrant
      Shares in the name of the assignee named in such instrument of assignment and,
      if the Holder's entire interest is not being assigned, in the name of the Holder
      with respect to that portion not transferred, and this Warrant shall promptly
      be
      canceled.

     

    Section
      3.   Payment
      of Taxes.
      The
      Company shall pay all documentary stamp taxes, if any, attributable to the
      initial issuance of any Warrant Shares upon the exercise of this Warrant;
provided,
      however,
      that
      the Company shall not be required to pay any tax or taxes which may be payable
      in respect of any transfer involved in the issue or delivery of any Warrant
      or
      certificate for Warrant Shares in a name other than that of the Holder as such
      name is then shown on the books of the Company.

     

    Section
      4.   Certain
      Covenants.

     

    Section
      4.1.   Reservation
      of Warrant Shares.
      Promptly following the date on which the Company amends its Restated Certificate
      of Incorporation to increase the number of authorized shares of Common Stock,
      the Company shall at all times keep reserved, out of its authorized but unissued
      Common Stock, free from any preemptive rights, rights of first refusal or other
      restrictions (other than pursuant to the Securities Act of 1933, as amended
      (the
      "Act"))
      a
      number of shares of Common Stock sufficient to provide for the exercise of
      the
      rights of purchase represented by this Warrant. The transfer agent, if any,
      for
      the Common Stock, and every subsequent transfer agent for any shares of its
      Common Stock issuable upon the exercise of any of the rights of purchase as
      set
      out in this Warrant, shall be irrevocably authorized and directed at all times
      to reserve such number of authorized shares as shall be requisite for such
      purpose.

     

    Section
      4.2.   No
      Impairment.
      The
      Company shall not by any action including, without limitation, amending its
      Restated Certificate of Incorporation, any reorganization, transfer of assets,
      consolidation, merger, dissolution, issue or sale of securities or any other
      voluntary action, avoid or seek to avoid the observance or performance of any
      of
      the terms of this Warrant, but shall at all times in good faith assist in the
      carrying out of all such terms and in the taking of all such action, as may
      be
      necessary or appropriate to protect the rights of the Holder against impairment.
      Without limiting the generality of the foregoing, the Company shall take all
      such 

     

    
      
        
        

      

      
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    action
      as
      may be necessary or appropriate in order that the Company may validly issue
      fully paid and nonassessable shares of Common Stock upon the exercise of this
      Warrant at the then Warrant Price therefor.

     

    Section
      4.3.   Notice
      of Certain Corporate Action.
      In case
      the Company shall propose (a) to offer to the holders of its Common Stock rights
      to subscribe for or to purchase any shares of Common Stock or shares of stock
      of
      any class or any other securities, rights or options, or (b) to effect any
      reclassification of its Common Stock (other than a reclassification involving
      only the subdivision, or combination, of outstanding shares of Common Stock),
      or
      (c) to effect any capital reorganization, or (d) to effect any consolidation,
      merger or sale, transfer or other disposition of all or substantially all of
      its
      property, assets or business, or (e) to effect the liquidation, dissolution
      or
      winding up of the Company or (f) to offer to the holders of its Common Stock
      the
      right to have their shares of Common Stock repurchased or redeemed or otherwise
      acquired by the Company, or (g) to take any other action which would require
      the
      adjustment of the Warrant Price and/or the number of Warrant Shares issuable
      upon exercise of this Warrant, then in each such case (but without limiting
      the
      provisions of Section 5), the Company shall give to the Holder, a notice of
      such
      proposed action, which shall specify the date on which a record is to be taken
      for purposes of such dividend, distribution of offer of rights, or the date
      on
      which such reclassification, reorganization, consolidation, merger, sale,
      transfer, disposition, liquidation, dissolution, or winding up is to take place
      and the date of participation therein by the holders of Common Stock, if any
      such date is to be fixed and shall also set forth such facts with respect
      thereto as shall be reasonably necessary to indicate the effect of such action
      on the Common Stock. Such notice shall be so given at least ten (10) Business
      Days prior to the record date for determining holders of the Common Stock for
      purposes of participating in or voting on such action, or at least ten (10)
      Business Days prior to the date of the taking of such proposed action or the
      date of participation therein by the holders of Common Stock, whichever shall
      be
      the earlier. Such notice shall specify, in the case of any subscription or
      repurchase rights, the date on which the holders of Common Stock shall be
      entitled thereto, or the date on which the holders of Common Stock shall be
      entitled to exchange their Common Stock for securities or other property
      deliverable upon any reorganization, reclassification, consolidation, merger,
      sale or other action, as the case may be. Such notice shall also state whether
      the action in question or the record date is subject to the effectiveness of
      a
      registration statement under the Act or to a favorable vote of security holders,
      if either is required, and the adjustment in Warrant Price and/or number of
      Warrant Shares issuable upon exercise of this Warrant as a result of such
      reorganization, reclassification, consolidation, merger, sale or other action.
      

     

    Section
      5.   Adjustment
      of Warrant Price and Warrant Shares.

     

    Section
      5.1.   Subdivision
      or Combination of Stock.
      In case
      the Company shall at any time (i) issue a dividend payable in Common Stock
      or
      convertible securities or any rights to subscribe for or to purchase, or any
      options for the purchase of, Common Stock or convertible securities or (ii)
      subdivide its outstanding shares of Common Stock into a greater number of shares
      or combine its outstanding shares of Common Stock into a smaller number of
      shares, the Warrant Price in effect immediately prior to such subdivision or
      combination shall be adjusted to an amount that bears the same relationship
      to
      the Warrant Price in effect immediately prior to such action as the total amount
      of shares of Common Stock outstanding immediately prior to such action bears
      to
      the total number of shares of Common Stock outstanding immediately after

     

    
      
        
        

      

      
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    such
      action, and the number of shares of Common Stock purchasable upon the exercise
      of any Warrant shall be that number of shares of Common Stock obtained by
      multiplying the number of shares of Common Stock purchasable immediately prior
      to such adjustment upon the exercise of such Warrant by the Warrant Price in
      effect immediately prior to such adjustment and dividing the product so obtained
      by the Warrant Price in effect after such adjustment.

     

    Section
      5.2.   Reorganization,
      Reclassification, Consolidation, Merger or Sale.
      (a)  If any capital reorganization or reclassification of the capital stock
      of the Company, or any consolidation or merger of the Company with another
      corporation, or the sale of all or substantially all of its assets to another
      corporation shall be effected in such a way that holders of Common Stock shall
      be entitled to receive stock, securities or assets with respect to or in
      exchange for Common Stock, then, as a condition of such reorganization,
      reclassification, consolidation, exercise, merger or sale, lawful and adequate
      provision shall be made whereby the Holder shall thereafter have the right
      to
      receive upon the basis and upon the terms and conditions specified herein and
      in
      lieu of the shares of Common Stock immediately theretofore receivable upon
      the
      exercise of this Warrant, the highest amount of shares of stock, securities
      or
      assets (including cash) as may be issued or payable with respect to or in
      exchange for a number of outstanding shares of such Common Stock equal to the
      number of Warrant Shares for which this Warrant could have been exercised
      immediately prior to such reorganization, reclassification, consolidation,
      merger or sale, and in any such case appropriate provision shall be made with
      respect to the rights and interests of such Holder to the end that the
      provisions hereof shall thereafter be applicable, as nearly as may be, in
      relation to any shares of stock, securities or assets (including cash)
      thereafter deliverable upon the exercise of this Warrant. The Company will
      not
      effect any consolidation, merger or sale, unless prior to the consummation
      thereof the successor corporation (if other than the Company) resulting from
      such consolidation or merger or the corporation purchasing such assets shall
      assume, by written instrument executed and mailed or delivered to the Holder
      at
      the last address of such Holder appearing on the books of the Company, the
      obligation to deliver to such Holder such shares of stock, securities or assets
      (including cash) as, in accordance with the foregoing provisions, the Holder
      may
      be entitled to receive. 

