Document:

Exhibit
10.22

SCHEDULE 2.1

TOWNSEND ANALYTICS ASSISTANCE AGREEMENT

DATED JANUARY 9, 1999 (the “Agreement”),  BETWEEN

TOWNSEND ANALYTICS, LTD. (“TAL”)
AND ARCHIPELAGO HOLDINGS, L.L.C.

(“ARCHIPELAGO”)

DESCRIPTION OF “ASSISTANCE”

The parties have agreed that Schedule 2.1 to the
Agreement shall be deleted in its entirety effective as of May 15, 2004, and
this Schedule 2.1 shall be inserted in lieu thereof.  Except as expressly provided herein, the Agreement shall remain in
full force and effect in accordance with its terms.

SECTION A

ASSISTANCE PROVIDED UNDER LONG-TERM
AGREEMENT:

Notwithstanding anything to the contrary set forth in
the Agreement, including Section 1.1 thereof, the term of the Agreement shall
expire on May 15, 2005, and the term of the Agreement shall thereafter
automatically renew for successive six month periods ending on November 15 and
May 15 unless either party gives written notice to the other party of its
intention not to renew the Agreement at least 90 days prior to the end of such
term or renewal term.  The description
of Assistance as described in Section A and Section B below is intended to be a
description of assistance and support previously provided by TAL to
Archipelago, and is not intended to be an expansion or contraction of such
assistance or support (except to the extent set forth in Section C below or as
otherwise expressly agreed upon in writing by the parties).  Any assistance or support beyond the scope
of the Assistance described herein and that certain  Description of Support and Assistance Provided by
Townsend Analytics, LTD to Archipelago Holdings, LLC dated May 6, 2004, the
terms of which are incorporated herein by reference,  shall be performed by mutual agreement of the parties
at a mutually agreed upon price and manner.

Notwithstanding anything to the contrary contained in
the Agreement, the fees to be paid for the Assistance shall be $175,000 per
month throughout the term of the Agreement, subject to adjustment as set forth
in Section B below.  Reasonable
out-of-pocket expenses shall continue to be due and payable as provided in
Section 3.2 of the Agreement.

1.                                      NETWORK SERVICES

·        
Network
Monitoring, Management and Maintenance

·        
Network
Architecture/Engineering

·        
Personnel
Supervision

·        
Data
and Voice Circuits

2                                         FACILITY SERVICES

·        
Security
Services

·        
Electrical
Services

·        
LL-2
Data Center Preventive Maintenance

 

 

 

·        
Service
Agreements Management

·        
Billing
Services

·        
Power
Upgrade and Changes in Data Center Services

·        
Load
Distribution Services

·        
Monitoring
Services

·        
Contractor
Management Services

·        
Scripting
Services

·        
Emergency
Operation Services

·        
Office
Environment Services

·        
New
York Facility Management Advisory Services—65 Broadway

·        
Construction
Management Services

·        
Disaster
Recovery Site Participation

3.                                      VOICE COMMUNICATION SERVICES

·        
PBX
(Phone Switch) Maintenance and Administration Services

·        
Symposium
Call Center Maintenance and Administration Services

·        
Network
Control Center (NCC) Maintenance and Administration Services

·        
Meridian
Mail Release 13 Maintenance and Administration Services

·        
Dialect
Graphical Real-Time Display Maintenance and Administration Services

·        
Consortium
Conference Bridge Maintenance and Administration Services

·        
Red
Sky E911 Autopilot (Locator 911) Maintenance and Administration Services

·        
NICE
CLS Recording Equipment Maintenance and Administration Services

·        
Circuit
(Automatic Ring Down = ARD, T1, T3, 56K, OC12s, OC48s, and DSL) Troubleshoot,
Installation, Removal, and Administration Services

·        
Voice
Administration Services

4.                                      NT SERVICES

·        
Collaborate
with Archipelago regarding agreed upon NT infrastructure-based services and 3rd party penetration tests

·        
File
Sharing Support

5.                                      BENEFIT AND HRIS SERVICES

·        
Benefit
Plan Design Maintenance

·        
Benefit
Education and Employee Assistance

·        
Compliance
Review and Tax Filings

·        
HRIS
Services

6.                                      DEVELOPMENT SERVICES

·        
Surveillance
support

o       
Last
sale—Arca Export

o       
Closing
price data—CloseExp

o       
News
data—AXNE32 and XMLNews

 

2

 

SECTION B

ASSISTANCE PROVIDED UNDER SHORT-TERM
AGREEMENT:

Notwithstanding anything to the contrary in Section A
above, Archipelago may cancel receipt of any or all of the following Assistance
on not less than 30 days prior written notice to TAL, provided such notice may
not be delivered prior to May 31, 2004. 
If all of the following Assistance is cancelled at one time, the fees
for the Assistance provided after the effective date of such cancellation shall
be reduced by $25,000 per month.  If
less than all of the following Assistance is cancelled at one time, the parties
shall in good faith negotiate a fair and equitable adjustment to the fees.

1.                                      NT SERVICES

·        
Data
Archival and Backups:

o       
Oversight
of the OTG implementation in NY

o       
Oversight
of backups/restores/retention/compliance for Archipelago

·        
Back
Office and Security:

o       
Provide
DNS service and support

2.                                      DEVELOPMENT SERVICES

·        
Back
Office support

o       
Clearing
application

o       
OE
Loader

 

3

 

SECTION C

ASSISTANCE NO LONGER PROVIDED

Notwithstanding anything to the contrary in the
Service Agreement, including Sections A or B above, the following assistance
and support shall no longer be provided by TAL after March 15, 2004.

1.                                      NETWORK SERVICES

·        
TAL
shall no longer provide network provisioning assistance

2.                                      NT SERVICES

·        
Systems
Management and Monitoring: TAL shall no longer provide support for
Archipelago’s ManageX system, nor shall it assist in a transition to a new
system, nor shall TAL provide support for Archipelago’s SMS
environment

·        
TAL
shall no longer provide file sharing support

 

4Exhibit
10.28

 

LICENSE AND DISTRIBUTION
AGREEMENT

 

 

TOWNSEND
ANALYTICS, LTD., an Illinois corporation (“TAL”), hereby grants
to Wave Securities, L.L.C., a professional subscriber pursuant to applicable
exchange requirements in effect from time to time (“Subscriber”), and Subscriber hereby agrees to
and accepts from TAL, a personal, non-exclusive, non-transferable license (i)
to use the machine readable version of the software selected by Subscriber as
identified in Schedule A attached hereto and any corresponding user
manual(s) or other user documentation (collectively, the “Licensed Product”); (ii) to use the Licensed
Product to receive, access and/or display over Subscriber’s computer and/or
equipment, fixed or portable, the market information consisting of securities
and commodity prices, other information and other data (collectively “TAL DataÔ“) that is
provided by stock exchanges, commodity exchanges, news and other information
sources (collectively “Sources”), which includes, but is not limited to, those
Sources selected by Subscriber as identified in Schedule B attached hereto; and (iii) to use the
Licensed Product to access the network of TAL or an affiliate designated by TAL
for electronic message routing (said network being referred to herein as the “Routing Network”),
all on the terms and conditions set forth in this License Agreement (this “Agreement”).  Additionally, Subscriber desires to be
authorized by TAL to market the Licensed Product and to solicit customers to
become licensees of TAL to use the Licensed Product, subject to the terms and
conditions set forth in this Agreement.

 

1.                                      TERM.  The initial term of this Agreement shall
commence on July 1, 2004  (“Effective Date”), and
shall continue for a term of one year.  Thereafter, the term (“minimum
term”) of this Agreement shall automatically renew for successive
one year terms unless: (a) terminated earlier pursuant to the terms set forth
in this Agreement; or (b) either party receives notice from the other party of
non-renewal before the twentieth (20th) day of the then-current calendar month.

 

2.                                      LIMITED
LICENSE.

 

(a)                                  Use.  Subscriber shall have, during the term of
this Agreement, a license for:  (i)
Subscriber and (ii) the number of authorized employees and contractors of
Subscriber under Subscriber’s authorization and control (the “Authorized Users”) as
identified (including as to location) in Schedule A attached hereto, to use the Licensed Product as expressly set
forth in this Agreement solely for Subscriber’s own internal business use.  Each Authorized User shall be required to
follow the terms and conditions of this Agreement, and Subscriber shall be
liable for each Authorized User’s failure to follow the terms and conditions of
this Agreement.  Each Subscriber and
Authorized User shall access the Licensed Product and TAL Data using a logon
identifier and a password.  Subscriber
and each Authorized User shall be responsible for maintaining and protecting
the user logon identifier and password. 
Subscriber shall be solely responsible for ensuring that a terminated
Authorized User’s access to the Licensed Product and/or TAL Data is terminated.

 

(b)                                  Access
to Order Entry.  Subscriber
acknowledges that the Licensed Product may contain RealTradeÒ
application features, order entry scripting, and other order entry features (“Order Entry Features”).  Subscriber acknowledges and agrees that
Order Entry Features may be accessed and used by Subscriber only through a
registered broker dealer (“Broker
Dealer”).

 

(c)                                  Oversight.  Subscriber acknowledges and agrees that the
Broker Dealer shall be solely responsible for the management and oversight of
any and all orders placed, taken and/or submitted by Subscriber, including,
without limitation, the cancellation of any such orders and/or the opening and
closing of any trading accounts. 
Subscriber further acknowledges and agrees that TAL has no
responsibility for managing, monitoring, overseeing and/or canceling any such
orders, and that TAL is not a Broker Dealer and is not providing any investment
advice, is not executing, accepting or directing any trades for or on behalf of
any person or entity, is not providing any clearing services, is not providing
any trade or order confirmation, and is not providing any services which
require licensing or registration with the NASD, SEC or any other regulatory
body or exchange.  Subscriber shall at
all times, as between Subscriber and TAL, be responsible and liable for any
trades, trading activity, trade confirmation, order execution or securities
related transactions related to the use of the Licensed Product or the Routing
Network by Subscriber and/or its Authorized Users.

 

(d)                                  License
Restrictions.  Subscriber may make
copies of the Licensed Product for archival or emergency backup purposes,
provided that such copies shall be subject to the terms of this Agreement and
shall bear the appropriate trademarks, copyright notices and other proprietary
and confidentiality notices contained in versions of the Licensed Product
licensed by TAL under this Agreement. 
Except as expressly provided in this Agreement, Subscriber, Authorized
Users and any third party on behalf of Subscriber shall:  (i) not use, copy, translate, modify, adapt,
reverse compile, disassemble, reverse engineer, or transfer the Licensed
Product, in whole or in part; (ii) prohibit unauthorized disclosure or copying
of the Licensed Product and the TAL Data; and (iii) shall not use the Licensed
Product and/or TAL Data to provide timeshare services, service bureau services,
outsourcing or consulting services, or for any unlawful purpose.  Except as expressly provided in this
Agreement, Subscriber shall not market, distribute, sell, lease, license,
disseminate, or otherwise provide the Licensed Product and/or TAL Data, in whole
or in part, to 

 

1

 

any third parties
without the express prior written consent of TAL. Subscriber shall not market,
distribute, redistribute, or otherwise disseminate any software applications
developed by Subscriber based on the Licensed Product and/or TAL Data, or
derive any other values from the Licensed Product and/or TAL Data without TAL’s
express prior written consent. 
Subscriber shall be responsible and liable to TAL and any third party
for any use, display or access of the Licensed Product or the TAL Data through
use of Subscriber’s logon identifier and password(s) by any person or entity
who is not a party to or covered by this Agreement, including, without
limitation, any direct or indirect use or access, whether authorized or unauthorized
by Subscriber or its Authorized Users.

 

3.                                      ROUTING
NETWORK ACCESS.

 

(a)                                  Limited
Access.  Subscriber acknowledges and
agrees that the Licensed Product may provide access to the Routing Network for
routing electronic messages to certain destinations designated by Subscriber in
Schedule
A attached hereto (collectively, the “Destinations”) and with which Subscriber has
an existing contractual relationship. 
These Destinations are not owned, controlled, operated, managed,
monitored or overseen by TAL and/or its licensors.  Subscriber is solely responsible for obtaining, entering into and
submitting to each Destination all forms and agreements required by such
Destination.  Subscriber may be required
to submit to TAL written proof of Subscriber’s authorization from each
Destination prior to TAL routing electronic messages thereto.  Subscriber shall be solely responsible and
liable for and shall pay any fees or charges of the Destinations.

 

(b)                                  Restrictions.
 Subscriber shall not furnish or
otherwise permit or provide the Licensed Product to access the Routing Network
to any entity or to any individual that is not an Authorized User.  Subscriber shall comply with all reasonable
security specifications or requirements in order to prevent the Routing Network
from being improperly used or accessed or the information and data from being
improperly taken from any of Subscriber’s places of business.  Subscriber and its Authorized
Users shall not interfere with or disrupt the operations of the Routing
Network.  Subscriber shall ensure that
Authorized Users comply with this Agreement and Subscriber shall be responsible
to TAL and any third party for any acts or omissions of the Authorized Users,
including, without limitation, failure of any Authorized User to comply with the
terms of this Agreement and shall ensure that only Authorized Users have access
to the Licensed Product and Routing Network. 
TAL shall have the right to require Subscriber to restrict or deny the
access to the Routing Network of any Authorized Users who are not in compliance
with this Agreement.

 

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

 

(d)                                  Access
Requirements.  Subscriber shall be
responsible for providing all equipment, connection and telecommunications
requirements for accessing the Routing Network through the Licensed Product,
including for any frame relay access or Internet access approved by TAL.

 

4.                                      TAL
DATA SOURCES.  To receive TAL Data,
Subscriber must read and be bound by an agreement with the applicable
Source.  Subscriber may receive TAL Data
from the Sources listed below by reading the Exhibits attached and signing this
Agreement.  Subscriber shall comply with
any conditions, restrictions or limitations imposed by any of the Sources and
shall pay, either directly to such Sources or through TAL, as applicable, any
and all fees, taxes and/or charges, including any exchange fees, imposed by
such Sources or TAL (collectively the “Source Fees”). 
Subscriber acknowledges that a Source may have the right to terminate,
at any time with or without notice, Subscriber’s access to the data and/or
information provided by such Source without any liability (directly or
indirectly) of or on behalf of the Source and/or TAL with respect to such
termination.

 

(a)                                  NASDAQ SUBSCRIBER AGREEMENT. BY EXECUTING
THIS AGREEMENT, SUBSCRIBER ACKNOWLEDGES AND AGREES THAT: (i) SUBSCRIBER HAS
READ, UNDERSTOOD AND SHALL BE BOUND BY THE NASDAQ SUBSCRIBER AGREEMENT, A COPY
OF WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL
IS NOT AN AGENT OF NASDAQ AND IS NOT AUTHORIZED TO ADD TO, DELETE FROM OR
MODIFY THE NASDAQ SUBSCRIBER AGREEMENT; AND (iii) THAT NO PROVISION HAS BEEN
ADDED TO, DELETED FROM OR MODIFIED IN THE NASDAQ SUBSCRIBER AGREEMENT.  BOTH SUBSCRIBER AND THE PERSON EXECUTING ON
BEHALF OF SUBSCRIBER REPRESENT AND WARRANT THAT SUBSCRIBER HAS THE AUTHORITY
AND CAPACITY TO UNDERTAKE THE OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS
DULY 

 

2

 

AUTHORIZED TO BIND SUBSCRIBER TO, THE
NASDAQ SUBSCRIBER AGREEMENT.

 

(b)                                  OPRA SUBSCRIBER AGREEMENT. BY EXECUTING
THIS AGREEMENT, SUBSCRIBER ACKNOWLEDGES AND AGREES THAT: (i) SUBSCRIBER HAS READ,
UNDERSTOOD AND SHALL BE BOUND BY THE OPRA SUBSCRIBER AGREEMENT, A COPY OF WHICH
IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL IS NOT
AN AGENT OF OPRA AND IS NOT AUTHORIZED TO ADD TO, DELETE FROM OR MODIFY THE
OPRA SUBSCRIBER AGREEMENT; AND (iii) THAT NO PROVISION HAS BEEN ADDED TO,
DELETED FROM OR MODIFIED IN THE OPRA SUBSCRIBER AGREEMENT.  BOTH SUBSCRIBER AND THE PERSON EXECUTING ON
BEHALF OF SUBSCRIBER REPRESENT AND WARRANT THAT SUBSCRIBER HAS THE AUTHORITY
AND CAPACITY TO UNDERTAKE THE OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS
DULY AUTHORIZED TO BIND SUBSCRIBER TO, THE OPRA SUBSCRIBER AGREEMENT.

 

(c)                                  UNIFORM SUBSCRIBER ADDENDUM. BY EXECUTING
THIS AGREEMENT, SUBSCRIBER ACKNOWLEDGES AND AGREES THAT: (i) SUBSCRIBER HAS
READ, UNDERSTOOD AND SHALL BE BOUND BY THE UNIFORM SUBSCRIBER ADDENDUM, A COPY
OF WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL
IS NOT AN AGENT OF CME, CBOT, MID-AM, COMEX, NYMEX OR CEC AND IS NOT AUTHORIZED
TO ADD TO, DELETE FROM OR MODIFY THE UNIFORM SUBSCRIBER ADDENDUM; AND (iii)
THAT NO PROVISION HAS BEEN ADDED TO, DELETED FROM OR MODIFIED IN THE UNIFORM
SUBSCRIBER ADDENDUM.  BOTH SUBSCRIBER
AND THE PERSON EXECUTING ON BEHALF OF SUBSCRIBER REPRESENT AND WARRANT THAT
SUBSCRIBER HAS THE AUTHORITY AND CAPACITY TO UNDERTAKE THE OBLIGATIONS SET
FORTH IN, AND THE SIGNATORY IS DULY AUTHORIZED TO BIND SUBSCRIBER TO, THE
UNIFORM SUBSCRIBER ADDENDUM.

