Document:

Asset Purchase Agreement

 Exhibit 10.3 
  
 Execution Version 
  
 PRIVATE AND STRICTLY 
 CONFIDENTIAL

  

  
 ASSET PURCHASE AGREEMENT 
  
 Between 
  
 INSTINET GROUP INCORPORATED, 
  
 INSTINET CLEARING SERVICES, INC., 
  
 PROTRADER GROUP LIMITED PARTNERSHIP, 
  
 PROTRADER GROUP
MANAGEMENT, LLC, 
  
 ZONE TECHNOLOGY PARTNERS, LLC, 
  
 ZONE TRADING PARTNERS, LLC, 
  
 INSTINET BROKERAGE SOLUTIONS, L.P., 
  
 PROTRADER SECURITIES, LP, 
  
 ANDREW S. KERSHNER, 
  
 and 
  
 OVERUNDER, LLC 
  

  
 May 28, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 Article 1
	 	SALE AND PURCHASE	  	2
	           1.1
	 	Transfer of Assets	  	2
	           1.2
	 	Assignment of Protrader Claims	  	3
	           1.3
	 	Excluded Assets	  	3
	           1.4
	 	Assumption of Certain Liabilities and Obligations	  	4
	           1.5
	 	Excluded Liabilities	  	4
	           1.6
	 	Certain Tax Matters	  	5
	           1.7
	 	Termination and Release of Certain Agreements and Accounts	  	6
	           1.8
	 	Consideration	  	7
	           1.9
	 	Allocation of Consideration	  	7
	           1.10
	 	First Closing	  	7
	           1.11
	 	Actions at the First Closing	  	7
	           1.12
	 	Second Closing	  	9
	           1.13
	 	Actions at the Second Closing	  	9
	 Article 2
	 	REPRESENTATIONS AND WARRANTIES OF SELLER AND THE PROTRADER ENTITIES	  	10
	           2.1
	 	Organization, Etc. of Each Member of the Seller Group	  	10
	           2.2
	 	Authorization	  	11
	           2.3
	 	Execution and Binding Effect	  	11
	           2.4
	 	Consents and Approvals	  	11
	           2.5
	 	No Violation	  	11
	           2.6
	 	Protrader Claims	  	12
	           2.7
	 	Assets Generally	  	12
	           2.8
	 	Warranty and Support Agreements	  	13
	           2.9
	 	Intellectual Property	  	13
	           2.10
	 	Licenses and Permits	  	15
	           2.11
	 	Taxes	  	15
	           2.12
	 	Employee Benefit Plans and Related Employment Matters	  	15
	           2.13
	 	Compliance with Law	  	15
	           2.14
	 	Litigation; Other Claims	  	15
	           2.15
	 	Defaults	  	16
	           2.16
	 	Brokers and Finders	  	16
	           2.17
	 	Employment Claims, Etc	  	16
	           2.18
	 	Contracts and Commitments	  	16
	           2.19
	 	Inclusion of Assets	  	17
	           2.20
	 	Documentation	  	17
	 Article 3
	 	REPRESENTATIONS AND WARRANTIES OF BUYER AND ZONE TRADING	  	17
	           3.1
	 	Organization, Etc	  	17
	           3.2
	 	Authorization	  	17
	           3.3
	 	Execution and Binding Effect	  	18
	           3.4
	 	Consent and Approvals	  	18
	           3.5
	 	No Violation	  	18

  

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	 	 	 	  	Page

	           3.6
	 	Litigation; Other Claims	  	18
	           3.7
	 	Brokers and Finders	  	18
	 Article 4
	 	COVENANTS	  	19
	           4.1
	 	Access to Information and Assets	  	19
	           4.2
	 	Third-Party Consents; Transferred Agreements; Customers	  	19
	           4.3
	 	Commercially Reasonable Efforts	  	20
	           4.4
	 	Seller’s Conduct of Business	  	20
	           4.5
	 	Public Announcements; Confidentiality	  	21
	           4.6
	 	Residual Knowledge	  	21
	           4.7
	 	WARN	  	22
	           4.8
	 	Copies	  	22
	           4.9
	 	Enforcement of Certain Agreements	  	22
	           4.10
	 	Protrader Claims	  	22
	           4.11
	 	Records Retention and Access	  	23
	           4.12
	 	Transition Issues	  	23
	           4.13
	 	Clearing Services and Support	  	25
	           4.14
	 	Certain Accounts	  	26
	           4.15
	 	CBX	  	26
	           4.16
	 	Nonsolicitation	  	26
	           4.17
	 	Noncompete Covenants	  	27
	           4.18
	 	Future Rates	  	28
	           4.19
	 	Pay-off of Certain Equipment Leases	  	28
	           4.20
	 	Future Conveyance of Exclusive Assets	  	28
	           4.21
	 	Delivery of Software Items	  	28
	           4.22
	 	Sellers’ Upgrade of Certain Hardware	  	29
	 Article 5
	 	EMPLOYEE MATTERS	  	29
	           5.1
	 	Offers of Employment or Membership	  	29
	           5.2
	 	Other Employment Matters	  	29
	           5.3
	 	Certain Benefits of Transferred Employees	  	30
	           5.4
	 	No Right to Continued Employment or Benefits	  	31
	 Article 6
	 	SURVIVAL; INDEMNIFICATION	  	31
	           6.1
	 	Survival of Representations and Warranties	  	31
	           6.2
	 	Indemnification by Seller	  	31
	           6.3
	 	Indemnification by Buyer	  	32
	           6.4
	 	Indemnification Procedure	  	32
	           6.5
	 	Limitation on Liability	  	33
	 Article 7
	 	TERMINATION	  	33
	           7.1
	 	Termination of Agreement	  	33
	 Article 8
	 	DEFINITIONS	  	33
	           8.1
	 	Certain Definitions	  	33
	           8.2
	 	Certain Other Defined Terms	  	38
	 Article 9
	 	GENERAL TERMS AND CONDITIONS	  	42
	           9.1
	 	Notices	  	42
	           9.2
	 	No Agency	  	43
	           9.3
	 	Severability	  	43
	           9.4
	 	Assignment and Succession	  	43

  

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	 	 	 	  	Page

	           9.5
	 	Amendments and Waivers; Certain Notices	  	43
	           9.6
	 	Further Assurances	  	43
	           9.7
	 	Absence of Third-Party Beneficiaries	  	44
	           9.8
	 	Governing Law, Etc	  	44
	           9.9
	 	Interpretation	  	44
	           9.10
	 	Entire Agreement	  	45
	           9.11
	 	Counterparts	  	46
	           9.12
	 	Expenses	  	46
	           9.13
	 	Remedies	  	46

  

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 ASSET PURCHASE AGREEMENT 
  
 THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is entered into to be effective as of June 1, 2004
(the “Effective Date”), by and between Instinet Group Incorporated, a Delaware corporation (“Parent”), Instinet Clearing Services, Inc., a Delaware corporation (“ICS”), Protrader Group Limited
Partnership, a Delaware limited partnership (“PGLP”), Protrader Group Management, LLC, a Delaware limited liability company (“Protrader Management,” and, collectively with PGLP, the “Protrader
Entities”), Protrader Securities, LP, a Texas limited partnership (“PSC”), Instinet Brokerage Solutions, L.P., a Delaware limited partnership formerly known as Protrader Technologies Limited Partnership, a Delaware limited
partnership (“Protrader Technologies,” and, together with Parent, ICS and PSC, the “Sellers”), Zone Technology Partners, LLC, a Texas limited liability company (“Buyer”), Zone Trading Partners, LLC, a
Delaware limited liability company (“Zone Trading”), Overunder, LLC, a Delaware limited liability company (“Overunder”) and Andrew S. Kershner (“Kershner”). Certain capitalized terms used herein are
defined in Section 8.1 and the locations of the definitions of certain other capitalized terms are set forth in Section 8.2. 
  
 W I T N E S S E T H 
  
 WHEREAS, Sellers are engaged in, among other things, the business of
developing, operating, licensing, supporting and maintaining certain software used for electronic securities trading known generally as “Gr8trade”; 
  
 WHEREAS, Buyer desires to acquire from Sellers, and Sellers desire to sell to Buyer, certain of the software and other assets associated with such
business on the terms and subject to the conditions set forth in this Agreement; 
  
 WHEREAS, Zone Trading, Parent and Overunder, and certain other parties, wish to terminate certain existing agreements and to release and discharge certain claims or disputed claims with respect thereto;

  
 WHEREAS, Burch, Jamail, Overunder and McEntire
(collectively, the “Protrader Claims Group”) desire to acquire from the Protrader Entities, and the Protrader Entities desire to assign to the Protrader Claims Group, all of the Protrader Entities’ right, title and interest in
and to the Protrader Claims; and 
  
 WHEREAS, Buyer and
Sellers desire to enter into certain agreements governing the licensing of certain Intellectual Property Rights and technology from Buyer to Parent and the provision of certain services from Parent to Buyer and related Persons under this Agreement,
the License-Back Agreement and the Co-Location Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual agreements, representations, warranties and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of all of which are hereby
acknowledged, the parties hereto agree as follows: 

 Article 1 
 SALE AND PURCHASE 
  
 1.1
Transfer of Assets. Subject to the terms and conditions set forth herein, Sellers shall sell, assign, grant, transfer, convey and deliver to Buyer, and Buyer shall purchase and accept from Sellers, on and as of the First Closing Date, the
following assets (collectively, the “Assets”): 
  
 (a) Transferred Software. All rights to the tangible embodiments of the software products, tools and scripts listed on Schedule 1.1(a); all Versions thereof; all full or partial copies of any thereof, including all backup or
archival copies; all routines, screens, interfaces, menus, buttons or icons comprised in the software products, tools and scripts listed on Schedule 1.1(a) or in any Versions thereof; and all code with respect to any thereof (including source
code, object code or executable binary code), whether on magnetic tape, disk, semiconductor device, or any other memory device or medium, including the Common Product Elements (the “Transferred Software”). 
  
 (b) Testing Materials. All technical information, documents or
materials listed on Schedule 1.1(b) (collectively, the “Testing Materials”). 
  
 (c) Documentation. All manuals, notes, reports, documentation, drawings, flow charts, specifications, templates, files (whether electronic or
otherwise but excluding any software-related files), diagrams, work papers, programmers’ notes or other data, information or materials necessary for the use of any of the Assets (including with respect to developing, maintaining, testing,
enhancing, supporting or correcting defects in any of the Assets, Transferred Software or Testing Materials), and including any of the materials listed on Schedule 1.1(c) (collectively, the “Documentation”). 
  
 (d) Names and Marks. All names, trade or assumed names, or marks and
all variations of any thereof, together with any registrations or applications for registration for any thereof, in each case listed on Schedule 1.1(d), and all goodwill associated therewith (the “Transferred Marks”).

  
 (e) Internet Assets. All web-pages, source code,
scripts and components listed on Schedule 1.1(e) (the “Transferred Internet Assets”). 
  
 (f) Transferred Agreements. Subject to Section 4.2, all rights of Sellers relating to the time period after the First Closing under the
agreements listed on Schedule 1.1(f) (collectively, the “Transferred Agreements”). 
  
 (g) Tangible Assets. The tangible personal property, inventories, machinery, supplies, furniture, racks, cables, fixtures and server, network,
desktop and other hardware or equipment listed on Schedule 1.1(g) (collectively, the “Tangible Assets”); provided, however, that any Tangible Asset that Buyer notifies Sellers prior to December 31, 2004 that Buyer does
not wish to take possession of shall not be a Tangible Asset but shall instead be an Excluded Asset (provided further that there shall be no change to the Consideration as the result of any such notice). 
  

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 (h) Books, Records and Other Materials. All books, records or other materials that directly relate
to the Assets and that are required in order for the Buyer to utilize the Assets or that directly relate to the Assumed Liabilities, including the books, records or materials listed on Schedule 1.1(h) (collectively, the “Books and
Records”). 
  
 (i) Permits. All licenses, permits,
registrations, certificates, orders, waivers, variances, authorizations and other approvals from any Authority listed on Schedule 1.1(i) (collectively, the “Permits”). 
  
 (j) Warranties, etc. All rights of Sellers or any of their Affiliates
in and to any warranties or similar covenants or commitments made by third parties with respect to any of the Assets. 
  
 (k) Intellectual Property Rights. All Intellectual Property Rights owned by Sellers or any Affiliate of any Seller as of the First Closing Date in
any of the Transferred Software, the Testing Materials, the Documentation, the Transferred Marks, the Transferred Internet Assets, and the Books and Records (collectively, the “Transferred IP”). 
  
 1.2 Assignment of Protrader Claims. Subject to the terms and
conditions set forth herein, the Protrader Entities shall assign, grant, transfer, convey and deliver to the Protrader Claims Group, as tenants in common in the respective percentages set forth on Schedule 1.2, and the Protrader Claims Group
shall acquire and accept from the Protrader Entities, on and as of the First Closing Date, all of the Protrader Entities’ right, title and interest in and to the Protrader Claims. 
  
 1.3 Excluded Assets. Subject to Section 1.3(a) below, Sellers and/or any Affiliate of Sellers shall retain all
of their right, title and interest in and to all the assets of Sellers and/or such Affiliates that are not Assets and not listed on any Schedule hereto, including the following (collectively, the “Excluded Assets”): 
  
 (a) Retained Software Products. The software products, tools and
scripts owned, licensed or under development by or on behalf of Sellers and/or any Affiliate of Sellers that are not Transferred Software, including those listed on Schedule 1.3(a)-1; all Versions thereof; all full or partial copies of any
thereof, including all backup or archival copies; all routines, screens, interfaces, menus, buttons or icons comprised therein or in any Versions thereof; and all code with respect to any thereof (including source code, object code or executable
binary code), whether on magnetic tape, disk, semiconductor device, or any other memory device or medium (collectively, the “Retained Products”); provided, however, notwithstanding anything in this Agreement to the
contrary, that in the event that any of the Retained Products contain or utilize any information, materials, components or other Intellectual Property Rights that are also contained in, utilized by or shared with any of the Transferred Software,
then such common elements (collectively, “Common Product Elements”) shall be deemed to be a part of the Transferred Software and not a part of the Retained Products. Without limiting the foregoing, the parties agree that the
elements listed on Schedule 1.3(a)-2 attached hereto shall be deemed a part of the Transferred Software and not a part of the Retained Products. 
  

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 (b) Retained Names and Marks. All names, trade or assumed names, or marks and any variations
thereof, other than the Transferred Marks, and including those listed on Schedule 1.3(b) and all variations of any thereof, together with any registrations or applications for registration for any thereof and all goodwill associated
therewith. 
  
 (c) Retained Internet Assets. All domain
names, Internet addresses and other computer identifiers, web sites and web pages other than those listed on Schedule 1.1(e). 
  
 (d) Retained Agreements. All rights of Sellers (and/or any Affiliates of Sellers) under all agreements entered into between Sellers (and/or their
relevant Affiliates) and third parties, other than rights transferred to Buyer with respect to the Transferred Agreements. 
  
 (e) Retained Tangible Assets. All tangible personal property of Sellers and/or any Affiliate of Sellers, other than the Tangible Assets.

  
 (f) Real Property. All real property interests of
Sellers and/or any Affiliate of Sellers, including leasehold interests. 
  
 (g) Current Assets. All cash, cash equivalents and accounts receivable assets of Sellers and/or any Affiliate of Sellers. 
  
 (h) Retained Intellectual Property Rights. All Intellectual Property Rights other than the Transferred IP. 
  
 Sellers, and not Buyer, shall be responsible for disposing of or otherwise
dealing with any Excluded Assets. 
  
 1.4 Assumption of Certain
Liabilities and Obligations. Subject to the terms and conditions set forth herein (including Sections 4.2 and 4.10 hereof), Buyer shall assume and be obligated to discharge (i) all contractual liabilities and obligations of Sellers
relating to the time period after the First Closing under the Transferred Agreements and (ii) any additional liabilities specifically identified on Schedule 1.4(ii) (collectively, the “Assumed Liabilities”), but in each case
only to the extent that the same relate to the Assets. Buyer acknowledges and agrees that, after the First Closing, except as otherwise specifically provided herein or in the Co-Location Agreement, Buyer shall be solely responsible for the Assets
and all liabilities arising out of the use of the Assets, and Sellers shall have no responsibility or liability therefor. 
  
 1.5 Excluded Liabilities. Except for those liabilities specifically assumed by Buyer pursuant to Section 1.4, Buyer shall not assume and
shall not be liable for, and Sellers or the relevant Affiliates of Sellers shall retain and remain solely liable for and obligated to discharge, all of the debts, contracts, agreements, commitments, obligations and other liabilities of any nature
whatsoever of Sellers, of any of the Protrader Entities or of any of their respective Affiliates (whether express or implied, whether fixed or contingent, whether liquidated or unliquidated, whether known or unknown, whether accrued, due or to
become due, and whether related to the Assets or the Business or the Protrader Claims or otherwise), nor shall the Assets or the Protrader Claims be subject to any such obligation or liability (all such obligations or liabilities other than the
Assumed Liabilities are collectively referred to as the “Excluded Liabilities”). Without limiting the generality of the foregoing and except for the Assumed Liabilities, Buyer shall not assume or become liable to pay, perform or
discharge: 
  
 (a) Any obligations or liabilities arising from
the relationship between Sellers or any of their Affiliates and any of their respective employees or any termination thereof, including any bonus, commission or severance obligations of Sellers existing as of the date hereof or arising by reason of
the termination of any of Sellers’ employees by Sellers; 
  

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 (b) Any liability associated with or arising out of any Excluded Asset; 
  
 (c) Subject to Section 1.6, any liability for Taxes arising out of any
failure by any Seller or any Affiliate of any Seller to (i) timely pay to any appropriate taxing Authority, in compliance with Applicable Law, all Taxes with respect to the Assets for all periods through the First Closing, or (ii) withhold from any
Employee, and to timely pay to the appropriate taxing Authority, in compliance with Applicable Law, all Taxes with respect to any Employee through all periods in which such Employee is employed by any Seller or any Affiliate of any Seller;

  
 (d) Any obligation or liability of any Seller or any Affiliate
of Sellers under any Employee Benefit Plan; 
  
 (e) Any liability
of any Seller for Wage Claims; 
  
 (f) Any obligation or liability
of Sellers or any of their Affiliates for any finder’s, broker’s or advisor’s fees or expenses or the like, whether incurred in connection with any of the transactions contemplated by this Agreement or otherwise; 
  
 (g) Any legal proceedings (and any debts, obligations and liabilities with
respect thereto), other than any legal proceedings relating to the Protrader Claims (which shall be the responsibility of the Protrader Claims Group and for which Sellers shall be entitled to receive indemnification under Section 6.3(iv)),
now pending or hereafter instituted against Sellers or any liability of Sellers or any Affiliate of Sellers to indemnify any Authority or other Person; 
  
 (h) Any liability of Sellers or any Affiliate of Sellers relating to intercompany obligations or other obligations between Sellers and any Affiliate of
Sellers; or 
  
 (i) Any obligation or liability under any
contract, commitment or agreement unless the same is expressly identified herein and expressly assumed by Buyer hereunder. 
  
 1.6 Certain Tax Matters. 
  
 (a) Any sales, use and/or other transfer Taxes resulting from any of the transactions contemplated by this Agreement, including the transfer of the
Assets, the transfer of the Protrader Claims, the termination of the Existing Agreements, the release of the Released Claims and the assumption of the Assumed Liabilities shall be borne equally by Sellers, on the one hand, and Buyer, on the other
hand, regardless of the Person on whom such Taxes are imposed, provided, however, to the extent permitted by Applicable Law, Sellers and Buyer shall cooperate in minimizing any such Taxes. Sellers and Buyer shall further cooperate to
timely prepare and file any Tax return or other filings relating to such transfer Taxes, including any 
  

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 claim for exemption or exclusion from the application or imposition of any transfer Taxes, and Sellers shall timely file
any such Tax return and timely pay any associated transfer Taxes unless Buyer is required to file such Tax return by Applicable Law. With respect to such Tax returns filed by any Seller, Buyer shall pay to such Seller, not later than five (5)
Business Days before the due date for payment of such transfer Taxes, an amount equal to fifty percent (50%) of the transfer Taxes shown on such return or other filing, and such Seller shall, following the filing thereof, promptly furnish to Buyer a
copy of such return or other filing and a copy of a receipt showing payment of any such transfer Tax. With respect to such Tax returns filed by Buyer, Sellers shall pay to Buyer, not later than five (5) Business Days before the due date for payment
of such transfer Taxes, an amount equal to fifty percent (50%) of the transfer Taxes shown on such return or other filing, and Buyer shall, following the filing thereof, promptly furnish to Sellers a copy of such return or other filing and a copy of
a receipt showing payment of any such transfer Tax. 
  
 (b) Ad
valorem tangible personal property Taxes with respect to the Assets for assessment periods within which the First Closing occurs shall be apportioned between the Sellers, on the one hand and Buyer, on the other hand, as of the First Closing Date,
without regard to any applicable early payment discount, based on the number of days in any such period falling on or before the First Closing Date, on the one hand, and after the First Closing Date, on the other hand (it being understood that Buyer
is responsible for the portion of each such apportioned Taxes attributable to the number of days after the First Closing Date in the relevant assessment period). If the amount of such Taxes with respect to any of the Assets for the assessment period
in which the First Closing occurs has not been determined as of the First Closing Date, then the ad valorem real and tangible personal property Taxes with respect to such Assets for the preceding calendar year, without regard to any applicable early
payment discount, shall be used to calculate such prorations, with known changes in valuation or assessment applied. The amount of any such prorated Taxes shall be reasonably determined between Buyer and Sellers within fourteen (14) days after the
First Closing Date, and the requisite payment of any such prorated amount from either Buyer to Sellers or from Sellers to Buyer, as the case may be, shall be paid no later than thirty (30) days following the First Closing Date. If the actual amount
of any such Taxes varies by more than ten percent (10%) from estimates used at the First Closing to prorate such Taxes, then Buyer and Sellers shall re-prorate such Taxes within ten (10) days following request by either party based on the actual
amount of the Tax bill.  
  
 1.7 Termination and
Release of Certain Agreements and Accounts. 
  
 (a) At the
First Closing, Zone Trading, Parent, Overunder, Burch, Jamail, Kershner, McEntire, Bunda, Horne, Van Eman, Young, Zone Equity, PSC, Protrader Technologies and Comerica Securities, Inc. shall execute and deliver a Mutual Release and Termination
Agreement in the form attached hereto as Exhibit A (the “First Release”). Pursuant to the First Release, (i) except as may be expressly provided therein, the First Release Agreements shall be terminated; (ii) any and all
claims with respect to the First Release Agreements (and any other claims to be released under the First Release) shall be released in accordance with the terms of the First Release except as may be specifically provided in the First Release; and
(iii) all amounts held in escrow under the Escrow Agreement shall be distributed to the persons entitled to receive the same in accordance with the terms of the Escrow Agreement and the First Release, except as provided in Section 1.8(b)
below. 
  

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 (b) On the Clearing Transition Date, Zone Trading, Parent and ICS shall execute and deliver a Mutual
Release and Termination Agreement in the form attached hereto as Exhibit B (the “Second Release”). Pursuant to the Second Release, (i) the JBO Agreement and the Stock Purchase Agreement shall be terminated and (ii) any and
all claims with respect to the JBO Agreement or the Stock Purchase Agreement shall be released in accordance with the terms of the Second Release except as may be specifically provided in the Second Release. 
  
 1.8 Consideration. 
  
 (a) In consideration of (i) the termination of the First Release Agreements
and the release of the Released Claims released thereby, (ii) the transfer of the Assets to Buyer and the assumption of the Assumed Liabilities by Buyer, and (iii) the transfer and assignment by the Protrader Entities of the Protrader Claims to the
Protrader Claims Group and (iv) the settlement of all amounts owed by Kershner, Burch or Jamail under the Execution Agreement, Sellers shall be paid the sum of Seven Million Seven Hundred Fifty Thousand and No/100 Dollars ($7,750,000.00) (the
“Consideration”). 
  
 (b) The Consideration shall
be paid as described in this Section 1.8. At the First Closing, the full amount of the Consideration shall be released from one or more of the escrow accounts established for Overunder, Kershner, Burch or Jamail under the Escrow Agreement and
delivered by wire transfer to Sellers in accordance with the arrangement set forth on Schedule 1.8(b) hereto. All of the Consideration, other than Five Hundred Thousand ($500,000.00) (the “Allocation Amount”), shall be deemed
to be paid to Instinet by Kershner in settlement of all amounts owed by Kershner, Burch or Jamail under the Execution Agreement. 
  
 1.9 Allocation of Consideration. For purposes of complying with the requirements of Section 1060 of the Internal Revenue Code of 1986, as amended,
the Allocation Amount (taking into account transaction costs paid by the respective parties) shall be allocated in accordance with the fair market value of the Assets. Each of Buyer, on the one hand, and Sellers, on the other hand, agrees to
promptly provide to the other such party’s employer identification number for use in completing each such party’s respective IRS Form 8594. 
  
 1.10 First Closing. Subject to the terms and conditions of this Agreement, the closing of the transfer of the Assets, the assumption of the Assumed
Liabilities, the termination of the First Release Agreements pursuant to the First Release, the release of certain of the Released Claims pursuant to the First Release, the transfer and assignment of the Protrader Claims to the Protrader Claims
Group, the execution of the License-Back Agreement and the execution of the Co-Location Agreement (collectively, the “First Closing”) shall take place at 10:00 a.m. on the Effective Date (the “First Closing Date”),
at the offices of Graves, Dougherty, Hearon & Moody, 2300 Bank of America Tower, Austin, Texas 78701, or at such other place as shall be agreed to by the parties. The effective time of the First Closing shall be the close of business on the
First Closing Date (the “Effective Time of the First Closing”). 
  
 1.11 Actions at the First Closing. At the First Closing, Sellers shall deliver the Assets to Buyer, Buyer and Kershner shall cause the Consideration to be delivered to Sellers in accordance with the provisions
of Section 1.8(b), and the parties shall take such other actions and execute and deliver such agreements, instruments and documents as may be necessary or appropriate to effectuate the transactions that are contemplated by this Agreement to
take place at the First Closing, in accordance with the terms of this Agreement, including the following: 
  
 (a) The parties to the First Release shall execute and deliver the First Release. 
  

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 (b) All property held in escrow under the Escrow Agreement shall be distributed in accordance with the
Escrow Agreement, the First Release and this Agreement. 
  
 (c)
Sellers shall execute and deliver to Buyer a Bill of Sale in the form attached hereto as Exhibit C. 
  