     

    (b) 
       Notwithstanding the foregoing:

     

    (i)
      In
      the event of a merger or consolidation of the Company approved by the Board
      of
      Directors of the Company (the “Board”)
      in
      which the consideration otherwise receivable in such merger or consolidation
      by
      the Holder upon exercise of the Warrant consists solely of securities
      (“Merger
      Securities”),
      the
      Holder shall be entitled to receive, at such Holder's option, upon exercise
      hereof, (x) the consideration the Holder would be entitled to receive pursuant
      to Section 5.2(a) or (y) the Merger Securities issuable per share of Common
      Stock multiplied by the number of shares of Common Stock the Holder would
      receive if the Holder exercised this Warrant in full by Net Exercise immediately
      prior to such merger or consolidation.

     

    (ii)
      In
      the event of a merger or consolidation of the Company approved by the Board
      in
      which the consideration otherwise receivable in such merger or consolidation
      by
      the Holder upon exercise of the Warrant consists solely of cash, the Holder
      shall be entitled to receive at such Holder's option, upon exercise hereof,
      in
      lieu of an amounts 

     

    
      
        
        

      

      
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    payable
      pursuant to Section 5.2(a) hereof, an amount in cash equal to the number of
      Warrant Shares for which the Warrant is then exerciseable multiplied by the
      difference between the amount in cash per share of Common Stock payable in
      such
      merger or consolidation less the Exercise Payment for such Warrant
      Shares.

     

    Section
      5.3.   Fractional
      Shares.
      The
      Company shall not issue fractions of shares of Common Stock upon exercise of
      this Warrant or scrip in lieu thereof. If any fraction of a share of Common
      Stock would, except for the provisions of this Section 5.3, be issuable upon
      exercise of this Warrant, the Company shall in lieu thereof pay to the person
      entitled thereto an amount in cash equal to the current value of such fraction,
      calculated to the nearest one-hundredth (1/100) of a share, to be computed
      on
      the basis of the Market Price for a share of Common Stock as of the date of
      exercise.

     

    Section
      5.4.   Notice
      of Adjustment.
      Upon
      any adjustment of the Warrant Price, and from time to time upon the request
      of
      the Holder the Company shall furnish to the Holder the Warrant Price resulting
      from such adjustment or otherwise in effect and the number of Warrant Shares
      then available for purchase under this Warrant, setting forth in reasonable
      detail the method of calculation and the facts upon which such calculation
      is
      based.

     

    Section
      5.5.   Certain
      Events.
      If any
      event occurs as to which, in the good faith judgment of the Board the other
      provisions of this Section 5 are not strictly applicable or if strictly
      applicable would not fairly protect the exercise rights of the Holder in
      accordance with the essential intent and principles of such provisions, then
      the
      Board in the good faith, reasonable exercise of its business judgment shall
      make
      an adjustment in the application of such provisions, in accordance with such
      essential intent and principles so as to protect such exercise rights as
      aforesaid.

     

    Section
      6.   No
      Rights as a Stockholder; Notice to Holder.
      Nothing
      contained in this Warrant shall be construed as conferring upon the Holder
      the
      right to vote or to consent or to receive notice as a stockholder in respect
      of
      any meeting of stockholders for the election of directors of the Company or
      any
      other matter, or any rights whatsoever as a stockholder of the
      Company.

     

    Section
      7.   Replacement
      of Warrant.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement (with, in the case of
      a
      Holder which is not a qualified institutional buyer within the meaning of Rule
      144A under the Act, surety) in an amount reasonably satisfactory to it, or
      (in
      the case of mutilation) upon surrender and cancellation thereof, the Company
      will issue, in lieu thereof, a new Warrant of like tenor.

     

    Section
      8.   Notices.
      All
      notices and other written communications provided for hereunder shall be given
      in writing and delivered in person or sent by overnight delivery service (with
      charges prepaid) or by facsimile transmission, if the original of such facsimile
      transmission is sent by overnight delivery service (with charges prepaid) by
      the
      next succeeding Business Day and (i) if to the Holder addressed to it at the
      address or fax number specified for such Holder in the Warrant Register or
      at
      such other address or fax number as the Holder shall have specified to the
      Company in writing in accordance with this Section 8, and (ii) if to the
      Company, addressed

     

    
      
        
        

      

      
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     to
      it at NYFIX, Inc., 100 Wall Street, 26th
      Floor,
      New York, NY 10005 (facsimile: 212-809-1013), Attention: General Counsel, or
      at
      such other address or fax number as the Company shall have specified to the
      Holder in writing in accordance with this Section 8. Notice given in accordance
      with this Section 8 shall be effective upon the earlier of the date of delivery
      or the second Business Day at the place of delivery after dispatch.

     

    Section
      9.   Applicable
      Law.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of New York without giving effect to principles of conflict of
      laws.

     

    Section
      10.   Warrant
      Share Legend.
      Each
      certificate representing Warrant Shares, until such Warrant Shares have been
      distributed pursuant to a registration statement effective under the Act or
      sold
      to the public through a broker, dealer or market maker in compliance with Rule
      144 under the Act (or any similar rule then in force) shall bear the following
      legend:

     

    THE
      SHARES REPRESENTED HEREBY ARE ENTITLED TO THE BENEFITS OF A 

    CERTAIN
      REGISTRATION RIGHTS AGREEMENT DATED OCTOBER 12, 2006 

    BETWEEN
      THE ISSUER AND WARBURG PINCUS PRIVATE EQUITY IX, L.P., A

     COPY
      OF WHICH WILL BE FURNISHED TO THE REGISTERED HOLDER

     HEREOF
      WITHOUT CHARGE BY THE ISSUER, UPON REQUEST.

     

    Section
      11.   Captions.
      The
      captions of the Sections and subsections of this Warrant have been inserted
      for
      convenience only and shall have no substantive effect.

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the undersigned have executed this Warrant as of
      the 12th day of October, 2006.

    
 

    
      
        	 	
                NYFIX,
                  INC.

              
	 	 
	 	 
	 	
                By:

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

              
	 	
                Title:   
                  Chief Financial Officer

              

      

    

     

     

     

    Attest:
      /s/ Brian Bellardo    

            Secretary

     

    
      
        
        

      

      
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    [To
      be signed only upon exercise of Warrant]

    

     

    To
      NYFIX,
      INC.:

     

    The
      undersigned, the holder (the “Holder”)
      of the
      within Warrant (the "Warrant"),
      hereby irrevocably elects to exercise the purchase right represented by the
      Warrant for, and to purchase thereunder,       
      shares
      of Common Stock of NYFIX, Inc., a Delaware corporation (the “Company”),
      and
      herewith [makes payment of $      
      therefor
      in full payment of the Exercise Payment][tenders securities having a Market
      Price of $_____ in full payment of the Exercise Payment ] [elects to receive
      a
      payment equal to the difference between (i) the Market Price (as defined in
      the
      Warrant) multiplied by ________ (the number of Warrant Shares as to which the
      payment is being elected) and (ii) ___________, which is the aggregate exercise
      price with respect to such Warrant Shares, in full payment of the Exercise
      Payment, payable by the Company to the Holder only in shares of Common Stock
      valued at the Market Price in accordance with the terms of the Warrant] and
      requests that the certificates for such shares be issued in the name of, and
      be
      delivered to            ,
      whose
      address is                      .