 

(d)                                  CUSIP SUBSCRIBER AGREEMENT. BY EXECUTING
THIS AGREEMENT, SUBSCRIBER ACKNOWLEDGES AND AGREES THAT: (i) SUBSCRIBER HAS
READ, UNDERSTOOD AND SHALL BE BOUND BY THE STANDARD & POOR’S CUSIP SERVICE
BUREAU ELECTRONIC DISTRIBUTION SUBSCRIBER AGREEMENT, A COPY OF WHICH IS
ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL IS NOT AN
AGENT OF STANDARD & POOR’S CUSIP SERVICE BUREAU (“CSB”) OR THE AMERICAN
BANKERS ASSOCIATION (“ABA”), AND IS NOT AUTHORIZED TO ADD TO, DELETE FROM OR
MODIFY THE STANDARD & POOR’S CUSIP SERVICE BUREAU ELECTRONIC DISTRIBUTION
SUBSCRIBER AGREEMENT; AND (iii) THAT NO PROVISION HAS BEEN ADDED TO, DELETED
FROM OR MODIFIED IN THE STANDARD & POOR’S CUSIP SERVICE BUREAU ELECTRONIC
DISTRIBUTION SUBSCRIBER AGREEMENT.  BOTH
SUBSCRIBER AND THE PERSON EXECUTING ON BEHALF OF SUBSCRIBER REPRESENT AND
WARRANT THAT SUBSCRIBER HAS THE AUTHORITY AND CAPACITY TO UNDERTAKE THE
OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS DULY AUTHORIZED TO BIND
SUBSCRIBER TO, THE STANDARD & POOR’S CUSIP SERVICE BUREAU ELECTRONIC
DISTRIBUTION SUBSCRIBER AGREEMENT.

 

5.                                      SUPPORT
AND MAINTENANCE.

 

(a)                                  Technical
Support.  TAL shall provide by
telephone or on-line, either directly or through a third party, reasonable
technical support during hours announced by TAL from time to time, Monday
through Friday, excluding exchange trading holidays.  Subscriber shall designate an employee who is familiar with
Subscriber’s local area network and hardware to serve as the primary point of
contact for obtaining technical support from TAL.  TAL shall not be obligated to provide support to any other
person.  Subscriber may change its
single support contact upon notice to TAL. 
On-site support or other Subscriber-specific support requirements may be
provided to Subscriber on a time-and-materials basis pursuant to a separate
written agreement with TAL.  Technical
support for the order entry scripting feature of the Licensed Product, if any,
will be provided pursuant to a separate written agreement with TAL.

 

(b)                                  Upgrades.  Subscriber shall receive normal maintenance
upgrades of the Licensed Product during the term of this Agreement at no
additional charge.  Upgrades shall not
include Licensed Product features and/or functionality that TAL decides, in its
sole discretion, to make generally available for a separate fee or charge.

 

(c)                                  Limitations;
Other.  TAL shall not be obligated
to provide network advice or to provide technical support or maintenance
upgrades for any version of the Licensed Product other than the then-current
released version of the Licensed Product. 
Subscriber shall not receive support or upgrades for use of the Licensed
Product with hardware or software configurations or other devices or equipment
not included in TAL’s then current configuration list.  TAL shall have the right to change its
support and maintenance at any time upon notice to Subscriber.

 

6.                                      PAYMENTS.

 

(a)                                  License Fees.
The initial payment to be applied against License Fees (as defined below) set
forth in Schedule
A attached hereto shall be submitted directly to TAL with an
executed original of this Agreement. 
Thereafter, TAL will invoice Subscriber monthly for the 

 

3

 

applicable monthly
fees, Order Routing Fees (as defined below) and other charges set forth below
and in Schedule
A (collectively “License Fees”). 
Subscriber shall remit payment for each invoice within 14 calendar days
of the date of each invoice or as otherwise specified on Schedule A.  Failure to pay any fees or other charges or
amounts due to TAL under this Agreement shall be a breach of this Agreement (a
“Failure to Pay”).  Notwithstanding anything else contained in
this Agreement, in the event of a Failure to Pay, TAL may immediately terminate
access to all or any of the Licensed Product and/or the Routing Network in
addition to all other remedies available to TAL at law and in equity.

 

(b)                                  Order
Routing Fees.  Subscriber
shall pay to TAL the monthly order routing fees (the “Order Routing Fees”) set forth on Schedule A
attached hereto for electronic messages routed on a monthly basis.  If a minimum Order Routing Fee is set forth
on Schedule
A (“Minimum Fee”),
Subscriber shall be responsible for the payment to TAL of the higher of the
Minimum Fee or the actual Order Routing Fees incurred on a monthly basis.  TAL will use reasonable best efforts to
produce electronic message reports as a basis for billing Order Routing
Fees.  Should electronic message reports
not be available for whatever reason, Subscriber shall be required to produce
acceptable reports from other sources, including the Destinations.

 

(c)                                  Changes
in Fees.  Subscriber acknowledges
and agrees that TAL may change any of the License Fees or Source Fees upon not
less than 90 days prior written notice to Subscriber, and such fees as changed
shall be effective as of the next succeeding payment due to TAL unless Subscriber
terminates this Agreement upon written notice to TAL before the twentieth (20th)
day of the then-current calendar month.  
Such termination by Subscriber under this subsection 6(c) shall be
without liability except for undisputed outstanding fees or other charges,
including taxes, which may have been incurred prior to termination.

 

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

 

(e)                                  Source Fees.  Source Fees may be invoiced directly to
Subscriber by TAL or by the respective Source, subject to the terms of the
agreement between Subscriber and the Source and/or the terms of the agreement
between TAL and the Source.  Subscriber
shall always remain solely liable for and shall pay all Source Fees.  The Sources may change Source Fees pursuant
to terms of respective agreements between Subscriber and the Sources.

 

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

 

(g)                                 Credit
Approval.  Notwithstanding
any other provision contained in this Agreement, TAL shall have no obligation
to perform under this Agreement unless and until: (a) TAL has reviewed Subscriber’s
credit history and approved Subscriber in its sole discretion; and/or (b)
Subscriber pays to TAL and keeps in place as and when requested by TAL during
the term of this Agreement a security deposit (“Deposit”) to secure future payments to TAL, which
amount TAL reserves the right to change upon notice to Subscriber.  Upon an increase in the amount of the
Deposit requirement by TAL, Subscriber promptly shall pay the difference to
TAL.  The Deposit may be applied to any
amounts due and owing under this Agreement as TAL deems appropriate.  In the event the Deposit is applied to such
outstanding amounts, Subscriber shall promptly pay to TAL any and all amounts
necessary to ensure that the full amount of the Deposit is maintained at all
times.  Failure to keep the Deposit
amount current and paid in full shall constitute a Failure to Pay.  After termination or expiration or
non-renewal of this Agreement, TAL shall refund to Subscriber the Deposit less
any outstanding amounts due and owing TAL at the time.

 

7.                                      SUBSCRIBER’S
RESPONSIBILITIES.

 

(a)                                  Compliance
with Law.  Subscriber shall be solely responsible for its use and the
Authorized Users’ use of the Licensed Product and the Routing Network and shall
ensure that Subscriber and all Authorized Users abide by and comply with this
Agreement, the Regulatory Authorities, and all applicable provisions of federal
and state laws, including securities laws, rules and regulations.  During the term of this Agreement Subscriber
shall continue to be a member in good standing of the Regulatory Authorities of
which Subscriber is currently a member or to which it is subject.

 

(b)                                  Messages. 
Subscriber shall be solely responsible for the contents, generation,
release, termination, publication, management and oversight of any and all
electronic messages, including, without limitation, orders placed, taken and/or
submitted by Subscriber and/or the Authorized Users, including, without
limitation, the initiation and cancellation of any such orders and/or the 

 

4

 

opening and closing of any trading accounts.  Subscriber acknowledges that TAL has no responsibility for or
control over any initiation, generation, release, termination, publication,
managing, monitoring, overseeing and/or canceling any such orders and that TAL
is not a registered broker dealer and is not providing any investment advice,
is not executing, accepting or directing any trades for or on behalf of any
person or entity, is not providing any clearing services, is not providing any
trade or order confirmation, and is not providing any services that require
licensing or registration with any Regulatory Authorities.  Subscriber shall at all times be solely
responsible and liable for any trades, trading activity, trade confirmation,
order execution or securities related transactions related to the use of
Licensed Product or the Routing Network.

 

(c)                                  Use of Routing Network.  Subscriber shall be solely responsible and
liable for its Authorized Users’ use of the Routing Network and/or the Licensed
Product and for any unauthorized use of the Routing Network and/or the licensed
Product.  TAL and the Sources assume no
responsibility and shall not be liable to Subscriber, the Authorized Users, or
any other user for any decision made or action taken in reliance upon the
Routing Network and/or the Licensed Product. 
All electronic messages, including orders or trades by Subscriber and/or
its Authorized Users and/or any other users are the sole and exclusive
responsibility of Subscriber and/or its Authorized Users and/or any other users
and are placed, taken and/or submitted at their sole risk and discretion.  Subscriber acknowledges that the Routing
Network and the Licensed Product are not intended to provide legal, investment
or tax advice and Subscriber, and/or any Authorized Users,  and any other user requiring such advice
should consult professional advisors.

 

(d)                                  Standing.  In order for Subscriber and the Authorized
Users to access the order entry module of the Licensed Product known as
RealTrade, Subscriber acknowledges and agrees that: (i) each Authorized User
must have a current, valid and documented brokerage customer relationship with
Subscriber, if Subscriber is a registered and licensed broker dealer, or if
Subscriber is not, then with a registered and licensed broker dealer; (ii)
Subscriber or its broker dealer, as applicable, must have executed and entered
into all forms and agreements required by any order routing destination,
including any electronic trading network or electronic communications network,
to which an electronic message is to be routed by TAL through the Routing
Network utilizing RealTrade; and (iii) Subscriber if it is a broker dealer, and
if Subscriber is not, then Subscriber’s broker dealer, must be in good standing
with the SEC, the NASD, any self-regulatory securities organization or
securities exchanges of which Subscriber, its broker dealer and/or its
Authorized Users, as applicable, are members of or are subject to, or any other
applicable regulatory authorities (collectively, the “Regulatory Authorities”).

 

(e)                                  No
Disparagement.  Subscriber shall not
disparage TAL, its officers, directors, shareholders or employees, any
affiliate of TAL, or the Licensed Product or TAL Data.

 

8.                                      DISTRIBUTION
RIGHTS.

 

(a)                                  AUTHORIZATION.
Subscriber is authorized on a non-exclusive basis to market to third parties on
behalf of TAL personal, non-exclusive, non-transferable licenses to use the
Licensed Product and become a TAL Subscriber (“TAL Subscriber”) on the terms and
conditions contained in TAL’s then-existing (professional or non-professional)
TAL Subscriber Agreement (“TAL Subscriber Agreement”).  Subscriber is authorized to market the Licensed Product on behalf
of TAL only within the geographic territory set forth on Schedule A attached hereto (“Territory”).  Nothing
contained in this Agreement shall grant to Subscriber the right to create or
allow sub-licenses or sub-distribution arrangements.  Subscriber shall bear all costs and expenses
with respect to Subscriber’s marketing of the Licensed Product.  TAL may change, modify, release new versions
of, or add to or delete from the Licensed Product set forth on Schedule A
at any time and from time to time.

 

(b)                                  ACCEPTANCE
OF ORDERS AND GRANTING OF LICENSES BY TAL. 
Subscriber or the third party licensee shall submit to TAL a TAL
Subscriber Agreement signed by the customer for acceptance or rejection by
TAL.  TAL shall have the right to accept
or reject any TAL Subscriber Agreement submitted to it in TAL’s sole discretion.  Subscriber acknowledges that all customers
who execute TAL Subscriber Agreements which are accepted by TAL are TAL
customers with respect to receipt and use of the Licensed Product and/or TAL
Data.  All orders for licenses of the
Licensed Product shall be solicited by Subscriber only on the terms and
conditions furnished by TAL from time to time, including the TAL Subscriber
Agreement.  A copy of the TAL Subscriber
Agreement in use on the Effective Date is attached hereto as Exhibit D.  Access to the Licensed Product and/or TAL
Data, either directly or indirectly, shall not be provided unless and until the
customer has entered into a TAL Subscriber Agreement with TAL and paid to TAL
the Initial Payment (as defined in the TAL Subscriber Agreement).  TAL may change any of the terms or
conditions of the TAL Subscriber Agreement at any time, and the terms and
conditions of the version of the TAL Subscriber Agreement in effect on the date
of acceptance by TAL shall control.  Any
TAL Subscriber Agreement submitted to TAL shall be required to have a fully
completed licensee information section. 
Subscriber shall have no authority to obligate TAL to accept or provide
the Licensed Product or access to the TAL Data under any TAL Subscriber
Agreement, or to bind or obligate TAL to any transaction, agreement, warranty
or guarantee of any kind.

 

(c)                                  SUBSCRIBER’S
RESPONSIBILITIES AS DISTRIBUTOR OF LICENSED PRODUCT.

 

5

 

(1)                                 Subscriber
shall endeavor to maintain high standards of business conduct and shall
distribute the Licensed Product in such a manner as will reflect favorably on
TAL and the Sources, as reasonably determined by TAL, and shall avoid in any
way any deceptive, misleading or unethical practices or advertising with
respect to TAL, the Licensed Product and/or the TAL Data.

 

(2)                                 Each
individual or entity that uses or has access to the Licensed Product and/or the
TAL Data through the Licensed Product must have entered into or be covered by a
TAL Subscriber Agreement with TAL prior to such use or access.

 

(3)                                 Subscriber
shall not, directly or indirectly, in any capacity, during the term of this
Agreement and any renewal term, market, license or provide licenses for,
represent, or distribute any software product in the Territory which, in the
opinion of TAL, competes directly with the Licensed Product, without the prior
written approval of TAL.

 

(4)                                 Subscriber
shall use its best efforts to market and to solicit customers to become
licensees of TAL to use the Licensed Product.

 

(5)                                 Subscriber
shall comply with all policies of TAL regarding the distribution of the
Licensed Product that are currently in force of which Subscriber has written
notice.  Subscriber shall receive not
less than 30 days prior written notice of any changes to such policies.

 

(6)                                 Subscriber
shall use reasonable efforts to keep TAL informed of any change in the
personnel of Subscriber who have primary responsibility for marketing the
Licensed Product to customers.

 

(7)                                 Subscriber
distribution efforts shall be conducted in its own name.

 

(8)                                 Subscriber
acknowledges that the Licensed Product may contain TAL’s RealTrade application
features that may be accessed and used by the licensee under a TAL Subscriber
Agreement only through a Broker Dealer. 
Subscriber acknowledges that the Broker Dealer shall be solely
responsible for the management and oversight of any and all orders placed,
taken and/or submitted by a licensee under a TAL Subscriber Agreement,
including, without limitation, the initiation or cancellation of any such
orders and/or the opening and closing of any trading accounts.  Subscriber further acknowledges that TAL has
no control over or responsibility for managing, monitoring, overseeing and/or
initiating or canceling any such orders and that TAL is not a Broker Dealer and
is not providing any investment advice, is not executing, accepting or
directing any trades for or on behalf of any person or entity, is not providing
any clearing services, is not providing any trade or order confirmation, and is
not providing any services which require licensing or registration with the
NASD, SEC or any other regulatory body or exchange.  The Broker Dealer shall at all times be responsible and liable
for any trades, trading activity, trade confirmation, order execution or
securities related transactions.

 

(9)                                 Subscriber
acknowledges and agrees that TAL and the Sources assume no responsibility and
shall not be liable to Subscriber or any licensee under a TAL Subscriber
Agreement for any decision made or action taken in reliance upon the Licensed
Product, the TAL Data and/or any other information or data provided through the
Licensed Product and/or TAL Data.  If
applicable, all orders and trades are the licensee’s and/or Subscriber’s or
Broker Dealer’s responsibility and are placed, taken and/or submitted at
Subscriber’s, its Broker Dealer’s and/or licensee’s sole risk.  Subscriber acknowledges and agrees that the
Licensed Product, the TAL Data and/or any other information and data provided
through the Licensed Product and/or TAL Data are not intended to provide legal,
investment or tax advice, and any licensee requiring such advice should consult
professional advisors.

 

(d)                                  THIRD PARTY
BILLING.  If Subscriber has
agreed to be designated a third party payor (“Billing Party”) under a TAL Subscriber
Agreement, Subscriber shall be liable for and shall pay all amounts due and
payable to TAL and the Sources pursuant to such TAL Subscriber Agreement.  Subscriber’s status as Billing Party shall
remain in effect unless Subscriber provides TAL not less than 30 days prior
written notice that such status is being terminated, provided that Subscriber
shall remain liable as Billing Party for amounts incurred prior to the
effective date of such termination. 
Such amounts include, without limitation, all License Fees, Source Fees
(if not billed directly) and Taxes, as such terms are more fully described in the respective
TAL Subscriber Agreement.  If Subscriber
is the Billing Party, Subscriber shall at all times remain liable for Taxes,
whether or not invoiced or charged under this Agreement or the applicable TAL
Subscriber Agreement.  If Subscriber is
the Billing Party, all other fees, charges and amounts payable with respect to
the Licensed Product and/or TAL Data, including the license fees, are subject
to change upon notice given to Subscriber in accordance with Schedule A
hereto.

 

(e)                                  MODIFICATION.  Subscriber agrees that TAL may modify the
Territory at any time upon notice to Subscriber no less than the 30 days in
advance of such modification.