 (d) Sellers and Buyer shall execute and deliver an Assignment and Assumption Agreement in the form attached hereto as Exhibit D. 
  
 (e) Sellers and Buyer shall execute and deliver the Assignment of Copyrights
in the form attached hereto as Exhibit E. 
  
 (f) Sellers
and Buyer shall execute and deliver the Assignment of Servicemarks and Trademarks in the form attached hereto as Exhibit F. 
  
 (g) Parent and Buyer shall execute and deliver a License Agreement in the form attached hereto as Exhibit G (the “License-Back
Agreement”) with respect to the license from Buyer to Parent of certain portions of the Transferred Software. 
  
 (h) Buyer and Parent shall execute and deliver a Co-Location Agreement in the form attached hereto as Exhibit H (the “Co-Location
Agreement”) pursuant to which Parent shall provide certain services to Buyer and certain of its Affiliates. 
  
 (i) PGLP shall execute and deliver to the Protrader Claims Group an Assignment Agreement in the form attached hereto as Exhibit I (the
“PGLP Assignment”). 
  
 (j) Protrader Management
shall execute and deliver to the Protrader Claims Group an Assignment Agreement in the form attached hereto as Exhibit J (the “Protrader Management Assignment”). 
  
 (k) Sellers and Buyer shall execute and deliver the Patent Assignment in the form attached hereto as Exhibit K.

  
 (l) Sellers, Burch and Jamail shall execute and deliver a
Non-Compete Agreement in the form attached hereto as Exhibit L. 
  
 (m) The Secretary or other applicable officer or general partner of each member of the Seller Group shall execute and deliver to Buyer a certificate certifying to the incumbency and signatures of the officers, managers or general partner,
as applicable, of each such Person executing this Agreement and any other Transaction Agreement to be executed by each such Person. 
  

 8 

 (n) The Secretary or other applicable officer of Buyer and Zone Trading shall execute and deliver to
Sellers a certificate certifying to the incumbency and signatures of the officers, as applicable, of each such Person executing this Agreement and any other Transaction Agreement to be executed by each such Person. 
  
 (o) Sellers shall pay Zone Trading, via wire transfer of immediately
available funds, the aggregate of (i) $50,000.00 for unpaid clearing compression credit in 2003, plus (ii) $6,500.00 per month for each whole month in 2004 prior to the First Closing, and (iii) a pro rata portion of $6,500.00 for any additional
partial month in 2004 prior to the First Closing, in partial satisfaction of unpaid clearing compression credit due to Zone Trading in 2004. 
  
 (p) Sellers shall pay Buyer via wire transfer of immediately available funds the sum of $45,000.00 as a credit for certain license fees that may be
required post-First Closing. 
  
 (q) Buyer (or Zone Trading) and
Bob Schulz (“Schulz”) shall execute and enter into a mutually acceptable employment, membership or partnership agreement to be effective (i) upon the earlier of (x) the Second Closing, or (y) September 30, 2004, or (ii) such other
time and date as may be agreed to by Buyer and Sellers in accordance with Section 5.1. 
  
 (r) Sellers shall deliver to Buyer executed originals or certified copies of the Transferred Agreements. 
  
 1.12 Second Closing. Subject to the terms and conditions of this Agreement, the effectiveness of certain portions of the Co-Location Agreement, and
the other events described in Section 1.13 (collectively, the “Second Closing”) shall take place at 10:00 a.m. on the third (3rd) Business Day following the satisfaction or waiver (in writing) of all the Second Closing Conditions set forth in the defined term in Section 8.1 and on Schedule 1.12, or at such other
time and date as shall be agreed to by the parties (the “Second Closing Date”), at the offices of Graves, Dougherty, Hearon & Moody or at such other place as shall be agreed to by the parties. The effective time of the Second
Closing shall be the close of business on the Second Closing Date (the “Effective Time of the Second Closing”). Notwithstanding anything to the contrary in this Agreement, in no event shall the Second Closing take place unless and
until the Second Closing Conditions have been satisfied or waived in writing by Buyer, Zone Trading and Overunder. 
  
 1.13 Actions at the Second Closing. At the Second Closing, Buyer and Sellers shall take or cause to be taken such other actions and execute and
deliver such agreements, instruments and documents as may be necessary or appropriate to effectuate the transactions that are contemplated by this Agreement to take place at the Second Closing, in accordance with the terms of this Agreement,
including the following: 
  
 (a) Subject in all respects to
Section 5.1, the employment of any Transferred Employee with Sellers (or one of their Affiliates) that has not previously been terminated shall be terminated, and the employment, partnership or membership relationship of each such Transferred
Employee with Buyer or Zone Trading shall commence, in each case in accordance with the provisions of Article 5. 
  

 9 

 (b) Sellers shall terminate, without liability to Buyer or any of its Affiliates, all of the End-User
Licenses not previously terminated by Sellers, other than any End-User License that Buyer specifically designates in writing to be, and which becomes, a Transferred Agreement (collectively, the “Approved Licenses”). 
  
 (c) Each Seller shall execute and/or deliver to Buyer a certificate, dated as
of such Second Closing Date, stating that such Person has performed or complied with all of its agreements, covenants and conditions required by this Agreement to be performed or complied with by such Person prior to or at such Second Closing Date.

  
 (d) Buyer shall execute and/or deliver to Sellers a
certificate, dated as of such Second Closing Date, stating that Buyer has performed or complied with all of its agreements, covenants and conditions required by this Agreement to be performed or complied with by such Person prior to or at such
Second Closing Date. 
  
 (e) Sellers shall pay Zone Trading, via
wire transfer of immediately available funds, the aggregate of (i) $6,500.00 per month for each whole month between the First Closing Date and the Second Closing Date, plus (ii) a pro rata portion of $6,500.00 for any additional partial month in
2004 between the First Closing Date and the Second Closing Date, all in satisfaction of certain clearing compression credits earned by Zone Trading during the Transition Period. 
  
 (f) If the Second Closing Date is prior to November 1, 2004 (the “Bonus Date”), Sellers shall pay
Overunder, via wire transfer of immediately available funds, the sum of $3,333.00 for each day by which the later of the Second Closing Date and September 1, 2004 precedes the Bonus Date; provided, however, that if all of the Second
Closing Conditions other than Sellers’ termination of the End-User Licenses shall have been satisfied or waived by Buyer by a date certain prior to the Bonus Date (the “Early Satisfaction Date”), then Sellers shall pay
Overunder, via wire transfer of immediately available funds, the sum of $3,333.00 for each day by which the Early Satisfaction Date precedes the Bonus Date. 
  
 Article 2 
 REPRESENTATIONS AND WARRANTIES OF
SELLER AND THE PROTRADER 
 ENTITIES 
  
 With the exception of the representations and warranties made in Sections 2.7 and 2.11, which are made jointly and severally by each member
of the Seller Group to each member of the Buyer Group, Parent, ICS and each of the Protrader Entities jointly and severally represent and warrant to each member of the Buyer Group as follows: 
  
 2.1 Organization, Etc. of Each Member of the Seller Group. Each
member of the Seller Group is a corporation or other entity duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, organization or formation, as applicable, and has the requisite power and
authority under the applicable corporate, limited partnership or limited liability company law and its Governing Documents to own and operate the Assets (to the extent such Person owns any Assets) as currently operated, and to execute and deliver
this Agreement and all of the other agreements and instruments to be executed and delivered by such Person pursuant hereto, to consummate the transactions contemplated hereby and thereby and to perform its obligations hereunder and thereunder.

  

 10 

 2.2 Authorization. The execution and delivery by each member of the Seller Group of this Agreement
(and all other agreements and instruments to be executed by such Person pursuant hereto), the performance by such Person of its obligations hereunder and thereunder, and the consummation by such Person of the transactions contemplated hereby and
thereby have been duly authorized by all necessary corporate, limited partnership or limited liability company action, and no other act or proceeding on the part of or on behalf of such Person or any of such Person’s equity holders is necessary
to approve the execution and delivery of this Agreement and such other agreements and instruments by such Person, the performance by such Person of its obligations hereunder and thereunder and the consummation by such Person of the transactions
contemplated hereby and thereby. The signatory officers of each member of the Seller Group have the power and authority to execute and deliver this Agreement and all of the other agreements and instruments to be executed and delivered by such Person
pursuant hereto, to consummate the transactions contemplated hereby and thereby and to take all other actions required to be taken by such Person pursuant to the provisions hereof and thereof. 
  
 2.3 Execution and Binding Effect. This Agreement has been duly and
validly executed and delivered by each member of the Seller Group and constitutes, and the other agreements and instruments to be executed and delivered by such Person pursuant hereto, upon their execution and delivery by such Person, will
constitute (assuming, in each case, the due and valid authorization, execution and delivery thereof by the other parties thereto), legal, valid and binding agreements of such Person, enforceable against such Person in accordance with their
respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect affecting the enforcement of creditors’ rights and remedies generally. 
  
 2.4 Consents and Approvals. Except as set forth on Schedule
2.4, no consent of any Authority or other Person is required in connection with the execution and delivery by any member of the Seller Group of this Agreement (or any other agreement or instrument to be executed and delivered by such Person
pursuant hereto), the consummation by such Person of the transactions contemplated hereby or thereby, or the performance by such Person of its obligations hereunder or thereunder. 
  
 2.5 No Violation. Neither the execution, delivery or performance by any member of the Seller Group of this Agreement
or any of the other agreements and instruments to be executed and delivered by such Person pursuant hereto, nor the consummation of the transactions contemplated hereby or thereby, nor the performance by such Person of its obligations hereunder or
thereunder, will, with or without the passage of time or the delivery of notice or both, (a) conflict with, violate or breach any of the terms, conditions or provisions of the certificate of incorporation, bylaws or other Governing Documents of such
Person, or (b) conflict with, violate or breach, or constitute a default or require consent of any Person (or give rise to any right of termination, cancellation or acceleration) under, or result in the creation or imposition of any Lien under, any
of the terms, conditions or provisions of any notice, bond, mortgage, indenture, license, franchise, permit, agreement, lease or other instrument or obligation to which such Person is a party or by which such Person, or any of the properties or
assets of such Person is 
  

 11 

 bound, except where such violation or breach or failure to obtain such consent would not result in a Lien on the Assets
or have a material adverse impact on the ability of any member of the Seller Group to consummate the transactions contemplated herein or have a material adverse effect upon Buyer’s ownership or use of any of the Assets, or (c) violate any
Applicable Law applicable to such Person or by which any Asset is bound. 
  
 2.6 Protrader Claims. To the extent that any Protrader Claims exist, no member of the Seller Group has assigned, sold or otherwise disposed of, or compromised or settled any right or title in any such Protrader
Claim that absent such action would be held by either Protrader Entity. 
  
 2.7 Assets Generally. 
  
 (a) Other than the
Sellers, no other Affiliate of Parent has any right, title or interest in and to the Assets. Since October 1, 2001, no transfer of any interest in the Assets has been made by any of the Sellers or PGLP, other than transfers, directly or indirectly,
to one or more of the Sellers. 
  
 (b) There are no mortgages,
pledges, liens, security interests, encumbrances, charges or other similar claims (collectively, “Liens”) on the Assets and there are no Liens for Taxes or income taxes owed by Sellers or any of their Affiliates on the Assets other
than (i) Liens for Taxes or income taxes not yet due and payable, (ii) Permitted Liens, (iii) nonexclusive licenses for use of the Transferred Software (in object code form only) from any Seller to end users that are listed on Schedule
2.7(b)-1 each of which (collectively, the “End-User Licenses”) was entered into in the ordinary course of business pursuant to the terms of a written license agreement in the form attached hereto as Schedule 2.7(b)-2 (the
“Form End-User License”), (iv) nonexclusive licenses for use of the Common Product Elements as part of the Portal Software (as defined in the License-Back Agreement) (in object code form only) from any Seller to end users, each of
which (collectively, the “Portal Licenses”) was entered into in the ordinary course of business pursuant to the terms of a written license agreement substantially in the form attached as Exhibit 2.3(c) to the License-Back Agreement,
and (v) the License-Back Agreement. To the Knowledge of Sellers, there are no Permitted Liens on any Asset. All of the End-User Licenses (other than any Approved Licenses) shall be terminated by Sellers, with no liability to Buyer, on or before
ninety (90) days after the First Closing Date. 
  
 (c) Since
October 1, 2001, none of the Sellers nor any of the Sellers’ Affiliates has granted to any Person, and, to the Knowledge of Sellers, no Person, other than Sellers and their licensees under the End-User Licenses and the Portal Licenses, holds,
any license or other rights (or has any option to acquire any license or other rights) to use (including any right to directly or indirectly copy, modify, license, sublicense, publish or distribute) any of the Transferred Software or any other
Assets. 
  
 (d) Since October 1, 2001, no Seller has entered into
any lease, security agreement, conditional sales contract, lien or other title retention or security arrangement in connection with any of the Tangible Assets. 
  

 12 

 2.8 Warranty and Support Agreements. 
  
 (a) Except as specifically described with respect to the Transferred
Software in the Form End-User License, no Seller nor any of their Affiliates has provided any warranties to any Person with respect to any of the Transferred Software or any of the other Assets, nor are Sellers or any of their Affiliates obligated
to provide any support, maintenance or other services with respect to any of the Transferred Software or any of the other Assets. No warranty or similar claims are currently pending or, to the Knowledge of Sellers, threatened under any such
warranties. 
  
 (b) No Seller nor any of their Affiliates has
granted any Person the right to furnish support, maintenance or other services with respect to any of the Transferred Software or any of the other Assets. 
  
 2.9 Intellectual Property. 
  
 (a) The Assets as currently used by Sellers do not infringe, misuse or misappropriate any Intellectual Property Right of any Person, violate any right of
privacy or any property rights of any Person, or contain any material or information that is libelous or obscene; provided, however, that no such representation under this Section 2.9 is made to the extent that any such
infringement, misuse or misappropriation arose out of acts, omissions or events (or was inherent in the Assets) prior to October 1, 2001. To the Knowledge of Sellers no such infringement, misuse of, misappropriation of or violation of rights or
existence of libelous or obscene material exists with respect to acts, omissions or events prior to, or with respect to the Assets as the same existed prior to, October 1, 2001. Except as set forth on Schedule 2.9(a), there is no pending (or
to the Knowledge of Sellers, threatened) claim or charge with respect to any of the foregoing. There is no pending claim by Sellers or any of their Affiliates against any Person for infringement, misuse or misappropriation of any Intellectual
Property Right, or for any violation of any right of privacy or any property rights, with respect to any of the Assets, nor to the Knowledge of Sellers, has any act, omission or state of events occurred that might allow Sellers or any of their
Affiliates to pursue a claim for any of the foregoing. No Seller nor any of their Affiliates is obligated or under any liability whatsoever to make any payments by way of royalties, fees or otherwise to any owner of, licensor of, or other claimant
to, any Intellectual Property Right with respect to or in connection with any of the Assets or with respect to or in connection with consummation of any of the transactions contemplated hereby. 
  
 (b) To the Knowledge of Sellers, there are no full or partial copies of any
of the Transferred Software, the Testing Materials, the Documentation or any Transferred IP other than (i) copies of the Transferred Software to be retained by Sellers pursuant to the License-Back Agreement, (ii) copies of the Transferred Software
(in object code form only) lawfully held by nonexclusive end-user licensees pursuant to the End-User Licenses and/or the Portal Licenses, (iii) copies to be delivered to Buyer hereunder, and (iv) any copies that may have been created by any Person
other than Sellers and its Affiliates prior to October 1, 2001. 
  
 (c) Each item of software or circuitry included within any of the Assets is free of any components, devices or routines that are designed to (i) permit a program to be disabled with the passage of time or under the positive control of a
Person other than the licensee or 
  

 13 

 (ii) permit unauthorized access to, or cause erasure of or other harm to, any software, hardware or data;
provided, however, that no such representation is made under this Section 2.9(c) as to the Assets as the same existed prior to October 1, 2001. To the Knowledge of Sellers, no such components, devices or routines exists with
respect to the Assets as the same existed prior to October 1, 2001. 
  
 (d) (i) Schedule 2.9(d) contains a complete and correct list and summary description (listing, as applicable, the registration number and, in the case of registration, the registered owner and the jurisdiction of registration) of all
patents, patent applications, copyright registrations or applications therefor, trademark or service mark registrations or applications therefor, as well as any material unregistered trademark or service marks, in each case comprised within the
Transferred IP. (ii) Schedule 2.9(d) sets forth all agreements under which Sellers or any of their Affiliates have licensed to others the right to use any Intellectual Property Right comprising any of the Transferred IP. (iii) All patents,
trademarks and registrable copyrights comprised within the Transferred IP are currently in compliance with Applicable Law and, to the Knowledge of Sellers, are valid and enforceable and no maintenance fees, Taxes, renewals, affidavits or other
actions are required to be taken with respect to any registered Transferred IP within ninety (90) days hereof to preserve or maintain such registration or lawful compliance; provided, however, that no such representations are made
under this Section 2.9(d)(iii) as to such patents, trademarks and registrable copyrights as the same existed prior to October 1, 2001. 
  
 (e) Since October 1, 2001, Sellers and their Affiliates have taken commercially reasonable steps to protect and preserve the Transferred IP including to
protect and preserve the confidentiality of all of the trade secrets and other proprietary information that comprise any part of the Transferred IP, and to the Knowledge of Sellers, there are no unauthorized uses, disclosures or infringements of any
such trade secrets or information. All disclosures by Sellers and their Affiliates to any Person (including employees, consultants and independent contractors of Sellers and their Affiliates) of any trade secret and other proprietary information
that comprise part of the Transferred IP to, and, to the Knowledge of Sellers, all use by any Person of any trade secrets and other proprietary information that comprise any part of the Transferred IP, has been pursuant to the terms of a written
agreement with such Person requiring such Person to maintain the confidentiality of the same and to not use the same for any purpose other than as set forth therein. 
  
 (f) Since October 1, 2001, no Seller nor any Affiliates of Sellers have given or received any notice of default or of any
event that with the lapse of time or giving of notice or both would constitute a default under any agreement relating to any Transferred IP or the Business; no Seller nor any of their Affiliates currently is in default with regard to any agreement
relating to the Transferred IP, and there exists no condition or event (including, without limitation, the execution, delivery and performance of this Agreement) that, with the giving of notice or the lapse of time or both, would constitute such a
default by Sellers or any of their Affiliates under any agreement relating to the Transferred IP, or would give any Person any rights of termination, cancellation or acceleration of any performance under any such agreement or result in the creation
or imposition of any Lien on the Transferred IP. 
  
 (g) Since
October 1, 2001, Sellers have obtained all necessary consents from customers with regard to Sellers’ collection and dissemination of personal customer information 
  

 14 

 relating to or arising out of the use of the Transferred Software or the Transferred IP in accordance with any applicable
privacy policy published or otherwise communicated in writing by Sellers and any Applicable Law. Sellers’ practices regarding the collection and use of customer personal information relating to or arising out of the use of the Transferred
Software or the Transferred IP is and has been in accordance with such privacy policies and with all Applicable Law except for any failure to act in conformity with such policies and all Applicable Law that would not result in a Lien on, or
impairment of, the Assets, or have a material adverse impact on the ability of the Sellers to consummate the transactions contemplated herein. 
  
 2.10 Licenses and Permits. Schedule 1.1(i) sets forth an accurate and complete list of all material Permits currently used or held by
Sellers and that relate to the Assets. Except as specified in Schedule 1.1(i), all such Permits are in full force and effect and Sellers have, to the extent necessary, made all filings or taken such other action as is necessary prior to the
First Closing for it to own, operate, use and maintain the Assets as currently operated. The Permits listed on Schedule 1.1(i) permit Sellers to lawfully own and use the Assets in the manner in which Sellers currently own and use such Assets.

  
 2.11 Taxes. There are no pending or, to any member of
the Seller Group’s Knowledge, threatened proceedings with respect to Taxes that could result in a Lien on any of the Assets. To the Knowledge of Sellers, and except as provided in Section 1.6, Buyer shall neither have nor incur any
liability for Taxes arising out of any failure by any Seller or any one or more of Sellers’ respective Affiliates to withhold from any Employee, and to timely pay to the appropriate taxing Authority, in compliance with Applicable Law, all Taxes
with respect to any Employee, through all periods in which such Employee is employed by any Seller or any of Sellers’ respective Affiliates. 
  
 2.12 Employee Benefit Plans and Related Employment Matters. Upon Buyer’s request, Sellers shall make available to Buyer copies of all material
written Employee Benefit Plans and any summaries thereof provided by Sellers to the Employees and all employment agreements entered into by and between Sellers and any Employee that are currently in effect, other than any such employment agreement
that may be terminated by Sellers on notice to the Employee and without any material liability. Buyer will not have any liability in respect of any Employee under any Employee Benefit Plan or any such employment agreement as a result of the
consummation of the transactions contemplated by this Agreement, assuming, in the case of any such employment agreement with a Transferred Employee, that Buyer does not agree with the Transferred Employee to assume such agreement. 
  
 2.13 Compliance with Law. Since October 1, 2001, the ownership of the
Assets has been conducted in all material respects in accordance with all Applicable Laws. 
  
 2.14 Litigation; Other Claims. 
  
 (a) Other than as disclosed on Schedule 2.14(a), there are no claims, actions, suits, inquiries, proceedings or investigations against any member of the Seller Group or any Affiliate of Sellers that relate to the Business, the
Employees, any of the Assets or any of the Protrader Claims or that could materially and adversely affect the ability of any member of the Seller Group to consummate the transactions contemplated hereby that are currently pending or, 
  

 15 

 to the Knowledge of any member of the Seller Group, threatened, at law or in equity or before or by any Authority,
including claims by current or former employees or inquiries or audits by the Internal Revenue Service, the Department of Labor or the Occupational Safety and Health Administration. 
  
 (b) There are no grievance, mediation or arbitration proceedings or work stoppages pending, or to the Knowledge of Sellers,
threatened by any Transferred Employee. 
  
 2.15 Defaults.
None of the Sellers, nor any of their Affiliates, is in default under or with respect to (and no event has occurred that with the giving of notice or the passage of time or both would result in a default under or with respect to) any judgment,
order, writ, injunction or decree of any court or any Authority that could result in a Lien on, or an impairment of, the Assets or have a material adverse impact on the consummation of any of the transactions contemplated by this Agreement. There
does not exist any breach or violation of or default by any member of the Seller Group, or, to the Knowledge of Sellers, by any other Person, or event that, with notice or lapse of time, or both, would constitute a breach or violation of or a
default under any of the terms, conditions or provisions of any agreement (including any of the Transferred Agreements) that could result in a Lien on, or an impairment of, the Assets or have a material adverse impact on the consummation of any of
the transactions contemplated by this Agreement, and no notices with respect to any thereof have been received by any member of the Seller Group. 
  
 2.16 Brokers and Finders. No Sellers, nor any of their Affiliates, nor any of their respective officers, directors, employees, representatives or
agents has employed any broker or finder or incurred any liability for any brokerage fee, commission, finder’s fee or similar obligation in connection with any of the transactions contemplated by this Agreement. 
  
 2.17 Employment Claims, Etc. Except to the extent expressly agreed to
by Buyer with any Employee, to the Knowledge of Sellers Buyer will neither have nor incur any liability for any Wage Claims with respect to any Employee as a result of any of the transactions contemplated by this Agreement. The term “Wage
Claims” includes any claim (whether under federal, state, local or federal law, under any employment agreement or otherwise) on account of or for (a) overtime pay, (b) wages or salary, or (c) sick pay, severance pay, claims for unlawful
discharge, vacation pay, time off or pay in lieu thereof, in each case with respect to periods occurring prior to the Employee Transition Date of the relevant Employee or as a result of Sellers’ termination of the Employees. None of the
Employees are on disability leave, authorized leave of absence or military service. There are no internal or external claims of employment discrimination pending or, to the Knowledge of Sellers, threatened with respect to any such Employees.

  
 2.18 Contracts and Commitments. Complete and correct
copies of all Transferred Agreements (including accurate written descriptions of any oral agreements that constitute Transferred Agreements), together with all amendments thereto, have been previously provided to Buyer. All of the Transferred
Agreements were entered into in the ordinary course of the business of Sellers with parties unrelated to Sellers and are in full force and effect and all parties to such Transferred Agreements have in all material respects performed all obligations
required to be performed by them and are not in default in any material respect. Except as set forth in 
  

 16 

 Schedule 2.18, none of the Sellers nor any of their Affiliates is a party to any joint venture, partnership,
franchise, sales agent, distributor, commissionaire, equipment lease or similar agreement, or any agreement calling for the payment by Sellers or any of their Affiliates of any license fee, royalty, commission, earnout or similar arrangement, with
respect to any of the Assets or any of the Protrader Claims. Each employee, consultant and independent contractor associated with any of the Assets has executed an agreement with the Sellers or an Affiliate of Sellers to convey any Intellectual
Property Rights created by such employee, consultant or independent contractor under such arrangements that any Seller does not already own by operation of law. To the Knowledge of Sellers, no past or present employee, consultant or contractor is in
violation of any such agreement. 
  
 2.19 Inclusion of
Assets. The Assets constitute all of the properties, rights or assets owned by Sellers or any of their Affiliates and used or held for use exclusively in connection with the development, licensing, support and operation of the proprietary
trading system known as Gr8Trade except for the Retained Products. 
  
 2.20 Documentation. The Documentation is sufficient in detail and content in all material respects to identify it and to permit its use by Buyer in connection with the Assets without reliance on the special knowledge of any Person;
provided that Sellers make no representation as to any Documentation that was assigned or otherwise transferred to it on October 1, 2001 and except to the extent altered or modified by Sellers or its Affiliates thereafter. 
  
 Article 3 
 REPRESENTATIONS AND WARRANTIES OF BUYER AND ZONE TRADING 
  
 Buyer and Zone Trading represents and warrant to Sellers as follows: 
  
 3.1 Organization, Etc. Each member of the Buyer Group is a limited liability company duly formed or organized,
validly existing and in good standing under the laws of its jurisdiction of formation and has the requisite power and authority under the applicable limited liability company law and its Governing Documents to own and operate its assets, to execute
and deliver this Agreement and all of the other agreements and instruments to be executed and delivered by such Person pursuant hereto, to consummate the transactions contemplated hereby and thereby and to perform its obligations hereunder and
thereunder. 
  