     

    [In
      the
      case of a merger or consolidation where Holder elects to receive consideration
      pursuant to Section 5.2(b):

     

    [Pursuant
      to Section 5.2(b)(i) of the within Warrant (the “Warrant”),
      the
      undersigned, the holder (the “Holder”)
      of the
      Warrant, hereby elects to receive, in lieu of exercising the Warrant, the Merger
      Securities issuable per share of Common Stock pursuant to the [Merger
      Agreement], multiplied by the number of shares of Common Stock the Holder would
      receive if the Holder exercised the Warrant in full by Net Exercise immediately
      prior to such transaction.] or 

     

    [Pursuant
      to Section 5.2(b)(ii) of the within Warrant, the undersigned, the holder of
      the
      within Warrant (the “Holder”),
      hereby elects to receive, in lieu of exercising the within Warrant, an amount
      in
      cash equal to the number of Warrant Shares for which the Warrant is exerciseable
      multiplied by the difference between the amount in cash per share of Common
      Stock payable pursuant to the [Merger Agreement], less the Exercise Payment
      for
      such Warrant Shares.]]

     

    Capitalized
      terms used by not defined herein shall have the meaning assigned to them in
      the
      Warrant.

     

    
      

       

      
        	
                Dated:

                 

              	 
	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	 

      

      (Signature
        must conform in all respects to name of Holder as specified on the face of
        the
        Warrant)

       

      
        	 	 
	 	
                Address

                 

              

      

       

      
        
          
            
            

          

          
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    [To
      be signed only upon transfer of Warrant]

     

     

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto                                    
      the
      right represented by the within Warrant to purchase         
      shares
      of the Common Stock of NYFIX, Inc. to which the within Warrant relates, and
      appoints               
      attorney
      to transfer said right on the books of NYFIX, Inc. with full power of
      substitution in the premises.

     

    
       

      
        	
                Dated:

              	 
	 	 

      

       

    

     

    (Signature
      must conform in all respects to name of Holder as specified on the face of
      the
      Warrant)

     

    
       

      
        	 	 
	 	
                Address

                 

              

      

       

    

     

    
       

      
        	 

                In
                  the presence of:

                 

              	 
	 	
                 

                 

              

      

       

       

      
        
          
          

        

        
          -3-Registration Rights Agreement

    EXHIBIT
      10.2

     

    NYFIX,
      INC.

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    

      REGISTRATION
        RIGHTS AGREEMENT, dated as of October 12, 2006 (this “Agreement”), among the
        investors whose names and addresses appear from time to time listed on
Schedule
        I
        hereto
        (the “Investors”) and NYFIX, Inc., a Delaware corporation (the “Company”).
        Capitalized terms used in this Agreement but not otherwise defined herein
        shall
        have the meaning set forth in the Purchase Agreement (as defined
        herein).

    

     

    RECITALS

    

    WHEREAS,
      the Investors have, pursuant to the terms of the Purchase Agreement, agreed
      to
      purchase shares of Series B Voting Convertible Preferred Stock, par value $1.00
      per share (the “Convertible Preferred Stock”), of the Company; 

    

    WHEREAS,
      the Company has authorized the issuance of Series C Non-Voting Convertible
      Preferred Stock, par value $1.00 per share (the “Exchange Preferred
      Stock”);

    

    WHEREAS,
      the shares of Convertible Preferred Stock and Exchange Preferred Stock are
      convertible into shares of Common Stock;

    

    WHEREAS,
      the Company has agreed to grant the Investors certain registration rights;
      and

    

    WHEREAS,
      the Company and the Investors desire to define the registration rights of the
      Investors on the terms and subject to the conditions herein set
      forth.

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and for other good and
      valuable consideration, the parties hereby agree as follows:

    

    SECTION
      1. DEFINITIONS

    

    As
      used
      in this Agreement, the following terms have the respective meanings set forth
      below:

    

    Agreement:
      shall
      mean this Registration Rights Agreement among the Investors and the Company,
      as
      the same may be amended or modified from time to time in accordance with its
      terms;

     

    Commission:
      shall
      mean the Securities and Exchange Commission or any other federal agency at
      the
      time administering the Securities Act;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Demanding
      Holders:
      shall
      have the meaning set forth in Section 2(b)(ii);

    

    Exchange
      Act:
      shall
      mean the Securities Exchange Act of 1934, as amended (or any successor act),
      and
      the rules and regulations promulgated thereunder;

    

    Holder:
      shall
      mean each Investor that holds Registrable Securities, any transferee or assignee
      thereof to whom an Investor assigns its rights under this Agreement and who
      agrees to become bound by the provisions of this Agreement in accordance with
      Section 3(f) and any transferee or assignee thereof to whom a transferee or
      assignee assigns its rights under this Agreement and who agrees to become bound
      by the provisions of this Agreement in accordance with Section
      3(f);

    

    Indemnified
      Party:
      shall
      have the meaning set forth in Section 2(f)(iii);

    

    Indemnifying
      Party:
      shall
      have the meaning set forth in Section 2(f)(iii);

    

    Initiating
      Holder(s):
      shall
      mean the Investors who in the aggregate are the Holders of more than 50% of
      all
      the outstanding Registrable Securities held by the Investors;

    

    Other
      Stockholders:
      shall
      have the meaning set forth in Section 2(a);

    

    Purchase
      Agreement:
      shall
      mean the Purchase Agreement, dated as of September 4, 2006, among the Company
      and the Investors (as defined therein), as the same may be amended or modified
      from time to time in accordance with its terms;

    

    Person:
      shall
      mean an individual, partnership, joint-stock company, corporation, limited
      liability company, trust or unincorporated organization, and a government or
      agency or political subdivision thereof;

    

    Register,
      Registered
      and
Registration:
      shall
      mean a registration effected by preparing and filing a registration statement
      in
      compliance with the Securities Act (and any post-effective amendments filed
      or
      required to be filed) and the declaration or ordering of effectiveness of such
      registration statement by the Commission;

    

    Registrable
      Securities:
      shall
      mean (A) shares of Common Stock issuable upon conversion of the shares of
      Convertible Preferred Stock or Exchange Preferred Stock, (B)
      any
      other shares of Common Stock held or hereafter acquired by the Investors,
      including any shares of Common Stock issuable upon exchangeable or convertible
      Securities and
      (C)
      any Common Stock of the Company issued as a dividend or other distribution
      with
      respect to, or in exchange for or in replacement of, the shares of Convertible
      Preferred Stock, Exchange Preferred Stock or Common Stock referred to in clause
      (A); provided,
      however, that the foregoing definition shall exclude in all cases any
      Registrable Securities sold by a Person in a transaction in which such Person’s
      rights under this Agreement are not assigned or any Registrable Securities
      for
      which registration rights have terminated pursuant to Section 2(j); provided,
      further, that “Registrable 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    Securities”
      shall not at any time include any Securities (i) registered and sold pursuant
      to
      the Securities Act or (ii) sold pursuant to Rule 144 under the Securities Act.
      

    

    Registration
      Expenses:
      shall
      mean all expenses incurred by the Company in compliance with Sections 2(a),
      (b)
      and (c) hereof, including, without limitation, all registration and filing
      fees,
      printing expenses, reasonable fees and disbursements of counsel for the Company,
      reasonable fees and expenses of one counsel for all the Holders (which counsel
      shall be chosen by the Initiating Holder(s)), reasonable blue sky fees and
      expenses and the reasonable expense of any special audits incident to or
      required by any such Registration (but excluding the compensation of regular
      employees of the Company, which shall be paid in any event by the
      Company);

    

    Registration
      Period:
      shall
      have the meaning set forth in Section 2(e)(i);

    

    Rule
      144:
      shall
      have the meaning set forth in Section 2(h)(i);

     

    Security,
      Securities:
      shall
      have the meaning set forth in Section 2(1) of the Securities Act;

    

    Securities
      Act:
      shall
      mean the Securities Act of 1933, as amended (or any successor act), and the
      rules and regulations promulgated thereunder; and

    

    Selling
      Expenses:
      shall
      mean all underwriting discounts and selling commissions applicable to the sale
      of Registrable Securities, all stamp duty and transfer taxes, if any, and all
      fees and disbursements of counsel for each of the Holders other than the
      reasonable fees and expenses of one counsel for all the Holders.