 

(f)                                    TRADEMARKS
AND SERVICE MARKS.  Subscriber
agrees that all marketing efforts and all documentation related to the Licensed
Product and/or TAL Data, including, but not limited to, print and electronic 

 

6

 

advertisements and literature, shall state that the Licensed Product is
the property of and licensed by TAL. TAL grants to Subscriber a personal,
non-exclusive, non-transferable license to use TAL’s trademarks and service
marks (“Marks”)
in accordance with TAL’s then-current policies with respect to advertising,
promotion, use and display of TAL’s Marks or as otherwise specified in an
Addendum to this Agreement.  Subscriber
shall include in any and all advertising, promotional or informational
materials, websites, or other print or electronic media, the copyright
notice(s) and Marks of TAL as they appear on the Licensed Product and/or TAL
Data.  Subscriber shall submit to TAL,
for TAL’s review and approval prior to using and/or displaying TAL’s Marks, all
promotional materials, advertising and other materials using and/or displaying
TAL’s Marks.  Except for those limited
rights expressly granted herein, no other rights to the Marks including, without
limitation, any title or ownership rights are granted hereunder.  At any time during or after the termination
of this Agreement, Subscriber shall not assert, claim any interest in, seek to
register directly or indirectly, or take any action that may adversely affect
the validity of any Marks or other notices of proprietary rights of TAL
including, without limitation, any act that may infringe, lead to the
infringement or dilute the distinctiveness of any Marks or other notices of
proprietary rights of TAL.  Subscriber
agrees to notify TAL promptly of any known or suspected misuse of the Marks or
other of TAL’s notices of proprietary rights and cooperate with TAL in any
proceedings brought to enforce any rights, title or interest in any Marks or
other notices of proprietary rights used under this Agreement.  Subscriber, its agents and contractors shall
not display, alter or use on any Web site, or in any printed documents, whether
promotional, informational or otherwise, the TAL Subscriber Agreement or any other
documents provided by TAL or the Sources unless otherwise authorized in writing
by TAL.  Subscriber acknowledges and
agrees that the Marks are the property of and are valuable to TAL, represent
the goodwill of TAL and are distinctive.

 

9.                                      INSPECTION
AND AUDIT RIGHTS.  At all
reasonable times during the term of this Agreement and for a period of six
months thereafter, TAL and/or its representatives shall have the right, upon no
less than twenty-four hours notice to Subscriber, to access to the relevant
files, computers and/or equipment of Subscriber and the Authorized Users solely
for the purpose of auditing and verifying the number of Authorized Users and
inspecting the use of the Licensed Product, TAL Data and/or Routing Network by
Subscriber and the Authorized Users. 
Subscriber shall cooperate fully with such verification and inspection;
provided, however, that TAL shall not unduly or unreasonably disrupt
Subscriber’s business operations.  TAL
shall have the right to copy any item that Subscriber may possess with respect
to a possible violation or breach of this Agreement and to remove any Licensed
Product and/or access to TAL Data as a result of any such violation or
breach.  Subscriber will be liable for
the reasonable costs of any audit (including, without limitation, reasonable
accountants’ and attorneys’ fees and costs) that reveals a discrepancy in TAL’s
favor of five percent (5%) or more of the amount of fees actually paid to TAL
for the then-current calendar month.

 

10.                               OWNERSHIP
RIGHTS RESERVED.  No title or
ownership of intellectual property rights in and to the Licensed Product, TAL
Data and related documentation or any copy, translation, compilation or other
derivative works, or the Routing Network, are transferred to Subscriber or any
third party hereunder.  Subscriber
agrees that unauthorized copying or disclosure of the Licensed Product or TAL
Data or other intellectual property of TAL may cause great damage to TAL, which
damage may exceed the value of the copies or information involved.  Subscriber shall not, and shall not attempt
to, assign, pledge, encumber, sell or otherwise transfer to any third party the
Licensed Product, TAL Data or related documentation.  Subscriber shall keep its license to use the Licensed Product and
to access the Routing Network and other property of TAL and/or the Sources free
and clear of any and all liens, levies and encumbrances.

 

11.                               CONFIDENTIALITY.

 

(a)                                  General.  Subscriber acknowledges and agrees that the
Licensed Product and TAL Data constitute and incorporate confidential and
proprietary information developed or acquired by, or licensed to, TAL or the
Sources.  Subscriber shall take all
reasonable precautions necessary to safeguard the confidentiality of the
Licensed Product and TAL Data, including at a minimum, those taken by
Subscriber to protect Subscriber’s own confidential information which, in no
event, shall be less than a reasonable standard of care.  Subscriber shall not allow the removal,
eradication or defacement of any confidentiality or proprietary notice placed
on the Licensed Product or TAL Data. 
The placement of copyright notices on these items shall not constitute
publication or otherwise impair their confidential nature.  Subscriber shall maintain the
confidentiality of the TAL proprietary and confidential information for the term
of this Agreement and for five (5) years after the termination or expiration
and non-renewal of this Agreement for any reason, and with respect to trade
secrets, until such time as each such trade secret ceases to be a trade secret.

 

(b)                                  Subscriber’s Confidential Information.  TAL acknowledges and agrees that the
identity of Subscriber’s Authorized Users constitutes confidential
information.  TAL shall take all
reasonable precautions necessary to safeguard the confidentiality of the
identity of the Authorized Users, including at a minimum, those taken by TAL to
protect TAL’s own confidential information which, in no event, shall be less
than a reasonable standard of care.  TAL
shall maintain the confidentiality of the Subscriber’s confidential information
for the term of this Agreement and for two (2) years after the termination or
expiration and non-renewal of this Agreement for any reason, and with respect
to trade secrets, until such time as each such trade secret ceases to be a
trade secret.

 

7

 

(c)                                  Disclosure.  Neither party to this Agreement shall
disclose, in whole or in part, the Licensed Product or TAL Data or any portion
thereof or the identity of Subscriber’s Authorized Users to any individual or entity,
except for use in accordance with this Agreement or to Subscriber’s Authorized
Users for use in accordance with this Agreement or as required by any
applicable law or regulatory body.  Both
parties acknowledge that any unauthorized use or disclosure of the other’s
confidential information or any portion thereof may cause irreparable damage to
the non-disclosing party and/or the Sources. 
If an unauthorized use or disclosure occurs, the disclosing party shall immediately
notify the non-disclosing party and, at the disclosing party’s expense, shall
take all steps necessary to recover the Licensed Product or TAL Data and
prevent subsequent unauthorized use or dissemination.  If requested by any Regulatory Authority or Source, TAL may
provide information and data to such Regulatory Authority or Source with
respect to Subscriber and any Authorized Users, provided that Subscriber is
promptly notified of such disclosure. 
To enable TAL to meet its obligations, Subscriber agrees to inform TAL
in writing whenever its usage, including number of Authorized Users or their
locations, changes.

 

(d)                                  Exclusions.
Notwithstanding the foregoing, Confidential Information does not include that
information which: (i) is known to Subscriber prior to the time of disclosure
by TAL, as evidenced by contemporaneous dated written records; (ii) is received
by Subscriber from independent sources having the right to such information
without an obligation of confidence or non-disclosure, and without such
information having been solicited or obtained by any use of the Confidential
Information received by Subscriber; (iii) is independently developed by
Subscriber without use of the Confidential Information and by persons who have
not had access to the Confidential Information ; or (iv) is in the public
domain, or which later becomes public, unless such information is made public
by Subscriber in violation of this Agreement or by any other party directly or
indirectly under an obligation of confidentiality to TAL.

 

12.                               WARRANTY
DISCLAIMER.  EXCEPT AS MAY BE EXPRESSLY SET
FORTH IN THIS AGREEMENT, THE LICENSED PRODUCT, THE TAL DATA AND THE ROUTING
NETWORK ARE PROVIDED “AS IS” AND WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES
INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES AS TO ACCURACY, FUNCTIONALITY,
PERFORMANCE OR MERCHANTABILITY.  TAL AND
THE SOURCES EXPRESSLY DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY AND FITNESS
FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES ARISING FROM TRADE USAGE, COURSE
OF DEALING OR COURSE OF PERFORMANCE. 
TAL AND THE SOURCES MAKE NO REPRESENTATION, WARRANTY OR COVENANT
CONCERNING THE ACCURACY, COMPLETENESS, SEQUENCE, TIMELINESS OR AVAILABILITY OF
THE LICENSED PRODUCT, THE ROUTING NETWORK, THE TAL DATA OR ANY OTHER
INFORMATION OR THE LIKELIHOOD OF PROFITABLE TRADING USING THE LICENSED PRODUCT,
THE ROUTING NETWORK OR TAL DATA. 
SUBSCRIBER ACCEPTS FULL RESPONSIBILITY FOR ANY INVESTMENT DECISIONS OR
STOCK TRANSACTIONS MADE BY SUBSCRIBER OR ITS AUTHORIZED USERS USING THE
LICENSED PRODUCT, THE ROUTING NETWORK OR TAL DATA.  NO SALES PERSONNEL, EMPLOYEES, AGENTS OR REPRESENTATIVES OF TAL
OR ANY THIRD PARTY ARE AUTHORIZED TO MAKE ANY REPRESENTATION, WARRANTY OR
COVENANT ON BEHALF OF TAL.  ACCORDINGLY,
ADDITIONAL ORAL STATEMENTS DO NOT CONSTITUTE WARRANTIES AND SHOULD NOT BE
RELIED UPON AND ARE NOT PART OF THIS AGREEMENT.  NEITHER TAL NOR ANY OF ITS AFFILIATES OR THE SOURCES INCLUDING,
WITHOUT LIMITATION, THE EXCHANGES, REPRESENT OR WARRANT THAT THE LICENSED PRODUCT,
THE ROUTING NETWORK OR THE TAL DATA WILL BE UNINTERRUPTED OR ERROR-FREE.  SUBSCRIBER EXPRESSLY AGREES THAT USE OF THE
LICENSED PRODUCT, THE ROUTING NETWORK, THE TAL DATA OR ANY OTHER INFORMATION IS
AT SUBSCRIBER’S SOLE RISK AND THAT TAL AND THE SOURCES SHALL NOT BE RESPONSIBLE
FOR ANY INTERRUPTION OF SERVICES, DELAYS OR ERRORS CAUSED BY ANY TRANSMISSION
OR DELIVERY OF THE LICENSED PRODUCT, THE ROUTING NETWORK, TAL DATA OR ANY OTHER
INFORMATION OR CAUSED BY ANY COMMUNICATIONS SERVICE PROVIDERS.  THIS SECTION SHALL SURVIVE TERMINATION OR
EXPIRATION AND NON-RENEWAL OF THIS AGREEMENT.

 

13.                               SUBSCRIBER’S
SOLE AND EXCLUSIVE REMEDY; LIMITS OF LIABILITY.  SUBSCRIBER’S SOLE AND EXCLUSIVE REMEDY AGAINST TAL, AND TAL’S
SOLE OBLIGATION AND LIABILITY TO SUBSCRIBER, WILL BE FOR TAL (AT TAL’S SOLE
ELECTION) TO EITHER: (A) CREDIT SUBSCRIBER AGAINST FUTURE LICENSE FEES PAYABLE
UNDER THIS AGREEMENT IF SUBSCRIBER CONTINUES TO USE THE LICENSED PRODUCT, OR
(B) REFUND A PRORATED AMOUNT EQUAL TO THE LICENSE FEES ACTUALLY PAID TO TAL FOR
THAT NUMBER OF DAYS OF THE CALENDAR MONTH THAT THE LICENSED PRODUCT COULD NOT
BE USED FOR OVER TWENTY-FOUR (24) CONTINUOUS HOURS 

 

8

 

DUE SOLELY TO ACTS OR OMISSIONS OF
TAL, UPON SUBSCRIBER’S WRITTEN REQUEST WITHIN TEN (10) CALENDAR DAYS OF THE
DATE ON WHICH THE LICENSED PRODUCT COULD FIRST NOT BE USED.  TAL SHALL NOT HAVE ANY LIABILITY IF THE
LICENSED PRODUCT CANNOT BE USED FOR LESS THAN TWENTY-FOUR (24) CONTINUOUS
HOURS.

 

OTHER
THAN AS EXPRESSLY SET FORTH IN THIS SECTION, TAL, ITS AFFILIATES AND THE
SOURCES SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL,
CONSEQUENTIAL, PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES (INCLUDING, WITHOUT
LIMITATION, LOSS OF PROFITS, LOSS OF USE, TRADING LOSSES OR LOSS OF OTHER COSTS
OR SAVINGS) RESULTING FROM, ARISING OUT OF, OR IN CONNECTION WITH THE
PROVISION, OR LACK OF PROVISION, OF THE LICENSED PRODUCT, THE ROUTING NETWORK
OR THE TAL DATA OR THE BREACH OF THIS AGREEMENT BY TAL, REGARDLESS OF CAUSE OR
FORM OF ACTION, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, STATUTORY
LIABILITY OR OTHERWISE, AND WHETHER OR NOT SUCH DAMAGES WERE FORESEEN,
UNFORESEEN OR FORESEEABLE, EVEN IF TAL HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES.  NOTWITHSTANDING THE
FOREGOING, IN THE EVENT THE TERMS OF THIS SECTION, OR ANY PART THEREOF, SHALL
BE HELD INVALID AND UNENFORCEABLE BY A COURT OF COMPETENT JURISDICTION, TAL’S
TOTAL LIABILITY UNDER THE TERMS OF THIS AGREEMENT SHALL NOT EXCEED $1000.00
(U.S. DOLLARS).  THIS SECTION SHALL NOT
RELIEVE TAL FROM LIABILITY FOR DAMAGES THAT RESULT FROM ITS OWN GROSS
NEGLIGENCE OR WILLFUL TORTIOUS MISCONDUCT. THIS SECTION SHALL SURVIVE ANY
TERMINATION OR EXPIRATION AND NON-RENEWAL OF THIS AGREEMENT.

 

14.                               INDEMNIFICATION.

 

(a)                                  By
Subscriber.  Subscriber agrees to
defend, indemnify and hold TAL, its affiliates, directors, officers,
shareholders, employees, representatives, agents, successors, and the Sources,
harmless from and against any and all direct claims, losses, damages,
liabilities, obligations, judgments, causes of action, costs, charges, expenses
and fees (including reasonable attorneys’ fees and costs and such fees and/or
penalties as any of the Sources may impose) arising out of:  (a) any breach or alleged breach of this
Agreement by Subscriber or any Authorized User; (b) any failure of Subscriber
or any Authorized User to comply with the requirements of, or obligations
imposed by, the Sources; or (c) any material misuse, or willful or reckless
actions or misconduct of Subscriber, the Authorized Users or Subscriber’s other
employees or agents with respect to the use of the Licensed Product, TAL Data,
the Routing Network or confidential information.  TAL reserves the right to select its own attorneys at
Subscriber’s cost. This Section shall survive any termination or expiration and
non-renewal of this Agreement.

 

(b)                                  By
TAL.  TAL will indemnify, defend and
hold Subscriber, its affiliates, members, managers, officers, employees,
representatives, agents and successors, harmless from and against any claim,
suit or proceeding brought against Subscriber alleging that the Licensed
Product or Subscriber’s use of the Licensed Product constitutes a
misappropriation of, or infringement upon, any United States of America patent
or copyright of a third party, provided that: 
(i) Subscriber promptly notifies TAL, in writing, of any such claim,
suit or proceeding; (ii) TAL has sole control of the investigation, defense and
settlement of any such claim, suit or proceeding; and (iii) Subscriber provides
TAL, upon TAL’s request, with all reasonable assistance in investigating,
defending and settling any such claim, suit or proceeding.  If the Licensed Product or any part thereof
is held to infringe upon any United States of America patent or copyright of a
third party, and Subscriber’s use of the Licensed Product is enjoined or
prohibited by a court of competent jurisdiction, TAL shall, at its sole option,
within thirty (30) calendar days of such injunction or prohibition, either:  (A) procure for Subscriber the right to
continue using the Licensed Product free of any liability for infringement; (B)
replace or modify the Licensed Product with a non-infringing product of
equivalent functionality; or (C) require the return of the Licensed Product and
termination of this Agreement.  TAL
shall have no obligation to indemnify, defend or hold Subscriber harmless
hereunder in the event any such claim, suit or proceeding arises from changes
or modifications to the Licensed Product not authorized, in writing, by TAL;
the combination of the Licensed Product with any software, hardware or other
product not authorized, in writing, by TAL; use of the Licensed Product not in
accordance with the Licensed Product’s user documentation; or use of a
superseded or altered release or version of the Licensed Product if the
infringement would have been avoided by use of the current unaltered release or
version of the Licensed Product.  This
Section shall survive any termination or expiration and non-renewal of this
Agreement.  THE RIGHTS AND OBLIGATIONS SET FORTH IN
THIS SECTION ARE TAL’S SOLE LIABILITY AND OBLIGATION AND SUBSCRIBER’S SOLE AND
EXCLUSIVE REMEDIES FOR ANY CLAIM, SUIT OR PROCEEDING WITH RESPECT TO
INFRINGEMENT.