 3.2 Authorization. The execution and
delivery by each member of the Buyer Group of this Agreement (and all other agreements and instruments to be executed by such Persons pursuant hereto), the performance by such Person of its obligations hereunder and thereunder, and the consummation
by such Person of the transactions contemplated hereby and thereby have been duly authorized by all necessary limited liability company action, and no other act or proceeding on the part of or on behalf of any such Person or any such Person’s
equity holders is necessary to approve the execution and delivery of this Agreement and such other agreements and instruments by such Person, the performance by such Person of its obligations hereunder and thereunder and the consummation by such
Person of the transactions contemplated hereby and thereby. The signatory officers of each member of the Buyer Group, as applicable, have the power and authority to execute and deliver this Agreement and all of the other agreements and instruments
to be executed and delivered by such Person pursuant hereto, to consummate the transactions contemplated hereby and thereby and to take all other actions required to be taken by such Person pursuant to the provisions hereof and thereof. 

 

 17 

 3.3 Execution and Binding Effect. This Agreement has been duly and validly executed and delivered
by each member of the Buyer Group and constitutes, and the other agreements and instruments to be executed and delivered by such Person pursuant hereto, upon their execution and delivery by such Person, will constitute (assuming, in each case, the
due and valid authorization, execution and delivery thereof by the other parties thereto), legal, valid and binding agreements of such Person, enforceable against such Person in accordance with their respective terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect affecting the enforcement of creditors’ rights and remedies generally. 
  
 3.4 Consent and Approvals. No consent of any Authority or other Person is required in connection with the execution
and delivery by any member of the Buyer Group of this Agreement (or any other agreement or instrument to be executed and delivered by such Person pursuant hereto), the consummation by such Person of the transactions contemplated hereby or thereby,
or the performance by such Person of its obligations hereunder and thereunder. 
  
 3.5 No Violation. Neither the execution, delivery or performance by any member of the Buyer Group of this Agreement or any of the other agreements and instruments to be executed and delivered by such Person
pursuant hereto, nor the consummation of the transactions contemplated hereby or thereby, nor the performance by such Person of its obligations hereunder and thereunder, will, with or without the passage of time or the delivery of notice or both,
(a) conflict with, violate or breach any of the terms, conditions or provisions of the Certificate of Organization or Limited Liability Company Agreement of such Person or any other Governing Documents of such Person, (b) conflict with, violate or
breach, or constitute a default or require consent of any Person (or give rise to any right of termination, cancellation or acceleration) under, or result in the creation or imposition of any Lien under, any of the terms, conditions or provisions of
any notice, bond, mortgage, indenture, license, franchise, permit, agreement, lease or other instrument or obligation to which such Person is a party or by which such Person, or any of the properties or assets of such Person, is bound, except where
such conflict, violation, breach, default or failure to obtain such consent would not have a material adverse impact on any member of the Buyer Group to consummate the transactions contemplated herein, or (c) violate any Applicable Law applicable to
such Person. 
  
 3.6 Litigation; Other Claims. Except as
set forth on Schedule 3.6 hereto, there are no claims, actions, suits, inquiries, proceedings, or investigations against any member of the Buyer Group that could materially and adversely affect the ability of any such Person to consummate the
transactions contemplated hereby that are currently pending or, to the knowledge of each member of the Buyer Group, threatened, at law or in equity or before or by any Authority. 
  
 3.7 Brokers and Finders. No member of the Buyer Group nor any of such Person’s officers, directors, employees,
representatives or agents has employed any broker or finder or incurred any liability for any brokerage fee, commission, finder’s fee or similar obligation in connection with any of the transactions contemplated by this Agreement. 

 

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 Article 4 
 COVENANTS 
  
 4.1 Access to
Information and Assets. 
  
 (a) Between the date of execution
of this Agreement and the Second Closing, Sellers will give to Buyer and its accountants, legal counsel, and other representatives and agents full access, during normal business hours and upon reasonable notice, at the offices of Sellers (or at
another mutually agreeable location arranged in advance), to all of the books, records, files, documents, properties, and contracts of Sellers relating to the Assets, the Employees and the Protrader Claims. Buyer shall conduct such review in a
manner that does not unreasonably interfere with Sellers’ use and maintenance of the Assets and the business of Sellers and their Affiliates. 
  
 (b) At all times following the First Closing, each party shall provide the other party (at such other party’s expense) with such reasonable
assistance, including the provision of available relevant records or other information and reasonable access to and cooperation of any personnel within their employ, as may be reasonably requested by either of them in connection with the preparation
of any financial statement or tax return, or any audit or examination by any taxing authority, or any judicial or administrative proceeding relating to liability for Taxes to the extent related to this Agreement or the transactions contemplated
hereby. 
  
 (c) At all times following the First Closing, Sellers
and their Affiliates shall provide Buyer or Zone Trading with reasonable access upon reasonable notice, to all financial books and records related to (i) any of the Assets (to the extent such books and records are not Assets), (ii) any securities
transactions of Buyer, Zone Trading, or any member of the Related Trading Group, or (iii) any of the Assumed Liabilities. 
  
 (d) At all times following the First Closing, Sellers and their Affiliates shall provide Buyer, Zone Trading and their respective representatives with
reasonable access to all Assets within the possession or under the control of any Seller or any of their respective Affiliates; provided that the provision of such access shall not unreasonably interfere with the business of Sellers and their
Affiliates. 
  
 4.2 Third-Party Consents; Transferred
Agreements; Customers. 
  
 (a) Each member of the Seller
Group shall act in good faith and use its reasonable efforts to obtain all waivers, permits, consents and approvals and to effect all registrations, filings and notices with or to third parties that are necessary to consummate the transactions
contemplated by this Agreement. Notwithstanding anything to the contrary in this Agreement, nothing contained in this Agreement or in any document delivered pursuant to this Agreement shall constitute an agreement to assign, or an assignment of, any
rights or obligations with respect to any Transferred Agreement if an attempted assignment thereof, without the consent of a third party thereto (including any Authority), would constitute a breach thereof or in any way adversely affect the rights
of Buyer as successor to any Seller thereunder (a “Contingent Transferred Agreement”). Each of the Sellers, on the one hand, and Buyer, on the other hand, will cooperate with the other in any reasonable arrangement designed to
provide 
  

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 for the realization by and assumption by Buyer of the rights and obligations under any such Transferred Agreement,
including enforcement for the benefit of the Buyer of any and all rights of any Seller against a third party thereto arising out of the breach or cancellation by such third party or otherwise. 
  
 (b) Without limiting the generality of Section 4.2(a) above, Buyer and
Sellers agree that notwithstanding anything to the contrary in this Agreement, all references in this Agreement to the Transferred Agreements shall be deemed to refer to the Transferred Agreements as the same exist on the First Closing Date (unless
such Transferred Agreement is a Contingent Transferred Agreement, in which case any reference to such Transferred Agreement shall be deemed to refer to such Contingent Transferred Agreement as it exists on the date of transfer) and in the form
previously provided to Buyer. Buyer shall not be bound by, and shall have no liabilities or obligations with respect to, (x) any modification or amendment to any Transferred Agreement not provided to Buyer prior to the Effective Date or (y) any
renewal or extension of any Transferred Agreement unless Buyer has specifically consented in writing to the same. Sellers further covenant not to change (or allow any of their Affiliates to change) the terms and conditions of, or in any way alter or
amend, any of the Contingent Transferred Agreements without the written consent of Buyer. In no event shall Buyer be deemed to assume from any Seller any liability arising from a determination that consent was required but not obtained in connection
with the assignment to Buyer of a Transferred Agreement. 
  
 (c)
In the event that any member of the Buyer Group desires to have any Seller’s or any of Sellers’ Affiliate’s rights under any license or other agreement necessary to the operations of the Gr8Trade System and to which any Seller or any
Affiliate of Sellers is a party transferred to a member of the Buyer Group, and pursuant to the terms of such license or agreement such transfer may not be made without the consent of the other party to such agreement, then, at the request of such
Person, (i) such Seller or any Affiliate of Sellers shall use reasonable efforts to obtain such consent to the transfer or partial transfer of such agreement or license to Buyer, and (ii) if such consent is not obtained, and if a member of the Buyer
Group determines to obtain a similar license or agreement directly from such other party, such Seller or any Affiliate of Sellers shall use reasonable efforts to obtain such license or agreement for such Person at no cost (or at a discounted cost).

  
 (d) On or before the Second Closing (but in any event no later
than ninety (90) days after the First Closing), Sellers shall terminate all End-User Licenses, and shall have terminated all rights of any customers with respect to the Transferred Software or any of the other Assets, excluding only (i) Buyer, Zone
Trading and the Related Trading Group, and (ii) those customers who are parties to Approved Licenses (collectively, “Approved Customers”). 
  
 4.3 Commercially Reasonable Efforts. Each party shall use its commercially reasonable efforts to secure the satisfaction of each of the conditions
to the Second Closing set forth on Schedule 1.12. 
  
 4.4
Sellers’ Conduct of Business. During the period from the Effective Date through the Second Closing Date, except as specifically contemplated by this Agreement to the contrary, Sellers shall: 
  
 (a) Perform, for the benefit of Buyer, but at the expense of Sellers, all of
the material obligations of Sellers and/or Buyer under all Transferred Agreements (including all Contingent Transferred Agreements); 
  

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 (b) Exercise commercially reasonable efforts to maintain all of the Assets in Sellers’ possession or
control in good repair, order and condition, except for depletion, depreciation and ordinary wear and tear; and 
  
 (c) Promptly advise Buyer in writing of any material adverse change in the condition of any of the Assets. 
  
 4.5 Public Announcements; Confidentiality. 
  
 (a) Each party agrees that the terms of this Agreement and any negotiations
with respect to the same (collectively, the “Agreement Confidential Information”) shall be maintained as confidential and that such party shall not, unless agreed to in writing by the other parties hereto, disclose or reveal,
directly or indirectly, any of such Agreement Confidential Information to any Person except (i)(x) to the party’s officers, directors, members, partners, managers, employees, attorneys or other professional advisors, or (y) to any actual or
potential investor in, or purchaser of, such party, to any actual or potential banks or other financing sources of such party, and to their respective attorneys or other professional advisors; but in each case only to the extent that such Persons
have a reasonable need to know the same for purposes of such relationship and agree to maintain the confidentiality of the same, or (ii) to the limited extent necessary to enforce its rights, or perform its obligations, under this Agreement. The
provisions of this Section 4.5(a) shall not, however, prohibit any party from disclosing any Agreement Confidential Information to the extent that such disclosure is required by Applicable Law, so long as the party seeking to disclose the
same shall first have given prompt written notice to other parties of the same and reasonably cooperates with the other parties in their efforts, if any, to prevent or limit any such disclosure. If, in the opinion of counsel for Parent, the public
disclosure of this Agreement is required under Applicable Law (including the Securities Exchange Act of 1934), then, to the extent that such treatment is available, Parent agrees to request confidential treatment of the schedules and exhibits
hereto. Notwithstanding the foregoing, the parties shall issue a mutually agreeable public announcement within five (5) Business Days after the First Closing. 
  

(b) Sellers agree that, following the First Closing, no Seller nor any of their Affiliates shall directly or indirectly, without the prior written
consent of Buyer, (i) disclose or permit to be disclosed any of the Transferred IP to any Person that does not already have knowledge of the Transferred IP, or (ii) use or permit to be used any of the foregoing except to the extent provided herein
and by the License-Back Agreement. 
  
 4.6 Residual
Knowledge. 
  
 (a) Notwithstanding any other provision herein
to the contrary, nothing in this Agreement shall be construed to restrict any party hereto from using any intangible know-how, skills or experience of a general nature (including any know-how comprised with the Transferred IP) that are retained in
the unaided memory (collectively, the “Residual Knowledge”) of any 
  

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 such Person or any such Person’s current or former employees or consultants (and, in the case of Buyer and Zone
Trading, their current or former employees, members or consultants or any of the Transferred Employees). 
  
 (b) No Seller nor any of its Affiliates shall, without the prior written consent of the Buyer, enforce Section 9 of that certain Agreement and Release
Regarding Termination of Employment against any Transferred Employee so as to prevent or impair (i) any Transferred Employee from making any disclosure to Buyer or any of its Affiliates of the confidential or proprietary information of any Seller or
of any of their respective Affiliates to the extent such confidential or proprietary information relates exclusively to any of the Assets, or (ii) any Transferred Employee’s use of his or her Residual Knowledge for the benefit of Buyer or any
of its Affiliates. 
  
 4.7 WARN. Sellers shall comply with
the requirements of, and be solely liable for any expenses or liability under, the Worker Adjustment and Retraining Notification Act, or other similar statute or regulation, which arises as a consequence of any actions taken by Sellers in connection
with this Agreement on or prior to the Employee Transition Deadline, including without limitation termination of any employees of Sellers in accordance with Article 5 hereto. 
  
 4.8 Copies. In the event that, at any time after the First Closing, any Seller or any member of the Seller Group
becomes aware of any full or partial copies of any Transferred Software, Testing Materials or other materials reflecting or containing any Transferred IP, in any media or format, other than the copies referred to in Section 2.9(b), such
Person shall notify Buyer of the same and shall, at the request of Buyer, take such action with respect to such copies as Buyer shall reasonably request, including destroying or returning to Buyer any such copies that are in the possession of or
under the control of any Seller or any of Sellers’ Affiliates. 
  
 4.9 Enforcement of Certain Agreements. Sellers agree that, at any time and from time to time on and after the First Closing, if and to the extent requested by Buyer, each of them will cooperate with Buyer, at Buyer’s expense, in
enforcing the terms of any agreements between any Seller and any other Person relating to the Assets (whether a Transferred Agreement or otherwise), including terms relating to confidentiality and the assignment of Intellectual Property Rights.
Without limiting the foregoing, in the event that Buyer is unable to enforce its Intellectual Property Rights (including a contractual confidentiality or power of attorney provision) against a third party with respect to any of the Assets as a
result of any rule of law barring enforcement of such rights by a transferee of such rights or by virtue of Buyer not being a transferee of any Seller’s rights under any such agreements, each Seller shall reasonably cooperate with Buyer in
connection with the same including by, to the extent Buyer may elect from time to time, (i) assigning to Buyer such rights as may be required by Buyer to enforce such Intellectual Property Rights in Buyer’s own name, and (ii) initiating and
pursuing proceedings against such third party in such Seller’s name, provided that Buyer reimburses Sellers for all reasonable costs and expenses associated with such proceedings. 
  
 4.10 Protrader Claims. Certain of the parties shall take the actions set forth in Schedule 4.10. 

 

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 4.11 Records Retention and Access. During the Transition Period, in order to satisfy legal records
retention and retrieval requirements, Sellers shall, consistent with Sellers’ records retention and retrieval policies in effect as of the Effective Date, retain records with respect to all trading activity associated with Gr8Trade and all
Employees during the period from the Effective Date to the Second Closing. At any time prior to receiving the documents referred to in the following sentence, Buyer shall have the right upon reasonable notice to review those records from time to
time for a proper purpose (which term shall include review of any records relating to any Employees or to Buyer, Zone Trading or any member of the Related Trading Group). At the Second Closing, Sellers shall furnish Buyer with true and complete
copies of all documents or data retained by Sellers pursuant to the provisions of this Section 4.11 to the extent that any of the same relates to any of the Assets, any Transferred Employees (including personnel and payroll records), any of
the Protrader Claims, any Assumed Liabilities, any Approved Customers, Zone Trading or any member of the Related Trading Group. Further, at the Second Closing, Sellers shall furnish Buyer with true and complete copies of (i) any documents or data in
the possession or control of any Seller or any of their respective Affiliates that are related to any End-User License Agreement with any Approved Customers, or (ii) any notice to or from any party to a Transferred Agreement related to any of the
Assumed Liabilities, in each case to the extent that the same were not previously delivered as part of the Assets. 
  
 4.12 Transition Issues. 
  
 (a) Although title to the Assets, including the Transferred Software, shall pass to Buyer at the First Closing, Sellers shall continue to provide Buyer,
Zone Trading, their respective Affiliates and (subject to Section 4.14) the Related Trading Group with access to the Gr8Trade System during the Transition Period, with no material diminution in services from those currently provided to Zone
Trading and the Related Trading Group, on substantially the same basis as at present and at no increase in cost to Buyer, Zone Trading or the Related Trading Group except as may be expressly set forth herein. During the Transition Period, the
pricing provisions (but not the exclusivity provisions) of Section 3.1 of the Execution Agreement, and the support provisions of Section 4.3 of each of the License Agreements, shall continue to apply. Without limiting the foregoing,
during the Transition Period, Sellers shall provide (or continue to provide) to Buyer, Zone Trading and the Related Trading Group all resources for the operation of the Gr8Trade System and the use thereof by Buyer, Zone Trading and the Related
Trading Group including equipment leases, software licenses, support, telecommunications lines, data feeds, order-entry facilities, utilities, hardware and software maintenance and repair, rent and parking for facility leases and any other matters
set forth on Schedule 4.12(a). 
  
 (b) During the
Transition Period, Sellers shall (i) transfer that portion of the Assets (and any additional assets that Buyer and Sellers mutually agree upon) that Buyer designates in writing are to be transferred to one or more new locations in Austin, Texas to
such location(s) in accordance with the obligations and requirements set forth in Schedule 4.12(b) attached hereto, and (ii) transfer that portion of the Assets (and any additional assets that Buyer and Sellers mutually agree upon) that Buyer
designates in writing are to be transferred to or retained at Sellers’ Harborside Financial Center in Jersey City, New Jersey (the “HFC Data Center”) to separate, segregated cabinets within the HFC Data Center in accordance
with the Co-Location Agreement. Such transfers shall include the connection of market-data lines and order-entry lines and such other activities as may be described in (x) the Co-Location Agreement 
  

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 (with respect to the portions of the Assets (and any additional assets) to be located at the HFC Data Center), (y)
Schedule 4.12(b) (with respect to the portions of the Assets (and any additional assets) to be located at one or more Austin locations) or (z) Schedule 4.12(b) (with respect to all such Assets wherever located) or as otherwise agreed
to in writing among Buyer, Zone Trading and Sellers. Sellers shall use commercially reasonable efforts to utilize their own employees for such activities. Sellers shall cooperate with Buyer and its agents and contractors (including any provider of
an Austin data center) in connection with such matters. Sellers shall use commercially reasonable efforts to minimize any disruption to the Gr8Trade System in connection with the relocation of any of the Assets to the Austin data center. 

 
 (c) Except as provided in the Co-Location Agreement, Sellers hereby waive
any right to or interest in any warehouseman’s lien, carrier’s lien or any other Lien against any of the Assets or additional assets held by any Seller on Buyer’s behalf during the Transition Period (collectively, the
“Transition Assets”), whether such Lien arises by operation of law, in equity or otherwise, and to the extent such Lien or rights are non-waivable, Sellers covenant not to sue and agree not to assert any such non-waivable
Lien or right. Without limitation of Section 9.6 hereof, Sellers shall promptly execute and deliver to Buyer such further documents and take or cause to be taken such further actions as Buyer may reasonably request from time to time in order
to carry out more effectively the intent and purpose of this Section 4.12, including the execution and delivery of appropriate notice and/or financing statements to protect fully Buyer’s interest in the Transition Assets in accordance
with the Uniform Commercial Code or other Applicable Law. Buyer is authorized to file one or more Uniform Commercial Code financing statements without the signature of Sellers or signed by Buyer as attorney-in-fact for Sellers. 
  
 (d) Sellers shall be liable for repair and/or replacement costs relating to
the Transition Assets in the event of any loss, damage or destruction to the Transition Assets caused by the gross negligence or willful misconduct of any Seller or any of their agents or representatives If at any time any Seller becomes aware that
any of the Transition Assets have been lost, damaged, destroyed or come into the possession of a third party and such possession is not in accordance with this Agreement, Sellers shall provide prompt notice of such event to Buyer. 
  
 (e) During the Transition Period, Sellers shall pay all reasonable recurring
costs and expenses associated with, except as expressly set forth herein, the operational infrastructure of the Gr8Trade System and the use thereof by Buyer, Zone Trading and the Related Trading Group, including compensation, benefits and expenses
for Sellers’ or their Affiliates’ employees (other than any costs and expenses associated with any Transferred Employee after such Employee’s Employee Transition Date, except as provided in Section 5.2(c)). During the
Transition Period, Buyer shall pay all non-recurring costs and expenses related to the transition of the Assets from Sellers to Buyer, including all reasonable third-party costs that are necessary in connection with the transfer of equipment;
provided, that such third-party costs are approved in writing by Buyer prior to any commitment being made with the relevant third party. Subject to this Section 4.2(c), Buyer shall also pay any costs and expenses related to the
licensing of any software that is not included in the Assets but that Buyer elects to use in connection with the Assets. 
  

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 (f) Following the Second Closing, Sellers shall allow Buyer and Zone Trading to continue to use the HFC
Data Center as a secondary site for the Gr8Trade System, and shall provide certain other services, pursuant to the Co-Location Agreement. The parties agree that Buyer and Zone Trading shall establish an Austin data center that shall be the primary
data center for the operation of the Gr8Trade System by Buyer and Zone Trading. HFC Data Center shall serve as a fully redundant and concurrently running secondary data center; provided, however, that Sellers shall have no obligations
in connection with the use by Buyer and Zone Trading of the HFC Data Center other than those pursuant to the Co-Location Agreement. 
  
 (g) If, following the Second Closing, Buyer determines it needs access to additional telecommunications lines at the HFC Data Center in connection with
the operation of the Assets, Sellers and Buyer shall use commercially reasonable efforts to enter into an arrangement pursuant to which (a) either Buyer or Zone Trading will be granted the use of such lines on a shared-services basis with any Seller
(with Buyer or Zone Trading responsible for a pro rata portion of the cost of any such shared line to the third-party provider thereof), or (b) such lines will be transferred to either Buyer or Zone Trading on a fully dedicated basis (provided, that
if Buyer is not contracting directly with any such third-party provider, such lines shall be made available by such Seller to Buyer with no mark-up by such Seller or its Affiliates of the cost of such lines). 
  
 (h) During the Transition Period, and continuing until two (2) years after
the Second Closing Date, Buyer, Zone Trading and their respective Affiliates shall have access to Smart Router through the Transferred Software (or any successor to the Transferred Software that may be implemented by Buyer and certified by Sellers
for use with Smart Router, such certification to not be unreasonably withheld or conditioned), including the ability to connect and execute utilizing Smart Router by the Transferred Software (or any successor to the Transferred Software that may be
implemented by Buyer and so certified by Sellers for use with Smart Router). 
  
 (i) Upon the expiration of the Transition Period, and except as may otherwise be provided in the Co-Location Agreement with respect to the mutual obligations of the parties after the Transition Period, (i)
Buyer’s obligation to pay any Seller or any one or more of their respective Affiliates for any transition services or access to or support of any portion of the Gr8Trade System under clauses (a), (b) or (e) of this Section 4.12 shall
terminate (other than payment for such services rendered prior to the termination of the Transition Period), and (ii) Sellers’ obligation to provide such transition services or access to and support of the Gr8Trade System under clauses (a), (b)
or (e) of this Section 4.12 shall terminate. 
  
 (j)
Except as otherwise may be provided in the Co-Location Agreement, the covenants of the parties contained in clauses (c) and (d) of this Section 4.12 shall terminate six (6) months after the termination of the Transition Period.

  
 4.13 Clearing Services and Support. 
  
 (a) After the First Closing, ICS shall continue to provide clearing services
to Zone Trading until such time as Zone Trading and ICS reasonably agree that Zone Trading’s clearing has been fully transferred to a third-party clearing firm (the “Clearing Transition Date”). ICS shall use reasonable efforts
to provide support and assistance in transitioning Zone Trading’s clearing functions to another clearing firm. 
  

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 (b) From the First Closing until the Clearing Transition Date, Zone Trading shall be billed on the same
basis as at present with no increase in costs (other than increases caused by third-party vendor cost increases) and no decline in service levels, except that from the First Closing Date through the Second Closing Date Zone Trading will be charged
no more than (i) $1.00 per thousand shares for all DOT and DirectPlus orders, and (ii) $0.00 for all listed stock SUMO/NASDAQ Supermontage orders by Inet ATS, Inc. 
  
 (c) In the event that the Clearing Transition Date occurs prior to September 1, 2004, Overunder shall be paid $3,333.00 by
Sellers for every day between the Clearing Transition Date and September 1, 2004. Any amount due Overunder pursuant to this Section 4.13(c) shall be due and payable no later than seven (7) days following such Clearing Transition Date.

  
 (d) The JBO Agreement (as modified hereby) shall continue
through and terminate at (and ICS shall not terminate the JBO Agreement earlier than) the Clearing Transition Date, at which time the parties to the Second Release shall execute the Second Release in accordance with Section 1.7(b) above.

  
 4.14 Certain Accounts. The accounts currently held by
Sellers or one or more of their Affiliates for the Related Trading Group shall continue to have access to the Gr8Trade System and to utilize ICS for clearing for sixty (60) days after the First Closing Date with no decline in service levels, on
substantially the same basis as at present (including the price provisions (but not the exclusivity provisions) of Section 3.1 of the Execution Agreement and Section 4.3 of each of the License Agreements) and with no increase in costs. The
transitioning of these accounts shall in no way impact the clearing credit as noted in Section 4.13(c) above. 
  
 4.15 CBX. Sellers and Buyer agree that, after the First Closing, Sellers, Buyer and Zone Trading shall engage in good-faith negotiations regarding
Sellers’ provision to Buyer, Zone Trading or one or more of their respective Affiliates of access to Sellers’ “continuous block cross” (“CBX”) feed via an international broker-dealer to be established by Buyer,
Zone Trading or one or more Affiliates thereof at a cost no greater than the amounts Sellers charge other similarly situated CBX international broker-dealer customers. In the event that Sellers or any of their Affiliates grant such access to any
Person other than an international broker-dealer, Sellers shall promptly offer such access to Buyer, Zone Trading or one or more of their respective Affiliates on the same basis. 
  
 4.16 Nonsolicitation. Each of Sellers, on the one hand, and Buyer and Zone Trading, on the other hand, agree that,
during the period beginning on the First Closing Date and continuing for a period of one (1) year after the Employee Transition Deadline (provided that if the Second Closing Date occurs after the Employee Transition Deadline but before
December 31, 2004, such period shall be extended to one (1) year after the Second Closing Date), it will not, without the prior written consent of the other party, directly or indirectly, on behalf of itself, any of its Affiliates or any other
Person, (a) hire or solicit any Person who is or at any time within the preceding twelve (12) months was an employee or officer of the other party 
  

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 or any of its Affiliates, (b) encourage any such Person to terminate such employment or relationship with the other party
or any of its Affiliates or to modify such employment or relationship in any way that is detrimental to the other party or any of its Affiliates, or (c) confer, discuss or otherwise communicate with any such Person regarding any of the foregoing
matters. Sellers agree that the restrictions imposed on Sellers by this Section shall also prohibit Sellers from engaging in any of the foregoing activities with any member, partner or other owner of Buyer, Zone Trading or any of their respective
Affiliates. Notwithstanding the foregoing, this Section 4.16 shall not prohibit (i) Buyer or Zone Trading from making offers of employment, partnership or membership to the Employees or establishing such relationships with the Transferred
Employees in accordance with Article 5, (ii) Sellers’ utilization of the services of any Seller Assigned Employee in accordance with the provisions of Section 5.2 hereof or (iii) Buyer, Sellers or Zone Trading from (x) soliciting
any of such Persons through general advertisements (but not including the actions of any recruitment agency or search firm and provided further that, such exception applies to solicitation only and does not permit the hiring of any such Persons) or
(y) undertaking any of the actions prohibited by clauses (a) through (c) if such Person was terminated by any Seller, on the one hand, or Buyer or Zone Trading, on the other hand. 
  