     

    SECTION
      2. REGISTRATION RIGHTS

    

    (a)    Requested
      Registration.

    

    (i)     Request
      for Registration.
      If the
      Company shall receive
      a
      written request that the Company effect any Registration with respect to all
      or
      a part of the Registrable Securities from an Initiating Holder, at any time
      on
      or after the first anniversary of the date hereof, the Company
      will:

    

    (1)    promptly
      give written notice of the proposed Registration to all other Holders;
      and

    

    (2)    as
      soon
      as practicable, use its reasonable best efforts to effect such Registration
      as
      may be so requested and as would permit or facilitate the sale and distribution
      of all or such portion of such Registrable Securities as are specified in such
      request, together with all or such portion of the Registrable Securities of
      any
      other Holder or Holders joining in such request as are specified in a written
      request received by the Company within ten (10) business days after written
      notice from the Company is given 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

     under
      Section 2(a)(i)(1) above; provided
      that the
      Company shall not be obligated to effect, or take any action to
      effect:

    

    (A)    any
      such
      Registration pursuant to this Section 2(a) in any particular jurisdiction in
      which the Company would be required to execute a general consent to service
      of
      process in effecting such Registration, unless the Company is already subject
      to
      service in such jurisdiction and except as may be required by the Securities
      Act
      or applicable rules or regulations thereunder;

    

    (B)    any
      such
      Registration pursuant to this Section 2(a), if the Company has effected two
      (2)
      such Registrations pursuant to this Section 2(a) and such Registrations have
      been declared or ordered effective; 

     

    (C)    any
      such
      Registration pursuant to this Section 2(a) if the Registrable Securities
      requested by
      all
      Holders to be registered pursuant to any such request have an anticipated
      aggregate public offering price (before deduction of any Selling Expenses)
      of
      less than $5,000,000;

     

    (D)    any
      such
      Registration pursuant to this Section 2(a) during the period starting with
      the
      date sixty (60) days prior to the Company’s good faith estimate of the date of
      filing of, and ending on the date six (6) months immediately following the
      effective date of, any registration statement pertaining to Securities of the
      Company (other than a registration of Securities in a Rule 145 transaction
      under
      the Securities Act or with respect to an employee benefit plan), provided
      that the
      Company is actively employing in good faith all reasonable efforts to cause
      such
      registration statement to become effective; provided,
      however,
      that
      the Company may only delay an offering pursuant to this Section 2(a)(i)(2)(D)
      for a period of not more than sixty (60) days, if a filing of any other
      registration statement is not made within that period, and the Company may
      only
      exercise this right once in any twelve (12) month period; or

     

    (E)    any
      such
      Registration pursuant to this Section 2(a) if the Company shall furnish to
      the
      Holders a certificate signed by the Chief Executive Officer of the Company
      stating that in the good faith judgment of the Board of Directors it would
      be
      seriously detrimental to the Company or its stockholders for a registration
      statement to be filed in the near future, in which case the Company’s obligation
      to use its reasonable best efforts to comply with this Section 2 shall be
      deferred for a period not to exceed ninety (90) days from the date of receipt
      of
      written request from the Holders; provided,
      however,
      that
      the Company shall not exercise such right more than once in any twelve (12)
      month period.

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    The
      registration statement filed pursuant to the request of the Initiating Holder(s)
      pursuant to Section 2(a)(i) may, subject to the provisions of Section 2(a)(ii)
      below, include other Securities of the Company which are held by Persons who,
      by
      virtue of agreements with the Company, are entitled to include their Securities
      in any such Registration (“Other Stockholders”). In the event any Holder
      requests a Registration pursuant to this Section 2(a) in connection with a
      distribution of Registrable Securities to its partners or members, the
      Registration shall provide for the resale by such partners or members, if
      requested by such Holder.

     

    (ii)    Underwriting.
      If the
      Initiating Holder(s) intend to distribute the Registrable Securities covered
      by
      their request by means of an underwriting, they shall so advise the Company
      as a
      part of their request made pursuant to Section 2(a).
      In such
      event, the right of any Holder to include such Holder’s Registrable Securities
      in such Registration shall be conditioned upon such Holder’s participation in
      the underwriting to the extent provided herein. If Other Stockholders request
      inclusion of their Securities in the underwriting, the Holders shall offer
      to
      include the Securities of such Other Stockholders in the underwriting and may
      condition such offer on their acceptance of the further applicable provisions
      of
      this Section 2. The Holders whose shares are to be included in such Registration
      and the Company shall (together with all Other Stockholders proposing to
      distribute their Securities through such underwriting) enter into an
      underwriting agreement in customary form with the representative of the
      underwriter or underwriters selected for such underwriting by the Initiating
      Holder(s) and reasonably acceptable to the Company; provided,
      however,
      that
      such underwriting agreement shall not provide for indemnification or
      contribution obligations on the part of the Holders materially greater than
      the
      obligations of the Holders under Section 2(f)(ii) hereof. Notwithstanding any
      other provision of this Section 2(a), if the representative of the underwriter
      advises the Holders in writing that marketing factors require a limitation
      on
      the number of shares to be underwritten, the Securities held by Other
      Stockholders shall be excluded from such Registration to the extent so required
      by such limitation. If, after the exclusion of such Securities held by Other
      Stockholders, further reductions are still required, the number of Registrable
      Securities included in the Registration by each Holder shall be reduced on
      a pro
      rata basis (based on the number of Registrable Securities held by such Holder),
      by such minimum number of Registrable Securities as is necessary to comply
      with
      such request. No Registrable Securities or any other Securities excluded from
      the underwriting by reason of the underwriter’s marketing limitation shall be
      included in such Registration. If any Other Stockholder who has requested
      inclusion in such Registration as provided above disapproves of the terms of
      the
      underwriting, such Person may elect to withdraw therefrom by providing prompt
      written notice to the Company, the underwriter and the Initiating Holder(s).
      The
      Securities so withdrawn shall also be withdrawn from Registration. In addition
      to the other rights of the Holders contained herein, if the underwriter has
      not
      limited the number of Registrable Securities or other Securities to be
      underwritten, the Company and officers and directors of the Company may include
      its or their Securities for its or their own account in such Registration if
      the
      representative of the underwriter so agrees and if the number of Registrable
      Securities and other Securities which would otherwise have been included in
      such
      Registration and underwriting will not thereby be limited.

    

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (b)    Company
      Registration.

    

    (i)    
Inclusion
      in Registration.
      If at
      any time on or after the first anniversary of the date hereof, the Company
      shall
      determine to register any of its equity Securities either for its own account
      or
      for the account of any Other Stockholder in any public offering solely for
      cash,
      other than a registration relating solely to employee benefit plans, or a
      registration relating solely to a Rule 145 transaction under the Securities
      Act,
      or a registration on any registration form which does not permit secondary
      sales
      or does not include substantially the same information as would be required
      to
      be included in a registration statement covering the sale of Registrable
      Securities, the Company will:

    

    (1)    promptly
      give to each of the Holders a written notice thereof (which shall include a
      list
      of the jurisdictions in which the Company intends to attempt to qualify such
      Securities under the applicable blue sky or other state securities laws);
      and

    

    (2)    include
      in such Registration (and any related qualification under blue sky laws or
      other
      compliance), and in any underwriting involved therein, all the Registrable
      Securities specified in a written request or requests, made by the Holders
      within fifteen (15) days after mailing of the written notice from the Company
      described in Section 2(b)(i)(1) above, except as set forth in Section 2(b)(ii)
      below. Such written request may specify to include in such Registration all
      or a
      part of the Holders’ respective Registrable Securities. In the event any Holder
      requests inclusion in a Registration pursuant to this Section 2(b) in connection
      with a distribution of Registrable Securities to its partners or members, the
      Registration shall provide for the resale by such partners or members, if
      requested by such Holder. Notwithstanding the foregoing, the Company shall
      have
      the right to terminate or withdraw any Registration initiated by it under this
      Section 2(b) prior to effectiveness of such Registration whether or not any
      Holder has elected to include Securities in such Registration. 