 

15.                               TERMINATION.  Subscriber and TAL may terminate this Agreement
by notifying the other party in writing of such termination not later than 180
days prior to the end of the then-current Term.  In the event Subscriber or any Authorized User breaches any term
or condition of this Agreement, provided that such breach is not remedied
within ten (10) business days following written notice of said breach to
Subscriber, TAL shall have the right, in addition to 

 

9

 

any remedies
available at law or in equity, to suspend access to the Licensed Product and/or
TAL Data and/or terminate this Agreement without liability of any kind of TAL
to Subscriber, to any Authorized User or to any person or entity claiming by or
through or on behalf of Subscriber, with respect to such termination or
suspension.  This Agreement shall
terminate automatically in the event Subscriber becomes insolvent or enters
into bankruptcy, suspension of payments, moratorium, reorganization, an
assignment for the benefit of creditors or any other proceeding that relates to
insolvency or protection from creditors’ rights.  Upon the expiration and non-renewal or termination of this
Agreement for any reason, all rights granted to Subscriber hereunder shall
cease, and Subscriber shall promptly: 
(w) purge the Licensed Product from all of Subscriber’s computer
systems, equipment, storage media and other files; (x) destroy the Licensed
Product and all copies thereof in Subscriber’s possession or under Subscriber’s
control; (y) upon TAL’s request provide TAL with a written statement certifying
that Subscriber has taken the actions set forth in subsections (w) and (x) above; and (z) pay any and all License Fees,
Source Fees and Taxes incurred as of the date of termination, and the
out-of-pocket costs or expenses incurred by TAL of removing any equipment or
software and any components of the Routing Network from Subscriber’s premises
and for canceling and/or removing any communication lines.  TAL may terminate this Agreement immediately
or discontinue any access to the Licensed Product and/or TAL Data, without
notice or liability, whenever any Regulatory Authority or Source requires such
discontinuance.  Any provision of this
Agreement which by its terms becomes effective on termination of this
Agreement, and any provision of this Agreement which by its express terms
survives the termination of this Agreement, shall continue in effect following
termination, including, without limitation, Sections     hereof.

 

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

 

17.                               COMPLIANCE
WITH LAWS.  Subscriber’s and
Authorized User’s use of the Licensed Product and the TAL Data shall comply
with all applicable federal, state and local laws, rules and regulations, and
applicable exchange rules, regulations and contract terms.  Subscriber represents and warrants that
Subscriber shall not intentionally engage in, nor is to its knowledge currently
engaged in, the operation of any unlawful transactions and/or business.  Subscriber shall not use, nor shall
Subscriber permit any Authorized User or third party to use, the Licensed
Product and/or TAL Data for any unlawful purpose.  In the event TAL believes that Subscriber is not in compliance
with the terms of this Section, TAL reserves the right to terminate
Subscriber’s and the Authorized Users’ access to the Licensed Product and/or
TAL Data at any time with or without notice and without incurring any liability
or obligation in connection therewith.

 

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

 

19.                               ASSIGNMENT.  Subscriber shall not assign, delegate or
otherwise transfer this Agreement or any of its rights or obligations hereunder
without TAL’s prior written consent, which shall not be unreasonably withheld.

 

20.                               FORCE
MAJEURE.  Neither party shall have
any liability for any failure or delay in performing any obligation under this
Agreement (except for payments to TAL or the Sources) due to circumstances
beyond its reasonable control including, but not limited to, acts of God or
nature, actions of the government, fires, floods, strikes, civil disturbances
or terrorism, or power, communications line, satellite or network failures.

 

21.                               GOVERNING
LAW; EXCLUSIVE JURISDICTION.  This
Agreement, which has been made and entered into in Chicago, Illinois, and all
the rights and duties of the parties arising from or relating in any way to the
subject matter of this Agreement or the transaction(s) contemplated by it,
shall be governed by, construed and enforced in accordance with the laws of the
State of Illinois (excluding any conflict of laws provisions of the State of
Illinois which would refer to and apply the substantive laws of another jurisdiction).  Any suit or proceeding relating to this
Agreement shall be brought in the courts, state and federal, located in
Chicago, Cook County, Illinois.

 

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

 

23.                               NOTICES.  All notices, communications and waivers
under this Agreement shall be in writing and shall be (i) delivered in person,
(ii) mailed, postage prepaid, either by registered or certified mail, return
receipt requested, (iii) sent by fax, or (iv) sent by overnight express
carrier, to the addresses set forth below, or to any other address as to either
of the parties hereto as such party shall designate in a written notice to the
other party hereto.  All notices sent
pursuant to the terms of this Section shall be deemed received (A) if
personally delivered, then on the date of delivery, (B) if sent by overnight,
express carrier, then on the next business day immediately following the day
sent, (C) if sent by fax, then on the date of delivery if received during
normal business hours, or on the next business day if not received during

 

10

 

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

 

24.                               NON-SOLICITATION.  During the term of this Agreement, and for
two years following its termination, expiration, or non-renewal, Subscriber
shall not, whether or not for monetary benefit, without the written permission
of TAL or any of its affiliates (collectively, the “Companies”): (a)
engage or employ any employee, director, officer, agent, or independent
contractor of the Companies; (b) encourage or solicit any employee, agent or
independent contractor of the Companies to terminate or modify his, her or its
employment, engagement or business relationship with the Companies; or (c) pay
money to or provide gifts, or other benefits, monetary or otherwise, to any
employees, directors, officers, agents, or independent contractor, unless the
value of said gifts or benefits is of de minimus value.

 

25.                               MISCELLANEOUS.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

AGREED TO AS OF August 2, 2004,

 

	
  BY:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joseph
  Lombard

  	
   

  
	
  Print:

  	
  Joseph Lombard

  	
   

  
	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Taxpayer
  Identification or Social Security Number)

  	
   

  
	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
				

 

 

11

 

ACCEPTED:

 

TOWNSEND
ANALYTICS, LTD., an Illinois corporation

 

	
  By:

  	
  /s/ MarrGwen
  Townsend

  	
   

  
	
  Print:

  	
  MarrGwen
  Townsend

  	
   

  
	
  Title:

  	
  V.P.

  	
   

  

 

Address:

Townsend Analytics, Ltd.

100 South Wacker Drive,
Suite 2040

Chicago, IL  60606

Attn:  MarrGwen Townsend

312/621-0141 (phone)

312/621-0487 (fax)

 

With copy to:

 

Townsend Analytics, Ltd.

100 South Wacker Drive,
Suite 2040

Chicago, IL  60606

Attn:  General Counsel

 

12

 

Townsend Analytics, Ltd.

LICENSE AND
DISTRIBUTION AGREEMENT

EXHIBIT A

 

The Nasdaq Stock
Market, Inc. (“Nasdaq”) Subscriber Agreement

 

DISCLOSURE
– PLEASE READ

Subscribers must sign a contract entitled The Nasdaq Stock Market, Inc.
(“Nasdaq”) Subscriber Agreement (“Agreement”) in order to receive Information
[see definition in Paragraph [1] of the Agreement] from Nasdaq.   While all terms are important, please
particularly note the following.  For
more information regarding each term, the paragraph number at the end of each
term refers to the paragraph in the Agreement where more information can be
located.

 

RESTRICTIONS
ON USES & TRANSFER: Subscribers may not provide access to
Information or transfer the Agreement to others.  The Information is only for personal non-professional use or, if
you are a Professional
Subscriber (see definition
in Paragraph [1] of the Agreement) for internal business use and/or
personal use. [Paragraph 3]

 

MOST
TYPES OF DAMAGES ARE EXCLUDED AND REMAINING DAMAGES ARE LIMITED:  Nasdaq is not liable for trading losses,
lost profits or incidental, consequential or other indirect damages, even if
the Information is untimely or incorrect. 
Other damages (if any), are strictly limited (in contract, tort, or
otherwise) to a capped amount. 
[Paragraphs 9 and 10]

 

NO
IMPLIED OR STATUTORY WARRANTIES OR DUTIES: All warranties and duties (if any)
are eliminated.  There are no express
warranties except for a Limited Warranty regarding efforts only.  Stock
quotes might not be current or accurate. 
[Paragraph 9]

 

SUBSCRIBERS PROVIDE AN INDEMNITY:
Subscriber indemnifies and holds harmless Nasdaq for any Claims or Losses (see
definition in Paragraph [1] of the Agreement) resulting from Subscriber’s
breach of the Agreement, for Subscriber’s infringement of a third party’s
intellectual property rights, or from any third party suit related to
Subscriber’s use or receipt of the Information.  [Paragraph 13 and 14]

 

MARYLAND
LAWS AND COURTS APPLY:  Everything relating to the Agreement is
governed by the laws of the United States and the State of Maryland and any
disputes can only be heard in Maryland.  
[Paragraph 23]

 

NO ORAL
AMENDMENTS & ONLY NASDAQ MAY AMEND: The Agreement may not
be altered orally and may be altered by Nasdaq pursuant to an Agreement
procedure which includes notice either to Subscriber or to Vendor.  Failure to terminate the Agreement before,
or use of Information after, an amendment will be Subscriber’s consent (or
confirmation of an earlier consent) to the amendment. [Paragraph 17 and 21]

 

VENDORS
CAN IMPACT SUBSCRIBER’S RIGHTS BUT NOT NASDAQ’S RIGHTS: 
Vendor does not have authority to change the Agreement.  Vendors are obligated to provide notice of
Nasdaq changes to Subscriber, but if they do not, Nasdaq’s notice to Vendor is
still effective, as to Subscriber including notice of cancellation. [Below
Paragraph 1 and Paragraph 17]

 

13

 

Nasdaq
Subscriber Agreement

 

The Vendor and its agents may NOT modify or waive any term of
this Agreement.

Any attempt to modify this Agreement, except by Nasdaq, is
void.

 

1.
The word “Nasdaq” means The Nasdaq Stock Market, Inc. and its affiliates.  The word “Information” means certain data
and other information: relating to securities or other financial instruments,
products, vehicles or devices; or relating to Persons regulated by Nasdaq or to
activities of Nasdaq; or gathered by Nasdaq from other sources.  The word “or” includes the word “and”.  The phrase “Claims or Losses” means any and
all liabilities, obligations, losses, damages, penalties, claims, actions,
suits, costs, judgments, settlements, and expenses of whatever nature, whether
incurred by or issued against an indemnified party or a third party, including,
without limitation, (1) indirect, special, punitive, consequential or
incidental loss or damage, (including, but not limited to, trading losses, loss
of anticipated profits, loss by reason of shutdown in operation or increased
expenses of operation, or other indirect loss or damage) and (2) administrative
costs, investigatory costs, litigation costs, and auditors’ and attorneys’ and
fees and disbursements (including in-house personnel).  The word “Person” means any natural person,
proprietorship, corporation, partnership, or other entity whatsoever.  The phrase “Non-Professional Subscriber”
means any natural person who is neither: (a) registered or qualified in any
capacity with the SEC, the Commodities Futures Trading Commission, any state
securities agency, any securities exchange or association, or any commodities
or futures contract market or association; (b) engaged as an “investment
advisor” as that term is defined in Section 201 (11) of the Investment Advisors
Act of 1940 (whether or not registered or qualified under that Act); nor, (c)
employed by a bank or other organization exempt from registration under federal
or state securities laws to perform functions that would require registration
or qualification if such functions were performed for an organization not so
exempt.  The phrase “Professional
Subscriber” means all other persons who do not meet the definition of
Non-Professional Subscriber. When it appears alone, the word “Subscriber”
encompasses all Non-Professional and Professional Subscribers.  The phrase “Vendor’s Service” means the
service from a vendor, including the data processing equipment, software, and
communications facilities related thereto, for receiving, processing,
transmitting, using and disseminating the Information to or by Subscriber.

 

2.  Subscriber is granted the right to receive
from Nasdaq the Information under the terms stated herein or in the NASD
Rules.  “NASD Rules” shall mean all
applicable laws (including intellectual property, communications, and
securities laws), statutes, and regulations, the rules and regulations of the
SEC, the rules and regulations of Nasdaq including, but not limited to, those
requirements established by Nasdaq’s rule filings (with such SEC approval as
may be required), Nasdaq’s decisions and interpretations and any User Guides,
or successors of the components of the NASD Rules, as they may exist at the
time.  For Professional Subscriber, if
any payment is due directly to Nasdaq under this Agreement, payment in full is
due Nasdaq in immediately available U.S. funds, within 30 days of the date of
an invoice, whether or not use is made of, or access is made to, the
Information.  Interest shall be due from
the date of the invoice to the time that the amount(s) that are due have been
paid.  Subscriber shall assume full and
complete responsibility for the payment of any taxes, charges or assessments
imposed on Subscriber or Nasdaq (except for U.S. federal, state, or local
income taxes, if any, imposed on Nasdaq) by any foreign or domestic national,
state, provincial or local governmental bodies, or subdivisions thereof, and
any penalties or interest, relating to the provision of the Information to
Subscriber.

 

3.  The Information is licensed only for the
personal use of the Non-Professional Subscriber and the internal business use
and/or personal use of the Professional Subscriber.  By representing to Vendor that Subscriber is a non-professional,
or by continuing to receive the Information at a non-professional subscriber
rate, Subscriber is affirming to Vendor and Nasdaq that Subscriber meets the
definition of Non-Professional Subscriber as set forth in paragraph 1
above.  Subscriber will promptly give
written notice to Vendor of any change in the name or place of residence or
place of business at which the Information is received.  Subscriber may not sell, lease, furnish or
otherwise permit or provide access to the Information to any other Person or to
any other office, or place.  Subscriber
will not engage in the operation of any illegal business; use or permit anyone
else to use the Information, or any part thereof, for any illegal purpose; or
violate any NASD Rule.  Professional
Subscribers may, on a non-continuous basis, furnish limited amounts of the
Information to customers: in written advertisements, correspondence, or other
literature; or during voice telephonic conversations not entailing computerized
voice, automated information inquiry systems, or similar technologies.  Subscriber may not present the Information
rendered in any unfair, misleading, or discriminatory format.  Subscriber shall take reasonable security
precautions to prevent unauthorized Persons from gaining access to the Information.

 

4.  Subscriber acknowledges that Nasdaq, in its
sole discretion, may from time to time make modifications to its system or the
Information.  Such modifications may
require corresponding changes to be made in Vendor’s Service.  Changes or the failure to make timely
changes by Vendor or Subscriber may sever or affect Subscriber’s access to or
use of the Information.  Nasdaq shall
not be responsible for such effects.

 

5.  Nasdaq grants to Subscriber a nonexclusive,
non-transferable license during the term of the Agreement to receive and use the
Information transmitted to it by Vendor and thereafter to use such Information
for any purpose not inconsistent with the terms of the Agreement or with the
NASD Rules.  Subscriber acknowledges and
agrees that Nasdaq has proprietary rights in the Information that originates on
or derives from markets regulated or operated by Nasdaq and compilation or
other rights in Information gathered from other sources.  Subscriber further acknowledges and agrees
that Nasdaq’s third party Information providers have exclusive proprietary
rights in their respective Information. 
In the event of any misappropriation or misuse, Nasdaq or its third
party information providers shall have the right to obtain injunctive relief
for its respective materials. 
Subscriber will attribute source as appropriate under all the
circumstances.

 

6.  Subscriber acknowledges that Nasdaq, as a
subsidiary of NASD, when required to do so by NASD in fulfillment of NASD’s
statutory obligations, may by notice to Vendor unilaterally limit or terminate
the right of any or all Persons to receive or use the Information, and that
Vendor will immediately comply with any such notice and will terminate or limit
the furnishing of the Information and confirm such compliance by notice to
Nasdaq.  Any affected Person will have
available to it such procedural protections as are provided by the Exchange Act
and applicable rules thereunder. 
Neither Nasdaq nor NASD shall have any liability when complying with
such NASD notice.

 

14

 

7.  Professional Subscriber shall make its
premises available to Nasdaq for physical inspection of Vendor’s Service and of
Professional Subscriber’s use of the Information (including review of any
records regarding use of, or access to, the Information and the number and
locations of all devices that receive Information), all at reasonable times,
upon reasonable notice, to ensure compliance with this Agreement.
Non-professional Subscriber shall comply promptly with any reasonable request from
Nasdaq for information regarding the Non-Professional Subscriber’s receipt,
processing, display and redistribution of the Information.

 

8.  To the extent permitted by applicable law,
Subscriber acknowledges and agrees that the termination of the Vendor’s Service
for failure to make payments shall not be deemed or considered to be, and
Subscriber waives any right to represent or assert that any such exercise
constitutes, an act or omission or an improper denial or limitation of access
by Nasdaq to any service or facility operated by Nasdaq as contemplated in
Section 11A of the Exchange Act, or any other provision of the Exchange Act, or
any rule, regulation, or interpretation adopted thereunder.

 

9.  NASDAQ’S
WARRANTIES/DISCLAIMER OF WARRANTIES. 
Nasdaq shall endeavor to offer the Information as promptly and
accurately as is reasonably practicable. 
In the event that the Information is not available as a result of a
failure by Nasdaq to perform its obligations under this Agreement, Nasdaq will
endeavor, giving due regard for the cost, time, and effect on other users, to
correct any such failure.  In the event
that the Information is not available, is delayed, is interrupted, is
incomplete, or is not accurate or is otherwise materially affected for a
continuous period of four (4) hours or more during the time that Nasdaq
regularly transmits the Information due to the fault of Nasdaq (except for a
reason permitted in this Agreement or in Nasdaq’s agreement with the Vendor),
Subscriber’s or any other Person’s exclusive remedy against Nasdaq shall be (A)
if Subscriber or any other Person continues to receive the Information or any
other data and/or information offered by Nasdaq, a prorated month’s credit of
any monies due, if any, for the affected Information directly to Nasdaq from
Subscriber, or, if applicable, from said other Person, for the period at issue
or, (B) if Subscriber or any other Person no longer receives either the
Information or any other data and/or information offered by Nasdaq, a prorated
month’s refund of any monies due for the affected Information directly to
Nasdaq from Subscriber, or, if applicable, from said other Person, for the
period at issue.  Such credit or refund
shall, if applicable, be requested by written notice to Nasdaq with all pertinent
details.  BEYOND THE WARRANTIES STATED
IN THIS SECTION, THERE ARE NO OTHER WARRANTIES OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY (INCLUDING, WITHOUT LIMITATION, TIMELINESS, TRUTHFULNESS, SEQUENCE,
COMPLETENESS, ACCURACY, FREEDOM FROM INTERRUPTION), ANY IMPLIED WARRANTIES
ARISING FROM TRADE USAGE, COURSE OF DEALING, OR COURSE OF PERFORMANCE, OR THE
IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR
PURPOSE.