 4.17 Noncompete Covenants. 
  
 (a) Notwithstanding anything else in this Agreement to the contrary, the covenants contained in this Section 4.17
shall be in effect during the period beginning on the First Closing Date and continuing until (i) one year from the Second Closing Date if the Second Closing shall have occurred prior to December 1, 2004, or (ii) December 1, 2004 if the Second
Closing Date shall not have occurred by December 1, 2004 (the “Noncompete Period”). 
  
 (b) The Sellers covenant and agree that no Seller will, during the Noncompete Period, without the prior written consent of Buyer, directly or indirectly,
on behalf of itself, any of its Affiliates or any other Person engage in the Seller Prohibited Business. The provisions of this Section shall not prohibit any Seller from owning up to five percent (5%) of any class of securities of any corporation
that is traded on a national securities exchange or through the NASDAQ system. 
  
 (c) Each of Buyer, Zone Trading and Kershner agree that, during the Noncompete Period, it will not, without the prior written consent of Sellers, directly or indirectly, engage in the Buyer Prohibited Business. The
provisions of this Section shall not prohibit any or all of Buyer, Zone Trading and Kershner from owning up to five percent (5%) of any class of securities of any corporation that is traded on a national securities exchange or through the NASDAQ
system. 
  
 (d) Each of the Sellers, on the one hand, and
Buyer, Zone Trading and Kershner, on the other hand, hereby acknowledge and agree that the provisions of this Section 4.17 are: (i) ancillary to an otherwise enforceable agreement; (ii) supported by independent and valuable consideration; and
(iii) contain reasonable limitations as to time and scope of activity to be restrained that do not impose a greater restraint than is necessary to protect each such Person’s trade secrets, goodwill and other legitimate business interests. Each
of the Sellers, on the one hand, and Buyer, Zone Trading and Kershner, on the other hand, 
  

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 further agree, and do hereby acknowledge, that the provisions of this Section 4.17 are a materially significant
and essential aspect of their respective decisions to execute this Agreement, and that the provisions of this Section 4.17 have substantial value to each of the Sellers, Buyer, Zone Trading and Kershner. Each of the Sellers, on the one hand,
and Buyer, Zone Trading and Kershner, on the other hand, further agree that if, at some later date, a court of competent jurisdiction determines that any of the provisions set forth in this Section 4.17 do not meet the criteria for
enforceability under Applicable Law, then without limitation of Section 9.3 each of such Persons agrees that any covenant contained in this Section 4.17 shall be deemed without further action to be modified to the maximum extent
necessary so as to be enforceable to the maximum extent permitted by Applicable Law, and such court of competent jurisdiction is authorized and requested to reform any such covenant accordingly. 
  
 4.18 Future Rates. After the Second Closing Date, the commissions,
rates and fees paid by Zone Trading or any of its Affiliates to Inet ATS, Inc. with respect to any securities transactions shall not exceed those as are from time to time provided on the relevant rate schedule, if any, applicable to all
broker-dealer customers of Inet ATS, Inc. 
  
 4.19 Pay-off of
Certain Equipment Leases. Buyer and Sellers acknowledge and agree that the Tangible Assets set forth on Schedule 4.19 (the “Leased Equipment”) are subject to certain equipment lease agreements (or other title retention or
security arrangements) with third-party vendors, the names of which and the pay-off amounts with respect thereto (the “Pay-off Amounts”) are also set forth on Schedule 4.19. Simultaneously with the execution of this
Agreement, Sellers shall cause the Pay-off Amounts for the Leased Equipment to be paid by wire transfer of immediately available funds to the vendors set forth on Schedule 4.19 in full and complete satisfaction of any Seller’s
obligations with respect to such equipment lease agreements. Sellers further covenant and agree to take whatever other actions may be necessary or desirable in order to more fully vest in Buyer clear and perfect title to the Leased Equipment.

  
 4.20 Future Conveyance of Exclusive Assets. Buyer and
Sellers hereby acknowledge and agree that the Sellers intend to sell, and the Buyers intend to acquire, all of the properties, rights or assets owned by Sellers or any of their Affiliates that are used or held for use exclusively in connection with
the development, licensing, support and operation of the proprietary trading system known as Gr8Trade except for the Retained Products. Buyer and Sellers further acknowledge and agree that, with the exception of the Retained Products, and for six
(6) months from the First Closing Date upon the reasonable request of Buyer, to the extent that the Assets conveyed simultaneously with the execution of this Agreement exclude any properties, rights or assets owned by Sellers or any of their
Affiliates that are used or held for use exclusively in connection with the development, licensing, support and operation of the proprietary trading system known as Gr8Trade (such exclusive and excluded asset being an “Exclusive
Asset”), Buyer and Sellers shall without further consideration execute and deliver such other instruments of sale, transfer, conveyance, assignment and confirmation and take such other actions as may be necessary in order to convey any
Seller’s right, title and interest in any such Exclusive Asset to Buyer. 
  
 4.21 Delivery of Software Items. Sellers covenant and agree to transfer (or to cause any Affiliates of Sellers to transfer) to Buyer at the First Closing any media, documentation, license agreements, software
keys or other security devices held by any Seller or any of their Affiliates for use with the software license agreements comprised within the Transferred Agreements. 
  

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 4.22 Sellers’ Upgrade of Certain Hardware. Within four (4) weeks from the First Closing Date,
Sellers covenant and agree to (a) purchase the hardware upgrades indicated on Schedule 4.22 with respect to certain of the Tangible Assets specifically identified therein, and (b), using the Employees, install the upgrades on such Tangible
Assets, all in accordance with Schedule 4.22. 
  
 Article 5

 EMPLOYEE MATTERS 
  
 5.1 Offers of Employment or Membership. At the First Closing, Buyer or Zone Trading and Schulz shall execute the employment, partnership or
membership agreement in accordance with the provision of Section 1.11(q). As soon as practical after the Effective Date, Buyer or Zone Trading shall make offers of employment, partnership or membership (which employment, partnership or
membership shall be effective, subject to the provisions of this Section 5.1, on the Employee Transition Deadline) to those employees of Sellers currently associated with the Business that are listed on Schedule 5.1 (the
“Employees”), and further subject in the case of each such Employee to satisfaction by such Employee of Buyer’s and Zone Trading’s customary pre-employment screening policies. Sellers and their Affiliates hereby consent to
Zone Trading or Buyer making such offers and shall provide reasonable assistance in facilitating the making of such offers. If and to the extent that Buyer, Zone Trading and Sellers mutually agree in writing, any one or more of the Employees may (i)
become a Transferred Employee before the Employee Transition Deadline, (ii) remain as an employee of any Seller after the Employee Transition Deadline, or (iii) perform limited services for any Seller after becoming a Transferred Employee in
accordance with the provisions of Section 5.2(c) hereof. In no event shall Buyer or Zone Trading have any responsibility for any compensation, benefits or other liabilities or obligations with respect to any Employee unless and until such
Employee has become a Transferred Employee. In no event shall Sellers have any responsibility for any compensation, benefits or other liabilities or obligations with respect to any Transferred Employee from or after such Transferred Employee’s
Employee Transition Date, except to the extent provided in Section 5.2(c) hereof. Each such Employee who actually becomes an employee, partner or member of Buyer or Zone Trading in accordance with this Section 5.1 is referred to herein
as a “Transferred Employee” and the date on which such Employee actually becomes a Transferred Employee is referred to herein as the “Employee Transition Date” for such Employee. The terms of employment, partnership
or membership with Buyer or Zone Trading shall be as mutually agreed to between each Transferred Employee and Buyer or Zone Trading, as applicable. 
  
 5.2 Other Employment Matters. 
  
 (a) Prior to the Employee Transition Date, Sellers shall not terminate the employment of any Employee with such Person other than for Cause,
provided, however, that Buyer shall be advised of any such pending termination a reasonable period of time in advance 
  

 29 

 of such action. Sellers shall notify Buyer promptly if any Employee resigns from employment with any Seller after the
date of this Agreement but prior to the Second Closing, other than any such resignation by a Transferred Employee to commence employment with Buyer or Zone Trading. Sellers shall not, without the prior written consent of Buyer, (i) transfer any
Employees to other employment with Sellers or any Affiliate of Sellers, or (ii) make any offer or commitment to retain, after the Employee Transition Deadline, any Employee. 
  
 (b) The employment of any Transferred Employee by Sellers shall end at the close of business on the last Business Day
immediately preceding such Employee’s Employee Transition Date and the employment, partnership or membership relationship of such Transferred Employee with Buyer shall commence at 12:01 a.m. on the day of each such Transferred Employee’s
Employee Transition Date. 
  
 (c) With respect to each Employee
listed on Schedule 5.2(c) who becomes a Transferred Employee (the “Seller Assigned Employees”), for the period beginning on such Seller Assigned Employee’s Employee Transition Date and ending on the six-month anniversary
of such Employee Transition Date, Buyer and Zone Trading agree to make available to Sellers the services of each such Seller Assigned Employee, at Sellers’ expense (such expense to be based solely on the allocable share of such Seller Assigned
Employee’s regular compensation or distributions, bonus accrual and benefits for the portion of his or her working time devoted to services for Sellers and any reasonable out-of-pocket expenses authorized by Sellers in advance and incurred by
such Seller Assigned Employee in connection with his or her performance of such services for Sellers), subject to (i) the continued employment, partnership or membership of such Seller Assigned Employees with Buyer or Zone Trading, (ii) Buyer’s
approval, in its reasonable discretion, of Sellers’ selection of any particular Seller Assigned Employee to perform such services and the amount and scheduling of any such Person’s time to be devoted to such services, and (iii) such
further limitations as may be set forth in Schedule 5.2(c). Notwithstanding the foregoing sentence, Buyer and Zone Trading agree to make available to Sellers the services of Schulz for the period beginning on the Employee Transition Date for
Schulz and ending on the twelve-month anniversary of Schulz’s Employee Transition Date; provided, that Buyer and Zone Trading shall have no such obligation with regard to any Seller’s request for such services during this period
unless the particular matter requiring Schulz’s attention and relating to such Seller’s request is material and not routine to the continuing operations of the requesting Seller. Notwithstanding any other provision of this Agreement,
Sellers hereby acknowledge and agree that neither Buyer nor any of its Affiliates shall be responsible for, and shall have no liability to any Seller, any of their respective Affiliates, such Seller Assigned Employee or any other third party, under
any theory, for any act or omission of any Seller Assigned Employee performing work or services for and at the direction or request of any Seller. 
  
 5.3 Certain Benefits of Transferred Employees. As set forth on Schedule 5.3 hereto, Sellers shall pay or provide to each Transferred
Employee, in accordance with Sellers’ customary employment practices and policies applicable to the termination of the employment of employees of Sellers and, as applicable, the terms of the Employee Benefit Plans and any employment agreement
to which Sellers and such Transferred Employee are parties, all accrued but unpaid salary, payment for accrued but unused vacation or other paid time-off and employee benefits accrued by such Transferred Employee under the Employee Benefit Plans or
any such 
  

 30 

 employment agreement, in each such case, as of such Transferred Employee’s Employee Transition Date, including any
severance compensation or other severance benefits (including medical benefits) to which such Transferred Employee is entitled under the terms of any Employee Benefit Plan or employment agreement that provides severance benefits. 
  
 5.4 No Right to Continued Employment or Benefits. No provision in this
Agreement shall create any third-party beneficiary or other right in any employee or former employee of any Seller or in any employee, partner or member or former employee, partner or member of Buyer or Zone Trading (including any beneficiary or
dependent of any thereof) in respect of continued employment, partnership or membership (or resumed employment, partnership or membership) with any Seller, Buyer or Zone Trading or in respect of any benefits that may be provided, directly or
indirectly, under any plan, agreement or arrangement maintained by any Seller, Buyer or Zone Trading. Except as may be otherwise expressly provided in this Agreement, neither Buyer nor Zone Trading is under any obligation to establish any
employment, partnership, membership or other relationship with any employee of the Sellers, provide any Transferred Employee with any particular compensation, distributions or benefits, or make any payments or provide any benefits to any employees
of the Sellers. 
  
 Article 6 
 SURVIVAL; INDEMNIFICATION 
  
 6.1 Survival of Representations and Warranties. All representations and warranties in this Agreement, and any right to indemnification with respect
thereto, shall survive the consummation of the transactions contemplated hereby and any investigation made by or on behalf of any party and continue for a period of one (1) year following the earlier of either the Second Closing Date or the
termination of this Agreement and shall then terminate (the “Rep Termination Date”); provided that if any claims have been asserted with respect to any such representations or warranties (including any claim of
indemnification with respect thereto) prior to the Rep Termination Date, the representations and warranties on which any such claims are based shall continue in effect until final resolution of any such claims, and provided, further,
that the representations and warranties in Sections 2.7 and 2.11 shall survive until thirty (30) days after expiration of the applicable statutes of limitations. 
  
 6.2 Indemnification by Sellers. 
  
 (a) Sellers shall indemnify and hold harmless Buyer, Zone Trading and Overunder, each of their respective Affiliates and
each of their respective officers, directors, members, employees, agents, heirs, successors, assigns and representatives (collectively, “Buyer Indemnitees”) from and against any and all liabilities, losses, damages, claims, costs
and expenses, interest, awards, judgments or penalties (including legal fees and expenses and interest on the amount of any of the foregoing at the Applicable Rate from the date suffered or incurred), whether now known or subsequently discovered (a
“Loss”) to the extent arising out of, resulting from, related to or caused by (i) any inaccuracy or misrepresentation in or breach of any of the representations or warranties made by, or any of the covenants or agreement of Sellers
or any of their Affiliates contained in, this Agreement or any of the Transaction Agreements; (ii) any Excluded Liability; (iii) the employment of any Transferred Employee prior to such Employee’s Employee Transition Date, the employment of any
other Employee, or the termination of any 
  

 31 

 Employee, by Sellers or any Affiliate of Sellers; or (iv) any claim by or on behalf of a Seller Assigned Employee arising
from Seller’s use of such Seller Assigned Employee pursuant to Section 5.2(c) hereof. 
  
 (b) Without limiting Section 6.2(a), Sellers shall indemnify and hold harmless the Buyer Indemnitees with respect to any Loss resulting from a
claim by any Person that the assignment by any Seller to Buyer of a Transferred Agreement constitutes a breach of such Transferred Agreement or is otherwise prohibited. 
  
 6.3 Indemnification by Buyer. Buyer shall indemnify and hold harmless Sellers and their Affiliates and each of their
respective officers, directors, members, employees, agents, heirs, successors, assigns and representatives (collectively, “Seller Indemnitees”) from and against any and all Losses to the extent arising out of, resulting from,
related to or caused by (i) any inaccuracy or misrepresentation in or breach of any of the representations or warranties made by, or any of the covenants or agreements of Buyer contained in, this Agreement; (ii) any Assumed Liability, (iii) the
employment of any Transferred Employee after such Employee’s Employee Transition Date (but excluding any liability related to Seller’s use of any Seller Assigned Employee pursuant to Section 5.2(c) hereof), or (iv) any assertion of
any Protrader Claims by the Protrader Claims Group or any one or more members thereof. 
  
 6.4 Indemnification Procedure. 
  
 (a) Whenever any Loss shall be asserted against or incurred by any Buyer Indemnitee or Seller Indemnitee, such Buyer Indemnitee or Seller Indemnitee (or, if not a party, the party that is related to such Buyer Indemnitee or Seller
Indemnitee) (the “Indemnified Party”), shall give written notice thereof (a “Claim”) to Sellers or Buyer, respectively (the “Indemnifying Party”). The Indemnified Party shall furnish to the
Indemnifying Party in reasonable detail such information as the Indemnified Party may have with respect to the Claim (including in any case copies of any summons, complaint or other pleadings that may have been served on it and any written claim,
demand, invoice, billing or other document evidencing or asserting the same). The failure to give such notice shall not relieve the Indemnifying Party of any of its indemnification obligations under this Agreement unless (and then only to the extent
that) such failure materially and adversely affects the ability of the Indemnifying Party to defend against the Claim. 
  
 (b) If the Claim is based on a claim of a Person that is not a party to this Agreement, the Indemnifying Party shall, at its expense, undertake the
defense of such Claim, with counsel of its own choice (such counsel being subject to written approval by the Indemnified Party, which approval shall not be unreasonably withheld or delayed), and shall pay any amounts in settlement and all costs and
damages awarded against or incurred by the Indemnified Party or any other Indemnified Person, with the Indemnifying Party having the right to control the defense and settlement of such Claim; provided, however, that (i) each
Indemnified Person shall have the right to participate in the defense of such matter with counsel of its own choice, but the fees and expenses of such counsel shall be at the expense of the Indemnified Person unless (x) in the Indemnified
Party’s reasonable judgment, based upon the advice of its counsel, it is advisable in light of the separate interests of the Indemnified Person and the Indemnifying Party for the Indemnified Person to be represented by separate counsel, or (y)
the 
  

 32 

 Indemnifying Party shall not have employed counsel to represent or defend the Indemnified Person within a reasonable time
after notice of the Claim; in either such case, the reasonable fees and expenses of separate counsel shall be paid by the Indemnifying Party; and (ii) the Indemnified Person shall approve in writing (such approval not to be unreasonably withheld or
delayed) any settlement or compromise, or any consent to the entry of any judgment with respect to the Claim, unless such settlement, compromise or consent includes as an unconditional term thereof the giving by each claimant or plaintiff to each
Indemnified Person of a release from all liability in respect to such Claim and there shall be no other terms or conditions as part of such settlement, compromise or consent that could reasonably be expected to materially and adversely affect any
such Indemnified Person. To the extent requested by the Indemnifying Party, each Indemnified Person agrees to reasonably cooperate with the Indemnifying Party and its counsel in connection with the Claim, provided that the Indemnifying Party
shall reimburse the Indemnified Person for any direct out-of-pocket expenses associated with the same. Each Indemnified Person and each Indemnifying Party shall use reasonable efforts to keep the other party informed at all times as to the status of
its efforts with respect to any Claim covered hereby and to consult with the other party concerning its efforts. 
  
 6.5 Limitation on Liability. Notwithstanding any other provision of this Agreement, neither Buyer nor Sellers shall have any liability for Losses
for breach of any of the representations and warranties made by such Persons in Article 2 or Article 3 hereof or for any indemnification with respect thereto until the aggregate amount of such Losses exceeds, on a cumulative basis,
$25,000, provided that, for the avoidance of doubt, once Losses have exceeded that amount, the responsible party shall be responsible for all such Losses, both above and below such amount. Notwithstanding any other provision of this Agreement, and
except as otherwise provided in the last sentence of Section 8.4(b) of the License-Back Agreement, Sellers, on the one hand, and Buyer, on the other hand, shall not have any liability for Losses (on a cumulative basis), whether pursuant to
the indemnification provisions hereof, any indemnification provisions under this Agreement, the Co-Location Agreement or the License-Back Agreement or otherwise, in excess, in the aggregate, of $7,750,000. 
  
 Article 7 
 TERMINATION 
  
 7.1 Termination of Agreement. This Agreement may be terminated at any time by mutual written consent of Sellers, Buyer, Zone Trading and Overunder. 
  
 Article 8 
 DEFINITIONS 
  
 8.1 Certain Definitions. In
addition to any terms defined elsewhere in this Agreement, the following terms shall have the following respective meanings as used in this Agreement: 
  
 “Affiliate” shall mean any Person controlling, controlled by, or under common control with, the Person in question. 
  

 33 

 “Applicable Law” shall mean all applicable federal, state, foreign and other laws and
all applicable rules, regulations, interpretations and orders of any relevant Authority. 
  
 “Applicable Rate” shall mean a rate per annum equal to the Prime Rate plus two (2) percentage points. 
  
 “Authority” shall mean any governmental, judicial, legislative, executive, administrative, or regulatory authority of the United States,
or any possession or territory thereof, or of any state, local, foreign or other government, of any other public or self-regulatory authority, commission, board, agency or other instrumentality (including the United States Securities and Exchange
Commission or any securities exchange or the National Association of Securities Dealers), or any subdivision or office of any of the foregoing. 
  
 “Burch” shall mean David R. Burch. 
  
 “Bunda” shall mean John Bunda. 
  
 “Business Day” shall mean any day except a Saturday, Sunday or other day in which commercial banks in New York, New York or Austin, Texas
are generally authorized to close. 
  
 “Buyer
Group” shall mean Buyer, Zone Trading and Overunder. 
  
 “Buyer Prohibited Business” shall mean (a) the operation of an ECN or (b) (i) securities trading for the account of any third party and/or (ii) facilitating execution of securities transactions for any third party as an
agent for such third party; provided, however, that such term does not include (x) securities trading for the account of, or facilitating the execution of securities transactions for, (i) any hedge fund, money management or automated
trading business in which Buyer, Zone Trading, Overunder, Burch, Jamail, Kershner or any of their respective Affiliates (collectively, the “Buyer Restricted Group”), or any one or more of the members of the Buyer Restricted Group, is a
principal or (ii) any Person under the Control of the Buyer Restricted Group or any one or more of the members of the Buyer Restricted Group; (y) securities trading on a principal trading basis with or without the use of external financing or
funding; or (z) securities trading for the account of, or facilitating the execution of securities transactions for, any Person with respect to which the primary direct or indirect beneficiary of such trading is a single individual, the members of
such individual’s family and/or related trusts. 
  
 “Cause” shall mean (i) the commission by an Employee of any act or omission that would constitute a felony under Applicable Law; (ii) the commission by an Employee of any act of moral turpitude; (iii) fraud, dishonesty or
other acts or omissions by an Employee that result in a breach of any fiduciary or other material duty of such Employee to any Seller or any one or more of Sellers’ Affiliates; (iv) continued alcohol or other substance abuse by the Employee
that renders the Employee incapable of performing his or her material duties to the satisfaction of any Seller or any one or more of Sellers’ Affiliates; (v) any act or omission by the Employee that is a violation of any Applicable Law or of
any applicable rule or regulation of any self-regulatory organization; or (vi) any failure by the Employee to act in the best interests of the stockholders of Parent. 
  

 34 

 “Control” shall mean the possession, direct or indirect, of the power to direct or cause
the direction of management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. 
  
 “Development Agreement” shall mean that one certain Development and Technical Services Agreement dated as of October 1, 2001 among PGLP,
Jamail, Burch and Kershner, as amended. 
  
 “Employee
Benefit Plans” shall mean “employee benefit plans” as defined in Section 3(3) of ERISA and any other plans, agreements or policies (including any severance policy), in any such case, pursuant to which Sellers have any continuing
obligation to provide compensation or other benefits to any Employee or any beneficiary thereof. 
  
 “Employee Transition Deadline” shall mean the earlier of the Second Closing or November 1, 2004. 
  
 “ERISA” shall mean the Employee Retirement Income Security
Act of 1974, as amended. 
  
 “Escrow Agreement”
shall mean that one certain Escrow Agreement dated as of October 1, 2001 by and among Overunder, Jamail, Burch, McEntire, Bunda, Horne, Van Eman, Young, Sellers and Comerica Securities, Inc., as escrow agent thereunder, as amended. 
  
 “Execution Agreement” shall mean that one certain Execution
Agreement dated as of October 1, 2001 by and among PSC, Zone Trading, Zone Equity, Jamail, Burch and Kershner, as amended. 
  
 “Existing Agreements” shall mean the Execution Agreement, the JBO Agreement, the Stock Purchase Agreement, the Interest Purchase
Agreement, the License Agreements and the Development Agreement. 
  
 “First Release Agreements” shall mean the Escrow Agreement, the Execution Agreement, the Interest Purchase Agreement, the License Agreements, the Development Agreement and (to the extent set forth in the First Release) the
Escrow Agreement. 
  
 “Governing Documents” shall
mean with respect to any particular entity, (a) if a corporation, the articles or certificate of incorporation and the bylaws; (b) if a general partnership, the partnership agreement and any statement of partnership; (c) if a limited partnership,
the limited partnership agreement and the certificate of limited partnership; (d) if a limited liability company, the certificate of formation and limited liability company agreement or regulations; (e) if another type of Person, any other charter
or similar document adopted or filed in connection with the creation, formation or organization of the Person; (f) all equityholders’ agreements, voting agreements, voting trust agreements, joint venture agreements, registration rights
agreements or other agreements or documents relating to the organization, management or operation of any Person or relating to the rights, duties and obligations of the equityholders of any Person; and (g) any amendment or supplement to any of the
foregoing. 
  

 35 

 “Gr8Trade System” shall mean all Versions of the Transferred Software, together with all
related hardware, software, networks, feeds, lines and systems, as may be necessary to operate and utilize the same in a production environment. 
  
 “Horne” shall mean Laura Horne. 
  
 “Indemnified Person” shall mean a Buyer Indemnitee or a Seller Indemnitee. 
  
 “Intellectual Property Rights” shall mean any intellectual property or proprietary rights in any
jurisdiction, whether owned or held for use under license, whether registered or unregistered, including such rights in and to: (i) trademarks and pending trademark applications, trade dress, service marks, certification marks, logos, trade names,
brand names, corporate names, assumed names and business names; (ii) issued patents and pending patent applications, and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications, reexaminations or
extensions thereof, any counterparts claiming priority therefrom, utility models, patents of importation/confirmation, certificates of invention, certificates of registration and like statutory rights; inventions, invention disclosures, discoveries
and improvements, whether patentable or not; (iii) copyrights, applications, registrations and renewals therefor, and works of authorship; (iv) trade secrets (including those trade secrets defined in the Uniform Trade Secrets Act and under
corresponding federal, state or foreign statutory or common law), business, technical and know-how information, non-public information, and confidential information and rights to limit the use or disclosure thereof by any Person; (v) mask works;
(vi) moral rights, author’s rights or rights of publicity; (vii) claims, causes of action and defenses relating to the enforcement of any of the foregoing; and (viii) the goodwill associated with each of the foregoing. For the avoidance of
doubt, “Intellectual Property Rights” includes any and all of the foregoing related to computer software, data files, source code, object code, application programming interfaces, techniques, methodologies, algorithms, processes,
theories, designs, concepts, product or other information, formulae, routines, results, specifications, objects, comments, screens, report formats, templates, menus, buttons, icons, files, manuals, documentation, specifications, databases or other
materials or information. 
  