    

    (ii)    Underwriting.
      If the
      Registration of which the Company gives notice is for a registered public
      offering involving an underwriting, the Company shall so advise each of the
      Holders as a part of the written notice given pursuant to Section 2(b)(i)(1).
      In
      such event, the right of each of the Holders to Registration pursuant to this
      Section 2(b) shall be conditioned upon such Holders’ participation in such
      underwriting and the inclusion of such Holders’ Registrable Securities in the
      underwriting to the extent provided herein. The Holders whose shares are to
      be
      included in such Registration shall (together with the Company and the Other
      Stockholders distributing their Securities through such underwriting) enter
      into
      an underwriting agreement in customary form with the representative of the
      underwriter or underwriters selected for underwriting by the Company;
provided,
      however,
      that
      such underwriting agreement shall not provide for indemnification or
      contribution obligations on the part of the Holders materially greater than
      the
      obligations of the Holders under Section 2(f)(ii) hereof. Notwithstanding any
      other provision of this Section 2(b), if the representative determines that
      marketing factors require a limitation on the number of shares to be
      underwritten, the Company shall promptly advise all holders of Securities
      requesting Registration of such limitation,

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    and
      the
      number of such shares of Securities that are entitled to be included in the
      Registration and underwriting shall be allocated in the following manner: the
      Securities of the Company held by officers, directors and Other Stockholders
      of
      the Company (other than Registrable Securities and other than Securities held
      by
      holders who by contractual right demanded such Registration (“Demanding
      Holders”)) shall be excluded from such Registration and underwriting to the
      extent required by such limitation, and, if a limitation on the number of shares
      is still required, the number of shares that may be included in the Registration
      and underwriting by each of the Holders and Demanding Holders shall be reduced,
      on a pro rata basis (based on the number of shares of Common Stock of the
      Company beneficially held by such Holder), by such minimum number of shares
      as
      is necessary to comply with such limitation. If any of the Holders or any
      officer, director or Other Stockholder disapproves of the terms of any such
      underwriting, he may elect to withdraw therefrom by providing prompt written
      notice to the Company and the underwriter. Any Registrable Securities or other
      Securities excluded or withdrawn from such underwriting shall be withdrawn
      from
      such Registration. 

    

    (c)    Form
      S-3.
      At any
      time on or after the first anniversary of the date hereof, the Initiating
      Holder(s) shall have the right to request three (3) Registrations on Form S-3
      (such requests shall be in writing and shall state the number of shares of
      Registrable Securities to be disposed of and the intended method of disposition
      of shares by such holders), provided
      that the
      Company shall not be obligated to effect, or take any action to effect, any
      such
      Registration pursuant to this Section 2(c): 

    

    (i)    
unless
      the Holder or Holders requesting Registration propose to dispose of shares
      of
      Registrable Securities having an aggregate price to the public (before deduction
      of any Selling Expenses) of more than $5,000,000;

    

    (ii)    within
      one hundred eighty (180) days of the effective date of the most recent
      Registration pursuant to this Section 2(c) in which Securities held by the
      requesting Holder could have been included for sale or
      distribution;

    

    (iii)   in
      any
      particular jurisdiction in which the Company would be required to execute a
      general consent to service of process in effecting such Registration,
      qualification or compliance, unless the Company is already subject to service
      in
      such jurisdiction and except as may be required by the Securities Act or
      applicable rules or regulations thereunder;

     

    (iv)   during
      the period starting with the date sixty (60) days prior to the Company’s good
      faith estimate of the date of filing of, and ending on the date six (6) months
      immediately following the effective date of, any registration statement
      pertaining to Securities of the Company (other than a Registration of Securities
      in a Rule 145 transaction under the Securities Act or with respect to an
      employee benefit plan), provided
      that the
      Company is actively employing in good faith all reasonable efforts to cause
      such
      registration statement to become effective; provided,
      however,
      that
      the Company may only delay an offering pursuant to this Section 2(c)(iv) for
      a
      period of not more than sixty (60) days, if a filing of any other registration
      statement is not made

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    within
      that period, and the Company may only exercise this right once in any twelve
      (12) month period;

     

    (v)    if
      the
      Company shall furnish to the Holder(s) requesting a registration certificate
      signed by the Chief Executive Officer of the Company stating that in the good
      faith judgment of the Board of Directors it would be seriously detrimental
      to
      the Company or its stockholders for a registration statement to be filed in
      the
      near future, in which case the Company’s obligation to use its reasonable best
      efforts to comply with this Section 2(c) shall be deferred for a period not
      to
      exceed ninety (90) days from the date of receipt of written request from the
      Initiating Holder(s); provided,
      however,
      that
      the Company shall not exercise such right more than once in any twelve (12)
      month period; or 

     

    (vi)   if
      Form
      S-3 is not then available for such offering by the Holders.

     

    The
      Company shall give written notice to all Holders of the receipt of a request
      for
      Registration pursuant to this Section 2(c) and shall provide a reasonable
      opportunity for other Holders to participate in the Registration, provided
      that if
      the Registration is for an underwritten offering, the terms of Section 2(a)(ii)
      shall apply to all participants in such offering. Subject to the foregoing,
      the
      Company will use its reasonable best efforts to effect promptly the Registration
      of all shares of Registrable Securities on Form S-3 to the extent requested
      by
      the Holder or Holders thereof for purposes of disposition. In the event any
      Holder requests a Registration pursuant to this Section 2(c) in connection
      with
      a distribution of Registrable Securities to its partners or members, the
      Registration shall provide for the resale by such partners or members, if
      requested by such Holder.

    

    (d)    Expenses
      of Registration.
      All
      Registration Expenses incurred in connection with any Registration,
      qualification or compliance pursuant to this Section 2 shall be borne by the
      Company, and all Selling Expenses shall be borne by the Holders of the
      Securities so registered pro rata on the basis of the number of their shares
      so
      registered other than fees and expenses of counsel, which, to the extent not
      included in Registration Expenses, shall be borne by the Holder incurring such
      fees and expenses of counsel (or if incurred by a Holder or Holders on behalf
      of
      one or more Holders, pro rata on the basis of the amounts of their shares so
      Registered). The Company shall not, however, be required to pay for expenses
      of
      any Registration begun pursuant to Section 2(a) or 2(c), the request for which
      has been subsequently withdrawn by the Initiating Holders unless (a) the
      withdrawal is based upon material adverse information concerning the Company
      of
      which the Initiating Holders were not aware at the time of such request or
      (b)
      the Holders of 662⁄3% of Registrable Securities agree to forfeit their right to
      one requested Registration pursuant to Section 2(a) or Section 2(c), as
      applicable, in which event such right shall be forfeited by all
      Holders.