 

10.  NASDAQ’S
LIMITATION OF LIABILITY.  (a)  Except as may otherwise be set forth herein,
Nasdaq shall not be liable to Subscriber, its vendor or any other Person for
indirect, special, punitive, consequential, or incidental loss or damage
(including, but not limited to, trading losses, loss of anticipated profits,
loss by reason of shutdown in operation or increased expenses of operation,
cost of cover, or other indirect loss or damage) of any nature arising from any
cause whatsoever, even if Nasdaq has been advised of the possibility of such
damages.

 

(b)
Nasdaq shall not be liable to Subscriber or any other Person for any
unavailability, interruption, delay, incompleteness, or inaccuracy of the
Information that lasts less than four (4) continuous hours during the time that
Nasdaq regularly transmits the Information or if the Information is materially
affected for less than four (4) continuous hours during the time that Nasdaq
regularly transmits the Information.

 

(c)
If Nasdaq is for any reason held liable to Subscriber or to any other Person,
whether in tort or in contract, the liability of Nasdaq within a single year
(from the effective date of the Agreement) of the Agreement [combined with the
total of all Claims or Losses of Subscriber’s vendor, and any other Person
claiming through, on behalf of, or as harmed by Subscriber] is limited to an
amount of subscriber’s damages that are actually incurred by subscriber in
reasonable reliance, and which amount does not exceed the lesser of: (i) if
Subscriber or any other Person continues to receive the Information or any
other data and/or information offered by Nasdaq, a prorated month’s credit of
any monies due directly to Nasdaq from Subscriber, or, if applicable, from any
other Person, for the information at issue during the period at issue or, if
Subscriber or any other Person no longer receives either the Information or any
other data and/or information offered by Nasdaq, a refund of any monies due
directly to Nasdaq from Subscriber, or, if applicable, from any other Person,
for the information at issue during the period at issue; or (ii) $500.00.

 

 (d) This section shall not relieve Nasdaq,
Subscriber or any other Person from liability for damages that result from
their own gross negligence or willful tortious misconduct, or from personal
injury or wrongful death claims.

 

(e)
Subscriber and Nasdaq understand and agree that the terms of this section
reflect a reasonable allocation of risk and limitation of liability.

 

11.  THIRD PARTY INFORMATION PROVIDERS’
DISCLAIMERS OF WARRANTIES/LIMITATIONS OF LIABILITIES.  NASDAQ’S THIRD PARTY INFORMATION PROVIDERS MAKE NO WARRANTIES OF
ANY KIND, EXPRESS, IMPLIED OR STATUTORY (INCLUDING, WITHOUT LIMITATION,
TIMELINESS, TRUTHFULNESS, SEQUENCE, COMPLETENESS, ACCURACY, FREEDOM FROM
INTERRUPTION), ANY IMPLIED WARRANTIES ARISING FROM TRADE USAGE, COURSE OF
DEALING, OR COURSE OF PERFORMANCE, OR THE IMPLIED WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR USE OR PURPOSE AND THEY SHALL HAVE NO LIABILITY FOR
THE ACCURACY OF, OR FOR DELAYS OR OMISSIONS IN, ANY OF THE INFORMATION PROVIDED
BY THEM.  Nasdaq’s third party
information providers shall also have no liability for any damages, whether
direct or indirect, whether lost profits, indirect, special or consequential
damages of the Subscriber or any other Person seeking relief through Subscriber,
even if the third party information providers have been advised of the
possibility of such damages.  In no
event will the liability of the third party information providers or their
affiliates to Subscriber or any other Person seeking relief through Subscriber
pursuant to any cause of action, whether in contract, tort, or otherwise,
exceed the fee paid by Subscriber or any other Person seeking relief through
Subscriber, as applicable.

 

12.  Notwithstanding any other term or condition
of this Agreement, Nasdaq, its third party information providers or Subscriber
shall not be 

 

15

 

obligated to perform or
observe their respective obligations undertaken in this Agreement (except for
obligations to make payments hereunder and regulatory obligations) if prevented
or hindered from doing so by any circumstances found to be beyond their
control.

 

13.  Subscriber will indemnify and hold harmless
Nasdaq and its employees, officers, directors, and other agents from any and
all Claims or Losses imposed on, incurred by or asserted as a result of or
relating to: (a) any noncompliance by Subscriber with the terms and conditions
hereof; (b) any third-party actions related to Subscriber’s receipt and use of
the Information, whether authorized or unauthorized under the Agreement.

 

14.  Each party warrants and represents and will
indemnify and hold harmless (and in every case, Nasdaq shall be permitted to
solely defend and settle) another party (including Nasdaq) and their officers,
directors, employees, and other agents, against any Claims or Losses arising
from, involving, or relating to a claim of infringement or other violation of
an intellectual property right by the indemnifying party, its actions or
omissions, equipment, or other property. 
This right is conditioned on the indemnified party giving prompt written
notice to the indemnifying party (as does not prejudice the defense) of the
Claims or Losses and providing cooperation in the defense of the Claims or
Losses (without waiver of attorney-client, work-product or other legal
privilege, or disclosure of information legally required to be kept
confidential).

 

15.  Subscriber agrees that Nasdaq may enforce
the terms of this Agreement against any Person, whether or not Vendor or
Subscriber is a party to any such action or against Subscriber itself.  In any action there shall be available
injunctive relief or damages, with the prevailing party being awarded costs and
attorneys’ fees (including in-house counsel).

 

16.  In the event of any conflict between the
terms of this Agreement and of the Vendor’s agreement, the terms of this
Agreement shall prevail as between Nasdaq and Subscriber.

 

17.  In addition to terminations permitted under
the Vendor’s agreement, this Agreement may be terminated by Subscriber on 30
days written notice to Vendor and by Nasdaq on 30 days written notice either to
Vendor or Subscriber.  Nasdaq may also
alter any term of this Agreement on 60 days written notice either to Vendor or
Subscriber, and any use after such date is deemed acceptance of the new
terms.  In the event of Subscriber
breach, discovery of the untruth of any representation of Subscriber, or where
directed by NASD in its regulatory authority, Nasdaq may terminate this
Agreement on not less than three (3) days written notice to Subscriber provided
either by Nasdaq or Vendor.

 

18.  Nasdaq does not endorse or approve any
equipment, Vendor, or Vendor’s Service.

 

19. Natural persons
executing this Agreement warrant and represent that they are at least eighteen
(18) years of age. Subscriber and the Person executing this Agreement on behalf
of Subscriber which is a proprietorship, corporation, partnership or other
entity, represent that such Person is duly authorized by all necessary and
appropriate corporate or other action to execute the Agreement on behalf of
Subscriber.

 

20.  All notices, invoices, and other
communications required to be given in writing under this Agreement shall be
directed to: The Nasdaq Stock Market, Inc., 1735 K Street, NW, Washington,
DC  20006, Attn.:  Manager: Market Data Distribution, or to
Subscriber at the last address known to the Vendor, and shall be deemed to have
been duly given upon actual receipt by the parties, or upon constructive
receipt if sent by certified mail, postage pre-paid, return receipt requested,
at such address or to such other address as any party hereto shall hereafter
specify by written notice to the other party or parties hereto.

 

21.  Except as otherwise provided herein, no
provision of this Agreement may be amended, modified, or waived, unless by an
instrument in writing executed by a duly authorized signatory of the party
against whom enforcement of such amendment, modification, or waiver is
sought.  No failure on the part of
Nasdaq or Subscriber to exercise, no delay in exercising, and no course of
dealing with respect to any right, power, or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right, power, or privilege preclude any other or further exercise
thereof or the exercise of any other right, power, or privilege under this
Agreement.  If any of the provisions of
this Agreement, or application thereof to any Person or circumstance, shall to
any extent be held invalid or unenforceable, the remainder of this Agreement,
or the application of such terms or provisions to Persons or circumstances
other than those as to which they are held invalid or unenforceable, shall not
be affected thereby and each such term and provision of this Agreement shall be
valid and enforceable to the fullest extent permitted by law.

 

22.  The terms of this Agreement apply to those
obligations that survive any cancellation, termination, or rescission, namely,
obligations relating to intellectual property, indemnification, limitation of
liability, warranties, disclaimer of warranties, and Exchange Act related
provisions.

 

23.  This Agreement shall be deemed to have been
made in the United States in the State of Maryland and shall be construed and
enforced in accordance with, and the validity and performance hereof shall be
governed by, the laws of the State of Maryland, without reference to principles
of conflicts of laws thereof. 
Subscriber hereby consents to submit to the jurisdiction of the courts
of or for the State of Maryland in connection with any action or proceeding
instituted relating to this Agreement.

 

End of The Nasdaq Subscriber Agreement.

 

16

 

Townsend
Analytics, Ltd.

 

license and distribution Agreement

EXHIBIT B

 

OPTIONS PRICE REPORTING AUTHORITY

Subscriber Agreement

(Last Sale and Quotation
Information)

TO THE PARTICIPANT
EXCHANGES IN THE OPTIONS PRICE REPORTING AUTHORITY:

 

The undersigned (“Subscriber”) hereby applies for the
privilege of receiving current options last sale information and current
options quotation information (the “Information”) from a committee of
Participant Exchanges designated as the Options Price Reporting Authority
(“OPRA”) pursuant to a plan for the consolidated reporting of last sale and
quotation information in eligible option contracts (the “Plan”), which Plan has
been authorized by the Securities and Exchange Commission. The Plan and the
options price reporting system described therein are administered by the Participant
Exchanges through OPRA. At the date of this Agreement, the Participant
Exchanges are:

 

American Stock Exchange, Inc.

Chicago Board Options Exchange, Incorporated

New York Stock Exchange, Inc.

Pacific Exchange, Incorporated

Philadelphia Stock Exchange, Inc.

 

For
the purpose of this application, and as a condition of being approved to
receive the Information, Subscriber hereby represents and agrees with each
Participant Exchange as follows:

 

1.               For the privilege
of receiving the Information, Subscriber agrees to pay OPRA a fee in such
amount and at such times as shall be established by OPRA from time to time and
set forth in a written notice to Subscriber plus any applicable federal, state
or local taxes. No increase in such fees shall be effective less than thirty
(30) days after written notice of such increase is sent to Subscriber.

 

2.               Subscriber
acknowledges that the Information is and shall remain the property of the
respective Participant Exchange on which the reported transaction took place or
the reported quotation was entered and Subscriber shall make no use of the
Information except in compliance with the terms of this Agreement.

 

3.               Subscriber shall
receive the Information only at its principal place of business and/or its
branch offices and only for its individual use in its business. Subscriber
shall not, without the prior approval of OPRA, furnish the Information, nor
permit the Information to be furnished, to any other person or place.

 

4.               Subscriber is not
engaged in, and will not engage in, the operation of any illegal business and
will not use, or permit anyone else to use, the Information for any illegal
purpose.

 

5.               Subscriber shall at
all reasonable times permit OPRA, through its agents or the agents of any of
the Participant Exchanges, to have access to the locations where the
Information is received for the purpose of observing the use made of the
Information and to inspect all equipment and apparatus used in connection
therewith.

 

6.               NEITHER OPRA,
OPRA’S PROCESSOR NOR ANY PARTICIPANT EXCHANGE GUARANTEES THE TIMELINESS,
SEQUENCE, ACCURACY OR COMPLETENESS OF ANY OPTIONS INFORMATION, AND NEITHER
OPRA, OPRA’S PROCESSOR NOR ANY PARTICIPANT EXCHANGE SHALL BE LIABLE IN ANY WAY
TO SUBSCRIBER OR TO ANY OTHER PERSON FOR ANY LOSS, DAMAGES, COST OR EXPENSE
WHICH MAY ARISE FROM ANY FAILURE OF PERFORMANCE BY OPRA, OPRA’S PROCESSOR OR
ANY PARTICIPANT EXCHANGE, OR FROM ANY DELAYS, INACCURACIES, ERRORS IN, OR
OMISSIONS FROM ANY OPTIONS INFORMATION OR THE TRANSMISSION OR DELIVERY THEREOF,
WHETHER OR NOT DUE TO ANY NEGLIGENT ACT OR OMISSION ON THE PART OF OPRA, OPRA’S
PROCESSOR OR ANY PARTICIPANT EXCHANGE. 
IN NO EVENT SHALL OPRA, OPRA’S PROCESSOR OR ANY PARTICIPANT EXCHANGE BE
LIABLE FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING
BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES, OR DAMAGES RESULTING FROM
INCONVENIENCE OR LOSS OF USE OF THE SERVICE.

 

7.               The Subscriber’s
privilege of receiving the Information hereunder shall continue in force until
the expiration of thirty (30) days after written notice shall have been
delivered by Subscriber to OPRA or by OPRA to Subscriber of an intention to
terminate this Agreement, unless sooner terminated by OPRA in accordance with
paragraph 10 hereof.

 

8.               Notwithstanding the
provisions of paragraph 9 above, Subscriber’s privilege of receiving the
Information hereunder may be denied or terminated forthwith at any time by OPRA
upon a determination that Subscriber has violated any provision of this
Agreement or that such action is necessary or appropriate in the public
interest or for the protection of investors. In the event OPRA does not approve
Subscriber’s application to receive the Information or subsequently terminates
Subscriber’s privilege of receiving the Information for reasons other than the
non-payment of fees specified from time to time by OPRA as provided in
paragraph 3 hereof, such action shall be taken only after Subscriber has been
given notice and opportunity for a hearing; provided, however, that OPRA may
terminate Subscriber’s privilege of receiving the Information prior to such
notice and hearing where it is determined that immediate termination is
appropriate and in the public interest or for the protection of investors, in
which event Subscriber shall be entitled to notice and hearing as soon as
practicable following such termination. When Subscriber is adversely affected
by final action of OPRA pursuant to this paragraph, Subscriber shall be
entitled to have such action reviewed in accordance with the applicable rules
and regulations of the Securities and Exchange Commission.

 

9.               Nothing herein
shall be deemed to prevent or restrict any Participant Exchange from
discontinuing to furnish options last sale information or quotation information
for dissemination pursuant to the Plan (referred to above), nor to restrict
OPRA from making such changes in the speed of transmission, the characteristics
of the electrical signals representing the Information or the manner of
disseminating the same, as OPRA shall from time to time determine to be
appropriate; but in the event of any such discontinuance or change, OPRA shall
give such notice thereof 

 

17

 

as is reasonable under
the circumstances.

 

10.         Subscriber agrees that
neither OPRA nor any Participant Exchange shall be liable to it or to any other
person, firm or corporation for any amount which Subscriber may be obligated to
pay the supplier or lessor of any equipment through which Subscriber receives
the Information upon the termination of any agreement pursuant to which such
equipment is furnished to Subscriber.

 

11.         Subscriber certifies the
accuracy of the information provided herein and agrees to inform OPRA promptly
at its address set forth below of any changes in such Information and to
furnish OPRA any additional information requested by it in connection with
Subscriber’s receipt of the Information.

 

12.         The terms and conditions
hereof shall be subject to any applicable provisions of the Securities Exchange
Act of 1934 (as amended) and any rules and regulations promulgated thereunder.

 

 

FOR OPRA USE ONLY

 

	
  Subscriber No.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Location No.

  	
   

  	
   

  	
   

  	
  OPTIONS PRICE REPORTING

  
	
   

  	
   

  	
   

  	
  AUTHORITY

  	
   

  
	
  Start Date

  	
   

  	
   

  	
   

  	
  400 SOUTH LASALLE STREET

  
	
   

  	
   

  	
   

  	
  CHICAGO, ILLINOIS 60605

  
	
  Number of Devices

  	
   

  	
   

  	
  USA

  
	
   

  	
   

  	
  (312) 786-7195

  	
   

  
						

 

 

Subscriber
remains responsible for all fees due to OPRA hereunder, even if a third party
has agreed to pay such fees on behalf of Subscriber.

1298

 

18

 

Townsend
Analytics, Ltd.

LICENSE AND DISTRIBUTION
AGREEMENT

EXHIBIT C

 

UNIFORM
SUBSCRIBER ADDENDUM

 

THIS ADDENDUM is entered into this       
day of           ,
    , by and between the below-listed subscriber
(“Subscriber”), the below-listed vendor (“Vendor”) and each of the Exchanges
designated below (“Exchanges”).

 

 

1.                                      DEFINITIONS.

 

 

VENDOR:

(Party
Delivering Market Data to Subscriber)

 

SUBSCRIBER:

(Party
Receiving Market Data from Vendor)

 

 

	
  Street

  	
   

  	
  City

  	
   

  	
  State/Province

  	
   

  	
  Country

  

 

 

	
  EXCHANGES

  
	
   

  
	
   

  	
   o

  	
  CBOT

  	
   

  	
   o

  	
  NYMEX

  
	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  CME

  	
  o

  	
  NYBOT (CSCE, NYCE, NYFE, FINEX)

  
	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  ONE CHICAGO

  	
  o

  	
  ALTINDEXTK

  
	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  COMEX

  	
   

  	
   

  

 

 

(a)  “Device”
means any unit of equipment, fixed or portable, that receives, accesses or
displays Market Data in visible, audible or other comprehensible form.

 

(b)  “Force Majeure Event” means
any flood, extraordinary weather conditions, earthquake or other act of God,
fire, war, terrorism, insurrection, riot, labor dispute, accident, action of
government, communications or power failures, or equipment or software
malfunctions.