 “Interest Purchase
Agreement” shall mean that one certain Interest Purchase Agreement dated as of July 23, 2001 between Sellers, Jamail, Burch, Overunder, McEntire, Bunda, Horne, Van Eman and Young, as amended. 
  
 “Jamail” shall mean David G. Jamail. 
  
 “JBO Agreement” shall mean that one certain Joint Back
Office Participation Agreement dated as of December 5, 2001 between ICS and Zone Trading, as amended. 
  
 “Knowledge” means the actual knowledge of Parent or ICS and any of the individuals listed on Schedule 8.1-A, without specific
investigation or inquiry by such Person. 
  
 “License
Agreements” shall mean those five (5) license agreements dated as of October 1, 2001 by and among Protrader Technologies and each of Zone Trading, Zone Equity, Jamail, Burch and Kershner, respectively, as amended. 
  

 36 

 “McEntire” shall mean John A. McEntire IV. 
  
 “Permitted Lien” shall mean any mortgage, pledge, lien,
security interest, encumbrance, charge or other claim of any kind (including any lien for taxes owed by PGLP or any Person that was then an Affiliate or predecessor of PGLP) on any Asset to the extent that (i) such encumbered Asset was owned by PGLP
(or any Person that was then an Affiliate or predecessor of PGLP) prior to October 1, 2001, and (ii) such encumbrance arose prior to October 1, 2001. 
  
 “Person” shall mean an individual, partnership, joint venture, corporation, trust, limited liability company, unincorporated
organization, association, joint stock company, Authority, or any other form of association or entity. 
  
 “Prime Rate” shall mean the “prime rate” as published from time to time in The Wall Street Journal (currently in the
“Money Rates” section) or, in the event that such rate is no longer published in the Wall Street Journal, then the prime rate as published in another periodical of general circulation selected by Buyer. In the event more than one
such rate, or a range of such rates, is published, then the Prime Rate shall be the highest of such rates. 
  
 “Protrader Claims” shall mean the definition set forth on Schedule 8.1-B attached hereto. 
  
 “Related Trading Group” shall mean collectively Burch,
Jamail, Kershner, Overunder, Gammon LLC, a Delaware limited liability company, any of their respective Affiliates (other than Buyer or Zone) who currently have accounts with Sellers or any of Sellers’ Affiliates and/or any of their respective
immediate family members who currently have accounts with Sellers or any of Sellers’ Affiliates. 
  
 “Released Claims” shall mean all claims that are to be released pursuant to the First Release or the Second Release, as applicable.

  
 “Second Closing Conditions” shall mean that:

  
 (a) Each of Andrew Banhidi and Schulz have agreed in writing
(such agreement not to be unreasonably withheld or delayed) that each of the items described on Schedule 1.12 has been accomplished; and 
  
 (b) Sellers shall have terminated all End-User Licenses and removed all customers from Gr8Trade, with no liability to Buyer, except as provided in
Section 4.2(d). 
  
 “Seller Group”
shall mean Sellers and the Protrader Entities. 
  
 “Seller
Prohibited Business” shall mean (i) securities trading for the account of any Seller or any one or more of their respective Affiliates in a proprietary capacity whether partially or completely funded by any Seller or one or more of their
respective Affiliates, or (ii) securities trading for the account of any other Person that is funded in part or completely by any Seller or one or more of their respective Affiliates; provided, however, that any securities trading for
the account of any Seller or one or more of their respective Affiliates in a proprietary capacity or for the account of any such Person that is funded in part or completely by any Seller or one or more 
  

 37 

 of their respective Affiliates and done for the specific purpose of reversing, correcting, completing or otherwise
remedying any trading errors or in order to facilitate customer transactions shall not be considered, for the purposes of this definition, a Seller Prohibited Business. 
  
 “Smart Router” shall mean Sellers’ proprietary order-routing technology that allows Sellers’
customers to route and execute market orders in more than one venue. 
  
 “Stock Purchase Agreement” shall mean that certain Stock Purchase Agreement dated as of December 5, 2001 between ICS and Zone Trading, as amended. 
  
 “Taxes” shall mean all sales and use taxes, real and personal property taxes, gross receipts taxes,
documentary transfer taxes, employment taxes, withholding taxes and other similar taxes or similar governmental charges, including any interest, penalties or additions to tax in respect thereto, under any federal, state, local, foreign or other
applicable tax law. 
  
 “Transaction Agreements”
shall mean this Agreement, the Bill of Sale, the Assignment and Assumption Agreement, the Assignment of Copyrights, the Assignment of Servicemarks and Trademarks, the First Release, the Second Release, the License-Back Agreement, the Co-Location
Agreement, the PGLP Assignment, the Protrader Management Assignment and any other document executed in connection with this Agreement. 
  
 “Transition Period” shall mean the period between the Effective Time of the First Closing and the Effective Time of the Second Closing,
provided, however, that, at Buyer’s sole election, the Transition Period shall be deemed to have expired if the Second Closing shall not have occurred prior to December 1, 2004. 
  
 “Van Eman” shall mean Currin Van Eman. 
  
 “Versions” shall mean, with respect to any software, all
versions or releases of any thereof (whether past versions or releases, shipping versions or releases, or versions or releases currently under development, and whether English or foreign language versions or releases). 
  
 “Young” shall mean Shane Young. 
  
 8.2 Certain Other Defined Terms. The following terms used in this
Agreement are defined in the respective sections set forth below: 
  

			
	 Term

	 	 Defined in Section

	Affiliate	 	Section 8.1
	Agreement	 	Preamble
	Agreement Confidential Information	 	Section 4.5(a)
	Allocation Amount	 	Section 1.8(b)
	Applicable Law	 	Section 8.1
	Applicable Rate	 	Section 8.1
	Approved Customers	 	Section 4.2(d)
	Approved Licenses	 	Section 1.13(b)

  

 38 

			
	 Term

	 	 Defined in Section

		
	 Assets
	 	 Section 1.1

	Assumed Liabilities	 	Section 1.4
	Authority	 	Section 8.1
	Bonus Date	 	Section 1.13
	Books and Records	 	Section 1.1(h)
	Bunda	 	Section 8.1
	Burch	 	Preamble
	Business Day	 	Section 8.1
	Buyer	 	Preamble
	Buyer Group	 	Section 8.1
	Buyer Indemnitees	 	Section 6.2(a)
	Buyer Prohibited Business	 	Section 8.1
	Cause	 	Section 8.1
	CBX	 	Section 4.15
	Chosen Courts	 	Section 9.8(a)
	Claim	 	Section 6.4(a)
	Clearing Transition Date	 	Section 4.13(a)
	Co-Location Agreement	 	Section 1.11(h)
	Common Product Elements	 	Section 1.3(a)
	Consideration	 	Section 1.8(a)
	Contingent Transferred Agreement	 	Section 4.2(a)
	Control	 	Section 8.1
	Development Agreement	 	Section 8.1
	Documentation	 	Section 1.1(c)
	Early Satisfaction Date	 	Section 1.13
	Effective Date	 	Preamble
	Effective Time of the First Closing	 	Section 1.10
	Effective Time of the Second Closing	 	Section 1.12
	Employee Benefit Plans	 	Section 8.1
	Employees	 	Section 5.1
	Employee Transition Date	 	Section 5.1
	Employee Transition Deadline	 	Section 8.1
	End-User Licenses	 	Section 2.7(a)
	ERISA	 	Section 8.1
	Escrow Agreement	 	Section 8.1
	Excluded Assets	 	Section 1.3
	Excluded Liabilities	 	Section 1.5
	Exclusive Asset	 	Section 4.20
	Execution Agreement	 	Section 8.1
	Existing Agreements	 	Section 8.1
	First Closing	 	Section 1.10
	First Closing Date	 	Section 1.10
	First Release	 	Section 1.7(a)
	First Release Agreements	 	Section 8.1
	Form End-User License	 	Section 2.7(a)

  

 39 

			
	 Term

	 	 Defined in Section

	Governing Documents	 	Section 8.1
	Gr8Trade	 	Recitals
	Gr8Trade System	 	Section 8.1
	HFC Data Center	 	Section 4.12(b)
	Horne	 	Section 8.1
	ICS	 	Preamble
	Indemnified Party	 	Section 6.4(a)
	Indemnified Person	 	Section 8.1
	Indemnifying Party	 	Section 6.4(a)
	Intellectual Property Rights	 	Section 8.1
	Interest Purchase Agreement	 	Section 8.1
	Jamail	 	Preamble
	JBO Agreement	 	Section 8.1
	Kershner	 	Preamble
	Knowledge	 	Section 8.1
	Leased Equipment	 	Section 4.19
	License Agreements	 	Section 8.1
	License-Back Agreement	 	Section 1.11(g)
	Liens	 	Section 2.7(a)
	Loss	 	Section 6.2(a)
	McEntire	 	Section 8.1
	Noncompete Period	 	Section 4.17(a)
	Overunder	 	Preamble
	Parent	 	Preamble
	Pay-off Amount	 	Section 4.19
	Permits	 	Section 1.1(i)
	Permitted Lien	 	Section 8.1
	Person	 	Section 8.1
	PGLP	 	Preamble
	PGLP Assignment	 	Section 1.1(i)
	Portal Licenses	 	Section 2.7(a)
	Prime Rate	 	Section 8.1
	Protrader Claims	 	Section 8.1
	Protrader Claims Group	 	Recitals
	Protrader Entities	 	Preamble
	Protrader Management	 	Preamble
	Protrader Management Assignment	 	Section 1.1(j))
	Protrader Technologies	 	Preamble
	PSC	 	Preamble
	Related Trading Group	 	Section 8.1
	Released Claims	 	Section 8.1
	Rep Termination Date	 	Section 6.1
	Residual Knowledge	 	Section 4.6(a)
	Retained Products	 	Section 1.3(a)
	Schulz	 	Section 1.11(q)

  

 40 

			
	 Term

	 	 Defined in Section

		
	Second Closing	 	Section 1.12
	Second Closing Conditions	 	Section 8.1
	Second Closing Date	 	Section 1.12
	Second Release	 	Section 1.7(b)
	Sellers	 	Preamble
	Seller Assigned Employees	 	Section 5.2(c)
	Seller Group	 	Section 8.1
	Seller Indemnitees	 	Section 6.3
	Seller Prohibited Business	 	Section 8.1
	Smart Router	 	Section 8.1
	Stock Purchase Agreement	 	Section 8.1
	Tangible Assets	 	Section 1.1(g)
	Taxes	 	Section 8.1
	Testing Materials	 	Section 1.1(b)
	Transaction Agreements	 	Section 8.1
	Transferred Agreements	 	Section 1.1(f)
	Transition Assets	 	Section 4.12(b)
	Transferred Employee	 	Section 5.1
	Transferred Internet Assets	 	Section 1.1(e)
	Transferred IP	 	Section 1.1(k)
	Transferred Marks	 	Section 1.1(d)
	Transferred Software	 	Section 1.1(a)
	Transition Assets	 	Section 4.12(b)
	Transition Period	 	Section 8.1
	Van Eman	 	Section 8.1
	Versions	 	Section 8.1
	Wage Claims	 	Section 2.17
	Young	 	Section 8.1
	Zone Trading	 	Preamble

  

 41 

 Article 9 
 GENERAL TERMS AND CONDITIONS 
  
 9.1 Notices. Any notice or other communication required or permitted to be sent hereunder to any party under this Agreement shall be in writing and either delivered (including delivery by personal delivery, by telecopy or by courier
service) or mailed by registered or certified mail, properly stamped and addressed to the party entitled to receive such notice or other communication at the address reflected below or at such other address as such party shall request in a written
notice sent to the sending party: 
  

	(1)	If to Sellers: 

  
 Instinet Group Incorporated 
 3 Times Square
New York, 
 New York 10036 
 Attention: Paul A. Merolla 
 Facsimile Number: (212) 593-8040 
 Phone Number: (212) 310-7548 
  
 With a copy to: 
  
 Cleary, Gottlieb, Steen & Hamilton 
 One
Liberty Plaza 
 New York, New York 10006 
 Attention: Yvette Teofan 
 Facsimile Number: (212) 225-3999 
 Phone Number: (212) 225-2636 
  

	(2)	If to Buyer: 

  
 Zone Trading Partners, LLC 
 805 Las Cimas
Parkway 
 Suite 100 
 Austin,
Texas 78746 
 Attention: Jane E. Harvey 
 Facsimile Number: (512) 306-1192, ext. 227 
 Phone Number: (512) 306-1513 
  
 With a copy to: 
  
 James M. Laughead 
 Graves, Dougherty, Hearon & Moody 
 2300
Bank of America Tower 
 Austin, Texas 78701 
 Facsimile Number: (512) 478-1976 
 Phone Number: (512) 480-5654 
  

	(3)	If to Overunder: 

  
 Overunder, LLC 
 805 Las Cimas Parkway

 Suite 100 
 Austin, Texas 78746

 Attention: Andrew Kershner 
 Facsimile Number: (512) 306-1192 
 Phone Number: (512) 306-1513 
  

 42 

 with a copy to: 
  

Phillip M. Slinkard, Esq. 
 Hughes &
Luce, LLP 
 111 Congress Ave., Suite 900 
 Austin, Texas 78701 
 Facsimile Number: (512) 482-6854 
 Phone Number: (512) 482-6803 
  
 Such notice shall
be deemed effective as of the date of delivery (if delivered in the manner set forth above) or three (3) days after the date of mailing (if mailed in the manner set forth above). 
  
 9.2 No Agency. This Agreement shall not constitute an appointment of any of the parties hereto as the legal
representative or agent of any other party hereto nor shall any party hereto have any right or authority to assume, create or incur in any manner any obligation or other liability of any kind, express or implied, in the name or on behalf of the
other party hereto. 
  
 9.3 Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under Applicable Law, but if any provision of this Agreement, or the application thereof to any Person or under any circumstances, shall be
invalid or unenforceable to any extent under Applicable Law, and the extent of such invalidity or unenforceability does not cause substantial deviation from the underlying intent of the parties as expressed in this Agreement, then such provision
shall be deemed severed from this Agreement with respect to such Person or circumstances, without invalidating the remainder of this Agreement or the application of such provision to other Persons or circumstances, and a new provision shall be
deemed to be substituted in lieu of the provision so severed, which new provision shall, to the extent possible, accomplish the intent of the parties hereto as evidenced by the provision so severed. 
  
 9.4 Assignment and Succession. Except as expressly permitted herein,
no party may assign or otherwise transfer any rights, interests or obligations under this Agreement without the prior written consent of the other party, which consent may be withheld in the sole and absolute discretion of such party for any reason
whatsoever or for no reason, and any attempted assignment in violation of this provision shall be void and of no effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and
permitted assigns. 
  
 9.5 Amendments and Waivers; Certain
Notices. No waiver of any provision of this Agreement, or any consent to any departure by any party therefrom, shall be effective unless made in writing and signed by the party to be charged with the waiver or consent. Any waiver or consent
shall be effective only in the specific instance and for the specific purpose for which it was given. This Agreement may only be amended by written agreement executed by each of the parties hereto. No notice to or demand on any party in any case
shall entitle such party or any other Person to any other or further notice or demand in similar or other circumstances. 
  
 9.6 Further Assurances. Each of the parties hereto agrees that, from and after each Closing, upon the reasonable request of the other party hereto
and without further consideration, 
  

 43 

 such party will execute and deliver to such other party such documents and further assurances and will take such other
actions (without cost to such party) as such other party may reasonably request in order to carry out the purpose and intention of this Agreement, including the effective consummation of all of the transactions contemplated by this Agreement, and
the correction of errors and defects in this Agreement and any of the Transaction Agreements, documents or instruments executed in connection with this Agreement. 
  
 9.7 Absence of Third-Party Beneficiaries. With the exception of the representations, warranties and covenants made
herein by Sellers, the Protrader Entities and their Affiliates for the benefit of each member of the Protrader Claims Group and the Related Trading Group, no provisions of this Agreement, express or implied, are intended or shall be construed to
confer upon or give to any Person other than the parties hereto, any rights, remedies or other benefits under or by reason of this Agreement except as specifically provided in Section 6.2 or Section 6.3 hereof, and except as so
provided, all provisions hereof shall be personal solely between the parties to this Agreement. 
  
 9.8 Governing Law, Etc. 
  
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS THEREOF. Each of the parties irrevocably and unconditionally agrees (i) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, (ii) that, to the extent such Party is
not otherwise subject to service of process in the State of Delaware, it will appoint (and maintain an agreement with respect to) an agent in the State of Delaware as such Party’s agent for acceptance of legal process (provided that any
obligation under this clause (ii) shall terminate six (6) years after the First Closing Date), (iii) that, to the fullest extent permitted by Applicable Law, service of process may also be made on such Party by prepaid certified mail with a
validated proof of mailing receipt constituting evidence of valid service, and (iv) that service made pursuant to (ii) or (iii) above shall, to the fullest extent permitted by Applicable Law, have the same legal force and effect as if served upon
such Party personally within the State of Delaware. Each party irrevocably agrees for the exclusive benefit of the other parties hereto that the U.S. District Court for the District of Delaware, the Chancery Court of the State of Delaware, the
Superior Court of the State of Delaware or the Supreme Court of the State of Delaware (the “Chosen Courts”) shall have jurisdiction to hear and determine or settle any dispute that may arise out of or in connection with this
Agreement and that accordingly any suit, action or proceedings arising out of or in connection with this Agreement may be brought in the Chosen Courts. 
  
 (b) Each party hereto irrevocably waives any objection to the venue of the courts designated in this Section 9.8 (whether on the basis of forum
non conveniens or otherwise), and accepts and submits to the jurisdiction of such courts in connection with any legal action or proceeding against it arising out of or concerning this Agreement.  
  
 9.9 Interpretation. When a reference is made in this Agreement to any
Schedule or Exhibit, such reference shall be to a schedule or exhibit to this Agreement unless otherwise indicated. Each instance in this Agreement of the words “include,” “includes,” and “including” 
  

 44 

 shall be deemed to be followed by the words “without limitation.” As used in this Agreement, the term
“days” means calendar days, not Business Days, unless otherwise specified. Unless otherwise specified, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as
a whole and not to any particular article, section, paragraph, subparagraph, schedule, exhibit, addendum or other subdivision. Similarly, unless otherwise specified, the words “therein,” “thereof” and “thereunder” and
other words of similar import refer to a particular agreement or other instrument as a whole and not to any particular article, section, paragraph, subparagraph, schedule, exhibit, addendum or other subdivision. Unless otherwise specified, any
reference to articles, sections or clauses are to articles, sections or clauses of this Agreement. Unless otherwise specified, references to any document or agreement, including this Agreement, shall be deemed to include references to such document
or agreement as amended, supplemented or replaced from time to time in accordance with its terms and (where applicable) subject to compliance with the requirements set forth therein. Unless otherwise specified, references to any party to this
Agreement or any other document or agreement shall include the heirs, successors and permitted assigns of such party. Unless otherwise specified, any reference to a statute includes and refers to the statute itself, as well as to any rules and
regulations made and duly promulgated pursuant thereto, and all amendments made thereto and in force currently from time to time and any statutes, rules or regulations thereafter duly made, enacted and/or promulgated, as may be appropriate, and/or
any other governmental actions thereafter duly taken from time to time having the effect of supplementing or superseding such statute, rules, and/or regulations. The language in all parts of this Agreement shall be in all cases construed according
to its plain meaning and not strictly for or against one or more of the parties hereto. Any table of contents or headings contained in this Agreement are for reference purposes only and shall not be construed to affect the meaning or interpretation
of this Agreement. When required by the context, (i) whenever the singular number is used in this Agreement, the same shall include the plural, and the plural shall include the singular; and (ii) the masculine gender shall include the feminine and
neuter genders and vice versa. Unless the context requires otherwise, derivative forms of any capitalized term defined in this Agreement shall have the comparable meaning to that of such term. 
  
 9.10 Entire Agreement. The Transaction Agreements (together with the
schedules and exhibits hereto and thereto) supersede any other agreement, whether written or oral, that may have been made or entered into by the parties hereto or thereto (or by any representative of any thereof) relating to the matters
contemplated hereby and thereby. The Transaction Agreements (together with the schedules and exhibits hereto and thereto) constitute the entire agreement by and among the parties hereto and thereto and there are no agreements or commitments with
respect to the subject matter thereof except as expressly set forth herein or therein. The parties acknowledge and agree that this Agreement and such other writings constitute the agreements necessary to accomplish the transactions contemplated by
this Agreement and are parts of an integrated arrangement between the parties with respect to the subject matter hereof or thereof, and that separate agreements have been used for the sake of convenience. The Exhibits and Schedules to this Agreement
shall constitute an integral part of this Agreement. To the extent that any of the Assets constitute “Confidential Information” under the Non-Disclosure Agreement dated February 2, 2004 between Parent and Zone Trading, Zone Trading and its
Affiliates are hereby released from any obligation under such Non-Disclosure Agreement with respect to such “Confidential Information.” 
  

 45 

 9.11 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one and the same instrument. Execution and delivery of this Agreement by exchange of facsimile copies bearing the facsimile signature of a party hereto shall constitute a valid and
binding execution and delivery of this Agreement by such party. Such facsimile copies shall constitute enforceable original documents. 
  
 9.12 Expenses. Except as otherwise specified in this Agreement, each of the parties agrees to pay its own expenses in connection with the
transactions contemplated by this Agreement, including without limitation legal, consulting, accounting and investment banking fees, whether or not such transactions are consummated. 
  
 9.13 Remedies. Except as may be specifically provided in this Agreement, (i) in the event of a breach or threatened
breach by any party of any provision of this Agreement, then, in addition to any other available remedies to which the other party or parties may be entitled, including termination, specific performance and the recovery of damages, the other party
or parties shall be entitled to an injunction restraining such party from breaching or attempting to breach, in whole or in part, any of the provisions of this Agreement, and (ii) in the event of a breach by any party of any provision of this
Agreement, the nonbreaching or (in the event of litigation) the prevailing party or parties shall be entitled to recover from the breaching or nonprevailing party or parties all reasonable costs and attorneys’ fees incurred by the nonbreaching
or prevailing party or parties in seeking any of such remedies. 
  
 [Signature Page Follows] 
  

 46 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties this 28th
day of May, 2004, to be effective as of the Effective Date. 
  

			
	SELLERS:
	
	 INSTINET GROUP INCORPORATED

		
	 By:
	 	 /s/ John F. Fay

		
	 	 	 John F. Fay

 (Print Name)

		
	 	 	 Chief Financial Officer

 (Print Title)

	
	 INSTINET CLEARING SERVICES, INC.

		
	 By:
	 	 /s/ Alexander Goor

		
	 	 	  

 Alexander
Goor

		
	 	 	  

 Executive Vice
President

	
	PROTRADER ENTITIES:
	
	 PROTRADER GROUP LIMITED PARTNERSHIP

		
	 By:
	 	 ProTrader Group Management, LLC,
 General
Partner

		
	 By:
	 	Instinet Group Incorporated, its Manager
		
	 By:
	 	 /s/ John F. Fay

		
	 	 	  

 John F.
Fay

		
	 	 	  

 Chief Financial
Officer

  

 47 

			
	 PROTRADER GROUP MANAGEMENT, LLC

		
	 By:
	 	Instinet Group Incorporated, its Manager
		
	 By:
	 	 /s/ John F. Fay

		
	 	 	  

 John F.
Fay

		
	 	 	  

 Chief Financial
Officer

	
	 PROTRADER SECURITIES, LP

		
	 By:
	 	 /s/ John F. Fay

		
	 	 	  

 John F.
Fay

		
	 	 	  

 Chief Financial
Officer

	
	 INSTINET BROKERAGE SOLUTIONS, L.P.