     

    (e)    Registration
      Procedures.
      In the
      case of each Registration effected by the Company pursuant to this Section
      2,
      the Company shall advise the Holders, as applicable, in writing as to the
      initiation of each Registration and as to the completion thereof. At its
      expense, the Company will:

    

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    (i)    
keep
      such
      Registration effective for a period of one hundred twenty (120) days or until
      the Holders (or in the case of a distribution to the partners or members of
      such
      Holder, such partners or members), as applicable, have completed the
      distribution described in the registration statement relating thereto, whichever
      first occurs; provided,
      however,
      that,
      in the case of any Registration of Registrable Securities on Form S-3 which
      are
      intended to be offered on a continuous or delayed basis, such one hundred and
      twenty (120) day period shall be extended until all such Registrable Securities
      are sold, provided
      that
      Rule 415, or any successor rule under the Securities Act, permits an offering
      on
      a continuous or delayed basis, and provided
      further
      that applicable rules under the Securities Act governing the obligation to
      file
      a post-effective amendment permit, in lieu of filing a post-effective amendment
      which (y) includes any prospectus required by Section 10(a) of the Securities
      Act or (z) reflects facts or events representing a material or fundamental
      change in the information set forth in the registration statement, the
      incorporation by reference of information required to be included in (y) and
      (z)
      above to be contained in periodic reports filed pursuant to Section 12 or 15(d)
      of the Exchange Act in the registration statement;
      provided,
      however, that the Company shall not be required to keep any registration
      statement effective for a period in excess of twenty-four (24) months (such
      period, the “Registration Period”); provided,
      further, that at any time, upon written notice to the Holders and for a period
      not to exceed sixty (60) days thereafter (the “Suspension
      Period”),
      the
      Company may delay the filing or effectiveness of any registration statement
      or
      suspend the use or effectiveness of any registration statement (and the Holders
      hereby agree not to offer or sell any Registrable Securities pursuant to such
      registration statement during the Suspension Period) if (1) the Board of
      Directors of the Company reasonably determines that the Company may, in the
      absence of such delay or suspension hereunder, be required under state or
      federal securities laws to disclose any corporate development the disclosure
      of
      which could reasonably be expected to have a material adverse effect upon the
      Company, its stockholders, a potentially significant transaction or event
      involving the Company, or any negotiations, discussions, or proposals directly
      relating thereto or (2) the Company delivers a notice to the applicable Holders
      pursuant to Section 2(e)(iv). No more than two (2) such Suspension Periods
      shall
      occur in any twelve (12) month period. The Company may extend the Suspension
      Period for an additional consecutive sixty (60) days with the consent of the
      Holders of a majority of the Registrable Securities registered under the
      applicable registration statement, which consent shall not be unreasonably
      withheld. 

     

    (ii)    permit
      one legal counsel to the Holders (which counsel shall be chosen by the Holders)
      to review and comment upon a registration statement filed pursuant to Section
      2
      and all amendments and supplements thereto at least three (3) days prior to
      their filing with the Commission, and not file any document in a form to which
      such legal counsel to the Holders reasonably objects; 

     

    (iii)   furnish
      to each Holder whose Registrable Securities are included in any registration
      statement, without charge, (a) promptly after the same is prepared and filed
      with the Commission, at least one copy of such registration statement and any
      amendment(s) thereto, including financial statements and schedules, and if
      requested by a

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    Holder,
      all documents incorporated therein by reference and all exhibits thereto, (b)
      upon the effectiveness of any registration statement, ten (10) copies of the
      prospectus included in such registration statement and all amendments and
      supplements thereto (or such other number of copies as such Holder may
      reasonably request) and (c) such other documents, including copies of any
      preliminary or final prospectus, as such Holder may reasonably request form
      time
      to time in order to facilitate the disposition of the Registrable Securities
      owned by such Holder; 

    

    (iv)   notify
      each Holder of Registrable Securities covered by such Registration at any time
      when a prospectus relating thereto is required to be delivered under the
      Securities Act of the happening of any event as a result of which the prospectus
      included in such registration statement, as then in effect, includes an untrue
      statement of a material fact or omits to state a material fact required to
      be
      stated therein or necessary to make the statements therein, in the light of
      the
      circumstances under which they were made, not misleading, and, subject to
      Section 2(e)(i), promptly prepare a supplement or amendment to such registration
      statement to correct such untrue statement or omission, and deliver ten (10)
      copies of such supplement or amendment to each Holder (or such other number
      of
      copies as such Holder may reasonably request). The Company shall also promptly
      notify each Holder in writing (a) when a prospectus or any prospectus supplement
      or post-effective amendment has been filed, and when a registration statement
      or
      any post-effective amendment has become effective (notification of such
      effectiveness shall be delivered by facsimile on the same day of such
      effectiveness and by overnight mail), (b) of any request by the Commission
      for
      amendments or supplements to a registration statement or related prospectus
      or
      related information, and (c) of the Company’s determination that a
      post-effective amendment to a registration statement would be appropriate;
      

     

    (v)    prevent
      the issuance of any stop order or other suspension of effectiveness of a
      registration statement, or the suspension of the qualification of any of the
      Registrable Securities for sale in any jurisdiction. If such an order or
      suspension is issued, the Company shall procure the withdrawal of such order
      or
      suspension at the earliest possible moment and shall notify each Holder who
      holds Registrable Securities being sold of the issuance of such order and the
      resolution thereof or its receipt of actual notice of the initiation or threat
      of any proceeding for such purpose; 

     

    (vi)   cause
      all
      Registrable Securities covered by a registration statement to be listed
      continuously throughout the Registration Period on each securities exchange
      or
      market, if any, on which equity Securities issued by the Company are then
      listed; 

    

    (vii)   reasonably
      cooperate with the Holders who hold Registrable Securities being offered to
      facilitate the timely preparation and delivery of certificates (not bearing
      any
      restrictive legend) representing the Registrable Securities to be offered
      pursuant to a registration statement and enable such certificates to be in
      such
      denominations or amounts, as the case may be, as the Holders may reasonably
      request and registered in such names as the Holders may request; 

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    (viii)   appoint
      a
      transfer agent and registrar with respect to all such Registrable Securities
      not
      later than the effective date of such registration statement;

     

    (ix)    provide
      each Holder with contact information for the Company’s transfer agent and
      registrar for all Registrable Securities registered pursuant to a registration
      statement hereunder and a CUSIP number for all such Registrable Securities,
      in
      each case not later than the effective date of such registration
      statement;

     

    (x)    cause
      the
      Registrable Securities covered by the applicable registration statement to
      be
      registered with or approved by such other governmental agencies or authorities
      as may be necessary to consummate the disposition of such Registrable
      Securities;

     

    (xi)    make
      generally available to its security holders as soon as possible, but not later
      than 90 days after the close of the period covered thereby, an earning statement
      (in form complying with the provisions of Rule 158 under the Securities Act)
      covering a twelve-month period beginning not later than the first day of the
      Company’s fiscal quarter next following the effective date of the registration
      statement;

     

    (xii)   otherwise
      comply in all material respects with all applicable rules and regulations of
      the
      Commission in connection with any Registration hereunder;

     

    (xiii)   within
      two (2) business days after the registration statement which includes the
      Registrable Securities is ordered effective by the SEC, the Company shall
      deliver to the transfer agent for such Registrable Securities (with copies
      to
      the Holders whose Registrable Securities are included in such registration
      statement) confirmation that the registration statement has been declared
      effective by the Commission; 

     

    (xiv)   in
      connection with any underwritten Registration, furnish, on the date that such
      Registrable Securities are delivered to the underwriters for sale, (1) an
      opinion, dated as of such date, of the counsel representing the Company for
      the
      purposes of such Registration, in form and substance as is customarily given
      to
      underwriters in an underwritten public offering and reasonably satisfactory
      to
      the underwriters, addressed to the underwriters and (2) a letter, dated as
      of
      such date, from the independent certified public accountants of the Company,
      in
      form and substance as is customarily given by independent certified public
      accountants to underwriters in an underwritten public offering and reasonably
      satisfactory to the underwriters, addressed to the underwriters;
      and

     

    (xv)  
take
      all
      other reasonable actions necessary to expedite and facilitate disposition by
      the
      Holders of Registrable Securities pursuant to a registration statement.

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    (f)    
Indemnification.