 

(c)  “Person”
means any natural person, proprietorship, corporation, partnership, limited
liability company or other organization.

 

(d)  “Market Data” means
information and data pertaining to futures contracts and options contracts or
similar derivative instruments traded on the Exchanges as well as associated
index data, that includes, without limitation, opening and closing range
prices, high-low prices, settlement prices, current bid and ask prices, last
sale prices, price limits, requests for quotations, estimated and actual
contract volume data, text messages pertaining to market activity, contract
specifications, fast or late messages and, as determined by each of the
Exchanges, may include information respecting exchange-for-physical (EFP) or
against actuals (AA) transactions.  With
respect to Subscriber’s obligations under this Addendum, Market Data includes
information, data and materials that are derived from the foregoing and that
convey information to Subscriber that is substantially equivalent to Market Data.

 

2.                   PROPRIETARY
RIGHTS IN THE MARKET DATA.

 

(a) Subscriber acknowledges and agrees that each of
the Exchanges has exclusive and valuable property rights in and to its own
Market Data, that such Market Data constitute valuable confidential
information, trade secrets and/or proprietary rights of each of the
Exchanges,  not within the public
domain, that such Market Data shall remain valuable confidential information,
trade secrets and/or proprietary rights of each of the Exchanges at least until
the Exchanges place their respective Market Data in the public domain or
authorize placement of their respective Market Data in the public domain, and
that, but for this Addendum, Subscriber would have no rights or access to such
Market Data. Whether or not a particular Exchange has placed its Market Data in
the public domain or has authorized the placement of its Market Data in the
public domain shall be determined according to the terms of such Exchange’s
agreement with Vendor, which agreement is described in Section 3(a).

 

19

 

(b) Subscriber acknowledges and agrees that disclosure
of any Market Data, or any breach or threatened breach of any other covenants
or agreements contained herein, would cause irreparable injury to each of the
Exchanges for which money damages would be an inadequate remedy.  Accordingly, Subscriber further acknowledges
and agrees that each of the Exchanges shall be entitled to specific performance
and injunctive and other equitable relief from the breach or threatened breach
of any provision, requirement or covenant of this Addendum (including, without
limitation, any disclosure or threatened disclosure of Market Data) in addition
to and not in limitation of any other legal or equitable remedies which may be
available.

 

3.              RECEIPT
OF MARKET DATA BY SUBSCRIBER.

 

(a)  Vendor and Subscriber have entered into an
agreement by which Vendor will, among other things, provide Subscriber with
Market Data.  Vendor has entered into
agreements with each of the Exchanges whereby Vendor has been granted the right
to receive Market Data and to retransmit the same to Subscriber.  This Addendum to the agreement between
Vendor and Subscriber sets forth the terms and conditions upon which Subscriber
may receive and use Market Data. 
Subscriber acknowledges that, notwithstanding such agreement, each of
the Exchanges may, in its discretion, discontinue disseminating its own Market
Data or change or eliminate its own transmission method, speed or signal
characteristics.  In addition,
Subscriber acknowledges and agrees that the Exchanges reserve the right to
disapprove any Subscriber and retain the right to direct Vendor to terminate
any Subscriber’s receipt of Market Data for any reason or no reason, in which
event the Exchanges shall so notify Vendor and Vendor shall cease providing
Market Data to Subscriber as soon as practicable.

 

(b)(1) Except as
provided in (2) below, Subscriber will use Market Data only for its own
internal business activities and only at the offices and locations and on the
Devices designated by Subscriber in writing to Vendor from time-to-time.  (The term “for its own internal business
activities”, as used in the immediately preceding sentence herein, means for
Subscriber’s (a) trading, for its own account or for the account of its
customers, of commodity futures contracts, options on commodity futures
contracts or similar derivative instruments, or (b) evaluating, for its own
internal business decisions or advice to its customers, the movements or trends
in markets for commodity futures contracts, options on commodity future
contracts, or like derivative instruments, subject to all of the limitations
set forth below in this sub-paragraph as to the telephonic disclosure to
customers of a necessary and de minimis number of segments of Market
Data.)  Subscriber agrees that it will
not communicate or otherwise furnish, or permit to be communicated or otherwise
furnished, the Market Data, in any format, to any other party or any office or
location other than that designated above, nor allow any other party to take,
directly or indirectly, any of the Market Data from such offices or locations,
and will adopt and enforce any policy that is reasonable to prevent the Market
Data from being taken therefrom.  Subscriber
specifically agrees, without limiting or varying its obligations under
paragraph 7 herein or otherwise set forth in this Addendum, that Subscriber
shall not use or permit another person to use any Market Data for the purposes
of determining or arriving at any price, including any settlement prices, for
commodity futures contracts, options on commodity futures contracts, or like
derivatives instruments traded on any exchange other than the Exchanges.  Subscriber will abide by any other
limitations on such use that any of the Exchanges may specify.  Subscriber will use its best efforts to
ensure that its partners, officers, directors, employees and agents maintain
sole control and physical possession of, and sole access to, Market Data
received through Devices in Subscriber’s possession.  (2) Notwithstanding (1) above, Subscriber may, in the regular
course of its business, occasionally furnish, to each of its customers, branch
offices, and guaranteed introducing brokers, in a quantity restricted to that
necessary to enable Subscriber to conduct its business, a de minimis number of
segments of Market Data.  Such
redissemination must be strictly limited to telephonic communications not
entailing the use of computerized voice synthesization or any other technology
and must be strictly related to the trading activity of Subscriber or any such
recipients.  Any such recipients must be
advised by Subscriber that such segments are proprietary and confidential
information not to be disclosed or disseminated to other persons or
entities.  Subscriber agrees to make all
reasonable efforts to ensure that such recipients abide by the provisions of
this Addendum.  Notwithstanding the
foregoing, in the event that a Subscriber is a newspaper which reports on,
among other things, exchanges on which commodity futures contracts or options
on commodity futures are traded, such Subscriber shall be permitted to publish,
in its newspaper published for the day following the receipt by such Subscriber
of the Market Data, the Market Data received by Subscriber from Exchanges on
the day prior to such publication.

 

(c)  In the event that Vendor has agreed to
permit Subscriber to receive, access or display Market Data through means other
than a Vendor-provided Device, such as by means of: (i) the Internet, any
Intranet or any other type of network; (ii) portable Devices (e.g., pocket
pagers, personal digital assistants, laptop computers, etc.); and (iii)
synthesized voice responses over telephones, Subscriber will use its best
efforts to ensure that no other device, attachment or apparatus is used which
may allow third parties not subject to Subscriber’s reporting obligations under
Section 3(b) above to access the Market Data.

 

4.              REPORTING.  Subscriber agrees to furnish promptly to
Vendor any information or reports that may be required by any of the Exchanges
as applicable and that is reasonably related to Subscriber’s receipt of Market
Data.  Subscriber further agrees to
furnish promptly to Vendor any additional information or reports that may be
required by the agreement between Vendor and Subscriber referred to in Section
3(a) as it relates to Subscriber’s receipt of Market Data.

 

5.              RIGHT
OF INSPECTION AND AUDIT.  During
regular business hours, any Persons designated by any Exchange may have access
to Subscriber’s offices or locations in order to observe the use made of the
Market Data and to examine and inspect any Devices, attachments or apparatuses,
as well as any books and records required to be maintained by Subscriber under
Sections 3(b) and 4 in connection with its receipt and use of Market Data.
Subscriber will make prompt adjustment (including interest thereon at the rate
of 11⁄2% per month), through Vendor, to compensate any Exchange that discovers an
under-reported use of the Market Data by Subscriber.  In addition, at the election of any such Exchange, Subscriber
will be liable for the reasonable costs of any audit that reveals a discrepancy
in such Exchange’s favor of five percent (5%) or more of the amount of fees
actually due such Exchange.  Subscriber
shall maintain the records and books upon which it bases its reporting for CME,
CBOT, or ONE

 

20

 

CHICAGO Market
Data for three (3) years following the period to which the records relate.  Subscriber shall maintain the records and
books upon which it bases the reporting for NYMEX, COMEX, or NYBOT Market Data
for six (6) years following the period to which the records and books relate.  In the event that Subscriber fails to retain
such records and books as required above, Subscriber agrees to pay each
Exchange’s reasonable estimate of any discrepancy discovered pursuant to any
such audit.

 

6.              EXCHANGE
FEES.  Subscriber will pay
Vendor (unless Vendor has assumed Subscriber’s payment obligations hereunder),
for and on behalf of each of the Exchanges (as applicable), for the right to
receive Market Data in accordance with the then-current fee schedule published
by each of the Exchanges from time-to- time (including any and all applicable federal,
state or local taxes).  Each Exchange’s
fees are subject to modification by each of them at any time, without prior
notice to Subscriber.  In addition,
Subscriber agrees to pay Vendor any penalties assessed against Subscriber by
Vendor on behalf of any Exchange. 
Nothing herein shall limit a Vendor’s obligation pursuant to separate
agreement between Vendor and any of the Exchanges (as applicable) to pay
Exchange fees.

 

7.              COVENANTS,
REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER.  Subscriber covenants, represents and warrants that it is not
engaged in the business of distributing Market Data and that, to its knowledge
after reasonable inquiry, it is receiving the Market Data from a Vendor that is
authorized by the Exchanges to distribute the Market Data.  Subscriber agrees that it will not use or
permit any other Person to use Market Data for any illegal purpose.  Subscriber agrees that it will not use
Market Data in any way to compete with the Exchanges or Vendor, nor use the
Market Data in any way so as to assist or allow a third party to compete with
the Exchanges or Vendor.  Subscriber
agrees that the provision of Market Data by the Exchanges hereunder is
conditioned upon Subscriber’s strict compliance with the terms of this Addendum
and that Vendor may, with or without notice and with or without cause,
forthwith discontinue said service whenever in its judgment there has been any
default or breach by Subscriber of the provisions hereof, or whenever directed
to do so by any of the Exchanges.

 

8.              DISCLAIMER
OF WARRANTIES.  SUBSCRIBER
AGREES THAT NEITHER VENDOR NOR THE EXCHANGES MAKE ANY REPRESENTATIONS OR
WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE MARKET DATA, OR THE
TRANSMISSION, TIMELINESS, ACCURACY OR COMPLETENESS THEREOF, INCLUDING, WITHOUT
LIMITATION, ANY IMPLIED WARRANTIES OR ANY WARRANTIES OF MERCHANTABILITY,
QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, AND THOSE ARISING BY STATUTE OR
OTHERWISE IN LAW OR FROM ANY COURSE OF DEALING OR USAGE OF TRADE.

 

9.              LIMITATIONS
OF LIABILITY AND DAMAGES. 
Subscriber agrees that: (i) the provision of Market Data is made with
equipment, communications devices, and/or leased lines not owned or operated
solely by Vendor or the Exchanges; (ii) neither Vendor nor the Exchanges, nor
their respective members, directors, officers, employees or agents, guarantees
the sequence, accuracy or completeness of the Market Data, nor shall any of
them be liable to Subscriber or any other Person for any delays, inaccuracies,
errors or omissions in Market Data, or in the transmission thereof, or for any
other damages arising in connection with Subscriber’s receipt or use of Market
Data, whether or not resulting from negligence on their part, a Force Majeure
Event or any other cause beyond their reasonable control; and (iii) if the
foregoing disclaimer and limitation of liability should be deemed invalid or
ineffective by a court of competent jurisdiction, neither Vendor nor the
Exchanges, nor their respective members, directors, officers, employees or
agents shall be liable for any of the foregoing beyond the actual amount of
loss or damage, or the sum of fifty dollars ($50.00), whichever is less.

 

10.       TERM
AND TERMINATION.  Subject to
Subscriber’s strict compliance with the provisions of this Addendum, the
provision of Market Data by any of the Exchanges hereunder will continue in
force during the term of the agreement between Subscriber and Vendor and any
renewal term thereof.  In addition, it
is understood that the provisions set forth in paragraphs 2(a) and 2(b) of this
Addendum shall survive the termination of this Addendum.

 

11.       INDEMNIFICATION.  Subscriber will indemnify and hold Vendor
and the Exchanges, and their respective members, directors, officers, employees
and agents harmless from and against any and all claims arising out of or in
connection with this Addendum, including, without limitation, any liability,
loss or damages caused by any inaccuracy in or omission from, Subscriber’s
failure to furnish or to keep, or Subscriber’s delay in furnishing or keeping,
any report or record required to be kept by Subscriber hereunder.

 

12.       MISCELLANEOUS.  In case of any breach by Subscriber of its
obligations hereunder, each of the Exchanges will be considered to be a
third-party beneficiary of this Addendum and may bring an action to enforce its
terms directly against Subscriber.   Any
action arising out of this Addendum between the CME, CBOT,  or ONE CHICAGO and Subscriber shall be
governed and construed in accordance with the internal laws (and not the law of
conflicts) of the State of Illinois. 
Any action arising out of this Addendum between NYMEX, COMEX, or NYBOT
and Subscriber shall be governed and construed in accordance with the internal
laws (and not the law of conflicts) of the State of New York.  Subscriber may not assign all or any part of
this Addendum without the prior written consent of the Exchanges (as
applicable).  Neither Vendor nor
Subscriber may modify or amend the terms of this Addendum.  In the event of any conflict between the
terms and conditions of this Addendum and any other agreement relating to
Subscriber’s receipt and use of Market Data, including, without limitation, the
agreement between Vendor and Subscriber referred to in Section 3(a), the terms
and conditions of this Addendum will prevail. 
If, for any reason, one or more provisions of this Addendum is held
invalid, the other provisions of the Agreement shall remain in full force and
effect.

 

rev. 9/03

 

21

 

Townsend
Analytics, Ltd.

LICENSE AND DISTRIBUTION
AGREEMENT

EXHIBIT D

 

TAL Subscriber Agreement

between

Townsend Analytics, Ltd.

and

Professional Subscriber
[DISPLAY ONLY]

 

Townsend
Analytics, Ltd. (“TAL”)
hereby grants to
                            
(print name), a Professional Subscriber pursuant to applicable exchange
requirements in effect from time to time (“Subscriber”), and Subscriber hereby agrees to and
accepts from TAL, a personal, non-exclusive, non-transferable license to use
the machine readable version of the software selected by Subscriber as
identified in Schedule A and any corresponding user manual(s) or other user
documentation (collectively “Licensed Product”) and to use the Licensed Product to
receive, access and/or display over Subscriber’s computer and/or equipment,
fixed or portable, the market information consisting of securities and
commodity prices, other information and other data (collectively “TAL DataÔ“)
that is provided by the stock exchanges, commodity exchanges, news and other
information sources (collectively “Sources”), which includes, but is not limited to, those
Sources selected by Subscriber as identified in Schedule B, on the terms and conditions set
forth in this TAL Subscriber Agreement (“Agreement”).

 

1.                                      TERM.  The initial term of this Agreement shall
commence on the date on which Subscriber’s account is activated (“Effective Date”), and
shall continue until the end of the next calendar month that follows the month
in which the Effective Date occurs.  Thereafter, the term (“minimum
term”) of this Agreement shall automatically renew for successive
terms as specified in schedule a unless: 
(a) terminated earlier pursuant to the terms set forth in this
Agreement; or (b) either party receives notice from the other party of
non-renewal before the twentieth (20th) day of the then-current calendar month.

 

2.              LIMITED
LICENSE.

 

(a)          Use.  Subscriber shall have, during the term of
this Agreement, a license for:  (i)
herself, himself or itself; and/or (ii) the number of authorized employees
and/or contractors of Subscriber under Subscriber’s authorization and control
(“Authorized Users”) as
identified (including as to location) in Schedule A, to use the Licensed Product as
expressly set forth in this Agreement solely for Subscriber’s own internal
business use.  Each Authorized User
shall be required to follow the terms and conditions of this Agreement and
Subscriber shall be liable for each Authorized User’s failure to follow the
terms and conditions of this Agreement. 
Each Subscriber or Authorized User shall access the Licensed Product and
TAL Data using a logon identifier and a password.  Subscriber and each Authorized User shall be responsible for
maintaining and protecting the user logon identifier and password.  Subscriber shall be solely responsible for
ensuring that a terminated Authorized User’s access to the Licensed Product
and/or TAL Data is terminated.

 

(d)          Access
to Order Entry.  Subscriber
acknowledges that the Licensed Product may contain RealTradeÒ
application features, Order Entry Scripting, and other order entry features (“Order Entry Features”).  Subscriber acknowledges and agrees that
Order Entry Features may be accessed and used by Subscriber only through a
registered broker dealer (“Broker Dealer”).

 

(e)          Subscriber
acknowledges and agrees that the Broker Dealer shall be solely responsible for
the management and oversight of any and all orders placed, taken and/or
submitted by Subscriber, including, without limitation, the cancellation of any
such orders and/or the opening and closing of any trading accounts.  Subscriber further acknowledges and agrees
that TAL has no responsibility for managing, monitoring, overseeing and/or
canceling any such orders and that TAL is not a Broker Dealer and is not
providing any investment advice, is not executing, accepting or directing any
trades for or on behalf of any person or entity, is not providing any clearing
services, is not providing any trade or order confirmation, and is not
providing any services which require licensing or registration with the NASD,
SEC or any other regulatory body or exchange. 
Subscriber shall at all times be responsible and liable for any trades,
trading activity, trade confirmation, order execution or securities related
transactions.