		
	 By:
	 	 Protrader Technologies Management,
 LLC, General
Partner

		
	 By:
	 	Instinet Group Incorporated, its Manager
		
	 By:
	 	 /s/ John F. Fay

		
	 	 	  

 John F.
Fay

		
	 	 	  

 Chief Financial
Officer

  

 48 

			
	BUYER:
	
	 ZONE TECHNOLOGY PARTNERS, LLC

		
	 By:
	 	 /s/ Jane Harvey

		
	 	 	  

 Jane
Harvey

		
	 	 	  

 President

	
	 ZONE TRADING PARTNERS, LLC

		
	 By:
	 	 /s/ Jane Harvey

		
	 	 	  

 Jane
Harvey

		
	 	 	  

 President

	
	 OVERUNDER, LLC

		
	 By:
	 	 /s/ Andrew S. Kershner

	 	 	 Andrew S. Kershner, Co-Trustee of the
 Trust Agreement
of Andrew S. Kershner,
 dated November 30, 2001,
 Sole
Member

		
	 By:
	 	 /s/ Susan H. Graf

	 	 	 Susan H. Graf, Co-Trustee of the
 Trust Agreement of
Andrew S. Kershner,
 dated November 30, 2001,
 Sole
Member

  
 The undersigned
is executing this Agreement solely for purposes of Section 4.17 hereof: 
  

	
	
	 /s/ Andrew S. Kershner

 ANDREW S. KERSHNER

  

 49 

 EXHIBITS 
  

			
	 Exhibit A
	 	First Release
	 Exhibit B
	 	Second Release
	 Exhibit C
	 	Bill of Sale
	 Exhibit D
	 	Assignment and Assumption Agreement
	 Exhibit E
	 	Assignment of Copyrights
	 Exhibit F
	 	Assignment of Servicemarks and Trademarks
	 Exhibit G
	 	License-Back Agreement
	 Exhibit H
	 	Co-Location Agreement
	 Exhibit I
	 	PGLP Assignment
	 Exhibit J
	 	Protrader Management Assignment
	 Exhibit K
	 	Patent Assignment
	 Exhibit L
	 	Non-Compete Agreement

  
 SCHEDULES 
  

			
	 Schedule 1.1(a)
	 	Transferred Software
	 Schedule 1.1(b)
	 	Testing Materials
	 Schedule 1.1(c)
	 	Documentation
	 Schedule 1.1(d)
	 	Names and Marks
	 Schedule 1.1(e)
	 	Transferred Internet Assets
	 Schedule 1.1(f)
	 	Transferred Agreements
	 Schedule 1.1(g)
	 	Tangible Assets
	 Schedule 1.1(h)
	 	Books, Records and Other Materials
	 Schedule 1.1(i)
	 	Permits
	 Schedule 1.2
	 	Ownership Percentages of Protrader Claims Group
	 Schedule 1.3(a)-1
	 	Retained Products
	 Schedule 1.3(a)-2
	 	Certain Common Product Materials
	 Schedule 1.3(b)
	 	Retained Names and Marks
	 Schedule 1.4(ii)
	 	Certain Assumed Liabilities
	 Schedule 1.8(b)
	 	Allocation of Consideration from Escrow Accounts
	 Schedule 1.12
	 	Certain Conditions to the Second Closing
	 Schedule 2.4
	 	Consents and Approvals
	 Schedule 2.7(b)-1
	 	End-User Licensees
	 Schedule 2.7(b)-2
	 	Form End-User License
	 Schedule 2.9(d)
	 	Intellectual Property Matters
	 Schedule 2.14(a)
	 	Litigation
	 Schedule 2.18
	 	Certain Agreements
	 Schedule 3.6
	 	Certain Proceedings Regarding Buyer
	 Schedule 4.10
	 	Covenant Regarding Protrader Claims
	 Schedule 4.12(a)
	 	Certain Resources
	 Schedule 4.12(b)
	 	Certain Transition Agreements for Austin Co-Location Facility
	 Schedule 4.19
	 	Leased Equipment
	 Schedule 5.1
	 	Employees
	 Schedule 5.2(c)
	 	Certain Terms related to Seller Assigned Employees

			
	 Schedule 5.3
	 	Benefits to Transferred Employees
	 Schedule 8.1-A
	 	Knowledge
	 Schedule 8.1-B
	 	Definition of Protrader Claims

  

 2Co-Location Agreement

 Exhibit 10.4 
  
 EXECUTION VERSION 
  
 CO-LOCATION AGREEMENT 
  
 This Co-Location Agreement (together with the Attachments and Schedules hereto, this “Agreement”) is entered into by and between Instinet
Group Incorporated, a Delaware corporation (“Instinet”), and Zone Technology Partners, LLC, a Texas limited liability company (“Subscriber”), to be effective as of June 1, 2004 (the “Effective
Date”). The parties hereby agree as follows: 
  
 1. DEFINITIONS. 
  
 In addition to any capitalized terms
defined elsewhere in this Agreement, the following capitalized terms used herein shall have the meanings specified in this Article 1: 
  
 1.1. Acceptance Requirements. “Acceptance Requirements” has the meaning given that term in Section 2.1.2. 
  
 1.2. Actual Operational Minutes. “Actual Operational
Minutes” means, for any period, the Possible Operational Minutes in such period minus the aggregate number of minutes in such period during which traders are attempting to issue trades or obtain feeds through the Subscriber Systems but are
unable to do so because of an outage caused by a failure of Instinet’s power, air conditioning, equipment, networks or systems, or configuration or hardware, or by Instinet’s operational errors, multiplied by the total number of end-users
so unable to issue trades through the Subscriber Systems during such period as a result of such failures. For the avoidance of doubt, Actual Operational Minutes shall not be reduced (i) after the Services Commencement Date, due to outages caused by
flaws in the software installed on the Subscriber Systems, (ii) due to any outages caused by any modifications by Subscriber to any software installed on the Subscriber Systems or (iii) due to a Force Majeure Event. 
  
 1.3. Additional Equipment. “Additional Equipment” has the
meaning given that term in Section 2.2.1. 
  
 1.4.
Affiliates. “Affiliates” means any Person controlling, controlled by, or under common control with, the Person in question. 
  
 1.5. Agreement Confidential Information. “Agreement Confidential Information” has the meaning given that term in Section 4.1.4.

  
 1.6. Applicable Law. “Applicable Law” means
all applicable federal, state, foreign and other laws and all applicable rules, regulations, interpretations and orders of any relevant Authority. 
  
 1.7. Asset Purchase Agreement. “Asset Purchase Agreement” means that certain Asset Purchase Agreement dated June 1, 2004 by and between
Instinet, Subscriber and certain other parties. 
  
 1.8.
Authority. “Authority” means any governmental, judicial, legislative, executive, administrative, or regulatory authority of the United States, or any possession or territory thereof, or of any state, local, foreign or other
government, of any other public or self-regulatory authority, commission, board, agency or other instrumentality (including the United States Securities and Exchange Commission or any securities exchange or the National Association of Securities
Dealers), or any subdivision or office of any of the foregoing. 
  
 1.9. Benefit Plans. “Benefit Plans” has the meaning given that term in Section 2.2.8. 
  
 1.10. Building. “Building” means the building generally known as “Harborside Financial Center” or “HFC” and located
at 10 Second Street, Jersey City, New Jersey. 

 1.11. Chosen Courts. “Chosen Courts” has the meaning given that term in Section
12.4. 
  
 1.12. Data Center. “Data Center”
means the data center facility located at the Building, which is operated and controlled by Instinet, and at which Instinet shall provide the majority of the Services. 
  
 1.13. Dispute Period. “Dispute Period” has the meaning given that term in Section 3.3. 

 
 1.14. First Closing. “First Closing” has the meaning
given that term in the Asset Purchase Agreement. 
  
 1.15.
Force Majeure Event. “Force Majeure Event” means any event beyond the reasonable control of a party including acts of God, fires, floods, vandalism, sabotage, war, terrorist action, riot, civil commotion, rebellion, general labor
stoppage, interruptions in telecommunications or utilities services, acts of any government, regulatory or any other competent authority or compliance with any law or governmental or regulatory order, rule, regulation or direction. For avoidance of
doubt, a Force Majeure Event shall include any failure, malfunction or error of any telecommunications, computer or other electrical, mechanical or technological application, service or system or any computer virus to the extent the same is beyond
the party’s reasonable control, but with respect to Instinet shall not include problems caused by flaws in the Gr8Trade System (as defined in the Asset Purchase Agreement) prior to the Services Commencement Date. Market conditions and/or
fluctuations (including a downturn in either party’s business) will not be deemed Force Majeure Events. 
  
 1.16. Initial Installation. “Initial Installation” has the meaning given that term in Section 2.1.2. 
  
 1.17. Initial Term. “Initial Term” has the meaning given
that term in Section 9.1. 
  
 1.18. Instinet’s
Agents. “Instinet’s Agents” has the meaning given that term in Section 2.2.8. 
  
 1.19. Lien. “Lien” has the meaning given that term in the Asset Purchase Agreement. 
  
 1.20. Losses. “Losses” has the meaning given that term in
Section 8.1. 
  
 1.21. Person. “Person”
means an individual, partnership, joint venture, corporation, trust, limited liability company, unincorporated organization, association, joint stock company, Authority, or any other form of association or entity. 
  
 1.22. Possible Operational Minutes. Possible Operational Minutes
means, for any period, the total number of minutes in such period during which the financial markets are open and accepting orders multiplied by the total number of end-users of the Subscriber Systems during such period. 
  
 1.23. Project Plan. “Project Plan” has the meaning given
that term in Section 2.1.1. 
  
 1.24. Purchased
Equipment. “Purchased Equipment” means all computer equipment, accessories, peripherals, software and other materials that (i) were acquired by Subscriber from Instinet pursuant to the terms of the Asset Purchase Agreement, and (ii)
are designated to be located at the Data Center by Subscriber prior to the Service Commencement Date with Instinet’s prior consent, which shall not be unreasonably withheld or delayed. 
  
 1.25. Recipient. “Recipient” has the meaning given that term
in Section 4.1.2. 
  
 1.26. Renewal Term.
“Renewal Term” has the meaning given that term in Section 9.1. 
  

 2 

 1.27. Representative(s). “Representative(s)” means a maximum of eight (8) individuals
(inclusive of Subscriber employees and non-employee individuals approved by Instinet under this Section) authorized by Subscriber in writing from time to time to have access to the Subscriber Cabinet; provided, that except as provided in this
Section, all such individuals shall be employees of Subscriber or its Affiliates. Individuals who are not employees of Subscriber or its Affiliates may be Representatives only upon the written agreement of Instinet and Subscriber, which shall not be
unreasonably withheld or delayed. In the event that Instinet withholds such agreement with respect to a non-employee individual proposed by Subscriber, Instinet shall, simultaneously with notice of such non-acceptance, provide Subscriber with a list
of no less than three (3) individuals or firms who would be acceptable to Instinet. For the avoidance of doubt, the term “Representative” shall not include any individual who was previously authorized by Subscriber but with respect to whom
Subscriber has notified Instinet in writing (including by email) that such individual is no longer authorized and who no longer remains on the most current list of Representatives provided to Instinet; provided, that Subscriber shall provide
Instinet with at least one business days’ (or such commercially reasonable shorter period in case of emergency, including any failure of the Subscriber Systems to operate properly) prior written notice of any revocation of any
Representative’s authority and/or any change to the list of Representatives. 
  
 1.28. Second Closing. “Second Closing” has the meaning given that term in the Asset Purchase Agreement. 
  
 1.29. Second Closing Conditions. “Second Closing Conditions” has the meaning given that term in the Asset Purchase Agreement. 

 
 1.30. Services Commencement Date. “Services Commencement
Date” has the meaning given that term in Section 2.1.3. 
  
 1.31. Service Level Agreements (SLAs). “Service Level Agreements” or “SLAs” means the specific performance standards and metrics applicable to the Services, as listed on Schedule 5.1 to this Agreement.

  
 1.32. Service Outage. “Service Outage” means
the total number of Actual Operational Minutes during any 5-day period divided by the total number of Possible Operational Minutes in such period, expressed as a percentage, has fallen below 98.5%. 
  
 1.33. Services. “Services” means Instinet’s provision
of equipment cabinet space, electrical power, air-conditioning for equipment cooling, telecommunications connectivity to Subscriber circuits, four (4) category 6 connections for Subscriber telecommunications connectivity, analog dial-tone service
(if ordered by Subscriber from time to time), 100Mb Instinet network connection, delivery of multicast market data to the Subscriber Systems and all other services to be provided by Instinet pursuant to and in accordance with this Agreement.

  
 1.34. Special Damages. “Special Damages” has
the meaning given that term in Section 11.1. 
  
 1.35.
Specifications. “Specifications” has the meaning given that term in Section 2.1.2. 
  
 1.36. Subscriber Cabinet. “Subscriber Cabinet” has the meaning given that term in Section 2.2.2. 
  
 1.37. Subscriber’s Agents. “Subscriber’s Agents”
has the meaning given that term in Section 2.2.8. 
  

 3 

 1.38. Subscriber Systems. “Subscriber Systems” has the meaning given that term in
Section 2.2.1. 
  
 1.39. Transition Period.
“Transition Period” has the meaning given that term in the Asset Purchase Agreement. 
  
 2. SERVICES. 
  
 2.1 Purchased Equipment De-installation and Installation to Subscriber Cabinet. 
  
 2.1.1 During the Transition Period, Instinet shall relocate the Purchased Equipment to the Subscriber Cabinet in accordance
with the project plan attached hereto as Schedule 2.1.1, as the same may be amended from time to time upon agreement by Instinet and Subscriber in writing (the “Project Plan”). Instinet will use commercially reasonable
efforts to minimize disruption to the Subscriber Systems in connection with such relocation. 
  
 2.1.2 Promptly upon relocating any item, or related group of items, of Purchased Equipment to the Subscriber Cabinet, Instinet shall provide all services, and shall take or cause to be taken such other actions, as may
be necessary for proper installation of such Purchased Equipment in the Subscriber Cabinet (the “Initial Installation”) based on the specifications to be developed by the parties as described in Section 1 of Schedule
2.1.2 to this Agreement, as the same may be amended from time to time upon agreement by Instinet and Subscriber in writing (the “Specifications”), including all site preparation. Upon completion of the Initial Installation, and
compliance by Instinet with the Project Plan, Instinet shall provide notice to Subscriber that, in Instinet’s opinion, the Subscriber Systems have been properly installed in the Subscriber Cabinet in accordance with this Agreement and are ready
for testing for compliance with this Agreement (to the extent the same applies to the Initial Installation), the Second Closing Conditions (to the extent that the same apply to the Subscriber Systems), the tests described on Schedule 2.1.2
and such other acceptance procedures as may be agreed upon by the parties in writing (collectively, the “Acceptance Requirements”). 
  
 2.1.3 Following the receipt by Subscriber of the notice referred to in Section 2.1.2 above, Instinet and Subscriber shall promptly determine
whether the Acceptance Requirements have been met. The later of the date that (i) the Second Closing Conditions have been satisfied and (ii) Andrew Banhidi and Bob Schulz have reasonably agreed in good faith in writing that the Acceptance
Requirements have been met shall be deemed the “Services Commencement Date” under this Agreement. In the event that the Acceptance Requirements have not been met, Instinet, at its own expense except as provided in Section
3.2, shall take or cause to be taken all reasonable actions (including modification, adjustment, repair or replacement of the Subscriber Cabinet or any equipment, systems or infrastructure used by Instinet) reasonably necessary to satisfy the
Acceptance Requirements. 
  
 2.2 Services at Data Center.

  
 2.2.1 General. In the event Subscriber seeks to
deliver or cause to be delivered to the Subscriber Cabinet, from time to time during the term of this Agreement, additional computer equipment, accessories, peripherals, software or other materials (collectively, “Additional
Equipment”) to be covered by the Services, then Subscriber shall so notify Instinet. Subscriber shall provide Instinet with such information as Instinet may reasonably request to enable Instinet to determine, based on space availability and
Data Center infrastructure and logistical requirements, whether to permit Subscriber to deliver and/or install any Additional Equipment. Within one (1) business day following receipt of all such information, Instinet shall notify Subscriber whether
such permission is granted (which shall not be 
  

 4 

 unreasonably withheld or conditioned) and, if so, any additional reasonable requirements (including size limitations,
power consumption levels, infrastructure support requirements, etc.) applicable to any such Additional Equipment. Without limiting the foregoing, Subscriber shall not deliver to or install in the Data Center any equipment or other materials
reasonably likely to harm the Data Center, Instinet’s equipment, networks or systems or third party equipment, networks or systems. The Purchased Equipment and any Additional Equipment shall collectively be referred to as the
“Subscriber Systems.” Subscriber shall be responsible for all costs and expenses associated with the delivery to and installation in the Data Center of any approved Additional Equipment and for ensuring that such Additional
Equipment satisfies the additional requirements, if any, applicable to such Additional Equipment as so notified to Subscriber by Instinet. Instinet shall use commercially reasonable efforts to have the Building make available to Subscriber
commercial standard loading docks to permit Subscriber to deliver and remove, as necessary, the Subscriber Systems to and from the Subscriber Cabinet. No other equipment is available for use by Subscriber and it shall be Subscriber’s sole
responsibility to supply any equipment necessary to deliver and install any approved Additional Equipment or Subscriber Systems (other than for the Initial Installation). Subject to Subscriber’s compliance with the terms of this Agreement, the
Representatives shall be permitted access to the Data Center and the Subscriber Cabinet on a 24-hour, seven day a week, 365 day basis, as necessary to deliver, install, operate, monitor, maintain, repair, replace and/or remove any or all of the
Subscriber Systems. If Subscriber seeks to deliver, install, maintain, repair, replace, and/or remove any approved Additional Equipment or other Subscriber Systems other than during normal business hours, Subscriber shall notify Instinet thereof and
of the dates and times when Subscriber is available to deliver and/or install such equipment so that Instinet may schedule an after hours appointment with the Building. Promptly following receipt of such notice, Instinet shall use commercially
reasonable efforts to schedule an appointment at a time mutually acceptable to the Building and Subscriber. Subscriber shall be solely responsible for any additional fees or costs associated with any access to the Building other than during normal
business hours (including any overtime costs of union personnel at the Building). 
  
 2.2.2 Subscriber Cabinet. Instinet shall provide and maintain the cabinet space, racking and dimension requirements listed on Attachments A and B to this Agreement, for the Purchased Equipment, within
the Data Center (the “Subscriber Cabinet”). The Subscriber Cabinet shall be suitable, as reasonably determined by Instinet, for the proper storage and operation of the Purchased Equipment. In the event that from time to time after
the Services Commencement Date Subscriber requires changes to space, communication or electrical conversions or other requirements in connection with any of the Subscriber Systems, Subscriber shall notify Instinet of the same and Instinet shall
review such request and within three (3) business days after receipt of such request shall make a reasonable determination regarding whether it is able to accommodate such additional requirements, taking into account such factors as the space, power
consumption and infrastructure support implications of such additional requirements. If Instinet is able to accommodate such additional requirements, Instinet shall within five (5) business days after the receipt of such request provide Subscriber
with a schedule and budget, in reasonable detail, indicating the timetable for and cost of such additional requirements. In the event that Subscriber agrees in writing to such timetable and costs, Instinet shall provide such additional requirements
in accordance with such schedule and budget. Other than for access required by authorized Instinet employees or contractors in order to perform Instinet’s obligations under this Agreement, or as may be required by Applicable Law or legal
process, Instinet shall not permit any Person other than a Representative to have access to any of the Subscriber Systems or any portion of the Subscriber Cabinet. Notwithstanding the foregoing, Instinet may inspect and following a commercially
reasonable effort to give notice to Subscriber may remove or disable any equipment in the Subscriber Cabinet that it reasonably believes is unsafe or harmful to the Data Center, Instinet’s equipment, networks or systems or third party
equipment, networks or systems. Subscriber will use the Subscriber Cabinet only for the purposes of installing, marketing, operating, monitoring, maintaining, repairing, replacing and/or removing the Subscriber Systems. 
  

 5 

 2.2.3 Fire Protection. Instinet’s fire protection measures maintained at the Data Center
shall be in accordance with customary industry standards. Such measures maintained by Instinet shall, at a minimum, be compliant with requirements set by applicable city ordinances, building codes, and any other applicable rule or ordinance related
to fire safety and prevention. Instinet shall provide such inspection, testing, and maintenance of the fire suppression systems as are reasonably necessary to assure satisfactory performance in the event of an emergency. 
  
 2.2.4 Security Protection. Instinet shall be responsible for
developing and maintaining physical security measures for the Data Center and for the Subscriber Cabinet that define specific requirements in regard to monitoring controls and procedures assigned for the security and safety of the Subscriber Systems
and are consistent with customary industry standards. If at any time Instinet becomes aware that any of the security measures in place for any portion of the Data Center or any portion of the Subscriber Cabinet are compromised or otherwise violated
or may be inadequate, Instinet shall provide notice of such event as soon as reasonably practicable to Subscriber in accordance with such notification and escalation call lists as Subscriber shall have, from time to time, provided to Instinet. In
the event of a breach of the security measures, upon reasonable request, Instinet shall permit Subscriber to inspect the automatic security logs within twenty-four (24) hours following the receipt of such notice. 
  
 2.2.5 Ownership of Items. Instinet warrants and agrees that (i)
Subscriber shall retain all right, title and interest (or leasehold or license interest, as applicable) in and to the Subscriber Systems, (ii) Instinet shall have no right, title or interest (ownership or otherwise) in any of the Subscriber Systems,
and (iii) Instinet shall have no right to grant a security interest in or otherwise encumber any of the Subscriber Systems; provided, that Instinet shall be permitted to take a lien on any Subscriber’s Systems to the extent Subscriber
fails to make any payment owed by Subscriber to Instinet or any of its Affiliates hereunder in accordance with the terms of this Agreement. 
  
 2.2.6 Liens. Subject to Section 2.2.5, Instinet shall not cause (or allow any Person under its direction or control to cause) any of the
Subscriber Systems, or any interest therein, to become subject to any Lien, other than any Lien imposed by Subscriber. 
  
 2.2.7 Notice of and Liability for Loss. Without limiting Article 11, if at any time Instinet becomes aware that any of the Subscriber
Systems have been lost, damaged, destroyed or come into the possession of a third party and such possession is not in accordance with this Agreement, Instinet shall provide notice of such event as soon as reasonably practicable to Subscriber.
Subject to Article 11 but notwithstanding Section 11.4, Instinet shall be liable for repair and/or replacement costs relating to the Subscriber Systems in the event of any loss, damage or destruction to the Subscriber Systems caused by
(i) the gross negligence of or willful misconduct of Instinet or any of its agents or representatives or (ii) a breach by Instinet of Section 2.2.3 or Section 2.2.4. 
  
 2.2.8 Certain Benefits. Instinet agrees that Instinet’s Agents shall not be eligible to participate in, or
receive benefits under, any employee benefit plans, arrangements or policies of Subscriber or any of its Affiliates, including any plan, arrangement or policy providing bonus, vacation, stock options, stock purchase, sick leave, disability, health
or life insurance, 401(k), retirement, profit sharing or similar benefits (collectively, “Benefit Plans”). Instinet shall defend, indemnify and hold Subscriber harmless from and against all Losses relating to any obligation imposed
upon Subscriber to pay any withholding taxes, social security, unemployment insurance, or similar items, or to provide coverage or benefits under any of its Benefit Plans, in each case in connection with compensation received by Instinet or
Instinet’s Agents. If any of Instinet’s Agents are later determined to have been common-law employees or other employees of Subscriber for any purpose, such individual(s) 
  

 6 

 nevertheless shall not be entitled to participate or receive benefits under any Benefit Plan of Subscriber or any of its
Affiliates. Instinet acknowledges that no insurance whatsoever, including worker’s compensation insurance, has been or will be obtained by Subscriber on Instinet’s behalf. Subscriber agrees that Subscriber and its Affiliates and their
respective employees, agents and subcontractors (“Subscriber’s Agents”) shall not be eligible to participate in, or receive benefits under, any employee benefit plans, arrangements or policies of Instinet or any of its
Affiliates, including any Benefit Plans. Subscriber shall defend, indemnify and hold Instinet harmless from and against all Losses relating to any obligation imposed upon Instinet to pay any withholding taxes, social security, unemployment
insurance, or similar items, or to provide coverage or benefits under any of its Benefit Plans, in each case in connection with compensation or services received by Subscriber or Subscriber’s Agents. If any of Subscriber’s Agents are later
determined to have been common-law employees or other employees of Instinet for any purpose, such individual(s) nevertheless shall not be entitled to participate or receive benefits under any Benefit Plan of Instinet or any of its Affiliates.
Subscriber acknowledges that no insurance whatsoever, including worker’s compensation insurance, has been or will be obtained by Instinet on Subscriber’s behalf. Notwithstanding the foregoing or any other provision of this Agreement,
however, in no event shall anything in this Agreement affect any rights that any Subscriber Agent who is or formerly was an employee of Instinet or any of its Affiliates may have as a result of his or her previous employment by Instinet or any of
its Affiliates, including with respect to any Benefit Plans of Instinet or any of its Affiliates. 
  
 2.2.9 Investigations. Instinet agrees to reasonably cooperate with any reasonable investigation by or on behalf of Subscriber or its insurers
relating to any loss, damage, destruction or unauthorized use of any of the Subscriber Systems during the Term. Instinet further agrees to reasonably cooperate with Subscriber in any litigation or prosecution against a third party arising in
connection with any loss, damage, destruction or unauthorized use of any of the Subscriber Systems during the Term. Subscriber shall reimburse Instinet for its reasonable out of pocket expenses associated with any such cooperation, unless it is
determined that the loss, damage, destruction or unauthorized use was the responsibility of Instinet under this Agreement. 
  
 2.2.10 General Representations, Warranties and Covenants. 
  

2.2.10.1. Each party represents, warrants and covenants as follows: (i) it is duly organized, validly existing, and in good standing under the laws of
the jurisdiction of its organization; (ii) it has full power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement; (iii) this Agreement constitutes the valid and legally binding obligation of it
enforceable in accordance with its terms and conditions (subject to applicable bankruptcy laws and laws generally affecting the rights of creditors); and (iv) its execution and delivery of this Agreement and its performance or receipt of the
Services (as applicable) will not (1) violate (or constitute an event which, with the giving of notice, the passage of time, or both, would violate) any provision of its charter, bylaws or other governing document, or (2) conflict with, result in a
breach of, or constitute a default under (or constitute an event which, with the giving of notice, the passage of time, or both, would conflict with, result in a breach of, or constitute a default under) any other agreement or arrangement or any
law, regulation, order or decree by which it or any of its property is bound. Instinet further represents and warrants that it shall provide the Services in a good or workmanlike manner, with professional diligence and skill, and in accordance with
the requirements of this Agreement and customary industry standards. 
  
 2.2.10.2. Subscriber represents, warrants and covenants that (a) it has the legal right and authority, and will continue to own or maintain the legal right and authority, during the term of this Agreement, to place and use any Subscriber
Systems at the Data Center as contemplated under this Agreement; (b) the performance by Subscriber of its obligations and use by Subscriber of the Services will not violate any reasonable Data Center rules communicated to Subscriber from time to
time in writing; (c) neither Subscriber nor the Representatives or the Subscriber Systems shall unreasonably, 
  

 7 

 negligently or intentionally interfere with Instinet’s or its customers’ use of any services provided at or
from, or equipment located at, the Data Center; (d) all equipment, materials and other tangible items placed by Subscriber at the Data Center shall be used in compliance with all applicable manufacturer specifications regarding safety; (e)
Subscriber shall not, without the prior written consent of Instinet, resell the Services to any third parties (provided that this shall not be construed to prohibit Subscriber from allowing its Affiliates and the respective owners or employees of
Subscriber and its Affiliates from using the Services in the ordinary course of the business of Subscriber or its Affiliates); (f) Subscriber shall, at its own expense, keep the Subscriber Systems in good repair, appearance and condition, other than
normal wear and tear; and (g) Subscriber shall not knowingly permit the transmission of any material in violation of any applicable laws, rules or regulations by or through the Subscriber Systems. 
  
 2.2.11 Additional Services. Instinet shall provide to Subscriber (i)
the products and services described on Attachment A, and (ii) such additional services related to the Subscriber Cabinet or any of the Subscriber Systems as Subscriber may reasonably request from time to time, including unpacking of
Additional Equipment, installing or replacing any of the Subscriber Systems (other than the Initial Installation), powering on or off or rebooting any of the Subscriber Systems, visually inspecting the Subscriber Systems, and other routine
troubleshooting activities; provided, that any such additional services not specifically listed above shall be subject to the prior written consent of Instinet, and Instinet shall be entitled to receive payment for all such additional
services at the rate set forth in Section 7 of Attachment A. 
  
 3. INVOICING; PAYMENT TERMS. 
  
 3.1 Pricing and Fees. All fees, charges and expenses relating to the performance of the Services are set forth on Attachment A to this Agreement. Except as provided in Section 3.2, no fees, charges or expenses relating to the
performance of the Services shall begin accruing until after the Services Commencement Date. The parties agree that pro-rata billing for the Services shall begin on the Services Commencement Date. 
  