    

    (i)     To
      the
      fullest extent permitted by law, the Company will indemnify each of the Holders,
      each of its officers, directors, partners and members, and each Person, if
      any,
      who controls each of the Holders within the meaning of the Securities Act or
      Exchange Act, with respect to each Registration which has been effected pursuant
      to this Section 2, against all claims, losses, damages and liabilities (or
      actions in respect thereof) arising out of or based on any untrue statement
      (or
      alleged untrue statement) of a material fact contained in any registration
      statement filed with the Commission in connection with such Registration,
      including any preliminary prospectus or final prospectus contained therein,
      any
      amendments or supplements thereto or any issuer free writing prospectus related
      thereto, or based on any omission (or alleged omission) to state therein a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading, or any violation by the Company of the Securities Act
      or
      the Exchange Act or any rule or regulation thereunder applicable to the Company
      and relating to action or inaction required of the Company in connection with
      any such Registration, and will reimburse each of the Holders, each of its
      officers, directors, partners or members, and each Person, if any, who controls
      each of the Holders within the meaning of the Securities Act or the Exchange
      Act, for any legal and any other expenses reasonably incurred in connection
      with
      investigating and defending any such claim, loss, damage, liability or action,
      provided
      that the
      Company will not be liable in any such case to the extent that any such claim,
      loss, damage, liability or expense arises out of or is based on any untrue
      statement or omission based upon written information furnished to the Company
      by
      the Holders or underwriter or controlling Person or other aforementioned Person
      and stated to be specifically for use therein. 

    

    (ii)    To
      the
      fullest extent permitted by law, each of the Holders will, if Registrable
      Securities held by it are included in the Securities as to which any
      Registration pursuant to Section 2 is being effected, indemnify the Company,
      each of its directors and officers, each Person who controls the Company within
      the meaning of the Securities Act or the Exchange Act, each Other Stockholder
      and each of their officers, directors, partners or members, and each Person
      who
      controls such Other Stockholder within the meaning of the Securities Act or
      the
      Exchange Act against all claims, losses, damages and liabilities (or actions
      in
      respect thereof) arising out of or based on any untrue statement (or alleged
      untrue statement) of a material fact contained in any registration statement
      filed in connection with such Registration, including any preliminary prospectus
      or final prospectus contained therein, any amendments or supplements thereto
      or
      any issuer free writing prospectus related thereto, or any omission (or alleged
      omission) to state therein a material fact required to be stated therein or
      necessary to make the statements by such Holder therein not misleading, or
      any
      violation by the Company of the Securities Act or the Exchange Act or any rule
      or regulation thereunder applicable to the Company and relating to action or
      inaction required of the Company in connection with any such Registration,
      and
      will reimburse the Company and such Other Stockholders, and their respective
      directors, officers, partners, members, Persons or control persons for any
      legal
      or any other expenses reasonably incurred in connection with investigating
      or
      defending any such claim, loss, damage, liability or

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    action,
      in each case to the extent, but only to the extent, that such untrue statement
      (or alleged untrue statement) or omission (or alleged omission) is actually
      made
      in such registration statement, including any preliminary or final prospectus
      contained therein, any amendments or supplements thereto or any issuer free
      writing prospectus related thereto, or such violation by the Company of the
      Securities Act or Exchange Act or any rule or regulation thereunder applicable
      to the Company occurs, in reliance upon and in conformity with written
      information furnished to the Company by such Holder and stated to be
      specifically for use in connection with such Registration (including, without
      limitation, any information relating to such Holder’s partners or members);
provided,
      however,
      that
      the obligations of each of the Holders hereunder shall be limited to an amount
      equal to the net proceeds to such Holder of securities sold in such Registration
      as contemplated herein.

    

    (iii)   Each
      party entitled to indemnification under this Section 2(f) (the “Indemnified
      Party”) shall give notice to the party required to provide indemnification (the
“Indemnifying Party”) promptly after such Indemnified Party has actual knowledge
      of any claim as to which indemnity may be sought, and shall permit the
      Indemnifying Party to assume the defense of any such claim or any litigation
      resulting therefrom; provided
      that
      counsel for the Indemnifying Party, who shall conduct the defense of such claim
      or any litigation resulting therefrom, shall be approved by the Indemnified
      Party (whose approval shall not unreasonably be withheld) and the Indemnified
      Party may participate in such defense at such party’s expense (unless the
      Indemnified Party shall have reasonably concluded that there may be a conflict
      of interest between the Indemnifying Party and the Indemnified Party in such
      action, in which case the reasonable fees and expenses of counsel shall be
      at
      the expense of the Indemnifying Party), and provided
      further
      that the failure of any Indemnified Party to give notice as provided herein
      shall not relieve the Indemnifying Party of its obligations under this Section
      2
      unless the Indemnifying Party is materially prejudiced thereby. No Indemnifying
      Party, in the defense of any such claim or litigation shall, except with the
      prior written consent of each Indemnified Party, consent to entry of any
      judgment or enter into any settlement which does not include as an unconditional
      term thereof the giving by the claimant or plaintiff to such Indemnified Party
      of a release from all liability in respect to such claim or litigation. Each
      Indemnified Party shall furnish such information regarding itself or the claim
      in question as an Indemnifying Party may reasonably request in writing and
      as
      shall be reasonably required in connection with the defense of such claim and
      litigation resulting therefrom.

    

    (iv)   If
      the
      indemnification provided for in this Section 2(f) is held by a court of
      competent jurisdiction to be unavailable to an Indemnified Party with respect
      to
      any loss, liability, claim, damage or expense referred to herein, then the
      Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder,
      shall contribute to the amount paid or payable by such Indemnified Party as
      a
      result of such loss, liability, claim, damage or expense in such proportion
      as
      is appropriate to reflect the relative fault of the Indemnifying Party on the
      one hand and of the Indemnified Party on the other in connection with the
      statements or omissions which resulted in such loss, liability, claim, damage
      or
      expense, as well as any other relevant equitable considerations. The
      relative

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    fault
      of
      the Indemnifying Party and of the Indemnified Party shall be determined by
      reference to, among other things, whether the untrue (or alleged untrue)
      statement of a material fact or the omission (or alleged omission) to state
      a
      material fact relates to information supplied by the Indemnifying Party or
      by
      the Indemnified Party and the parties’ relative intent, knowledge, access to
      information and opportunity to correct or prevent such statement or omission.
      

    

    (v)    Notwithstanding
      the foregoing, to the extent that the provisions on indemnification and
      contribution contained in the underwriting agreement entered into in connection
      with any underwritten public offering contemplated by this Agreement are in
      conflict with the foregoing provisions, the provisions in such underwriting
      agreement shall be controlling.

     

    (vi)   The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of
      action or similar right of any Indemnified Party against the Indemnifying Party
      or others and (ii) any liabilities the Indemnifying Party may be subject to
      pursuant to law.

     

    (g)    Obligations
      of the Holders.

    

    (i)    
It
      shall
      be a condition precedent to the obligation of the Company to effect any
      Registration pursuant to this Agreement with respect to the Registrable
      Securities of a particular Holder that such Holder furnish to the Company such
      information regarding such Holder and the distribution proposed by such Holder
      as the Company may reasonably request in writing and as shall be reasonably
      required in connection with any such Registration.

    

    (ii)    In
      the
      event that, either immediately prior to or subsequent to the effectiveness
      of
      any registration statement, any Holder shall distribute Registrable Securities
      to its partners or members, such Holder shall so advise the Company and provide
      such information as shall be necessary to permit an amendment to such
      registration statement to provide information with respect to such partners
      or
      members, as selling security holders. Promptly following receipt of such
      information, the Company shall file an appropriate amendment to such
      registration statement reflecting the information so provided. Any incremental
      expense to the Company resulting from such amendment shall be borne by such
      Holder.