 

(d)          License
Restrictions.  Subscriber may make
one (1) copy of the Licensed Product for archival or emergency backup purposes,
provided that such copy shall be subject to the terms of this Agreement and
shall bear the appropriate trademarks, copyright notices and other proprietary
and confidentiality notices contained in versions of the Licensed Product
licensed by TAL under this Agreement. 
Except as expressly provided in this Agreement, Subscriber, Authorized
Users and any third party on behalf of Subscriber shall:  (i) not use, copy, translate, modify, adapt,
reverse compile, disassemble, reverse engineer, or transfer the Licensed
Product, in whole or in part; (ii) prohibit unauthorized disclosure or copying
of the Licensed Product and the TAL Data; and (iii) shall not use the Licensed
Product and/or TAL Data to provide timeshare services, service bureau services,
outsourcing or consulting services, or for any unlawful purpose.  Except as expressly provided in this
Agreement, Subscriber shall not market, distribute, sell, lease, license,
disseminate, or otherwise provide the Licensed Product

 

22

 

and/or TAL Data, in whole or in part, to any third parties without the
express prior written consent of TAL. Subscriber shall not market, distribute,
redistribute, or otherwise disseminate any software applications developed by
Subscriber based on the Licensed Product and/or TAL Data, or derive any other
values from the Licensed Product and/or TAL Data without TAL’s express prior
written consent.  Subscriber shall be
responsible and liable to TAL and any third party for any use, display or
access of the Licensed Product or the TAL Data through use of Subscriber’s
logon identifier and password(s) by any person or entity who is not a party to
or covered by this Agreement, including, without limitation, any direct or
indirect use or access, whether authorized or unauthorized by Subscriber or its
Authorized Users.

 

3.                                      TAL
DATA SOURCES.  To receive TAL Data,
Subscriber must read and be bound by an agreement with a Source.  Subscriber may receive TAL Data from the
Sources listed in subsections (a) through (c) below by reading the Exhibits
attached and signing this Agreement. 
Subscriber shall comply with any conditions, restrictions or limitations
imposed by any of the Sources and shall pay, either directly to such Sources or
through TAL, as applicable, any and all fees, taxes and/or charges, including
any exchange fees, imposed by such Sources (collectively “Source Fees”).  Subscriber acknowledges that a Source may have the right to
terminate, at any time with or without notice, Subscriber’s access to the data
and/or information provided by such Source(s) without any liability (directly
or indirectly) of or on behalf of the Source and/or TAL with respect to such
termination.

 

(a)          NASDAQ
Subscriber Agreement.  BY EXECUTING
THIS AGREEMENT, SUBSCRIBER AGREES (i) THAT IT HAS READ, AND AGREES TO BE BOUND
BY, THE NASDAQ SUBSCRIBER AGREEMENT,  A
COPY OF WHICH IS ATTACHED HERETO;  (ii)
THAT TAL IS NOT AN AGENT OF NASDAQ AND IS NOT AUTHORIZED TO ADD TO OR DELETE
FROM THE NASDAQ SUBSCRIBER AGREEMENT AND IS NOT AUTHORIZED TO MODIFY ANY
PROVISION OF THE NASDAQ SUBSCRIBER AGREEMENT; AND (iii) THAT NO PROVISION HAS
BEEN ADDED TO OR DELETED FROM THE NASDAQ AGREEMENT AND THAT NO MODIFICATIONS
HAVE BEEN MADE TO IT.  BOTH SUBSCRIBER
AND THE PERSON EXECUTING ON BEHALF OF SUBSCRIBER WARRANT THAT SUBSCRIBER IS
LEGALLY ABLE TO UNDERTAKE THE OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS
DULY AUTHORIZED TO BIND SUBSCRIBER TO, THE NASDAQ SUBSCRIBER AGREEMENT.

 

(b) OPRA
Subscriber Agreement. 
BY
EXECUTING THIS AGREEMENT, SUBSCRIBER ACKNOWLEDGES AND AGREES THAT:  (i) SUBSCRIBER HAS READ, UNDERSTOOD AND
SHALL BE BOUND BY THE OPRA SUBSCRIBER AGREEMENT, A COPY OF WHICH IS ATTACHED
HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL IS NOT AN AGENT OF
OPRA AND IS NOT AUTHORIZED TO ADD TO, DELETE FROM OR MODIFY THE OPRA SUBSCRIBER
AGREEMENT; AND (iii) THAT NO PROVISION HAS BEEN ADDED TO, DELETED FROM OR
MODIFIED IN THE OPRA SUBSCRIBER AGREEMENT. 
BOTH SUBSCRIBER AND THE PERSON EXECUTING ON BEHALF OF SUBSCRIBER
REPRESENT AND WARRANT THAT SUBSCRIBER HAS THE AUTHORITY AND CAPACITY TO
UNDERTAKE THE OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS DULY AUTHORIZED TO
BIND SUBSCRIBER TO, THE OPRA SUBSCRIBER AGREEMENT.

 

(c)
Uniform Subscriber Addendum. 
BY
EXECUTING THIS AGREEMENT, SUBSCRIBER ACKNOWLEDGES AND AGREES THAT:  (i) SUBSCRIBER HAS READ, UNDERSTOOD AND
SHALL BE BOUND BY THE UNIFORM SUBSCRIBER ADDENDUM, A COPY OF WHICH IS ATTACHED
HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL IS NOT AN AGENT OF
CME, CBOT, COMEX, NYMEX OR CEC AND IS NOT AUTHORIZED TO ADD TO, DELETE FROM OR
MODIFY THE UNIFORM SUBSCRIBER ADDENDUM; AND (iii) THAT NO PROVISION HAS BEEN
ADDED TO, DELETED FROM OR MODIFIED IN THE UNIFORM SUBSCRIBER ADDENDUM.  BOTH SUBSCRIBER AND THE PERSON EXECUTING ON
BEHALF OF SUBSCRIBER REPRESENT AND WARRANT THAT SUBSCRIBER HAS THE AUTHORITY
AND CAPACITY TO UNDERTAKE THE OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS DULY
AUTHORIZED TO BIND SUBSCRIBER TO, THE UNIFORM SUBSCRIBER ADDENDUM.

 

(d) CUSIP Subscriber Agreement.  BY EXECUTING THIS AGREEMENT, SUBSCRIBER
ACKNOWLEDGES AND AGREES THAT:  (i)
SUBSCRIBER HAS READ, UNDERSTOOD AND SHALL BE BOUND BY THE STANDARD & POOR’S
CUSIP SERVICE BUREAU ELECTRONIC DISTRIBUTION SUBSCRIBER AGREEMENT, A COPY OF
WHICH IS ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE; (ii) TAL IS
NOT AN AGENT OF STANDARD & POOR’S CUSIP SERVICE BUREAU (“CSB”) OR THE
AMERICAN BANKERS ASSOCIATION (“ABA”), AND IS NOT AUTHORIZED TO ADD TO, DELETE
FROM OR MODIFY THE STANDARD & POOR’S CUSIP SERVICE BUREAU ELECTRONIC
DISTRIBUTION SUBSCRIBER AGREEMENT; AND (iii) THAT NO PROVISION HAS BEEN ADDED
TO, DELETED FROM OR MODIFIED IN THE STANDARD & POOR’S CUSIP SERVICE BUREAU
ELECTRONIC DISTRIBUTION SUBSCRIBER AGREEMENT. 
BOTH SUBSCRIBER AND THE PERSON EXECUTING ON BEHALF OF SUBSCRIBER
REPRESENT AND WARRANT THAT SUBSCRIBER HAS THE AUTHORITY AND CAPACITY TO
UNDERTAKE THE OBLIGATIONS SET FORTH IN, AND THE SIGNATORY IS DULY AUTHORIZED TO
BIND SUBSCRIBER TO, THE STANDARD & POOR’S CUSIP SERVICE BUREAU ELECTRONIC
DISTRIBUTION SUBSCRIBER AGREEMENT.

 

23

 

4.              SUPPORT
AND MAINTENANCE.

 

(a)          Technical
Support.  TAL shall provide by
telephone or on-line, either directly or through a third party, reasonable
technical support during hours announced by TAL from time to time, Monday
through Friday, excluding exchange trading holidays.  Subscriber shall designate an employee who is familiar with
Subscriber’s local area network and hardware to serve as the primary point of
contact for obtaining technical support from TAL.  TAL shall not be obligated to provide support to any other
person.  Subscriber may change its
single support contact upon notice to TAL. 
On-site support or other Subscriber-specific support requirements may be
provided to Subscriber on a time-and-materials basis pursuant to a separate
written agreement with TAL.  Technical
support for the Order Entry Scripting feature is provided pursuant to a
separate written agreement with TAL.

 

(b)          Upgrades.  Subscriber shall receive normal maintenance
upgrades of the Licensed Product during the term of this Agreement at no
additional charge.  Upgrades shall not
include Licensed Product features and/or functionality that TAL decides, in its
sole discretion, to make generally available for a separate fee or charge.

 

(c)          Limitations;
Other.  TAL shall not be obligated
to provide network advice or to provide technical support or maintenance
upgrades for any version of the Licensed Product other than the then-current
released version of the Licensed Product. 
Subscriber shall not receive support or upgrades for use of the Licensed
Product with hardware or software configurations or other devices or equipment
not included in TAL’s then current configuration list.  TAL shall have the right to change its
support and maintenance at any time upon notice to Subscriber.

 

5. 
INSPECTION AND AUDIT RIGHTS.  At all reasonable times during the term of this Agreement and for
a period of six (6) months thereafter, TAL and/or its representatives shall
have the right, upon no less than twenty-four (24) hours notice to Subscriber,
to full and free access to the relevant files, computers and/or equipment of
Subscriber and the Authorized Users to audit and verify the number of
Authorized Users and to inspect the use of the Licensed Product and/or TAL Data
by Subscriber and the Authorized Users. 
Subscriber shall cooperate fully with such verification and inspection.  TAL shall have the right to copy any item
that Subscriber may possess with respect to a possible violation or breach of
this Agreement and to remove any Licensed Product and/or access to TAL Data as
a result of any such violation or breach. 
Subscriber will be liable for the reasonable costs of any audit
(including, without limitation, reasonable accountants’ and attorneys’ fees and
costs) that reveals a discrepancy in TAL’s favor of five percent (5%) or more
of the amount of fees actually paid to TAL for the then-current calendar month.

 

6.              PAYMENTS.

 

(h)         License Fees. Subscriber
shall pay TAL for amounts owed to TAL pursuant to the respective TAL Subscriber
Agreements.  Subscriber may be
designated a third party payor (“Billing Party”) under a TAL Subscriber Agreement, in
which case Subscriber shall be liable for and shall pay all amounts due and
payable to TAL and the Sources pursuant to such TAL Subscriber Agreement in
accordance with the payment terms set forth on Schedule A hereto.  Such amounts include, without limitation,
all license fees, any fees or amounts (including exchange fees) payable to the
Sources (if not billed directly) (collectively “Source Fees”), and any applicable federal or
state or local sales, use, property or other taxes or assessments (collectively
“Taxes”), as such
terms are more fully described in the respective TAL Subscriber Agreement.  The initial payment to be applied against
License Fees (as hereafter defined) set forth in Schedule A (“Initial Payment”)
shall be submitted directly to TAL with an executed original of this Agreement;
thereafter Subscriber shall pay TAL directly or through the third party, if
any, identified in Schedule A (“Billing Party”), on or before the twentieth
(20th) day of the then-current calendar month, the applicable
monthly fees and other charges set forth in Schedule A (collectively “License Fees”), for
use of the Licensed Product for the next succeeding calendar month.  All License Fees are exclusive of any
applicable taxes or assessments imposed by or pursuant to any government body
or subdivision thereof on the transactions hereunder (“Taxes”), except for any federal, state or
local income taxes, if any, imposed on TAL, and Subscriber or Billing Party, as
the case may be, shall always remain liable and shall pay all Taxes as and when
notified.  Subscriber further
acknowledges and agrees that TAL may change any of the License Fees upon notice
to Subscriber and such fees as changed shall be effective as of the next
succeeding payment due to TAL unless Subscriber terminates this Agreement upon
written notice to TAL before the twentieth (20th) day of the
then-current calendar month.

 

(i)            Source Fees.  Source Fees may be invoiced directly to
Subscriber by TAL or by the respective Source, subject to the terms of the
agreement between Subscriber and the Source and/or the terms of the agreement
between TAL and the Source.  Subscriber
shall always remain solely liable for and shall pay all Source Fees.  The Sources may change Source Fees pursuant
to terms of respective agreements between Subscriber and the Sources.

 

(j)            Other Fees;
Third Party Billing.  Subscriber
shall be responsible for all charges incurred by Subscriber in accessing the
Licensed Product or TAL Data including, without limitation, all connection,
line and equipment charges.  Subscriber
shall remain responsible for all License Fees, Source Fees and Taxes due to TAL
hereunder in the event:  (a) the Billing
Party does not pay all amounts to TAL as and when due hereunder; or (b) the
Billing Party is rejected by TAL or replaced by Subscriber, until a new Billing
Party accepts the obligation to pay such amounts on behalf of Subscriber in
writing to TAL.  TAL reserves the right
to require at any time a security deposit to secure future payments of License
Fees and/or Source Fees and/or Taxes. 
Subscriber shall pay all 

 

24

 

reasonable attorneys’ fees and costs of collection incurred by TAL in
collecting all unpaid amounts hereunder. 
All outstanding amounts owed hereunder shall accrue interest at the rate
of two percent (2%) per month or the highest rate permitted by law, whichever
is less, until paid in full.

 

7.              OWNERSHIP
RIGHTS RESERVED.  No title or
ownership of intellectual property rights in and to the Licensed Product, TAL
Data and related documentation or any copy, translation, compilation or other
derivative works are transferred to Subscriber or any third party
hereunder.  Subscriber agrees that
unauthorized copying or disclosure of the Licensed Product or TAL Data or other
intellectual property of TAL will cause great damage to TAL, which damage far
exceeds the value of the copies or information involved.  Subscriber shall not, and shall not attempt
to, assign, pledge, encumber, sell or otherwise transfer to any third party the
Licensed Product, TAL Data or related documentation.  Subscriber shall keep the Licensed Product, TAL Data and other
intellectual property of TAL free and clear of any and all liens, levies and
encumbrances.

 

8.              CONFIDENTIALITY.

 

(a)          General.  Subscriber acknowledges and agrees that the
Licensed Product and TAL Data constitute and incorporate confidential and
proprietary information developed or acquired by, or licensed to, TAL or the
Sources.  Subscriber shall take all
reasonable precautions necessary to safeguard the confidentiality of the
Licensed Product and TAL Data, including at a minimum, those taken by
Subscriber to protect Subscriber’s own confidential information which, in no
event, shall be less than a reasonable standard of care.  Subscriber shall not allow the removal,
eradication or defacement of any confidentiality or proprietary notice placed
on the Licensed Product or TAL Data. 
The placement of copyright notices on these items shall not constitute
publication or otherwise impair their confidential nature.  Subscriber shall maintain the
confidentiality of the TAL proprietary and confidential information for the
term of this Agreement and for five (5) years after the termination or
expiration and non-renewal of this Agreement for any reason, and with respect
to trade secrets, until such time as each such trade secret ceases to be a
trade secret.

 

(b)          Disclosure.  Subscriber shall not disclose, in whole or
in part, the Licensed Product or TAL Data or any portion thereof or other
information that has been designated as confidential by TAL to any individual
or entity, except for use in accordance with this Agreement or to Subscriber’s
Authorized Users for use in accordance with this Agreement or as required by
any applicable law or regulatory body. 
Subscriber acknowledges that any unauthorized use or disclosure of the
Licensed Product or TAL Data will cause irreparable damage to TAL or the
Sources.  If an unauthorized use or
disclosure occurs, Subscriber shall immediately notify TAL and, at Subscriber’s
expense, Subscriber shall take all steps necessary to recover the Licensed
Product or TAL Data and prevent subsequent unauthorized use or dissemination.

 

(c)         Exclusions. Notwithstanding the foregoing,
Confidential Information does not include that information which: (i) is known
to Subscriber prior to the time of disclosure by TAL, as evidenced by
contemporaneous dated written records; (ii)          is
received by Subscriber from independent sources having the right to such
information without an obligation of confidence or non-disclosure, and without
such information having been solicited or obtained by any use of the
Confidential Information received by Subscriber; (iii) is independently
developed by Subscriber without use of the Confidential Information and by persons
who have not had access to the Confidential Information ; or (iv) is in the
public domain, or which later becomes public, unless such information is made
public by Subscriber in violation of this Agreement or by any other party
directly or indirectly under an obligation of confidentiality to TAL.