 3.2 Certain Expenses. Prior to the Services Commencement Date,
Subscriber shall pay or, as applicable, shall reimburse Instinet for all third party expenses (including any expenses charged by the Building as a result of any requests of Subscriber and not as a result of the provision of the Services generally by
Instinet to its customers) that (i) are reasonably necessary in connection with the Services to be provided prior to the Services Commencement Date and (ii) are, with respect to any expenses in excess of $100.00, approved by Subscriber in advance in
writing, provided that (x) prior to the Services Commencement Date, Instinet shall be responsible for all normal recurring operating costs that Instinet otherwise would have had to have paid notwithstanding the provision of the Services, and
(y) at all times, Instinet shall be responsible for the costs of its own employees incurred in providing the Services, and Instinet hereby agrees to utilize, to the extent reasonably practicable, its own employees to perform all actions related to
the Services. Instinet shall not be in breach of this Agreement if it is unable to provide the Services or if it is delayed in doing the same because Subscriber has refused to approve a third party expense reasonably necessary in connection with the
Services. 
  
 3.3 Invoicing. Instinet shall prepare and
present invoices to Subscriber on or around the last day of each month for Services provided in such month. All invoices shall contain at least the following information: a reference to this Agreement and any applicable Subscriber purchase order(s);
a description of the Services provided; and any other relevant information reasonably requested by Subscriber. Unless otherwise requested by Subscriber in writing, invoices shall be mailed to Subscriber as follows: 805 Las Cimas Parkway, Suite 100,
Austin, Texas 78746. Subscriber shall have a period of (i) thirty (30) days from the receipt of any invoice for Services provided in December of any year during the Term or (ii) ninety (90) days from receipt of any other invoice during the Term (in
each case, the “Dispute Period”) to 
  

 8 

 object to any charge in such invoice by sending written notice of the disputed charges to Instinet. Instinet shall
provide a substantive response to any such notice within forty-five (45) days of its receipt. Without limiting Subscriber’s obligation to pay all amounts when due pursuant to the first sentence of Section 3.4, if Subscriber fails to object to
any invoice within the Dispute Period for such invoice, such invoice shall be deemed final and non-disputable. 
  
 3.4 Payment Terms. Payment of all fees, charges and expenses shall be made by Subscriber within thirty (30) days following receipt of an invoice
complying with the requirements of the second and third sentences of Section 3.3 from Instinet. Interest shall accrue on any amounts which are unpaid at a rate equal to the lesser of twelve percent (12%) per annum or the highest percentage
allowed by law on such amounts, beginning on the thirty-first (31st) day following the date of Subscriber’s
receipt of invoice. Subscriber’s payment of an invoice under this Section shall not affect Subscriber’s rights under Section 3.7 below. 
  
 3.5 Total Charges. Except for those fees, charges and expenses expressly set forth in this Agreement (including Attachment A), Subscriber
shall not be responsible for any fees, charges or expenses in connection with the performance of the Services. Except for any services to be provided by third parties, or as otherwise expressly set forth in this Agreement (including Attachment
A), Instinet shall furnish all labor, facilities, equipment, materials, tools and other items necessary for Instinet’s performance of the Services. 
  
 3.6 Certain Taxes. Subscriber shall pay any and all local, state and federal sales, use, excise, and other taxes which may be levied on the
provision of the Services, excluding taxes based on Instinet’s net income, capital or property or related to any of Instinet’s Agents. 
  
 3.7 Documentation. Instinet shall preserve all information supporting the charges covered by an invoice (collectively referred to as
“Documentation”) for (i) a period of thirty (30) days from the provision of such invoice to Subscriber if provided in December of any year during the Term or (ii) ninety (90) days from provision of any other invoice during the Term,
and for the reasonable duration of the inspection period described in the following sentence, which in no event shall exceed thirteen (13) months after the provision of such invoice. At any time during the Dispute Period of an invoice and during any
following period in which the dispute remains unresolved, upon the reasonable request of Subscriber, Instinet shall permit Subscriber (or its agents and representatives) to inspect, audit, verify and copy any Documentation to the extent required to
verify the amounts charged under such invoice. Documentation shall be made available to Subscriber at Instinet’s principal place of business or such other location as Subscriber and Instinet may agree upon in writing from time to time.
Subscriber shall use reasonable efforts to conduct any such inspection or audit in a manner that does not unreasonably interfere with Instinet’s business and Instinet shall reasonably cooperate in connection with such inspection. In the event
such inspection or audit discloses or reflects overcharges or other discrepancies totaling at least five percent (5%) of the amount charged for the period audited, then, without limitation of any other rights or remedies that may be available to
Subscriber as a result of the same, Instinet shall reimburse Subscriber for all costs and expenses of such inspection or audit. Such overcharges shall be offset against the next payment due from Subscriber to Instinet under this Agreement (or, if
this Agreement has expired or terminated, paid to Subscriber within thirty (30) days after such termination or expiration). Charges that have not been disputed in accordance with Section 3.3 within the relevant Dispute Period shall be deemed
to be accepted and Subscriber shall have no further opportunity to inspect, audit, verify or copy any Documentation related to such charges. 
  

 9 

 4. CONFIDENTIAL INFORMATION. 
  
 4.1 Confidential Information. 
  
 4.1.1 Definition. For purposes of this Agreement, subject to
Section 4.1.3(a), “Confidential Information” means any information or materials disclosed by, or on behalf of, either party or any of its Affiliates to the other party or any of its Affiliates in connection with this Agreement that
is marked or otherwise designated “confidential” or “proprietary” or the like or that, due to the nature of such information or materials or the circumstances surrounding such disclosure, should reasonably be considered to be
confidential or proprietary in nature. Notwithstanding the foregoing, subject to Section 4.1.3(a), Instinet agrees that all information or materials with respect to any of the Subscriber Systems, the network design or other layout or
architecture with respect thereto, or data feeds or other connections with respect thereto, or any transactions effected utilizing any of the Subscriber Systems, are the Confidential Information of Subscriber, regardless of the source of such
information or materials and regardless of whether or not marked or otherwise designated as “confidential” or “proprietary” or the like. 
  
 4.1.2 Confidential Treatment. 
  
 (a) Each party shall treat as confidential all of the Confidential Information of the other party, and shall not disclose or use (and shall not permit any
other Person to whom any Confidential Information of the other party or any Agreement Confidential Information is disclosed by, on behalf of, for the benefit of or at the request of such party (each a “Recipient,” which term shall
also include the receiving party) to disclose or use) any of the Confidential Information of the other party except as expressly permitted under this Agreement. Without limiting the foregoing, each party shall use (and shall cause each other
Recipient to use) at least the same degree of care that such party uses to prevent the disclosure or misuse of its own confidential information of like nature or importance, but in no event less than reasonable care, to prevent the disclosure or
misuse of any Confidential Information of the other party. Subject to the foregoing, and except as may be specifically agreed from time to time by the parties, each party shall not, and shall not permit any other Recipient to, (i) communicate or
disclose, directly or indirectly, any of the Confidential Information of the other party (or any portion thereof) to any Person (other than communications or disclosures by such party to employees or contractors of such party, but only to the extent
that such employees or contractors have a need for such information in order to allow such party to exercise the rights specifically granted to such party by this Agreement or to carry out the obligations imposed on such party by this Agreement in
accordance with the terms of this Agreement and have agreed in writing to confidentiality and limited use obligations as described in Section 4.1.6); (ii) use any Confidential Information of the other party (or any portion thereof) in any
manner except as expressly contemplated by this Agreement; or (iii) take any other action with respect to the Confidential Information of the other party (or any portion thereof) inconsistent with the confidential and proprietary nature of such
Confidential Information. 
  
 (b) Subject to Section
4.1.2(a), each party may copy and distribute to such of its employees and contractors as are reasonably necessary to fulfill its obligations or to exercise its rights hereunder, the Confidential Information of the other party; provided
that each party agrees not to make (or permit any Recipient of such party to make) more copies or distributions of any Confidential Information of the other party than shall be reasonably necessary in connection with its permitted use thereof.
Disclosure of any Confidential Information shall not be deemed to represent an assignment or grant of any right, title or interest in such Confidential Information. 
  

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 4.1.3 Exclusions. 
  
 (a) Confidential Information of a party shall exclude information that the receiving party can demonstrate: (i) is
independently developed or conceived by the receiving party after the date of this Agreement without reference to or use of any Confidential Information of the other party; (ii) becomes known to the receiving party, without restriction, from a third
party who the receiving party reasonably believes, after due inquiry, has the right to so disclose it; or (iii) was generally known or available to the public at the time it was disclosed or at a later time through no act or omission of the
receiving party or any other Person who the receiving party reasonably believes, after due inquiry, had an obligation to keep such information confidential. 
  
 (b) The restrictions set forth in Section 4.1.2(a)(i) shall not apply to Confidential Information that is required to be disclosed by either party
pursuant to an order or requirement of any Authority; provided, however, that such party shall provide prompt prior notice thereof to the other party describing in reasonable detail such requirement and all Confidential Information of the
other party required to be so disclosed, and shall use reasonable efforts and cooperate with the other party at the other party’s expense to obtain a protective order or otherwise seek to prevent disclosure of such Confidential Information.

  
 4.1.4 Confidentiality of Agreement. Each party agrees
that the terms of, but not the existence of, this Agreement and any negotiations with respect to the same (collectively, the “Agreement Confidential Information”) shall be maintained as confidential and that such party shall not,
unless agreed to in writing by the other party, disclose or reveal, directly or indirectly, any of such Agreement Confidential Information to any Person except (i)(x) to the party’s or its Affiliates’ respective officers, directors,
members, partners, managers, employees, attorneys or other professional advisors, or (y) to any actual or potential investor in, or purchaser of, such party, to any actual or potential banks or other financing sources of such party, and to their
respective attorneys or other professional advisors; but in each case only to the extent that such Persons have a reasonable need to know the same for purposes of such relationship and agree to maintain the confidentiality of the same, or (ii) to
the limited extent necessary to enforce its rights, or perform its obligations, under this Agreement. The provisions of this Section 4.1.4 shall not, however, (i) prohibit any party from disclosing to any Person the fact that Instinet is
providing certain Co-Location services to Subscriber, without further detail, or (ii) prohibit any party from disclosing any Agreement Confidential Information to the extent that such disclosure is required by Applicable Law, so long as the party
seeking to disclose the same shall first have given prompt prior notice thereof to the other party describing in reasonable detail such requirement and all Agreement Confidential Information required to be so disclosed, and reasonably cooperates
with the other party in its efforts, if any, to prevent or limit any such disclosure. 
  
 4.1.5 Cooperation. Each party agrees that, either upon learning of, or upon a showing by the other party of, any threatened or actual breach of the provisions of this Article 4 or of any threatened or
actual unauthorized use or disclosure of all or any portion of the Confidential Information of the other party (or all or any portion of any Agreement Confidential Information) by any Recipient or any Person to whom such party or any Recipient of
such party made available such Confidential Information or Agreement Confidential Information, or in the event of any loss of, or inability to account for, any of such Confidential Information or Agreement Confidential Information or any such
information or materials, such party shall, without limitation of any liability that such party may have hereunder with respect to such threatened or actual breach or such unauthorized use or disclosure, loss or inability to account, give notice
thereof to the other party and shall cooperate as reasonably requested by the other party in conjunction with the other party’s efforts, if any, to seek appropriate injunctive relief or otherwise to prevent or curtail such threatened or actual
breach or unauthorized use or disclosure, loss or inability to account or to recover such Confidential Information or Agreement Confidential Information. 
  

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 4.1.6 Restrictions on Disclosure. Each party agrees that, to the extent it is permitted to
disclose Confidential Information of the other party (or any Agreement Confidential Information) to any other Person (other than pursuant to Section 4.1.3(b), or the last sentence of Section 4.1.4), it shall do so pursuant to a written
non-disclosure agreement containing terms at least as protective of Confidential Information and Agreement Confidential Information as those set forth in this Article 4 (but with no further rights of disclosure and no rights of use on their
own behalf). 
  
 4.1.7 Legends. Each party agrees that it
will not remove, alter, deface or obscure any legends, notices, identifications or evidence of confidentiality, ownership, copyright, trademark or other proprietary or intellectual property rights, or any disclaimers of warranties, limitations of
damages, or similar provisions, contained on or included in any of the Confidential Information of the other party, nor will such party allow any of its Recipients to do so. Each party shall (and shall cause its recipients to) reproduce any such
legend, notice, identification, evidence, disclaimer or similar provision on any reproduction or modification of any of the Confidential Information of the other party and shall promptly add (or remove) any such legend, notice, identification,
evidence, disclaimer or similar provision to the Confidential Information of the other party as the other party may reasonably request from time to time. 
  
 4.1.8 Return. Upon termination or expiration of this Agreement for any reason, upon request, each party promptly shall return to the other party
all Confidential Information of the other party, including all copies of any thereof, under the possession or control of such party or any of its Recipients, or destroy or purge (or cause to be destroyed or purged) all systems and files of any such
Person of any such Confidential Information. Upon request, each party shall promptly certify to the other party its compliance with this Section 4.1.8. 
  

5. SERVICE LEVEL AGREEMENTS. 
  
 5.1 Service Level Agreements. In addition to the terms set forth in this Agreement, Instinet shall use commercially reasonable efforts to perform
the Services in accordance with the Service Level Agreements. In the event of any material failure by Instinet to perform the services in accordance with the Service Level Agreement Subscriber shall have a credit in the amount equal to the pro rata
amounts paid or payable by Subscriber for the duration of any non-compliance with the Service Level Agreements, which Subscriber may apply against payment of the fees and charges payable by the Subscriber to Instinet in a subsequent calendar month;
provided that such credit shall not exceed the amount paid or payable by Subscriber to Instinet during the period or periods in which the Service Level Agreements were not met and provided further, that in the event that this
Agreement expires or terminates, Instinet shall pay an amount equal to any unused credits to Subscriber within ten (10) days after such termination or expiration. Subscriber agrees that such service level credits shall constitute the sole and
complete remedy for Subscriber with respect to the corresponding failures by Instinet to perform the Services in accordance with the Service Level Agreements; provided, that (i) nothing herein shall impair Subscriber’s rights to
terminate this Agreement in accordance with its terms, whether pursuant to failure to perform in accordance with the Service Level Agreements or otherwise, and (ii) nothing herein shall affect Instinet’s liability under Section 2.2.7, or
any remedies of Subscriber with respect to the same. 
  
 5.2
Effect of Failure to Perform to Service Level Agreements. 
  
 5.2.1 Liquidated Damages. The parties acknowledge and agree that, because of the unique nature of the Services contemplated by this Agreement, it is difficult or impossible to determine with precision the specific amount of damages
that might be incurred by Subscriber as a result of a failure of Instinet to meet the Service Level Agreements. It is further understood and agreed by the parties that Subscriber shall be damaged by such failure of Instinet to meet the Service Level
Agreements, that it 
  

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 would be impracticable or extremely difficult to fix the actual damages resulting therefrom, that any credits that become
payable under Section 5.1 are in the nature of liquidated damages, and not penalties, and are fair and reasonable under the circumstances, and that such payments represent a reasonable estimate of fair compensation for the losses that may
reasonably be anticipated from Instinet’s failure to meet the Service Level Agreements; provided, however, that nothing in this Section 5.2.1 shall affect Subscriber’s rights under the last sentence of Section 5.1.

  
 6. ACCESS AND SECURITY. 
  
 6.1 Data Center Access. Except with the advance written consent of
Instinet and Subscriber, Subscriber’s access to the Data Center shall be limited solely to the Representatives. Subscriber and its Representatives shall cooperate with and comply with all reasonable and published security and safety measures
provided to Subscriber by Instinet from time to time, including the use of entry and exit logs and agreements, key cards, voice, photo, biometric or other personal identification recognition devices, and other mechanisms and devices for registering,
tracking, and limiting access to the Data Center. The Representatives will comply with all Applicable Laws, with the standards and practices of the telecommunications industry and with all of Instinet’s reasonable and published security
procedures, rules, requirements and safety practices provided in writing to Subscriber from time to time. Instinet reserves the right to revoke the entry privileges of any Representative at any time if the exercise of such right is reasonable, and
Instinet shall use commercially reasonable efforts to notify Subscriber in advance of any such determination and to reasonably cooperate with Subscriber in an effort to remedy such situation and/or allow access by one or more replacement
Representatives. 
  
 6.2 Relocation of Subscriber Systems.
Instinet reserves the right to relocate the Subscriber Systems or the Subscriber Cabinet to another area of the Data Center or to another facility (in each case provided that such other area or facility meets the requirements of Sections
2.2.1, 2.2.2, 2.2.3 and 2.2.4 of this Agreement) upon one hundred and twenty (120) days’ prior written notice to Subscriber. Instinet shall be solely responsible for any costs and expenses incurred by Subscriber and
Instinet in connection with any such relocation (except for any such relocation requested by Subscriber) and shall use commercially reasonable efforts, in cooperation with Subscriber, to minimize any interruption of the Services in connection with
any such relocation. 
  
 6.3 Scheduled and Emergency
Maintenance. Instinet shall conduct routine scheduled maintenance of the Data Center according to the annual maintenance schedule for the Data Center, which shall be provided to Subscriber prior to or on the Effective Date. In the event of any
change to the routine scheduled maintenance, Instinet shall notify Subscriber thereof no less than five (5) days prior to the revised date for such scheduled maintenance. In the event that an urgent, mission-critical maintenance situation arises,
Instinet shall immediately notify Subscriber if it will affect any portion of the Subscriber Cabinet or any of the Subscriber Systems. Any such emergency maintenance, not caused by the actions or omissions of Instinet, shall not constitute a breach
of this Agreement. During such scheduled and emergency maintenance periods, Instinet shall use its commercially reasonable efforts to minimize interruption to performance of the Services. Subscriber agrees to reasonably cooperate with Instinet
during scheduled and emergency maintenance periods. 
  
 7. INSURANCE. 
  
 7.1 Instinet Minimum
Insurance Levels. Each party agrees to keep in full force and effect during the term of this Agreement (a) a broad form Commercial General Liability Insurance policy providing for coverage of at least one million dollars ($1,000,000.00) per
occurrence, subject to an aggregate cap of two million dollars ($2,000,000.00), for bodily injury and property damage. In addition, Subscriber agrees to keep in full force and effect during the term of this Agreement a Worker’s 
  

 13 

 Compensation Insurance policy in an amount not less than that required by Applicable Law and Instinet agrees to keep in
full force and effect during the term of this Agreement a Worker’s Compensation Insurance policy consistent with the policy that Instinet maintains for its employees generally. Such policies (i) shall be written on an “occurrence”
policy form and not on a “claims made” form; (ii) shall be primary and not contributory with the other party’s liability insurance, if any; (iii) shall provide for not less than thirty (30) days advance written notice to the other
party from the insurer or insurers, if more than one, of any cancellation, nonrenewal, or material change in coverage or available limits of liability; and (iv) shall be issued by an insurance company with a rating of no less than A-V in the current
Best’s Insurance Guide, or otherwise be acceptable to the other party, and admitted to engage in the business of insurance in the state in which the Services are actually provided. Each party’s Commercial General Liability Insurance
coverage may be provided by a combination of primary, excess, and umbrella policies, provided that those policies are concurrent in all respects regarding the coverage afforded by the policies. The coverage of any excess or umbrella policy
must be at least as broad as the coverage of the primary policy. 
  
 7.2 Certificates of Insurance. Each party shall (a) deliver to the other party certificates of insurance which evidence the minimum levels of insurance set forth Section 7.1 above; and (b) cause its insurance provider(s) to
name the other party as an additional insured and to notify the other party in writing of the effective date of such coverage. Each party shall deliver the certificates of insurance required by this Section 7.2 to the other party within
thirty (30) days of the Effective Date; again at least ten (10) days before the expiration date of any applicable policy; and again on renewal of any applicable policy. 
  
 7.3 Obligations Continue Regardless of Insurance. The insurance requirements set forth in this Article 7 are
independent of each party’s indemnification and other obligations under this Agreement and shall not be construed or interpreted in any way to restrict, limit or modify each party’s indemnification and other obligations or to limit each
party’s liability under this Agreement. 
  
 7.4 Waiver of
Subrogation Rights. Each party agrees to cause the insurance companies issuing its insurance policies to waive any subrogation rights that those insurance companies may have against the other party, or its insurers, by way of contract or
otherwise. 
  
 8. INDEMNIFICATION. 
  
 8.1 Indemnification. Subscriber, at its sole expense, hereby agrees
to be liable for and to indemnify, hold harmless and (at the election of Instinet) defend (with counsel reasonably acceptable to Instinet) Instinet, its Affiliates, and their respective directors, officers, members, partners, employees, agents and
representatives, from and against any and all debts, liabilities, losses, costs and expenses, including reasonable attorneys’ fees (collectively, “Losses”), to the extent arising out of or in any way related to, in whole or in
part, in connection with: (i) any infringement or misappropriation of any intellectual property or proprietary rights arising out of the Subscriber Systems (but without limitation of any indemnification obligations that Instinet may have with
respect to the same under the Asset Purchase Agreement); (ii) any personal injury or tangible property damage to the extent caused by the negligence or willful misconduct of Subscriber; (iii) any third-party’s alleged ownership or possessory
interest, lien, trust, pledge, or security interest in the Subscriber Systems, including any attempt by such third party to take possession of the Subscriber Systems, except where caused by Instinet or any person under Instinet’s direction or
control (but without limitation of any indemnification obligations that Instinet may have with respect to the same under the Asset Purchase Agreement); or (iv) Subscriber’s or its Representatives’ fraud, gross negligence or willful
misconduct; in each case other than for Losses resulting from Instinet’s fraud, gross negligence or willful misconduct. Instinet shall notify Subscriber of any matter with respect to which Instinet or any other Person indemnified hereunder is
entitled to seek 
  

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 indemnification from Instinet under this Section promptly after Instinet becomes aware of such matter; provided,
however, that any failure to give prompt notice of such matter shall not relieve Subscriber from any of its liabilities or obligations hereunder with respect to such matter unless (and then only to the extent that) such failure materially and
adversely affects the ability of Subscriber to indemnify against (or if applicable, defend) any claim or action arising out of such matter. In the event that Instinet requests that Subscriber defend Instinet or any other Person indemnified under
this Section with respect to any indemnified matter, Instinet or any such other Person indemnified hereunder shall nevertheless have the right to participate in the defense with counsel of its own choice (with such counsel’s fees and expenses
incurred after the date Subscriber initiates the defense to be paid by such indemnified Person unless (i) in Instinet’s reasonable judgment, it is advisable in light of the separate interests of Instinet and Subscriber for Instinet or such
other indemnified Person to be represented by separate counsel or (ii) Subscriber shall not have employed counsel to defend Instinet or such other indemnified Person within a reasonable time or fails to do so until the matter is resolved; in either
such case, the fees and expenses of such separate counsel shall be paid by Subscriber) and to approve in writing (not to be unreasonably withheld or conditioned) any settlement or compromise or any consent to the entry of any judgment that does not
include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified Person of a release, reasonably satisfactory to such indemnified Person, from all liability in respect of such matter and there shall be no other
terms and conditions as part of such settlement, compromise, or consent to judgment which could reasonably be expected to materially and adversely affect any such indemnified Person. To the extent requested by Subscriber, Instinet agrees to
reasonably cooperate with Subscriber and its counsel in connection with any such matter, provided that Subscriber shall reimburse Instinet for any expenses associated with the same. Each of Instinet and Subscriber shall use reasonable efforts
to keep the other party informed at all times as to the status of its efforts with respect to any matter covered hereby and to consult with the other party concerning its efforts. 
  
 9. TERMS AND TERMINATION. 
  
 9.1 Term. The term of this Agreement shall begin on the Effective Date and, unless sooner terminated as provided
herein, shall continue until the later of one (1) year after the Effective Date (the “Initial Term”) and the expiration of any Renewal Term. After the expiration of the Initial Term or any Renewal Term and provided that neither
party has given the other written notice of its desire not to renew at least sixty (60) days prior to the expiration of the Initial Term or such Renewal Term, this Agreement shall automatically renew for additional one (1) year periods (each, a
“Renewal Term” and together with the Initial Term, the “Term”). 
  
 9.2 Termination for Convenience. 
  
 9.2.1 By Subscriber. Subscriber may terminate this Agreement at any time, with or without cause, for Subscriber’s convenience by giving
Instinet sixty (60) days prior written notice; provided, however, that if Subscriber terminates this Agreement under this Section 9.2.1 or Instinet terminates this Agreement under Section 9.3, and in each case the
effective date of such termination is within one (1) year after the Effective Date, then Subscriber shall pay to Instinet an amount equal to the product of (i) Twenty-five Thousand and No/100 Dollars ($25,000.00) and (ii) a fraction, the numerator
of which is the number of days remaining between the effective date of such termination and one (1) year after the Effective Date and the denominator of which is three hundred sixty-five (365). Except as provided in the preceding sentence, upon
termination of this Agreement under this Section 9.2.1, Subscriber shall be obligated to pay no more than the amounts owing to Instinet for Services performed in accordance with this Agreement up to the effective date of termination, and if
fees or costs are calculated on a monthly, quarterly or other periodic basis, then Subscriber shall only be liable for the pro rata portion thereof up to the effective date of termination. 
  

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 9.2.2 By Instinet. After the Services Commencement Date, in the event that Instinet is no longer
providing to any other Person any services similar to those to be provided by Instinet after the Services Commencement Date under this Agreement, Instinet may terminate this Agreement by giving Subscriber one hundred and twenty (120) days written
notice. Upon termination of this Agreement under this Section 9.2.2, Subscriber shall be obligated to pay no more than the amounts owing to Instinet for Services satisfactorily performed up to the effective date of termination, and if fees or
costs are calculated on a monthly, quarterly or other periodic basis, then Subscriber shall only liable for the pro rata portion thereof up to the effective date of termination. 
  
 9.3 Termination for Default. Either party may terminate this Agreement effective upon delivery of written notice to
the other party if (a) the other party is insolvent or has a petition in bankruptcy filed against it; (b) the other party is adjudicated a bankrupt; (c) the other party makes a general assignment for the benefit of its creditors; (d) the other party
has a receiver, trustee or agent appointed with respect to its business or any significant portion thereof; (e) the other party otherwise ceases to do business in any manner which would affect the other party’s performance under this Agreement;
(f) with respect to Instinet, a Service Outage has occurred; (g) the other party has failed to comply with any Applicable Laws in connection with its activities under this Agreement; or (h) the other party is in breach of any other provision of this
Agreement and fails to correct and cure such breach within thirty (30) days after the terminating party provides notice of such breach. Upon termination of this Agreement under this Section 9.3, Subscriber shall be obligated to pay no more
than the amounts owing to Instinet for Services performed in accordance with this Agreement up to the effective date of termination, and if fees or costs are calculated on a monthly, quarterly or other periodic basis, then Subscriber shall only be
liable for the pro rata portion thereof up to the effective date of termination. 
  