     

    (iii)   Each
      Holder by such Holder’s acceptance of the Registrable Securities agrees to
      cooperate with the Company as reasonably requested by the Company in connection
      with the preparation and filing of any Registration hereunder, unless such
      Holder has notified the Company in writing of such Holder’s election to exclude
      all of such Holder’s Registrable Securities from such Registration.

     

    (iv)   Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of any event of the kind described in Section 2(e)(iv) or the commencement
      of any

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    Suspension
      Period pursuant to Section 2(e)(i), such Holder will immediately discontinue
      disposition of Registrable Securities pursuant to any registration statement(s)
      covering such Registrable Securities until such Holder’s receipt of the copies
      of the supplemented or amended prospectus contemplated by Section 2(e)(iv)
      or the termination of the Suspension Period, and, if so directed by the Company,
      such Holder shall deliver to the Company (at the expense of the Company), or
      destroy all copies in such Holder’s possession of, any prospectus covering such
      Registrable Securities current at the time of receipt of such notice.

     

    (h)     Rule
      144 Reporting.

    

    With
      a
      view to making available to Holders the benefits of certain rules and
      regulations of the Commission which may permit the sale of restricted Securities
      to the public without registration, the Company agrees, subject to Section
      2(j),
      to use reasonable best efforts to:

    

    (i)     
       make
      and
      keep public information available as those terms are understood and defined
      in
      Rule 144 under the Securities Act (“Rule 144”), at all times from and after the
      first anniversary of the date of this Agreement;

    

    (ii)    
 file
      with
      the Commission in a timely manner all reports and other documents required
      of
      the Company under the Securities Act and the Exchange Act at any time after
      it
      has become subject to such reporting requirements; and

    

    (iii)     so
      long
      as a Holder owns any Registrable Securities, furnish to such Holder upon
      request, a written statement by the Company as to its compliance with the
      reporting requirements of Rule 144, and of the Securities Act and the Exchange
      Act (at any time after it has become subject to such reporting requirements),
      a
      copy of the most recent annual or quarterly report of the Company, and such
      other reports and documents so filed as such Holder may reasonably request
      in
      availing itself of any rule or regulation of the Commission allowing the Holder
      to sell any such Securities without registration.

    

    (i)     
       Additional
      Registration Rights.
      The
      Company shall not, without first obtaining the written consent of the Holders
      who are Holders of more than 50% of the then outstanding Registrable Securities,
      grant registration rights on terms more favorable than the registration rights
      granted pursuant to this Agreement.

     

    (j)     
       Termination.
      The
      registration rights set forth in this Section 2 shall not be available to any
      Holder, and the obligations of the Company set forth in Section 2(h) shall
      not
      pertain to any Holder, if, (i) in the written opinion of counsel to the Company,
      all of the Registrable Securities then owned by such Holder could be sold in
      any
      90-day period pursuant to Rule 144 (without giving effect to the provisions
      of
      Rule 144(k)) or (ii) all of the Registrable Securities held by such Holder
      have
      been sold in a Registration pursuant to the Securities Act or pursuant to Rule
      144. 

     

    SECTION
      3. MISCELLANEOUS

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    (a)    
 Directly
      or Indirectly.
      Where
      any provision in this Agreement refers to action to be taken by any Person,
      or
      which such Person is prohibited from taking, such provision shall be applicable
      whether such action is taken directly or indirectly by such Person.

    

    (b)    
 Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York applicable to contracts made and to be performed entirely
      within such State.

    

    (c)    
 Section
      Headings.
      The
      headings of the sections and subsections of this Agreement are inserted for
      convenience only and shall not be deemed to constitute a part
      thereof.

    

    (d)    
 Notices.

    

    (i)      All
      communications under this Agreement shall be in writing and shall be delivered
      by hand or facsimile or mailed by overnight courier or by registered or
      certified mail, postage prepaid:

    

    (1)    
 if
      to the
      Company, to NYFIX, Inc., 100 Wall Street, 26th
      Floor,
      New York, NY 10005, Attention: General Counsel, or at such other address as
      it
      may have furnished to the Holders in writing.

     

    (2)    
 if
      to the
      Investors, at the address or facsimile number listed on Schedule
      I
      hereto,
      or at such other address or facsimile number as may have been furnished the
      Company in writing.

    

    (ii)     
      Any
      notice so addressed shall be deemed to be given: if delivered by hand or
      facsimile, on the date of such delivery, if a business day and delivered during
      regular business hours, otherwise the first business day thereafter; if mailed
      by overnight courier, on the first business day following the date of such
      mailing; and if mailed by registered or certified mail, on the third business
      day after the date of such mailing.

    

    (e)    
 Reproduction
      of Documents.
      This
      Agreement and all documents relating thereto, including, without limitation,
      any
      consents, waivers and modifications which may hereafter be executed may be
      reproduced by the Holders by any photographic, photostatic, microfilm,
      microcard, miniature photographic or other similar process and the Holders
      may
      destroy any original document so reproduced. The parties hereto agree and
      stipulate that any such reproduction shall be admissible in evidence as the
      original itself in any judicial or administrative proceeding (whether or not
      the
      original is in existence and whether or not such reproduction was made by the
      Holders in the regular course of business) and that any enlargement, facsimile
      or further reproduction of such reproduction shall likewise be admissible in
      evidence.

    

    (f)      Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties. The registration rights set forth
      in
      this Agreement may be assigned, in whole or in part, to any transferee
      of

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    Registrable
      Securities (provided such transferee shall agree to be bound by all obligations
      of this Agreement).

    

    (g)    
 Entire
      Agreement; Amendment and Waiver.
      This
      Agreement and the Purchase Agreement constitute the entire understanding of
      the
      parties hereto relating to the subject matter hereof and supersede all prior
      understanding and agreements among such parties with respect to the subject
      matter hereof. This Agreement may be amended, and the observance of any term
      of
      this Agreement may be waived, with (and only with) the written consent of the
      Company and the Investors holding a majority of the then outstanding Registrable
      Securities held by Investors.

    

    (h)    
 Severability.
      In the
      event that any part or parts of this Agreement shall be held illegal or
      unenforceable by any court or administrative body of competent jurisdiction,
      such determination shall not affect the remaining provisions of this Agreement
      which shall remain in full force and effect.

    

    (i)     
       Counterparts.
      This
      Agreement may be executed in two or more counterparts (including by facsimile),
      each of which shall be deemed an original and all of which together shall be
      considered one and the same agreement.

    

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
      first set forth above.

    

      
        	 	
                NYFIX,
                  INC.

                 

              
	 	
                By:
                  

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

              
	 	 	
                Title:   
                  Chief Financial Officer

              

      

      

      
        	 	
                WARBURG
                  PINCUS PRIVATE EQUITY IX, L.P.

                 

              
	 	
                By:
                  Warburg Pincus IX LLC, its General Partner

              
	 	
                By:
                  Warburg Pincus Partners LLC, its Managing Member

              
	 	
                By:
                  Warburg Pincus & Co., its Managing Member

                 

              
	 	
                By:
                  

              	/s/
                Cary J. Davis
	 	 	
                Name: 
                  Cary J. Davis

              
	 	 	
                Title:   
                  Managing Director

              

      

    

    
      
         

      

    

    
      
        
        

      

      
        [Registration
          Rights
          Agreement Signature Page]

        
          

        

      

      
        
        

      

    

     

    Schedule
      I

    

    Investors

     

    Inestor
      Name and Address

    
      

      Warburg
        Pincus Private Equity IX, L.P.

      466
        Lexington Avenue

      New
        York,
        NY 10017

      Facsimile:
        (212) 878-9361

      Attention:
        Cary J. Davis and Adarsh Sarma

      

      Copy
        to:

      

      Willkie
        Farr & Gallagher LLP

      787
        Seventh Avenue

      New
        York,
        NY 10019 

      Facsimile:
        (212) 728-9222

      Attention:
        Steven J. Gartner, Esq. and William H. Gump

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