 

9.                                      WARRANTY
DISCLAIMER.  THE LICENSED PRODUCT AND THE TAL
DATA ARE PROVIDED “AS IS” AND WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES
INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES AS TO ACCURACY, FUNCTIONALITY,
PERFORMANCE OR MERCHANTABILITY.  TAL AND
THE SOURCES EXPRESSLY DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY AND FITNESS
FOR A PARTICULAR PURPOSE AND ANY WARRANTIES ARISING FROM TRADE USAGE, COURSE OF
DEALING OR COURSE OF PERFORMANCE.  TAL
AND THE SOURCES MAKE NO REPRESENTATION, WARRANTY OR COVENANT CONCERNING THE
ACCURACY, COMPLETENESS, SEQUENCE, TIMELINESS OR AVAILABILITY OF THE LICENSED PRODUCT,
THE TAL DATA OR ANY OTHER INFORMATION OR THE LIKELIHOOD OF PROFITABLE TRADING
USING THE LICENSED PRODUCT OR TAL DATA. 
SUBSCRIBER ACCEPTS FULL RESPONSIBILITY FOR ANY INVESTMENT DECISIONS OR
STOCK TRANSACTIONS MADE BY SUBSCRIBER AND/OR ITS AUTHORIZED USERS USING THE
LICENSED PRODUCT OR TAL DATA.  NO SALES
PERSONNEL, EMPLOYEES, AGENTS OR REPRESENTATIVES OF TAL OR ANY THIRD PARTY ARE
AUTHORIZED TO MAKE ANY REPRESENTATION, WARRANTY OR COVENANT ON BEHALF OF
TAL.  ACCORDINGLY, ADDITIONAL ORAL
STATEMENTS DO NOT CONSTITUTE WARRANTIES AND SHOULD NOT BE RELIED UPON AND ARE
NOT PART OF THIS AGREEMENT.  NEITHER TAL
NOR ANY OF ITS AFFILIATES OR THE SOURCES INCLUDING, WITHOUT LIMITATION, THE
EXCHANGES, REPRESENT OR WARRANT THAT THE LICENSED PRODUCT OR THE TAL DATA WILL
BE UNINTERRUPTED OR ERROR-FREE.  SUBSCRIBER
EXPRESSLY AGREES THAT USE OF THE LICENSED PRODUCT, THE TAL DATA OR ANY OTHER
INFORMATION IS AT SUBSCRIBER’S SOLE RISK AND THAT TAL AND THE SOURCES SHALL NOT
BE 

 

25

 

RESPONSIBLE FOR ANY INTERRUPTION OF
SERVICES, DELAYS OR ERRORS CAUSED BY ANY TRANSMISSION OR DELIVERY OF THE
LICENSED PRODUCT, TAL DATA OR ANY OTHER INFORMATION OR CAUSED BY ANY
COMMUNICATIONS SERVICE PROVIDERS.  THIS
SECTION SHALL SURVIVE TERMINATION OR EXPIRATION AND NON-RENEWAL OF THIS
AGREEMENT.

 

10.                               SUBSCRIBER’S
SOLE AND EXCLUSIVE REMEDY; LIMITS OF LIABILITY.  IN THE EVENT SUBSCRIBER IS UNABLE TO USE THE LICENSED PRODUCT FOR
LONGER THAN TWENTY-FOUR (24) CONTINUOUS HOURS SOLELY DUE TO THE ACTS OR
OMISSIONS OF TAL IN BREACH OF THIS AGREEMENT, SUBSCRIBER’S SOLE AND EXCLUSIVE
REMEDY AGAINST TAL, AND TAL’S SOLE OBLIGATION AND LIABILITY TO SUBSCRIBER, WILL
BE FOR TAL (AT TAL’S SOLE ELECTION) TO EITHER: 
(A) CREDIT SUBSCRIBER AGAINST FUTURE LICENSE FEES PAYABLE UNDER
THIS AGREEMENT IF SUBSCRIBER CONTINUES TO USE THE LICENSED PRODUCT, OR
(B) REFUND, A PRORATED AMOUNT EQUAL TO THE LICENSE FEES ACTUALLY PAID TO
TAL FOR THAT NUMBER OF DAYS OF THE CALENDAR MONTH THAT THE LICENSED PRODUCT
COULD NOT BE USED FOR OVER TWENTY-FOUR (24) CONTINUOUS HOURS, UPON SUBSCRIBER’S
WRITTEN REQUEST WITHIN TEN (10) CALENDAR DAYS OF THE DATE ON WHICH THE LICENSED
PRODUCT COULD FIRST NOT BE USED.  TAL
SHALL NOT HAVE ANY LIABILITY IF THE LICENSED PRODUCT CANNOT BE USED FOR LESS THAN
TWENTY-FOUR (24) CONTINUOUS HOURS.

 

OTHER
THAN AS EXPRESSLY SET FORTH IN THIS SECTION, TAL, ITS AFFILIATES AND THE
SOURCES SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL,
CONSEQUENTIAL, PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES (INCLUDING, WITHOUT
LIMITATION, LOSS OF PROFITS, LOSS OF USE, TRADING LOSSES OR LOSS OF OTHER COSTS
OR SAVINGS) RESULTING FROM, ARISING OUT OF, OR IN CONNECTION WITH THE
PROVISION, OR LACK OF PROVISION, OF THE LICENSED PRODUCT OR THE TAL DATA OR THE
BREACH OF THIS AGREEMENT BY TAL, REGARDLESS OF CAUSE OR FORM OF ACTION, WHETHER
IN CONTRACT, TORT, STRICT LIABILITY, STATUTORY LIABILITY OR OTHERWISE, AND
WHETHER OR NOT SUCH DAMAGES WERE FORESEEN, UNFORESEEN OR FORESEEABLE, EVEN IF
TAL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  NOTWITHSTANDING THE FOREGOING, IN THE EVENT
THE TERMS OF THIS SECTION, OR ANY PART THEREOF, SHALL BE HELD INVALID AND
UNENFORCEABLE BY A COURT OF COMPETENT JURISDICTION, TAL’S TOTAL LIABILITY UNDER
THE TERMS OF THIS AGREEMENT SHALL NOT EXCEED AN AMOUNT EQUAL TO THE LICENSE
FEES PAID BY SUBSCRIBER TO TAL FOR THE ONE (1) CALENDAR MONTH IN WHICH DAMAGES
FIRST ACCRUED.  THIS SECTION SHALL NOT
RELIEVE TAL FROM LIABILITY FOR DAMAGES THAT RESULT FROM ITS OWN GROSS
NEGLIGENCE OR WILLFUL TORTIOUS MISCONDUCT. THIS SECTION SHALL SURVIVE ANY TERMINATION
OR EXPIRATION AND NON-RENEWAL OF THIS AGREEMENT.

 

11.                             INDEMNIFICATION.  Subscriber agrees to defend, indemnify and
hold TAL, its affiliates, directors, officers, shareholders, employees,
representatives, agents, attorneys, successors, assigns, and the Sources,
harmless from and against any and all claims, losses, damages, liabilities,
obligations, judgments, causes of action, costs, charges, expenses and fees
(including reasonable attorneys’ fees and costs and such fees and/or penalties
as any of the Sources may impose) arising out of:  (a) any breach or alleged breach of this Agreement by Subscriber
or any Authorized User; (b) any failure of Subscriber or any Authorized User to
comply with the requirements of, or obligations imposed by, the Sources; or (c)
any negligence, or willful or reckless actions or misconduct of Subscriber, the
Authorized Users or Subscriber’s other employees or agents with respect to the
use of the Licensed Product and/or TAL Data or TAL confidential information.  TAL reserves the right to select its own
attorneys at Subscriber’s cost. This Section shall survive any termination or
expiration and non-renewal of this Agreement.

 

12.                               TERMINATION.  Subscriber, on behalf of Subscriber and all
Authorized Users, may terminate this Agreement, without right to refund, by
notifying TAL in writing of such termination in accordance with this
Agreement.  In the event Subscriber or
any Authorized User breaches any term or condition of this Agreement, TAL shall
have the right, in addition to any remedies available at law or in equity, to
suspend access to the Licensed Product and/or TAL Data and/or terminate this
Agreement, upon notice (except as provided in Section 14) and without
liability of any kind of TAL to Subscriber, to any Authorized User or to any
person or entity claiming by or through or on behalf of Subscriber, with
respect to such termination or suspension. 
Upon Subscriber’s written request, TAL, in its sole discretion, may
reinstate this Agreement following termination by either party, subject receipt
by TAL of all applicable License Fees. 
This Agreement shall terminate automatically in the event Subscriber
becomes insolvent or enters into bankruptcy, suspension of payments,
moratorium, reorganization, an assignment for the benefit of creditors or any
other proceeding that relates to insolvency or protection from creditors’
rights.  Upon the expiration and
non-renewal or termination of this Agreement for any reason, all rights granted
to Subscriber hereunder shall cease, and Subscriber shall promptly:  (w) purge the Licensed Product from all of
Subscriber’s computer systems, equipment, storage media and other files; (x)
destroy the Licensed Product and all copies thereof in Subscriber’s possession
or under Subscriber’s control; (y) upon TAL’s request provide TAL with a
written statement certifying that Subscriber has taken the actions set forth in
subsections
(w) and (x) above; and (z) pay any and all License
Fees, Source Fees and Taxes incurred as of the date of termination.  The provisions of this Section and Sections 5, 6, 7, 8, 9, 10, 11, 13, 18, 19 and 20 shall
survive the termination or expiration and non-renewal of this Agreement.

 

26

 

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

 

14.                               COMPLIANCE
WITH LAWS.  Subscriber’s and
Authorized User’s use of the Licensed Product and the TAL Data shall comply
with all applicable federal, state and local laws, rules and regulations, and
applicable exchange rules, regulations and contract terms.  Subscriber represents and warrants that
Subscriber shall not intentionally engage in, nor is to its knowledge currently
engaged in, the operation of any unlawful transactions and/or business.  Subscriber shall not use, nor shall
Subscriber permit any Authorized User or third party to use, the Licensed
Product and/or TAL Data for any unlawful purpose.  In the event TAL believes that Subscriber is not in compliance
with the terms of this Section, TAL reserves the right to terminate
Subscriber’s and the Authorized Users’ access to the Licensed Product and/or
TAL Data at any time with or without notice and without incurring any liability
or obligation in connection therewith.

 

15.                               RELATIONSHIP
BETWEEN PARTIES.  The relationship
between Subscriber and TAL is that of independent contractors and nothing
contained in this Agreement shall be construed to constitute either party as
the partner, joint venturer, employee or agent of the other.

 

16.                               ASSIGNMENT.  Subscriber shall not assign, delegate or
otherwise transfer this Agreement or any of its rights or obligations hereunder
without TAL’s prior written consent.

 

17.                               FORCE
MAJEURE.  Neither party shall have
any liability for any failure or delay in performing any obligation under this
Agreement (except for payments to TAL or the Sources) due to circumstances
beyond its reasonable control including, but not limited to, acts of God or
nature, actions of the government, fires, floods, strikes, civil disturbances
or terrorism, or power, communications line, satellite or network failures.

 

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

 

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

 

20.                               MISCELLANEOUS.  All notices or approvals required or
permitted under this Agreement must be given in writing and sent by mail to the
addresses set forth in this Agreement below. 
Subscriber shall give prompt written notice to TAL of any change of the
name or address of Subscriber or any Authorized User and of any change in the
nature of Subscriber’s business.  The
headings of the Sections of this Agreement are inserted for convenience only
and shall not constitute a part hereof or affect in any way the meaning or
interpretation of this Agreement. 
Whenever the singular number is used in this Agreement and when required
by the context, the same shall include the plural and vice versa, and the
masculine gender shall include the feminine and neuter genders and vice
versa.  Any waiver or modification of
this Agreement shall not be effective unless executed in writing and signed by
an authorized representative of TAL and Subscriber.  The failure of either party to enforce, or the delay by either
party in enforcing, any of its rights under this Agreement shall not be deemed
to be a waiver or modification by the parties of any of their rights under this
Agreement.  If any provision of this
Agreement is held to be unenforceable by a court of competent jurisdiction, in
whole or in part, such holding shall not affect the validity of the other
provisions of this Agreement, unless TAL in good faith deems the unenforceable
provision to be essential, in which case TAL may terminate this Agreement
effective immediately upon notice to Subscriber.  No third party beneficiaries are contemplated by this Agreement,
and specifically any Authorized User shall not be deemed a third party
beneficiary under or pursuant to this Agreement.  This Agreement, together with all of the Schedules, Attachments,
Exhibits and Addenda hereto which are incorporated into this Agreement in full
by this reference thereto, constitute the complete and entire agreement between
the parties and supersedes any prior agreements or understandings between the
parties with respect to its subject matter. 
Subscriber represents that the signatory below is authorized to act on
behalf of the named Subscriber.

 

[SIGNATURE SECTION
INTENTIONALLY OMITTED]

 

27

 

TOWNSEND ANALYTICS, LTD.

 

LICENSE AND DISTRIBUTION AGREEMENT

SCHEDULE A

 

1.              SUBSCRIBER INFORMATION

 

	
  Subscriber Name:

  	
   

  	
  Subscriber Primary
  Contact Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Subscriber Address:

  	
   

  	
  Phone:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fax:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Email:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

2.              LICENSED PRODUCTS

 

A.            RealTick®

RealTick prices set forth
below are charged monthly per Authorized User (Please check box)

 

	
  Choose one version:

  	
   

  	
  Monthly
  License Fee

  
	
  RealTick Pro
  Plus

  	
   

  	
  $

  	
  250.00 (2 markets or
  fewer )

  
	
  RealTick Pro
  Plus Global

  	
   

  	
  $

  	
  400.00 (3 or more
  markets )

  

 

 

Additional Feature(s):
(Please check box, if applicable)

 

	
  Order Entry
  Scripting (only for use with RealTick Pro Plus with Order Entry capabilities)

  	
   

  	
  $

  	
  50.00

  

 

B.            RealTrade®

 

 

3.               INITIAL NUMBER OF
AUTHORIZED USERS:        

(use
the “RealTick Entitlement Add/Delete Form” to add or remove Authorized Users)

 

4.               LOGON IDENTIFIER(S)

 

	
  User Name(s)

  (up to 14 alphanumeric characters)

  	
   

  	
  User
  Location

  	
   

  	
  Password(s)

  (Case sensitive, up to 14

  alphanumeric characters)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  Initials of Subscriber’s

  
	
  Authorized Signatory:

  
	
   

  	
   

  
	
   

  
	
  RealTick® and RealTrade® are
  registered trademarks of Townsend Analytics, Ltd.

  
	
  revised 6 7 04

  

 

28

 

5.              PAYMENT (“License Fees”)

 

A.            Monthly RealTick®
License Fee Payments

 

Payable
to TAL pursuant to the Agreement.

 

B.                                    Monthly Order Routing Fees

 

$100,000 per month for all tickets routed via RealTrade for Wave and
aggregated TAL Subscribers (subject to the statement below). The parties agree
that the fee above was determined based on the usage and behavior patterns with
respect to orders entered by Wave and the aggregated TAL Subscribers at the
time of this Agreement.  The parties
agree that should such behavior change in any material manner, and if as a
result of such change either party reasonably and in good faith believes that
an adjustment in the amount of the payments owing by Wave to TAL under this
Amendment is necessary and appropriate, then the parties shall in good faith
negotiate a fair and equitable adjustment to such amount.  If the parties are unable to reach an
agreement regarding such adjustment, Wave shall pay TAL License Fees based on
TAL’s then-current standard pricing for RealTick (see Paragraph 2(A) above) and
standard order routing fees.  As of the
date of this agreement, TAL’s standard order routing fees are as follows:

 

Order
Routing Fees per
executed Order:

 

	
  0 to 5,000

  	
   

  	
  $ ***

  	
   

  
	
  5,001 to 10,000

  	
   

  	
  $ ***

  	
   

  
	
  10,001 to 15,000

  	
   

  	
  $ ***

  	
   

  
	
  15,001 to 30,000

  	
   

  	
  All trades at $ ***

  	
   

  
	
  30,001 to 50,000

  	
   

  	
  All trades at $ ***

  	
   

  
	
  50,001 +

  	
   

  	
  All trades at $ ***

  	
   

  

 

C.            Minimum Monthly Order Routing Fee:                     N/A

 

D.            Amount of Required Security Deposit:                      N/A

 

6.              DECLARATION OF TRADING STATUS

 

Professional

 

7.              SOURCES

Please
choose from the Sources listed on Schedule B attached hereto.  Additional
fees may apply.

 

8.              ORDER DESTINATIONS

Please choose from the Destinations listed on Schedule C attached
hereto.  Subscriber is
solely responsible for obtaining, executing, and submitting all forms and
agreements required by each Destination. 
Subscriber must provide TAL with proof of authorization from a
Destination before direct electronic message routing service to such
Destination will be established.

 

9.              TERRITORY:

United States and its territories and possessions; Canada; and the United
Kingdom

 

10.       NOTICE OF FEE CHANGE TO
BILLING PARTY:

If applicable, 90 days prior written notice shall be provided.

 

11.       NASD’S ORDER AUDIT TRAIL
SYSTEM (“OATS”):

Please check one
of the following:

 

 

	
  Initials of Subscriber’s

  
	
  Authorized Signatory:

  
	
   

  	
   

  

 

***         Certain information on this page has
been omitted and filed seperately with the Commission. Confidential treatment
has been requested with respect to the omitted portions.

 

29

 

ý            Yes, Subscriber wants TAL to report order
information to NASD via OATS on Subscriber’s behalf (requires execution by
Subscriber of Order Audit Trail System Agreement)

 

o            No,
Subscriber does not want TAL to report order information to NASD via OATS on
Subscriber’s behalf

 

 

12.  ADDITIONAL TERMS:

 

A.           Subscriber agrees that
during the term of this Agreement and any renewal terms, Subscriber shall not
distribute, market or otherwise provide the Licensed Product and/or access to
the Routing Network to any broker dealer(s) or retail customers, unless TAL
expressly consents otherwise in writing.

 

B.             TAL acknowledges that
Subscriber distributes Portware, a quantitative trading product to certain of
its RealTick customers.  TAL agrees that
distribution of Portware shall not constitute a breach of this Agreement, as
long as Portware is used solely in conjunction with RealTick.  Subscriber agrees to use reasonable
commercial efforts to make sure that Portware order routing occurs via the
Routing Network.

 

C.             TAL shall not at any
time pay all or any portion of the License Fees (which include RealTick license
fees and Order Routing Fees) paid by Subscriber during the Term of this
Agreement to ASB, LLC, Gerald D. Putnam, or any entity in which Putnam either
directly or indirectly owns an interest. 
This Subparagraph 12(c) shall only be effective so long as Gerald D. Putnam
is an officer of Archipelago Holdings, LLC.  
This Subparagraph 12(c) shall survive any termination, expiration, or
non-renewal of this Agreement.

 

 

	
  SUBSCRIBER:

  	
   

  	
  TOWNSEND ANALYTICS, LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  

 

 

	
  Initials of Subscriber’s

  
	
  Authorized Signatory:

  
	
   

  	
   

  

 

30

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