 9.4 Post-Termination. 
  
 9.4.1 Post-Termination Services. In connection with the termination or expiration of the Agreement, for any reason or for no reason, Instinet shall (i) reasonably cooperate with Subscriber to minimize any adverse effect on Subscriber
or its Affiliates or their respective customers, (ii) assist Subscriber, at Subscriber’s cost and expense, with deinstallation and removal of the Subscriber Systems from the Data Center and (iii) perform those other obligations set forth in
this Agreement to be performed by Instinet upon the termination or expiration of this Agreement; provided, that if this Agreement is terminated because Subscriber has not paid any fees owed to Instinet hereunder as they become due,
Instinet’s obligations under this Section 9.4.1 shall be subject to the prior payment by the Subscriber of all outstanding amounts to be paid to Instinet under this Agreement. 
  
 9.4.2 Survival. Termination or expiration of this Agreement shall not (i) relieve Instinet from any obligations it
has with respect to any services that are required to be performed prior to the Services Commencement Date, (ii) relieve either party of any of its obligations which are reasonably intended to survive termination or expiration of this Agreement,
including Sections 2.2.5, 2.2.7, 2.2.8, 2.2.9, 3.6, 10.2, Article 4, Article 8, Article 9, Article 11 and Article 12 or (iii) relieve either party from any liability
arising from any breach of this Agreement. 
  
 10. OTHER AGREEMENTS. 
  
 10.1 Certain Subscriber
Responsibilities. Subscriber shall provide to Instinet from time to time the identity of the Representatives to be allowed access to the Subscriber Cabinet and Instinet shall provide such Representatives with access to the Subscriber Cabinet.
Representatives shall be required to sign in and show photo identification. Except in the case of emergency, Instinet requires Subscriber to call at least two (2) hours in advance for access to the Data Center. Subscriber and Instinet agree that
Instinet shall not allow anyone not listed by Subscriber as a Representative to have access to the Data 
  

 16 

 Center or the Subscriber Cabinet without exception. Subscriber shall mark the Subscriber Systems with inventory tags that
contain Subscriber’s name and any other pertinent information to identify Subscriber; provided, that any failure by Subscriber to take such action shall in no way alter its ownership rights in the Subscriber Systems. 
  
 10.2 Ownership of Equipment. All equipment installed within the
Subscriber Cabinet for the purpose of providing the Services, including the racks and cabinets themselves, and not constituting Subscriber Systems (the “Equipment”) is the sole property of Instinet or its assigns. Without limiting
Article 11, Subscriber assumes the responsibility for the risk of loss and liability for all damages to, or loss of, (i) the Equipment from all causes except to the extent such damage or loss is due to the gross negligence or willful
misconduct of Instinet, its agents or subcontractors, and (ii) the Subscriber Systems, subject to Section 2.2.7, from all causes. Except as may be otherwise agreed to by the parties in writing, Subscriber shall be liable for securing all
necessary rights and licenses for software, programs or code placed on Subscriber Systems other than any of the foregoing placed on Subscriber Systems by Instinet or its agents or representatives without the prior approval of Subscriber. Except as
may be otherwise agreed by the parties in writing, Instinet disclaims any and all liability for the Subscriber Systems and the content on such Subscriber Systems. Subscriber will promptly and thoroughly respond to any notices that the content on the
Subscriber Systems violates the Digital Millennium Copyright Act, 17 U.S.C. § 101 et. seq. or any other law, rule or regulation. 
  
 11. CERTAIN LIMITATIONS. 
  
 11.1 LIABILITIES OF PARTIES. EXCEPT FOR CLAIMS ARISING OUT OF OR RELATING TO A BREACH OF ARTICLE 4 (CONFIDENTIAL INFORMATION), SECTION
2.2.10.2(C) (INTERFERENCE) OR BASED ON FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, NEITHER PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES OR THEIR RESPECTIVE SUCCESSORS, NOR THEIR RESPECTIVE OFFICERS, DIRECTORS, MEMBERS, PARTNERS, AGENTS,
REPRESENTATIVES, EMPLOYEES, OR THIRD PARTY VENDORS (INCLUDING TELECOMMUNICATIONS PROVIDERS) SHALL BE LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS) (COLLECTIVELY, “SPECIAL
DAMAGES”) ARISING OUT OF OR RELATING TO THIS AGREEMENT WHETHER OR NOT THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THIS SECTION 11.1 SHALL NOT LIMIT INSTINET’S LIABILITY
FOR ANY CREDITS RELATED TO SERVICE LEVEL AGREEMENTS PURSUANT TO THE TERMS OF ARTICLE 5. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS OF THIS SECTION 11.1 SHALL NOT LIMIT THE LIABILITY OF THIRD PARTY VENDORS (INCLUDING TELECOMMUNICATIONS
PROVIDERS) OF INSTINET UNDER ANY DIRECT CONTRACT BETWEEN SUBSCRIBER AND SUCH VENDOR FOR THE RECEIPT BY SUBSCRIBER OF SERVICES RELATED TO THE SERVICES PROVIDED UNDER THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING, THIS SECTION 11.1 SHALL NOT
LIMIT SUBSCRIBER’S OBLIGATIONS UNDER (a) SECTION 8.1 WITH RESPECT TO REIMBURSEMENT TO AN INDEMNIFIED PERSON WITH RESPECT TO SPECIAL DAMAGES PAID BY SUCH INDEMNIFIED PERSON TO, OR PAYMENT ON BEHALF OF AN INDEMNIFIED PERSON OF SPECIAL
DAMAGES TO, A THIRD PARTY CLAIMANT WHO HAS BEEN AWARDED SPECIAL DAMAGES OR (b) SECTION 8.1(ii) WITH RESPECT TO REIMBURSEMENT TO AN INDEMNIFIED PERSON OF SPECIAL DAMAGES, WHETHER INCURRED BY SUCH INDEMNIFIED PERSON OR AWARDED TO A THIRD PARTY
CLAIMANT. 
  
 11.2 WARRANTIES. EXCEPT AS OTHERWISE SET
FORTH IN SECTION 2.2.10 AND ARTICLE 5, (I) THE SERVICES PROVIDED BY INSTINET PURSUANT TO THIS AGREEMENT ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND BY INSTINET, ITS AFFILIATES, SUBSIDIARIES (OR THEIR SUCCESSORS),
AGENTS, OR THIRD PARTY VENDORS (INCLUDING 
  

 17 

 TELECOMMUNICATIONS PROVIDERS), INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
TRADE USAGE, COURSE OF DEALING, OR COURSE OF PERFORMANCE, TITLE, AND NON-INFRINGEMENT AND (II) THE ENTIRE RISK AS TO THE QUALITY OF THE SERVICE IS WITH THE SUBSCRIBER AND THERE IS NO GUARANTEE THAT THE SERVICE WILL MEET THE SUBSCRIBER’S
REQUIREMENTS, BE ERROR FREE, OR OPERATE WITHOUT INTERRUPTION. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS OF THIS SECTION 11.2 SHALL NOT LIMIT THE LIABILITY OF THIRD PARTY VENDORS (INCLUDING TELECOMMUNICATIONS PROVIDERS) OF INSTINET UNDER ANY
DIRECT CONTRACT BETWEEN SUBSCRIBER AND SUCH VENDOR FOR THE RECEIPT BY SUBSCRIBER OF SERVICES RELATED TO THE SERVICES PROVIDED UNDER THIS AGREEMENT. 
  
 11.3 DISCLAIMER OF ACTIONS CAUSED BY AND/OR UNDER THE CONTROL OF THIRD PARTIES. INSTINET DOES NOT AND CANNOT CONTROL THE FLOW OF DATA TO OR FROM
INSTINET’S NETWORK TO THE EXTENT THAT SUCH FLOW DEPENDS ON THE PERFORMANCE OF THE INTERNET OR DATA SERVICES PROVIDED OR CONTROLLED BY THIRD PARTIES. AT TIMES, ACTIONS OR INACTIONS OF SUCH THIRD PARTIES CAN IMPAIR OR DISRUPT SUBSCRIBER’S
CONNECTIONS TO THE INTERNET OR SUCH DATA SERVICES (OR PORTIONS THEREOF). ALTHOUGH INSTINET SHALL TAKE ALL ACTIONS REASONABLY NECESSARY TO REMEDY AND MINIMIZE SUCH EVENTS, INSTINET CANNOT GUARANTEE THAT SUCH EVENTS WILL NOT OCCUR. ACCORDINGLY,
INSTINET DISCLAIMS ANY AND ALL LIABILITY RESULTING FROM OR RELATED TO SUCH EVENTS, AND SUBSCRIBER ACCEPTS SUCH DISCLAIMER WITHOUT LIABILITY TO INSTINET. 
  
 11.4 LIMITATION OF LIABILITY. EXCEPT AS SET FORTH IN SECTION 2.2.7, THE TOTAL LIABILITY OF INSTINET TO SUBSCRIBER IN CONNECTION WITH THIS
AGREEMENT WILL BE LIMITED TO THE LESSER OF: (A) DIRECT DAMAGES PROVEN BY SUBSCRIBER OR (B) THE AGGREGATE AMOUNTS PAID BY SUBSCRIBER TO INSTINET UNDER THIS AGREEMENT FOR THE SIX (6) MONTHLY PERIODS PRIOR TO ACCRUAL OF SUCH CAUSE OF ACTION (OR, IN THE
EVENT THAT THIS AGREEMENT HAS BEEN IN EFFECT FOR LESS THAN SIX (6) MONTHS AFTER THE SERVICES COMMENCEMENT DATE, SIX (6) TIMES THE AVERAGE ACTUAL (OR PROSPECTIVE) MONTHLY PAYMENT AMOUNTS DURING A SIX (6) MONTH PERIOD PRECEDING (OR FOLLOWING) THE DATE
OF THE CALCULATION). THE FOREGOING LIMITATION APPLIES TO ALL CAUSES OF ACTION AND CLAIMS, INCLUDING WITHOUT LIMITATION BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, STRICT LIABILITY, MISREPRESENTATION AND OTHER TORTS, AND CLAIMS UNDER ANY
APPLICABLE LAW. 
  
 11.5 AGGREGATE CAP. WITHOUT LIMITATION
OF SECTION 11.4 (OTHER THAN LIMITATION OF THE EXCEPTION SET FORTH IN THE FIRST SENTENCE THEREOF), AND NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, INCLUDING SECTION 2.2.7, OR ANY OTHER AGREEMENT, EACH PARTY
ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL THE TOTAL AGGREGATE LIABILITY OF THE OTHER PARTY OR ANY PERSON AFFILIATED WITH THE OTHER PARTY FOR ANY CLAIMS, LOSSES OR DAMAGES, FOR ANY CAUSE WHATSOEVER, ARISING OUT OF OR RELATED TO, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, THIS AGREEMENT, THE LICENSE-BACK AGREEMENT BY AND BETWEEN INSTINET AND SUBSCRIBER DATED AS THE DATE HEREOF OR THE ASSET PURCHASE AGREEMENT, AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, IN TORT
(INCLUDING NEGLIGENCE OR STRICT LIABILITY), PURSUANT TO ANY INDEMNIFICATION PROVISIONS HEREOF OR THEREOF OR OTHERWISE, EXCEED IN THE AGGREGATE $7,750,000, EXCEPT AS PROVIDED IN THE LAST SENTENCE OF SECTION 8.4(b) OF THE LICENSE AGREEMENT AND THE
LAST SENTENCE OF THIS SECTION 11.5. THE FOREGOING LIMITATION OF LIABILITY IS COMPLETE AND EXCLUSIVE, SHALL APPLY EVEN IF A PARTY HAS 
  

 18 

 BEEN ADVISED OF THE POSSIBILITY OF SUCH POTENTIAL CLAIMS, LOSSES OR DAMAGES, AND SHALL APPLY REGARDLESS OF THE SUCCESS OR
EFFECTIVENESS OR FAILURE OF ESSENTIAL PURPOSE OF ANY OTHER REMEDIES POSSESSED BY SUCH PARTY OR ANY OTHER PERSON. THE LIMITATION OF LIABILITY SET FORTH IN THIS SECTION 11.5 SHALL NOT APPLY WITH RESPECT TO (i) ANY AMOUNTS PAYABLE BY A PARTY
INDEMNIFIED UNDER SECTION 8.1 TO A CO-LOCATION CUSTOMER OF INSTINET OR ITS AFFILIATES AS A RESULT OF A CLAIM BROUGHT BY SUCH CO-LOCATION CUSTOMER AGAINST SUCH INDEMNIFIED PARTY AND FOR WHICH SUBSCRIBER IS REQUIRED TO INDEMNIFY SUCH
INDEMNIFIED PARTY UNDER SECTION 8.1, AND (ii) THE REASONABLE ATTORNEYS’ FEES INCURRED BY SUCH INDEMNIFIED PARTIES IN ACCORDANCE WITH SECTION 8.1 IN CONNECTION WITH SUCH CLAIM. 
  
 11.6 Notwithstanding anything to the contrary herein, Subscriber shall not
have any liability hereunder to Instinet or any other Person for any damages caused by any computer viruses transmitted by or through the Subscriber Systems to the extent such transmission is beyond Subscriber’s reasonable control,
provided that Subscriber has taken commercially reasonable efforts in accordance with customary industry practice to protect against such computer viruses. 
  
 12. MISCELLANEOUS PROVISIONS. 
  
 12.1 No Lease. This Agreement is an agreement for services and is not intended to and shall not constitute a lease of
any real property. 
  
 12.2 Marketing. Neither party shall
issue any press release, advertising, publicity or public statement or in any way engage in any other form of public disclosure that indicates the other party’s relationship with such party or implies any endorsement by the other party of such
party or such party’s products or services without the prior written approval of the other party. 
  
 12.3 Remedies. Except as otherwise expressly provided herein, in the event of a breach or threatened breach by any party of any provision of this
Agreement, then, in addition to any other available remedies to which the other party may be entitled, including termination, specific performance or the recovery of damages, the other party shall be entitled to an injunction restraining such party
from breaching or attempting to breach, in whole or in part, any of the provisions of this Agreement. 
  
 12.4 GOVERNING LAW, ETC. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THEREOF. Each of the parties irrevocably and unconditionally agrees (i) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware,
(ii) that, to the extent such party is not otherwise subject to service of process in the State of Delaware, it will appoint (and maintain an agreement with respect to) an agent in the State of Delaware as such party’s agent for acceptance of
legal process (provided that any obligation under this clause (ii) shall terminate six (6) years after the First Closing), (iii) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by
prepaid certified mail with a validated proof of mailing receipt constituting evidence of valid service, and (iv) that service made pursuant to (ii) or (iii) above shall, to the fullest extent permitted by applicable law, have the same legal force
and effect as if served upon such Party personally within the State of Delaware. Each party irrevocably agrees for the exclusive benefit of the other that the United States District Court for the District of Delaware, the Chancery Court of the State
of Delaware, the Superior Court of the State of Delaware or the Supreme Court of the State of Delaware (the “Chosen Courts”) shall have jurisdiction to hear and determine or settle any dispute which may arise out of or in connection
with this Agreement and that accordingly any suit, action or proceedings arising out of or in connection with this Agreement may be brought in the Chosen Courts. 
  

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 (b) Each party hereto irrevocably waives any objection to the venue of the courts designated in this
Section 12.4 (whether on the basis of forum non conveniens or otherwise), and accepts and submits to the jurisdiction of such courts in connection with any legal action or proceeding against it arising out of or concerning this
Agreement. 
  
 12.5 Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such a manner as to be effective and valid under Applicable Law, but if any provision of this Agreement, or the application thereof to any Person or under any circumstances, shall be invalid or
unenforceable to any extent under Applicable Law, and the extent of such invalidity or unenforceability does not cause substantial deviation from the underlying intent of the parties as expressed in this Agreement, then such provision shall be
deemed severed from this Agreement with respect to such Person or circumstances, without invalidating the remainder of this Agreement or the application of such provision to other Persons or circumstances, and a new provision shall be deemed to be
substituted in lieu of the provision so severed, which new provision shall, to the extent possible, accomplish the intent of the parties hereto as evidenced by the provision so severed. 
  
 12.6 Assignment. Neither party may assign, transfer, subcontract or otherwise dispose of this Agreement or any of its
rights or obligations hereunder, in whole or in part, to any Person without the prior written consent of the other party, which shall not be unreasonably withheld or conditioned; provided that Instinet may assign this Agreement to an
Affiliate or successor without Subscriber’s prior written consent. This Agreement shall be binding upon the parties and their respective successors and permitted assigns (if any). Nothing herein shall limit Instinet’s right to subcontract
any of its obligations hereunder; provided that Instinet shall notify Subscriber if its subcontracts any of its obligations hereunder to any third party, stating the identity of the subcontractor and the obligations so subcontracted.

  
 12.7 Notices. Any notice or document sent to either
party regarding this Agreement shall be in writing and either delivered (including delivery by personal delivery, by telecopy or by courier service) or mailed by registered or certified mail, properly stamped and addressed to the party entitled to
receive such notice at the address set out below or any such other address as such party may request in a written notice made in compliance herewith: 
  

			
	 if to Subscriber:
	  	Zone Technology Partners, LLC
	 	  	805 Las Cimas Parkway, Suite 100
	 	  	Austin, Texas 78746
	 	  	Attn: Chief Executive Officer
	 	  	Facsimile: (512) 306-1513
		
	 with copies to:
	  	Graves, Dougherty, Hearon & Moody
	 	  	515 Congress Avenue, Suite 230
	 	  	Austin, Texas 78701
	 	  	Attn: James M. Laughead
	 	  	Facsimile: (512) 478-1976
		
	 if to Instinet:
	  	Instinet Group Incorporated
	 	  	3 Times Square
	 	  	New York, New York 10036
	 	  	Attn: Paul A. Merolla, General Counsel
	 	  	Facsimile: (212) 593-8040

  

 20 

			
	 with copies to:
	  	Cleary, Gottlieb, Steen & Hamilton
	 	  	One Liberty Plaza
	 	  	New York, New York 10016
	 	  	Attn: Yvette Teofan
	 	  	Facsimile: (212) 225-3999

  
 For any notices not affecting
interpretation or legal aspects of this Agreement and relating solely to technical or operational aspects of this Agreement (e.g., notices regarding network architecture, etc.): 
  

			
	 if to Subscriber prior to
	  	 
	 the Second Closing:
	  	Jane Harvey
	 	  	805 Las Cimas Parkway, Suite 100
	 	  	Austin, Texas 78746
	 	  	Facsimile: (512) 306-1513
		
	 if to Subscriber after
	  	 
	 the Second Closing:
	  	Bob Schulz
	 	  	805 Las Cimas Parkway, Suite 100
	 	  	Austin, Texas 78746
	 	  	Facsimile: (512) 306-1513
		
	 if to Instinet:
	  	Mike Keller
	 	  	Instinet Group, LLC
	 	  	Harborside Financial Plaza
	 	  	900 Plaza 10
	 	  	Jersey City, NJ 07311-4099
	 	  	Facsimile:

  
 Any such notice shall
be deemed effective as of the date of delivery (if delivered in the manner set forth above) or three (3) days after the date of mailing (if mailed in the matter set forth above). 
  
 12.8 Relationship of Parties. Instinet and Subscriber are independent contractors and this Agreement shall not
establish any relationship of partnership, joint venture, employment, franchise, or agency between Instinet and Subscriber. Neither Instinet nor Subscriber shall have the power to bind the other or incur obligations on the other’s behalf
without the other’s prior written consent. 
  
 12.9 Entire
Agreement. This Agreement represents the entire understanding and agreement of the parties with regard to the subject matter hereof, and supersedes any prior understanding, agreement or statement (written or oral) of intent between the parties
with respect to the subject matter of this Agreement. There are no unwritten oral agreements between the parties regarding the subject matter of this Agreement. Any attachments, exhibits or schedules to this Agreement shall constitute an integral
part of this Agreement. 
  
 12.10 Waiver; Amendment; Certain
Notices. No waiver of any provision of this Agreement, or any consent to any departure by any party therefrom, shall be effective unless made in writing and signed by the party to be charged with the waiver or consent. Any waiver or consent
shall be effective only in the specific instance and for the specific purpose for which it was given. This Agreement may only be amended by written agreement executed by each of the parties hereto. No notice to or demand on any party in any case
shall entitle that party, or any other party, to any other or further notice or demand in similar or other circumstances. 
  

 21 

 12.11 Interpretation. When a reference is made in this Agreement to any schedule, exhibit or
appendix, such reference shall be to a schedule, exhibit or appendix to this Agreement unless otherwise indicated. Each instance in this Agreement of the words “include,” “includes,” and “including” shall be deemed to
be followed by the words “without limitation.” As used in this Agreement, the term “days”“ means calendar days, not business days, unless otherwise specified. Unless otherwise specified, the words “herein,”
“hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular article, section, paragraph, subparagraph, schedule, exhibit, addendum or other subdivision. Similarly,
unless otherwise specified, the words “therein,” “thereof” and “thereunder” and other words of similar import refer to a particular agreement or other instrument as a whole and not to any particular article, section,
paragraph, subparagraph, schedule, exhibit, addendum or other subdivision. Unless otherwise specified, any reference to articles, sections or clauses are to articles, sections or clauses of this Agreement. Unless otherwise specified, references to
any document or agreement, including this Agreement, shall be deemed to include references to such document or agreement as amended, supplemented or replaced from time to time in accordance with its terms and (where applicable) subject to compliance
with the requirements set forth therein. Unless otherwise specified, references to any party to this Agreement or any other document or agreement shall include the heirs, successors and permitted assigns of such party. Unless otherwise specified,
any reference to a statute includes and refers to the statute itself, as well as to any rules and regulations made and duly promulgated pursuant thereto, and all amendments made thereto and in force currently from time to time and any statutes,
rules or regulations thereafter duly made, enacted and/or promulgated, as may be appropriate, and/or any other governmental actions thereafter duly taken from time to time having the effect of supplementing or superseding such statute, rules, and/or
regulations. The language in all parts of this Agreement shall be in all cases construed according to its plain meaning and not strictly for or against one or more of the parties hereto. Any table of contents or headings contained in this Agreement
are for reference purposes only and shall not be construed to affect the meaning or interpretation of this Agreement. When required by the context, (i) whenever the singular number is used in this Agreement, the same shall include the plural, and
the plural shall include the singular; and (ii) the masculine gender shall include the feminine and neuter genders and vice versa. Unless the context requires otherwise, derivative forms of any capitalized term defined in this Agreement shall have
the comparable meaning to that of such term. 
  
 12.12
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Execution and delivery of this Agreement by
exchange of facsimile copies bearing the facsimile signature of a party hereto shall constitute a valid and binding execution and delivery of this Agreement by such party. Such facsimile copies shall constitute enforceable original documents.

  
 12.13 Usury Laws. The parties agree that it is their
intent to comply with any applicable usury laws and that in no case shall the amount of interest charged or collected by either party hereunder exceed the highest percentage allowed by Applicable Law. 
  
 12.14 Force Majeure. 
  
 12.14.1 If a party is prevented, hindered or delayed from or in performing
any of its obligations under this Agreement (other than a failure to comply with payment obligations) by a Force Majeure Event, then (i) its obligations under this Agreement shall be suspended for so long as the Force Majeure Event continues and to
the extent that it is so prevented, hindered or delayed, (ii) as soon as reasonably possible after commencement of the Force Majeure Event it shall give notice in writing to the other party of the occurrence of the Force Majeure Event, the date of
commencement of the Force Majeure Event and the effects of the Force Majeure Event on its ability to perform its obligations under this Agreement; and (iii) as soon as reasonably possible after the cessation of the Force Majeure Event it shall give
notice in writing of the cessation of the Force Majeure Event and shall resume performance of all of its obligations under this Agreement. 
  

 22 

 12.14.2 If the Subscriber Cabinet is damaged due to a Force Majeure Event, Instinet shall give prompt
notice to Subscriber of such damage, and may temporarily relocate the Subscriber Systems to a new Subscriber Cabinet or a new Data Center, if practicable and if such new cabinet or new Data Center satisfies the requirements of Sections 2.2.1,
2.2.2, 2.2.3 and 2.2.4. If the Data Center’s landlord or Instinet exercises an option to terminate a particular lease due to damage or destruction of the Subscriber Cabinet, or if Instinet decides not to rebuild the Data
Center but to provide similar co-location services at another location, this Agreement will terminate as of the date of the Force Majeure Event; provided that if Instinet provides similar co-location services at another location following
such damage or destruction, Subscriber shall have the option to have the Services provided by Instinet to Subscriber out of such new location on substantially the same terms and conditions as under this Agreement, subject to price adjustments to
reflect changes in costs relating to such new location, in Instinet’s sole discretion. If neither the landlord of the Data Center nor Instinet exercises such right to terminate, Instinet will repair the Subscriber Cabinet to substantially the
same condition it was in prior to the damage, completing the same within a commercially reasonable time period. In the event that Instinet fails to complete the repair within a commercially reasonable time period, Subscriber will have the option to
terminate this Agreement, which option will be the sole remedy available to Subscriber against Instinet under this Agreement relating to such failure. If the Subscriber Cabinet or any portion thereof is rendered untenable by reason of such damage
and the Subscriber Systems are not relocated to a new Subscriber Cabinet or Data Center, the service charges will proportionately abate for the period from the date of such damage to the date when such damage is repaired. 
  

 23 

 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective Date.

  

							
	INSTINET GROUP INCORPORATED	 	ZONE TECHNOLOGY PARTNERS, LLC
				
	 By:
	 	 /s/ John F. Fay

	 	 By:
	 	 /s/ Jane Harvey

	 Name:
	 	 John F. Fay
	 	 Name:
	 	 Jane Harvey

	 Title:
	 	 Chief Financial Officer
	 	 Title:
	 	 President

  

 24 

 SCHEDULE 2.1.1 
  
 Project Plan 
  

 25 

 SCHEDULE 2.1.2 
  
 Certain Acceptance Tests 
  
 SCHEDULE 5.1 
  
 Service Level Agreements 
  

 26 

 Attachment A — Services and Pricing 

  
 Attachment B — Co-location Requirements 

  

 27

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